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Balance Sheet Details (Details) - Schedule of Inventories - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Inventories [Abstract]
Raw materials	$ 91,971	$ 139,208
Work-in-process		194,805
Finished goods	68,301	30,039
Total	$ 160,272	$ 364,052

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (14,306,704)	$ (11,118,572)	$ (6,865,270)	$ (2,846,644)	$ (25,425,276)	$ (9,711,914)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Notes Payable

6 Months Ended

Jun. 30, 2024

Notes Payable [Abstract]

Notes Payable

Notes 7 — Notes Payable

Veru Notes Payable

In connection with the Veru APA (see Note 5), the Company executed three non-interest bearing notes payable (the “Notes”) in the principal amounts of $4.0 million, $5.0 million and $5.0 million with initial maturity dates of September 30, 2023, April 19, 2024, and September 30, 2024, respectively. In accordance with the Notes, no principal payments are due until maturity; however, the Company may voluntarily prepay the Notes with no penalty. Additionally, in an Event of Default, as defined in the Notes, the unpaid principal amount of the Notes will accrue interest at a rate of 10.0% per annum.

The Company imputed interest on the Notes using an average discount rate of 8.2% and recorded a debt discount of approximately $1.1 million at the issuance date. The debt discount is reflected as a reduction in the carrying amount of the Notes and amortized to interest expense through the respective maturity dates, using the effective interest method.

On September 29, 2023, the Company and the note holder entered into an amendment to the Veru APA, which provided that the $4.0 million note payable originally due on September 30, 2023 was deemed paid and fully satisfied upon (1) the payment to the Seller of $1.0 million in cash on September 29, 2023, and (2) the issuance to the Seller by October 3, 2023 of 3,000 shares of Series A Preferred Stock of the Company. In connection with the Veru APA Amendment, the Company recorded an extinguishment loss on the note payable of approximately $490,000 during the year ended December 31, 2023, which represented the difference between the fair value of the Series A Preferred Stock that was issued to settle the debt and the carrying value of the note payable as of September 29, 2023. Pursuant to the Veru APA Amendment, the Series A Preferred Stock will convert to common stock of the Company one year from the date of issuance if the required stockholder approval is obtained. The Series A Preferred Stock, which was issued to the Seller on October 3, 2023 is initially convertible, in the aggregate, into 5,709,935 shares of the Company’s common stock, subject to adjustment and certain stockholder approval limitations specified in the Certificate of Designations. Pursuant to the Veru APA Amendment, the Company agreed to use commercially reasonable efforts to obtain such stockholder approval by December 31, 2023, however, such shareholder approval has not yet been obtained. The Company also agreed to include the shares of common stock issuable upon conversion of the Series A Preferred Stock in the next resale registration statement filed with the SEC.

On April 24, 2024, the Company entered into a forbearance agreement with Veru (the “Forbearance Agreement”) due to the Company’s failure to repay the principal balance on the $5.0 million note payable that had a maturity date of April 19, 2024 (the “April Veru Note”). Pursuant to the Forbearance Agreement, Veru will forbear from exercising its rights and remedies under the April Veru Note as a result of this default, until March 31, 2025 (the “Forbearance Period”).

Interest will accrue on any unpaid principal balance of the April Veru Note at a rate of 10% per annum, commencing on April 20, 2024 through the date that the outstanding principal balance under the April Veru Note is paid in full. Any such accrued interest will become immediately due and payable upon the earlier of (i) certain events of default under the April Veru Note or the $5.0 million note payable that matures on September 30, 2024 (the “September Veru Note”), (ii) a payment default under the September Veru Note and (iii) the final payment of any principal amount payable under the September Veru Note. No interest will accrue under the September Veru Note during the Forbearance Period unless an Event of Default (as defined in the Forbearance Agreement) occurs, in which case interest will accrue from and after the date on which such default occurs.

In consideration for Veru’s entrance into the Forbearance Agreement, the Company agreed to pay Veru:

●

$50,000 of the principal due under the April Veru Note, which was paid on April 25, 2024, and up to $10,000 of out-of-pocket expenses incurred by Veru in connection with the Forbearance Agreement;

●

15% of (i) the monthly cash receipts of Proteomedix for the licensing or sale of any products or services, (ii) monthly cash receipts of the Company or any of its subsidiaries for the sales of Proclarix anywhere in the world, and (iii) monthly cash receipts of the Company or any of its subsidiaries for milestone payments or royalties from Labcorp; and

●

10% of the net proceeds from any financing or certain asset sale, transfer or licensing transactions that are consummated prior to March 31, 2025.

The Company also agreed to a general release of claims against Veru and its representatives arising out of or relating to any act or omission thereof prior to April 24, 2024.

The Company determined that the Forbearance Agreement should be accounted for as a modification of the April Veru Note and the September Veru Note in accordance with ASC 470-50, Debt - Modifications and Extinguishments (“ASC 470”), as the change in cash flows expected under the April Veru Note and the September Veru Note was not substantial. A new effective interest rate was established based on the carrying value of the original Notes and the revised cash flows and no gain or loss was recorded.

During the three and six months ended June 30, 2024, the Company recorded approximately $0.2 million and $0.4 million of associated interest expense, respectively, which includes accrued interest and amortization of the debt discount. The unamortized debt discount as of June 30, 2024 was approximately $90,000. As of June 30, 2024, the Company has recorded accrued interest of approximately $0.1 million on the Notes, which is included in accrued expenses in the accompanying condensed consolidated balance sheets.

Future minimum principal payments on the Notes as of June 30, 2024 includes $5.0 million in principal payments that are due in September 2024 and $4.9 million in principal payments that are due in March 2025. The Company does not currently have the funds available to repay the $5.0 million that is due in September 2024 under the September Veru Note (see Note 2).

Related Party Debenture

On January 23, 2024, the Company issued a non-convertible debenture (the “Debenture”) to the PMX Investor, a related party, in the principal sum of $5.0 million, in connection with the Subscription Agreement discussed in Note 8. The Debenture has an interest rate of 4.0% per annum, and the principal and accrued interest was originally payable in full upon the earlier of (i) the closing under the Subscription Agreement and (ii) June 30, 2024. Additionally, the $5.0 million subscription amount under the Subscription Agreement shall be increased by the amount of interest payable under the Debenture.

On April 24, 2024, the maturity date of the related party debenture was extended to October 31, 2024, through the execution of an extension agreement (the “Extension Agreement”) between the Company and the PMX investor. No other terms of the Debenture were modified in connection with the Extension Agreement.

The Company considered the guidance of ASC 470-60, Troubled Debt Restructuring by Debtors, and concluded that the Extension Agreement should be accounted for as a troubled debt restructuring as the Company is experiencing financial difficulty and since the effective borrowing rate under the Extension Agreement is less than the effective borrowing rate under the original agreement, which indicates that a concession is deemed to have been granted. This did not result in a gain on restructuring as the future undiscounted cash outflows required under the Extension Agreement exceed the carrying value of the Debenture immediately prior to the extension. A new effective rate was established based on the carrying value of the original Notes and the revised cash flows.

In connection with the issuance of the Debenture, the Company incurred approximately $0.4 million in financing fees, which was recorded as a debt discount, and reflected as a reduction in the carrying amount of the Debenture. The debt discount is being amortized to interest expense through the maturity date. The Company did not incur any financing fees in connection with the Extension Agreement.

The Company recorded approximately $0.2 million and $0.4 million of interest expense on the Debenture during the three and six months ended June 30, 2024, respectively, which includes accrued interest and amortization of the debt discount. The unamortized debt discount as of June 30, 2024 was approximately $0.1 million.

As of June 30, 2024, the Company has recorded accrued interest of approximately $0.1 million on the Debenture, which is included in accrued expenses in the accompanying condensed consolidated balance sheets.

Insurance Financing

During the six months ended June 30, 2024, the Company obtained financing for certain Director & Officer liability insurance policy premiums. The agreement assigns the lender a first priority lien on and security interest in the financed policies and any additional premium required in the financed policies.

The total premiums, taxes and fees financed are approximately $0.7 million, with an annual interest rate of 7.79%. In consideration of the premium payment by the lender to the insurance companies or the agent or broker, the Company unconditionally promised to pay the lender the amount financed plus interest and other charges permitted under the agreement. At June 30, 2024, the Company recognized approximately $0.3 million as an insurance financing note payable, which is included in the current portion of notes payable in the accompanying condensed consolidated balance sheets. The Company will pay the insurance financing through monthly installment payments of approximately $78,000, with the last payment for the note due on November 17, 2024.

PMX Note Payable

The Company also assumed an obligation in the amount of 100,000 CHF, in connection with the Proteomedix acquisition. This obligation relates to a loan from an investor that was advanced to Proteomedix in March 2010. This loan bears no interest, is unsecured and may be cancelled by the Company at its discretion, however it is the intent of the Company to repay this loan in the future. The loan payable, in the amount of approximately $111,000, is included in the long term note payable in the accompanying condensed consolidated balance sheets as of June 30, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Balance Sheet Details (Details) - Schedule of Future Annual Amortization Expense	Jun. 30, 2024 USD ($)
Schedule of Annual Amortization Expense [Abstract]
2024	$ 400,590
2025	801,180
2026	801,180
2027	801,180
2028	801,180
Thereafter	7,988,107
Total	$ 11,593,417

Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Schedule of Stock-Based Compensation Expense - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Stock-Based Compensation Expense [Line Items]
Total stock-based compensation expenses	$ (775)	$ 272,781	$ 51,875	$ 458,359
Selling, general and administrative [Member]
Schedule of Stock-Based Compensation Expense [Line Items]
Total stock-based compensation expenses	42,663	173,152	96,449	272,360
Research and development [Member]
Schedule of Stock-Based Compensation Expense [Line Items]
Total stock-based compensation expenses	$ (43,438)	$ 99,629	$ (44,574)	$ 185,999

Balance Sheet Details

6 Months Ended

Jun. 30, 2024

Balance Sheet Details [Abstract]

Balance Sheet Details

Note 4 — Balance Sheet Details

Inventories

Inventories, which primarily relate to Proclarix product as of June 30, 2024 and ENTADFI product as of December 31, 2023, consisted of the following:

	June 30, 2024		December 31, 2023
Raw materials	$	91,971	$	139,208
Work-in-process		—		194,805
Finished goods		68,301		30,039
Total	$	160,272	$	364,052

The Company recorded an impairment on the ENTADFI inventory in the amount of approximately $0.4 million during the three and six months ended June 30, 2024 (see Note 5). No such impairment was recorded during the three and six months ended June 30, 2023.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of June 30, 2024, and December 31, 2023:

	June 30, 2024		December 31, 2023
Prepaid insurance	$	525,848	$	122,004
Prepaid regulatory fees		—		312,551
Prepaid research and development		74,881		89,195
Prepaid professional fees		—		70,708
Unbilled accounts receivable		55,630		—
Prepaid other		116,963		175,695
Total	$	773,322	$	770,153

Intangible Assets

Intangible assets, which were recorded during the year ended December 31, 2023 in connection with the ENTADFI and Proteomedix acquisitions (see Note 5), is comprised of customer relationships, product rights for developed technology, and a trade name, and consisted of the following as of June 30, 2024, and December 31, 2023:

	Balance at December 31, 2023		Impairment			Foreign Currency Translation			Balance at June 30, 2024
Gross basis:
Trade name	$	9,312,739	$	—		$	(595,266	)	$	8,717,473
Product rights for developed technology		14,182,157		(3,296,644	)		(695,796	)		10,189,717
Customer relationships		1,952,803		—			(124,822	)		1,827,981
Total intangible assets, gross	$	25,447,699	$	(3,296,644	)	$	(1,415,884	)	$	20,735,171

	Balance at December 31, 2023			Amortization			Foreign Currency Translation		Balance at June 30, 2024
Accumulated amortization:
Product rights for developed technology	$	(31,213	)	$	(337,111	)	$	8,579	$	(359,745	)
Customer relationships		(5,599	)		(60,476	)		1,539		(64,536	)
Total intangible assets, accumulated amortization	$	(36,812	)	$	(397,587	)	$	10,118	$	(424,281	)
Intangible assets, net	$	25,410,887							$	20,310,890

The finite lived intangible assets held by the Company, which includes customer relationships and product rights for developed technology, are being amortized over their estimated useful lives of 15 years. Amortization expense related to intangible assets was approximately $196,000 and $398,000 for the three and six months ended June 30, 2024, respectively. Of the total amortization expense, approximately $30,000 and $61,000 was recorded as selling, general, and administrative expenses for the three and six months ended June 30, 2024, respectively, and approximately $166,000 and $337,000 was recorded as cost of revenue, for the three and six months ended June 30, 2024, respectively, in the accompanying condensed consolidated statements of operations and comprehensive loss.

During the three months ended March 31, 2024, the Company became aware of a new competitor that received approval by the FDA for a combined finasteride-tadalafil capsule, which is a direct competitor product to ENTADFI. This was determined to be a triggering event that could result in a decrease in future expected cash flows, and thus indicated the carrying amount of the ENTADFI asset group may not be fully recoverable. The Company performed an undiscounted cash flow analysis over the ENTADFI asset group and determined that the carrying value of the asset group is not recoverable. The Company then estimated the fair value of the asset group to measure the impairment loss for the period. Significant assumptions used to determine this non-recurring fair value measurement included projected sales driven by market share and product sales price estimates, associated expenses, growth rates, the discount rate used to measure the fair value of the net cash flows associated with this asset group, as well as Management’s estimates of an expected sales price for the asset group, and the probability of each potential strategic alternative taking place.

