Ocean Biomedical (OCEAW) 10-Q23 Dec 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Dec. 20, 2024
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-40793
Entity Registrant Name	OCEAN BIOMEDICAL, INC.
Entity Central Index Key	0001869974
Entity Tax Identification Number	87-1309280
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	55 Claverick St.,
Entity Address, Address Line Two	Room 325
Entity Address, City or Town	Providence
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02903
City Area Code	(401)
Local Phone Number	444-7375
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,868,628
Common stock, par value $0.0001 per share
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	OCEA
Security Exchange Name	NASDAQ
Warrants, each exercisable for one share of common stock at an exercise price of $11.50
Title of 12(b) Security	Warrants, each exercisable for one share of common stock at an exercise price of $11.50
Trading Symbol	OCEAW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash	$ 4	$ 4
Restricted cash	225	1,000
Prepaid expenses	1,048	1,105
Total current assets	1,277	2,109
Investment in Virion	574	3,392
TOTAL ASSETS	1,851	5,501
CURRENT LIABILITIES:
Accounts payable and accrued expenses	17,180	16,185
Short-term loans, net of issuance costs	10,980	12,118
SPA Warrant	1,662	764
Total current liabilities	30,738	30,013
NONCURRENT LIABILITIES
Fixed maturity consideration	4,790	4,123
Backstop put option liability	55,881	58,523
Virion contribution liability	3,185	3,605
Total liabilities	94,594	96,264
STOCKHOLDERS’ DEFICIT:
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively, 34,868,628 and 34,649,046 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively.
Additional paid-in capital	107,547	105,292
Accumulated deficit	(200,290)	(196,055)
Total stockholders’ deficit	(92,743)	(90,763)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	1,851	5,501
Related Party [Member]
CURRENT LIABILITIES:
Accrued expenses – related party	$ 916	$ 946

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	34,868,628	34,649,046
Common stock, shares outstanding	34,868,628	34,649,046

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
OPERATING EXPENSES:
Research and development		$ 28	$ 26	$ 421
General and administrative	682	2,804	1,251	7,798
Total operating expenses	682	2,832	1,277	8,219
OPERATING LOSS	(682)	(2,832)	(1,277)	(8,219)
income (expense)OTHER INCOME (EXPENSE):
Change in fair value of 2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase Option	(331)	(1,159)	(1,336)	(1,159)
Loss in connection with Share Consideration shares				(12,676)
Gain (loss) in connection with Backstop Put Option Liability and Fixed Maturity Consideration	(13,312)	(2,719)	1,975	(34,031)
Fair value of warrant issuances		(1,417)		(2,301)
Fair value of stock obligations	103		(47)
Fair value of non-cash stock issuances		(577)		(577)
Transaction costs		(1,154)		(8,732)
Loss on extinguishment of debt		(903)		(14,856)
Interest expense, including amortization of debt issuance costs	(515)	(668)	(1,152)	(969)
Net loss attributable to equity interest in Virion	(573)		(2,818)
Change in fair value of Virion Contribution Liability	(1,924)		420
Other		(2)		(3)
Total other income (expense)	(16,552)	(8,599)	(2,958)	(75,304)
NET LOSS	$ (17,234)	$ (11,431)	$ (4,235)	$ (83,523)
Weighted average shares outstanding, basic	27,487,283	26,469,619	27,415,885	25,661,160
Weighted average shares outstanding, diluted	27,487,283	26,469,619	27,415,885	25,661,160
Net loss per share, basic	$ (0.63)	$ (0.43)	$ (0.15)	$ (3.25)
Net loss per share, diluted	$ (0.63)	$ (0.43)	$ (0.15)	$ (3.25)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022		$ 70,770	$ (81,589)	$ (10,819)
Balance, Shares at Dec. 31, 2022	17,496,370
Net loss			(83,523)	(83,523)
Stock-based compensation		832		832
Proceeds from Backstop Agreement		1,444		1,444
Issuance of common stock related to short-term loans		1,261		1,261
Issuance of common stock related to short-term loans, shares	200,000
Shares issued in consideration pursuant to the Marketing Services Agreement		83		83
Shares issued in consideration pursuant to the Marketing Services Agreement, shares	13,257
Shares issued in consideration pursuant to the Common Stock Purchase Agreement		494		494
Shares issued in consideration pursuant to the Common Stock Purchase Agreement, shares	75,000
Issuances of warrants		2,301		2,301
Retroactive application of reverse capitalization
Retroactive application of recapitalization, shares	5,859,062
Adjusted balance, beginning of period		70,770	(81,589)	(10,819)
Adjusted balance, beginning of period, shares	23,355,432
Effect of Business Combination, including Backstop Agreement, net of redeemed public shares		52,070		52,070
Effect of Business Combination, including Backstop Agreement, net of redeemed public shares, shares	7,654,035
Backstop Agreement Prepayment		(51,606)		(51,606)
Issuance of common stock pursuant to the Subscription Agreement		14,260		14,260
Issuance of common stock pursuant to the Subscription Agreement, shares	1,350,000
Issuance of common stock for extension of loan shares to related party		13,595		13,595
Issuance of common stock for extension of loan shares to related party, shares	1,365,000
Offering costs		(2,049)		(2,049)
Balance at Jun. 30, 2023		103,455	(165,112)	(61,657)
Balance, Shares at Jun. 30, 2023	34,012,724
Balance at Dec. 31, 2022		70,770	(81,589)	(10,819)
Balance, Shares at Dec. 31, 2022	17,496,370
Balance at Dec. 31, 2023		105,292	(196,055)	(90,763)
Balance, Shares at Dec. 31, 2023	35,249,046
Balance at Mar. 31, 2023		98,928	(153,681)	(54,753)
Balance, Shares at Mar. 31, 2023	33,774,467
Net loss			(11,431)	(11,431)
Stock-based compensation		186		186
Proceeds from Backstop Agreement		1,444		1,444
Issuance of common stock related to short-term loans		903		903
Issuance of common stock related to short-term loans, shares	150,000
Shares issued in consideration pursuant to the Marketing Services Agreement		83		83
Shares issued in consideration pursuant to the Marketing Services Agreement, shares	13,257
Shares issued in consideration pursuant to the Common Stock Purchase Agreement		494		494
Shares issued in consideration pursuant to the Common Stock Purchase Agreement, shares	75,000
Issuances of warrants		1,417		1,417
Balance at Jun. 30, 2023		103,455	(165,112)	(61,657)
Balance, Shares at Jun. 30, 2023	34,012,724
Balance at Dec. 31, 2023		105,292	(196,055)	(90,763)
Balance, Shares at Dec. 31, 2023	35,249,046
Net loss			(4,235)	(4,235)
Stock-based compensation		373		373
Shares issued to vendors		87		87
Shares issued to vendors, shares	50,000
Issuance of common stock		1,795		1,795
Issuance of common stock, Shares	169,582
Balance at Jun. 30, 2024		107,547	(200,290)	(92,743)
Balance, Shares at Jun. 30, 2024	35,468,628
Balance at Mar. 31, 2024		107,273	(183,056)	(75,783)
Balance, Shares at Mar. 31, 2024	35,418,628
Net loss			(17,234)	(17,234)
Stock-based compensation		187		187
Shares issued to vendors		87		87
Balance at Jun. 30, 2024		$ 107,547	$ (200,290)	$ (92,743)
Balance, Shares at Jun. 30, 2024	35,468,628

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (17,234)	$ (11,431)	$ (4,235)	$ (83,523)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash interest expense				635
Non-cash debt issuance costs				627
Non-cash stock issuances				577
Stock-based compensation			373	832
Fair value of warrant issuances		1,417		2,301
Loss on extinguishment of debt		903		14,856
Loss in connection with Share Consideration shares				12,676
Loss in connection with Backstop Put Option Liability and Fixed Maturity Consideration			(1,975)	34,031
Change in fair value of Virion Contribution Liability	1,924		(420)
Net loss attributable to equity interest in Virion	573		2,818
Change in fair value of 2023 Convertible Note, SPA Warrant, and the Ayrton Note Purchase Option	331	1,159	1,336	1,159
Non-cash transaction costs in excess of Business Combination proceeds				7,578
Changes in assets and liabilities:
Prepaid expenses			57
Accounts payable and accrued expenses			1,302	499
Accrued expenses - related party			(31)	319
Net cash used in operating activities			(775)	(7,433)
Cash flows from financing activities
Payment to Backstop Parties for Backstop Agreement				(51,606)
Payment to Backstop Parties for Share Consideration				(12,676)
Issuance of common stock pursuant to the Backstop Agreement and Subscription Agreement				14,260
Proceeds from Backstop Agreement				1,444
Proceeds from reverse recapitalization				52,070
Proceeds from short-term loans, net of issuance costs				8,168
Repayments of short-term loans				(2,100)
Net cash provided by financing activities				9,560
Total change in cash and restricted cash			(775)	2,127
Cash and restricted cash at beginning of period			1,004	34
Cash and restricted cash at end of period	$ 229	$ 2,161	229	2,161
Supplemental disclosure of non-cash financing activities:
Offering costs not yet paid				2,049
Non-cash stock issuances			1,881	15,433
SPA warrant liability upon issuance				$ 1,932

Description of Business and Goi

Description of Business and Going Concern Considerations	6 Months Ended
Description of Business and Going Concern Considerations	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Going Concern Considerations	1. Description of Business and Going Concern Considerations Following the Business Combination, the Company is a biopharmaceutical company that is focused on discovering and developing therapeutic products in oncology, fibrosis, and infectious diseases. Business Combination Agreement On February 14, 2023, Aesther Healthcare Acquisition Corp. (“AHAC”) completed the acquisition of Ocean Biomedical Holdings, Inc. (“Legacy Ocean”) pursuant to the definitive agreement dated August 31, 2022, and as amended on December 5, 2022 (the “Business Combination Agreement”), by and among, AHAC, AHAC Merger Sub Inc., a wholly-owned subsidiary of AHAC, Aesther Healthcare Sponsor, LLC, Legacy Ocean, and Dr. Chirinjeev Kathuria (the “Closing”). Upon Closing, AHAC Merger Sub Inc. merged with and into Legacy Ocean, with Legacy Ocean surviving the merger as a wholly owned subsidiary of AHAC. AHAC changed its name from “Aesther Healthcare Acquisition Corp.” to “Ocean Biomedical, Inc.” and is referred to herein as “the Company.” Unless context otherwise requires, the reference to “AHAC” refers to the Company prior to Closing. Under the Business Combination Agreement, the Company acquired all outstanding capital stock of Legacy Ocean for approximately $ 240.0 The Business Combination was accounted for as a reverse recapitalization in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Under this method of accounting, AHAC, which is the legal acquirer, is treated as the “acquired” company for financial reporting purposes and Legacy Ocean is treated as the accounting acquirer. The net assets of AHAC are stated at historical cost, with no goodwill or other intangible assets recorded. All historical financial information presented in the condensed consolidated financial statements represents Legacy Ocean and its wholly owned subsidiaries as Legacy Ocean is the predecessor to the Company. The wholly owned subsidiaries include: (i) Ocean ChitofibroRx Inc., (ii) Ocean ChitoRx Inc., (iii) Ocean Sihoma Inc., and (iv) Ocean Promise, Inc. The Business Combination is accounted for as the equivalent of a capital transaction in which the Company has issued stock for the net assets of AHAC. The Company’s common stock and warrants commenced trading on the Nasdaq Stock Market LLC under the symbols “OCEA” and “OCEAW,” respectively, on February 15, 2023. Refer to Note 3, Business Combination and Backstop Agreement The Company is subject to risks common to companies in the biopharmaceutical industry, including, but not limited to, risks related to the successful development and commercialization of product candidates, fluctuations in operating results and financial risks, the ability to successfully raise additional funds when needed, protection of proprietary rights and patent risks, patent litigation, compliance with government regulations, dependence on key personnel and prospective collaborative partners, and competition from competing products in the marketplace. Going Concern Considerations The accompanying condensed consolidated financial statements are prepared in accordance with U.S. GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company had no cash inflows from operating activities for the six months ended June 30, 2024. As of June 30, 2024, the Company had cash of $ 4 0.2 29.5 The Company will need to raise additional funds in order to advance its research and development programs, operate its business, and meet its current and future obligations as they come due. Based on the Company’s current operational plans and assumptions, which may not be realized, the Company expects to use the net proceeds from the Backstop Agreement (as defined in Note 3, Business Combination and Backstop Agreement Business Combination and Backstop Agreement Senior Secured Convertible Notes There is no assurance that the Company will be successful in obtaining additional financing on terms acceptable to the Company, if at all, and the Company may not be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, the Company could be forced to delay, reduce, or eliminate its research and development programs, which could adversely affect its business prospects and its ability to continue operations. The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Impacts of Market Conditions on Our Business Disruption of global financial markets and a recession or market correction, including the ongoing military conflict between Russia and Ukraine and the related sanctions imposed against Russia, the effects of Hamas’ attack of Israel and the ensuing war, and other global macroeconomic factors such as inflation and rising interest rates, could reduce the Company’s ability to access capital, which could in the future negatively affect the Company’s liquidity and could materially affect the Company’s business and the value of its common stock.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. GAAP and stated in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification and Accounting Standards Updates of the Financial Accounting Standards Board (“FASB”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the balances and results for the periods presented. A description of the Company’s significant accounting policies is included in the Company’s audited consolidated financial statements as of December 31, 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on November 25, 2024. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of all intercompany accounts and transactions. The subsidiaries were formed to organize the Company’s therapeutic programs in order to optimize multiple commercialization options and to maximize each program’s value. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of these financial statements and reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, as applicable, including those related to the fair values of the Company’s common stock and related stock-based compensation and the valuation of (i) the Backstop Put Option Liability and Fixed Maturity Consideration (both as defined below) and (ii) the 2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase Option (each as defined in Note 7 , Senior Secured Convertible Notes The Company’s results can also be affected by economic, political, legislative, regulatory or legal actions. Economic conditions, such as recessionary trends, inflation, interest rates, changes in regulatory laws and monetary exchange rates, and government fiscal policies, can have a significant effect on operations. The Company could also be affected by civil, criminal, regulatory or administrative actions, claims, or proceedings. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents are stated at fair value and may include money market funds, U.S. Treasury and U.S. government-sponsored agency securities, corporate debt, commercial paper, and certificates of deposit. The Company had minimal cash or cash equivalents as of June 30, 2024 and December 31, 2023. Restricted Cash The Company’s restricted cash is comprised of cash that is restricted as to withdrawal or use. Restricted cash as of June 30, 2024 and December 31, 2023 was $ 0.2 1.0 Senior Secured Convertible Notes Concentrations of Credit Risk, Off-balance Sheet Risk and Other Risks The Company has held minimal cash since its inception and certain of its expenses have been primarily paid for by the proceeds from the issuance of common stock and debt. The Company has no significant off-balance sheet arrangements, as defined in the rules and regulations of the SEC. The Company’s future results of operations involve several other risks and uncertainties. Factors that affect the Company’s future operating results and cause actual results to vary materially from expectations could include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from other products, securing and protecting intellectual property, strategic relationships and dependence on key employees and research partners. The Company’s product candidates require Food and Drug Administration (“FDA”) and other non-U.S. regulatory agencies approval prior to commercial sales. There can be no assurance that any product candidates will receive the necessary approvals. If the Company were denied approval, if approval were delayed, or if approval were unable to be maintained, it could have a materially adverse impact on the Company. Revenue The Company has not generated any revenue from any sources since its inception, including from product sales. The Company does not expect to generate any revenue from the sale of products in the foreseeable future. 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. However, there can be no assurance as to when revenue will be generated, if at all. Research and Development Expenses Research and development expenses consist primarily of costs incurred for research activities, including the development of product candidates. Research and development costs are expensed as incurred. For the three and six months ended June 30, 2024, and 2023, research and development expenses consist of expenses recognized for stock-based compensation and incurred for initial license fees, annual maintenance license fees, and services agreements. Payments associated with licensing agreements to acquire exclusive licenses to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternate commercial use are expensed as incurred. Deferred Offering Costs The Company capitalizes certain legal, professional accounting, and other third-party fees associated with equity financings such as the Business Combination as deferred offering costs until such financings are consummated. After consummation of the equity financings, these costs are recorded in stockholders’ deficit as a reduction of proceeds generated as a result of the offering. The Company recorded deferred offering costs of $ 2.0 7.6 Income Taxes and Tax Credits Income taxes are recorded in accordance with FASB Accounting Standards Codification 740, Income Taxes Net Loss Per Share Net loss per share is computed by dividing net loss attributed to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase, and, if dilutive, the weighted-average number of potential shares of common stock. For the purposes of the diluted net loss per share calculation, common stock warrants, common stock options outstanding, and contingently issuable Earnout Shares (as defined in Note 3, Business Combination and Backstop Agreement Fair Value Measurements Certain instruments of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s Backstop Put Option Liability and Fixed Maturity Consideration (both as defined below), 2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase Option (each as defined and discussed in Note 7, Senior Secured Convertible Notes Fair Value Measurements Backstop Put Option Liability and Fixed Maturity Consideration Backstop Agreement In connection with the execution of the Business Combination, AHAC and Legacy Ocean entered into an OTC Equity Prepaid Forward Transaction (as amended, the “Backstop Agreement”) with the Backstop Parties (as defined in Note 3, Business Combination and Backstop Agreement 8,000,000 10.56 Upon the Maturity Date, the Company is obligated to pay the Backstop Parties an amount equal to the product of (i) the maximum number of shares of 8,000,000 2.50 The Backstop Parties have purchased a fixed total of 4,885,466 4,885,466 For further information regarding the Backstop Agreement, refer to Note 3, Business Combination and Backstop Agreement Backstop Put Option Liability and Fixed Maturity Consideration The Backstop Agreement consists of two financial instruments that are accounted for as follows: (i) The in-substance written put option which is recorded in the Company’s condensed consolidated financial statements as the “Backstop Put Option Liability” and treated as a derivative liability recorded at fair value with changes in fair value recognized in net loss. The Company measures the fair value of the Backstop Put Option Liability on a recurring basis, with any fair value adjustment recorded within other income (expense) in the condensed consolidated statements of operations. Refer to Note 4, Fair Value Measurements (ii) The “Fixed Maturity Consideration” representing the 8,000,000 4,885,466 2.50 Financial Instruments Fair Value Measurements The Prepayment is accounted for as a reduction to equity to reflect the substance of the overall arrangement as a net purchase of the Backstop Shares and sales of shares to the Backstop Parties. 2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase Option As discussed within Note 7, Senior Secured Convertible Notes 27.0 7.6 552,141 11.50 five years The Company has elected to account for the Notes at fair value under the fair value option, under which the Notes are initially measured at fair value and subsequently remeasured during each reporting period. Changes in fair value are reflected within other income (expense) in the condensed consolidated financial statements, except for the portions, if any, related to the instrument specific credit risk which would be recorded in other comprehensive income. Further, the Company concluded that the investor’s right to acquire additional Notes is separately exercisable from the 2023 Convertible Note and the SPA Warrant. If and when the additional Notes are issued, the Company will evaluate whether to account for such additional Notes at (a) fair value under the fair value option or (b) an amortized cost. Refer to Note 7, Senior Secured Convertible Notes In addition, the Company determined that the SPA Warrant was (i) freestanding from the 2023 Convertible Note and (ii) classified as a derivative liability. Accordingly, upon issuance the SPA Warrant was measured at fair value with an offset to cash proceeds from the 2023 Convertible Note, with the remainder of $ 0.6 In addition to the liabilities recorded for the 2023 Convertible Note and the SPA Warrant, the Company also recorded a liability for the purchase option within the SPA in favor of the investor (the “Ayrton Note Purchase Option”), which gives the investor, at its option through 2025, the right to purchase from the Company additional Notes (up to the sum of the aggregate principal amount) at one or more additional closings. The initial recognition of this liability was measured at fair value utilizing the Black-Scholes Merton model and the fair value of $ 0.5 Emerging Growth Company and Smaller Reporting Company Status We qualify as an “emerging growth company” within the meaning of the Section 2(a)(19) of the Securities Act, as modified by the Jumpstart Our Business Startup Act (“JOBS Act”) of 2012. The JOBS Act permits an “emerging growth company” to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. The Company has elected not to “opt out” of this provision and, as a result, the Company will adopt new or revised accounting standards at the time private companies adopt the new or revised accounting standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company is also a “smaller reporting company” and may continue to be a smaller reporting company if either (i) the market value of the stock held by non-affiliates is less than $250 million or (ii) the Company’s annual revenue was less than $100 million during the most recently completed fiscal year and the market value of the Company’s stock held by non-affiliates is less than $700 million. Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20 Senior Secured Convertible Notes In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Business Combination and Backst

