Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 156

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 8
Chunk 156
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 -

    $
    -

    $
    -

    $
    -

    General
    and administrative (2)

    186

    186

    559

    1,018

    Total stock-based compensation
     
    $
    186

    $
    186

    $
    559

    $
    1,018

    (1)
    As discussed above, certain
    executives and employees of the Company hold profit interests in Poseidon. The fair value of these profit interests were recorded
    on the grant dates at fair value utilizing an option-pricing model under which interests are valued by creating a series of call
    options with exercise prices based on the liquidation preferences and conversion terms of each equity class, adjusted for a discount
    for the lack of marketability to account for a lack of access to an active public market. 

    (2)
    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.

10.
Warrants

As
of September 30, 2024 and December 31, 2023, the following warrants to purchase common stock were outstanding:

 Schedule of Warrants

    September
    30, 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

    Equity-classified

    9/30/2026

    Second Street Capital (1)
     
    February 2023

    75,000