Company: OCEA
Filing Date: 2025-01-13
Form Type: 10-Q
Source: 0001493152-25-001880
Chunk: 64

Company: Ocean Biomedical, Inc.
Filing Date: 2025-01-13
Form: 10-Q
Item: Item 1
Chunk 64
---
 Warrants to purchase common stock 
     13,935,001  
     12,602,195  
     13,935,001  
     12,602,195 
  
    Anti dilutive securities 
     13,935,001  
     12,602,195  
     13,935,001  
     12,602,195 

As
discussed in Note 3, Business Combination and Backstop Agreement, Legacy Ocean is also entitled to receive up to an additional
19,000,000 shares of the Company’s common stock, referred to herein as the Earnout Shares. These Earnout Shares are subject to
certain performance conditions that expire on the 36 month anniversary of Closing. None of these conditions have been met as of September
30, 2024.

12.
License and Manufacturing Agreements

Elkurt/Brown
License Agreements

In
2020, the Company entered into four separate Exclusive License Agreements (the “Initial Brown License Agreements”) with Elkurt,
Inc.(“Elkurt”), a licensee of Brown University, which were subsequently amended in 2021 and 2022. Elkurt is a company formed
by the Company’s scientific co-founders and members of our Board, 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. Under the Initial Brown License Agreements, Elkurt grants the Company exclusive, royalty-bearing licenses to patent
rights and nonexclusive, royalty-bearing licenses to know-how, solely to make, have made, market, offer for sale, use, and sell licensed
products for use in certain fields.

The
latest amendment, executed on November 13, 2023, (i) extended the date after which Elkurt can terminate the license agreements if the
Company has not raised at least $10.0 million in equity financing by May 1, 2024 and (ii) extended the dates of the commercialization
plan of the license agreement to an additional three years.

    31

For
each of the Initial Brown License Agreements, as amended, the Company is required to pay Elkurt (i) a maintenance fee of $67,000 increased
by interest at the rate of 1% per month from October 15, 2021