During the three months ended June 30, 2024, the Company reevaluated the probability of each potential strategic alternative occurring, and determined that the change in probabilities is a triggering event that could result in a decrease in future expected cash flows, and thus indicated the carrying amount of the ENTADFI asset group may not be fully recoverable. The Company further determined that the asset group was fully impaired at June 30, 2024, and recorded a corresponding impairment charge during the three months ended June 30, 2024.

The Company recorded an impairment charge of $1.2 million during the three months ended June 30, 2024, of which $1.0 million and $0.2 million was allocated to the product rights intangible asset and prepaids and other assets, respectively. The Company recorded an impairment charge of $3.5 million during the six months ended June 30, 2024, which was allocated on a pro rata basis across the assets within the asset group. For the six months ended June 30, 2024, approximately $3.3 million and approximately $0.2 million was allocated to the product rights intangible asset and prepaids and other assets, respectively. After recording the impairment charges, the assets in the ENTADFI asset group have no remaining carrying value as of June 30, 2024.

Future annual amortization expense related to the Company’s finite lived intangible assets is as follows as of June 30, 2024:

Years ending December 31,
2024	$	400,590
2025		801,180
2026		801,180
2027		801,180
2028		801,180
Thereafter		7,988,107
Total	$	11,593,417

As of June 30, 2024, the weighted-average remaining amortization period for intangible assets was approximately 14.47 years.

Trade names, which do not have legal, regulatory, contractual, competitive, economic, or other factors that limit the useful lives are considered indefinite lived assets and are not amortized but are tested for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. The Company tested its trade name for impairment during the three months ended June 30, 2024, as a result of certain triggering events discussed below. The Company determined that there was no impairment of its trade name as of June 30, 2024. As of June 30, 2024 and December 31, 2023, $8.7 million and $9.3 million, respectively, of intangible assets relate to a trade name that has been identified as having an indefinite life.

Goodwill

Goodwill was recorded during the year ended December 31, 2023, in connection with the Proteomedix acquisition (see Note 5). Historically, the Company was organized in two reporting units, Proteomedix and ENTADFI. The goodwill arising from the Proteomedix acquisition was assigned solely to the Proteomedix reporting unit. The Company reevaluated its reporting units during the three months ended June 30, 2024, and determined that as of April 30, 2024, ENTADFI no longer qualified as a separate reporting unit. As a result, since that date, the Company’s goodwill is assigned to a single reporting unit. Accordingly, the Company performed a quantitative analysis immediately prior to the change in reporting units, and immediately after the change in reporting units, to identify and measure the amount of impairment loss to be recognized, if any. To perform its quantitative tests, the Company compared the fair value of the reporting unit to its carrying value, and determined that the fair value of the reporting unit was less than its carrying value.

Similarly, during the three months ended March 31, 2024, the Company’s stock price and market capitalization declined, and the Company determined that this was an indicator of a potential impairment of its goodwill, and accordingly, as of March 31, 2024, the Company performed a quantitative analysis to identify and measure the amount of impairment loss to be recognized, if any. To perform its quantitative test, the Company compared the fair value of the Proteomedix reporting unit to its carrying value, and determined that the fair value of the reporting unit was less than its carrying value.

The Company measured the amount of the impairment charges as the excess of the carrying value over the fair value of the reporting unit, and recorded a corresponding impairment charge to its goodwill of approximately $10.3 million and $15.5 million during the three and six months ended June 30, 2024, respectively.

The fair value estimate of the reporting units was derived from a combination of an income approach and a market approach, and a reconciliation to the Company’s market capitalization. Under the income approach, the Company estimated the fair value of the reporting unit based on the present value of estimated future cash flows, which the Company considers to be a Level 3 unobservable input in the fair value hierarchy. The Company prepared cash flow projections based on management’s estimates of future revenue and operating costs, taking into consideration the historical performance and the current macroeconomic, industry, and market conditions. The Company based the discount rate on the weighted-average cost of capital considering Company-specific characteristics and changes in the reporting unit’s projected cash flows. Under the market approach, the Company estimated the fair value of the reporting unit based on revenue market multiples derived from comparable companies with similar characteristics as the reporting unit, as well as an estimated control premium.

Goodwill consisted of the following as of June 30, 2024 and December 31, 2023:

Balance as of December 31, 2023	$	55,676,142
Impairment loss		(15,453,000	)
Foreign currency translation		(3,720,810	)
Balance as of June 30, 2024	$	36,502,332

Accrued Expenses

Accrued expenses consisted of the following as of June 30, 2024 and December 31, 2023:

	June 30, 2024		December 31, 2023
Accrued compensation	$	206,722	$	487,579
Accrued research and development		378,532		616,707
Accrued professional fees		212,565		550,415
Other accrued expenses		358,180		265,849
Accrued implementation fees		—		93,787
Accrued franchise taxes		100,000		60,530
Accrued interest – related party		87,123		—
Accrued interest		95,750		—
Accrued deferred offering costs		—		125,000
Total	$	1,438,872	$	2,199,867

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net loss per share, diluted	$ (0.64)	$ (0.43)	$ (1.15)	$ (0.61)
Weighted average number of common shares outstanding, diluted	22,196,265	15,906,725	22,171,931	15,908,560

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

Balance Sheet Details (Details) - Schedule of Prepaid Expenses and Other Current Assets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Prepaid Expenses and Other Current Assets [Abstract]
Prepaid insurance	$ 525,848	$ 122,004
Prepaid regulatory fees		312,551
Prepaid research and development	74,881	89,195
Prepaid professional fees		70,708
Unbilled accounts receivable	55,630
Prepaid other	116,963	175,695
Total	$ 773,322	$ 770,153

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

Note 11 — Related Party Transactions

During 2022 the Company entered into a lease agreement that was personally guaranteed by the Company’s former CEO. The lease expired on April 30, 2023 (see Note 9).

During the year ended December 31, 2023, the Company’s Audit Committee completed a review of the Company’s expenses due to certain irregularities identified with regards to the related party balance. Based on the results of the review, it was determined that the Company paid and recorded within selling, general and administrative expenses, personal expenditures of the Company’s former CEO and an accounting employee who was also the former CEO’s assistant, during 2022 and during the first three quarters of 2023. The Company evaluated the receivable, which was approximately $363,000, after recording a recovery of approximately $159,000, and which represented the total of the items identified as personal in nature for which the Company did not anticipate recovery from the related party. During 2023, the Company recorded a corresponding reserve for the full amount, resulting in a net related party receivable balance of $0 as of June 30, 2024 and December 31, 2023.

On December 18, 2023, the Company entered into the Subscription Agreement with the PMX Investor, a 5% stockholder of the Company as of June 30, 2024 (see Note 8). During the six months ended June 30, 2024, the Company issued a non-convertible debenture in the principal amount of $5.0 million to the PMX Investor, in connection with the Subscription Agreement (see Notes 7 and 8).

On February 6, 2024, the Company appointed Thomas Meier, PhD, as a member of the Company’s board of directors. Dr. Meier provides consulting services to Proteomedix, through a consulting agreement that was effective January 4, 2024. The Company recorded approximately $10,000 and $34,000 in related expenses during the three and six months ended June 30, 2024, of which approximately $5,000 is included in accounts payable in the accompanying condensed consolidated balance sheets as of June 30, 2024.

A former director of the Company, who served on the Company’s Scientific Advisory Board until August 2023, serves on the Advisory Board for the Cincinnati Children’s Hospital Medical Center Innovation Fund, which is affiliated with CHMC. The Company had an exclusive license agreement with CHMC, which was terminated in July 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Convertible Redeemable Preferred Stock and Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Convertible Redeemable Preferred Stock and Stockholders’ Equity

Note 9 — Convertible Redeemable Preferred Stock and Stockholders’ Equity

Authorized Capital

As of June 30, 2024 and December 31, 2023, the Company is authorized to issue 250,000,000 shares and 10,000,000 shares of common stock and preferred stock, respectively, with a par value of $0.00001 for both common stock and preferred stock. As of June 30, 2024 and December 31, 2023, the Company had designated and authorized the issuance of up to 1,150,000 shares, 10,000 shares, and 2,700,000 shares of Series Seed Preferred Stock, Series A Preferred Stock, and Series B Preferred Stock, respectively.

Preferred Stock

Series Seed Convertible Preferred Stock

The Company has 1,150,000 shares of preferred stock designated as Series Seed Preferred Stock (“Series Seed”) and there are no shares of Series Seed outstanding as of June 30, 2024 and December 31, 2023.

Series A Convertible Preferred Stock

On September 29, 2023, the Company filed a Certificate of Designations of Rights and Preferences of Series A Preferred Stock of the Company (the “Series A Certificate of Designations”) with the State of Delaware to designate and authorize the issuance of up to 10,000 shares of Series A Preferred Stock.

On October 3, 2023, the Company issued 3,000 shares of Series A Convertible Preferred Stock in exchange for the settlement of $3.0 million in notes payable due to Veru, Inc. (see Notes 5 and 7). The maximum number of shares that the Series A Preferred Stock is convertible into, based on the Conversion Price as of June 30, 2024, is approximately 5,709,935 shares of the Company’s common stock. There are 3,000 shares of Series A Convertible Stock outstanding as of June 30, 2024 and December 31, 2023.

Series B Convertible Preferred Stock

On December 15, 2023, the Company filed a Certificate of Designations of Rights and Preferences of Series B Convertible Preferred Stock of the Company (the “Series B Certificate of Designations”) with the State of Delaware to designate and authorize the issuance of up to 2,700,000 shares of Series B Preferred Stock.

On December 15, 2023, in connection with the PMX Transaction, as part of the purchase consideration, the Company issued 2,696,729 shares of Series B Convertible Preferred Stock (see Note 5). The Series B Preferred Stock is initially convertible into approximately 269,672,900 shares of the Company’s common stock, upon Shareholder Approval as defined in the Series B Certificate of Designation.

The Company evaluated the terms of the Series B Preferred Stock, and in accordance with the guidance of ASC 480, the Series B Preferred Stock is classified as temporary equity in the accompanying consolidated balance sheets, as the shares may be redeemable by the holders for cash, upon certain conditions that are not within the control of the Company. Additionally, the Company does not control the actions or events necessary to deliver the number of required shares upon exercise by the holders of the conversion feature. The Series B Preferred Stock was recorded at its fair value as of the issuance date (see Note 5). The Series B Preferred Stock is not currently redeemable or probable of becoming redeemable because it is subject to, among other things, Stockholder Approval as described above, and therefore the carrying amount is not currently accreted to its redemption value as of June 30, 2024.

Common Stock

As of June 30, 2024 and December 31, 2023 there were 22,848,876 and 22,841,975 shares of common stock issued, respectively, and 22,331,477 and 22,324,576 shares of common stock outstanding, respectively.

Treasury Stock

On November 10, 2022, the Board approved a stock repurchase program (the “Repurchase Program”) to allow the Company to repurchase up to 5.0 million shares of common stock with a maximum price of $1.00 per share, with discretion to management to make purchases subject to market conditions. On November 18, 2022, the Board approved an increase to the maximum price to $2.00 per share. There is no expiration date for this program.

There were no repurchases of common stock during the three and six months ended June 30, 2024. During the three and six months ended June 30, 2023, the Company repurchased 25,032 and 57,670 shares of common stock, respectively, for an aggregate of approximately $26,000 and $59,000, respectively, at an average price of $1.02 per share for both periods. Shares that are repurchased are classified as treasury stock pending future use and reduce the number of shares outstanding used in calculating earnings per share. As of June 30, 2024, there are approximately 4.5 million shares remaining for repurchase under the Repurchase Program.

At the Market Offering Agreement

On March 29, 2023, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC, as sales agent (the “Agent”), to create an at-the-market equity program under which it may sell up to $3,900,000 of shares of the Company’s common stock (the “Shares”) from time to time through the Agent (the “ATM Offering”). Under the ATM Agreement, the Agent will be entitled to a commission at a fixed rate of 3.0% of the gross proceeds from each sale of Shares under the ATM Agreement. The Company has no obligation to sell, and the Agent is not obligated to buy or sell, any of the Shares under the Agreement and may at any time suspend offers under the Agreement or terminate the Agreement. The ATM Offering will terminate upon the termination of the ATM Agreement as permitted therein.

Deferred offering costs associated with the ATM Agreement are reclassified to additional paid in capital on a pro-rata basis when the Company completes offerings under the ATM Agreement. Any remaining deferred costs will be expensed to the statements of operations should the planned offering be abandoned.

As of June 30, 2024, no shares have been sold under the ATM Offering, and the Company has recorded approximately $0.3 million of deferred offering costs in its condensed consolidated balance sheets at both June 30, 2024 and December 31, 2023.

Warrants

The following summarizes the Company’s outstanding warrants, excluding contingent warrants issuable upon exercise of the outstanding warrants issued in the August 2022 and August 2023 offerings, as of June 30, 2024 and December 31, 2023:

	Number of		Exercise		Expiration
Description	Shares		Price		Date
April 2022 Offering Placement Agent Warrants		70,849	$	8.46875		4/19/2026
August 2022 Private Placement Warrants		2,486,214		2.546		8/11/2027
August 2022 Offering Placement Agent Warrants		220,997		3.394		8/11/2027
August 2023 Inducement Warrants		4,972,428		1.09		8/2/2027
August 2023 Offering Placement Agent Warrants		149,173		1.3625		8/2/2027
Total warrants outstanding		7,899,661		1.68

As of June 30, 2024, the Company had outstanding warrants, which are exercisable into 7,899,661 shares of common stock. The shares of common stock underlying the warrants outstanding had a fair value of $0.167 per share, based on the closing trading price on June 30, 2024.

