Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 321

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 2
Chunk 321
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 15, 2023, 75,000 options were granted to each of the non-employee directors at a strike price of $10.00 per share.

The
estimated fair value of a non-statutory stock option to purchase common stock on the grant date was $3.73 per share and was determined
using the Black-Scholes Merton model. The valuation used the following assumptions:

Expected
volatility: 75%

Expected
term: 6.5 years

Risk-Free
Interest Rate: 4%

Dividend
Yield: The Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend
yield has been estimated to be zero.

    F-29

The
stock-based compensation expense recorded for the fiscal years ended December 31, 2024 and 2023 was $0.7 million and $0.6 million, respectively,
and was recorded within general and administrative expense in the Company’s consolidated statements of operations, as discussed
below.

The
following table summarizes stock option activity during the fiscal year ended December 31, 2024:

 Schedule
of Stock Option Activity

    Stock Options  
    Weighted Average Exercise Price  
    Weighted Average Remaining Contractual Life (in years)  
    Aggregate Intrinsic Value (in thousands) 
  
    Outstanding at January 1, 2023 
     —  
    $—  
     —  
     — 
  
    Options granted 
     600,000  
     10.00  
     2.1  
     — 
  
    Options cancelled or forfeited 
     —  
     —  
     —  
     — 
  
    Outstanding at December 31, 2023 
     600,000  
     10.00  
     2.1  
     — 
  
    Options granted 
     —  
     —  
     —  
     — 
  
    Options cancelled or forfeited 
     —  
     —  
     —  
     — 
  
    Outstanding at December 31, 2024 
     600,000  
    $10.00  
     1.2  
     — 

The
aggregate intrinsic value in the above table is calculated as the difference between the fair value of the Company