Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 476

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 3
Chunk 476
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 Agreements

As
of December 31, 2024 and December 31, 2023, the Company had the following short-term loan balances:

 Schedule of Short-term Loan Balances

    Short-term loans: 
    2024  
    2023 

    (in thousands) 
    For the Years ended 
  
    Short-term loans: 
    2024  
    2023 
  
    Second Street Loan 
    $600  
    $600 
  
    Second Street Loan 2 
     400  
     400 
  
    March Second Street Loan 
     700  
     700 
  
    McKra Loan 
     1,000  
     1,000 
  
    Underwriter Promissory Note 
     1,575  
     3,150 
  
    2023 Convertible Note 
     11,375  
     5,618 
  
    Poseidon Demand Note 
     650  
     650 

    Short-term loans, net of issuance costs 
    $16,300  
    $12,118 

Second
Street Capital Loans

Second
Street Loan

In
February 2022, the Company entered into a Loan Agreement with Second Street Capital (the “Second Street Loan”), pursuant
to which the Company borrowed $0.6 million. The Second Street Loan accrues interest at the rate of 15% per annum, with principal and
interest due at maturity. The Company issued to Second Street Capital a warrant to purchase 312,500 shares of the Company’s common
stock, with an exercise price of $11.00 per share, exercisable until February 22, 2026. For a period of 180 days from the closing of
the Company’s next financing, Second Street Capital has the right to put the warrants to the Company in exchange for a payment
of $0.3 million. The Company was originally required to repay the Second Street Loan on the earlier of (i) 5 business days after the
Company’s next financing or (ii) November 18, 2022. The Company recognized an expense of $0.3 million for the put option. The accounting
treatment for the warrants is discussed within Note 10, Warrants.

    F-21

Second
Street Loan 2

In
April 2022, the Company entered into a second Loan Agreement with Second Street