Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 69

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 69
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 complete the services for a scientific or technical
reason after a good faith effort is made to resolve such problems. The agreement may be terminated by either party, immediately for any
uncured material breach, insolvency, or liquidation. In the event of termination, the Company will pay Lonza all costs incurred through
the termination date.

    33

13.
Related Party Transactions

License
Agreements with Elkurt, Inc.

Elkurt/Brown
& Rhode Island Hospital Licenses

The
Company is party to the License Agreements between Elkurt and Brown and the License Agreements between Elkurt and Rhode Island Hospital
(see Note 12 Licensing and Manufacturing Agreements above). Elkurt is a company formed by the Company;s scientific co-founders
Jack A. Elias, M.D., former Dean of Medicine and current Special Advisor for Health Affairs to Brown University, and Jonathan Kurtis,
M.D., PhD, Chair of the Department of Pathology and Laboratory Medicine at Brown University. Dr. Elias and Dr. Kurtis are members of
the Company’s Board.

Transactions
with Legacy Ocean’s Founder and Executive Chairman

The
Legacy Ocean founder and executive chairman had paid certain expenses on behalf of the Company. He is reimbursed when the Company has
sufficient working capital to do so. As of September 30, 2024, the amount due for these expenses was $93 thousand, These amounts were
recorded as accrued expenses – related party on the condensed consolidated balance sheets.

Transactions
with Chief Accounting Officer

The
Company’s Chief Accounting Officer previously provided consulting services to Legacy Ocean through RJS Consulting, LLC, his wholly
owned limited liability company, through June 15, 2021, before becoming the Company’s Chief Accounting Officer. As of September
30, 2024 and December 31, 2023, the Company owed RJS Consulting, LLC $0.1 million. The amounts were recorded as accounts payable on the
condensed consolidated balance sheets and were expensed as accounting fees in general and administrative expenses in 2021.

Transactions
with Virion

As
discussed in Note 9 – Equity, the Company entered into the Contribution Agreement with Virion on October 11, 2023, resulting
in the Company acquiring a 50% membership interest in Virion. As a result, Virion is considered a related party; however, as of September
30, 2024 the Company has not engaged in any transactions with Virion with the