Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 441

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 3
Chunk 441
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, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a
reasonable basis for our opinion.

/s/
Deloitte & Touche LLP

Chicago,
Illinois

November
25, 2024

We began serving as the Company’s auditor in 2020. In 2024, we became the predecessor auditor.

F-3

OCEAN
BIOMEDICAL, INC. AND SUBSIDIARIES

CONSOLIDATED
BALANCE SHEETS

(in
thousands, except per share information)

    2024  
    2023 

    December 31, 

    2024  
    2023 
  
    ASSETS 

    CURRENT ASSETS: 

    Cash 
    $-  
    $4 
  
    Restricted cash 
     224  
     1,000 
  
    Prepaid expenses 
     588  
     1,105 
  
    Total current assets 
     812  
     2,109 
  
    Investment in Virion 
     90  
     3,392 
  
    TOTAL ASSETS 
    $902  
    $5,501 

    LIABILITIES AND STOCKHOLDERS’ DEFICIT 

    CURRENT LIABILITIES: 

    Accounts payable and accrued expenses 
    $15,899  
    $16,185 
  
    Accrued expenses-related party 
     601  
     946 
  
    Short-term loans, net of issuance costs 
     16,300  
     12,118 
  
    SPA Warrant 
     1,089  
     764 
  
    Total current liabilities 
     33,889  
     30,012 
  
    NON-CURRENT LIABILITIES 

    Fixed maturity consideration 
     5,573  
     4,123 
  
    Backstop put option liability 
     59,056  
     58,523 
  
    Virion contribution liability 
     -  
     3,605 
  
    Total liabilities 
     98,518  
     96,264 
  
    STOCKHOLDERS’ DEFICIT: 

    Common stock