Business Combination and Backstop Agreement	6 Months Ended
Business Combination and Backstop Agreement	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combination and Backstop Agreement	3. Business Combination and Backstop Agreement Business Combination On February 14, 2023, the Company consummated its Business Combination pursuant to the terms of the Business Combination Agreement. Upon consummation of the Business Combination and other transactions (or immediately prior to, where indicated), the following occurred: ● AHAC changed its name from “Aesther Healthcare Acquisition Corp.” to “Ocean Biomedical, Inc.” and is referred to herein as “the Company.” Unless the context otherwise requires, references to “AHAC” herein refer to the Company prior to Closing. ● AHAC issued approximately 23,355,432 233.6 ● The 2,625,000 converted on a one-for-one basis into shares of AHAC’s Class A common stock ● The Backstop Parties (as defined below within Backstop Agreement 3,535,466 ● AHAC issued an additional 1,365,000 ● The Backstop Parties purchased 1,200,000 12.7 ● The Company issued to Second Street Capital, LLC (“Second Street Capital”), Legacy Ocean’s lender, three warrants (the “Converted Ocean Warrants”) exercisable to acquire that number of shares of the Company’s common stock equal to the economic value of the Legacy Ocean warrants previously issued to Second Street Capital in exchange for the termination of the Legacy Ocean warrants. The Converted Ocean Warrants were exercisable for a total of 511,712 8.06 102,342 7.47 ● The Company issued to Polar (as defined below within Backstop Agreement 1,350,000 ● Each share of AHAC’s Class A common stock was automatically reclassified into one share of the Company’s common stock, including the remaining shares of AHAC Class A common stock that were not redeemed. The following table reconciles the elements of the Business Combination to the unaudited condensed consolidated statements of stockholders’ deficit and cash flows for the six months ended June 30, 2024: Schedule of Elements of Business Combination (in thousands) . Cash from AHAC trust, net of redemptions $ 52,070 Offering costs from Business Combination (2,049 ) Net impact on total stockholders’ deficit 50,021 Non-cash offering costs 2,049 Net impact on cash provided by financing activities $ 52,070 Earnout Shares In addition, pursuant to Business Combination Agreement, Legacy Ocean’s stockholders prior to the Closing (the “Legacy Ocean Stockholders”) are entitled to receive from the Company, in the aggregate, up to an additional 19,000,000 (a) in the event that the volume-weighted average price (the “VWAP”) of the Company’s common stock exceeds $15.00 per share for twenty (20) out of any thirty (30) consecutive trading days beginning on the Closing date until the 36-month anniversary of the Closing, the Legacy Ocean Stockholders shall be entitled to receive an additional 5,000,000 shares of the Company’s common stock, (b) in the event that the VWAP of the Company’s common stock exceeds $17.50 per share for twenty (20) out of any thirty (30) consecutive trading days beginning on the Closing date until the 36-month anniversary of the Closing, the Legacy Ocean Stockholders shall be entitled to receive an additional 7,000,000 shares of the Company’s common stock and (c) in the event that the VWAP of the Company’s common stock exceeds $20.00 per share for twenty (20) out of any thirty (30) consecutive trading days beginning on the Closing date until the 36-month anniversary of the Closing, the Legacy Ocean Stockholders shall be entitled to receive an additional 7,000,000 shares of the Company’s common stock. In addition, for each issuance of Earnout Shares, the Company will also issue to Sponsor an additional 1,000,000 shares of the Company’s common stock. The Company has concluded that the Earnout Shares represent a freestanding equity-linked financial instrument as the arrangement (i) can be indexed to the Company’s stock and (ii) meets all of the criteria for equity classification within ASC 815-40. The Company performed the two-step analysis described within ASC 815-40-15 to determine indexation and noted that while the arrangement does contain contingencies, these contingencies are based on the market for the Company’s stock and do not preclude indexation. Upon Closing, the fair value of the Earnout Shares was accounted for as a deemed dividend as of the Closing date. Since the entries to recognize the fair value of the Earnout Shares offset within additional paid-in capital, there is no inherent impact to the condensed consolidated financial statements. Since the Earnout Shares are contingent on the Company’s stock price, there will be no impact to outstanding shares and will not represent participating securities until the time at which the contingencies have been met. Backstop Agreement As discussed in Note 2, Basis of Presentation and Summary of Significant Accounting Policies 8,000,000 80.0 On February 13, 2023, AHAC, Vellar and Legacy Ocean entered into an assignment and novation agreement with Meteora Special Opportunity Fund I, LP, Meteora Select Trading Opportunities Master, LP and Meteora Capital Partners, LP (collectively “Meteora”) (the “Meteora Agreement”), pursuant to which Vellar assigned its obligation to purchase 2,666,667 2,667,667 Further, the Backstop Agreement grants the Backstop Parties the right to purchase additional shares from the Company (the “Additional Shares” and, together with the Recycled Shares (defined below), the “Backstop Shares”) up to an amount equal to the difference between the number of Recycled Shares and the maximum number of shares of 8,000,000 As further discussed in Note 2, Basis of Presentation and Summary of Significant Accounting Policies 8,000,000 2.50 On February 14, 2023, (i) pursuant to the Backstop Agreement, the Backstop Parties purchased 3,535,466 10.56 1,350,000 10.56 Subsequent to Closing, the Prepayment amount was equal to $ 51.6 37.3 14.3 14.3 37.3 51.6 14.3 The Backstop Agreement consists of two financial instruments that are accounted for as follows: (i) The in-substance written put option which is recorded in the Company’s condensed consolidated financial statements as the “Backstop Put Option Liability” and treated as a derivative liability recorded at fair value with changes in fair value recognized in net loss. The Company measures the fair value of the Backstop Put Option Liability on a recurring basis, with any fair value adjustment recorded within other income (expense) in the condensed consolidated statements of operations. Refer to Note 4, Fair Value Measurements (ii) The “Fixed Maturity Consideration” representing the 8,000,000 4,885,466 2.50 Financial Instruments Fair Value Measurements The Prepayment is accounted for as a reduction to equity to reflect the substance of the overall arrangement as a net purchase of the Backstop Shares and sales of shares to the Backstop Parties. At any time prior to the Maturity Date, and in accordance with the terms of the Backstop Agreement, the Backstop Parties may elect an Optional Early Termination to sell some or all of the Backstop Shares. If the Backstop Parties sell any shares prior to the Maturity Date, the pro-rata portion of the Prepayment amount is due back to the Company. As of June 30, 2023, the Backstop Parties had sold 143,261 Backstop Shares, for which the Company has received net proceeds of $1.4 million, after paying related fees to the Backstop Parties. Depending on the manner in which the Backstop Agreement is settled, the Company may never have access to the full Prepayment. On May 23, 2023 the Company received an Equity Prepaid Forward Transaction - Valuation Date Notice (“Notice”) from Vellar stating that due to the Company’s alleged failure to timely register the shares held by Vellar, Vellar had the right to terminate the Backstop Agreement as to their portion of the shares and Vellar claimed that it is entitled to receive Maturity Consideration (as defined in the Backstop Agreement) equal to $ 6.7 On October 2, 2023, the Company entered into a Side Letter Agreement (the “Side Letter”) with Polar. The Side Letter amended certain terms of the Polar Agreement, as discussed in Note 3, Business Combination and Backstop Agreement. The Side Letter amended the definitions of “Seller VWAP Trigger Event” and “Reset Price” as used in the Backstop Agreement as it relates to Polar and the Polar Agreement. Per the amended definitions, the (i) “Seller VWAP Trigger Event” is an event that occurs if the VWAP price is below $ 2.50 8.00 The “Seller VWAP Trigger Event” for Polar occurred in October 2023 and the other Backstop Parties in November 2023. The Company received written notice from Polar on November 6, 2023, acknowledging its right to designate any date as the Maturity Date from the date of the notice to, and including, the third anniversary of the Business Combination. As of the date of this filing, two of the Backstop Parties, Polar and Meteora had not designated a Maturity Date. Refer to Note 3, Business Combination and Backstop Agreement, for further detail around the purported Maturity Date for Vellar. Common Stock Purchase Agreement The Company is subject to the terms and conditions of (i) a common stock purchase agreement, dated September 7, 2022, and as amended on October 4, 2023 (the “Common Stock Purchase Agreement”) and (ii) a registration rights agreement, dated September 7, 2022 (the “White Lion Registration Rights Agreement”), that AHAC entered into with White Lion Capital LLC (“White Lion”). Pursuant to the Common Stock Purchase Agreement, the Company has the right from time to time at its option to sell to White Lion up to $ 75.0 In accordance with ASC No. 815, Derivatives and Hedging, In consideration for the commitments of White Lion to purchase Equity Line Shares, the Common Stock Purchase Agreement included 75,000 0.5 0.5 Effective October 4, 2023, the Company and White Lion entered into the first amendment of the Common Stock Purchase Agreement (the “Amendment”). The Amendment is intended to afford the Company greater flexibility and provide the Company an additional alternative to issue a fixed price “Purchase Notice” under the Common Stock Purchase Agreement at $ 7.00 9.00 41,677 64 Sponsor Promissory Notes Upon consummation of the Business Combination, the Company assumed two of AHAC’s loans, totaling $ 2.1 8 15 0.5 Senior Secured Convertible Notes In connection with the assumption of AHAC’s loans and pursuant to the terms of the Business Combination Agreement described above, the Company issued 1,365,000 200,000 The Company recognized a loss on extinguishment of debt of $ 1.2 200,000 13.6 36 Deferred Underwriting Commissions At Closing, the underwriters for AHAC’s initial public offering (“IPO”) agreed to defer payment of $ 3.2 million of deferred underwriting discounts otherwise due to them until November 14, 2023, pursuant to the terms of a promissory note (the “Underwriter Promissory Note”). The deferred amounts bear interest at 9 % per annum and 24 % per annum following an event of default under the promissory note. The Company has a right to pay up to fifty percent (50%) of the principal and interest due on this promissory note using the common stock of the Company at a price per share of $10.56. The remaining fifty percent (50%) of the principal and interest due on this promissory note must be paid in cash. The Company recorded $ 0.2 million and $ 0.1 million of interest expense on the outstanding balance in the Company’s condensed consolidated financial statements for the fiscal quarters ended June 30, 2024, and 2023, respectively. The Company recorded $ 0.3 0.1 On March 4, 2024, the Company converted the convertible portion of the Underwriter Promissory Note into 169,582 10.56 1.6 0.2 1.6

