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SEC filing of the week: Ocean Biomedical’s loss narrows to $9.4M in 2024

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PBN Staff

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04/11/2025

Ocean-Biomedical Logo — OCEAN BIOMEDICAL Inc. ended fiscal year 2024 with a loss of $9.4 million compared to the $114.4 million deficit the company endured the year prior.

PROVIDENCE – Ocean Biomedical Inc. ended 2024 with a loss of $9.4 million compared to the $114.4 million deficit the company reported the year prior. In its annual report filed with the U.S. Securities and Exchange Commission on April 8, the biotech company said it has not generated any revenue since its inception in 2019.

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PROVIDENCE – Ocean Biomedical Inc. ended 2024 with a loss of $9.4 million compared to the $114.4 million deficit the company reported the year prior. In its annual report filed with the U.S. Securities and Exchange Commission on April 8, the biotech company said it has not generated any revenue since its inception in 2019. The company added it does not expect to generate revenue from the sale of products in the foreseeable future, according to the filing. “If the company’s development efforts for its product candidates are successful and result in regulatory approval, or license agreements with third parties, the company may generate revenue in the future from product sales,” Ocean Biomedical said it in is filing. “However, there can be no assurance as to when revenue will be generated, if at all.” The company, 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. It 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 Dr. Chirinjeev Kathuria. Operating expenses were $26 million in 2024, down from $709 million reported the year prior, due to reductions in legal, accounting and compensation expenses. The company spent $3.7 million in research and development in 2024, a decrease of approximately $700,000 driven by a fall in license fees of approximately $400,000 and a drop in nonemployee compensation and other costs of approximately $300,000. General and administrative expenses for the year ended Dec. 31, 2024, decreased by approximately $5.7 million, compared to the year prior, primarily driven by a decrease in legal fees of approximately $2.8 million. The report comes on the heels of the company’s annual meeting on March 28 that saw five of its nine board of directors step down, including CEO Michelle Berrey. Former Colorado Gov. William Owens, entrepreneur Suren Ajjarpum, Amy Griffith and 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 Micheal Peterson, Kathuria and Kurtis were each elected to the board of directors. Kathuria is listed as the director and chairman of the board on the company's annual statement. Ocean Biomedical has also been struggling to maintain its Nasdaq listing since last year, when it received several notices about potential delisting after failing to file quarterly and other required financial reports to the SEC. On March 14, the company received another notice from Nasdaq that determined its securities had a closing bid price of $0.10 or less for 10 consecutive trading days, which violates Nasdaq’s “Low Priced Stocks Rule.” That matter serves as an additional basis for delisting Ocean Biomedical securities from the Nasdaq Stock Market. On March 26 Ocean Biomedical, which currently has a market capitalization of $6.83 million, made a permanent reduction to the conversion price on a portion of its debt. The company announced that it lowered the conversion price of $400,000 worth of promissory notes from $1.50 to $0.01 per share. This adjustment was done to meet the terms outlined in a 2023 financing agreement. In November 2023, Ocean Biomedical, working with joint venture partner Virion Therapeutics LLC, announced “highly compelling” preclinical data in research to develop new therapies for cancer and chronic diseases.