XML 43 R32.htm IDEA: XBRL DOCUMENT v3.24.4
Business Combination and Backstop Agreement (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Dec. 05, 2024
Dec. 04, 2024
Nov. 13, 2024
Mar. 04, 2024
Nov. 02, 2023
Oct. 02, 2023
Feb. 14, 2023
Feb. 13, 2023
Sep. 07, 2022
Aug. 31, 2022
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 03, 2024
May 31, 2024
Oct. 04, 2023
May 23, 2023
Business Acquisition [Line Items]                                      
Common stock exercise price                     $ 18.00     $ 18.00       $ 9.00  
Share price           $ 2.50                          
Fixed maturity consideration description                           At any time prior to the Maturity Date, and in accordance with the terms of the Backstop Agreement, the Backstop Parties may elect an Optional Early Termination to sell some or all of the Backstop Shares. If the Backstop Parties sell any shares prior to the Maturity Date, the pro-rata portion of the Prepayment amount is due back to the Company. As of September 30, 2023, the Backstop Parties had sold 143,261 Backstop Shares, for which the Company has received net proceeds of $1.4 million, after paying related fees to the Backstop Parties. Depending on the manner in which the Backstop Agreement is settled, the Company may never have access to the full Prepayment.          
Maturity consideration                                     $ 6,700
[custom:ResetPrice-0]           $ 8.00                          
Aggregate gross purchase price                           $ 1,795          
Sale of stock price per share                                   $ 7.00  
Loss on extinguishment of debts                     $ (224)   $ (15,080)        
Payments for underwriting expense                           $ 3,200          
Right to pay underwriting description                           The Company has a right to pay up to fifty percent (50%) of the principal and interest due on this promissory note using the common stock of the Company at a price per share of $10.56. The remaining fifty percent (50%) of the principal and interest due on this promissory note must be paid in cash.          
Outstanding interest expense                     $ 100 $ 100   $ 400 $ 200        
Subsequent Event [Member]                                      
Business Acquisition [Line Items]                                      
Common stock exercise price                               $ 1      
Aggregate gross purchase price $ 35,000 $ 35,000                                  
Subsequent Event [Member] | Promissory Notes [Member]                                      
Business Acquisition [Line Items]                                      
Promissory note unpaid principal     $ 1,600                                
Promissory note, unpaid interest     500                                
Promissory note default amount     $ 2,100                                
Restricted Stock [Member]                                      
Business Acquisition [Line Items]                                      
Number of shares issued       169,582                              
Short-term loan amount       $ 1,600                              
Conversion price       $ 10.56                              
Promissory note unpaid principal       $ 1,600                              
Promissory note, unpaid interest       $ 200                              
Aesther Healthcare Acquisition Corp [Member]                                      
Business Acquisition [Line Items]                                      
Short-term loan amount                                 $ 2,100    
Maximum [Member]                                      
Business Acquisition [Line Items]                                      
Debt interest rate percentage                     9.00%     9.00%          
Debt instrument interest rate effective percentage                     24.00%     24.00%          
Maximum [Member] | Sponsor [Member]                                      
Business Acquisition [Line Items]                                      
Other accrued interest rate                     15.00%     15.00%          
Minimum [Member] | Sponsor [Member]                                      
Business Acquisition [Line Items]                                      
Other accrued interest rate                     8.00%     8.00%          
Backstop Agreement [Member]                                      
Business Acquisition [Line Items]                                      
Number of shares issued             1,350,000             4,885,466          
Number of purchase of shares                           4,885,466          
Backstop Agreement [Member] | Maximum [Member]                                      
Business Acquisition [Line Items]                                      
Number of purchase of shares                           8,000,000          
Common stock exercise price                     $ 10.56     $ 10.56          
Meteora Agreement [Member]                                      
Business Acquisition [Line Items]                                      
Number of shares issued           2,667,667   2,666,667                      
Maturity Consideration [Member]                                      
Business Acquisition [Line Items]                                      
Number of purchase of shares                           8,000,000          
Common stock exercise price                     2.50     $ 2.50          
Backstop Forward Purchase Agreement [Member]                                      
Business Acquisition [Line Items]                                      
Backstop forward purchase agreement, value             $ 37,300                        
Share price             $ 10.56                        
