Company: OCEA
Filing Date: 2025-04-08
Form Type: 10-K
Source: 0001641172-25-003155
Chunk: 40

Company: Ocean Biomedical, Inc.
Filing Date: 2025-04-08
Form: 10-K
Item: Item 1B
Chunk 40
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 not be realized. We have recorded a full valuation allowance to reduce our net deferred income tax assets to zero. In
the event we were to determine that we would be able to realize some or all of our deferred income tax assets in the future, an adjustment
to the deferred income tax asset valuation allowance would increase income in the period such determination was made. As a consequence,
we have recorded no income tax expense nor benefit for all years presented.

151

Comparison
of the fiscal years ended December 31, 2024 and 2023

    For the Fiscal Year Ended December 31,
  
    (in thousands) 
    2024 
    2023 
    $ Change
  
    Revenue 
    $—  
    $—  
    $— 
  
    Operating Expenses: 

    Research and development 
     26  
     709  
     (683)
  
    General and administrative 
     3,772  
     9,505  
     (5,733)
  
    Total operating expenses 
     3,798  
     10,214  
     (6,416)
  
    Operating loss 
     (3,798) 
     (10,214) 
     6,416 
  
    Other income (expense) 
     (5,682) 
     (104,252) 
     98,570 

    Net loss 
    $(9,480) 
    $(114,466) 
    $104,986 

Operating
Expenses

Research
and development

Research
and development expenses for the fiscal year ended December 31, 2024 decreased by approximately $0.7 million compared to the fiscal year
ended December 31, 2023 driven by (i) a decrease in license fees of approximately $0.4 million and (ii) a decrease in non-employee compensation
and other costs of approximately $0.3 million.

General
and administrative

General
and administrative expenses for the fiscal year ended December 31, 2024 decreased by approximately $5.7 million, compared to the fiscal
year ended December 31, 2023, primarily driven by (i) a decrease in legal fees of approximately $2.8 million; (ii) a decrease in accounting
fees of approximately $0.7 million; (iii) a decrease in insurance expense of approximately $0.2 million; (