Home Economy Economic Activity SEC filing of the week: Ocean Biomedical posts $8.42M loss in Q1

SEC filing of the week: Ocean Biomedical posts $8.42M loss in Q1

By

PBN Staff

-

05/30/2025

OCEAN BIOMEDICAL recorded a loss of $8.42 million in the first quarter of 2025, according to regulatory filings.

PROVIDENCE – Ocean Biomedical Inc. reported a loss of $8.42 million in the first quarter compared with a profit of $13 million the biopharmaceutical company reported a year ago. According to its quarterly filing with the U.S. Securities and Exchange Commission on May 15, the company reported a loss of 9 cents per diluted share in

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PROVIDENCE – Ocean Biomedical Inc. reported a loss of $8.42 million in the first quarter compared with a profit of $13 million the biopharmaceutical company reported a year ago. According to its quarterly filing with the U.S. Securities and Exchange Commission on May 15, the company reported a loss of 9 cents per diluted share in the first quarter compared with earnings of 48 cents per diluted share a year ago. Ocean Biomedical has not generated any revenue since its inception in 2018 and said that it does not expect to generate revenue from the sale of products in the foreseeable future, according to the filing. The company was founded by Dr. Jack Elias, former dean of Brown University’s Warren Alpert Medical School; Dr. Jake Kurtis, chairman of pathology and laboratory medicine at Brown; and digital health entrepreneur Chirinjeev Kathuria. Ocean Biomedical, which went public in February 2023, describes itself as a “medical research innovation incubator" dedicated to advancing innovative treatments for cancer, infectious diseases and fibrosis. On March 28, five of nine Ocean Biomedical’s board of directors stepped down, including CEO Michelle Berrey, former Colorado Gov. William Owens, entrepreneur Suren Ajjarpum and Amy Griffith. Elias also did not seek reelection at the meeting. According to the company’s filing with the SEC on April 1, former CEO Elizabeth Ng, Michael Peterson, Kathuria and Kurtis were each elected to the board of directors. However, in its filing with the U.S. Securities and Exchange Commission on April 22, Jake Kurtis notified the company of his immediate resignation to pursue other interests. Kathuria was listed as chairman on the quarterly filing. On April 22, Ocean Biomedical was delisted on the Nasdaq exchange and expanded its operations to include power-infrastructure development and a cryptocurrency treasury strategy that included blockchain tokens Bitcoin and Solana.