Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2609

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1
Chunk 2609
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 delays in the future or that these delays or challenges will not have a material adverse impact on our business, financial condition
and prospects.

We
rely on third parties for blood and other tissue samples and other materials required for our research and development activities, and
if we are unable to reach agreements with these third parties our research and development activities would be delayed.

We
rely on third parties, primarily hospitals, health clinics and academic institutions, for the provision of blood and other tissue samples,
clinical and laboratory supplies and other materials required in our research and development activities. Obtaining these materials requires
various approvals as well as reaching a commercial agreement on acceptable terms with the hospital or other provider of the materials.
While we expect to enter into agreements with the institutions from which we receive our tissue samples, we do not have any exclusive
arrangements with such sources and there is no guarantee that we will be able to enter into or renew such agreements on commercially
reasonable terms, if at all. If we were unable to enter into or renew such agreements, we would be forced to seek new arrangements with
new hospitals, clinics or health institutions. If so, we may not be able to reach agreements with alternative partners or do so on terms
acceptable to us. If we are unable to enter into such agreements, our research and development activities will be delayed and our ability
to implement a key part of our development strategy will be compromised.

91

We
are a party to sublicense agreements pursuant to which we are obligated to make substantial payments upon achievement of milestone events.
The sublicense agreements may be terminated in their entirety immediately upon notice for failure by us to meet certain milestone events
by certain dates.

We
are a party to various sublicense agreements that are important to our business and to our current and future product candidates. For
example, we sublicense all of the technologies forming our oncology, fibrosis and infectious disease programs from Elkurt, Inc. (“Elkurt”),
a company formed by our scientific co-founders Jack A. Elias, M.D. and Jonathan Kurtis, M.D., Ph.D., both of whom also serve on our board
of directors. Elkurt licenses such technologies from Brown University and Rhode Island University. These agreements contain obligations
that require us to make substantial payments in the event certain milestone events are achieved.

All
of our current product candidates are being developed through sublicense agreements from Elkurt. Our rights to use currently licensed
intellectual property from Elkurt are subject to the continuation of and our