Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 174

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 8
Chunk 174
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 our programs and leveraging learnings across programs and disease areas.

    ●
    Exploiting multiple
    commercialization options to maximize each program’s value. Throughout the development of our product candidates, we plan
    to continually assess that program’s potential paths to market, and we will endeavor to identify and maximize commercial value
    through various options, including internal advancement, partnerships with established companies, and spin-outs or other strategic
    transactions.

    ●
    Leadership team comprised
    of academic, scientific and business innovators. We have assembled an industry-leading, multi-disciplinary team consisting of
    physicians, scientists and business leaders with significant experience in progressing product candidates from early-stage research
    through clinical trials, regulatory approval and ultimately to commercialization. Although our company has not yet developed or commercialized
    any biopharmaceutical products, key members of our management team have experience doing so in previous endeavors.

We
believe our differentiated business model will enable us to commercialize our products, if approved, and will allow us to replicate our
licensing partnerships through aligned incentive structures with research universities and medical centers.

Our
pipeline consists of clinical-stage programs. We anticipate moving certain preclinical product candidates in our oncology, fibrosis and/or
infectious disease programs into the clinic in the next 12 to 24 months.

Since
Legacy Ocean’s inception in 2019, we have devoted substantially all of our efforts to organizing, research and development activities,
business planning, building our intellectual property positions and providing general and administrative support for these operations.
We have not generated any revenue from product sales.

We
have incurred significant operating losses since inception. Our ability to generate product revenues sufficient to achieve profitability
will depend heavily upon the successful development and eventual commercialization of one or more of our current products or any future
products. Our net losses were $5.5 million and $14.1 million for the three months ended September 30, 2024 and 2023, respectively, and
$9.8 million and $97.6 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024 and December
31, 2023, we had a stockholders’ deficit of $98.1 million and $90.8 million, respectively. Our current liabilities are $33.6 million
and $30.0 million as of September 30, 2024 and December 31,