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements Financial liabilities measured at fair value during the year on a recurring basis consisted of the following as of June 30, 2024: Schedule of Fair Value of Assets and Liabilities (in thousands) Level 1 Level 2 Level 3 Total Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Financial liabilities: Backstop Put Option Liability $ - $ - $ (55,881 ) $ (55,881 ) Fixed Maturity Consideration - - (4,790 ) (4,790 ) 2023 Convertible Note (1) - - (6,055 ) (6,055 ) SPA Warrant - - (1,662 ) (1,662 ) Total financial liabilities $ - $ - $ (68,388 ) $ (68,388 ) (1) Refer to Note 6, Short-Term Loan Agreements During the three and six months ended June 30, 2024, there were no transfers between Level 1, Level 2, and Level 3. Valuation of Backstop Put Option Liability and Fixed Maturity Consideration The Company utilized a Monte-Carlo simulation to value the Backstop Put Option Liability and Fixed Maturity Consideration. The key inputs and assumptions used in the Monte-Carlo simulation, including volatility, expected term, expected future stock price, and various simulated paths, were utilized to estimate the fair value of the associated derivative liabilities. The value of the Backstop Put Option Liability and Fixed Maturity were calculated as the average present value over 50,000 simulated paths. Summary of Significant Inputs and Assumptions Used in Black-Scholes Merton Model Estimated volatility Expected future stock price Risk-free rate Backstop Put Option Liability and Fixed Maturity Consideration 157.5 % $ 1.95 13.93 4.9 % Valuation of the 2023 Convertible Note and SPA Warrant The Company utilized a Monte-Carlo simulation at inception to value the 2023 Convertible Note and SPA Warrant. The Monte-Carlo simulation is calculated as the average present value over all simulated paths. The key inputs and assumptions used in the Monte-Carlo simulation, including volatility, estimated market yield, risk-free rate, the probability of various scenarios, including subsequent placement and change in control, and various simulated paths, were utilized to estimate the fair value of the associated liabilities. The value of the 2023 Convertible Note and SPA Warrant was calculated as the average present value over 50,000 simulated paths. The following table summarizes some of the significant inputs and assumptions used in the Monte-Carlo simulation: Summary of Significant Inputs and Assumptions Used in Black-Scholes Merton Model Estimated Range of Risk-free rate 2023 Convertible Note 50.0 % 0 65 % 5.4 % SPA Warrant 100.0 % 0 65 % 4.4 % Valuation of the Ayrton Note Purchase Option The Company utilized the Black-Scholes Merton model to value the Ayrton Note Purchase Option. The key inputs and assumptions used in the Black-Scholes Merton model, including volatility and risk-free rate, were utilized to estimate the fair value of the associated liability. The Company will continue to measure the fair value at each reporting period, with subsequent fair values to be recorded within other income (expense) in the Company’s condensed consolidated statements of operations. The following table summarizes some of the significant inputs and assumptions used in the Black-Scholes Merton model: Summary of Significant Inputs and Assumptions Used in Black-Scholes Merton Model Estimated Risk-free rate Ayrton Note Purchase Option 13 % 5.0 % The following table provides a roll forward of the aggregate fair values of the Company’s Fixed Maturity Consideration, Backstop Put Option Liability, the 2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase Option for which fair value is determined using Level 3 inputs: Schedule of Fair Value Backstop Forward Purchase Agreement Asset Level 3 Rollforward (in thousands) Backstop Put Option Liability Fixed Maturity Consideration 2023 Convertible Note SPA Warrant Ayrton Note Purchase Option Balances as of January 1, 2023 $ - $ - $ - $ - $ - Initial fair value measurement (12,414 ) (3,166 ) (5,628 ) (1,932 ) (269 ) Changes in fair value (46,109 ) (957 ) (10 ) 1,168 269 Balance as of December 31, 2023 (58,523 ) (4,123 ) (5,618 ) (764 ) - Changes in fair value 2,642 (667 ) (438 ) (898 ) - Balance as of June 30, 2024 (55,881 ) (4,790 ) (6,055 ) (1,662 ) -

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
Accounts Payable and Accrued Expenses	Jun. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	5. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: Schedule of Accounts Payable and Accrued Expenses (in thousands) June 30, 2024 December 31, 2023 Accounts payable and accrued expenses: Accounting and legal fees $ 12,182 $ 12,099 Vendor fees 3,425 2,517 Research and development 647 636 Other 926 933 Total accounts payable and accrued expenses $ 17,180 $ 16,185

Loan Agreements

Loan Agreements	6 Months Ended
Loan Agreements	Jun. 30, 2024
Debt Disclosure [Abstract]
Loan Agreements	6. Loan Agreements Short-term Loan Agreements As of June 30, 2024, and December 31, 2023, the Company had the following short-term loan balances: (in thousands) Schedule of Short-term Loan Balances June 30, 2024 December 31, 2023 Short-term loans: Second Street Loan $ 600 $ 600 Second Street Loan 2 400 400 March Second Street Loan 700 700 McKra Loan 1,000 1,000 Underwriter Promissory Note 1,575 3,150 2023 Convertible Note 6,055 5,618 Poseidon Demand Note 650 650 Short-term loans, net of issuance costs $ 10,980 $ 12,118 Second Street Capital Loans Second Street Loan In February 2022, the Company entered into a loan agreement (the “Second Street Loan”) with Second Street Capital, pursuant to which the Company borrowed $ 0.6 15 312,500 11.00 0.3 Warrants Second Street Loan 2 In May 2022, the Company entered into a second loan agreement with Second Street Capital (the “Second Street Loan 2”) to borrow $ 0.2 0.2 15 62,500 11.00 0.4 Warrants March Second Street Loan In March 2023, the Company entered into a new loan agreement with Second Street Capital (the “March Second Street Loan” and together with the Second Street Loan and Second Street Loan 2, the “Second Street Loans”) pursuant to which the Company could borrow up to $ 1.0 0.7 15 200,000 10.34 0.2 0.7 0.1 Warrants Second Street Capital Loan Amendments In connection with amendments to the Second Street Loans, an additional 225,000 75,000 Warrants The most recent amendment, effective as of May 2023, included the following terms, with no conditions present as of June 30, 2024: (i) Upon execution of the amendment, the Company paid the remainder of outstanding fees due. (ii) Within 5 business days of the receipt of the first Additional Closing (as defined within the Securities Purchase Agreement, discussed in Note 7, Senior Secured Convertible Notes 0.5 (iii) Within 5 business days of the second Additional Closing (as defined within the Securities Purchase Agreement), the Company is required to pay $ 1.2 (iv) In the event the Company raises additional equity through financing arrangements of at least $ 25.0 (v) In exchange for the amendment, the Company issued 25,000 Second Street Capital Loans – Interest Expense During the three months ended June 30, 2024, and 2023, the Company recognized $ 0.1 0.3 0.2 0.1 0.5 0.4 McKra Investments III Loan In March 2023, the Company entered into a Loan Agreement with McKra Investments III (“McKra”) pursuant to which the Company borrowed $ 1.0 15 0.2 200,000 10.34 Warrants The McKra Loan was amended, effective as of May 2023, including the following terms: (i) Upon execution of the amendment, the Company paid the remainder of outstanding fees due. (ii) Within 5 business days of the receipt of the first Additional Closing (as defined within the Securities Purchase Agreement, discussed in Note 7, Senior Secured Convertible Notes 0.5 (iii) Within 5 business days of the second Additional Closing (as defined in Note 7, Senior Secured Convertible Notes 0.5 (iv) In the event the Company raises additional equity through financing arrangements of at least $ 25.0 (vi) As consideration for entering into the amendment, the Company issued 25,000 During the three months ended June 30, 2024, and 2023, the Company recognized $ 0.1 0.2 0.1 0.1 0.2 0.2 Poseidon Demand Note On October 2, 2023, the Company issued a demand promissory note to its largest stockholder, Poseidon Bio, LLC (“Poseidon”) for $ 0.7 5 16 8 Underwriter Promissory Note For a discussion of an outstanding note due to the underwriters in AHAC’s IPO, see Note 3, Business Combination and Backstop Agreement.

Senior Secured Convertible Note

Senior Secured Convertible Notes	6 Months Ended
Senior Secured Convertible Notes	Jun. 30, 2024
Senior Secured Convertible Notes
Senior Secured Convertible Notes	7. Senior Secured Convertible Notes Senior Secured Convertible Notes In May 2023, the Company entered into a Securities Purchase Agreement (the “SPA”) with an accredited investor (the “Investor”) for the sale of up to three Senior Secured Convertible Notes (each, a “Note” and collectively, the “Notes”), which Notes are convertible into shares of the Company’s common stock, in an aggregate principal amount of up to $ 27.0 7.6 552,141 11.50 five years 8 8.6 10.8 The interest rate applicable to each Note is, as of any date of determination, the lesser of (i) 8% per annum and (ii) the greater of (x) 5% per annum and (y) the sum of (a) the “secured overnight financing rate,” which from time to time is published in the “Money Rates” column of The Wall Street Journal (Eastern Edition, New York Metro), in effect as of such date of determination and (b) 2% per annum. All or any portion of the principal amount of each Note, plus accrued and unpaid interest is convertible at any time, in whole or in part, at the noteholder’s option, into shares of the Company’s common stock at an initial fixed conversion price of $ 10.34 9.99 7.6 The Notes provide for certain events of default, including, among other things, any breach of the covenants described in the SPA and any failure of Dr. Chirinjeev Kathuria to be the chairman of the Company’s Board of Directors. In connection with an event of default, the noteholders may require the Company to redeem all or any portion of the Notes, at a premium set forth in the SPA. The Company is subject to certain customary affirmative and negative covenants regarding the rank of the Notes, the incurrence of indebtedness, the existence of liens, the repayment of indebtedness and the making of investments, the payment of cash in respect of dividends, distributions or redemptions, the transfer of assets, the maturity of other indebtedness, and transactions with affiliates, among other customary matters. The Company is also subject to financial covenants requiring that (i) the amount of the Company’s available cash equals or exceeds $ 3.0 35 1.5 The Company has elected to account for the Notes at fair value under the fair value option, under which the Notes were initially measured at fair value and subsequently re-measured during each reporting period. Changes in fair value were reflected within other income (expense) in the condensed consolidated financial statements, except for the portions, if any, related to the instrument specific credit risk which would be recorded in other comprehensive income. Further, the Company concluded that the right to acquire additional Notes is separately exercisable from the 2023 Convertible Note and the SPA Warrant. If and when the additional Notes are issued, the Company will evaluate whether to account for such additional Notes at (a) fair value under the fair value option or (b) an amortized cost. In addition, the Company determined that the SPA Warrant was (i) freestanding from the 2023 Convertible Note and (ii) classified as a derivative liability. Accordingly, upon issuance the SPA Warrant was measured at fair value with an offset to cash proceeds from the 2023 Convertible Note, with the remainder of $ 0.6 In addition to the liabilities recorded for the 2023 Convertible Note and the SPA Warrant, the Company also recorded a liability for the Ayrton Note Purchase Option, which gives the Investor, at its option through 2025, the right to purchase from the Company additional Notes (up to the sum of the aggregate principal amount) at one or more Additional Closings. The initial recognition of this liability was measured at fair value utilizing the Black-Scholes Merton model and the fair value of $ 0.3 The Company issued 39,650 0.2 As of June 30, 2024, the Company is in default of its obligations with respect to Ayrton LLC as a result of, among other things, its delinquent SEC filings.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Litigation From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities, including the significant matters described below that could have a material impact on our results of operations and cash flows. In many proceedings, including the specific matters described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties, and other factors that may have a material effect on the outcome. For such matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated. Heller v. Ocean Biomedical, Inc. et al.: On May 23, 2023, Jonathan Heller (“Heller”) filed a civil action against the Company, Poseidon Bio LLC, Dr. Chirinjeev Kathuria and Elizabeth Ng (collectively, the “Defendants”) in the District Court of Rhode Island. Heller has asserted claims alleging that he is entitled to earned salary and various other payments following his resignation from the Company. On July 27, 2023, Defendants filed their Answer and Affirmative Defenses. On September 3, 2024, Defendants filed a Motion to Dismiss numerous counts included in the claims on the grounds that the counts fail to state a claim upon which relief may be granted. If successful, this Motion would remove Dr. Kathuria and Ms. Ng as named defendants and will reduce the number of claims against the Company to three. The Court has not provided a hearing date for this Motion. The Company has concluded that a loss is probable and has recorded a liability of $ 0.5 IPFS Corporation v. Ocean Biomedical, Inc On January 4, 2024, IPFS Corporation (“IPFS”) filed an action against the Company in the U.S. District Court for the District of Delaware. IPFS claims amounts owed relating to financing provided to Aesther Healthcare Acquisition Corp for commercial insurance premiums in 2022, after the August 31, 2022 Merger Agreement but prior to closing of the Business Combination. IPFS filed a motion for a default judgment on February 16, 2024. Two default judgments have been entered in favor of IPFS; one entered April 19, 2024, related to the principal amount of $ 0.1 0.03 0.1 Entoro Securities LLC v. Ocean Biomedical, Inc. In June 2024, Entoro Securities LLC (“Entoro”) filed an action against the Company in the Superior Court of Delaware. Entoro claims that its subcontractor introduced the Company to Aesther Healthcare Acquisition Corp. and claims that the Company is obligated to pay Entoro a finder’s fee as a result of the Business Combination. Entoro seeks a finder’s fee in the amount of $ 2 4,750,000 Meteora Special Opportunity Fund I, LP, et al. v. Ocean Biomedical, Inc. On May 22, 2024, Meteora Special Opportunity Fund I, LP, et al. (comprised of Meteora Special Opportunity Fund I, LP; Meteora Capital Partners, LP; and Meteora Select Trading Opportunities Master, LP, together “the Plaintiffs”), filed an action against the Company in the Supreme Court of the State of New York, New York County. The Plaintiffs claim that the Seller VWAP Triggering Event related to the Backstop Agreement as described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies and Note 3, Business Combination and Backstop Agreement, occurred on November 3, 2023, when the Company’s stock price traded below $ 4.00 6.3 License Fees The Company entered into license agreements with its academic research institution partners. Under these license agreements, the Company is required to make annual fixed license maintenance fee payments. The Company is also required to make payments upon successful completion and achievement of certain milestones as well as royalty payments upon sales of products covered by such licenses. The payment obligations under the license and collaboration agreements are contingent upon future events such as achievement of specified development, clinical, regulatory, and commercial milestones. As the timing of these future milestone payments are not known, the Company has not included these fees in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. For further discussion on license fees recorded during the period, refer to Note 12, License and Manufacturing Agreements Contingent Compensation and Other Contingent Payments Under the management employment agreements, we have salaries and bonuses that are contingently payable upon financing, collectively called contingent compensation, that are contingently payable based only upon our first cumulative capital raise of at least $ 50 14.7 We also have $ 1.0 50 These amounts will not be paid if the contingencies do not occur. Since the payment of obligations under these agreements are contingent upon these future events, which are not considered probable as such future events are deemed outside of our control, we have not included these amounts in our condensed consolidated financial statements. During the fiscal year ended December 31, 2023, $ 0.9

