Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 3418

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1A
Chunk 3418
---
 than 5 years.

The
Brown Anti-PfGARP Small Molecules License Agreement requires us to achieve future development milestones by certain dates. Recognizing
the unpredictability of clinical development, the agreement allows us to request amendments and/or extensions to these milestones by
providing Elkurt with a reasonable explanation for such requests along with plans for achieving the extended and/or amended milestones.
Although Elkurt is obliged to reasonably extend or amend those milestones, it may terminate the agreement for failure to achieve development
milestones after giving us reasonable opportunity to cure. The Brown Anti-PfGARP Small Molecules License Agreement sets forth the following
future development milestones for the malaria small molecules program: the filing of an IND in 2027; the commencement of Phase 1/2 clinical
trials in 2027; and the commencement of a Phase 3 clinical trial in 2029. Elkurt may also terminate the agreement if we do not complete
a $10 million equity financing by December 31, 2025.

Unless
earlier terminated, the Brown Anti-PfGARP Small Molecules License Agreement, including the royalty bearing license will expire upon the
later of (a) the expiration of the last to expire valid claim of a Brown Anti-PfGARP Small Molecules Patent covering any Brown Anti-PfGARP
Small Molecules Products in any country or (b) ten years. We may terminate the Brown Anti-PfGARP Small Molecules License Agreement in
its entirety at any time for convenience. Either party may terminate the Brown Anti-PfGARP Small Molecules License Agreement in its entirety
upon the other party’s uncured material breach after an opportunity to cure such material breach. Elkurt may terminate the Brown
Anti-PfGARP Small Molecules License Agreement in its entirety immediately upon notice for failure by us to meet certain milestones or
the failure to achieve a certain amount of financing. Elkurt may also terminate the Brown Anti-PfGARP Small Molecules License Agreement
for our insolvency. If the Brown Anti-PfGARP Small Molecules License Agreement is terminated by either party for any reason, the Brown
Anti-PfGARP Small Molecules Licenses will terminate and all the rights thereunder will revert to Elkurt.

45

Competition
in our Industry

Competition
for New Product Candidates

Our
industry is intensely competitive and subject to rapid and significant technological change. While we believe that our knowledge, experience,
scientific resources and business model provide