Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 2312

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1A
Chunk 2312
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 generated from know-how products, the amounts otherwise due (royalty or non-royalty
sublicense income) shall be reduced by 50%. For the fiscal years ended December 31, 2024 and 2023, the Company recorded annual license
maintenance fees of $12 thousand in each year. For the fiscal year ended December 31, 2023, the Company recorded license fees of $0.3
million. On June 13, 2024, we amended the Initial Brown License Agreements such that $0.2 million of past due license fees were paid
on July 17, 2024, and $0.2 million of past due license fees and $0.1 million in past due patent expenses were to be paid by October 1,
2024, which remain unpaid and are subject to negotiation between the parties.

We
will also pay Elkurt developmental and commercialization milestone payments for each of the Initial Brown License Agreements ranging
from $50,000 for the filing of an IND, or the equivalent outside of the United States, to $0.3 million for enrollment of the first patient
in a Phase 3 clinical trial in the United States or the equivalent outside of the United States. We are also responsible for reimbursement
of patent costs. We recorded reimbursement of patent costs as general and administrative costs in the statements of operations as incurred.
For the fiscal years ended December 31, 2024 and 2023, the Company incurred reimbursed patent costs expenses to Brown University in the
amount of $0.1 million each year. As of December 31, 2024 and 2023, the Company reflected a balance due of $0.1 million in
accrued expenses – related parties on its consolidated balance sheets.

The
contract term for each of the Initial Brown License Agreements, as amended, continues until the later of the date on which the last valid
claim expires or ten years.

On
September 13, 2022, we entered into an additional Exclusive License Agreement (the “Brown Anti-PfGARP Small Molecules License Agreement”),
with Elkurt. Under the Brown Anti-PfGARP Small Molecules License Agreement, Elkurt grants us an exclusive, royalty-bearing license to
patent rights and a nonexclusive, royalty-bearing license to know-how, solely to make, have made, market, offer for sale, use, and sell
licensed products for use in the field of malaria research.

For