Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 7

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 7
---
(8,563)
  
    Cash flows from financing activities 

    Payment to Backstop Parties for backstop agreement 
     -  
     (51,606)
  
    Payment to Backstop Parties for Share Consideration 
     -  
     (12,676)
  
    Issuance of common stock pursuant to the backstop agreement and subscription agreement 
     -  
     14,260 
  
    Proceeds from Backstop Agreement 
     -  
     1,444 
  
    Proceeds from reverse recapitalization 
     -  
     52,070 
  
    Proceeds from short-term loans, net of issuance costs 
     896  
     8,168 
  
    Repayments of short-term loans 
     -  
     (2,100)

    Net cash provided by financing activities 
     896  
     9,560 
  
    Total change in cash and restricted cash 
     (764) 
     997 
  
    Cash and restricted cash at beginning of period 
     1,004  
     34 
  
    Cash and restricted cash at end of period 
    $240  
    $1,031 

    Supplemental disclosure of non-cash financing activities: 

    Offering costs not yet paid 
    $-  
    $2,049 
  
    Non-cash stock issuances 
    $1,881  
    $15,766 
  
    SPA warrant liability upon issuance 
    $-  
    $1,932 

See
accompanying notes to the unaudited condensed consolidated financial statements.

7

OCEAN
BIOMEDICAL, INC. AND SUBSIDIARIES

Notes
to Unaudited Condensed Consolidated Financial Statements

1.
Description of Business and Going Concern Considerations

Following
the Business Combination, the Company is a biopharmaceutical company that is focused on discovering and developing therapeutic products
in oncology, fibrosis, and infectious diseases.

Business
Combination Agreement

On
February 14, 2023, Aesther Healthcare Acquisition Corp. (“AHAC”) completed the acquisition of Ocean Biomedical Holdings,
Inc. (“Legacy Ocean”) pursuant to the definitive agreement dated August 31, 2022, and as amended on December 5, 2022 (the
“Business Combination Agreement”), by and among, AHAC