Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 216

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 216
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)

Other
income (expense) for the fiscal year ended December 31, 2024 decreased by approximately $98.6 million compared to the fiscal year ended
December 31, 2023 primarily driven by: (i) a $60.7 million decrease in the changes in fair values of the Fixed Maturity Consideration
and Backstop Put Option Liability, (ii) $4.4 million expense related to the change in fair value of the Virion contribution liability
and certain charges incurred in the prior year period which are not recurring in 2024, such as (i) $15.1 million related to loss on extinguishment
of debt, (ii) $12.7 million related to the share consideration shares issued during the nine months ended September 30, 2023, (iii) $2.3
million related to the issuance of warrants, (iv) $8.4 million in transaction costs, and (v) $0.7 million related to non-cash stock issuances.
These decreases were partially offset by (i) $2.6 million related to the change in fair value of the 2023 and 2024 Convertible Notes;
(ii) $0.1 million related to the loss on exchange of notes; and(ii) $2.6 million related to our share of the net loss generated by Virion.

152

Other
income/(expense) consisted of the following (in thousands):

    Fiscal Years Ended December 31,

    2024 
    2023
  
    Other income(expense) 

    Change in fair value of 2023 and 2024 Convertible Notes, SPA Warrant and the Ayrton Note Purchase Option 
     (1,469) 
     1,171 
  
    Loss in connection with the Share Consideration shares 
     -  
     (12,676)
  
    Loss in connection with Backstop Put Option Liability and Fixed Maturity Consideration 
     (1,983) 
     (62,646)
  
    Fair value of warrant issuances 
     -  
     (2,301)
  
    Fair value of non-cash stock issuances 
     -  
     (740)
  
    Transaction costs 
     (356) 
     (8,732)
  
    Loss on extinguishment of debt 
     -  
     (15,080)
  
    Loss on exchange of