Equity

Equity	6 Months Ended
Equity	Jun. 30, 2024
Equity [Abstract]
Equity	9. Equity Common Stock The holders of common stock of the Company are entitled to dividends when and if declared by the Company’s Board of Directors. The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. As of June 30, 2024 and December 31, 2023, the Company had 300,000,000 0.0001 On April 1, 2024, Ocean Biomedical, Inc. (the “Company”) filed a Notification of Late Filing on Form 12b-25 with the Securities Exchange Commission (the “SEC”), indicating that the filing of its Annual Report on Form 10- K for the period ended December 31, 2023 (the “Form 10-K”) would be delayed, after determining that it was unable, without unreasonable effort or expense, to file the Form 10-K by the due date of April 1, 2024. The Company received a notice (the “Notice”) on April 18, 2024, from the Nasdaq Listing Qualifications Department (“Nasdaq”) indicating that the Company remains in non-compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic reports with the SEC. On May 22, 2024, and August 19, 2024, the Company received similar notices with regard to its Quarterly Reports on Form 10-Q for the periods ended March 31, 2024 and June 30, 2024, respectively. The Notices will have no immediate effect on the listing or trading of the Company’s common stock, although there can be no assurances that further delays in the filing of the Form 10-K will not have an impact on the listing or trading of the Company’s common stock. Nasdaq indicated that the Company must: (i) submit a revised plan to regain compliance with respect to the filing requirement; and (ii) on or before October 14, 2024, file the delinquent Form 10-K. The Company filed the delinquent Form 10-K on November 25,2024 and intends to file the delinquent 10-Qs as soon as practicable. Virion Contribution Agreement On October 11, 2023, the Company entered into an Amended and Restated Contribution Agreement (the “Contribution Agreement”) with Virion Therapeutics, LLC (“Virion”) and Poseidon Bio LLC to provide financial, technical and operational assistance to the further growth and development of Virion’s Intelligent and Adaptable CD8+ T cell-based Immunotherapy (“VIACT”) platform. Pursuant to the Contribution Agreement, the Company acquired a 50 4.1 750,000 250,000 500,000 750,000 4.1 4.1 2.8 4.1 3.2 1.9 0.4 0.4 The investment in Virion is accounted for as an equity method investment under ASC 323 as the Company has significant influence over the investee. For the three month and six-month periods ended June 30, 2024, Virion incurred a net loss of approximately $ 1.1 5.6 0.6 2.8 Stock Options 2022 Stock Option and Incentive Plan The Company’s Board of Directors (“the Board”) approved and adopted the 2022 Stock Option and Incentive Plan and Form of Non-Qualified Stock Option Agreement for Non-Employee Directors (the “Incentive Plan”) prior to the Closing of the Business Combination. The maximum number of shares of common stock that may be initially issued or transferred pursuant to awards under the Incentive Plan equals 4,360,000 The Incentive Plan authorizes stock options, stock appreciation rights, and other forms of awards granted or denominated in the Company’s common stock or units of the Company’s common stock, as well as cash bonus awards. The Incentive Plan retains flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be structured to be paid or settled in cash. Any awards under the Incentive Plan (including awards of stock options and stock appreciation rights) may be fully vested at grant or may be subject to time- and/or performance-based vesting requirements. The Incentive Plan does not limit the authority of the Board or any committee to grant awards or authorize any other compensation, with or without reference to the Company’s common stock, under any other plan or authority. The Board may amend or terminate the Incentive Plan at any time and in any manner. Stockholder approval for an amendment will be required only to the extent then required by applicable law or deemed necessary or advisable by the Board. Unless terminated earlier by the Board and subject to any extension that may be approved by stockholders, the authority to grant new awards under the Incentive Plan will terminate on the tenth anniversary of its establishment. Stock Options to Non-Employee Directors Under the Non-employee Director Compensation Policy, upon initial election or appointment to the Board, each new non-employee director will be granted under the Incentive Plan a one-time grant of a non-statutory stock option to purchase 75,000 On February 15, 2023, 75,000 10.00 The estimated fair value of a non-statutory stock option to purchase common stock on the grant date was $ 3.73 Expected volatility 75 Expected term 6.5 Risk-Free Interest Rate 4 Dividend Yield zero The stock-based compensation expense recorded for the three month and six month periods ended June 30, 2024 was $ 0.2 0.4 The following table summarizes stock option activity during the six months ended June 30, 2024: Schedule of Stock Option Activity (in thousands) Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2024 600,000 $ 10.00 2.1 — Options granted — — — — Options cancelled or forfeited — — — — Outstanding at June 30, 2024 600,000 $ 10.00 1.7 — The aggregate intrinsic value in the above table is calculated as the difference between the fair value of the Company’s common stock as of June 30, 2024 and the exercise price of the stock options. As of June 30, 2024, the total unrecognized compensation related to unvested stock option awards granted was $ 1.2 1.7 No 2022 Employee Stock Purchase Plan The Board approved and adopted the 2022 Employee Stock Purchase Plan (the “ESPP”) prior to the Closing of the Business Combination. Subject to adjustment, 2,180,000 The ESPP allows eligible employees to purchase shares of common stock during specified offering periods, with such offering periods not to exceed 27 months. During each offering period, eligible employees will be granted an option to purchase shares of common stock on the last business day of the offering period. The purchase price of each share of common stock issued pursuant to the exercise of an option under the ESPP on an exercise date will be 85 The Board has discretion to amend the ESPP to any extent and in any manner it may deem advisable, provided that any amendment that would be treated as the adoption of a new plan for purposes of Section 423 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) will require stockholder approval. The Board may suspend or terminate the ESPP at any time. No purchases were made as of June 30, 2024. Profit Interests in Poseidon Legacy Ocean’s founder and then sole stockholder was issued 17,454,542 100 These profit interests grants in the Company’s controlling shareholder were deemed to be transactions incurred by the shareholder and within the scope of ASC 718, Stock Compensation 100 68 Stock-Based Compensation The Company recognizes stock-based compensation costs for equity-based compensation awards granted to employees, nonemployees, and directors in accordance with U.S. GAAP. The Company estimates the fair value and the resulting amounts using the Black-Scholes option-pricing model. The fair value is recognized on a straight-line basis over the requisite service periods but accelerated to the extent that grants vest sooner than on a straight-line basis. Forfeitures are accounted for as they occur and requires management to make a number of other assumptions, including the volatility of the underlying shares, the risk-free interest rate, and expected dividends. Expected volatility is based on the historical share volatility of a set of comparable publicly traded companies over a period of time equal to the expected term of the grant or option. Stock-based compensation for the three and six months ended June 30, 2024 consisted of costs related to (i) stock options granted to non-employee directors in the first quarter of 2023 and (ii) warrants issued to advisors and consultants, as discussed below. Stock-based compensation for the three and six months ended June 30, 2024 solely consisted of costs related to the profit interests in Poseidon. The following table summarizes the allocation of stock-based compensation for the stock options, warrants, and Class B profit interests for the three and six months ended June 30, 2024 and 2023, respectively: Schedule of Allocation of Stock-based Compensation (in thousands) 2024 2023 2024 2023 For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 Stock-based compensation: Research and development (1) $ - $ - $ - $ - General and administrative (2) 187 186 373 832 Total stock-based compensation $ 187 $ 186 $ 373 $ 832 (1) As discussed above, certain executives and employees of the Company hold profit interests in Poseidon. The fair value of these profit interests was recorded on the grant dates at fair value utilizing an option-pricing model under which interests are valued by creating a series of call options with exercise prices based on the liquidation preferences and conversion terms of each equity class, adjusted for a discount for the lack of marketability to account for a lack of access to an active public market. (2) In March 2023, the Company issued warrants to advisors and consultants as discussed below in Note 10, Warrants 0.6 .

Warrants

Warrants	6 Months Ended
Warrants	Jun. 30, 2024
Warrants
Warrants	10. Warrants As of June 30, 2024 and December 31, 2023, the following warrants to purchase common stock were outstanding: Schedule of Warrants June 30, 2024 Issuance Date Number of Shares Issuable Exercise Price Classification Expiration Lender/Name Second Street Capital February 2023 426,427 $ 8.06 (2) 3/8/2026 Second Street Capital February 2023 85,285 $ 8.06 Equity-classified 4/22/2026 Second Street Capital February 2023 102,342 $ 7.47 Equity-classified 9/30/2026 Second Street Capital February 2023 75,000 $ 10.34 Equity-classified 2/15/2028 Second Street Capital March 2023 200,000 $ 10.34 Equity-classified 3/29/2028 Second Street Capital March 2023 150,000 $ 11.50 Equity-classified 3/31/2028 McKra Investments warrant March 2023 200,000 $ 10.34 Equity-classified 3/28/2028 Special Forces F9 warrant March 2023 150,000 $ 11.50 Equity-classified 3/7/2028 Public Warrants (4) 5,250,000 $ 11.50 Equity-classified 2/14/2028 Private Warrants (4) 5,411,000 $ 11.50 Equity-classified 2/14/2028 SPA Warrant May 2023 552,141 $ 11.50 Liability-classified 5/25/2028 12,602,195 (1) Upon Closing, and as discussed in Note 3, Business Combination and Backstop Agreement (2) The Legacy Ocean warrant issued in February 2022 was issued with the right to put the warrant in exchange for a payment of $ 250,000 250,000 (3) For further detail on the SPA Warrant, refer to Note 7, Senior Secured Convertible Notes (4) For further detail on the Public Warrants and Private Warrants, refer to the “Public and Private Warrants” discussion below. In 2022 and 2023, the Company entered into certain agreements with Second Street Capital, Special Forces F9, LLC (“Special Forces”), and McKra for which it issued warrants exercisable to purchase the Company’s common stock. For each of the warrants issued, the Company utilized the guidance within ASC 480, Distinguishing Liabilities from Equity In addition, the Company has Public Warrants and Private Warrants that were assumed in connection with the closing of the Business Combination. They are treated as equity-classified instruments, as discussed below. The use of the Black-Scholes Merton model requires management to make the following assumptions: Expected volatility Expected term Risk-Free Interest Rate Dividend Yield The fair value is recognized on a straight-line basis over the requisite service periods but accelerated to the extent that grants vest sooner than on a straight-line basis. Forfeitures are accounted for as they occur and requires management to make a number of other assumptions, including the volatility of the underlying shares, the risk-free interest rate, and expected dividends. Expected volatility is based on the historical share volatility of a set of comparable publicly traded companies over a period of time equal to the expected term of the grant. Prior to the Business Combination, Legacy Ocean estimated the fair value of its common stock considering, among other things, contemporaneous valuations for its common stock prepared by third-party valuation firms and prices set forth in Legacy Ocean’s previous filings with the SEC for a proposed IPO of its common stock that was not pursued by Legacy Ocean. Upon execution of the Business Combination Agreement in September 2022, the value of the Second Street Warrants was based on the closing price of AHAC’s Class A common stock as reported on the Nasdaq Global Select Market on the grant date. Following the Closing of the Business Combination, the value of warrants issued by the Company was based on the closing price of its common stock as reported on the Nasdaq Capital Market on the grant date. The Company estimates the fair value, based upon these values, using the Black-Scholes Merton model, which is affected principally by the life of the warrant, the volatility of the underlying shares, the risk-free interest rate, and expected dividends. Expected volatility is based on the historical share volatility of a set of comparable publicly traded companies over a period of time equal to the expected term of the warrants. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the warrant for time periods approximately equal to the expected term of the warrant. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The Company expenses the amount for warrants and stock-based awards within other income (expense) and stock-based compensation within operating expenses, as applicable, in its condensed consolidated statements of operations. Second Street Warrants In connection with the Second Street Loans discussed in Note 6, Short-Term Loan Agreements 1,039,054 0.7 1.5 The warrant issued in connection with the March Second Street Loan, exercisable for 200,000 McKra Investments III Warrant In connection with the McKra Loan, discussed in Note 6, Short-Term Loan Agreements, 200,000 0.7 0.8 Special Forces F9 Warrant In connection with a strategic advisory agreement, dated March 19, 2023, between the Company and Special Forces, the Company issued to Special Forces a warrant to purchase 150,000 11.50 3.89 In the first quarter of 2023, the full amount of the $ 0.6 SPA Warrant In connection with the Ayrton Convertible Note Financing, the Company issued to an accredited investor a warrant exercisable for 552,141 Senior Secured Convertible Notes Public and Private Warrants The Company has a total of 10,661,000 11.50 5,250,000 5,411,000 Each whole IPO Warrant entitles the registered holder to purchase one share of common stock at a price of $ 11.50 The Company may call the IPO Warrants for redemption, in whole and not in part, at a price of $ 0.01 ● at any time after the warrants become exercisable; ● upon not less than 30 days’ prior written notice of redemption to each warrant holder; ● if, and only if, the reported last sale price of the shares of common stock equals or exceeds $ 18.00 ● if, and only if, there is a current registration statement in effect with respect to the shares of common stock underlying such warrants. The right to exercise will be forfeited unless the IPO Warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a record holder of an IPO Warrant will have no further rights except to receive the redemption price for such holder’s warrant upon surrender of such warrant. If the Company calls the IPO Warrants for redemption as described above, its management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of the Company’s common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose shall mean the average reported last sale price of the shares of common stock for the five trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. For accounting purposes, the Company accounts for the IPO Warrants (i) in accordance with the guidance contained in ASC 480-10-25-8 and ASC 815-40 and (ii) classified as an equity instrument. The fair values of the IPO Warrants were accounted for as deemed dividends. Since the entries to recognize the fair value of the IPO Warrants offset within additional paid-in capital, there is no inherent impact to the condensed consolidated financial statements. Additional Share Consideration In connection with a Marketing Services Agreement, dated March 7, 2023, between the Company and Outside The Box Capital (“OTBC”), the Company issued to OTBC 13,257 83

Net loss Per Share

Net loss Per Share	6 Months Ended
Net loss Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Net loss Per Share	11. Net loss Per Share The Company computes basic loss per share using net loss attributable to stockholders and the weighted-average number of the Company’s common stock shares outstanding during each period, less shares subject to repurchase under the Backstop Agreement. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive. The Company’s potentially dilutive securities, which include stock options, earnout shares, and warrants to purchase shares of common stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to the Company’s stockholders’ is the same. The net loss per share for the basic and diluted earnings calculations for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands, except share and per share data): Schedule of Earnings Per Share, Basic and Diluted 2024 2023 2024 2023 Three Months Ended June 30, Six months Ended June 30, 2024 2023 2024 2023 Numerator: Net loss $ (17,234 ) $ (11,431 ) $ (4,235 ) $ (83,523 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 27,487,283 26,469,619 27,415,885 25,661,160 Net loss per common share, basic and diluted $ (0.63 ) $ (0.43 ) $ (0.15 ) $ (3.25 ) As noted above, the following securities were excluded from the computation of diluted loss per share in the periods presented, as their effect would be anti-dilutive: Schedule of Securities Excluded From Computation of Diluted Loss Per Share 2024 2023 2024 2023 Three Months Ended June 30, Six months Ended June 30, 2024 2023 2024 2023 Stock options 600,000 600,000 600,000 600,000 Warrants to purchase common stock 12,602,195 12,602,195 12,602,195 12,602,195 Anti dilutive securities 12,602,195 12,602,195 12,602,195 12,602,195 As discussed in Note 3, Business Combination and Backstop Agreement 19,000,000

