Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 74

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 74
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    through clinical trials, regulatory approval and ultimately to commercialization. Although our company has not yet developed or commercialized
    any biopharmaceutical products, key members of our management team have experience doing so in previous endeavors.

We
believe our differentiated business model will enable us to commercialize our products, if approved, and will allow us to replicate our
licensing partnerships through aligned incentive structures with research universities and medical centers.

Our
pipeline consists of clinical-stage programs. We anticipate moving certain preclinical product candidates in our oncology, fibrosis and/or
infectious disease programs into the clinic in the next 12 to 24 months.

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 losses were $5.5 million and $14.1 million for the three months ended September 30, 2024 and 2023, respectively, and
$9.8 million and $97.6 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 and December
31, 2023, we had a stockholders’ deficit of $98.1 million and $90.8 million, respectively. Our current liabilities are $33.6 million
and $30.0 million as of September 30, 2024 and December 31, 2023, respectively. Our 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.

36

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