Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 91

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1B
Chunk 91
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 is to express an opinion on the Company’s
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audit
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a
reasonable basis for our opinion.

/s/
Deloitte & Touche LLP

Chicago,
Illinois

November
25, 2024

We began serving as the Company’s auditor in 2020. In 2024, we became the predecessor auditor.

F-3

OCEAN
BIOMEDICAL, INC. AND SUBSIDIARIES

CONSOLIDATED
BALANCE SHEETS

(in
thousands, except per share information)

    2024  
    2023 

    December 31, 

    2024  
    2023 
  
    ASSETS 

    CURRENT ASSETS: 

    Cash 
    $-  
    $4 
  
    Restricted cash 
     224  
     1,000 
  
    Prepaid expenses 
     588  
     1,105 
  
    Total current assets 
     812  
     2,109 
  
    Investment in Virion 
     90