Company: OCEA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-011080
Chunk: 49

Company: Ocean Biomedical, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 49
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OCEAN BIOMEDICAL, INC.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

(unaudited)

    March 31, 2025  
    December
31, 2024 
  
    ASSETS  

    CURRENT ASSETS:  

    Cash  
    $-  
    $- 
  
    Restricted cash  
     777  
     224 
  
    Prepaid expenses  
     715  
     588 
  
    Total current assets  
     1,492  
     812 
  
    Investment in Virion  
     90  
     90 
  
    TOTAL ASSETS  
    $1,582  
    $902 

    LIABILITIES AND STOCKHOLDERS’ DEFICIT  

    CURRENT LIABILITIES:  

    Accounts payable and accrued expenses  
    $16,387  
    $15,899 
  
    Accrued expenses – related party  
     633  
     601 
  
    Short-term loans, net of issuance costs  
     9,350  
     16,300 
  
    SPA Warrant  
     198  
     1,089 
  
    Total current liabilities  
     26,568  
     33,889 
  
    NONCURRENT LIABILITIES  

    Fixed maturity consideration  
     6,002  
     5,573 
  
    Backstop put option liability  
     61,411  
     59,056 
  
    Total liabilities 
     93,981  
     98,518 
  
    STOCKHOLDERS’ DEFICIT:  

    Common stock, $0.0001 par value; 300,000,000 shares authorized as of March 31, 2025, and December 31, 2024, respectively,166,010,805 and 34,868,628 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively. 
     -  
     - 
  
    Additional paid-in capital  
     121,376  
     107,919 
  
    Accumulated deficit  
     (213,775) 
     (205,535)
  
    Total stockholders’ deficit  
     (92