Additionally, as of June 30, 2024 and December 31, 2023, the fair value of contingent warrants issuable upon exercise of the August 2022 private placement and August 2023 inducement warrants was approximately $3,000, which is included in contingent warrant liability in the accompanying condensed consolidated balance sheets. The maximum number of warrants issuable upon settlement of the contingent warrants was 447,519 as of June 30, 2024 and December 31, 2023.

Subsequent to June 30, 2024, all of the August 2022 Private Placement Warrants and the August 2023 Inducement Warrants were exercised (see Note 15).

Onconetix Equity Incentive Plans

The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) was adopted by its board of directors and by its stockholders on July 1, 2019. The Company has reserved 1,400,000 shares of common stock for issuance pursuant to the 2019 Plan.

On February 23, 2022 the Company’s board of directors adopted the Company’s 2022 Equity Incentive Plan (the “2022 Plan”), which is the successor and continuation of the Company’s 2019 Plan. Under the 2022 Plan, the Company may grant stock options, restricted stock, restricted stock units, stock appreciation rights, and other forms of awards to employees, directors, and consultants of the Company. In May 2023, the number of shares of common stock reserved for issuance under the 2022 Plan was increased to 3,150,000. Stock-based awards granted during the three and six months ended June 30, 2024 and 2023 were all granted under the 2022 Plan. As of June 30, 2024, there are 1,488,180 shares available for issuance under the 2022 Plan.

Stock Options

The following summarizes activity related to the Company’s stock options under the 2019 Plan and the 2022 Plan for the six months ended June 30, 2024:

						Weighted
						Average
				Weighted		Remaining
				Average		Contractual
	Number of			Exercise		Life
	Shares			Price		(in years)
Outstanding as of December 31, 2023		1,904,830		$	1.63		8.4
Granted		—			—		—
Forfeited / cancelled		(758,528	)		0.92		—
Exercised		(16,276	)		0.01		—
Outstanding as of June 30, 2024		1,130,026			2.12		4.2
Options vested and exercisable as of June 30, 2024		900,066		$	2.05		3.0

There were no stock options granted during the three and six months ended June 30, 2024. The fair value of options granted during the six months ended June 30, 2023 was estimated using the following assumptions:

		For the Six Months Ended June 30,
		2023
Exercise price		$1.05 – 1.29
Term (years)		5.00 – 10.00
Expected stock price volatility		113.1% – 119.5%
Risk-free rate of interest		3.5% – 3.6%

The weighted average grant date fair value of stock options granted during the six months ended June 30, 2023 was $1.08. The aggregate fair value of stock options that vested during the three and six months ended June 30, 2024 was approximately $83,000 and $167,000, respectively. The aggregate fair value of stock options that vested during the three and six months ended June 30, 2023 was approximately $207,000 and $479,000, respectively.

Restricted Stock

On May 9, 2023, the Board’s Compensation Committee approved the issuance of restricted stock, granted under the Company’s 2022 Plan, to the Company’s executive officers, employees, and certain of the Company’s consultants. The restricted shares granted totaled 487,500, of which 150,000, 75,000, and 150,000 were granted to the Company’s former CEO, former CFO, and former CBO, respectively. All of the restricted shares granted vest as follows: 50% in January 2024, 25% in August 2024, and 25% in August 2025. In addition, on May 31, 2023, the Board’s Compensation Committee approved the issuance of 25,440 shares of restricted stock, granted to the Company’s non-executive Board members, with full vesting on May 31, 2024. Further, on February 14, 2024, in connection with the appointment of a non-executive Board member, the Company issued 3,125 shares of restricted stock, with full vesting on June 14, 2024.

The following summarizes activity related to the Company’s restricted stock awards granted under the 2022 Plan for the six months ended June 30, 2024:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Nonvested as of December 31, 2023		256,580		$	1.03
Granted		3,125			0.17
Vested		(140,955	)		0.98
Forfeited		(12,500	)		1.03
Nonvested as of June 30, 2024		106,250		$	1.03

Proteomedix Stock Option Plan

Proteomedix sponsors a stock option plan (the “PMX Option Plan”) which provides common stock option grants to be granted to certain employees and consultants, as was determined by the board of directors of Proteomedix. In connection with the PMX Transaction, the Company assumed the PMX Option Plan (see Note 5).

Generally, options issued under the PMX Option Plan have a term of not more than 11 years and provide for a four-year vesting period. Stock options issued under the PMX Option Plan are measured at fair value using the Black-Scholes option pricing model.

On April 16, 2024, the board of directors of Proteomedix approved a two-year extension of 12,257 vested stock options that were set to expire in April 2024. The extended expiration date for these options is April 18, 2026. The Company recorded approximately $18,000 of expense associated with this modification during the three and six months ended June 30, 2024.

There was no other activity under the PMX Option Plan for the three and six months ended June 30, 2024. As of June 30, 2024, there were 58,172 stock options outstanding, with a weighted average exercise price of $3.46, and a weighted average remaining contractual life of 4.87 years. As of June 30, 2024, there were 57,812 stock options vested and exercisable at a weighted average exercise price of $3.15 and a weighted average remaining contractual life of 4.79 years.

Stock-Based Compensation

Stock-based compensation expense related to stock options and restricted stock, for the three and six months ended June 30, 2024 and 2023 was as follows:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2024			2023		2024			2023
Selling, general and administrative	$	42,663		$	173,152	$	96,449		$	272,360
Research and development		(43,438	)		99,629		(44,574	)		185,999
Total	$	(775	)	$	272,781	$	51,875		$	458,359

During the three and six months ended June 30, 2024, in connection with the termination of three Company employees, outstanding stock options and restricted stock awards to these individuals were modified to allow continued vesting during the term of their respective new consulting agreements. The Company recognized a net credit of approximately $58,000 to stock-based compensation expense as a result of these modifications, primarily due to the decrease in the Company’s stock price.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Acquisitions (Details) - Schedule of Consolidated Statements of Operations and Comprehensive Loss - PMX Transaction [Member] - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Schedule of Consolidated Statements of Operations and Comprehensive Loss [Line Items]
Revenue	$ 537,267	$ 1,556,244
Net loss	$ 7,175,366	$ 9,742,710

Significant Agreements (Details) - USD ($)		3 Months Ended	6 Months Ended
Significant Agreements (Details) - USD ($)	Mar. 23, 2023	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Jul. 29, 2023	Jul. 21, 2023
Significant Agreements [Line Items]
Maturity term					Jul. 14, 2025
Other Research and Development Expense		$ 100,000	$ 400,000
Accounts payable		$ 1,100,000	1,100,000	$ 1,800,000
Milestone payments			2,500,000
Milestone payments paid			$ 500,000
Vendor Agreement [Member]
Significant Agreements [Line Items]
Sales-related services fee					$ 800,000	$ 29,100,000
Minimum [Member]
Significant Agreements [Line Items]
Royalty percentage	5.00%
Maximum [Member]
Significant Agreements [Line Items]
Royalty percentage	10.00%

Summary of Significant Accounting Policies (Details) - Schedule of Revenue was Generated from the Following Geographic Regions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Development Services [Member] \| European Union [Member]
Concentration Risk [Line Items]
Revenue, Percentage	100.00%	100.00%
Development Services [Member] \| Non-European Union [Member]
Concentration Risk [Line Items]
Revenue, Percentage
Development Services [Member] \| United States [Member]
Concentration Risk [Line Items]
Revenue, Percentage
Product Sales [Member] \| European Union [Member]
Concentration Risk [Line Items]
Revenue, Percentage
Product Sales [Member] \| Non-European Union [Member]
Concentration Risk [Line Items]
Revenue, Percentage		14.00%
Product Sales [Member] \| United States [Member]
Concentration Risk [Line Items]
Revenue, Percentage		86.00%

Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Schedule of Outstanding Warrants, Excluding Contingent Warrants	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Schedule of Outstanding Warrants, Excluding Contingent Warrants [Line Items]
Number of Shares \| shares	7,899,661
Exercise Price \| $ / shares	$ 1.68
April 2022 Offering Placement Agent Warrants [Member]
Schedule of Outstanding Warrants, Excluding Contingent Warrants [Line Items]
Number of Shares \| shares	70,849
Exercise Price \| $ / shares	$ 8.46875
Expiration Date	Apr. 19, 2026
August 2022 Private Placement Warrants [Member]
Schedule of Outstanding Warrants, Excluding Contingent Warrants [Line Items]
Number of Shares \| shares	2,486,214
Exercise Price \| $ / shares	$ 2.546
Expiration Date	Aug. 11, 2027
August 2022 Offering Placement Agent Warrants [Member]
Schedule of Outstanding Warrants, Excluding Contingent Warrants [Line Items]
Number of Shares \| shares	220,997
Exercise Price \| $ / shares	$ 3.394
Expiration Date	Aug. 11, 2027
August 2023 Inducement Warrants [Member]
Schedule of Outstanding Warrants, Excluding Contingent Warrants [Line Items]
Number of Shares \| shares	4,972,428
Exercise Price \| $ / shares	$ 1.09
Expiration Date	Aug. 02, 2027
August 2023 Offering Placement Agent Warrants [Member]
Schedule of Outstanding Warrants, Excluding Contingent Warrants [Line Items]
Number of Shares \| shares	149,173
Exercise Price \| $ / shares	$ 1.3625
Expiration Date	Aug. 02, 2027

Acquisitions (Details) - USD ($)			3 Months Ended		6 Months Ended
Acquisitions (Details) - USD ($)	Dec. 15, 2023	Jun. 13, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 13, 2024	Apr. 19, 2024	Apr. 19, 2023
Acquisitions [Line Items]
Business acquisition, description					i) the Company obtained 100% of the outstanding common stock and voting interest of PMX, (ii) at closing of the PMX Transaction, the PMX shareholders were issued approximately 17% of Onconetix’s outstanding common stock and none of the former PMX shareholders held more than 5% of Onconetix’s common stock individually, (iii) the composition of executive management and the governing body did not change sufficiently to give PMX or its former shareholders control over these functions within Onconetix, and (iv) Onconetix was significantly larger when considering both total assets and operations.
Royalty sales percentage					6.00%
Sales payments amount			$ 22,500,000		$ 22,500,000
Business acquisition, description					(i) $3.5 million in cash at signing of the WraSer APA; (ii) $4.5 million in cash on the later of (x) 90 days after the signing of the WraSer APA or (y) the date that all closing conditions under the WraSer APA are met or otherwise waived (the “WraSer Closing Date”); (iii) 1.0 million shares of the Company’s common stock (the “Closing Shares”) issuable on the WraSer Closing Date, and (iv) $500,000 in cash one year from the WraSer Closing Date.
Non-interest bearing note payable								$ 5,000,000
Inventory fair value					$ 300,000
Impairment charge			1,200,000	$ 14,700,000	3,500,000
Acquired inventory			400,000	$ 1,200,000		$ 12,947,000
Percentage of impairment				100.00%
Cash payment amount							$ 500,000
Initial payment amount		$ 3,500,000
Company payments		3,500,000
Payment as deposit		3,500,000
Cash target amount			1,100,000		$ 1,100,000
Voting interest percentage	100.00%
Issuance of common stock (in Shares)	3,675,414
Royalty rate					6.00%
Related cost			1,500,000		$ 1,500,000
Trade Names [Member]
Acquisitions [Line Items]
Discount rate					10.00%
Customer Relationships [Member]
Acquisitions [Line Items]
Discount rate					10.00%
Product Rights Developed Technology [Member]
Acquisitions [Line Items]
Discount rate					8.00%
Discount rate thereafter					16.00%
Management Services Agreement [Member]
Acquisitions [Line Items]
Cash payment amount		$ 4,500,000
WraSer APA [Member]
Acquisitions [Line Items]
Business acquisition, description					(i) $2.2 million to be paid at closing, (ii) $2.3 million, to be paid in monthly installments of $150,000 commencing January 2024 and (iii) 789 shares of Series A Preferred Stock to be paid at closing
Cash payment amount							$ 4,500,000
Bankruptcy Court [Member]
Acquisitions [Line Items]
Business acquisition, description					The amendment also reduced the number of products the Company was acquiring by excluding pain medications and including only (i) Ciprofloxacin 0.3% and Fluocinolone 0.025% Otic Solution, under the trademark OTOVEL and its Authorized Generic Version approved under US FDA NDA No. 208251, (ii) Ciprofloxacin 0.2% Otic solution, under the trademark CETRAXAL, and (iii) Vorapaxar Sulfate tablets under the trademark Zontivity approved under US FDA NDA N204886.
WraSer MSA [Member]
Acquisitions [Line Items]
Payment as deposit				$ 3,500,000
Asset Purchase Agreement [Member]
Acquisitions [Line Items]
Consideration amount									$ 100,000,000
ENTADFI [Member]
Acquisitions [Line Items]
Consideration amount			20,000,000		$ 20,000,000
Business acquisition, description					(i) $6.0 million paid upon the closing of the Transaction on April 19, 2023, (ii) an additional $4.0 million in the form of a non-interest bearing note payable due on September 30, 2023, and (iii) an additional $10.0 million in the form of two $5.0 million non-interest bearing notes payable, each due on April 19, 2024 and September 30, 2024.
Business acquisition, description					$4.0 million note payable originally due on September 30, 2023 was deemed paid and fully satisfied upon (1) the payment to the Seller of $1.0 million in cash on September 29, 2023, and (2) the issuance to the Seller by October 3, 2023, of 3,000 shares of Series A Convertible Preferred Stock (the “Series A Preferred Stock”) of the Company (see Note 7)
Acquired inventory					$ 400,000
Milestone Payments [Member]
Acquisitions [Line Items]
Consideration amount			$ 80,000,000		$ 80,000,000
Business acquisition, description					(i) $10.0 million is payable upon the first time the Company achieves net sales from ENTADFI of $100.0 million during a calendar year, (ii) $20.0 million is payable upon the first time the Company achieves net sales from ENTADFI of $200.0 million during a calendar year, and (3) $50.0 million is payable upon the first time the Company achieves net sales from ENTADFI of $500.0 million during a calendar year.
Pharmaceutical Services, LLC [Member]
Acquisitions [Line Items]
Business acquisition, description					(i) $5.0 million is payable upon the first time the Company achieves net sales from ENTADFI of $100.0 million during a calendar year, (ii) $7.5 million is payable upon the first time the Company achieves net sales from ENTADFI of $200.0 million during a calendar year, and (3) $10.0 million is payable upon the first time the Company achieves net sales from ENTADFI of $300.0 million during a calendar year.
Veru APA [Member]
Acquisitions [Line Items]
Business acquisition, description					the Camargo Obligations and determined that at the close of the Transaction, the related sales milestone payments are not considered probable, and as such, the Company did not recognize any related liability at the date of the Transaction.
WraSer [Member]
Acquisitions [Line Items]
Initial payment					$ 3,500,000
PMX Transaction [Member]
Acquisitions [Line Items]
Consideration transferred total					65,100,000
Proteomedix [Member]
Acquisitions [Line Items]
Fair value					$ 7,000,000
Notes Payable [Member]
Acquisitions [Line Items]
Estimated using discount percentage			8.20%		8.20%
Series B Convertible Preferred Stock [Member]
Acquisitions [Line Items]
Issuance of common stock (in Shares)	2,696,729
Series B Preferred Stock [Member]
Acquisitions [Line Items]
Number of shares (in Shares)	100
Series B Preferred Stock [Member] \| PMX Transaction [Member]
Acquisitions [Line Items]
Issuance of common stock (in Shares)					269,672,900

Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 3 - USD ($)			3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 18, 2022	Nov. 10, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 3 [Line Items]
Common stock issued (in Dollars)						$ 5
Shares remaining repurchased (in Dollars)			$ 4,500,000		4,500,000
Repurchased share				25,032		57,670
Aggregate amount (in Dollars)			$ 26,000		$ 59,000
Price per share (in Dollars per share)				$ 1.02	$ 1.02
Common Stock [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 3 [Line Items]
Common stock issued (in Dollars)					$ 22,848,876		$ 22,841,975
Common stock outstanding			22,331,477		22,331,477		22,324,576
Treasury Stocks [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 3 [Line Items]
Shares remaining repurchased (in Dollars)		$ 5,000,000
Price per share (in Dollars per share)	$ 2	$ 1

Subscription Agreement (Tables)

6 Months Ended

Jun. 30, 2024

Subscription Agreement [Abstract]

Schedule of Assumptions Used in the Monte-Carlo Model, Which Utilizes Level 3 Inputs

The significant assumptions used in the Monte-Carlo model, which utilizes Level 3 inputs (see Note 3), are as follows as of June 30, 2024 and December 31, 2023:

	June 30, 2024			December 31, 2023
Exercise price	$	0.25		$	0.25
Term (years)		0.87			1.2
Expected stock price volatility		110	%		95	%
Risk-free rate of interest		5.14	%		4.64	%

Acquisitions (Details) - Schedule of Fair Value of the Proteomedix Stock Options	Jun. 30, 2024
Exercise price [Member] \| Minimum [Member]
Schedule of Fair Value of the Proteomedix Stock Options [Line Items]
Derivative liability, measurement input	1.15
Exercise price [Member] \| Maximum [Member]
Schedule of Fair Value of the Proteomedix Stock Options [Line Items]
Derivative liability, measurement input	28.83
Stock price [Member]
Schedule of Fair Value of the Proteomedix Stock Options [Line Items]
Derivative liability, measurement input	128.11
Term (years) [Member] \| Minimum [Member]
Schedule of Fair Value of the Proteomedix Stock Options [Line Items]
Derivative liability, measurement input	0.17
Term (years) [Member] \| Maximum [Member]
Schedule of Fair Value of the Proteomedix Stock Options [Line Items]
Derivative liability, measurement input	3.59
Expected stock price volatility [Member]
Schedule of Fair Value of the Proteomedix Stock Options [Line Items]
Derivative liability, measurement input	90
Risk-free rate of interest [Member] \| Minimum [Member]
Schedule of Fair Value of the Proteomedix Stock Options [Line Items]
Derivative liability, measurement input	4.07
Risk-free rate of interest [Member] \| Maximum [Member]
Schedule of Fair Value of the Proteomedix Stock Options [Line Items]
Derivative liability, measurement input	5.47

Summary of Significant Accounting Policies (Details) - Schedule of Fair Value of Financial Instruments Measured On a Recurring Basis - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Liabilities:
Contingent warrant liability	$ 2,641	$ 2,641
Total	888,241	866,641
Level 1 [Member]
Liabilities:
Contingent warrant liability
Total
Level 2 [Member]
Liabilities:
Contingent warrant liability
Total
Level 3 [Member]
Liabilities:
Contingent warrant liability	2,641	2,641
Total	888,241	866,641
Related Party [Member]
Liabilities:
Subscription agreement liability – related party	885,600	864,000
Related Party [Member] \| Level 1 [Member]
Liabilities:
Subscription agreement liability – related party
Related Party [Member] \| Level 2 [Member]
Liabilities:
Subscription agreement liability – related party
Related Party [Member] \| Level 3 [Member]
Liabilities:
Subscription agreement liability – related party	$ 885,600	$ 864,000

Going Concern and Management’s Plans

6 Months Ended

Jun. 30, 2024

Going Concern and Management’s Plans [Abstract]

Going Concern and Management’s Plans

Note 2 — Going Concern and Management’s Plans

The Company’s operating activities to date have been devoted to seeking licenses, engaging in research and development activities, potential asset and business acquisitions, and expenditures associated with the previously planned commercial launch of ENTADFI and the commercialization of Proclarix.

The Company has incurred substantial operating losses since inception and expects to continue to incur significant operating losses for the foreseeable future. As of June 30, 2024, the Company had cash of approximately $0.9 million, a working capital deficit of approximately $18.6 million and an accumulated deficit of approximately $82.2 million. During the six months ended June 30, 2024, the Company used approximately $8.4 million in cash for operating activities. In addition, as of August 22, 2024, the Company’s cash balance was approximately $1.0 million. The Company believes that its current cash balance is only sufficient to fund its operations into September 2024 and this raises substantial doubt about the Company’s ability to continue as a going concern within one year from the date of the issuance of these condensed consolidated financial statements, and indicates that the Company is unable to meet its contractual commitments and obligations as they come due in the ordinary course of business, including the $5.0 million note payable due on September 30, 2024 (see Note 7). The Company will require significant additional capital in the short-term to fund its continuing operations, satisfy existing and future obligations and liabilities, including the remaining payments due for the acquisition of the ENTADFI assets, payment due on the Debenture (as defined below), in addition to funds needed to support the Company’s working capital needs and business activities. These business activities include the commercialization of Proclarix, and the development and commercialization of the Company’s future product candidates. In addition, as discussed more fully in Note 5, if stockholder approval is not obtained by January 1, 2025 with respect to the conversion of the Series B Convertible Redeemable Preferred Stock issued in connection with the acquisition of Proteomedix, these shares become redeemable for cash at the option of the holders, and the Company currently does not have sufficient cash to redeem such shares. Based on the closing price of $0.155 for the Company’s common stock as of August 26, 2024, the Series B Convertible Redeemable Preferred Stock would be redeemable for approximately $41.9 million.

Management’s plans for funding the Company’s operations include generating product revenue from sales of Proclarix, which is still subject to further successful commercialization activities within certain jurisdictions. In addition, as discussed above, the Company has now abandoned commercialization activities for ENTADFI, and is exploring strategic alternatives for its monetization, such as a potential sale of the ENTADFI assets, for which the Company has engaged a financial advisor to assist with. If the Company is not able to consummate a sale or other transaction of the ENTADFI assets, it may abandon the assets and destroy its inventory of the product. Management’s plans also include attempting to secure additional required funding through equity or debt financings if available. However, there are currently no commitments in place for further financing nor is there any assurance that such financing will be available to the Company on favorable terms, if at all. This creates significant uncertainty that the Company will have the funds available to be able to sustain its operations and expand commercialization of Proclarix. If the Company is unable to secure additional capital, it may be required to curtail any future clinical trials, development and/or commercialization of future product candidates, and it may take additional measures to reduce expenses in order to conserve its cash in amounts sufficient to sustain operations and meet its obligations.

Because of historical and expected operating losses and net operating cash flow deficits, there is substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the condensed consolidated financial statements, which is not alleviated by management’s plans. The condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. These condensed consolidated financial statements do not include any adjustments that might be necessary from the outcome of this uncertainty.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Fair Value of Financial Instruments Measured On a Recurring Basis

The fair value of financial instruments measured on a recurring basis is as follows as of June 30, 2024 and December 31, 2023:

	As of June 30, 2024
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Contingent warrant liability	$	2,641		—		—	$	2,641
Subscription agreement liability – related party	$	885,600		—		—	$	885,600
Total	$	888,241	$	—	$	—	$	888,241

	As of December 31, 2023
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Contingent warrant liability	$	2,641		—		—	$	2,641
Subscription agreement liability – related party	$	864,000		—		—	$	864,000
Total	$	866,641	$	—	$	—	$	866,641

Schedule of Activity for the Related Party Subscription Agreement liability

The following table summarizes the activity for the related party subscription agreement liability, using unobservable Level 3 inputs, for the six months ended June 30, 2024:

	Subscription Agreement Liability
Balance at December 31, 2023	$	864,000
Change in fair value		21,600
Balance at June 30, 2024	$	885,600

Schedule of Revenue was Generated from the Following Geographic Regions

The Company’s revenue was generated from the following geographic regions during the three months ended June 30, 2024:

	European Union			Non-European Union			United States
Development services		100	%		-	%		-	%
Product sales		-	%		-	%		-	%

The Company’s revenue was generated from the following geographic regions during the six months ended June 30, 2024:

	European Union			Non-European Union			United States
Development services		100	%		-	%		-	%
Product sales		-	%		14	%		86	%

Schedule of Customer Concentrations for Revenue

The Company had the following customer concentrations for its revenue during the three and six months ended June 30, 2024:

	For the Three Months Ended June 30, 2024				For the Six Months Ended June 30, 2024
	Development Services		Product Sales		Development Services		Product Sales
Customer A		100%		-%	$	100%	$	-%
Customer B		-%		-%		-%		86%

Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 - USD ($)						1 Months Ended			3 Months Ended		6 Months Ended
	Apr. 16, 2024	Feb. 14, 2024	May 31, 2023	May 09, 2023	Mar. 29, 2023	Aug. 31, 2025	Aug. 31, 2024	Jan. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Oct. 03, 2023
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Fixed commission rate					3.00%
Issued shares of common stock											7,899,661
Fair value per share (in Dollars per share)									$ 0.167		$ 0.167
Warrants issuable (in Dollars)									$ 3,000		$ 3,000		$ 3,000
Settlement share									447,519		447,519		447,519
Common stock reserved for issuance									3,150,000		3,150,000			5,709,935
Weighted average grant date fair value (in Dollars per share)												$ 1.08
Aggregate fair value of stock options (in Dollars)									$ 83,000	$ 207,000	$ 167,000	$ 479,000
Restricted shares granted			25,440	150,000
Restricted shares granted vest								50.00%
Vesting period											4 years
Stock options outstanding	12,257
Expense (in Dollars)									$ 10,000		$ 34,000
Weighted average exercise price (in Dollars per share)									$ 3.46		$ 3.46
Stock option									57,812		57,812
Reduced exercised price (in Dollars per share)											$ 3.15
Vested weighted average term											4 years 9 months 14 days
Stock-based compensation expense (in Dollars)									$ (775)	$ 272,781	$ 51,875	$ 458,359
At the Market Offering Agreement [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Deferred offering costs (in Dollars)									$ 300,000		$ 300,000
Equity Option [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Stock option outstanding shares									1,130,026		1,130,026		1,904,830
Weighted average exercise price (in Dollars per share)									$ 2.12		$ 2.12		$ 1.63
Stock-based compensation expense (in Dollars)									$ 58,000		$ 58,000
2019 Equity Incentive Plan [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Common stock reserved for issuance									1,400,000		1,400,000
2022 Plan [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Available shares									1,488,180		1,488,180
PMX Option Plan [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Expected term											11 years
Stock options outstanding											4.87
Stock option outstanding shares									58,172		58,172
Market Offering Agreement [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Shares of common stock (in Dollars)					$ 3,900,000
Subsequent Event [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Restricted shares granted vest							25.00%
Chief Executive Officer [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Restricted shares granted				487,500
Chief Financial Officer [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Restricted shares granted				150,000
CBO’s [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Restricted shares granted				75,000
Board of Directors [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Aggregate of stock options		3,125
Board of Directors Chairman [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Expense (in Dollars)									$ 18,000		$ 18,000
Forecast [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 4 [Line Items]
Restricted shares granted vest						25.00%

Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Schedule of Restricted Stock	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Schedule of Unvested Restricted Stock [Line Items]
Number of Shares, Outstanding at beginning \| shares	256,580
Weighted Average Grant Date Fair Value, Outstanding at beginning \| $ / shares	$ 1.03
Number of Shares, Granted \| shares	3,125
Weighted Average Grant Date Fair Value, Granted \| $ / shares	$ 0.17
Number of Shares, Vested \| shares	(140,955)
Weighted Average Grant Date Fair Value, Vested \| $ / shares	$ 0.98
Number of Shares, Forfeited \| shares	(12,500)
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	$ 1.03
Number of Shares, Outstanding at ending \| shares	106,250
Weighted Average Grant Date Fair Value, Outstanding at ending \| $ / shares	$ 1.03

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Net Loss Per Share [Abstract]

Schedule of Computation of Diluted Shares Outstanding

The following securities were excluded from the computation of diluted shares outstanding due to the losses incurred in the periods presented, as they would have had an anti-dilutive impact on the Company’s net loss:

	Three and Six Months Ended June 30,
	2024		2023
Options to purchase shares of common stock		1,130,026		1,419,592
Warrants		7,899,661		5,264,274
Unvested shares of restricted stock		106,250		512,940
Common stock issuable upon conversion of Series A preferred stock		5,709,935		—
Total		14,845,872		7,196,806

Acquisitions (Details) - Schedule of Aggregate Consideration Transferred for the Assets Acquired	6 Months Ended
	Jun. 30, 2024 USD ($)
Schedule of Aggregate Consideration Transferred for the Assets Acquired [Line Items]
Consideration transferred at closing	$ 6,000,000
Fair value of notes payable issued	12,947,000
Transaction costs	79,771
Total consideration transferred	19,026,771
Fair Value Consideration Transferred [Member]
Schedule of Aggregate Consideration Transferred for the Assets Acquired [Line Items]
Common stock	875,484
Series B Preferred Stock	64,236,085
Total consideration transferred	$ 65,111,569

Commitments and Contingencies (Details) - USD ($)		3 Months Ended	6 Months Ended	12 Months Ended
Commitments and Contingencies (Details) - USD ($)	May 01, 2022	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies [Line Items]
Additional right-of-use asset			$ 88,000
Lease remainder year amount		$ 122,000	122,000
Short-term lease	$ 14,000
Rent expense		$ 2,000	51,000
Variable lease expense			$ 4,000
Percentage of subscription			2.00%
Aggregate payments			$ 59,750,000
Related expense				$ 209,000
Approximately amount paid				159,000
Selling, general and administrative expenses				$ 50,000
Zurich Switzerland [Member]
Commitments and Contingencies [Line Items]
Leases office rate			$ 60,000

Summary of Significant Accounting Policies (Details) - Schedule of Activity for the Related Party Subscription Agreement liability - Subscription Agreement Liability [Member]	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning	$ 864,000
Change in fair value	21,600
Balance at ending	$ 885,600

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 930,541	$ 4,554,335
Accounts receivable, net	171,313	149,731
Inventories	160,272	364,052
Prepaid expenses and other current assets	773,322	770,153
Total current assets	2,035,448	5,838,271
Prepaid expenses, long-term		17,423
Property and equipment, net	69,189	60,654
Deferred offering costs	366,113	366,113
Operating right of use asset	179,983	148,542
Intangible assets, net	20,310,890	25,410,887
Goodwill	36,502,332	55,676,142
Total assets	59,463,955	87,518,032
Current liabilities
Accounts payable	3,169,727	5,295,114
Accrued expenses	1,438,872	2,199,867
Notes payable, net of debt discounts of $89,667 and $381,627 at June 30, 2024 and December 31, 2023, respectively	10,093,425	9,618,373
Operating lease liability, current	119,474	74,252
Subscription agreement liability – related party	885,600
Contingent warrant liability	2,641	2,641
Total current liabilities	20,603,559	17,190,247
Note payable, net of current portion	111,260	118,857
Subscription agreement liability – related party		864,000
Pension benefit obligation	375,360	556,296
Operating lease liability, net of current portion	60,509	74,290
Deferred tax liability, net	2,805,816	3,073,781
Total liabilities	23,956,504	21,877,471
Commitments and Contingencies (see Note 10)
Series B Convertible Redeemable Preferred stock, $0.00001 par value, 2,700,000 shares authorized at June 30, 2024 and December 31, 2023; 2,696,729 shares issued and outstanding at June 30, 2024 and December 31, 2023	64,236,085	64,236,085
Stockholders’ equity (deficit)
Series A Convertible Preferred stock, $0.00001 par value, 10,000 shares authorized at June 30, 2024 and December 31, 2023; 3,000 shares issued and outstanding at June 30, 2024 and December 31, 2023; Liquidation preference of $3,000,000 at June 30, 2024 and December 31, 2023
Common stock, $0.00001 par value, 250,000,000 shares authorized at June 30, 2024 and December 31, 2023; 22,848,876 and 22,841,975 shares issued at June 30, 2024 and December 31, 2023, respectively; 22,331,477 and 22,324,576 shares outstanding at June 30, 2024 and December 31, 2023, respectively	228	228
Additional paid-in-capital	49,405,359	49,428,809
Treasury stock, at cost; 517,399 shares of common stock at June 30, 2024 and December 31, 2023	(625,791)	(625,791)
Accumulated deficit	(82,211,470)	(56,786,194)
Accumulated other comprehensive income (loss)	(2,378,952)	2,380,920
Total Onconetix stockholders’ deficit	(35,810,626)	(5,602,028)
Non-controlling interest	7,081,992	7,006,504
Total stockholders’ equity (deficit)	(28,728,634)	1,404,476
Total liabilities, convertible redeemable preferred stock, and stockholders’ equity (deficit)	59,463,955	87,518,032
Related Party
Current liabilities
Note payable – related party, net of debt discount of $106,180 and $0 at June 30, 2024 and December 31, 2023, respectively	$ 4,893,820

Summary of Significant Accounting Policies (Details)		3 Months Ended	6 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2023	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies [Line Items]
Operating segment	1		1
Revenue		$ 700,000	$ 1,400,000
Contract assets		56,000	56,000
Accounts receivable			171,000	$ 150,000
Development Services [Member]
Summary of Significant Accounting Policies [Line Items]
Revenue		$ 700,000	1,300,000
Product Sales [Member]
Summary of Significant Accounting Policies [Line Items]
Revenue			$ 100,000

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Acquisitions (Tables) [Line Items]

Schedule of Aggregate Consideration Transferred for the Assets Acquired

The following table summarizes the aggregate consideration transferred for the assets acquired by the Company in connection with the Veru APA:

	Consideration Transferred
Consideration transferred at closing	$	6,000,000
Fair value of notes payable issued		12,947,000
Transaction costs		79,771
Total consideration transferred	$	19,026,771

The acquisition-date fair value of the consideration transferred totaled approximately $65.1 million, which consisted of the following:

	Consideration Transferred
Common stock	$	875,484
Series B Preferred Stock		64,236,085
Total consideration transferred	$	65,111,569

Schedule of Assets Acquired

The following table summarizes the assets acquired with the Veru APA:

	Assets Recognized
Inventory	$	1,120,000
ENTADFI Intangible		17,906,771
Total fair value of identifiable assets acquired	$	19,026,771

Schedule of Fair Value of the Proteomedix Stock Options

The significant assumptions used in the Monte-Carlo model, which utilizes Level 3 inputs (see Note 3), are as follows as of June 30, 2024 and December 31, 2023:

	June 30, 2024			December 31, 2023
Exercise price	$	0.25		$	0.25
Term (years)		0.87			1.2
Expected stock price volatility		110	%		95	%
Risk-free rate of interest		5.14	%		4.64	%

Schedule of Estimated Fair Values of Assets Acquired and Liabilities

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date:

	Net Assets Recognized
Cash	$	1,056,578
Accounts receivable		87,445
Inventories		80,593
Prepaid expenses and other current assets		114,615
Right of use asset		149,831
Property and equipment, net		39,779
Trade name		9,018,000
Customer relationships		1,891,000
Product rights for developed technology		10,541,000
Goodwill		53,914,055
Total assets acquired		76,892,896
Accounts payable		(234,029	)
Accrued expenses		(732,814	)
Operating lease liability		(149,831	)
Deferred tax liability		(2,994,669	)
Pension benefit obligation		(548,384	)
Note payable		(115,096	)
Total liabilities assumed		(4,774,823	)
Net assets		72,118,073
Less non-controlling interest		(7,006,504	)
Net assets acquired	$	65,111,569

Schedule of Consolidated Statements of Operations and Comprehensive Loss

In addition, the pro forma results are not necessarily indicative of the results of operations that actually would have been achieved had the PMX Transaction been consummated as of that date:

Unaudited
For The
Three Months

Ended
June 30,
2023

Unaudited

For The
Six Months
Ended
June 30,
2023

Revenue

537,267

1,556,244

Net loss

7,175,366

9,742,710

Proteomedix [Member]

Acquisitions (Tables) [Line Items]

Schedule of Fair Value of the Proteomedix Stock Options

The fair value of the Proteomedix stock options assumed as part of the PMX Transaction was determined using a Black-Scholes option pricing model with the following significant assumptions:

Exercise price	$	1.15 – 28.83
Stock price	$	128.11
Term (years)		0.17 – 3.59
Expected stock price volatility		90%
Risk-free rate of interest		4.07% – 5.47%

Balance Sheet Details (Details) - USD ($)	3 Months Ended			6 Months Ended
Balance Sheet Details (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Balance Sheet Details [Line Items]
Impairment on the ENTADFI inventory	$ 400,000			$ 400,000
Estimated useful lives	15 years			15 years
Amortization expense related to intangible assets	$ 196,000			$ 398,000
Cost of revenue	604,132			1,115,565
Impairment charge	1,200,000	$ 14,700,000		3,500,000
Product rights intangible asset				3,296,644
Prepaids and other assets	200,000			$ 200,000
Weighted-average remaining amortization period				14 years 5 months 19 days
Indefinite life intangible assets	8,700,000	$ 9,300,000		$ 8,700,000
Impairment of goodwill	10,300,000			15,500,000
Product Rights Intangible Asset [Member]
Balance Sheet Details [Line Items]
Impairment charge				1,200,000
Other Intangible Assets [Member]
Balance Sheet Details [Line Items]
Impairment charge				1,000,000
Property, Plant and Equipment [Member]
Balance Sheet Details [Line Items]
Impairment charge				200,000
ENTADFI [Member]
Balance Sheet Details [Line Items]
Selling, general, and administrative expenses	30,000			61,000
Product rights intangible asset				3,300,000
Condensed Consolidated Statements of Operations and Comprehensive Loss [Member]
Balance Sheet Details [Line Items]
Cost of revenue	$ 166,000			$ 337,000

Balance Sheet Details (Details) - Schedule of Intangible Assets	6 Months Ended
	Jun. 30, 2024 USD ($)
Gross basis:
Total intangible assets, gross begininng	$ 25,447,699
Impairment	(3,296,644)
Foreign Currency Translation	(1,415,884)
Total intangible assets, gross Ending	20,735,171
Accumulated amortization:
Amortization	(397,587)
Foreign Currency Translation	10,118
Total intangible assets, accumulated amortization begininng	(36,812)
Intangible assets, net begininng	25,410,887
Intangible assets, net Ending	20,310,890
Total intangible assets, accumulated amortization Ending	(424,281)
Trade Name [Member]
Gross basis:
Total intangible assets, gross begininng	9,312,739
Impairment
Foreign Currency Translation	(595,266)
Total intangible assets, gross Ending	8,717,473
Product Rights for Developed Technology [Member]
Gross basis:
Total intangible assets, gross begininng	14,182,157
Impairment	(3,296,644)
Foreign Currency Translation	(695,796)
Total intangible assets, gross Ending	10,189,717
Accumulated amortization:
Amortization	(337,111)
Foreign Currency Translation	8,579
Total intangible assets, accumulated amortization begininng	(31,213)
Total intangible assets, accumulated amortization Ending	(359,745)
Customer Relationships [Member]
Gross basis:
Total intangible assets, gross begininng	1,952,803
Impairment
Foreign Currency Translation	(124,822)
Total intangible assets, gross Ending	1,827,981
Accumulated amortization:
Amortization	(60,476)
Foreign Currency Translation	1,539
Total intangible assets, accumulated amortization begininng	(5,599)
Total intangible assets, accumulated amortization Ending	$ (64,536)

Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Schedule of Fair Value of Options Granted	6 Months Ended
	Jun. 30, 2023 $ / shares
Minimum [Member]
Schedule of Fair Value of Options Granted [Line Items]
Exercise price (in Dollars per share)	$ 1.05
Term (years)	5 years
Expected stock price volatility	113.10%
Risk-free rate of interest	3.50%
Maximum [Member]
Schedule of Fair Value of Options Granted [Line Items]
Exercise price (in Dollars per share)	$ 1.29
Term (years)	10 years
Expected stock price volatility	119.50%
Risk-free rate of interest	3.60%

Convertible Redeemable Preferred Stock and Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Outstanding Warrants, Excluding Contingent Warrants

	Number of		Exercise		Expiration
Description	Shares		Price		Date
April 2022 Offering Placement Agent Warrants		70,849	$	8.46875		4/19/2026
August 2022 Private Placement Warrants		2,486,214		2.546		8/11/2027
August 2022 Offering Placement Agent Warrants		220,997		3.394		8/11/2027
August 2023 Inducement Warrants		4,972,428		1.09		8/2/2027
August 2023 Offering Placement Agent Warrants		149,173		1.3625		8/2/2027
Total warrants outstanding		7,899,661		1.68