License and Manufacturing Agree

License and Manufacturing Agreements	6 Months Ended
License and Manufacturing Agreements	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Manufacturing Agreements	12. License and Manufacturing Agreements Elkurt/Brown License Agreements In 2020, the Company entered into four separate Exclusive License Agreements (the “Initial Brown License Agreements”) with Elkurt, Inc.(“Elkurt”), a licensee of Brown University, which were subsequently amended in 2021 and 2022. Elkurt is a company formed by the Company’s scientific co-founders and members of our Board, Jack A. Elias, M.D., former Dean of Medicine and current Special Advisor for Health Affairs to Brown University, and Jonathan Kurtis, M.D., PhD, Chair of the Department of Pathology and Laboratory Medicine at Brown University. Under the Initial Brown License Agreements, Elkurt grants the Company exclusive, royalty-bearing licenses to patent rights and nonexclusive, royalty-bearing licenses to know-how, solely to make, have made, market, offer for sale, use, and sell licensed products for use in certain fields. The latest amendment, executed on November 13, 2023, (i) extended the date after which Elkurt can terminate the license agreements if the Company has not raised at least $10.0 million in equity financing by May 1, 2024 and (ii) extended the dates of the commercialization plan of the license agreement to an additional three years. For each of the Initial Brown License Agreements, as amended, the Company is required to pay Elkurt (i) a maintenance fee of $67,000 increased by interest at the rate of 1% per month from October 15, 2021, until paid and (ii) an annual license maintenance fee of $3,000 beginning on January 1, 2022, which increases to $4,000 on January 1, 2028. In addition, upon successful commercialization, the Company is required to pay Elkurt (i) between 0.5% to 1.5% of net sales based on the terms of each of the Initial Brown License Agreements and (ii) 25% of all non-royalty sublicense income prior to the first commercial sale, and 10% of non-royalty sublicense income thereafter, in the event that the Company enters into sublicenses for the subject intellectual property. If net sales or non-royalty sublicense income are generated from know-how products, the amounts otherwise due (royalty or non-royalty sublicense income) shall be reduced by 50%. 12,000 0.3 0.1 The Company is also required to pay Elkurt developmental and commercialization milestone payments for each of the Initial Brown License Agreements ranging from $ 50,000 250,000 0.1 0.2 The contract term for each of the Initial Brown License Agreements, as amended, continues until the later of (i) the date on which the last valid claim expires or (ii) ten years. Either party may terminate each of the Initial Brown License Agreements in certain situations, including Elkurt being able to terminate the Initial Brown License Agreements at any time and for any reason after May 1, 2024, as discussed above. For the oncology programs, three of the license agreements have been sublicensed to the Company’s subsidiary, Ocean ChitoRx Inc, and for the fibrosis program, one license agreement has been sublicensed to the Company’s subsidiary, Ocean ChitofibroRx Inc. Brown Anti-PfGARP Small Molecules License Agreement On September 13, 2022, the Company entered into an additional Exclusive License Agreement (the “Brown Anti-PfGARP Small Molecules License Agreement”) with Elkurt. Under the Brown Anti-PfGARP Small Molecules License Agreement, Elkurt grants the Company an exclusive, royalty-bearing license to patent rights and a nonexclusive, royalty-bearing license to know-how, solely to make, have made, market, offer for sale, use, and sell licensed products for use in the field of malaria research. For the Brown Anti-PfGARP Small Molecules License Agreement, the Company is required to pay Elkurt (i) an initial license fee of $70,000 which was paid during the second quarter of 2023 and (ii) an annual license maintenance fee of $3,000 beginning on September 13, 2023, which increases to $4,000 annually on September 13, 2028. Upon successful commercialization, based on the terms of the agreement, the Company is required to pay Elkurt (i) 1.25% of net sales and (ii) Elkurt 25% of all non-royalty sublicense income prior to the first commercial sale, and 10% of non-royalty sublicense income thereafter, in the event that the Company enters into sublicenses for the subject intellectual property. If net sales or non-royalty sublicense income are generated from know-how products, the amounts otherwise due (royalty or non-royalty sublicense income) shall be reduced by 50%. The Company also is required to pay Elkurt $100,000 in the event that the Company or one of its sublicensees sublicenses this technology to a major pharmaceutical company or if the license agreement or any sublicense agreement for this technology is acquired by a major pharmaceutical company. A major pharmaceutical company is one that is publicly traded, with market capitalization of at least $5.0 billion and has been engaged in drug discovery, development, production and marketing for no less than 5 years. The Company will also pay Elkurt developmental and commercialization milestone payments pursuant to the Brown Anti-PfGARP Small Molecules License Agreement ranging from $ 50,000 250,000 The contract term for the Brown Anti-PfGARP Small Molecules License Agreement continues until the later of (i) the date on which the last valid claim expires or (ii) ten years. Either party may terminate the Brown Anti-PfGARP Small Molecules License Agreement in certain situations, including Elkurt being able to terminate the Brown Anti-PfGARP Small Molecules License Agreement at any time and for any reason after May 1, 2024, if the Company has not raised at least $10,000,000 in equity financing by then. Refer to Note 13, Related Party Transactions Rhode Island License Agreement In January 2021, the Company entered into an Exclusive License Agreement (the “Rhode Island License Agreement”) with Elkurt, a licensee of Rhode Island Hospital, as subsequently amended throughout that year. Under the Rhode Island License Agreement, as amended, Elkurt grants the Company an exclusive, royalty-bearing license to patent rights and a nonexclusive, royalty-bearing license to know-how, solely to make, have made, market, offer for sale, use, and sell licensed products for use in a certain field. For the Rhode Island License Agreement, the Company was required to pay Elkurt (i) $110,000, due within 45 days of an equity financing of at least $10.0 million or November 1, 2023, whichever comes first, and (i) an annual maintenance fee of $3,000 beginning on January 1, 2022, which increases to $4,000 annually on January 1, 2029. As of the filing date of this Quarterly Report, next steps for the licensing agreements are still being negotiated. Upon successful commercialization, under the terms of the agreement, the Company is also required to pay Elkurt (i) 1.5% of net sales and (ii) 25% of all nonroyalty sublicense income prior to the first commercial sale, and 10% of non-royalty sublicense income thereafter, in the event that the Company enters into sublicenses for the subject intellectual property. If net sales or non-royalty sublicense income are generated from know-how products, the amounts otherwise due (royalty or non-royalty sublicense income) shall be reduced by 50%. 50,000 250,000 0.1 0.3 0.3 . The contract term for the Rhode Island License Agreement began February 1, 2020, and will continue until the later of (i) the date on which the last valid claim expires or (ii) fifteen years. Either party may terminate the Rhode Island License Agreement in certain situations, and as discussed above, the next steps for the licensing agreements are still being negotiated. The Rhode Island License Agreement has been sublicensed to the Company’s subsidiary, Ocean Sihoma Inc. Refer to Note 13, Related Party Transactions Development and Manufacturing Services Agreement In December 2020, the Company entered into a Development and Manufacturing Services Agreement with Lonza AG and affiliate Lonza Sales AG (“Lonza”). The Company engaged Lonza pursuant to the development and manufacture of certain products and services along with the assistance in developing the product OCX-253. The agreement outlines the pricing for services and raw materials as incurred and payment terms. The Development and Manufacturing Services Agreement will terminate on December 31, 2025. Either party may terminate the agreement within 60 days after it becomes apparent to either party that it will not be possible to complete the services for a scientific or technical reason after a good faith effort is made to resolve such problems. The agreement may be terminated by either party, immediately for any uncured material breach, insolvency, or liquidation. In the event of termination, the Company will pay Lonza all costs incurred through the termination date.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions License Agreements with Elkurt, Inc. Elkurt/Brown & Rhode Island Hospital Licenses The Company is party to the License Agreements between Elkurt and Brown and the License Agreements between Elkurt and Rhode Island Hospital (see Note 12 Licensing and Manufacturing Agreements Transactions with Legacy Ocean’s Founder and Executive Chairman The Legacy Ocean founder and executive chairman had paid certain expenses on behalf of the Company. He is reimbursed when the Company has sufficient working capital to do so. As of June 30, 2024, the amount due for these expenses was $ 93 Transactions with Chief Accounting Officer The Company’s Chief Accounting Officer previously provided consulting services to Legacy Ocean through RJS Consulting, LLC, his wholly owned limited liability company, through June 15, 2021, before becoming the Company’s Chief Accounting Officer. As of June 30, 2024 and December 31, 2023, the Company owed RJS Consulting, LLC $ 0.1 Transactions with Virion As discussed in Note 9 – Equity 50

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring through the filing date of this Quarterly Report on Form 10-Q require adjustments to or disclosures in the Company’s condensed consolidated financial statements. Aside from the items discussed below, the Company did not have any subsequent events that required recognition or disclosure in the condensed consolidated financial statements for the six months ended June 30, 2024. 2023 Convertible Note Between March 4, 2024, and March 8, 2024, the holder of the Company’s 2023 Convertible Note sent Alternate Conversion Notices to the Company to convert the principal value and accrued and unpaid interest into shares of the Company’s common stock pursuant to the Alternate Conversion Price mechanism in the 2023 Convertible Note. The Company is currently evaluating the situation and working with the noteholder to arrive at an equitable resolution. Effective July 23, 2024, the Company entered into further arrangements to fund up to an additional $ 7.7 1.1 All prior defaults under the existing transaction documents have been deemed cured, and there is a late filing carveout until August 15, 2024. The current Notes have had an extension of the maturity date until December 15, 2024, and installment payments have been waived until the earlier of the date on which the Company’s 2023 Form 10-K is filed and September 1, 2024, with subsequent installments continuing to be due on the first of each month thereafter. The holder of the Notes has agreed to extend the maturity to March 15, 2025. No payments have been made. The Company shall issue to the investor 3,844,466 15 5.00 1,332,806 The Company also confirmed that the principal amount of the Existing Note is $ 9.7 As part of the agreement, Chirinjeev Kathuria, the Company’s Chairman, and Poseidon Bio, LLC, an entity controlled by Dr. Kathuria, also agreed to grant a proxy on all of their shares of the Company’s common stock to an independent third party, to vote them as that party sees fit, until such time as the Notes are paid in full. As of June 30, 2024, the Company is in default of its obligations with respect to Ayrton LLC as a result of, among other things, its delinquent SEC filings. Amendment to Earnout Shares Agreement In 2024, the Company entered into a settlement agreement with Second Street Capital and McKra Investments III with regard to $ 2.7 225,000 1.7 1.7 10 10 1.7 All securities are being issued in private placement transactions exempt from registration under Section 4(a)(2) under the Securities Exchange Act of 1934 as amended. Virion Agreement In September 2024, the Company entered into an amendment to the contribution agreement with Virion. In the amendment, the Company agreed to contribute $ 9.0 22 1.0 500,000 Underwriter Promissory Note – Notice of Default On November 13, 2024, the Company received a notice of default with regard to its 2023 promissory note with EF Hutton, which alleges that $ 2.1 1.6 0.5

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. GAAP and stated in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification and Accounting Standards Updates of the Financial Accounting Standards Board (“FASB”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the balances and results for the periods presented. A description of the Company’s significant accounting policies is included in the Company’s audited consolidated financial statements as of December 31, 2023. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on November 25, 2024. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of all intercompany accounts and transactions. The subsidiaries were formed to organize the Company’s therapeutic programs in order to optimize multiple commercialization options and to maximize each program’s value.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of these financial statements and reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, as applicable, including those related to the fair values of the Company’s common stock and related stock-based compensation and the valuation of (i) the Backstop Put Option Liability and Fixed Maturity Consideration (both as defined below) and (ii) the 2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase Option (each as defined in Note 7 , Senior Secured Convertible Notes The Company’s results can also be affected by economic, political, legislative, regulatory or legal actions. Economic conditions, such as recessionary trends, inflation, interest rates, changes in regulatory laws and monetary exchange rates, and government fiscal policies, can have a significant effect on operations. The Company could also be affected by civil, criminal, regulatory or administrative actions, claims, or proceedings.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents are stated at fair value and may include money market funds, U.S. Treasury and U.S. government-sponsored agency securities, corporate debt, commercial paper, and certificates of deposit. The Company had minimal cash or cash equivalents as of June 30, 2024 and December 31, 2023.
Restricted Cash	Restricted Cash The Company’s restricted cash is comprised of cash that is restricted as to withdrawal or use. Restricted cash as of June 30, 2024 and December 31, 2023 was $ 0.2 1.0 Senior Secured Convertible Notes
Concentrations of Credit Risk, Off-balance Sheet Risk and Other Risks	Concentrations of Credit Risk, Off-balance Sheet Risk and Other Risks The Company has held minimal cash since its inception and certain of its expenses have been primarily paid for by the proceeds from the issuance of common stock and debt. The Company has no significant off-balance sheet arrangements, as defined in the rules and regulations of the SEC. The Company’s future results of operations involve several other risks and uncertainties. Factors that affect the Company’s future operating results and cause actual results to vary materially from expectations could include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from other products, securing and protecting intellectual property, strategic relationships and dependence on key employees and research partners. The Company’s product candidates require Food and Drug Administration (“FDA”) and other non-U.S. regulatory agencies approval prior to commercial sales. There can be no assurance that any product candidates will receive the necessary approvals. If the Company were denied approval, if approval were delayed, or if approval were unable to be maintained, it could have a materially adverse impact on the Company.
Revenue	Revenue The Company has not generated any revenue from any sources since its inception, including from product sales. The Company does not expect to generate any revenue from the sale of products in the foreseeable future. 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. However, there can be no assurance as to when revenue will be generated, if at all.
Research and Development Expenses	Research and Development Expenses Research and development expenses consist primarily of costs incurred for research activities, including the development of product candidates. Research and development costs are expensed as incurred. For the three and six months ended June 30, 2024, and 2023, research and development expenses consist of expenses recognized for stock-based compensation and incurred for initial license fees, annual maintenance license fees, and services agreements. Payments associated with licensing agreements to acquire exclusive licenses to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternate commercial use are expensed as incurred.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional accounting, and other third-party fees associated with equity financings such as the Business Combination as deferred offering costs until such financings are consummated. After consummation of the equity financings, these costs are recorded in stockholders’ deficit as a reduction of proceeds generated as a result of the offering. The Company recorded deferred offering costs of $ 2.0 7.6
Income Taxes and Tax Credits	Income Taxes and Tax Credits Income taxes are recorded in accordance with FASB Accounting Standards Codification 740, Income Taxes
Net Loss Per Share	Net Loss Per Share Net loss per share is computed by dividing net loss attributed to common stockholders by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase, and, if dilutive, the weighted-average number of potential shares of common stock. For the purposes of the diluted net loss per share calculation, common stock warrants, common stock options outstanding, and contingently issuable Earnout Shares (as defined in Note 3, Business Combination and Backstop Agreement
Fair Value Measurements	Fair Value Measurements Certain instruments of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ● Level 1—Quoted prices in active markets for identical assets or liabilities. ● Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ● Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s Backstop Put Option Liability and Fixed Maturity Consideration (both as defined below), 2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase Option (each as defined and discussed in Note 7, Senior Secured Convertible Notes Fair Value Measurements
Backstop Put Option Liability and Fixed Maturity Consideration	Backstop Put Option Liability and Fixed Maturity Consideration Backstop Agreement In connection with the execution of the Business Combination, AHAC and Legacy Ocean entered into an OTC Equity Prepaid Forward Transaction (as amended, the “Backstop Agreement”) with the Backstop Parties (as defined in Note 3, Business Combination and Backstop Agreement 8,000,000 10.56 Upon the Maturity Date, the Company is obligated to pay the Backstop Parties an amount equal to the product of (i) the maximum number of shares of 8,000,000 2.50 The Backstop Parties have purchased a fixed total of 4,885,466 4,885,466 For further information regarding the Backstop Agreement, refer to Note 3, Business Combination and Backstop Agreement Backstop Put Option Liability and Fixed Maturity Consideration The Backstop Agreement consists of two financial instruments that are accounted for as follows: (i) The in-substance written put option which is recorded in the Company’s condensed consolidated financial statements as the “Backstop Put Option Liability” and treated as a derivative liability recorded at fair value with changes in fair value recognized in net loss. The Company measures the fair value of the Backstop Put Option Liability on a recurring basis, with any fair value adjustment recorded within other income (expense) in the condensed consolidated statements of operations. Refer to Note 4, Fair Value Measurements (ii) The “Fixed Maturity Consideration” representing the 8,000,000 4,885,466 2.50 Financial Instruments Fair Value Measurements The Prepayment is accounted for as a reduction to equity to reflect the substance of the overall arrangement as a net purchase of the Backstop Shares and sales of shares to the Backstop Parties.
2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase Option	2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase Option As discussed within Note 7, Senior Secured Convertible Notes 27.0 7.6 552,141 11.50 five years The Company has elected to account for the Notes at fair value under the fair value option, under which the Notes are initially measured at fair value and subsequently remeasured during each reporting period. Changes in fair value are reflected within other income (expense) in the condensed consolidated financial statements, except for the portions, if any, related to the instrument specific credit risk which would be recorded in other comprehensive income. Further, the Company concluded that the investor’s right to acquire additional Notes is separately exercisable from the 2023 Convertible Note and the SPA Warrant. If and when the additional Notes are issued, the Company will evaluate whether to account for such additional Notes at (a) fair value under the fair value option or (b) an amortized cost. Refer to Note 7, Senior Secured Convertible Notes In addition, the Company determined that the SPA Warrant was (i) freestanding from the 2023 Convertible Note and (ii) classified as a derivative liability. Accordingly, upon issuance the SPA Warrant was measured at fair value with an offset to cash proceeds from the 2023 Convertible Note, with the remainder of $ 0.6 In addition to the liabilities recorded for the 2023 Convertible Note and the SPA Warrant, the Company also recorded a liability for the purchase option within the SPA in favor of the investor (the “Ayrton Note Purchase Option”), which gives the investor, at its option through 2025, the right to purchase from the Company additional Notes (up to the sum of the aggregate principal amount) at one or more additional closings. The initial recognition of this liability was measured at fair value utilizing the Black-Scholes Merton model and the fair value of $ 0.5
Emerging Growth Company and Smaller Reporting Company Status	Emerging Growth Company and Smaller Reporting Company Status We qualify as an “emerging growth company” within the meaning of the Section 2(a)(19) of the Securities Act, as modified by the Jumpstart Our Business Startup Act (“JOBS Act”) of 2012. The JOBS Act permits an “emerging growth company” to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. The Company has elected not to “opt out” of this provision and, as a result, the Company will adopt new or revised accounting standards at the time private companies adopt the new or revised accounting standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company is also a “smaller reporting company” and may continue to be a smaller reporting company if either (i) the market value of the stock held by non-affiliates is less than $250 million or (ii) the Company’s annual revenue was less than $100 million during the most recently completed fiscal year and the market value of the Company’s stock held by non-affiliates is less than $700 million.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20 Senior Secured Convertible Notes In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Business Combination and Back_2

