Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 3082

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 8
Chunk 3082
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 dividends. Expected volatility is based
on the historical share volatility of a set of comparable publicly traded companies over a period of time equal to the expected term
of the grant or option.

Stock-based
compensation for the years ended December 31, 2024 and 2023 consisted of costs related to (i) stock options granted to
non-employee directors in the first quarter of 2023 and (ii) warrants issued to advisors and consultants, as discussed below.

The
stock-based compensation allocation was based upon the grantees’ vested interests and the amount of time spent in their respective
operating department. The following table summarizes the allocation of stock-based compensation for the years ended December 31, 2024
and 2023:

 Schedule of Allocation of Stock-based Compensation

    (in thousands) 
    2024  
    2023 
  
    General and administrative expense (1) 
    $745  
    $1,205 
  
    Total stock-based compensation expense 
    $745  
    $1,205 

    (1)
    In
    March 2023, the Company issued warrants to advisors and consultants as discussed below in Note 10, Warrants, which resulted
    in $0.6 million of stock-based compensation expense in 2023. Refer to discussion below for further detail. Also included in
    general and administrative expense is the stock-based compensation expense for the options awards to non-employee directors as discussed
    above.

    F-31

10.
Warrants

As
of December 31, 2024 and 2023, the following warrants to purchase common stock were outstanding:

 Schedule of Warrants

    December 31, 2024

    Issuance Date 
    Number of Shares Issuable  
    Exercise Price  
    Classification  
    Expiration
  
    Lender/Name 

    Second Street Capital (1) (2) 
    February 2023 
     426,427  
    $8.06  
     (2) 
    3/8/2026
  
    Second Street Capital (1) 
    February 2023 
     85,285  
    $8.06  
     Equity-classified  
    4/22/2026
  
    Second Street Capital (1) 
    February 2023 
     102,342  
    $7.47