Company: OCEA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011080
Chunk: 183

Company: Ocean Biomedical, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 183
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 its first steps towards implementation of its
expanded business plan with the entry into a binding letter of intent for the development of up to a 20 MW power asset in Alberta,
Canada. There are no assurances that the Company will be successful in the appeal and an adverse decision would lead to a full
delisting.

During
the period from April 2025 thru the first week of May 2025, the investor converted $1.2 million related to the 2024 Convertible Notes
into 66,354,338 shares of the Company’s common stock. The $1.2 million primarily consisted of aggregate principal amount of the
2024 Convertible Notes, as well as accrued interest and redemption premium amounts of less than $0.1 million in the aggregate. These
transactions were affected without registration under the Securities Act in reliance on the exemption from registration provided under
Section 4(a)(2) of the Securities Act.

34

Item 2. Management’s Discussion and Analysis
of Financial Condition and Results of Operations

You
should read the following discussion and analysis of our financial condition and results of operations together with Ocean Biomedical,
Inc.’s (the “Company,” “Ocean Biomedical,” “we,” “us” and “our”) condensed
consolidated financial statements and related notes included elsewhere in this Report and the audited consolidated financial statements
and related notes thereto included in our Form 10-K filed with the SEC on April 8, 2025. The information contained in this discussion
and other parts of this Report include forward-looking statements that involve risks, uncertainties, and assumptions in our business plans,
strategy, and related financing. Our actual results could differ materially from the results discussed in or implied by these forward-looking
statements. Factors that could contribute or cause such differences include, but are not limited to, the information below and the information
discussed in the section titled “Cautionary Note Regarding Forward-looking Statements.”

Overview

We are a biopharmaceutical company
that seeks to bridge the “bench-to-bedside” gap between medical research discoveries and patient solutions. We do this by
leveraging our strong relationships with research universities and medical centers to license their inventions and technologies with the
goal of developing them into products that address diseases with significant unmet medical needs. We believe that our differentiated business
model positions us to capture inventions created at these institutions that might otherwise fail to be commercialized to benefit patients.
Our team of accomplished scientists, business professionals and entrepreneurs bring together