The capital structure appears highly vulnerable, evidenced by a negative equity position of $92.4 million and a total debt burden of $9.3 million as of 2025Q1.
| Total Current Assets | 1.49M | 812K | 467.99K | 1.55M | 386K | 0 |
| Cash & Short-Term Investments | 0 | 0 | 328.31K | 1.08M | 0 | 0 |
| Cash Only | 0 | 0 | 328.31K | 1.08M | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 50K | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 777K | 224K | 0 | 0 | 386K | 0 |
| Total Non-Current Assets | 90K | 90K | 110.44M | 107.1M | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 844K | 90K | 110.44M | 107.1M | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 1.58M | 902K | 110.91M | 108.65M | 386K | 0 |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | -211.26% | -99.19% | 2.08% | 28048.28% | - | - |
| Total Current Liabilities | 26.57M | 33.89M | 3.46M | 246.44K | 2.27M | 232K |
| Accounts Payable | 964K | 799K | 0 | 34.44K | 53K | 0 |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 9.35M | 16.3M | 2.15M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 198K | 1.09M | 0 | 0 | 0 | -232K |
| Current Ratio | 0.06x | 0.02x | 0.14x | 6.29x | 0.17x | - |
| Quick Ratio | 0.06x | 0.02x | 0.14x | 6.29x | 0.17x | - |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 67.41M | 64.63M | 3.15M | 3.15M | 53K | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 67.41M | 64.63M | 0 | 0 | 0 | 0 |
| Total Liabilities | 93.98M | 98.52M | 6.61M | 3.4M | 2.27M | 232K |
| Total Debt | 9.35M | 16.3M | 2.15M | 0 | 0 | 0 |
| Net Debt | 9.35M | 16.3M | 1.82M | -60K | 0 | 0 |
| Debt / Equity | -0.10x | - | 0.02x | - | - | - |
| Debt / EBITDA | -0.32x | - | - | - | - | - |
| Net Debt / EBITDA | -0.32x | - | - | - | - | - |
| Interest Coverage | -16.53x | - | -1386.02x | - | - | - |
| Total Equity | -92.4M | -97.62M | 104.3M | 105.26M | -1.89M | -232K |
| Equity Growth % | -1063.82% | -193.59% | -0.91% | 5683.87% | -712.5% | - |
| Book Value per Share | -3.36 | -3.55 | 5.48 | 7.96 | -0.09 | -0.01 |
| Total Shareholders' Equity | -92.4M | -97.62M | 104.3M | 105.26M | -1.89M | -232K |
| Common Stock | 0 | 0 | 110.44M | 107.1M | 0 | 0 |
| Retained Earnings | -213.78M | -205.53M | -2.77M | -564.11K | -1.89M | -232K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Access and Dilution
As reported in financial statements, OCEA's equity position has deteriorated into a significant deficit of $92.4 million by 2025Q1, reflecting a persistent trend of capital erosion that underscores the company's ongoing struggle to maintain a viable balance sheet while pursuing its pre-clinical research pipeline.
The consistent decline in equity, coupled with the accumulation of a $213.8 million deficit in retained earnings, suggests that the company is consuming its capital base at an unsustainable rate. This trajectory implies that without a fundamental shift in funding or commercial progress, the company remains trapped in a cycle of value destruction for shareholders.
Based on recent SEC filings, OCEA carries $9.3 million in total debt as of 2025Q1, a figure that appears disproportionately high given the company's lack of commercial revenue and the absence of any tangible assets to serve as collateral for these obligations.
The presence of debt on a pre-revenue balance sheet introduces significant refinancing risk and interest expense pressure that further exacerbates the company's cash burn. Investors should monitor whether this debt is structured with restrictive covenants that could trigger further dilution or asset liquidation if clinical milestones are not met.
According to quarterly data, OCEA's current ratio has plummeted to a precarious 0.06 as of 2025Q1, indicating that the company possesses virtually no short-term liquidity to cover its immediate liabilities or fund the next phase of its clinical development programs.
This extreme liquidity constraint suggests that the company is operating on a day-to-day basis, relying entirely on external financing to remain a going concern. The lack of a cash buffer implies that any delay in capital market access could lead to an immediate operational crisis.
As disclosed in recent filings, the absence of tangible assets and the reliance on negative equity positions suggest that the company's balance sheet is heavily distorted by accounting adjustments and the lack of capitalized value for its intellectual property portfolio.
The reliance on common stock purchase agreements to bridge the liquidity gap creates a risk of perpetual dilution that is not fully captured by headline debt-to-equity metrics. This structure warrants further investigation into the true cost of capital and the potential for future equity overhang to suppress long-term shareholder returns.
Quick answers to the most common questions about buying OCEA stock.
As of 2024, Ocean Biomedical, Inc. (OCEA) had total assets of $0.9M including $0.8M in current assets.
Ocean Biomedical, Inc. (OCEA) carries total debt of $16.3M, offset by $0.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ocean Biomedical, Inc. (OCEA) has total shareholders' equity (book value) of $-97.6M ($-3.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ocean Biomedical, Inc. (OCEA) reported a current ratio of 0.02x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.