Business Combination and Backstop Agreement (Tables)	6 Months Ended
Business Combination and Backstop Agreement (Tables)	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Elements of Business Combination	The following table reconciles the elements of the Business Combination to the unaudited condensed consolidated statements of stockholders’ deficit and cash flows for the six months ended June 30, 2024: Schedule of Elements of Business Combination (in thousands) . Cash from AHAC trust, net of redemptions $ 52,070 Offering costs from Business Combination (2,049 ) Net impact on total stockholders’ deficit 50,021 Non-cash offering costs 2,049 Net impact on cash provided by financing activities $ 52,070

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Schedule of Fair Value of Assets and Liabilities	Financial liabilities measured at fair value during the year on a recurring basis consisted of the following as of June 30, 2024: Schedule of Fair Value of Assets and Liabilities (in thousands) Level 1 Level 2 Level 3 Total Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Financial liabilities: Backstop Put Option Liability $ - $ - $ (55,881 ) $ (55,881 ) Fixed Maturity Consideration - - (4,790 ) (4,790 ) 2023 Convertible Note (1) - - (6,055 ) (6,055 ) SPA Warrant - - (1,662 ) (1,662 ) Total financial liabilities $ - $ - $ (68,388 ) $ (68,388 ) (1) Refer to Note 6, Short-Term Loan Agreements
Summary of Significant Inputs and Assumptions Used in Black-Scholes Merton Model	The following table summarizes some of the significant inputs and assumptions used in the Black-Scholes Merton model: Summary of Significant Inputs and Assumptions Used in Black-Scholes Merton Model Estimated Risk-free rate Ayrton Note Purchase Option 13 % 5.0 %
Schedule of Fair Value Backstop Forward Purchase Agreement Asset	The following table provides a roll forward of the aggregate fair values of the Company’s Fixed Maturity Consideration, Backstop Put Option Liability, the 2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase Option for which fair value is determined using Level 3 inputs: Schedule of Fair Value Backstop Forward Purchase Agreement Asset Level 3 Rollforward (in thousands) Backstop Put Option Liability Fixed Maturity Consideration 2023 Convertible Note SPA Warrant Ayrton Note Purchase Option Balances as of January 1, 2023 $ - $ - $ - $ - $ - Initial fair value measurement (12,414 ) (3,166 ) (5,628 ) (1,932 ) (269 ) Changes in fair value (46,109 ) (957 ) (10 ) 1,168 269 Balance as of December 31, 2023 (58,523 ) (4,123 ) (5,618 ) (764 ) - Changes in fair value 2,642 (667 ) (438 ) (898 ) - Balance as of June 30, 2024 (55,881 ) (4,790 ) (6,055 ) (1,662 ) -
Backstop Forward Purchase Agreement Asset [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Summary of Significant Inputs and Assumptions Used in Black-Scholes Merton Model	Summary of Significant Inputs and Assumptions Used in Black-Scholes Merton Model Estimated volatility Expected future stock price Risk-free rate Backstop Put Option Liability and Fixed Maturity Consideration 157.5 % $ 1.95 13.93 4.9 %
2023 Convertible Note and SPA Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Summary of Significant Inputs and Assumptions Used in Black-Scholes Merton Model	The following table summarizes some of the significant inputs and assumptions used in the Monte-Carlo simulation: Summary of Significant Inputs and Assumptions Used in Black-Scholes Merton Model Estimated Range of Risk-free rate 2023 Convertible Note 50.0 % 0 65 % 5.4 % SPA Warrant 100.0 % 0 65 % 4.4 %

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
Accounts Payable and Accrued Expenses (Tables)	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: Schedule of Accounts Payable and Accrued Expenses (in thousands) June 30, 2024 December 31, 2023 Accounts payable and accrued expenses: Accounting and legal fees $ 12,182 $ 12,099 Vendor fees 3,425 2,517 Research and development 647 636 Other 926 933 Total accounts payable and accrued expenses $ 17,180 $ 16,185

Loan Agreements (Tables)

Loan Agreements (Tables)	6 Months Ended
Loan Agreements (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Short-term Loan Balances	As of June 30, 2024, and December 31, 2023, the Company had the following short-term loan balances: (in thousands) Schedule of Short-term Loan Balances June 30, 2024 December 31, 2023 Short-term loans: Second Street Loan $ 600 $ 600 Second Street Loan 2 400 400 March Second Street Loan 700 700 McKra Loan 1,000 1,000 Underwriter Promissory Note 1,575 3,150 2023 Convertible Note 6,055 5,618 Poseidon Demand Note 650 650 Short-term loans, net of issuance costs $ 10,980 $ 12,118

Equity (Tables)

Equity (Tables)	6 Months Ended
Equity (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Stock Option Activity	The following table summarizes stock option activity during the six months ended June 30, 2024: Schedule of Stock Option Activity (in thousands) Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2024 600,000 $ 10.00 2.1 — Options granted — — — — Options cancelled or forfeited — — — — Outstanding at June 30, 2024 600,000 $ 10.00 1.7 —
Schedule of Allocation of Stock-based Compensation	Schedule of Allocation of Stock-based Compensation (in thousands) 2024 2023 2024 2023 For the Three Months Ended For the Six Months Ended (in thousands) 2024 2023 2024 2023 Stock-based compensation: Research and development (1) $ - $ - $ - $ - General and administrative (2) 187 186 373 832 Total stock-based compensation $ 187 $ 186 $ 373 $ 832 (1) As discussed above, certain executives and employees of the Company hold profit interests in Poseidon. The fair value of these profit interests was recorded on the grant dates at fair value utilizing an option-pricing model under which interests are valued by creating a series of call options with exercise prices based on the liquidation preferences and conversion terms of each equity class, adjusted for a discount for the lack of marketability to account for a lack of access to an active public market. (2) In March 2023, the Company issued warrants to advisors and consultants as discussed below in Note 10, Warrants 0.6 .

Warrants (Tables)

Warrants (Tables)	6 Months Ended
Warrants (Tables)	Jun. 30, 2024
Warrants
Schedule of Warrants	As of June 30, 2024 and December 31, 2023, the following warrants to purchase common stock were outstanding: Schedule of Warrants June 30, 2024 Issuance Date Number of Shares Issuable Exercise Price Classification Expiration Lender/Name Second Street Capital February 2023 426,427 $ 8.06 (2) 3/8/2026 Second Street Capital February 2023 85,285 $ 8.06 Equity-classified 4/22/2026 Second Street Capital February 2023 102,342 $ 7.47 Equity-classified 9/30/2026 Second Street Capital February 2023 75,000 $ 10.34 Equity-classified 2/15/2028 Second Street Capital March 2023 200,000 $ 10.34 Equity-classified 3/29/2028 Second Street Capital March 2023 150,000 $ 11.50 Equity-classified 3/31/2028 McKra Investments warrant March 2023 200,000 $ 10.34 Equity-classified 3/28/2028 Special Forces F9 warrant March 2023 150,000 $ 11.50 Equity-classified 3/7/2028 Public Warrants (4) 5,250,000 $ 11.50 Equity-classified 2/14/2028 Private Warrants (4) 5,411,000 $ 11.50 Equity-classified 2/14/2028 SPA Warrant May 2023 552,141 $ 11.50 Liability-classified 5/25/2028 12,602,195 (1) Upon Closing, and as discussed in Note 3, Business Combination and Backstop Agreement (2) The Legacy Ocean warrant issued in February 2022 was issued with the right to put the warrant in exchange for a payment of $ 250,000 250,000 (3) For further detail on the SPA Warrant, refer to Note 7, Senior Secured Convertible Notes (4) For further detail on the Public Warrants and Private Warrants, refer to the “Public and Private Warrants” discussion below.

Net loss Per Share (Tables)

Net loss Per Share (Tables)	6 Months Ended
Net loss Per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The net loss per share for the basic and diluted earnings calculations for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands, except share and per share data): Schedule of Earnings Per Share, Basic and Diluted 2024 2023 2024 2023 Three Months Ended June 30, Six months Ended June 30, 2024 2023 2024 2023 Numerator: Net loss $ (17,234 ) $ (11,431 ) $ (4,235 ) $ (83,523 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 27,487,283 26,469,619 27,415,885 25,661,160 Net loss per common share, basic and diluted $ (0.63 ) $ (0.43 ) $ (0.15 ) $ (3.25 )
Schedule of Securities Excluded From Computation of Diluted Loss Per Share	As noted above, the following securities were excluded from the computation of diluted loss per share in the periods presented, as their effect would be anti-dilutive: Schedule of Securities Excluded From Computation of Diluted Loss Per Share 2024 2023 2024 2023 Three Months Ended June 30, Six months Ended June 30, 2024 2023 2024 2023 Stock options 600,000 600,000 600,000 600,000 Warrants to purchase common stock 12,602,195 12,602,195 12,602,195 12,602,195 Anti dilutive securities 12,602,195 12,602,195 12,602,195 12,602,195

Description of Business and G_2

Description of Business and Going Concern Considerations (Details Narrative) - USD ($) $ in Thousands	Feb. 14, 2023	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Cash		$ 4
Cash, cash equivalents, and restricted cash		200
Working capital		$ 29,500
Legacy Ocean [Member]
Restructuring Cost and Reserve [Line Items]
Business combination acquired description	Under the Business Combination Agreement, the Company acquired all outstanding capital stock of Legacy Ocean for approximately $240.0 million, in aggregate consideration before transaction and other fees, which Legacy Ocean stockholders received in the form of shares of common stock of the Company (the consummation of the business combination and other transactions contemplated by the Business Combination Agreement, collectively, the “Business Combination”).
Business combination aggregate consideration	$ 240,000

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	6 Months Ended
	May 25, 2023	Feb. 14, 2023	May 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Oct. 04, 2023	Oct. 02, 2023
Property, Plant and Equipment [Line Items]
Restricted cash				$ 0.2			$ 1
Other income (expense)			$ 0.3		$ 7.6
Common stock exercise price				$ 18				$ 9
Share price									$ 2.50
Market value of smaller reporting company				The Company is also a “smaller reporting company” and may continue to be a smaller reporting company if either (i) the market value of the stock held by non-affiliates is less than $250 million or (ii) the Company’s annual revenue was less than $100 million during the most recently completed fiscal year and the market value of the Company’s stock held by non-affiliates is less than $700 million.
2023 Convertible Note and SPA Warrant [Member]
Property, Plant and Equipment [Line Items]
Other income (expense)			0.5
Backstop Agreement [Member]
Property, Plant and Equipment [Line Items]
Number of purchase of shares				4,885,466
Number of right to sell shares				4,885,466
Number of shares issued		1,350,000		4,885,466
Backstop Agreement [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Number of purchase of shares				8,000,000
Common stock exercise price				$ 10.56
Maturity Consideration [Member]
Property, Plant and Equipment [Line Items]
Number of purchase of shares				8,000,000
Common stock exercise price				$ 2.50
Fixed Maturity Consideration [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Number of shares issued				8,000,000
Share price				$ 2.50
Securities Purchase Agreement [Member]
Property, Plant and Equipment [Line Items]
Common stock exercise price	$ 11.50
Convertible debt			27
Principal amount	$ 7.6
Warrant acquire	552,141
Exercise term	5 years
Additional Paid-in Capital [Member]
Property, Plant and Equipment [Line Items]
Deferred offering costs						$ 2
SPA Warrant [Member]
Property, Plant and Equipment [Line Items]
Other income (expense)			$ 0.6

Schedule of Elements of Busines

Schedule of Elements of Business Combination (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Offering costs from Business Combination		$ 7,578
Net cash provided by financing activities		$ 9,560
Aesther Healthcare Acquisition Corp [Member]
Business Acquisition [Line Items]
Cash from AHAC trust, net of redemptions	52,070
Offering costs from Business Combination	(2,049)
Net impact on total stockholders’ deficit	50,021
Non-cash offering costs	2,049
Net cash provided by financing activities	$ 52,070

Business Combination and Back_3

Business Combination and Backstop Agreement (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Mar. 04, 2024

Nov. 02, 2023

Oct. 02, 2023

Feb. 14, 2023

Feb. 13, 2023

Sep. 07, 2022

Aug. 31, 2022

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

May 31, 2024

Dec. 31, 2023

Oct. 04, 2023

May 23, 2023

Business Acquisition [Line Items]

Common stock, shares issued

34,868,628

34,649,046

Common stock exercise price

$ 18

$ 9

Share price

$ 2.50

Fixed maturity consideration description

At
any time prior to the Maturity Date, and in accordance with the terms of the Backstop Agreement, the Backstop Parties may elect an Optional
Early Termination to sell some or all of the Backstop Shares. If the Backstop Parties sell any shares prior to the Maturity Date, the
pro-rata portion of the Prepayment amount is due back to the Company. As of June 30, 2023, the Backstop Parties had sold 143,261 Backstop
Shares, for which the Company has received net proceeds of $1.4 million, after paying related fees to the Backstop Parties. Depending
on the manner in which the Backstop Agreement is settled, the Company may never have access to the full Prepayment.

Maturity consideration

$ 6,700

Reset price

$ 8

Aggregate gross purchase price

$ 1,795

Sale of stock price per share

$ 7

Loss on extinguishment of debts

$ (903)

$ (14,856)

Payments for Underwriting Expense

$ 3,200

[custom:RightOtPayUnderwritingDescription]

The
Company has a right to pay up to fifty percent (50%) of the principal and interest due on this promissory note using the common stock
of the Company at a price per share of $10.56. The remaining fifty percent (50%) of the principal and interest due on this promissory
note must be paid in cash.

