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Ocean Biomedical Inc Com (OCEA-8.40%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing outlines that Ocean Biomedical is a biopharmaceutical company focused on developing therapeutic products in oncology, fibrosis, and infectious diseases. The company has not yet generated any revenue from product sales.
Ocean Biomedical reported a net loss of $5.5 million for the three months ended September 30, 2024, compared to a net loss of $14.1 million for the same period in 2023. The nine-month net loss was $9.8 million in 2024, compared to $97.6 million in 2023.
The company has a stockholders' deficit of $98.1 million as of September 30, 2024, and current liabilities of $33.6 million. Ocean Biomedical acknowledges its dependence on additional capital to fund its operations.
Ocean Biomedical's research and development expenses were negligible for the three months ended September 30, 2024, compared to $0.3 million for the same period in 2023. General and administrative expenses decreased to $0.8 million from $2.4 million in the previous year.
The filing details Ocean Biomedical's ongoing financial challenges, including a working capital deficiency of $32.6 million and significant debt obligations. The company is actively seeking additional financing to continue its operations.
Ocean Biomedical has entered into various agreements, including a Securities Purchase Agreement for convertible notes and a Backstop Agreement, to secure funding. However, the company faces uncertainties in accessing these funds.
The company is involved in several legal proceedings, including claims related to employment and contractual disputes. Ocean Biomedical has recorded liabilities for certain probable losses but does not currently expect these to have a material adverse impact.
Ocean Biomedical is working to address material weaknesses in its internal controls over financial reporting, including hiring additional accounting personnel and implementing new processes.
The filing also discusses recent accounting pronouncements and the company's status as an emerging growth company and smaller reporting company, which affects its reporting obligations and financial disclosures.
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 January 13, 2025. To report an error, please email earnings@qz.com.