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Ocean Biomedical, Inc. has submitted its 10-K filing for the fiscal year ended December 31, 2023.
The filing details the company's business model, which focuses on bridging the gap between medical research discoveries and patient solutions by licensing inventions from research universities and medical centers.
Ocean Biomedical's pipeline includes preclinical programs in oncology, fibrosis, and infectious diseases, with plans to move certain candidates into clinical trials within the next 12 to 18 months.
The company has a differentiated business model that involves housing each program in a subsidiary, allowing for potential partnerships and licensing opportunities.
Ocean Biomedical reported a net loss of $114.7 million for the year ended December 31, 2023, with an accumulated deficit of $196.1 million.
The company relies on third-party manufacturers for the production of its product candidates and has various licensing agreements in place for its current pipeline.
Ocean Biomedical faces competition from other pharmaceutical and biotechnology companies, as well as academic institutions, in the development of its product candidates.
The company is subject to extensive government regulation, including FDA approval processes for its drug and biological products.
Ocean Biomedical is an emerging growth company and a smaller reporting company, which allows it to take advantage of certain reduced disclosure obligations.
The filing includes a summary of risk factors, highlighting the company's dependence on raising additional capital, potential competition, and reliance on third-party manufacturers and collaborators.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ocean Biomedical Inc Com annual 10-K report dated November 25, 2024. To report an error, please email earnings@qz.com.