Ocean Biomedical (OCEAW) 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 08, 2023
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
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		34,073,756
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 ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 1,161,000	$ 34,000
Restricted cash	1,000,000
Deferred offering costs		1,808,000
Total current assets	2,161,000	1,842,000
Backstop Forward Purchase Agreement Asset	18,760,000
Total assets	20,921,000	1,842,000
Current liabilities:
Accounts payable and accrued expenses	14,044,000	11,440,000
Accrued expenses - related party	764,000	445,000
Short-term loans, net of issuance costs	11,871,000	776,000
Total current liabilities	26,679,000	12,661,000
SPA Warrant	2,182,000
Ayrton Note Purchase Option	461,000
Total liabilities	29,322,000	12,661,000
Commitments and contingencies (Note 8)
Stockholders’ deficit
Common stock, $0.0001 par value; 300,000,000 and 180,564,262 shares authorized as of June 30, 2023 and December 31, 2022, respectively, 34,012,724 and 23,355,432 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.
Additional paid-in capital	153,617,000	70,770,000
Accumulated deficit	(162,018,000)	(81,589,000)
Total stockholders’ deficit	(8,401,000)	(10,819,000)
Total liabilities and stockholders’ deficit	$ 20,921,000	$ 1,842,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares		Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock , par value		$ 0.0001	$ 0.0001
Common stock, shares authorized		300,000,000	180,564,262
Common stock , shares issued	[1]	34,012,724	23,355,432
Common stock , shares outstanding		34,012,724	23,355,432
[1]The common stock outstanding in this table may not necessarily be representative of the current holders of the shares as of June 30, 2023, but is meant to represent shares of common stock issued through various arrangements.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 28	$ 3,192	$ 421	$ 6,390
General and administrative	2,652	3,708	7,482	5,620
Total operating expenses	2,680	6,900	7,903	12,010
Operating loss	(2,680)	(6,900)	(7,903)	(12,010)
Other income/(expense):
Change in fair value of Backstop Forward Purchase Agreement Asset, 2023 Convertible Note, SPA Warrant, and the Ayrton Note Purchase Option	(5,628)		(32,562)
Loss in connection with Backstop Agreement			(12,676)
Fair value of warrant issuances	(1,417)	(389)	(2,301)	(639)
Fair value of non-cash stock issuances	(577)		(577)
Transaction costs	(1,154)		(8,583)
Loss on extinguishment of debt	(903)		(14,856)
Interest expense, including amortization of debt issuance costs	(668)	(49)	(969)	(65)
Other	(1)	5	(2)	6
Total other income/(expense)	(10,348)	(433)	(72,526)	(698)
Net loss	$ (13,028)	$ (7,333)	$ (80,429)	$ (12,708)
Weighted average shares outstanding, basic	26,469,619	23,355,432	25,661,160	23,355,432
Weighted average shares outstanding, diluted	26,469,619	23,355,432	25,661,160	23,355,432
Net loss per share, basic	$ (0.49)	$ (0.31)	$ (3.13)	$ (0.54)
Net loss per share, diluted	$ (0.49)	$ (0.31)	$ (3.13)	$ (0.54)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity/(Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balances at Dec. 31, 2021		$ 57,567,000	$ (64,229,000)	$ (6,662,000)
Balance, Shares at Dec. 31, 2021	17,496,370
Net loss			(12,708,000)	(12,708,000)
Stock-based compensation		9,444,000		9,444,000
Issuance of warrants		389,000		389,000
Retroactive application of recapitalization
Retroactive application of recapitalization, shares	5,859,062
Adjusted beginning balance		57,567,000	(64,229,000)	(6,662,000)
Adjusted beginning balance, shares	23,355,432
Balances at Jun. 30, 2022		67,400,000	(76,937,000)	(9,537,000)
Balance, Shares at Jun. 30, 2022	23,355,432
Balances at Mar. 31, 2022		62,110,000	(69,604,000)	(7,494,000)
Balance, Shares at Mar. 31, 2022	23,355,432
Net loss			(7,333,000)	(7,333,000)
Stock-based compensation		4,901,000		4,901,000
Issuance of warrants		389,000		389,000
Balances at Jun. 30, 2022		67,400,000	(76,937,000)	(9,537,000)
Balance, Shares at Jun. 30, 2022	23,355,432
Balances at Dec. 31, 2022		70,770,000	(81,589,000)	(10,819,000)
Balance, Shares at Dec. 31, 2022	17,496,370
Net loss			(80,429,000)	(80,429,000)
Stock-based compensation		832,000		832,000
Issuance of common stock related to short-term loans		1,261,000		1,261,000
Issuance of common stock related to short-term loans, shares	200,000
Shares issued in consideration pursuant to the Marketing Services Agreement		83,000		83,000
Shares issued in consideration pursuant to the Marketing Services Agreement, shares	13,257
Shares issued in consideration pursuant to the Common Stock Purchase Agreement		494,000		494,000
Shares issued in consideration pursuant to the Common Stock Purchase Agreement, shares	75,000
Issuance of warrants		2,301,000		2,301,000
Retroactive application of recapitalization
Retroactive application of recapitalization, shares	5,859,062
Adjusted beginning balance		70,770,000	(81,589,000)	(10,819,000)
Adjusted beginning balance, shares	23,355,432
Effect of Business Combination including Backstop Agreement, net of redeemed public shares		52,070,000		52,070,000
Effect of Business Combination including Backstop Forward Purchase Agreement, net of redeemed public shares, shares	7,654,035
Issuance of common stock pursuant to the Subscription Agreement		14,260,000		14,260,000
Issuance of common stock pursuant to the Subscription Agreement, shares	1,350,000
Issuance of common stock for extension loan shares to related party		13,595,000		13,595,000
Issuance of common stock for extension loan shares to related party, shares	1,365,000
Offering costs		(2,049,000)		(2,049,000)
Balances at Jun. 30, 2023		153,617,000	(162,018,000)	(8,401,000)
Balance, Shares at Jun. 30, 2023	34,012,724
Balances at Mar. 31, 2023		150,534,000	(148,990,000)	1,544,000
Balance, Shares at Mar. 31, 2023	33,774,467
Net loss			(13,028,000)	(13,028,000)
Stock-based compensation		186,000		186,000
Issuance of common stock related to short-term loans		903,000		903,000
Issuance of common stock related to short-term loans, shares	150,000
Shares issued in consideration pursuant to the Marketing Services Agreement		83,000		83,000
Shares issued in consideration pursuant to the Marketing Services Agreement, shares	13,257
Shares issued in consideration pursuant to the Common Stock Purchase Agreement		494,000		494,000
Shares issued in consideration pursuant to the Common Stock Purchase Agreement, shares	75,000
Issuance of warrants		1,417,000		1,417,000
Balances at Jun. 30, 2023		$ 153,617,000	$ (162,018,000)	$ (8,401,000)
Balance, Shares at Jun. 30, 2023	34,012,724

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (80,429)	$ (12,708)
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	832	9,444
Loss on issuance of warrants	2,301	389
Loss on extinguishment of debt	14,856
Loss in connection with Backstop Agreement	12,676
Change in fair value of Backstop Forward Purchase Agreement Asset, 2023 Convertible Note, SPA Warrant, and the Ayrton Note Purchase Option	32,562
Non-cash transaction costs in excess of Business Combination proceeds	7,429
Changes in assets and liabilities:
Accounts payable and accrued expenses	182	2,356
Accrued expenses - related party	319
Net cash used in operating activities	(7,433)	(518)
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	764
Repayments of short-term loans	(2,100)
Expenses paid by related-party shareholder		90
Net cash provided by financing activities	9,560	854
Total change in cash and restricted cash	2,127	336
Cash and restricted cash at beginning of period	34	60
Cash and restricted cash at end of period	2,161	395
Supplemental disclosure of non-cash financing activities:
Offering costs not yet paid	2,049
Non-cash stock issuances	15,433
SPA warrant liability upon issuance	$ 1,932