Outstanding interest

$ 200

100

Interest expense

$ 300

$ 100

Restricted Stock [Member]

Business Acquisition [Line Items]

Number of shares issued

169,582

Short-term loan amount

$ 1,600

Conversion price

$ 10.56

Principal amount

$ 1,600

Accrued interest

$ 200

Aesther Healthcare Acquisition Corp [Member]

Business Acquisition [Line Items]

Short-term loan amount

$ 2,100

Maximum [Member]

Business Acquisition [Line Items]

Debt Instrument, Interest Rate, Effective Percentage

[custom:DebtInstrumentInterestRateEffectivePercentageWhenDefault-0]

24%

Maximum [Member] | Sponsor [Member]

Business Acquisition [Line Items]

Other accrued interest rate

15%

Minimum [Member] | Sponsor [Member]

Business Acquisition [Line Items]

Other accrued interest rate

Backstop Agreement [Member]

Business Acquisition [Line Items]

Number of shares issued

1,350,000

4,885,466

Number of purchase of shares

4,885,466

Backstop Agreement [Member] | Maximum [Member]

Business Acquisition [Line Items]

Number of purchase of shares

8,000,000

Common stock exercise price

$ 10.56

Meteora Agreement [Member]

Business Acquisition [Line Items]

Number of shares issued

2,667,667

2,666,667

Maturity Consideration [Member]

Business Acquisition [Line Items]

Number of purchase of shares

8,000,000

Common stock exercise price

2.50

$ 2.50

Backstop Forward Purchase Agreement [Member]

Business Acquisition [Line Items]

Backstop forward purchase agreement, value

$ 37,300

Share price

$ 10.56

Payment to backstop parties for backstop forward purchase agreement

$ 51,600

Fixed Maturity Consideration [Member] | Maximum [Member]

Business Acquisition [Line Items]

Number of shares issued

8,000,000

Share price

$ 2.50

Common Stock Purchase Agreement [Member]

Business Acquisition [Line Items]

Number of shares issued

41,677

75,000

Aggregate gross purchase price

$ 64

$ 75,000

Fair value issuance

$ 500

Commitment costs

$ 500

Business Combination Agreement [Member]

Business Acquisition [Line Items]

Number of shares issued

1,365,000

Common stock in exchange for extensions

200,000

Loss on extinguishment of debt

$ 1,200

Loss on extinguishment of debts

(13,600)

Interest expense

$ 36

Common Stock [Member]

Business Acquisition [Line Items]

Additional shares issued to sponsor

1,365,000

Warrants exercisable

511,712

Exercise price

$ 8.06

Number of shares issued

169,582

Aggregate gross purchase price

Common Stock [Member] | Polar Agreement [Member] | Maximum [Member]

Business Acquisition [Line Items]

Number of shares issued

8,000,000

Aesther Healthcare Acquisition Corp [Member]

Business Acquisition [Line Items]

Business acquisition description of acquired entity

(a) in the event that the volume-weighted average price (the “VWAP”)
of the Company’s common stock exceeds $15.00 per share for twenty (20) out of any thirty (30) consecutive trading days beginning
on the Closing date until the 36-month anniversary of the Closing, the Legacy Ocean Stockholders shall be entitled to receive an additional
5,000,000 shares of the Company’s common stock, (b) in the event that the VWAP of the Company’s common stock exceeds $17.50
per share for twenty (20) out of any thirty (30) consecutive trading days beginning on the Closing date until the 36-month anniversary
of the Closing, the Legacy Ocean Stockholders shall be entitled to receive an additional 7,000,000 shares of the Company’s common
stock and (c) in the event that the VWAP of the Company’s common stock exceeds $20.00 per share for twenty (20) out of any thirty
(30) consecutive trading days beginning on the Closing date until the 36-month anniversary of the Closing, the Legacy Ocean Stockholders
shall be entitled to receive an additional 7,000,000 shares of the Company’s common stock. In addition, for each issuance of Earnout
Shares, the Company will also issue to Sponsor an additional 1,000,000 shares of the Company’s common stock.

Long term debt fair value

$ 500

Aesther Healthcare Acquisition Corp [Member] | Maximum [Member]

Business Acquisition [Line Items]

Number of shares issued

19,000,000

Aesther Healthcare Acquisition Corp [Member] | Backstop Forward Purchase Agreement [Member]

Business Acquisition [Line Items]

Backstop forward purchase agreement, value

$ 14,300

Backstop agreement, shares

3,535,466

Share price

$ 10.56

Additional backstop forward purchase agreement, shares

1,350,000

New Ocean Biomedical [Member] | Common Stock [Member]

Business Acquisition [Line Items]

Warrants exercisable

102,342

Exercise price

$ 7.47

Vellar Backstop Agreement [Member] | Common Stock [Member]

Business Acquisition [Line Items]

Purchase of common stock

8,000,000

Purchase of common stock, value

$ 80,000

Common Class A [Member]

Business Acquisition [Line Items]

Common stock, shares issued

23,355,432

Payments to acquire businesses gross

$ 233,600

Conversion of stock shares converted

3,535,466

Common Class A [Member] | Aesther Healthcare Acquisition Corp [Member]

Business Acquisition [Line Items]

Additional shares issued to sponsor

1,365,000

Purchase of common stock

1,200,000

Backstop forward purchase agreement, value

$ 12,700

Common Class B [Member] | Aesther Healthcare Acquisition Corp [Member]

Business Acquisition [Line Items]

Conversion of stock shares converted

2,625,000

Common stock conversion basis

converted
on a one-for-one basis into shares of AHAC’s Class A common stock

Schedule of Fair Value of Asset

Schedule of Fair Value of Assets and Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Backstop Put Option Liability	$ (55,881)
Fixed Maturity Consideration	(4,790)
2023 Convertible Note	(6,055)	[1]
SPA Warrant	(1,662)
Total financial liabilities	(68,388)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Backstop Put Option Liability
Fixed Maturity Consideration
2023 Convertible Note		[1]
SPA Warrant
Total financial liabilities
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Backstop Put Option Liability
Fixed Maturity Consideration
2023 Convertible Note		[1]
SPA Warrant
Total financial liabilities
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Backstop Put Option Liability	(55,881)
Fixed Maturity Consideration	(4,790)
2023 Convertible Note	(6,055)	[1]
SPA Warrant	(1,662)
Total financial liabilities	$ (68,388)

[1]Refer to Note 6, Short-Term Loan Agreements

Summary of Significant Inputs a

Summary of Significant Inputs and Assumptions Used in Black-Scholes Merton Model (Details)	Jun. 30, 2024
Measurement Input, Price Volatility [Member] \| Backstop Forward Purchase Agreement Asset [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	157.5
Measurement Input, Price Volatility [Member] \| 2023 Convertible Note [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	50
Measurement Input, Price Volatility [Member] \| 2023 Convertible Note [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0
Measurement Input, Price Volatility [Member] \| 2023 Convertible Note [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	65
Measurement Input, Price Volatility [Member] \| SPA Warrant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	100
Measurement Input, Price Volatility [Member] \| SPA Warrant [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0
Measurement Input, Price Volatility [Member] \| SPA Warrant [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	65
Measurement Input, Price Volatility [Member] \| Ayrton Note Purchase Option [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	13
Measurement Input, Share Price [Member] \| Backstop Forward Purchase Agreement Asset [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	1.95
Measurement Input, Share Price [Member] \| Backstop Forward Purchase Agreement Asset [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	13.93
Measurement Input, Risk Free Interest Rate [Member] \| Backstop Forward Purchase Agreement Asset [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	4.9
Measurement Input, Risk Free Interest Rate [Member] \| 2023 Convertible Note [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	5.4
Measurement Input, Risk Free Interest Rate [Member] \| SPA Warrant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	4.4
Measurement Input, Risk Free Interest Rate [Member] \| Ayrton Note Purchase Option [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	5

Schedule of Fair Value Backstop

Schedule of Fair Value Backstop Forward Purchase Agreement Asset (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Backstop Put Option Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of December 31, 2023	$ (58,523)
Initial fair value measurement		(12,414)
Changes in fair value	2,642	(46,109)
Balance as of June 30, 2024	(55,881)	(58,523)
Fixed Maturity Consideration [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of December 31, 2023	(4,123)
Initial fair value measurement		(3,166)
Changes in fair value	(667)	(957)
Balance as of June 30, 2024	(4,790)	(4,123)
2023 Convertible Note [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of December 31, 2023	(5,618)
Initial fair value measurement		(5,628)
Changes in fair value	(438)	(10)
Balance as of June 30, 2024	(6,055)	(5,618)
SPA Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of December 31, 2023	(764)
Initial fair value measurement		(1,932)
Changes in fair value	(898)	1,168
Balance as of June 30, 2024	(1,662)	(764)
Ayrton Note Purchase Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of December 31, 2023
Initial fair value measurement		(269)
Changes in fair value		269
Balance as of June 30, 2024

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative)	6 Months Ended
Fair Value Measurements (Details Narrative)	Jun. 30, 2024
Backstop Forward Purchase Agreement Asset [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Description of average present value calculated	The value of the Backstop Put Option Liability and Fixed Maturity were calculated as the average present value over 50,000 simulated paths.
2023 Convertible Note and SPA Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Description of average present value calculated	The value of the 2023 Convertible Note and SPA Warrant was calculated as the average present value over 50,000 simulated paths.

Schedule of Accounts Payable an

Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts payable and accrued expenses:
Accounting and legal fees	$ 12,182	$ 12,099
Vendor fees	3,425	2,517
Research and development	647	636
Other	926	933
Total accounts payable and accrued expenses	$ 17,180	$ 16,185

Schedule of Short-term Loan Bal

Schedule of Short-term Loan Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Short-term loans, net of issuance costs	$ 10,980	$ 12,118
Second Street Loan [Member]
Short-Term Debt [Line Items]
Short-term loans, net of issuance costs	600	600
Second Street Loan 2 [Member]
Short-Term Debt [Line Items]
Short-term loans, net of issuance costs	400	400
March Second Street Loan [Member]
Short-Term Debt [Line Items]
Short-term loans, net of issuance costs	700	700
McKra Loan [Member]
Short-Term Debt [Line Items]
Short-term loans, net of issuance costs	1,000	1,000
Underwriter Promissory Note [Member]
Short-Term Debt [Line Items]
Short-term loans, net of issuance costs	1,575	3,150
2023 Convertible Note [Member]
Short-Term Debt [Line Items]
Short-term loans, net of issuance costs	6,055	5,618
Poseidon Demand Note [Member]
Short-Term Debt [Line Items]
Short-term loans, net of issuance costs	$ 650	$ 650

Loan Agreements (Details Narrat

Loan Agreements (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2022	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Oct. 02, 2023	Feb. 14, 2023	Jan. 31, 2023	Dec. 31, 2022	Feb. 28, 2022
Debt Instrument [Line Items]
Expense			$ 187	$ 186	$ 373	$ 832
Common Stock [Member]
Debt Instrument [Line Items]
Warrants to purchase shares									511,712
Warrants exercise price									$ 8.06
Number of shares of common stock					169,582
Second Street Capital LLC [Member]
Debt Instrument [Line Items]
Short term debt average outstanding					$ 500
Outstanding loans and accrued unpaid interest			1,200		1,200
Proceeds to repay the loans					$ 25,000
Number of shares of common stock					25,000
Interest expense			100	300	$ 100	500
Amortization of debt issuance costs				200		400
Second Street Capital LLC [Member] \| Common Stock [Member]
Debt Instrument [Line Items]
Warrants to purchase shares							225,000				75,000
McKra Investments III Loan [Member]
Debt Instrument [Line Items]
Short term debt average outstanding					500
Outstanding loans and accrued unpaid interest			500		500
Proceeds to repay the loans					$ 25,000
Number of shares of common stock					25,000
Interest expense			$ 100	200	$ 100	200
Amortization of debt issuance costs				$ 100		200
Poseidon Bio LLC [Member]
Debt Instrument [Line Items]
Interest rate								5%
Short term debt								$ 700
Interest expense					$ 16	$ 8
Loans Agreement [Member] \| Second Street Capital LLC [Member]
Debt Instrument [Line Items]
Principal amount	$ 200	$ 700										$ 600
Interest rate	15%	15%										15%
Warrants to purchase shares	62,500	200,000										312,500
Warrants exercise price	$ 11	$ 10.34										$ 11
Warrants and rights outstanding												$ 300
Short term debt										$ 200
Loans payable		$ 1,000
Loan fee		100
Loans Agreement [Member] \| Second Street Capital LLC [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Loan fee		$ 200
Loans Agreement [Member] \| Second Street Capital LLC [Member] \| Warrant [Member]
Debt Instrument [Line Items]
Expense	$ 400
Loans Agreement [Member] \| McKra Investments III Loan [Member]
Debt Instrument [Line Items]
Interest rate		15%
Warrants to purchase shares		200,000
Warrants exercise price		$ 10.34
Loans payable		$ 1,000
Repayment of the loan		$ 200

Senior Secured Convertible No_2

Senior Secured Convertible Notes (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash		$ 4		$ 4		$ 4
Other income (expense)	$ 300				$ 7,600
Fair value of noncash stock issuance			$ 577		$ 577
Investor [Member]
Number of shares of common stock						39,650
Fair value of noncash stock issuance				200
SPA Warrant [Member]
Other income (expense)	600
Senior Secured Convertible Notes [Member]
Principal amount	$ 7,600
Warrants to purchase shares	552,141
Warrant intial exercise price	$ 10.34
Exercise term	5 years
Debt instrument, interest rate	8%
Proceeds from convertible debt	$ 8,600
Debt instrument description	(i) 8% per annum and (ii) the greater of (x) 5% per annum and (y) the sum of (a) the “secured overnight financing rate,” which from time to time is published in the “Money Rates” column of The Wall Street Journal (Eastern Edition, New York Metro), in effect as of such date of determination and (b) 2% per annum.
Percentage average market capitalization	35%
Senior Secured Convertible Notes [Member] \| 2023 Convertible Note [Member]
Principal amount		$ 7,600		$ 7,600
Senior Secured Convertible Notes [Member] \| Affiliates and Other Related Parties [Member]
Ownership percentage	9.99%
Senior Secured Convertible Notes [Member] \| Maximum [Member]
Principal amount	$ 27,000
Warrant intial exercise price	$ 11.50
Debt instrument face amount	$ 10,800
Cash	3,000
Senior Secured Convertible Notes [Member] \| Minimum [Member]
Cash	$ 1,500

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		6 Months Ended	12 Months Ended
	May 21, 2024	Apr. 19, 2024	Jun. 30, 2024	Feb. 29, 2024	Jun. 30, 2024	Dec. 31, 2023	Nov. 03, 2023
Loss Contingencies [Line Items]
Payments for legal settlements		$ 100
Legal fee	$ 30		$ 2,000
Share price							$ 4
Loss contingency, damages awarded plaintiffs amount				$ 6,300
General and Administrative Expense [Member]
Loss Contingencies [Line Items]
Contigent compensation						$ 900
First Cumulative Capital [Member]
Loss Contingencies [Line Items]
Cumulative capital payment					$ 50,000
Contingent Compensation [Member]
Loss Contingencies [Line Items]
Cumulative capital payment					14,700
Contingent Vendor Payments [Member]
Loss Contingencies [Line Items]
Cumulative capital payment					1,000
Common Stock [Member]
Loss Contingencies [Line Items]
Legal fee, shares			4,750,000
IPFS Corporation [Member]
Loss Contingencies [Line Items]
Accounts payable and accured expenses			$ 100		100
Jonathan Heller [Member]
Loss Contingencies [Line Items]
Accounts payable and accured expenses			$ 500		$ 500

Schedule of Stock Option Activi

Schedule of Stock Option Activity (Details) - USD ($) shares in Thousands, $ / shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Stock options, outstanding	600,000
Weighted average exercise price, outstanding	$ 10
Weighted average remaining contractual life, outstanding	1 year 8 months 12 days	2 years 1 month 6 days
Aggregate intrinsic value, outstanding
Stock options, granted
Weighted average exercise price, granted
Aggregate intrinsic value, granted
Stock options, cancelled or forfeited
Weighted average exercise price, cancelled or forfeited
Aggregate intrinsic value, cancelled or forfeited
Stock options, outstanding	600,000	600,000
Weighted average exercise price, outstanding	$ 10	$ 10
Aggregate intrinsic value, outstanding

Schedule of Allocation of Stock

Schedule of Allocation of Stock-based Compensation (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total stock-based compensation		$ 187	$ 186	$ 373	$ 832
Research and Development Expense [Member]
Total stock-based compensation	[1]
General and Administrative Expense [Member]
Total stock-based compensation	[2]	$ 187	$ 186	$ 373	$ 832

[1]As discussed above, certain executives and employees of the Company hold profit interests in Poseidon. The fair value of these profit interests was recorded on the grant dates at fair value utilizing an option-pricing model under which interests are valued by creating a series of call options with exercise prices based on the liquidation preferences and conversion terms of each equity class, adjusted for a discount for the lack of marketability to account for a lack of access to an active public market.[2]In March 2023, the Company issued warrants to advisors and consultants as discussed below in Note 10, Warrants 0.6 .

