Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 536

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 536
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 the McKra
Loan was amended to extend the maturity date of the loan. See “Short-Term Loans” below for information regarding repayment
of the loan.

Since
Legacy Ocean’s inception in 2019, we have devoted substantially all of our efforts to organizing, research and development activities,
business planning, building our intellectual property positions and providing general and administrative support for these operations.
We have not generated any revenue from product sales.

We
have incurred significant operating losses since inception. Our ability to generate product revenues sufficient to achieve profitability
will depend heavily upon the successful development and eventual commercialization of one or more of our current products or any future
products. Our net operating losses were $9.5 million and $114.5 million for the fiscal year ended December 31, 2024 and 2023, respectively.
As of December 31, 2024 and 2023, we had an accumulated deficit of $205.5 million and $196.1 million, respectively. Our
current liabilities are $33.9 million and $30.0 million as of December 31, 2024 and 2023, respectively. The current liabilities
consisted of accrued expenses including transaction costs, accounting and legal fees, accrued research and development costs, and short-term
loans. We expect that our expense and capital requirements will increase substantially in connection with ongoing activities to commercialize
our products in the future.

We
expect to continue to generate operating losses for the foreseeable future. Our future viability is dependent on the success of our research
and development and our ability to access additional capital to fund our operations. There can be no assurance that our current operating
plan will be achieved or that additional funding will be available on terms acceptable to us, or at all.

We
are subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, new
technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations,
and the ability to obtain additional capital to fund operations. Our therapeutic products will require significant additional research
and development efforts, including preclinical and clinical testing and regulatory approval prior to commercialization. These efforts
require additional capital, adequate personnel and extensive compliance reporting capabilities. There can be no assurance that our research
and development will be successfully completed, that adequate protection for our intellectual property will be obtained, that any products
developed will obtain necessary government regulatory approval, or that any approved products will be commercially viable.