aibioOcean Biomedical delays quarterly report for period ended June 30, 2025
Tickers OCEA
The company said it is working with its auditor to finish the review of its Form 10-Q. It expects to file within 5 calendar days of the due date.
Key facts
- Company
- Ocean Biomediacal, Inc. (OTC: OCEA)
- News type
- Distress
- Primary source
- Ocean Biomediacal, Inc. NT 10-Q (2025-08-14)
Ocean Biomedical, Inc. told the SEC on August 14, 2025 that it will not file its quarterly report for the period ended June 30, 2025 on time. The company filed a notification of late filing on Form 12b-25 the same day. Chirinjeev Kathuria, chairman, signed it as principal executive officer.
What the notice says
The company says it is working with its auditor to complete the necessary review and sign off on the Form 10-Q. It expects to file the quarterly report within five calendar days of the prescribed due date. The notice relies on the extra time the form allows for a quarterly report, which is five calendar days after the due date.
The company also says it has filed all other periodic reports required during the preceding 12 months. It answered no when asked whether it expects a significant change in results of operations from the same period of the prior year. The notice gives no quarterly figures, so that answer cannot be checked against anything in the filing. It also does not name the accounting or audit issue that is holding up the review.
The business behind the filing
The annual report for 2024, filed April 8, 2025, describes Ocean Biomedical as a biopharmaceutical company that seeks to bridge the "bench-to-bedside" gap. It licenses inventions from research universities and medical centers and aims to turn them into products. Its current active assets are licensed from Brown University and Rhode Island Hospital.
The report says the pipeline "consists of preclinical programs." The company expects to move some oncology, fibrosis or infectious disease candidates into the clinic within 12 to 18 months. The oncology work rests on research by Jack A. Elias, M.D., a scientific co-founder and board member, into a protein called Chi3L1. The report cites animal models of lung cancer and glioblastoma in which inhibiting that protein reduced tumors, with a greater reduction when combined with immune checkpoint inhibitors. Those are animal results.
How the company got its listing
Ocean Biomedical was formerly Aesther Healthcare Acquisition Corp., a special purpose acquisition company that completed its initial public offering on September 17, 2021. It closed a business combination with the operating company on February 14, 2023, and took the Ocean Biomedical name. Its shares and public warrants began trading on Nasdaq as OCEA and OCEAW on February 15, 2023.
The annual report names Chirinjeev Kathuria as the seller representative in that combination. He is now chairman, and the report describes the company's operations as run through a licensing and subsidiary structure.
The money
The financial data tied to the annual report show a net loss of $9.5 million for 2024, against $114.5 million for 2023. Cash used in operations was $4.2 million in 2024, compared with $9.4 million in 2023. Research and development expense was $26,000 in 2024, against $709,000 the year before.
Cash and cash equivalents were $200,000 at December 31, 2024, down from $1.0 million at the end of 2023. The data also report cash of $800,000 at March 31, 2025, from the company's quarterly filing for that period.
What the delay leaves open
The notice gives no figure for the quarter ended June 30, 2025, and no date beyond the five calendar days. The company's year-end 2024 cash of $200,000 sat against $4.2 million of cash used in operations that year. The notice does not say how the company plans to fund operations in the months ahead, and the notice is the company's only account of the delay.