Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 211

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 2
Chunk 211
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 inception. Our ability to generate product revenues sufficient to achieve profitability
will depend heavily upon the successful development and eventual commercialization of one or more of our current products or any future
products. Our net losses were $5.5 million and $14.1 million for the three months ended September 30, 2024 and 2023, respectively, and
$9.8 million and $97.6 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 and December
31, 2023, we had a stockholders’ deficit of $98.1 million and $90.8 million, respectively. Our current liabilities are $33.6 million
and $30.0 million as of September 30, 2024 and December 31, 2023, respectively. Our current liabilities consisted of accrued expenses
including transaction costs, accounting and legal fees, accrued research and development costs, and short-term loans. We expect that
our expense and capital requirements will increase substantially in connection with ongoing activities to commercialize our products
in the future.

36

We
expect to continue to generate operating losses for the foreseeable future. Our future viability is dependent on the success of our research
and development and our ability to access additional capital to fund our operations. There can be no assurance that our current operating
plan will be achieved or that additional funding will be available on terms acceptable to us, or at all.

We
are subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, new
technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations,
and the ability to obtain additional capital to fund operations. Our therapeutic products will require significant additional research
and development efforts, including preclinical and clinical testing and regulatory approval prior to commercialization. These efforts
require additional capital, adequate personnel and extensive compliance reporting capabilities. There can be no assurance that our research
and development will be successfully completed, that adequate protection for our intellectual property will be obtained, that any products
developed will obtain necessary government regulatory approval, or that any approved products will be commercially viable.

Basis
of Presentation

The
Company’s condensed consolidated financial statements were prepared in accordance with US GAAP. See Note 2, Basis of Presentation
and Summary of Significant Accounting Policies, to our condensed consolidated financial statements for a full description of our
basis of presentation