Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 1676

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 11
Chunk 1676
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 assistance in developing the product OCX-253. The agreement outlines the pricing for services and raw materials as incurred and payment
terms. For the fiscal years ended December 31, 2024 and 2023, the Company has incurred expenses under this agreement of $8 thousand
and $0.2 million, respectively. These costs are reflected in research and development costs on the Company’s consolidated statement
of operations.

The
Development and Manufacturing Services Agreement will terminate on December 31, 2025. Either party may terminate the agreement within
60 days after it becomes apparent to either party that it will not be possible to complete the services for a scientific or technical
reason after a good faith effort is made to resolve such problems. The agreement may be terminated by either party, immediately for any
uncured material breach, insolvency, or liquidation. In the event of termination, the Company will pay Lonza all costs incurred through
the termination date.

14.
Related Party Transactions

License
Agreements with Elkurt, Inc.

Elkurt/Brown
Licenses

The
Company is party to the License Agreements between Elkurt and Brown and the License Agreements between Elkurt and Rhode Island Hospital
(see Note 13 Licensing and Manufacturing Agreements above). Elkurt is a company formed by the Company’s scientific co-founders
Jack A. Elias, M.D., former Dean of Medicine and current Special Advisor for Health Affairs to Brown University, and Jonathan Kurtis,
M.D., PhD, Chair of the Department of Pathology and Laboratory Medicine at Brown University. Dr. Elias and Dr. Kurtis are members of
the Company’s Board.

Transactions
with Legacy Ocean’s Founder and Executive Chairman

The
Legacy Ocean founder and executive chairman had paid certain expenses on behalf of the Company. He is reimbursed when the Company
has sufficient working capital to do so. As of December 31, 2024 and 2023, the amount due for these expenses was $0.1
million. These amounts were recorded as accrued expenses – related party on the consolidated balance sheets.

Transactions
with Chief Accounting Officer

The
Company’s former Chief Accounting Officer previously provided consulting services to the Company with RJS Consulting, LLC, his
wholly owned limited liability company through June 15, 2021, before becoming the Company’s Chief Accounting Officer. As of December
31, 2024 and 2023, the Company owed RJS Consulting, LLC $0.2 million. The