Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1728

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 12
Chunk 1728
---
 Proceeds from Backstop Agreement 
     -  
     1,444 
  
    Proceeds from reverse recapitalization 
     -  
     52,070 
  
    Proceeds from 2023 Convertible Note 
     -  
     650 
  
    Proceeds from 2024 Convertible Notes 
     3,400  
     - 
  
    Proceeds from short-term loans, net of issuance costs 
     -  
     8,258 
  
    Proceeds from Common Stock Purchase Agreement 
     -  
     64 
  
    Repayments of short-term loans 
     -  
     (2,100)
  
    Expenses paid by related-party shareholder 
     -  
     35 
  
    Net cash provided by financing activities 
     3,400  
     10,399 
  
    Total change in cash and restricted cash 
     (780) 
     970 
  
    Cash and restricted cash at beginning of period 
     1,004  
     34 
  
    Cash and restricted cash at end of period 
    $224  
    $1,004 

    Supplemental disclosure of non-cash financing activities: 

    Offering costs not yet paid 
    $-  
    $2,049 
  
    Non-cash stock issuances 
    $1,882  
    $16,413 
  
    Non-cash investment in Virion 
    $-  
    $(1,272)
  
    SPA warrant liability upon issuance 
    $-  
    $1,932 

See
accompanying notes to the consolidated financial statements

F-7

OCEAN
BIOMEDICAL, INC. AND SUBSIDIARIES

Notes
to Consolidated Financial Statements

1.
Organization, Description of Business, and Going Concern

Description
of Business

Ocean
Biomedical, Inc. is a biopharmaceutical company that is focused on discovering and developing therapeutic products in oncology, fibrosis,
and infectious diseases.

Business
Combination Agreement

On
February 14, 2023, Aesther Healthcare Acquisition Corp. (“AHAC”) completed the acquisition of Ocean Biomedical Holdings,
Inc. (“Legacy Ocean”) pursuant to the definitive agreement dated August 31, 2022, and as amended on December 5, 2022 (the
“