Company: OCEA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011080
Chunk: 53

Company: Ocean Biomedical, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 53
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 connection with Backstop Put Option Liability and Fixed Maturity Consideration  
     2,785  
     (15,287)
  
    Net loss attributable to equity interest in Virion  
     -  
     2,245 
  
    Change in fair value of Virion Contribution Liability  
     -  
     (2,344)
  
    Change in fair value of 2023 Convertible Note, SPA Warrant, and the Ayrton Note Purchase Option  
     (269) 
     1,005 
  
    Changes in assets and liabilities:  

    Prepaid expenses  
     (127) 
     (175)
  
    Accounts payable and accrued expenses  
     854  
     766 
  
    Accrued expenses - related party  
     32  
     (30)
  
    Net cash used in operating activities  
     (356) 
     (485)

    CASH FLOWS FROM FINANCING ACTIVITIES  

    Proceeds from short-term loans, net of issuance costs  
     909  
     - 
  
    Net cash provided by financing activities  
     909  
     - 
  
    Total change in cash and restricted cash  
     553  
     (485)
  
    Cash and restricted cash at beginning of period  
     224  
     1,004 
  
    Cash and restricted cash at end of period  
    $777  
    $519 

    Supplemental disclosure of non-cash financing activities:  

    Offering costs not yet paid  
    $-  
    $2,048 
  
    Non-cash stock issuances  
    $10,657  
    $- 
  
    Common stock issued in consideration for extension of loans  
    $-  
    $13,953 

See accompanying notes to the unaudited condensed consolidated
financial statements

7

OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial
Statements

1. Description of Business and Going Concern Considerations

Description of Business

The Company is a biopharmaceutical
company that is focused on discovering and developing therapeutic products in oncology, fibrosis, and infectious diseases.

Business Combination

On February 14, 2023, Aesther