Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 30

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1B
Chunk 30
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50,000 for the filing of an IND, or the equivalent outside of the United States, to $0.3 million for enrollment
of the first patient in a Phase 3 clinical trial in the United States or the equivalent outside of the United States. We are also responsible
for reimbursement of patent costs.

The
contract term for the Brown Anti-PfGARP Small Molecules License Agreement continues until the later of the date on which the last valid
claim expires or ten years. Either party may terminate the Brown Anti-PfGARP Small Molecules License Agreement in certain situations,
including Elkurt being able to terminate the Brown Anti-PfGARP Small Molecules License Agreement at any time and for any reason after
December 31, 2025 if we have not raised at least $10 million in equity financing by then.

146

Elkurt/Rhode
Island Agreement

On
January 25, 2021, we entered into an Exclusive License Agreement (the “Rhode Island License Agreement”) with Elkurt, a licensee
of Rhode Island Hospital. On April 1, 2021, September 10, 2021, March 25, 2022, July 1, 2022 and August 26, 2022, we and Elkurt amended
the Rhode Island License Agreement. Under the Rhode Island License Agreement, as amended, Elkurt grants us an exclusive, royalty-bearing
license to patent rights and a nonexclusive, royalty-bearing license to know-how, solely to make, have made, market, offer for sale,
use, and sell licensed products for use in a certain field.

For
the Rhode Island License Agreement, we are required to pay Elkurt $0.1 million, due within 45 days of an equity financing of at
least $10 million or May 1, 2022, whichever comes first, and beginning on January 1, 2022, an additional $3,000 annual maintenance
fee thereafter, until January 1, 2028, at which point the annual maintenance fee will become $4,000 per year. We are also required
to pay Elkurt 1.5% of net sales under the Rhode Island License Agreement. In addition, we must pay Elkurt 25% of all non-royalty
sublicense income prior to the first commercial sale, and 10% of non-royalty sublicense income thereafter, in the event that we
enter into sublicenses for the