Schedule of Allocation of Sto_2

Schedule of Allocation of Stock-based Compensation (Details) (Parenthetical) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2024
Non-employee Directors [Member]
Defined Benefit Plan Disclosure [Line Items]
Stock-based compensation expense	$ 0.6	$ 0.2	$ 0.4

Equity (Details Narrative)

Equity (Details Narrative) - USD ($)				1 Months Ended	3 Months Ended		6 Months Ended
Equity (Details Narrative) - USD ($)	Dec. 01, 2023	Oct. 11, 2023	Feb. 15, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Feb. 14, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized					300,000,000		300,000,000		300,000,000
Common stock, par value					$ 0.0001		$ 0.0001		$ 0.0001
Cash					$ 4,000		$ 4,000		$ 4,000
Liability					94,594,000		94,594,000		$ 96,264,000
Change in fair value of contribution liability					(1,924,000)		420,000
Net income loss					(17,234,000)	$ (11,431,000)	$ (4,235,000)	(83,523,000)
Option to purchase shares
Fair value of a non-statutory stock option per share
Expected volatility			75%
Expected term			6 years 6 months
Risk free interest rate			4%
Dividend yield			$ 0
Unvested stock option awards granted					$ 1,200,000		$ 1,200,000
Weighted average remaining contractual life, granted							1 year 8 months 12 days
Stock option exercised							$ 0
Common stock, shares issued					34,868,628		34,868,628		34,649,046
Founder Shares [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Voting interests percentage					100%		100%
Founder Shares [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares issued					17,454,542		17,454,542
Founder Shares [Member] \| Poseidon Bio LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Ownership percentage					68%		68%
Non-employee Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value of a non-statutory stock option per share			$ 3.73
Share based compensation				$ 600,000	$ 200,000		$ 400,000
2022 Stock Option and Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based compensation arrangement by share-based payment award, shares issued in period							4,360,000
Board of Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Option to purchase shares			75,000				75,000
Class of warrant or right, exercise price of warrants or rights			$ 10
2022 Employee Stock Purchase Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant					2,180,000		2,180,000
Employee stock purchase plan percentage							85%
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock, Shares							169,582
Net income loss
Class of warrant or right, exercise price of warrants or rights										$ 8.06
Virion Therapeutics LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net income loss					$ 1,100,000		$ 5,600,000
Contribution Agreement [Member] \| Virion Therapeutics LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other accrued interest rate		50%
Cash		$ 4,100,000
Issuance of common stock, Shares	500,000	250,000
Liability		$ 2,800,000
Increase in liability					3,200,000		400,000
Change in fair value of contribution liability					1,900,000		400,000
Net income loss					$ 600,000		$ 2,800,000
Contribution Agreement [Member] \| Virion Therapeutics LLC [Member] \| Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued during period purchases of shares		750,000

Schedule of Warrants (Details)

Schedule of Warrants (Details) - $ / shares		6 Months Ended
Schedule of Warrants (Details) - $ / shares		Jun. 30, 2024	Mar. 19, 2023
Number of Shares Issuable		12,602,195
Second Street Capital LLC One [Member]
Lender name	[1],[2]	Second Street Capital
Issuance Date	[1],[2]	2023-02
Number of Shares Issuable	[1],[2]	426,427
Exercise price	[1],[2]	$ 8.06
Expiration	[1],[2]	Mar. 08, 2026
Second Street Capital LLC Two [Member]
Lender name	[2]	Second Street Capital
Issuance Date	[2]	2023-02
Number of Shares Issuable	[2]	85,285
Exercise price	[2]	$ 8.06
Expiration	[2]	Apr. 22, 2026
Classification	[2]	Equity-classified
Second Street Capital LLC Three [Member]
Lender name	[2]	Second Street Capital
Issuance Date	[2]	2023-02
Number of Shares Issuable	[2]	102,342
Exercise price	[2]	$ 7.47
Expiration	[2]	Sep. 30, 2026
Classification	[2]	Equity-classified
Second Street Capital LLC Four [Member]
Lender name	[2]	Second Street Capital
Issuance Date	[2]	2023-02
Number of Shares Issuable	[2]	75,000
Exercise price	[2]	$ 10.34
Expiration	[2]	Feb. 15, 2028
Classification	[2]	Equity-classified
Second Street Capital LLC Five [Member]
Lender name		Second Street Capital
Issuance Date		2023-03
Number of Shares Issuable		200,000
Exercise price		$ 10.34
Expiration		Mar. 29, 2028
Classification		Equity-classified
Second Street Capital LLC Six [Member]
Lender name		Second Street Capital
Issuance Date		2023-03
Number of Shares Issuable		150,000
Exercise price		$ 11.50
Expiration		Mar. 31, 2028
Classification		Equity-classified
McKra Investments [Member]
Lender name		McKra Investments warrant
Issuance Date		2023-03
Number of Shares Issuable		200,000
Exercise price		$ 10.34
Expiration		Mar. 28, 2028
Classification		Equity-classified
Special Forces F9 Warrant [Member]
Lender name		Special Forces F9 warrant
Issuance Date		2023-03
Number of Shares Issuable		150,000
Exercise price		$ 11.50	$ 11.50
Expiration		Mar. 07, 2028
Classification		Equity-classified
Public Warrant [Member]
Lender name		Public Warrants
Number of Shares Issuable	[3]	5,250,000
Exercise price	[3]	$ 11.50
Expiration	[3]	Feb. 14, 2028
Classification	[3]	Equity-classified
Private Warrant [Member]
Lender name		Private Warrants
Number of Shares Issuable	[3]	5,411,000
Exercise price	[3]	$ 11.50
Expiration	[3]	Feb. 14, 2028
Classification	[3]	Equity-classified
SPA Warrant [Member]
Lender name	[4]	SPA Warrant
Issuance Date	[4]	2023-05
Number of Shares Issuable	[4]	552,141
Exercise price	[4]	$ 11.50
Expiration	[4]	May 25, 2028
Classification	[4]	Liability-classified

[1]The Legacy Ocean warrant issued in February 2022 was issued with the right to put the warrant in exchange for a payment of $ 250,000 250,000 Business Combination and Backstop Agreement Senior Secured Convertible Notes

Schedule of Warrants (Details)

Schedule of Warrants (Details) (Parenthetical)	Feb. 28, 2022 USD ($)
Legacy Ocean [Member]
Warrant liabilities, fair value disclosure	$ 250,000
Second Street Capital LLC One [Member]
Warrant liabilities, fair value disclosure	$ 250,000

Warrants (Details Narrative)

Warrants (Details Narrative) - USD ($)		3 Months Ended			6 Months Ended
Warrants (Details Narrative) - USD ($)	Mar. 07, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Oct. 04, 2023	Mar. 19, 2023	Feb. 14, 2023
Share issued price per share		$ 18			$ 18		$ 9
Fair value adjustment of warrants			$ 1,417,000			$ 2,301,000
Sale of stock price per share							$ 7
Redemption price per share		$ 0.01			$ 0.01
Proceeds from issuance of common stock						14,260,000
Marketing Services Agreement [Member]
Number of shares issued	13,257
Proceeds from issuance of common stock	$ 83
SPA Warrant [Member] \| Accredited Investor [Member]
Number of shares issued		552,141			552,141
IPO [Member] \| Public Warrant [Member]
Number of shares issued		5,250,000			5,250,000
IPO [Member] \| Private Warrant [Member]
Number of shares issued		5,411,000			5,411,000
Special Forces F9 Warrant [Member]
Number of shares issued								150,000
Exercise price		$ 11.50			$ 11.50			$ 11.50
Special Forces F9 Warrant [Member]
Fair value adjustment of warrants				$ 600,000
Warrant [Member] \| IPO [Member] \| Minimum [Member]
Purchase of warrant shares		10,661,000			10,661,000
Common Stock [Member]
Number of shares issued									511,712
Exercise price									$ 8.06
Number of shares issued					169,582
Common Stock [Member] \| IPO [Member]
Exercise price		$ 11.50			$ 11.50
Sale of stock price per share		11.50			11.50
Common Stock [Member] \| Special Forces F9 Warrant [Member]
Share issued price per share		$ 3.89			$ 3.89
Second Street Warrants [Member]
Number of shares issued		1,039,054			1,039,054
Other income (expense)			700,000			1,500,000
Second Street Warrants [Member] \| Warrant [Member]
Number of shares issued		200,000			200,000
McKra Investments III Warrant [Member]
Number of shares issued		200,000			200,000
Other income (expense)			$ 700,000			$ 800,000

Schedule of Earnings Per Share,

Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss	$ (17,234)	$ (11,431)	$ (4,235)	$ (83,523)
Denominator:
Weighted average shares of common stock outstanding, basic	27,487,283	26,469,619	27,415,885	25,661,160
Weighted average shares of common stock outstanding, diluted	27,487,283	26,469,619	27,415,885	25,661,160
Net loss per common share, basic	$ (0.63)	$ (0.43)	$ (0.15)	$ (3.25)
Net loss per common share, diluted	$ (0.63)	$ (0.43)	$ (0.15)	$ (3.25)

Schedule of Securities Excluded

Schedule of Securities Excluded From Computation of Diluted Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive securities	600,000	600,000	600,000	600,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive securities	12,602,195	12,602,195	12,602,195	12,602,195

Net loss Per Share (Details Nar

Net loss Per Share (Details Narrative)	Aug. 31, 2022 shares
Aesther Healthcare Acquisition Corp [Member] \| Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Issuance of common stock, Shares	19,000,000

License and Manufacturing Agr_2

License and Manufacturing Agreements (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental and commercialization milestone		$ 28,000	$ 26,000	$ 421,000
Related Party [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accrued expenses - related party	100,000		$ 100,000
Initial Brown License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purpose of agreement			The latest amendment, executed on November 13, 2023, (i) extended the date after which Elkurt can terminate the license agreements if the Company has not raised at least $10.0 million in equity financing by May 1, 2024 and (ii) extended the dates of the commercialization plan of the license agreement to an additional three years.
Initial Brown License Agreement [Member] \| General and Administrative Expense [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reimbursement of patent costs	100,000	200,000	$ 100,000	200,000
Initial Brown License Agreement [Member] \| Investigational New Drug Application [Member] \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental and commercialization milestone			50,000
Initial Brown License Agreement [Member] \| Investigational New Drug Application [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental and commercialization milestone			$ 250,000
Initial Brown License Agreement [Member] \| Elkurt Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment terms			the Company is required to pay Elkurt (i) a maintenance fee of $67,000 increased by interest at the rate of 1% per month from October 15, 2021, until paid and (ii) an annual license maintenance fee of $3,000 beginning on January 1, 2022, which increases to $4,000 on January 1, 2028. In addition, upon successful commercialization, the Company is required to pay Elkurt (i) between 0.5% to 1.5% of net sales based on the terms of each of the Initial Brown License Agreements and (ii) 25% of all non-royalty sublicense income prior to the first commercial sale, and 10% of non-royalty sublicense income thereafter, in the event that the Company enters into sublicenses for the subject intellectual property. If net sales or non-royalty sublicense income are generated from know-how products, the amounts otherwise due (royalty or non-royalty sublicense income) shall be reduced by 50%.
Annual maintenance fees			$ 12,000	12,000
License fee				300,000
Brown Anti PfGARP Small Molecules License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Terms of Agreement			The contract term for the Brown Anti-PfGARP Small Molecules License Agreement continues until the later of (i) the date on which the last valid claim expires or (ii) ten years. Either party may terminate the Brown Anti-PfGARP Small Molecules License Agreement in certain situations, including Elkurt being able to terminate the Brown Anti-PfGARP Small Molecules License Agreement at any time and for any reason after May 1, 2024, if the Company has not raised at least $10,000,000 in equity financing by then.
Brown Anti PfGARP Small Molecules License Agreement [Member] \| Investigational New Drug Application [Member] \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental and commercialization milestone			$ 50,000
Brown Anti PfGARP Small Molecules License Agreement [Member] \| Elkurt Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment terms			the Company is required to pay Elkurt (i) an initial license fee of $70,000 which was paid during the second quarter of 2023 and (ii) an annual license maintenance fee of $3,000 beginning on September 13, 2023, which increases to $4,000 annually on September 13, 2028. Upon successful commercialization, based on the terms of the agreement, the Company is required to pay Elkurt (i) 1.25% of net sales and (ii) Elkurt 25% of all non-royalty sublicense income prior to the first commercial sale, and 10% of non-royalty sublicense income thereafter, in the event that the Company enters into sublicenses for the subject intellectual property. If net sales or non-royalty sublicense income are generated from know-how products, the amounts otherwise due (royalty or non-royalty sublicense income) shall be reduced by 50%. The Company also is required to pay Elkurt $100,000 in the event that the Company or one of its sublicensees sublicenses this technology to a major pharmaceutical company or if the license agreement or any sublicense agreement for this technology is acquired by a major pharmaceutical company. A major pharmaceutical company is one that is publicly traded, with market capitalization of at least $5.0 billion and has been engaged in drug discovery, development, production and marketing for no less than 5 years.
Rhode Island License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Terms of Agreement			the Company is also required to pay Elkurt (i) 1.5% of net sales and (ii) 25% of all nonroyalty sublicense income prior to the first commercial sale, and 10% of non-royalty sublicense income thereafter, in the event that the Company enters into sublicenses for the subject intellectual property. If net sales or non-royalty sublicense income are generated from know-how products, the amounts otherwise due (royalty or non-royalty sublicense income) shall be reduced by 50%.
Rhode Island License Agreement [Member] \| General and Administrative Expense [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reimbursement of patent costs	100,000	$ 300,000	$ 100,000	$ 300,000
Rhode Island License Agreement [Member] \| Investigational New Drug Application [Member] \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental and commercialization milestone			50,000
Rhode Island License Agreement [Member] \| Investigational New Drug Application [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental and commercialization milestone			$ 250,000
Rhode Island License Agreement [Member] \| Elkurt Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment terms			the Company was required to pay Elkurt (i) $110,000, due within 45 days of an equity financing of at least $10.0 million or November 1, 2023, whichever comes first, and (i) an annual maintenance fee of $3,000 beginning on January 1, 2022, which increases to $4,000 annually on January 1, 2029. As of the filing date of this Quarterly Report, next steps for the licensing agreements are still being negotiated.
Rhode Island License Agreement [Member] \| Related Party [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accrued expenses - related party	$ 300,000		$ 300,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Oct. 11, 2023
Contribution Agreement [Member] \| Virion Therapeutics LLC [Member]
Related Party Transaction [Line Items]
Acquiring membership interest rate			50%
Founder and Executive Chairman [Member]
Related Party Transaction [Line Items]
Accrued liabilities - related party	$ 93
Chief Accounting Officer [Member]
Related Party Transaction [Line Items]
Accrued liabilities - related party	$ 100	$ 100

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended
	Nov. 13, 2024	Jul. 23, 2024	Jul. 22, 2024	Sep. 30, 2024	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Oct. 04, 2023
Subsequent Event [Line Items]
Sales price per share								$ 7
Warrants exchangeable						12,602,195
Cash						$ 4	$ 4
Subsequent Event [Member] \| Settlement Agreement [Member]
Subsequent Event [Line Items]
Value of restricted common stock shares issued			$ 1,700
Net proceeds from public offering			$ 10,000
Net proceeds from financing				$ 10,000
Cash				1,700
Subsequent Event [Member] \| Virion Agreement [Member]
Subsequent Event [Line Items]
Aggregate capital contribution				$ 1,000
Sale of common stock				500,000
Subsequent Event [Member] \| Virion Agreement [Member] \| Virion Therapeutics LLC [Member]
Subsequent Event [Line Items]
Cash				$ 9,000
Acquiring membership interest rate				22%
Subsequent Event [Member] \| 2024 Notes [Member]
Subsequent Event [Line Items]
Additional secured notes		$ 7,700
Number of restricted shares of common stock issued		3,844,466
Percentage of daily trading value		15%
Sales price per share		$ 5
Warrants exchangeable		1,332,806
Promissory note default amount		$ 9,700
Subsequent Event [Member] \| 2024 Notes [Member] \| First Tranche [Member]
Subsequent Event [Line Items]
First tranche payment		$ 1,100
Subsequent Event [Member] \| Promissory Notes [Member]
Subsequent Event [Line Items]
Promissory note default amount	$ 2,100
Promissory note unpaid principal	1,600
Promissory note, unpaid interest	$ 500
Subsequent Event [Member] \| Promissory Notes [Member] \| Settlement Agreement [Member] \| Second Street Captial and McKra Investment III [Member]
Subsequent Event [Line Items]
Promissory notes					$ 2,700
Subsequent Event [Member] \| Promissory Notes [Member] \| Settlement Agreement [Member] \| Two Institutional Investor [Member]
Subsequent Event [Line Items]
Number of restricted shares of common stock issued			225,000