Description of Business and Goi

Description of Business and Going Concern Considerations	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Going Concern Considerations	1. Description of Business and Going Concern Considerations Description of Business Ocean Biomedical, Inc. (“the Company”) is a biopharmaceutical company that is focused on discovering and developing therapeutic products in oncology, fibrosis, and infectious diseases. Business Combination 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 the Company. 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, 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 $240,000,000, 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”). The Business Combination was accounted for as a reverse recapitalization with Legacy Ocean as the accounting acquirer and AHAC as the acquired company for accounting purposes. Accordingly, all historical financial information presented in the unaudited 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 Company’s common stock and warrants commenced trading on the Nasdaq Stock Market under the symbols “OCEA” and “OCEAW,” respectively, on February 15, 2023. Refer to Note 3, Business Combination and Backstop Agreement 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, 2023. As of June 30, 2023, the Company had cash of $ 1,161,359 24,517,838 The Company will need to raise additional funds in order to advance its research and development programs, operate its business, and meet its 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. OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements Impacts of Market Conditions on Our Business Disruption of global financial markets and a recession or market correction, including the ongoing effects of the COVID-19 pandemic, the ongoing military conflict between Russia and Ukraine and the related sanctions imposed against Russia, 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, 2023
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 consolidated balance sheet as of December 31, 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2022 Annual Report on Form 10-K, filed with the SEC on March 31, 2023, and Form 8-K, as amended, originally filed with the SEC on February 15, 2023. 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 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 the 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 Forward Purchase Agreement Asset (defined in Note 3, Business Combination and Backstop Agreement , 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. 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, 2023 was $ 1,000,000 Senior Secured Convertible Notes OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements 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 Securities and Exchange Commission. 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 was denied approval, if approval was delayed, or if approval was 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, 2023 and 2022, 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 capitalized 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 $ 2,048,530 7,429,000 Income Taxes and Tax Credits Income taxes are recorded in accordance with FASB Accounting Standards Codification 740, Income Taxes OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements 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 assets 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 Agreement (as defined within and Note 3, Business Combination and Backstop Agreement Note Purchase Senior Secured Convertible Notes Fair Value Measurements Backstop Forward Purchase Agreement Asset The Company recorded a Backstop Forward Purchase Agreement Asset on its condensed consolidated balance sheets in connection with the closing of the Business Combination (as defined in Note 3, Business Combination and Backstop Agreement 18,760,000 2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase As discussed within Note 7, Senior Secured Convertible Notes 27,000,000 7,560,000 552,141 11.50 The Company has elected to account for the Notes at fair value under the fair value option, under which the Notes will be initially measured at fair value and subsequently remeasured during each reporting period. Changes in fair value will be 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. OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements 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. 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 recorded to other income/(expense) on the condensed consolidated statements of operations. The Company will reassess the classification of the SPA Warrant at each reporting period and record any changes to fair value as necessary. I n 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 fair value of the liability was recorded to other income/(expense) on the condensed consolidated statements of operations and will be remeasured at each reporting period. Emerging Growth Company The Jumpstart Our Business Startups Act of 2012 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 to not “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 qualify as an emerging growth company. Recently Adopted 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) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) — Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Senior Secured Convertible Notes

Business Combination and Backst

Business Combination and Backstop Agreement	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [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, 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 23,355,432 233,554,320 ● The 2,625,000 Aesther Healthcare Sponsor, LLC 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 12,675,912 OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements ● 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 are exercisable for a total of 511,712 8.06 102,342 7.47 ● The Company issued to Polar (as defined below) 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’ equity/(deficit) and cash flows for the six months ended June 30, 2023: Schedule of Elements of Business Combination (in thousands) Cash from AHAC trust, net of redemptions $ 52,070 Issuance costs from business combination (2,049 ) Net impact on total stockholders’ equity 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 shares of the Company’s common stock (the “Earnout Shares”) as follows: (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 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 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 On August 31, 2022, in connection with the execution of the Business Combination Agreement, AHAC and Legacy Ocean entered into an OTC Equity Prepaid Forward Transaction with Vellar Opportunity Fund SPV LLC– Series 3 (“Vellar”) (as amended, the “Backstop Agreement”). Pursuant to the terms of the Backstop Agreement and its subsequent amendments, Vellar agreed to purchase up to 8,000,000 80,000,000 OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements 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 2,000,000 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, the “Backstop Shares”) up to an amount equal to the difference between the number of Recycled Shares (defined below) and the maximum number of shares of 8,000,000 The Company agreed to purchase the unsold portion of the Backstop Shares from the Backstop Parties on a forward basis upon the “Maturity Date” (as amended, the third anniversary of the closing of the Business Combination, subject to certain acceleration provisions). The purchase price payable by the Company includes a prepayment in the amount of the redemption price per share (the “Prepayment”) from the proceeds released from the trust account related to those shares. 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 $ 51,606,389 37,345,985 14,260,404 14,260,404 37,345,985 51,606,389 14,260,404 The Company measures the fair value of the Prepayment on a recurring basis, with its current fair value recorded on the condensed consolidated balance sheets and any fair value adjustment recorded within other income/(expense) in the condensed consolidated statements of operations. Refer to Note 4, Fair Value Measurements 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 Recycled Shares and Additional Shares. If the Backstop Parties sell any shares prior to the Maturity Date, the pro-rata portion of the Prepayment amount will be paid back to the Company. As of June 30, 2023, the Backstop Parties have sold 140,261 shares, for which the Company has received net proceeds of $1,443,854 , after paying related fees to the Backstop Parties. Depending on the manner in which the OTC Equity Prepaid Forward Transaction 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 has the right to terminate the Backstop Agreement as to their portion of the shares and Vellar is claiming it is entitled to receive Maturity Consideration (as defined in the Backstop Agreement) equal to $ 6,667,667 given the early stage of this matter and the uncertainty inherent in litigation and investigations, the Company does not currently (i) probable to incur losses or (ii) OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements Common Stock Purchase Agreement Subsequent to the Business Combination, the Company is subject to the terms and conditions of (i) a common stock purchase agreement, dated September 7, 2022 (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 $ 75,000,000 In accordance with ASC 815, Derivatives and Hedging, In consideration for the commitments of White Lion to purchase Equity Line Shares, the Common Stock Purchase Agreement included 75,000 493,500 The $ 493,500 Sponsor Promissory Notes Upon consummation of the Business Combination, the Company assumed two of AHAC’s loans, totaling $ 2,100,000 8% 15% 500,000 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 1,365,000 150,000 The Company recognized a loss on extinguishment of debt of $ 984,000 150,000 13,595,400 24,046 36,852 Deferred Underwriting Commissions At Closing, the underwriters for AHAC’s initial public offering (“IPO”) agreed to defer payment of $ 3,150,000 9% 24% 71,663 107,888 OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Schedule of Fair Value of Assets and Liabilities Level 1 Level 2 Level 3 Total Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Backstop Forward Purchase Agreement Asset $ - $ - $ 18,760 $ 18,760 Total financial assets $ - $ - $ 18,760 $ 18,760 Financial liabilities: 2023 Convertible Note $ - $ - $ (6,076 ) $ (6,076 ) SPA Warrant - - (2,182 ) (2,182 ) Ayrton Note Purchase Option - - (461 ) (461 ) Total financial liabilities $ - $ - $ (8,719 ) $ (8,719 ) During the three and six months ended June 30, 2023, there were no transfers between Level 1, Level 2, and Level 3. Valuation of Backstop Forward Purchase Agreement Asset The valuation of the Backstop Forward Purchase Agreement Asset was previously determined using a binomial lattice option pricing model. During the second quarter of 2023, the Company elected to utilize a Monte-Carlo simulation on a prospective basis, noting no material changes to the presentation of the fair values at inception and as of the end of the first quarter of 2023. 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 asset. The value of the Backstop Forward Purchase Agreement Asset was calculated as the average present value over 50,000 simulated paths. 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 its condensed consolidated statements of operations. 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 Monte-Carlo Simulation Estimated Volatility Expected future stock price Risk-free rate Backstop Forward Purchase Agreement Asset 80 % $ 2.74 12.71 4.6 % 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 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 Monte-Carlo simulation: Summary of Significant Inputs And Assumptions Used In Monte-Carlo Simulation Estimated Volatility Range of Probabilities Risk-free rate 2023 Convertible Note 59.0 % 5% 80 % 4.9 % SPA Warrant 75.0 % 5% 80 % 3.5 % 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 Volatility Risk-free rate Ayrton Note Purchase Option 15 % 4.0% 4.7 % OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements The following table provides a roll forward of the aggregate fair values of the Company’s Backstop Forward Purchase Agreement Asset, 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 Forward Purchase Agreement Asset 2023 Convertible Note SPA Warrant Ayrton Balances as of January 1, 2023 $ - $ - $ - $ - Initial fair value measurement 51,606 - - - Changes in fair value (26,934 ) - - - Balance as of March 31, 2023 24,672 - - - Proceeds from Backstop Agreement (1,444 ) - - - Initial fair value measurement - (5,628 ) (1,932 ) (269 ) Changes in fair value (4,468 ) (448 ) (250 ) (192 ) Balance as of June 30, 2023 $ 18,760 $ (6,076 ) $ (2,182 ) $ (461 )