Schedule of Stock Options

The following summarizes activity related to the Company’s stock options under the 2019 Plan and the 2022 Plan for the six months ended June 30, 2024:

						Weighted
						Average
				Weighted		Remaining
				Average		Contractual
	Number of			Exercise		Life
	Shares			Price		(in years)
Outstanding as of December 31, 2023		1,904,830		$	1.63		8.4
Granted		—			—		—
Forfeited / cancelled		(758,528	)		0.92		—
Exercised		(16,276	)		0.01		—
Outstanding as of June 30, 2024		1,130,026			2.12		4.2
Options vested and exercisable as of June 30, 2024		900,066		$	2.05		3.0

Schedule of Fair Value of Options Granted

		For the Six Months Ended June 30,
		2023
Exercise price		$1.05 – 1.29
Term (years)		5.00 – 10.00
Expected stock price volatility		113.1% – 119.5%
Risk-free rate of interest		3.5% – 3.6%

Schedule of Restricted Stock

The following summarizes activity related to the Company’s restricted stock awards granted under the 2022 Plan for the six months ended June 30, 2024:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Nonvested as of December 31, 2023		256,580		$	1.03
Granted		3,125			0.17
Vested		(140,955	)		0.98
Forfeited		(12,500	)		1.03
Nonvested as of June 30, 2024		106,250		$	1.03

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense related to stock options and restricted stock, for the three and six months ended June 30, 2024 and 2023 was as follows:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2024			2023		2024			2023
Selling, general and administrative	$	42,663		$	173,152	$	96,449		$	272,360
Research and development		(43,438	)		99,629		(44,574	)		185,999
Total	$	(775	)	$	272,781	$	51,875		$	458,359

Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Net Loss Per Share [Abstract]

Net Loss Per Share

Note 13 — Net Loss Per Share

Basic net loss per share is computed by dividing the net income or loss applicable to common shares by the weighted average number of common shares outstanding during the period. The weighted average number of shares of common stock outstanding includes pre-funded warrants because their exercise requires only nominal consideration for delivery of shares; it does not include any potentially dilutive securities or any unvested restricted shares of common stock. Certain restricted shares, although classified as issued and outstanding at June 30, 2024, are considered contingently returnable until the restrictions lapse and will not be included in the basic net loss per share calculation until the shares are vested. Unvested shares of the Company’s restricted stock do not contain non-forfeitable rights to dividends and dividend equivalents. Diluted earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the Company’s warrants, options, and restricted shares. Diluted net loss per share is computed by giving effect to all potential shares of common stock, including warrants, stock options, and unvested restricted shares, to the extent they are dilutive.

The two-class method is used to determine earnings per share based on participation rights of participating securities in any undistributed earnings. Each share of preferred stock that includes rights to participate in distributed earnings is considered a participating security and the Company uses the two-class method to calculate net income available to the Company’s common stockholders per common share — basic and diluted.

	Three and Six Months Ended June 30,
	2024		2023
Options to purchase shares of common stock		1,130,026		1,419,592
Warrants		7,899,661		5,264,274
Unvested shares of restricted stock		106,250		512,940
Common stock issuable upon conversion of Series A preferred stock		5,709,935		—
Total		14,845,872		7,196,806

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 10 — Commitments and Contingencies

Office Leases

Proteomedix leases office and lab space in Zurich Switzerland. On April 1, 2024, the original lease was amended to add additional office and laboratory space. The lease amendment was accounted for as a separate lease, resulting in an additional right-of-use asset and lease liability of approximately $88,000. The lease, as amended, requires payments of approximately $60,000 for the remainder of 2024, and $122,000 for the year ended December 31, 2025, and is insignificant to the Company’s condensed consolidated financial statements.

The Company entered into a short-term lease in Palm Beach, Florida with an unrelated party, with a commencement date of May 1, 2022, for approximately $14,000 per month. The lease, which was personally guaranteed by the Company’s former CEO, ended on April 30, 2023. During the three and six months ended June 30, 2023, the Company incurred rent expense on this lease of approximately $2,000 and $51,000, respectively, and variable lease expense of approximately $4,000 for both periods.

Litigation

From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. As of June 30, 2024, the Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. However, as discussed in Note 5, on December 21, 2023, the Company filed a notice with the Bankruptcy Court terminating the WraSer APA and the WraSer MSA, after having determined that a Material Adverse Effect had occurred. WraSer has advised the Company that it does not believe that a Material Adverse Effect occurred, and they recently filed a plan of reorganization that indicates it may seek damages from the Company due to the termination of the WraSer APA and WraSer MSA.

Registration Rights Agreements

In connection with private placements consummated in April 2022 and August 2022, the Company entered into Registration Rights Agreements with the purchasers. Upon the occurrence of any Event (as defined in each Registration Rights Agreement), which, among others, prohibits the purchasers from reselling the securities for more than ten consecutive calendar days or more than an aggregate of fifteen calendar days during any 12-month period, and should the registration statement cease to remain continuously effective, the Company would be obligated to pay to each purchaser, on each monthly anniversary of each such Event, an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of 2.0% multiplied by the aggregate subscription amount paid by such purchaser in the private placements. As of June 30, 2024, the Company determined that the likelihood of the Company incurring liquidated damages pursuant to the Registration Rights Agreements is remote, and as such, no accrual of these payments is required as of June 30, 2024.

Milestone and Royalty Obligations

The Company has entered into various license agreements with third parties that obligate the Company to pay certain development, regulatory, and commercial milestones, as well as royalties based on product sales. As of June 30, 2024, the Company terminated all license agreements, except for its license agreement with Children’s Hospital Medical Center (“CHMC”), which could require the Company to pay CHMC milestone payments of up to an aggregate of $59.75 million. The Company terminated the CHMC license agreement during July 2024, and the amounts due upon termination were not significant.

Indemnification

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not been required to defend any action related to its indemnification obligations. However, during the third quarter of 2023, the Company received a claim from its former CEO and a former accounting employee requesting advancement of certain expenses. The Company recorded approximately $209,000 in related expenses during the year ended December 31, 2023, of which approximately $159,000 was paid through reduction of the outstanding related party receivable due from the former CEO (see Note 11). The Company recorded a related accrual of approximately $50,000, which was included in accrued expenses at December 31, 2023, and which was paid during 2024, and accordingly there is no related accrual as of June 30, 2024. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is not estimable at this time.

Subscription Agreement

6 Months Ended

Jun. 30, 2024

Subscription Agreement [Abstract]

Subscription Agreement

Note 8 — Subscription Agreement

On December 18, 2023, the Company entered into a subscription agreement (the “Subscription Agreement”) with the PMX Investor, who became a stockholder of Onconetix at the closing of the PMX Transaction (see Notes 5 and 11), for the sale of 20 million units, each comprised of 1 share of common stock and 0.30 pre-funded warrants (the “Units”) at $0.25 per Unit. The Subscription Agreement includes a make-whole provision which requires the issuance of additional shares of common stock in the event that the 270-day volume weighted average price after the closing of the Subscription Agreement, is below $0.25. The Subscription Agreement will only close upon obtaining Stockholder Approval for certain transactions involving the Company’s Series B Preferred Stock, as further described in Note 5.

The Subscription Agreement is accounted for as a liability in accordance with ASC 480, Distinguishing Liabilities from Equity, (“ASC 480”), as the make-whole provision could result in a variable number of shares being issued upon settlement. The related party subscription agreement liability is measured at fair value at the commitment date and at each subsequent reporting period, with changes in fair value recorded as a component of other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2024 and December 31, 2023, the fair value of the related party subscription agreement liability is estimated to be approximately $886,000 and $864,000, respectively, and the change in fair value of the related party subscription agreement liability for the three and six months ended June 30, 2024 was an increase of approximately $248,000 and $22,000, respectively. The fair value was determined using a Monte-Carlo option pricing model, and as of June 30, 2024 and December 31, 2023, the Company estimated a 55% probability that the Subscription Agreement will close. The significant assumptions used in the Monte-Carlo model, which utilizes Level 3 inputs (see Note 3), are as follows as of June 30, 2024 and December 31, 2023:

	June 30, 2024			December 31, 2023
Exercise price	$	0.25		$	0.25
Term (years)		0.87			1.2
Expected stock price volatility		110	%		95	%
Risk-free rate of interest		5.14	%		4.64	%

Going Concern and Management’s Plans (Details) - USD ($)			6 Months Ended
	Aug. 26, 2024	Aug. 22, 2024	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024
Going Concern and Management’s Plans [Line Items]
Cash			$ 900,000
Working capital deficit			18,600,000
Accumulated deficit			(82,200,000)
Cash for operating activities			$ (8,431,591)	$ (6,228,769)
Forecast [Member]
Going Concern and Management’s Plans [Line Items]
Additional cash		$ 1,000,000
Note payable					$ 5,000,000
Forecast [Member] \| Series B Convertible Redeemable Preferred Stock [Member]
Going Concern and Management’s Plans [Line Items]
Closing price (in Dollars per share)	$ 0.155
Convertible redeemable preferred stock	$ 41,900,000

Defined Benefit Plan

6 Months Ended

Jun. 30, 2024

Defined Benefit Plan [Abstract]

Defined Benefit Plan

Note 14 — Defined Benefit Plan

Proteomedix sponsors a defined benefit pension plan (the “Swiss Plan”) covering certain eligible employees. The Swiss Plan provides retirement benefits based on years of service and compensation levels.

The following significant actuarial assumptions were used in calculating the benefit obligation and the net periodic benefit cost as of June 30, 2024 and December 31, 2023:

	June 30, 2024			December 31, 2023
Discount rate		1.30	%		1.45	%
Expected long-term rate of return on plan assets		1.30	%		1.45	%
Rate of compensation increase		3.30	%		3.00	%

Changes in these assumptions may have a material impact on the plan’s obligations and costs.

The components of net periodic benefit cost for the three and six months ended June 30, 2024, which is included within selling, general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss, are as follows:

	For The Three Months Ended June 30, 2024		For the Six Months Ended June 30, 2024
Service cost	$	23,794	$	48,444
Interest cost		7,293		14,851
Expected return on plan assets		409		(23,086	)
Amortization of net (gain)		269		(15,177	)
Total	$	31,765	$	(25,032	)

During the three and six months ended June 30, 2024, the Company made pension contributions of approximately $22,000 and $43,000, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Defined Benefit Plan (Details) - Schedule of Benefit Obligation and the Net Periodic Benefit Cost	Jun. 30, 2024	Dec. 31, 2023
Schedule of Benefit Obligation and the Net Periodic Benefit Cost [Abstract]
Discount rate	1.30%	1.45%
Expected long-term rate of return on plan assets	1.30%	1.45%
Rate of compensation increase	3.30%	3.00%

Subsequent Events (Details) - USD ($)			6 Months Ended
Subsequent Events (Details) - USD ($)	Jul. 12, 2024	Jul. 11, 2024	Jun. 30, 2024	Dec. 31, 2023
Subsequent Events [Line Items]
Percentage of cash fee			7.50%
Percentage of management fee			1.00%
Legal fees and expenses			$ 50,000
Share issued			22,848,876	22,841,975
Exercise price			$ 0.1875
Aggregate exercise percentage			7.50%
Percentage of common stock			7.00%
Subsequent Event [Member]
Subsequent Events [Line Items]
Purchase aggregate shares		22,375,926
Aggregate net proceeds	$ 900,000
Subsequent Event [Member] \| Subscription Agreement [Member]
Subsequent Events [Line Items]
Exercise price		$ 0.15
Subsequent Event [Member] \| Maximum [Member]
Subsequent Events [Line Items]
Exercise price		2.546
Subsequent Event [Member] \| Minimum [Member]
Subsequent Events [Line Items]
Exercise price		$ 1.09
Subsequent Event [Member] \| Preferred Investment Options [Member]
Subsequent Events [Line Items]
Purchase aggregate shares		7,458,642
Forbearance Agreement [Member]
Subsequent Events [Line Items]
Non-accountable expenses			$ 35,000
Common Stock [Member]
Subsequent Events [Line Items]
Share issued			10,000,000	10,000,000
Common Stock [Member] \| Wainwright & Co., LLC [Member]
Subsequent Events [Line Items]
Share issued			522,105

Organization and Basis of Presentation (Details)	Dec. 15, 2023
Proteomedix [Member]
Organization and Basis of Presentation [Line Items]
Subsidiary owned, percentage	100.00%
Onconetix [Member]
Organization and Basis of Presentation [Line Items]
Equity interest ownership percentage	100.00%

Subscription Agreement (Details) - Schedule of Assumptions Used in the Monte-Carlo Model, Which Utilizes Level 3 Inputs - Level 3 Inputs [Member]	Jun. 30, 2024	Dec. 31, 2023
Exercise Price [Member]
Schedule of Assumptions Used in the Monte-Carlo Model, Which Utilizes Level 3 Inputs [Line Items]
Assumptions Level 3 inputs	0.25	0.25
Term (years) [Member]
Schedule of Assumptions Used in the Monte-Carlo Model, Which Utilizes Level 3 Inputs [Line Items]
Assumptions Level 3 inputs	0.87	1.2
Expected Stock Price Volatility [Member]
Schedule of Assumptions Used in the Monte-Carlo Model, Which Utilizes Level 3 Inputs [Line Items]
Assumptions Level 3 inputs	110	95
Risk-free Rate of Interest [Member]
Schedule of Assumptions Used in the Monte-Carlo Model, Which Utilizes Level 3 Inputs [Line Items]
Assumptions Level 3 inputs	5.14	4.64

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Paragraph 3
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

+ Details

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Taxes [Abstract]

Income Taxes

Note 12 — Income Taxes

The Company’s tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, management updates the estimate of the annual effective tax rate, and any changes are recorded in a cumulative adjustment in that quarter. The quarterly tax provision and quarterly estimate of the annual effective tax rate are subject to significant volatility due to several factors, including management’s ability to accurately predict the portion of income (loss) before income taxes in multiple jurisdictions, and the effects of acquisitions and the integration of those acquisitions.

