Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 376

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 3
Chunk 376
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8 million based upon the closing
sale price two trading days prior to the filing of an initial registration statement. Effective as of April 18, 2023, the Company and
White Lion entered into a Consent Agreement pursuant to which the Company agreed to issue to White Lion, and White Lion agreed to accept
from the Company, 75,000 Initial Commitment Shares in lieu of the shares to be issued to White Lion based on the closing sale price.
The 75,000 Initial Commitment Shares had a fair value of $0.5 million upon issuance. The $0.5 million in commitment costs was recorded
in other income/(expense) in the Company’s consolidated statements of operations for the fiscal year ended December 31, 2023.

Effective
October 4, 2023, the Company and White Lion entered into the first amendment of the Common Stock Purchase Agreement (the “Amendment”).
On November 2, 2023, White Lion purchased 41,677 shares of the Company’s common stock under the Common Stock Purchase Agreement
for which the Company received approximately $64 thousand. This facility is now deemed terminated.

License
Agreements

Elkurt/Brown
License Agreements

On
July 31, 2020, we entered into four separate Exclusive License Agreements (the “Initial Brown License Agreements”) with Elkurt,
Inc.(“Elkurt”), a licensee of Brown University. On March 21, 2021, we and Elkurt amended each of the Initial Brown License
Agreements. Elkurt is a company formed by our scientific co-founders and members of our Board, Jack A. Elias, M.D., former Dean of Medicine
and current Special Advisor for Health Affairs to Brown University, and Jonathan Kurtis, M.D., PhD, Chair of the Department of Pathology
and Laboratory Medicine at Brown University. Under the Initial Brown License Agreements, Elkurt grants us exclusive, royalty-bearing
licenses to patent rights and nonexclusive, royalty-bearing licenses to know-how, solely to make, have made, market, offer for sale,
use, and sell licensed products for use in certain fields. On August 31, 2021, the Initial Brown License Agreements were amended to extend
the date after which Elkurt can terminate the license agreements if we have not raised at least $10 million in equity financing by April
1, 2022. On March 25, 2022, the Initial Brown License Agreements were amended