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Accounts payable and accrued expenses: Accounting and legal fees $ 12,118 $ 10,250 Research and development 546 544 Other 1,380 646 Total accounts payable and accrued expenses $ 14,044 $ 11,440

Short-term Loan Agreements

Short-term Loan Agreements	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Short-term Loan Agreements	6. Short-term Loan Agreements Short-term Loan Agreements As of June 30, 2023 and December 31, 2022, the Company had the following short-term loan balances: Schedule of Short-term Loan Balances June 30, 2023 December 31, 2022 Short-term loans: Second Street Loan $ 600 $ 600 Second Street Loan 2 400 200 March Second Street Loan 700 - McKra Loan 1,000 - Underwriter Promissory Note 3,150 - 2023 Convertible Note 6,076 - Less: issuance costs remaining to be amortized (55 ) (24 ) Short-term loans, net of issuance costs $ 11,871 $ 776 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 $ 600,000 15% 312,500 11.00 250,000 Warrants OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements Second Street Loan 2 In April 2022, the Company entered into a second loan agreement with Second Street Capital (the “Second Street Loan 2”) to borrow $ 200,000 200,000 15% 62,500 11.00 February 22, 2026 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 $ 1,000,000 700,000 15% 200,000 10.34 150,000 700,000 105,000 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: (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 500,000 (iii) Within 5 business days of the second Additional Closing (as defined within the Securities Purchase Agreement), the Company is required to pay $ 1,200,000 (iv) In the event the Company raises additional equity through financing arrangements of at least $ 25,000,000 (v) In exchange for the amendment, the Company issued 25,000 Second Street Capital Loans – Interest Expense During the three months ended June 30, 2023 and 2022, the Company recognized $ 292,018 49,111 227,560 $22,278 485,617 64,954 383,784 28,611 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 $ 1,000,000 15% 150,000 200,000 10.34 Warrants The McKra Loan was amended, effective in May 2023, including the following terms: (i) Upon execution of the amendment, the Company paid the remainder of outstanding fees due. OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements (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 500,000 (iii) Within 5 business days of the second Additional Closing (as defined in Note 7, Senior Secured Convertible Notes 500,000 (iv) In the event the Company raises additional equity through financing arrangements of at least $ 25,000,000 (vi) As consideration for entering into the amendment, the Company issued 25,000 During the three and six months ended June 30, 2023, the Company recognized $ 185,845 200,845 147,928 161,261 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
	Jun. 30, 2023
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 $ 27,000,000 7,560,000 552,141 11.50 five years 8 8,640,000 10,800,000 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 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 our 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 $ 3,000,000 at the time of each Additional Closing; (ii) the ratio of (a) the outstanding principal amount of the Notes, accrued and unpaid interest thereon, and accrued and unpaid late charges to (b) the Company’s average market capitalization over the prior ten trading days, not exceeding 35 %; and (iii) at any time any Notes remain outstanding, with respect to any given calendar month (each, a “Current Calendar Month”) (x) the available cash on the last calendar day in such Current Calendar Month shall be greater than or equal to the available cash on the last calendar day of the month prior to such Current Calendar Month less $ 1,500,000 OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements The Company has elected to account for the Notes at fair value under the fair value option, under which the Notes will be initially measured at fair value and subsequently re-measured during each reporting period. Changes in fair value will be 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 $ 626,600 I n 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 $ 461,000

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Litigation Heller v. Ocean Biomedical, Inc. et al. 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, 2023 and December 31, 2022. For further discussion on license fees recorded during the period, refer to Note 13, License Agreements Contingent Compensation and Other Contingent Payments The Company currently has approximately $ 14,003,625 50,000,000 12,403,625 1,600,000 136,496 These amounts will not be paid if the contingencies do not occur. Since the payment of obligations under the employment agreements are contingent upon these future events, which are not considered probable as such future events are deemed outside of the Company’s control, the Company has not included these amounts in its condensed consolidated balance sheets. Directors and Officers Liability Insurance On February 14, 2023, the Company obtained directors and officers liability (“D&O”) insurance that includes (i) a one-year run-off policy for AHAC’s directors and officers that provides coverage for claims that arise out of wrongful acts that allegedly occurred prior to the date of the Business Combination and (ii) a standard one-year policy for the Company’s directors and officers that provides coverage for claims made by stockholders or third parties for alleged wrongdoing. The total annual premiums for the policies are approximately $ 1,200,000 609,685 OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements

Equity

Equity	6 Months Ended
	Jun. 30, 2023
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, 2023, the Company had 300,000,000 0.0001 180,564,262 0.0001 As of June 30, 2023 and December 31, 2022, the Company’s common stock issued and outstanding consisted of the following: Schedule of Common Stock Issued and Outstanding June 30, 2023(1) December 31, 2022(1) Common Stock Outstanding (1) June 30, 2023 December 31, 2022 Legacy Ocean equity holders 17,496,370 17,496,370 Retroactive application of recapitalization 5,859,062 5,859,062 Adjusted Legacy Ocean equity holders 23,355,432 23,355,432 Non-redeemed public stockholders 293,569 - Recycled Shares (2) 3,535,466 - Share Consideration Shares (2) 1,200,000 - Polar Subscription shares (2) 1,350,000 - Sponsor Extension Shares 1,365,000 - Sponsor shares 2,625,000 - Sponsor loan amendment shares (3) 200,000 - Other shares 13,257 - Commitment shares (4) 75,000 - Total 34,012,724 23,355,432 (1) The common stock outstanding in this table may not necessarily be representative of the current holders of the shares as of June 30, 2023, but is meant to represent shares of common stock issued through various arrangements. (2) The Recycled Shares, Share Consideration Shares, and Polar Subscription shares were all issued in connection with the Backstop Agreement and related Subscription Agreement. Refer to Note 3, Business Combination and Backstop Agreement (3) These shares were issued in connection with loan amendments with (i) 150,000 25,000 25,000 Business Combination and Backstop Agreement Short-Term Loan Agreements (4) The commitment shares refer to the initial commitment shares issued in connection with the Common Stock Purchase Agreement. Refer to Note 3, Business Combination and Backstop Agreement Profit Interests in Poseidon Legacy Ocean’s founder and then sole stockholder was issued 17,454,542 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 OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements 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 shares (the “Share Limit”). The Share Limit will automatically increase on the first trading day in January of each calendar year during the term of the Incentive Plan, with the first such increase to occur in January 2024, by an amount equal to the lesser of (i) three percent (3%) of the total number of shares of common stock issued and outstanding on December 31 of the immediately preceding calendar year or (ii) such number of shares of common stock as may be established by the Board. 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 $ 3.73 186,370 831,994 1,988,306 2.6 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% (or such greater percentage as specified by the administrator of the ESPP) of the lesser of: (a) the fair market value of a share of common stock date the option is granted, which will be the first day of the offering period, and (b) the fair market value of a share of common stock on the exercise date, which will the last business day of the offering period. OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements 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. Stock-Based Compensation The Company recognizes stock-based compensation costs for equity-based compensation awards granted to employees, nonemployees, and directors in accordance with 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, 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, 2023 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, 2022 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, 2023 and 2022, respectively: Schedule of Stock Based Compensation (in thousands) 2023 2022 2023 2022 For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Stock-based compensation: Research and development (1) $ - $ 3,186 $ - $ 6,372 General and administrative (2) 186 1,715 832 3,072 Total stock-based compensation $ 186 $ 4,901 $ 832 $ 9,444 (1) As discussed above, certain executives and employees of the Company hold profits interests in Poseidon. The fair value of these profit interest were 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. As of the first quarter of 2023, the profit interests were fully amortized. (2) In March 2023, the Company issued warrants to advisors and consultants as discussed below in Note 10, Warrants. As discussed above, as of June 30, 2023, there was $ 1,988,306 2.6 OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements

