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Ocean Biomedical Inc Com (OCEA) has submitted its 10-Q filing for the quarterly period ended June 30, 2024.
The filing includes financial statements for the quarter, indicating a net loss of $17.2 million, compared to a net loss of $11.4 million in the same quarter the previous year. The increase in net loss is primarily attributed to changes in fair values of liabilities and expenses related to the Virion Contribution Liability.
Operating expenses for the quarter were $682,000, down from $2.8 million in the previous year. This decrease was primarily driven by reductions in professional services, salaries, and insurance costs.
Research and development expenses remained minimal for the quarter, with no significant changes compared to the previous year.
The company reported a working capital deficiency of $29.5 million as of June 30, 2024, with cash and restricted cash totaling $229,000.
Ocean Biomedical continues to explore additional funding options, including private equity financings, debt financings, and potential collaborations to address its capital needs.
The filing also discusses the company's ongoing legal proceedings, including claims related to the Backstop Agreement and other litigation matters.
Ocean Biomedical's management acknowledges the existence of a material weakness in its internal controls over financial reporting and is taking steps to remediate this issue.
The company remains focused on advancing its research and development programs and is evaluating strategic options to maximize the value of its product candidates.
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 quarterly 10-Q report dated December 23, 2024. To report an error, please email earnings@qz.com.