Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 0

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 0
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OCEAN
BIOMEDICAL, INC.

Condensed
Consolidated Balance Sheets

(in
thousands, except share and per share data)

(unaudited)

    September 30, 2024  
    December 31, 2023 
  
    ASSETS 

    CURRENT ASSETS: 

    Cash 
    $-  
    $4 
  
    Restricted cash 
     240  
     1,000 
  
    Prepaid expenses 
     802  
     1,105 
  
    Total current assets 
     1,042  
     2,109 
  
    Investment in Virion 
     90  
     3,392 
  
    TOTAL ASSETS 
    $1,132  
    $5,501 

    LIABILITIES AND STOCKHOLDERS’ DEFICIT 

    CURRENT LIABILITIES: 

    Accounts payable and accrued expenses 
    $16,570  
    $16,185 
  
    Accrued expenses – related party 
     668  
     946 
  
    Short-term loans, net of issuance costs 
     12,838  
     12,118 
  
    SPA Warrant 
     3,573  
     764 
  
    Total current liabilities 
     33,649  
     30,013 
  
    NONCURRENT LIABILITIES 

    Fixed maturity consideration 
     5,163  
     4,123 
  
    Backstop put option liability 
     57,041  
     58,523 
  
    Virion contribution liability 
     3,364  
     3,605 
  
    Total liabilities 
     99,217  
     96,264 
  
    STOCKHOLDERS’ DEFICIT: 

    Common stock, $0.0001 par value; 300,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively, 34,868,628 and 34,649,046 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively. 
     -  
     - 
  
    Additional paid-in capital 
     107,733  
     105,292 
  
    Accumulated deficit 
     (205,818)