Warrants

Warrants	6 Months Ended
	Jun. 30, 2023
Warrants
Warrants	10. Warrants As of June 30, 2023 and December 31, 2022, the following warrants to purchase common stock were outstanding: Schedule of Warrants June 30, 2023 Issuance Date Number of Shares Issuable Exercise Price Classification Expiration Lender/Name Second Street Capital (1) (2) February 2023 426,427 $ 8.06 (2) 3/8/2026 Second Street Capital (1) February 2023 85,285 $ 8.06 Equity-classified 4/22/2026 Second Street Capital (1) February 2023 102,342 $ 7.47 Equity-classified 9/30/2026 Second Street Capital (1) 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 warrants March 2023 200,000 $ 10.34 Equity-classified 3/28/2028 Special Forces F9 warrants 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 Warrants (3) May 2023 552,141 $ 11.50 Liability-classified 5/25/2028 12,602,195 December 31, 2022 Issuance Date Number of Shares Issuable Exercise Price Classification Expiration Lender/Name Second Street Capital February 2022 312,500 $ 11.00 (2) 3/8/2026 Second Street Capital April 2022 62,500 $ 11.00 Equity-classified 4/22/2026 Second Street Capital September 2022 75,000 $ 10.20 Equity-classified 9/30/2026 450,000 (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 “IPO 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 OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements 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, 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, the Company estimated the fair value of its common stock considering, among other things, contemporaneous valuations for the Company’s common stock prepared by third-party valuation firms and prices set forth in the Company’s previous filings with the SEC for a proposed IPO of its common stock that was not pursued by the Company. 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, 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 1,039,054 698,320 388,938 1,511,625 824,013 Of the warrants issued to Second Street Capital, 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, 200,000 719,231 789,400 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 $ 583,500 OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements 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, it’s 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 in accordance with the guidance contained in ASC 480-10-25-8 and ASC 815-40 and are 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 the Marketing Services Agreement, dated March 7, 2023, between the Company and Outside The Box Capital (“OTBC”), the Company issued to OTBC 13,257 83,121

Net loss Per Share

Net loss Per Share	6 Months Ended
	Jun. 30, 2023
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. OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements The net loss per share for the basic and diluted earnings calculations for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands, except share and per share data): Schedule of Earnings Per Share, Basic and Diluted 2023 2022 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (13,028 ) $ (7,333 ) $ (80,429 ) $ (12,708 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 26,469,619 23,355,432 25,661,160 23,355,432 Net loss per common share, basic and diluted $ (0.49 ) $ (0.31 ) $ (3.13 ) $ (0.54 ) 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 2023 2022 Six Months Ended June 30, 2023 2022 Stock options 600,000 - Warrants to purchase shares of common stock 12,602,195 375,000 As discussed in Note 3, Business Combination and Backstop Agreement

License and Manufacturing Agree

License and Manufacturing Agreements	6 Months Ended
	Jun. 30, 2023
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 August 25, 2022, (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 November 1, 2023 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 1 3,000 4,000 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%. 24,000 268,000 OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements The Company will also pay Elkurt developmental and commercialization milestone payments for each of the Initial Brown License Agreements ranging from $ 50,000 250,000 370,746 362,994 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 November 1, 2023, 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 3,000 4,000 100,000 5.0 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 November 1, 2023 if the Company has not raised at least $ 10,000,000 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 is required to pay Elkurt (i) $ 110,000 10.0 3,000 4,000 50,000 250,000 432,393 229,393 3,000 110,000 OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements 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, including Elkurt being able to terminate the license agreement at any time and for any reason by November 1, 2023, if the Company has not raised at least $10,000,000 in equity financing by then. 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. Through June 30, 2023, the Company has incurred an aggregate of $ 545,977 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
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions License Agreements with Elkurt, Inc. Elkurt/Brown Licenses The Company is party to the four Initial Brown License Agreements with Elkurt and the Brown Anti-PfGARP Small Molecules License Agreement with Elkurt relating to the Elkurt licenses with Brown University. Elkurt is a company formed by the Company’s scientific co-founders 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. Dr. Elias and Dr. Kurtis are members of the Company’s Board. Under the Initial Brown License Agreements and the Brown Anti-PfGARP Small Molecules License Agreement, Elkurt grants to 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. License fees are expensed as incurred as research and development expenses. Patent reimbursement fees are expensed as incurred as general and administrative expenses. As of June 30, 2023, the Company has incurred a total amount of $ 370,746 362,994 311,882 24,000 268,000 Elkurt/Rhode Island Hospital License As discussed in Note 12, Licensing and Manufacturing Agreements 432,393 229,393 316,000 Transactions with Legacy Ocean’s Founder and Executive Chairman To date, Legacy Ocean’s Founder and Executive Chairman had paid for certain general and administrative expenses totaling $ 93,769 92,919 850 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, 2023 and December 31, 2022, the Company owed RJS Consulting, LLC $ 117,500 142,500

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
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 consolidated balance sheet as of December 31, 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s 2022 Annual Report on Form 10-K, filed with the SEC on March 31, 2023, and Form 8-K, as amended, originally filed with the SEC on February 15, 2023. 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 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 the 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 Forward Purchase Agreement Asset (defined in Note 3, Business Combination and Backstop Agreement , 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.
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, 2023 was $ 1,000,000 Senior Secured Convertible Notes OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements
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 Securities and Exchange Commission. 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 was denied approval, if approval was delayed, or if approval was 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, 2023 and 2022, 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 capitalized 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 $ 2,048,530 7,429,000
Income Taxes and Tax Credits	Income Taxes and Tax Credits Income taxes are recorded in accordance with FASB Accounting Standards Codification 740, Income Taxes OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements
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 assets 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 Agreement (as defined within and Note 3, Business Combination and Backstop Agreement Note Purchase Senior Secured Convertible Notes Fair Value Measurements
Backstop Forward Purchase Agreement Asset	Backstop Forward Purchase Agreement Asset The Company recorded a Backstop Forward Purchase Agreement Asset on its condensed consolidated balance sheets in connection with the closing of the Business Combination (as defined in Note 3, Business Combination and Backstop Agreement 18,760,000
2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase	2023 Convertible Note, SPA Warrant, and Ayrton Note Purchase As discussed within Note 7, Senior Secured Convertible Notes 27,000,000 7,560,000 552,141 11.50 The Company has elected to account for the Notes at fair value under the fair value option, under which the Notes will be initially measured at fair value and subsequently remeasured during each reporting period. Changes in fair value will be 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. OCEAN BIOMEDICAL, INC. AND SUBSIDIARIES Notes to Unaudited Condensed Consolidated Financial Statements 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. 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 recorded to other income/(expense) on the condensed consolidated statements of operations. The Company will reassess the classification of the SPA Warrant at each reporting period and record any changes to fair value as necessary. I n 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 fair value of the liability was recorded to other income/(expense) on the condensed consolidated statements of operations and will be remeasured at each reporting period.
Emerging Growth Company	Emerging Growth Company The Jumpstart Our Business Startups Act of 2012 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 to not “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 qualify as an emerging growth company.
Recently Adopted Accounting Pronouncements	Recently Adopted 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) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) — Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Senior Secured Convertible Notes

Business Combination and Back_2

Business Combination and Backstop Agreement (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [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’ equity/(deficit) and cash flows for the six months ended June 30, 2023: Schedule of Elements of Business Combination (in thousands) Cash from AHAC trust, net of redemptions $ 52,070 Issuance costs from business combination (2,049 ) Net impact on total stockholders’ equity 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
	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Schedule of Fair Value of Assets and Liabilities	The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Schedule of Fair Value of Assets and Liabilities Level 1 Level 2 Level 3 Total Fair Value Hierarchy (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Backstop Forward Purchase Agreement Asset $ - $ - $ 18,760 $ 18,760 Total financial assets $ - $ - $ 18,760 $ 18,760 Financial liabilities: 2023 Convertible Note $ - $ - $ (6,076 ) $ (6,076 ) SPA Warrant - - (2,182 ) (2,182 ) Ayrton Note Purchase Option - - (461 ) (461 ) Total financial liabilities $ - $ - $ (8,719 ) $ (8,719 )
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 Volatility Risk-free rate Ayrton Note Purchase Option 15 % 4.0% 4.7 %
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 Backstop Forward Purchase Agreement Asset, 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 Forward Purchase Agreement Asset 2023 Convertible Note SPA Warrant Ayrton Balances as of January 1, 2023 $ - $ - $ - $ - Initial fair value measurement 51,606 - - - Changes in fair value (26,934 ) - - - Balance as of March 31, 2023 24,672 - - - Proceeds from Backstop Agreement (1,444 ) - - - Initial fair value measurement - (5,628 ) (1,932 ) (269 ) Changes in fair value (4,468 ) (448 ) (250 ) (192 ) Balance as of June 30, 2023 $ 18,760 $ (6,076 ) $ (2,182 ) $ (461 )
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	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 Monte-Carlo Simulation Estimated Volatility Expected future stock price Risk-free rate Backstop Forward Purchase Agreement Asset 80 % $ 2.74 12.71 4.6 %
Twenty Twenty Three 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 Monte-Carlo Simulation Estimated Volatility Range of Probabilities Risk-free rate 2023 Convertible Note 59.0 % 5% 80 % 4.9 % SPA Warrant 75.0 % 5% 80 % 3.5 %

