Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 620

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 4
Chunk 620
---
  
     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
“Business Combination Agreement”), by and among, AHAC, AHAC Merger Sub Inc., a wholly-owned subsidiary of AHAC, Aesther Healthcare
Sponsor, LLC, Legacy Ocean, and Dr. Chirinjeev Kathuria (the “Closing”). Upon Closing, AHAC Merger Sub Inc. merged with and
into Legacy Ocean, with Legacy Ocean surviving the merger as a wholly owned subsidiary of AHAC. AHAC changed its name from “Aesther
Healthcare Acquisition Corp.” to “Ocean Biomedical, Inc.” and is referred to herein as “the Company.” Unless
context otherwise requires, the reference to “AHAC” refers to the Company prior to Closing.

Under
the Business Combination Agreement, the Company acquired all outstanding capital stock of Legacy Ocean for approximately