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Ocean Biomedical Inc Com (OCEA-6.43%) has submitted its 10-Q filing for the quarterly period ended March 31, 2024.
The filing includes financial statements for the quarter, showing a net income of $12,999,000 compared to a net loss of $72,092,000 in the same quarter the previous year. The improvement is primarily due to a gain recognized in connection with the Backstop Put Option Liability and Fixed Maturity Consideration.
Research and development expenses decreased to $26,000 from $393,000 in the prior year. General and administrative expenses also decreased significantly to $569,000 from $4,994,000.
The company reported a working capital deficiency of $28.3 million as of March 31, 2024, with cash and restricted cash totaling $519,000.
Ocean Biomedical continues to face substantial doubt about its ability to continue as a going concern, with plans to raise additional funds through various financial arrangements.
The filing details ongoing legal proceedings, including a civil action filed by Jonathan Heller and a claim by IPFS Corporation related to insurance premium financing.
Ocean Biomedical's business model focuses on licensing inventions from research universities and developing them into therapeutic products, with current programs in oncology, fibrosis, and infectious diseases.
The company is subject to risks common in the biopharmaceutical industry, including regulatory compliance, dependence on key personnel, and competition from other products.
Ocean Biomedical plans to continue its research and development efforts and seeks additional capital to advance its programs and meet future obligations.
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.