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Accounts payable and accrued expenses: Accounting and legal fees $ 12,118 $ 10,250 Research and development 546 544 Other 1,380 646 Total accounts payable and accrued expenses $ 14,044 $ 11,440

Short-term Loan Agreements (Tab

Short-term Loan Agreements (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Short-term Loan Balances	As of June 30, 2023 and December 31, 2022, the Company had the following short-term loan balances: Schedule of Short-term Loan Balances June 30, 2023 December 31, 2022 Short-term loans: Second Street Loan $ 600 $ 600 Second Street Loan 2 400 200 March Second Street Loan 700 - McKra Loan 1,000 - Underwriter Promissory Note 3,150 - 2023 Convertible Note 6,076 - Less: issuance costs remaining to be amortized (55 ) (24 ) Short-term loans, net of issuance costs $ 11,871 $ 776

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Common Stock Issued and Outstanding	As of June 30, 2023 and December 31, 2022, the Company’s common stock issued and outstanding consisted of the following: Schedule of Common Stock Issued and Outstanding June 30, 2023(1) December 31, 2022(1) Common Stock Outstanding (1) June 30, 2023 December 31, 2022 Legacy Ocean equity holders 17,496,370 17,496,370 Retroactive application of recapitalization 5,859,062 5,859,062 Adjusted Legacy Ocean equity holders 23,355,432 23,355,432 Non-redeemed public stockholders 293,569 - Recycled Shares (2) 3,535,466 - Share Consideration Shares (2) 1,200,000 - Polar Subscription shares (2) 1,350,000 - Sponsor Extension Shares 1,365,000 - Sponsor shares 2,625,000 - Sponsor loan amendment shares (3) 200,000 - Other shares 13,257 - Commitment shares (4) 75,000 - Total 34,012,724 23,355,432 (1) The common stock outstanding in this table may not necessarily be representative of the current holders of the shares as of June 30, 2023, but is meant to represent shares of common stock issued through various arrangements. (2) The Recycled Shares, Share Consideration Shares, and Polar Subscription shares were all issued in connection with the Backstop Agreement and related Subscription Agreement. Refer to Note 3, Business Combination and Backstop Agreement (3) These shares were issued in connection with loan amendments with (i) 150,000 25,000 25,000 Business Combination and Backstop Agreement Short-Term Loan Agreements (4) The commitment shares refer to the initial commitment shares issued in connection with the Common Stock Purchase Agreement. Refer to Note 3, Business Combination and Backstop Agreement
Schedule of Stock Based Compensation	Schedule of Stock Based Compensation (in thousands) 2023 2022 2023 2022 For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Stock-based compensation: Research and development (1) $ - $ 3,186 $ - $ 6,372 General and administrative (2) 186 1,715 832 3,072 Total stock-based compensation $ 186 $ 4,901 $ 832 $ 9,444 (1) As discussed above, certain executives and employees of the Company hold profits interests in Poseidon. The fair value of these profit interest were 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. As of the first quarter of 2023, the profit interests were fully amortized. (2) In March 2023, the Company issued warrants to advisors and consultants as discussed below in Note 10, Warrants.

Warrants (Tables)

Warrants (Tables)	6 Months Ended
	Jun. 30, 2023
Warrants
Schedule of Warrants	As of June 30, 2023 and December 31, 2022, the following warrants to purchase common stock were outstanding: Schedule of Warrants June 30, 2023 Issuance Date Number of Shares Issuable Exercise Price Classification Expiration Lender/Name Second Street Capital (1) (2) February 2023 426,427 $ 8.06 (2) 3/8/2026 Second Street Capital (1) February 2023 85,285 $ 8.06 Equity-classified 4/22/2026 Second Street Capital (1) February 2023 102,342 $ 7.47 Equity-classified 9/30/2026 Second Street Capital (1) 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 warrants March 2023 200,000 $ 10.34 Equity-classified 3/28/2028 Special Forces F9 warrants 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 Warrants (3) May 2023 552,141 $ 11.50 Liability-classified 5/25/2028 12,602,195 December 31, 2022 Issuance Date Number of Shares Issuable Exercise Price Classification Expiration Lender/Name Second Street Capital February 2022 312,500 $ 11.00 (2) 3/8/2026 Second Street Capital April 2022 62,500 $ 11.00 Equity-classified 4/22/2026 Second Street Capital September 2022 75,000 $ 10.20 Equity-classified 9/30/2026 450,000 (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 “IPO Warrants” discussion below.

Net loss Per Share (Tables)

Net loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and 2022 is as follows (in thousands, except share and per share data): Schedule of Earnings Per Share, Basic and Diluted 2023 2022 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (13,028 ) $ (7,333 ) $ (80,429 ) $ (12,708 ) Denominator: Weighted-average shares of common stock outstanding, basic and diluted 26,469,619 23,355,432 25,661,160 23,355,432 Net loss per common share, basic and diluted $ (0.49 ) $ (0.31 ) $ (3.13 ) $ (0.54 )
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 2023 2022 Six Months Ended June 30, 2023 2022 Stock options 600,000 - Warrants to purchase shares of common stock 12,602,195 375,000

Description of Business and G_2

Description of Business and Going Concern Considerations (Details Narrative)	6 Months Ended
	Jun. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business combination acquired description	Under the Business Combination Agreement, the Company acquired all outstanding capital stock of Legacy Ocean for approximately $240,000,000, 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”).
Cash, cash equivalents, and restricted cash	$ 1,161,359
Working capital deficiency	$ 24,517,838

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	May 15, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Restricted cash		$ 1,000,000
Deferred offering costs				1,808,000
Fair value of backstop forward purchase agreement asset		$ 18,760,000
Common stock exercise price		$ 18
Securities Purchase Agreement [Member]
Convertible debt	$ 27,000,000
Principal amount	$ 7,560,000
Warrant acquire	552,141
Common stock exercise price	$ 11.50
Other Income [Member]
Deferred offering costs		$ 7,429,000
Additional Paid-in Capital [Member]
Deferred offering costs			$ 2,048,530

Schedule of Elements of Busines

Schedule of Elements of Business Combination (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Issuance costs from business combination	$ 7,429
Non-cash deferred offering costs	(2,049)
Net impact on cash provided by financing activity	9,560	$ 854
Aesther Healthcare Acquisition Corp [Member]
Business Acquisition [Line Items]
Cash from AHAC trust, net of redemptions	52,070
Issuance costs from business combination	(2,049)
Net impact on total stockholders' equity	50,021
Non-cash deferred offering costs	2,049
Net impact on cash provided by financing activity	$ 52,070