For the three months ended June 30, 2024, the Company recorded income tax expense of approximately $51,000 and for the six months ended June 30, 2024, the Company recorded an income tax benefit of approximately $71,000. This tax expense/benefit was related to the Company’s deferred foreign taxes resulting from the Proteomedix acquisition and yielded an effective tax rate of 12.0% for Proteomedix for the six months ended June 30, 2024. There was no income tax provision or benefit recorded for the three and six months ended June 30, 2023.

The Company has incurred net operating losses for all of the periods presented and has not reflected any benefit in the accompanying condensed consolidated financial statements for its U.S. net operating loss carryforwards and only a partial benefit for its Swiss net operating loss carryforwards due to uncertainty around utilizing these tax attributes within their respective carryforward periods. The Company has recorded a full valuation allowance against its U.S. deferred tax assets as it is not more likely than not that such assets will be realized in the near future. During 2023, the Company recognized a foreign deferred tax liability related to the acquisition of Proteomedix (see Note 5). A partial valuation allowance has been recognized against the Company’s Swiss deferred tax assets that are not more likely than not expected to be realizable.

The Company’s policy is to recognize interest expense and penalties related to income tax matters as income tax expense. For the three and six months ended June 30, 2024 and 2023, the Company has not recognized any interest or penalties related to income taxes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Net Loss Per Share (Details) - Schedule of Computation of Diluted Shares Outstanding - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Computation of Diluted Shares Outstanding [Abstract]
Options to purchase shares of common stock	1,130,026	1,419,592
Warrants	7,899,661	5,264,274
Unvested shares of restricted stock	106,250	512,940
Common stock issuable upon conversion of Series A preferred stock	5,709,935
Total	14,845,872	7,196,806

Defined Benefit Plan (Details) - USD ($)	3 Months Ended	6 Months Ended
Defined Benefit Plan (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2024
Defined Benefit Plan [Abstract]
Pension contributions	$ 22,000	$ 43,000

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (25,425,276)	$ (9,711,914)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of deposit on asset purchase agreement		3,500,000
Impairment of goodwill	15,453,000
Impairment of ENTADFI assets	3,530,716
Amortization of debt discounts	291,959	213,996
Amortization of debt discount – related party	293,820
Loss on related party receivable		165,355
Depreciation and amortization	408,001	3,269
Change in fair value of subscription agreement liability – related party	21,600
Net periodic pension benefit	(24,868)
Stock-based compensation	51,875	458,359
Interest accrued on note payable	95,751
Interest accrued on note payable – related party	87,123
Loss on impairment of inventory of ENTADFI	356,637
Change in fair value of contingent warrant liability		59
Deferred tax benefit	(70,799)
Changes in operating assets and liabilities:
Accounts receivable	(31,501)
Inventories	(159,095)	(51,900)
Prepaid expenses and other current assets	(220,928)	(227,201)
Prepaid expenses, long-term	(7,749)	(16,882)
Accounts payable	(2,188,629)	427,409
Accrued expenses	(893,228)	(989,319)
Net cash used in operating activities	(8,431,591)	(6,228,769)
Cash flows from investing activities
Acquisition of assets, including transaction costs of $79,771		(6,079,771)
Deposit made in connection with asset purchase agreement		(3,500,000)
Net advances to related parties		(454,557)
Purchases of property and equipment	(22,284)	(3,300)
Net cash used in investing activities	(22,284)	(10,037,628)
Cash flows from financing activities
Proceeds from issuance of note payable – related party	5,000,000
Proceeds from issuance of note payable	678,550
Payment of financing costs	(400,000)
Principal payments of notes payable	(417,046)
Proceeds from exercise of stock options	163	459
Payment of deferred offering costs		(205,093)
Purchase of treasury shares		(58,981)
Net cash provided by (used in) financing activities	4,861,667	(263,615)
Effect of exchange rate changes on cash	(31,586)
Net decrease in cash	(3,623,794)	(16,530,012)
Cash, beginning of period	4,554,335	25,752,659
Cash, end of period	930,541	9,222,647
Supplemental disclosure of cash flow information:
Cash paid for interest	4,405
Noncash investing and financing activities:
Inventory and intangible assets acquired through issuance of notes payable		12,947,000
Deferred offering costs included in accounts payable and accrued expenses		150,000
Deferred offering costs previously included in prepaid expenses		(11,020)
Exercise of pre-funded warrants		7
Issuance of restricted stock		5
Operating right-of-use asset obtained in exchange of lease liability	$ 87,864

Acquisitions (Details) - Schedule of Estimated Fair Values of Assets Acquired and Liabilities - Business Acquisition [Member]	Jun. 30, 2024 USD ($)
Schedule of Estimated Fair Values of Assets Acquired and Liabilities [Line Items]
Cash	$ 1,056,578
Accounts receivable	87,445
Inventories	80,593
Prepaid expenses and other current assets	114,615
Right of use asset	149,831
Property and equipment, net	39,779
Trade name	9,018,000
Customer relationships	1,891,000
Product rights for developed technology	10,541,000
Goodwill	53,914,055
Total assets acquired	76,892,896
Accounts payable	(234,029)
Accrued expenses	(732,814)
Operating lease liability	(149,831)
Deferred tax liability	(2,994,669)
Pension benefit obligation	(548,384)
Note payable	(115,096)
Total liabilities assumed	(4,774,823)
Net assets	72,118,073
Less non-controlling interest	(7,006,504)
Net assets acquired	$ 65,111,569

Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 1 - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Dec. 15, 2023	Oct. 03, 2023	Sep. 29, 2023
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 1 [Line Items]
Common stock, shares authorized	250,000,000	250,000,000
Number of shares of common stock issued	22,848,876	22,841,975
Par value of common stock (in Dollars per share)	$ 0.00001	$ 0.00001
Notes payable due (in Dollars)				$ 3.0
Convertible preferred stock	5,709,935		2,696,729
Common Stock [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 1 [Line Items]
Number of shares of common stock issued	10,000,000	10,000,000
Par value of common stock (in Dollars per share)	$ 0.00001	$ 0.00001
Preferred Stock [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 1 [Line Items]
Preferred stock, share issued	10,000,000	10,000,000
Par value of preferred stock (in Dollars per share)	$ 0.00001	$ 0.00001
Preferred investment options outstanding	0	0
Series Seed Preferred Stock [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 1 [Line Items]
Preferred stock, shares	1,150,000	1,150,000
Series A Preferred Stock [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 1 [Line Items]
Preferred stock, share issued				3,000
Preferred stock, shares	10,000	10,000
Series B Preferred Stock [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 1 [Line Items]
Preferred stock, shares	2,700,000	2,700,000
Convertible preferred stock			2,700,000
Series A Convertible Preferred Stock [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 1 [Line Items]
Preferred stock, share issued	3,000	3,000
Par value of preferred stock (in Dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares	10,000	10,000
Preferred investment options outstanding	3,000	3,000
Preferred Stock [Member] \| Series Seed Preferred Stock [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 1 [Line Items]
Preferred stock, shares	1,150,000
Preferred Stock [Member] \| Series A Convertible Preferred Stock [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 1 [Line Items]
Preferred stock, share issued				3,000
Preferred stock, shares					10,000
Series A Convertible Preferred Stock [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 1 [Line Items]
Series A convertible stock	3,000	3,000

Balance Sheet Details (Tables)

6 Months Ended

Jun. 30, 2024

Balance Sheet Details [Abstract]

Schedule of Inventories

Inventories, which primarily relate to Proclarix product as of June 30, 2024 and ENTADFI product as of December 31, 2023, consisted of the following:

	June 30, 2024		December 31, 2023
Raw materials	$	91,971	$	139,208
Work-in-process		—		194,805
Finished goods		68,301		30,039
Total	$	160,272	$	364,052

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of June 30, 2024, and December 31, 2023:

	June 30, 2024		December 31, 2023
Prepaid insurance	$	525,848	$	122,004
Prepaid regulatory fees		—		312,551
Prepaid research and development		74,881		89,195
Prepaid professional fees		—		70,708
Unbilled accounts receivable		55,630		—
Prepaid other		116,963		175,695
Total	$	773,322	$	770,153

Schedule of Intangible Assets

	Balance at December 31, 2023		Impairment			Foreign Currency Translation			Balance at June 30, 2024
Gross basis:
Trade name	$	9,312,739	$	—		$	(595,266	)	$	8,717,473
Product rights for developed technology		14,182,157		(3,296,644	)		(695,796	)		10,189,717
Customer relationships		1,952,803		—			(124,822	)		1,827,981
Total intangible assets, gross	$	25,447,699	$	(3,296,644	)	$	(1,415,884	)	$	20,735,171

	Balance at December 31, 2023			Amortization			Foreign Currency Translation		Balance at June 30, 2024
Accumulated amortization:
Product rights for developed technology	$	(31,213	)	$	(337,111	)	$	8,579	$	(359,745	)
Customer relationships		(5,599	)		(60,476	)		1,539		(64,536	)
Total intangible assets, accumulated amortization	$	(36,812	)	$	(397,587	)	$	10,118	$	(424,281	)
Intangible assets, net	$	25,410,887							$	20,310,890

Schedule of Future Annual Amortization Expense

Future annual amortization expense related to the Company’s finite lived intangible assets is as follows as of June 30, 2024:

Years ending December 31,
2024	$	400,590
2025		801,180
2026		801,180
2027		801,180
2028		801,180
Thereafter		7,988,107
Total	$	11,593,417

Schedule of Goodwill

Goodwill consisted of the following as of June 30, 2024 and December 31, 2023:

Balance as of December 31, 2023	$	55,676,142
Impairment loss		(15,453,000	)
Foreign currency translation		(3,720,810	)
Balance as of June 30, 2024	$	36,502,332

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of June 30, 2024 and December 31, 2023:

	June 30, 2024		December 31, 2023
Accrued compensation	$	206,722	$	487,579
Accrued research and development		378,532		616,707
Accrued professional fees		212,565		550,415
Other accrued expenses		358,180		265,849
Accrued implementation fees		—		93,787
Accrued franchise taxes		100,000		60,530
Accrued interest – related party		87,123		—
Accrued interest		95,750		—
Accrued deferred offering costs		—		125,000
Total	$	1,438,872	$	2,199,867

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Income Taxes (Details) - USD ($)	3 Months Ended	6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2024
Income Taxes [Line Items]
Income tax benefit	$ 51,000	$ 71,000
Income tax percentage		12.00%

Condensed Consolidated Statements of Convertible Redeemable Preferred Stock and Stockholders’ Equity (Deficit) (Unaudited) - USD ($)	Preferred Stock Series B	Preferred Stock Series A	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Other Comprehensive Income	Total Onconetix Equity (Deficit)	Non- controlling Interest	Total
Balance at Dec. 31, 2022			$ 157	$ 42,331,155	$ (566,810)	$ (19,376,500)		$ 22,388,002		$ 22,388,002
Balance (in Shares) at Dec. 31, 2022			15,724,957		(459,729)
Exercise of pre-funded warrants			$ 7	(7)
Exercise of pre-funded warrants (in Shares)			646,640
Stock-based compensation				185,578				185,578		185,578
Purchase of treasury shares					$ (33,454)			(33,454)		(33,454)
Purchase of treasury shares (in Shares)					(32,638)
Net loss						(2,846,644)		(2,846,644)		(2,846,644)
Balance at Mar. 31, 2023			$ 164	42,516,726	$ (600,264)	(22,223,144)		19,693,482		19,693,482
Balance (in Shares) at Mar. 31, 2023			16,371,597		(492,367)
Balance at Dec. 31, 2022			$ 157	42,331,155	$ (566,810)	(19,376,500)		22,388,002		22,388,002
Balance (in Shares) at Dec. 31, 2022			15,724,957		(459,729)
Foreign currency translation adjustment
Net loss										(9,711,914)
Balance at Jun. 30, 2023			$ 169	42,789,961	$ (625,791)	(29,088,414)		13,075,925		13,075,925
Balance (in Shares) at Jun. 30, 2023			16,930,457		(517,399)
Balance at Mar. 31, 2023			$ 164	42,516,726	$ (600,264)	(22,223,144)		19,693,482		19,693,482
Balance (in Shares) at Mar. 31, 2023			16,371,597		(492,367)
Exercise of stock options				459				459		459
Exercise of stock options (in Shares)			45,920
Issuance of restricted stock			$ 5	(5)
Issuance of restricted stock (in Shares)			512,940
Stock-based compensation				272,781				272,781		272,781
Purchase of treasury shares					$ (25,527)			(25,527)		(25,527)
Purchase of treasury shares (in Shares)					(25,032)
Foreign currency translation adjustment
Net loss						(6,865,270)		(6,865,270)		(6,865,270)
Balance at Jun. 30, 2023			$ 169	42,789,961	$ (625,791)	(29,088,414)		13,075,925		13,075,925
Balance (in Shares) at Jun. 30, 2023			16,930,457		(517,399)
Balance at Dec. 31, 2023	$ 64,236,085		$ 228	49,428,809	$ (625,791)	(56,786,194)	2,380,920	(5,602,028)	7,006,504	1,404,476
Balance (in Shares) at Dec. 31, 2023	2,696,729	3,000	22,841,975		(517,399)
Issuance of restricted stock
Issuance of restricted stock (in Shares)			3,125
Stock-based compensation				23,865				23,865	28,785	52,650
Foreign currency translation adjustment							(4,991,144)	(4,991,144)		(4,991,144)
Changes in pension benefit obligation							154,678	154,678		154,678
Net loss						(11,118,572)		(11,118,572)		(11,118,572)
Balance at Mar. 31, 2024	$ 64,236,085		$ 228	49,452,674	$ (625,791)	(67,904,766)	(2,455,546)	(21,533,201)	7,035,289	(14,497,912)
Balance (in Shares) at Mar. 31, 2024	2,696,729	3,000	22,845,100		(517,399)
Balance at Dec. 31, 2023	$ 64,236,085		$ 228	49,428,809	$ (625,791)	(56,786,194)	2,380,920	(5,602,028)	7,006,504	1,404,476
Balance (in Shares) at Dec. 31, 2023	2,696,729	3,000	22,841,975		(517,399)
Foreign currency translation adjustment										(4,881,144)
Net loss										(25,425,276)
Balance at Jun. 30, 2024	$ 64,236,085		$ 228	49,405,359	$ (625,791)	(82,211,470)	(2,378,952)	(35,810,626)	7,081,992	(28,728,634)
Balance (in Shares) at Jun. 30, 2024	2,696,729	3,000	22,848,876		(517,399)
Balance at Mar. 31, 2024	$ 64,236,085		$ 228	49,452,674	$ (625,791)	(67,904,766)	(2,455,546)	(21,533,201)	7,035,289	(14,497,912)
Balance (in Shares) at Mar. 31, 2024	2,696,729	3,000	22,845,100		(517,399)
Restricted stock forfeitures
Restricted stock forfeitures (in Shares)			(12,500)
Exercise of stock options				163				163		163
Exercise of stock options (in Shares)			16,276
Stock-based compensation				(47,478)				(47,478)	46,703	(775)
Foreign currency translation adjustment							110,000	110,000		110,000
Changes in pension benefit obligation							(33,406)	(33,406)		(33,406)
Net loss						(14,306,704)		(14,306,704)		(14,306,704)
Balance at Jun. 30, 2024	$ 64,236,085		$ 228	$ 49,405,359	$ (625,791)	$ (82,211,470)	$ (2,378,952)	$ (35,810,626)	$ 7,081,992	$ (28,728,634)
Balance (in Shares) at Jun. 30, 2024	2,696,729	3,000	22,848,876		(517,399)

