Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 222

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 2
Chunk 222
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 under
the Common Stock Purchase Agreement for which the Company received approximately $64 thousand. This facility is now deemed terminated.

As
an emerging growth company, we are dependent on outside capital in order to advance our research and development programs, operate our
business, and meet our future obligations as they come due. Our current operating plan indicates that we will incur losses from operations
and generate negative cash flows from operating activities, given anticipated expenditures related to research and development activities
we lack revenue generating ability at this point in our lifecycle. These events and conditions raise substantial doubt about our ability
to continue as a going concern.

We
will seek additional funding through private equity financings, debt financings, collaborations, strategic alliances, marketing, distribution,
or licensing arrangements. There is no assurance that we will be successful in obtaining additional financing on terms acceptable to
us, if at all, and we may not be able to enter into collaborations or other arrangements. If we are unable to obtain funding, we could
be forced to delay, reduce, or eliminate our research and development programs, which could adversely affect our business prospects and
our ability to continue operations.

43

Funding
Requirements

We
expect our expenses to increase substantially in connection with our ongoing activities, particularly as we advance the preclinical activities
and clinical trials of our product candidates. In addition, we will incur additional ongoing costs associated with operating as a public
company, including significant legal, accounting, compliance, investor relations and other expenses that we did not incur as a private
company. The timing and amount of our operating expenditures will depend on our ability to:

    ●
    advance preclinical development
    of our early-stage programs;

    ●
    manufacture, or have manufactured
    on our behalf, our preclinical and clinical drug material and develop processes for late state and commercial manufacturing;

    ●
    Obtain regulatory approvals
    for any product candidates that successfully complete clinical trials;

    ●
    establish a sales, marketing
    and distribution infrastructure to commercialize our product candidates for which we may obtain marketing approval and intend to
    commercialize on our own;

    ●
    hire additional clinical,
    quality control and scientific personnel;

    ●
    expand our operational,
    financial and management systems and increase personnel, including personnel to support our research and clinical development, manufacturing
    and commercialization efforts and our operations as a public company; and 

    ●
    obtain, maintain, expand
    and protect our intellectual property portfolio.

We