Business Combination and Back_3

Business Combination and Backstop Agreement (Details Narrative) - USD ($)						3 Months Ended	6 Months Ended
		Feb. 14, 2023	Feb. 13, 2023	Sep. 07, 2022	Aug. 31, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	May 23, 2023	Feb. 15, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Common stock, shares issued	[1]					34,012,724	34,012,724				23,355,432
Exercise price										$ 10
Payment to backstop parties for backstop forward purchase agreement							$ 51,606,000
Proceeds from Issuance of Common Stock							14,260,000
Maturity consideration									$ 6,667,667
Aggregate gross purchase price						$ 494,000	494,000
Loss on extinguishment of debt						984,000	13,595,400
Interest expense						24,046	36,852
Payments for underwriting expenses							3,150,000
Loan for debt interest						71,663	$ 107,888
Backstop Parties [Member]
Business Acquisition [Line Items]
Sale of Stock, Number of Shares Issued in Transaction							140,261
Proceeds from Issuance of Common Stock							$ 1,443,854
Aesther Healthcare Acquisition Corp [Member]
Business Acquisition [Line Items]
Short term borrowings						2,100,000	2,100,000
Long term debt fair value						$ 500,000	$ 500,000
Maximum [Member]
Business Acquisition [Line Items]
Deferred amounts bear interest						9%	9%
Debt instrument interest rate effective percentage when default						24%	24%
Maximum [Member] | Sponsor [Member]
Business Acquisition [Line Items]
Other accrued interest rate						15%	15%
Minimum [Member] | Sponsor [Member]
Business Acquisition [Line Items]
Other accrued interest rate						8%	8%
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						75,000	75,000
Aggregate gross purchase price
Backstop Agreement [Member]
Business Acquisition [Line Items]
Number of shares issued		1,350,000
Meteora Agreement [Member]
Business Acquisition [Line Items]
Number of shares issued			2,666,667
Backstop Forward Purchase Agreement [Member]
Business Acquisition [Line Items]
Backstop forward purchase agreement, value		$ 37,345,985
Backstop agreement, per share value		$ 10.56
Payment to backstop parties for backstop forward purchase agreement		$ 51,606,389
Common Stock Purchase Agreement [Member]
Business Acquisition [Line Items]
Number of shares issued							75,000
Aggregate gross purchase price				$ 75,000,000
Fair value issuance							$ 493,500
Commitment costs							$ 493,500
Business Combination Agreement [Member]
Business Acquisition [Line Items]
Number of shares issued							1,365,000
Common stock in exchange for extensions						150,000	150,000
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 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 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.
Aesther Healthcare Acquisition Corp [Member] | Vellar Back Stop Agreement [Member] | Common Stock [Member]
Business Acquisition [Line Items]
Purchase of common stock					8,000,000
Purchase of common stock, value					$ 80,000,000
Aesther Healthcare Acquisition Corp [Member] | Backstop Forward Purchase Agreement [Member]
Business Acquisition [Line Items]
Backstop forward purchase agreement, value		$ 14,260,404
Backstop agreement, shares		3,535,466
Backstop agreement, per share value		$ 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
Common Class A [Member]
Business Acquisition [Line Items]
Common stock, shares issued		23,355,432
Payments to acquire businesses gross		$ 233,554,320
Common Class A [Member] | Backstop Agreement [Member]
Business Acquisition [Line Items]
Stock issued during period, shares, purchase of assets		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		$ 12,675,912
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
Common Stock [Member] | Polar Agreement [Member]
Business Acquisition [Line Items]
Number of shares issued			2,000,000
Common Stock [Member] | Polar Agreement [Member] | Maximum [Member]
Business Acquisition [Line Items]
Number of shares issued			8,000,000
[1]The common stock outstanding in this table may not necessarily be representative of the current holders of the shares as of June 30, 2023, but is meant to represent shares of common stock issued through various arrangements.

Schedule of Fair Value of Asset

Schedule of Fair Value of Assets and Liabilities (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Backstop Forward Purchase Agreement Asset	$ 18,760,000
Total financial assets	18,760,000
2023 Convertible Note	(6,076,000)
SPA Warrant	(2,182,000)
Ayrton Note Purchase Option	(461,000)
Total financial liabilities	(8,719,000)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Backstop Forward Purchase Agreement Asset
Total financial assets
2023 Convertible Note
SPA Warrant
Ayrton Note Purchase Option
Total financial liabilities
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Backstop Forward Purchase Agreement Asset
Total financial assets
2023 Convertible Note
SPA Warrant
Ayrton Note Purchase Option
Total financial liabilities
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Backstop Forward Purchase Agreement Asset	18,760,000
Total financial assets	18,760,000
2023 Convertible Note	(6,076,000)
SPA Warrant	(2,182,000)
Ayrton Note Purchase Option	(461,000)
Total financial liabilities	$ (8,719,000)

Summary of Significant Inputs A

Summary of Significant Inputs And Assumptions Used In Monte-Carlo Simulation (Details)	Jun. 30, 2023
Measurement Input, Price Volatility [Member] | Backstop Forward Purchase Agreement Asset [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.80
Measurement Input, Price Volatility [Member] | Twenty Twenty Three Convertible Note [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.590
Measurement Input, Price Volatility [Member] | Spa Warrant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.750
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	2.74
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	12.71
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	0.046
Measurement Input, Risk Free Interest Rate [Member] | Twenty Twenty Three Convertible Note [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.049
Measurement Input, Risk Free Interest Rate [Member] | Spa Warrant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.035
Measurement Input, Expected Dividend Rate [Member] | Twenty Twenty Three Convertible Note [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.05
Measurement Input, Expected Dividend Rate [Member] | Twenty Twenty Three Convertible Note [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.80
Measurement Input, Expected Dividend Rate [Member] | Spa Warrant [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.05
Measurement Input, Expected Dividend Rate [Member] | Spa Warrant [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.80

Summary of Significant Inputs_2

Summary of Significant Inputs And Assumptions Used in Black-Scholes Merton Model (Details) - Ayrton Note Purchase Option [Member]	Jun. 30, 2023
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.15
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.040
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.047

Schedule of Fair Value Backstop

Schedule of Fair Value Backstop Forward Purchase Agreement Asset (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from Backstop Agreement			$ 1,444
Backstop Forward Purchase Agreement Asset [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of March 31, 2023	$ 24,672
Initial fair value measurement		51,606
Changes in fair value	(4,468)	(26,934)
Proceeds from Backstop Agreement	(1,444)
Balance as of June 30, 2023	18,760	24,672	18,760
Twenty Twenty Three Convertible Note [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of March 31, 2023
Initial fair value measurement	(5,628)
Changes in fair value	(448)
Proceeds from Backstop Agreement
Balance as of June 30, 2023	(6,076)		(6,076)
Spa Warrant [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of March 31, 2023
Initial fair value measurement	(1,932)
Changes in fair value	(250)
Proceeds from Backstop Agreement
Balance as of June 30, 2023	(2,182)		(2,182)
Ayrton Note Purchase Option [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of March 31, 2023
Initial fair value measurement	(269)
Changes in fair value	(192)
Proceeds from Backstop Agreement
Balance as of June 30, 2023	$ (461)		$ (461)

Schedule of Accounts Payable an

Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounting and legal fees	$ 12,118	$ 10,250
Research and development	546	544
Other	1,380	646
Total accounts payable and accrued expenses	$ 14,044	$ 11,440

Schedule of Short-term Loan Bal

Schedule of Short-term Loan Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Less: issuance costs remaining to be amortized	$ (55)	$ (24)
Short-term loans, net of issuance costs	11,871	776
Second Street Loan [Member]
Short-Term Debt [Line Items]
2023 Convertible Note	600	600
Seond Street Loan Two [Member]
Short-Term Debt [Line Items]
2023 Convertible Note	400	200
March Second Street Loan [Member]
Short-Term Debt [Line Items]
2023 Convertible Note	700
McKra Loan [Member]
Short-Term Debt [Line Items]
2023 Convertible Note	1,000
Underwriter Promissory Note [Member]
Short-Term Debt [Line Items]
2023 Convertible Note	3,150
Twenty Twenty Three Convertible Note [Member]
Short-Term Debt [Line Items]
2023 Convertible Note	$ 6,076

Short-term Loan Agreements (Det

Short-term Loan Agreements (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
	Mar. 29, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 28, 2023	Feb. 15, 2023	Feb. 14, 2023	Apr. 30, 2022	Feb. 28, 2022
Debt Instrument [Line Items]
Exercise price							$ 10
Interest expense		$ 24,046		$ 36,852
Common Stock [Member]
Debt Instrument [Line Items]
Warrant purchase								511,712
Exercise price								$ 8.06
Common stock share issued		75,000		75,000
Second Street Capital LLC [Member]
Debt Instrument [Line Items]
Outstanding loans				$ 500,000
Outstanding loans and accrued unpaid interest				1,200,000
Outstanding loans and accrued unpaid interest				$ 25,000,000
Common stock share issued				25,000
Interest expense		$ 292,018	$ 49,111	$ 485,617	$ 64,954
Amortization of debt issuance costs		$ 227,560	$ 22,278	$ 383,784	$ 28,611
Second Street Capital LLC [Member] | Common Stock [Member]
Debt Instrument [Line Items]
Warrant purchase		225,000	75,000	225,000	75,000
Mc Kra Investments III Loan [Member]
Debt Instrument [Line Items]
Outstanding loans				$ 500,000
Outstanding loans and accrued unpaid interest				500,000
Outstanding loans and accrued unpaid interest				$ 25,000,000
Common stock share issued				25,000
Interest expense		$ 185,845		$ 200,845
Amortization of debt issuance costs		$ 147,928		$ 161,261
Loans Agreement [Member] | Second Street Capital LLC [Member]
Debt Instrument [Line Items]
Debt instrument face amount									$ 200,000	$ 600,000
Interest rate									15%	15%
Warrant purchase									62,500	312,500
Exercise price									$ 11	$ 11
Warrants and rights outstanding										$ 250,000
Debt instrument face amount additional borrowed									$ 200,000
Exercisable date									Feb. 22, 2026
Loans Agreement [Member] | Mc Kra Investments III Loan [Member]
Debt Instrument [Line Items]
Debt instrument face amount						$ 1,000,000
Interest rate						15%
Warrant purchase						200,000
Exercise price						$ 10.34
Debt instrument face amount						$ 150,000
Loans Arrangement [Member] | Second Street Capital LLC [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 700,000
Interest rate	15%
Warrant purchase	200,000
Exercise price	$ 10.34
Loan fees	$ 150,000
Loan fee due maturity	105,000
Loans Arrangement [Member] | Second Street Capital LLC [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 1,000,000

