Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 82

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 82
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 $0.3 million, as compared to the three months ended
September 30, 2023.

Research
and development expense for the nine months ended September 30, 2024 decreased by $0.7 million, as compared to the nine months ended
September 30, 2023.

41

General
and administrative

General
and administrative expense for the three months ended September 30, 2024 decreased by $1.6 million, as compared to the three months ended
September 30, 2023. The $1.6 million decrease was primarily driven by decreases of (i) $0.7 million in professional services, (ii) $0.6
million in salaries and wages, and (iii) $0.3 million in insurance and public relations.

General
and administrative expenses for the nine months ended September 30, 2024 decreased by $8.1 million, as compared to the nine months ended
September 30, 2023. The decrease of $8.1 million was primarily driven by decreases of (i) $5.5 million in professional services, (ii)
$1.0 million in salaries and wages, (iii) $0.5 million in stock-based compensation, and (iv) $1.0 million in insurance and public relations.

Other
Income (expense)

Other expense for the three months ended September 30, 2024 decreased by
$6.7 million, as compared to the three months ended September 30, 2023. The decrease of $6.7 million was primarily driven by a $9.8 million
decrease in the changes in fair values of the Fixed Maturity Consideration and Backstop Put Option Liability, partially offset by (i)
$0.6 million related to loss on issuance of put options; (ii) $0.2 million expense related to the change in fair value of the Virion contribution
liability, (iii) the net loss attributable to equity interest in Virion of $0.5 million and (iv) $1.8 million related to the loss on exchange
of notes.

Other
expense for the nine months ended September 30, 2024 decreased by $79.0 million, as compared to the nine months ended September 30, 2023.
The decrease of $79.0 million was primarily driven by (i) a $45.8 million decrease in the changes in fair values of the Fixed Maturity