Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 219

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 2
Chunk 219
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 ended
September 30, 2023. The decrease of $8.1 million was primarily driven by decreases of (i) $5.5 million in professional services, (ii)
$1.0 million in salaries and wages, (iii) $0.5 million in stock-based compensation, and (iv) $1.0 million in insurance and public relations.

Other
Income (expense)

Other expense for the three months ended September 30, 2024 decreased by
$6.7 million, as compared to the three months ended September 30, 2023. The decrease of $6.7 million was primarily driven by a $9.8 million
decrease in the changes in fair values of the Fixed Maturity Consideration and Backstop Put Option Liability, partially offset by (i)
$0.6 million related to loss on issuance of put options; (ii) $0.2 million expense related to the change in fair value of the Virion contribution
liability, (iii) the net loss attributable to equity interest in Virion of $0.5 million and (iv) $1.8 million related to the loss on exchange
of notes.

Other
expense for the nine months ended September 30, 2024 decreased by $79.0 million, as compared to the nine months ended September 30, 2023.
The decrease of $79.0 million was primarily driven by (i) a $45.8 million decrease in the changes in fair values of the Fixed Maturity
Consideration and Backstop Put Option Liability, (ii) $0.2 million expense related to the change in fair value of the Virion contribution
liability and certain charges incurred in the prior year period which are not recurring in the nine months ended September 30, 2024,
such as (i) $13.6 million related to loss on extinguishment of debt, (ii) $12.7 million related to the share consideration shares issued
during the nine months ended September 30, 2023, (iii) $1.9 million related to the issuance of warrants, (iv) $8.0 million in transaction
costs, and (v) $2.2 million related to non-cash stock issuances. These decreases were partially offset by (i) $1.8 million related
to the loss on exchange of notes; and(ii) $3.3 million related to our share of the net loss