Senior Secured Convertible No_2

Senior Secured Convertible Notes (Details Narrative) - USD ($)		1 Months Ended	6 Months Ended
	May 31, 2023	May 31, 2023	Jun. 30, 2023	Feb. 15, 2023
Warrant intial exercise price				$ 10
Other income (expense)		$ 626,600
Other income expense fair value			$ 461,000
Senior Secured Convertible Notes [Member]
Debt instrument face amount	$ 7,560,000	$ 7,560,000
Class of warrant or right, number of securities called by warrants or rights	552,141	552,141
Warrant intial exercise price	$ 11.50	$ 11.50
Debt instrument maturity date	5 years
Debt instrument stated percentage	8%	8%
Proceeds from convertible debt	$ 8,640,000
Debt instrument face amount	$ 10,800,000	$ 10,800,000
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
Warrant intial exercise price	$ 10.34	$ 10.34
[custom:PercentageAverageMarketCapitalization-0]	35%	35%
Senior Secured Convertible Notes [Member] | Affiliates and Other Related Parties [Member]
Ownership percentage	9.99%	9.99%
Senior Secured Convertible Notes [Member] | Maximum [Member]
Debt instrument face amount	$ 27,000,000	$ 27,000,000
Cash	3,000,000	3,000,000
Senior Secured Convertible Notes [Member] | Minimum [Member]
Cash	$ 1,500,000	$ 1,500,000

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($)		3 Months Ended		6 Months Ended
	Feb. 14, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loss Contingencies [Line Items]
General and administrative expense		$ 2,652,000	$ 3,708,000	$ 7,482,000	$ 5,620,000
Director And Officers [Member]
Loss Contingencies [Line Items]
Total annual premiums	$ 1,200,000
Director And Officers [Member] | Premiums Receivable [Member]
Loss Contingencies [Line Items]
General and administrative expense				609,685
Contingent Payable Based On Company [Member]
Loss Contingencies [Line Items]
Contingent payments				14,003,625
First Cumulative Capital [Member]
Loss Contingencies [Line Items]
Contingent payments				50,000,000
Contingent Compensation [Member]
Loss Contingencies [Line Items]
Contingent payments				12,403,625
Contingent Vendor Payments [Member]
Loss Contingencies [Line Items]
Contingent payments				1,600,000
Related Party Expense [Member]
Loss Contingencies [Line Items]
Contingent payments				$ 136,496

Schedule of Common Stock Issued

Schedule of Common Stock Issued and Outstanding (Details) - shares		Jun. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Legacy Ocean equity holders	[1]	17,496,370	17,496,370
Retroactive application of recapitalization	[1]	5,859,062	5,859,062
Adjusted Legacy Ocean equity holders	[1]	23,355,432	23,355,432
Non-redeemed public stockholders	[1]	293,569
Recycled Shares	[1],[2]	3,535,466
Share Consideration Shares	[1],[2]	1,200,000
Polar Subscription shares	[1],[2]	1,350,000
Sponsor Extension Shares	[1]	1,365,000
Sponsor shares	[1]	2,625,000
Sponsor loan amendment shares	[1],[3]	200,000
Other shares	[1]	13,257
Commitment shares	[1],[4]	75,000
Total	[1]	34,012,724	23,355,432
[1]The common stock outstanding in this table may not necessarily be representative of the current holders of the shares as of June 30, 2023, but is meant to represent shares of common stock issued through various arrangements.[2]The Recycled Shares, Share Consideration Shares, and Polar Subscription shares were all issued in connection with the Backstop Agreement and related Subscription Agreement. Refer to Note 3, Business Combination and Backstop Agreement 150,000 25,000 25,000 Business Combination and Backstop Agreement Short-Term Loan Agreements Business Combination and Backstop Agreement

Schedule of Common Stock Issu_2

Schedule of Common Stock Issued and Outstanding (Details) (Parenthetical)	6 Months Ended
	Jun. 30, 2023 shares
Second Street Capital LLC [Member]
Short-Term Debt [Line Items]
Common stock share issued	25,000
Mc Kra Investments III Loan [Member]
Short-Term Debt [Line Items]
Common stock share issued	25,000
Sponsor Promissory Note [Member]
Short-Term Debt [Line Items]
Common stock share issued	150,000

Schedule of Stock Based Compens

Schedule of Stock Based Compensation (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Research and development		$ 28	$ 3,192	$ 421	$ 6,390
General and administrative		2,652	3,708	7,482	5,620
Total stock-based compensation				832	9,444
Non Employee Directors [Member]
Defined Benefit Plan Disclosure [Line Items]
Research and development	[1]		3,186		6,372
General and administrative	[2]	186	1,715	832	3,072
Total stock-based compensation		$ 186	$ 4,901	$ 832	$ 9,444
[1]As discussed above, certain executives and employees of the Company hold profits interests in Poseidon. The fair value of these profit interest were 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. As of the first quarter of 2023, the profit interests were fully amortized.[2]In March 2023, the Company issued warrants to advisors and consultants as discussed below in Note 10, Warrants.

Equity (Details Narrative)

Equity (Details Narrative) - USD ($)			3 Months Ended	6 Months Ended
		Feb. 15, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 02, 2019
Common stock, shares authorized			300,000,000	300,000,000		180,564,262
Common stock, par value			$ 0.0001	$ 0.0001		$ 0.0001
Common stock , shares issued	[1]		34,012,724	34,012,724		23,355,432
Option to purchase shares				600,000
Exercise price per share		$ 10
Non Employee Directors [Member]
Fair value of a non-statutory stock option per share				$ 3.73
Share based compensation			$ 186,370	$ 831,994
Unvested stock option, granted			$ 1,988,306	$ 1,988,306	$ 1,988,306
Weighted average period				2 years 7 months 6 days	2 years 7 months 6 days
Board of Directors [Member]
Option to purchase shares		75,000			75,000
Two Thousand Twenty Two Stock Option and Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period				4,360,000
Two Thousand Twenty Two Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant			2,180,000	2,180,000
Founder Shares [Member]
Common stock, shares authorized						180,564,262
Common stock, par value			$ 0.0001	$ 0.0001		$ 0.0001
Common stock , shares issued							17,454,542
Founder Shares [Member] | Poseidon Bio LLC [Member]
Equity Method Investment, Ownership Percentage			68%	68%
Founder Shares [Member] | Poseidon Bio LLC [Member]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest				100%
[1]The common stock outstanding in this table may not necessarily be representative of the current holders of the shares as of June 30, 2023, but is meant to represent shares of common stock issued through various arrangements.

Schedule of Warrants (Details)