Payment to backstop parties for backstop forward purchase agreement             $ 51,600                        
Fixed Maturity Consideration [Member] | Maximum [Member]                                      
Business Acquisition [Line Items]                                      
Number of shares issued                           8,000,000          
Share price                     $ 2.50     $ 2.50          
Common Stock Purchase Agreement [Member]                                      
Business Acquisition [Line Items]                                      
Number of shares issued         41,677                 75,000          
Aggregate gross purchase price         $ 64       $ 75,000                    
Fair value issuance                           $ 500          
Commitment costs                         $ 500            
Business Combination Agreement [Member]                                      
Business Acquisition [Line Items]                                      
Number of shares issued                           1,365,000          
Common stock in exchange for extensions                           200,000 200,000        
Loss on extinguishment of debt                             $ 1,200        
Loss on extinguishment of debts                             (13,600)        
Interest expense                             $ 36        
Common Stock [Member]                                      
Business Acquisition [Line Items]                                      
Additional shares issued to sponsor                             1,365,000        
Warrants exercisable             511,712                        
Exercise price             $ 8.06                        
Number of shares issued                           169,582          
Aggregate gross purchase price                                    
Common Stock [Member] | Polar Agreement [Member] | Maximum [Member]                                      
Business Acquisition [Line Items]                                      
Number of shares issued               8,000,000                      
Aesther Healthcare Acquisition Corp [Member]                                      
Business Acquisition [Line Items]                                      
Business acquisition description of acquired entity                   a) in the event that the volume-weighted average price (the “VWAP”) of the Company’s common stock exceeds $15.00 per share for twenty (20) out of any thirty (30) consecutive trading days beginning on the Closing date until the 36-month anniversary of the Closing, the Legacy Ocean Stockholders shall be entitled to receive an additional 5,000,000 shares of the Company’s common stock, (b) in the event that the VWAP of the Company’s common stock exceeds $17.50 per share for twenty (20) out of any thirty (30) consecutive trading days beginning on the Closing date until the 36-month anniversary of the Closing, the Legacy Ocean Stockholders shall be entitled to receive an additional 7,000,000 shares of the Company’s common stock and (c) in the event that the VWAP of the Company’s common stock exceeds $20.00 per share for twenty (20) out of any thirty (30) consecutive trading days beginning on the Closing date until the 36-month anniversary of the Closing, the Legacy Ocean Stockholders shall be entitled to receive an additional 7,000,000 shares of the Company’s common stock. In addition, for each issuance of Earnout Shares, the Company will also issue to Sponsor an additional 1,000,000 shares of the Company’s common stock.                  
Long term debt fair value                     $ 500     $ 500          
Aesther Healthcare Acquisition Corp [Member] | Maximum [Member]                                      
Business Acquisition [Line Items]                                      
Number of shares issued                   19,000,000                  
Aesther Healthcare Acquisition Corp [Member] | Backstop Forward Purchase Agreement [Member]                                      
Business Acquisition [Line Items]                                      
Backstop agreement, shares             3,535,466                        
Backstop forward purchase agreement, value             $ 14,300                        
Share price             $ 10.56                        
Additional backstop forward purchase agreement, shares             1,350,000                        
New Ocean Biomedical [Member] | Common Stock [Member]                                      
Business Acquisition [Line Items]                                      
Warrants exercisable             102,342                        
Exercise price             $ 7.47                        
Vellar Backstop Agreement [Member] | Common Stock [Member]                                      
Business Acquisition [Line Items]                                      
Purchase of common stock, shares                   8,000,000                  
Purchase of common stock, value                   $ 80,000                  
Common Class A [Member]                                      
Business Acquisition [Line Items]                                      
Backstop agreement, shares             23,355,432                        
Backstop forward purchase agreement, value             $ 233,600                        
Conversion of stock shares converted             3,535,466                        
Common Class A [Member] | Aesther Healthcare Acquisition Corp [Member]                                      
Business Acquisition [Line Items]                                      
Backstop forward purchase agreement, value             $ 12,700                        
Additional shares issued to sponsor             1,365,000                        
Purchase of common stock, shares             1,200,000                        
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