Schedule of Warrants (Details) - $ / shares		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022	Feb. 15, 2023
Number of shares issuable		12,602,195	450,000
Exercise price				$ 10
Public Warrant [Member]
Lender name	[1]	Public Warrants
Number of shares issuable	[1]	5,250,000
Exercise price		$ 11.50
Warrant issuance date		Feb. 14, 2028
Warrant equity classifed description		Equity-classified
Private Warrant [Member]
Lender name	[1]	Private Warrants
Number of shares issuable	[1]	5,411,000
Exercise price		$ 11.50
Warrant issuance date		Feb. 14, 2028
Warrant equity classifed description		Equity-classified
Spa Warrant [Member]
Lender name	[2]	SPA Warrants
Warrant issuance date	[2]	2023-05
Number of shares issuable	[2]	552,141
Exercise price	[2]	$ 11.50
Warrant issuance date	[2]	May 25, 2028
Warrant equity classifed description	[2]	Liability-classified
Second Street Capital L L C One [Member]
Lender name	[3],[4]	Second Street Capital	Second Street Capital
Warrant issuance date	[3],[4]	2023-02	2022-02
Number of shares issuable	[3],[4]	426,427	312,500
Exercise price	[3],[4]	$ 8.06	$ 11
Warrant issuance date	[3],[4]	Mar. 08, 2026	Mar. 08, 2026
Second Street Capital L L C Two [Member]
Lender name	[4]	Second Street Capital	Second Street Capital
Warrant issuance date	[4]	2023-02	2022-04
Number of shares issuable	[4]	85,285	62,500
Exercise price	[4]	$ 8.06	$ 11
Warrant issuance date	[4]	Apr. 22, 2026	Apr. 22, 2026
Warrant equity classifed description	[4]	Equity-classified	Equity-classified
Second Street Capital L L C Three [Member]
Lender name	[4]	Second Street Capital	Second Street Capital
Warrant issuance date	[4]	2023-02	2022-09
Number of shares issuable	[4]	102,342	75,000
Exercise price		$ 7.47	$ 10.20
Warrant issuance date	[4]	Sep. 30, 2026	Sep. 30, 2026
Warrant equity classifed description	[4]	Equity-classified	Equity-classified
Second Street Capital L L C Four [Member]
Lender name	[4]	Second Street Capital
Warrant issuance date	[4]	2023-02
Number of shares issuable	[4]	75,000
Exercise price		$ 10.34
Warrant issuance date	[4]	Feb. 15, 2028
Warrant equity classifed description	[4]	Equity-classified
Second Street Capital L L C Five [Member]
Lender name		Second Street Capital
Warrant issuance date		2023-03
Number of shares issuable		200,000
Exercise price		$ 10.34
Warrant issuance date		Mar. 29, 2028
Warrant equity classifed description		Equity-classified
Second Street Capital L L C Six [Member]
Lender name		Second Street Capital
Warrant issuance date		2023-03
Number of shares issuable		150,000
Exercise price		$ 11.50
Warrant issuance date		Mar. 31, 2028
Warrant equity classifed description		Equity-classified
Mc Kra Investments [Member]
Lender name		McKra Investments warrants
Warrant issuance date		2023-03
Number of shares issuable		200,000
Exercise price		$ 10.34
Warrant issuance date		Mar. 28, 2028
Warrant equity classifed description		Equity-classified
Special Forces F Nine Warrants [Member]
Lender name		Special Forces F9 warrants
Warrant issuance date		2023-03
Number of shares issuable		150,000
Exercise price		$ 11.50
Warrant issuance date		Mar. 07, 2028
Warrant equity classifed description		Equity-classified
[1]For further detail on the Public Warrants and Private Warrants, refer to the “IPO Warrants” discussion below.[2]For further detail on the SPA Warrant, refer to Note 7, Senior Secured Convertible Notes 250,000 250,000 Business Combination and Backstop Agreement

Schedule of Warrants (Details)

Schedule of Warrants (Details) (Parenthetical) $ in Thousands	1 Months Ended
	Feb. 28, 2022 USD ($)
Warrants
Warrants	$ 250,000
Fair value of warrants	$ 250,000

Warrants (Details Narrative)

Warrants (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended			6 Months Ended
	Mar. 07, 2023	Feb. 28, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	May 15, 2023	Feb. 14, 2023
Share issued price per share			$ 18			$ 18
Fair value adjustment of warrants		$ 250,000,000
Redemption price per share			$ 0.01			$ 0.01
Stock issuance						$ 14,260,000
Marketing Services Agreement [Member]
Number of shares issued	13,257
Stock issuance	$ 83,121
Spa Warrant [Member]
Warrants exercisable			552,141			552,141
Mc Kra Investments I I I Warrant [Member]
Warrants exercisable			200,000			200,000
Other expenses			$ 719,231		$ 789,400
Special Forces F Nine Warrants [Member]
Warrants exercisable			150,000			150,000
Share issued price per share								$ 11.50
Special Force F Nine Warrants [Member]
Fair value adjustment of warrants				$ 583,500
Warrant [Member] | IPO [Member]
Number of shares issued						5,411,000
Warrant [Member] | IPO [Member] | Minimum [Member]
Purchase of warrant shares			10,661,000			10,661,000
Warrant [Member] | IPO [Member] | Maximum [Member]
Number of shares issued						5,250,000
Common Stock [Member]
Warrants exercisable									511,712
Number of shares issued			75,000			75,000
Common Stock [Member] | IPO [Member]
Sale of stock price per share			$ 11.50			$ 11.50
Common Stock [Member] | Special Forces F Nine Warrants [Member]
Share issued price per share								$ 3.89
Second Street Warrants [Member]
Warrants exercisable			1,039,054			1,039,054
Other expenses			$ 698,320		$ 388,938	$ 1,511,625	$ 824,013
Second Street Warrants [Member] | Warrant [Member]
Warrants exercisable			200,000			200,000

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss	$ (13,028)	$ (7,333)	$ (80,429)	$ (12,708)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted	26,469,619	23,355,432	25,661,160	23,355,432
Net loss per common share, basic and diluted	$ (0.49)	$ (0.31)	$ (3.13)	$ (0.54)

Schedule of Securities Excluded

Schedule of Securities Excluded From Computation of Diluted Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Stock options	600,000
Warrants to purchase shares of common stock	12,602,195	375,000

License and Manufacturing Agr_2

License and Manufacturing Agreements (Details Narrative) - USD ($)			1 Months Ended	6 Months Ended
	Sep. 13, 2022	Jan. 02, 2022	Jan. 31, 2021	Jun. 30, 2023	Sep. 12, 2022	Oct. 15, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License agreement description				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%.
License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License agreement description				The latest amendment, executed on August 25, 2022, (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 November 1, 2023 and (ii) extended the dates of the commercialization plan of the license agreement to an additional three years.
Initial Brown License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee				$ 24,000
License fee				268,000
Reimbursed patent costs expenses				370,746
Patent expenses				362,994
Initial Brown License Agreement [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental and commercialization milestone payment				50,000
Initial Brown License Agreement [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental and commercialization milestone payment				250,000
Initial Brown License Agreement [Member] | January One Twenty Twenty Eight and Thereafter [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee		$ 4,000
Initial Brown License Agreement [Member] | Elkurt Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maintenance fee				67,000
Interest rate						1%
Annual license maintenance fee				3,000
Patent expenses				362,994
Brown Anti PfGARP Small Molecules License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License maintenance fee	$ 70,000
Sublicensing fee					$ 100,000
Market capitalization				5,000,000,000
Brown Anti PfGARP Small Molecules License Agreement [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental and commercialization milestone payment				50,000
Brown Anti PfGARP Small Molecules License Agreement [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental and commercialization milestone payment				250,000
Equity finance				$ 10,000,000
Brown Anti PfGARP Small Molecules License Agreement [Member] | September Thirteen Twenty Twenty Three To September Thirteen Twenty Twenty Seven [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee	3,000
Brown Anti PfGARP Small Molecules License Agreement [Member] | September Thirteen Twenty Twenty Seven And Thereafter [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee	$ 4,000
Rhode Island Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License agreement description				Either party may terminate the Rhode Island License Agreement in certain situations, including Elkurt being able to terminate the license agreement at any time and for any reason by November 1, 2023, if the Company has not raised at least $10,000,000 in equity financing by then.
Annual license maintenance fee				$ 3,000
License fee				110,000
Reimbursed patent costs expenses				432,393
Patent expenses				229,393
License maintenance fee			$ 110,000
Equity finance			10,000,000
Rhode Island Agreement [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental and commercialization milestone payment			50,000
Rhode Island Agreement [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Developmental and commercialization milestone payment			250,000
Rhode Island Agreement [Member] | January One Twenty Twenty Eight and Thereafter [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee			4,000
Rhode Island Agreement [Member] | January One Twenty Twenty Two to January One Twenty Twenty Eight [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Annual license maintenance fee			$ 3,000
Development And Manufacturing Services Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development and manufacturing expenses				$ 545,977

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
General and Administrative Expense	$ 2,652,000	$ 3,708,000	$ 7,482,000	$ 5,620,000
Related Party [Member]
Related Party Transaction [Line Items]
Accounts Payable	92,919		92,919
Related Party [Member] | Elkurt Inc [Member]
Related Party Transaction [Line Items]
Other Liabilities	311,882		311,882
Initial license fees	268,000		268,000
Related Party [Member] | Elkurt Inc [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Patent expenses			24,000
Related Party [Member] | Chief Accounting Officer [Member]
Related Party Transaction [Line Items]
Other Liabilities	117,500		117,500		$ 142,500
Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
General and Administrative Expense			93,769
Increase (Decrease) in Due to Related Parties			850
Initial Brown License Agreement [Member]
Related Party Transaction [Line Items]
Patent expenses			370,746
Payment for patent expenses			362,994
Initial Brown License Agreement [Member] | Elkurt Inc [Member]
Related Party Transaction [Line Items]
Payment for patent expenses			362,994
Rhode Island Agreement [Member]
Related Party Transaction [Line Items]
Patent expenses			432,393
Payment for patent expenses			229,393
Rhode Island Agreement [Member] | Related Party [Member] | Elkurt Inc [Member]
Related Party Transaction [Line Items]
Other Liabilities	$ 316,000		$ 316,000