Acquisitions (Details) - Schedule of Assets Acquired - Assets Recognized [Member]	6 Months Ended
	Jun. 30, 2024 USD ($)
Schedule of Assets Acquired [Line Items]
Inventory	$ 1,120,000
ENTADFI Intangible	17,906,771
Total fair value of identifiable assets acquired	$ 19,026,771

Subscription Agreement (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
Subscription Agreement (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Dec. 18, 2023
Subscription Agreement [Line Items]
Sale of units (in Shares)				20,000,000
Price per unit (in Dollars per share)	$ 0.25	$ 0.25		$ 0.25
Estimated probability percentage			55.00%
Subscription Agreement Liability [Member] \| Related Party [Member]
Subscription Agreement [Line Items]
Subscription agreement liability	$ 886,000	$ 886,000	$ 864,000
Change in fair value of subscription agreement liability	$ 248,000	$ 22,000
Common Stock [Member]
Subscription Agreement [Line Items]
Share of common stock (in Shares)				1
Warrant [Member]
Subscription Agreement [Line Items]
Share of common stock (in Shares)				0.3

Defined Benefit Plan (Tables)

6 Months Ended

Jun. 30, 2024

Defined Benefit Plan [Abstract]

Schedule of Benefit Obligation and the Net Periodic Benefit Cost

The following significant actuarial assumptions were used in calculating the benefit obligation and the net periodic benefit cost as of June 30, 2024 and December 31, 2023:

	June 30, 2024			December 31, 2023
Discount rate		1.30	%		1.45	%
Expected long-term rate of return on plan assets		1.30	%		1.45	%
Rate of compensation increase		3.30	%		3.00	%

Schedule of Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss

	For The Three Months Ended June 30, 2024		For the Six Months Ended June 30, 2024
Service cost	$	23,794	$	48,444
Interest cost		7,293		14,851
Expected return on plan assets		409		(23,086	)
Amortization of net (gain)		269		(15,177	)
Total	$	31,765	$	(25,032	)

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. The most significant estimates in the Company’s condensed consolidated financial statements relate to accounting for acquisitions, valuation of inventory, the useful life of the amortizable intangible assets, estimates of future cash flows used to evaluate impairment of intangible assets, assumptions related to the pension benefit obligation, assumptions related to the related party subscription agreement liability, and accounting for income taxes. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.

Segment Information

Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. As of June 30, 2024 and December 31, 2023, the Company was operating in one segment: commercial. Management’s determination of its operating segments is consistent with the financial information regularly reviewed by the CODM for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods.

Fair Value Measurements

Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

●

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Financial instruments, including cash, inventory, accounts receivable, accounts payable, accrued liabilities, operating lease liabilities, and notes payable are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments.

The fair value of the contingent warrant liability and the related party subscription agreement liability are valued using significant unobservable measures and other fair value inputs, and are therefore classified as Level 3 financial instruments.

The fair value of financial instruments measured on a recurring basis is as follows as of June 30, 2024 and December 31, 2023:

	As of June 30, 2024
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Contingent warrant liability	$	2,641		—		—	$	2,641
Subscription agreement liability – related party	$	885,600		—		—	$	885,600
Total	$	888,241	$	—	$	—	$	888,241

	As of December 31, 2023
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Contingent warrant liability	$	2,641		—		—	$	2,641
Subscription agreement liability – related party	$	864,000		—		—	$	864,000
Total	$	866,641	$	—	$	—	$	866,641

During the year ended December 31, 2023, in connection with the acquisition of Proteomedix, the Company recorded intangible assets, which were recognized at fair value (see Note 5). Additionally, as a result of the impairment losses recorded on the Company’s ENTADFI asset group during the three and six months ended June 30, 2024, the related assets were recorded at fair value as of June 30, 2024. These non-financial assets were valued using significant unobservable measures and other fair value inputs, and are therefore classified as Level 3 measurements. See Note 4.

None of the Company’s other non-financial assets or liabilities are recorded at fair value on a non-recurring basis as of June 30, 2024 and December 31, 2023. There were no transfers between levels during the periods presented.

The following table summarizes the activity for the related party subscription agreement liability, using unobservable Level 3 inputs, for the six months ended June 30, 2024:

	Subscription Agreement Liability
Balance at December 31, 2023	$	864,000
Change in fair value		21,600
Balance at June 30, 2024	$	885,600

Revenue Recognition

Revenue Recognition

The following is a description of principal activities from which the Company generates its revenue:

Product

The Company derives revenue through sales of its products, which includes Proclarix, its diagnostic product, directly to end users, including laboratories, hospitals, and medical centers, and to distributors. During the six months ended June 30, 2024, the majority of the Company’s product revenue was generated from sales of Proclarix assays to Laboratory Corporation of America for review and testing in connection with the Company’s license agreement with Laboratory Corporation of America (see Note 6). The Company considers customer purchase orders, which in some cases are governed by master sales agreements or standard terms and conditions, to be the contracts with a customer. For each contract, the Company considers the promise to transfer products, each of which is distinct, to be the identified performance obligations. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which it expects to be entitled. The Company fulfills its performance obligation applicable to product sales once the product is transferred to the customer.

Development Services

Proteomedix provides a range of services to life sciences customers referred to as “Development Services” including testing for biomarker discovery, assay design and development. These Development Services are performed under individual statement of work (“SOW”) arrangements with specific deliverables defined by the customer. Development Services are generally performed on a time and materials basis. During the performance and through completion of the service to the customer in accordance with the SOW, the Company has the right to bill the customer for the agreed upon price and recognizes the Development Services revenue over the period estimated to complete the SOW. The Company generally identifies each SOW as a single performance obligation.

Completion of the service and satisfaction of the performance obligation under a SOW is typically evidenced by access to the data or test made available to the customer or any other form or applicable manner of delivery defined in the SOW. However, for certain SOWs under which work is performed pursuant to the customer’s highly customized specifications, the Company has the enforceable right to bill the customer for work completed, rather than upon completion of the SOW. For those SOWs, the Company recognizes revenue over a period of time during which the work is performed based on the expended efforts (inputs). As the performance obligation under the SOW is satisfied, any amounts earned as revenue and billed to the customer are included in accounts receivable.

During the three and six months ended June 30, 2024, the Company recorded approximately $0.7 million and $1.4 million of revenue, respectively, generated by Proteomedix. Approximately $0.7 million and $1.3 million of revenue was generated from development services during the three and six months ended June 30, 2024, respectively, and approximately $0.1 million of revenue was generated from Proclarix product sales during the six months ended June 30, 2024. There was no revenue generated from Proclarix product sales during the three months ended June 30, 2024.

The Company’s revenue was generated from the following geographic regions during the three months ended June 30, 2024:

	European Union			Non-European Union			United States
Development services		100	%		-	%		-	%
Product sales		-	%		-	%		-	%

The Company’s revenue was generated from the following geographic regions during the six months ended June 30, 2024:

	European Union			Non-European Union			United States
Development services		100	%		-	%		-	%
Product sales		-	%		14	%		86	%

The Company had the following customer concentrations for its revenue during the three and six months ended June 30, 2024:

	For the Three Months Ended June 30, 2024				For the Six Months Ended June 30, 2024
	Development Services		Product Sales		Development Services		Product Sales
Customer A		100%		-%	$	100%	$	-%
Customer B		-%		-%		-%		86%

Any revenues earned but not yet billed to the customer as of the date of the condensed consolidated financial statements are recorded as contract assets and are included in prepaid expenses and other current assets in the accompanying condensed consolidated financial statements. The Company had approximately $56,000 in contract assets, which represents unbilled accounts receivable, as of June 30, 2024. The amount of contract assets as of December 31, 2023 was not significant. Amounts recorded in contract assets are reclassified to accounts receivable in our condensed consolidated financial statements when the customer is invoiced according to the billing schedule in the contract. Accounts receivable was approximately $171,000 and $150,000 as of June 30, 2024 and December 31, 2023, respectively.

In relation to customer contracts, the Company incurs costs to fulfill a contract, but does not incur costs to obtain a contract. These costs to fulfill a contract do not meet the criteria for capitalization and are expensed as incurred.

New Accounting Pronouncements

New Accounting Pronouncements

There were no new accounting pronouncements issued since the Company’s filing of the Annual Report on Form 10-K for the year ended December 31, 2023, which could have a significant effect on the accompanying condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

Defined Benefit Plan (Details) - Schedule of Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Schedule of Accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss [Abstract]
Service cost	$ 23,794	$ 48,444
Interest cost	7,293	14,851
Expected return on plan assets	409	(23,086)
Amortization of net (gain)	269	(15,177)
Total	$ 31,765	$ (25,032)

Notes Payable (Details)			3 Months Ended	6 Months Ended		12 Months Ended
Notes Payable (Details)	Apr. 24, 2024 USD ($)	Sep. 29, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 CHF (SFr)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Apr. 25, 2024 USD ($)	Apr. 19, 2024 USD ($)	Jan. 23, 2024 USD ($)	Oct. 03, 2023 shares	Sep. 30, 2023 USD ($)
Notes Payable [Line Items]
Average discount rate, percentage				8.20%	8.20%
Cash payment to the seller		$ 1,000,000
Loss on extinguishment of note payable						$ 490,000
Capital common stock (in Shares) \| shares			3,150,000	3,150,000							5,709,935
Principal due amount								$ 10,000
Cash receipts				15.00%	15.00%
Net proceeds				10.00%	10.00%
Interest expense			$ 200,000	$ 400,000
Unamortized debt			90,000	90,000
Accrued interest			$ 95,750	$ 95,750
Interest rate			7.79%	7.79%
Financing fees				$ 700,000
Unamortized debt discount			$ 100,000	100,000
Accrued interest			100,000	100,000
Note payable			300,000	300,000
Installment payments				78,000
Loan payable			$ 111,260	$ 111,260		$ 118,857
Asset Purchase Agreement [Member]
Notes Payable [Line Items]
Principal payment									$ 5,000,000			$ 4,000,000
Maturity date				Apr. 19, 2024	Apr. 19, 2024
Accrued interest rate			10.00%	10.00%
Veru APA [Member]
Notes Payable [Line Items]
Principal payment			$ 5,000,000	$ 5,000,000
Maturity date				Sep. 30, 2023	Sep. 30, 2023
Accrued interest rate			10.00%	10.00%
Note payable			$ 5,000,000	$ 5,000,000
Note payable originally due				Sep. 30, 2024	Sep. 30, 2024
Note Payable [Member]
Notes Payable [Line Items]
Maturity date				Sep. 30, 2024	Sep. 30, 2024
Date of issuance						1 year
ENTADFI [Member]
Notes Payable [Line Items]
Principal amounts			1,100,000	$ 1,100,000
Note payable		$ 4,000,000
Note payable originally due		Sep. 30, 2023
Installment Payments [Member]
Notes Payable [Line Items]
Maturity date				Nov. 17, 2024	Nov. 17, 2024
Veru Notes Payable [Member]
Notes Payable [Line Items]
Principal payment			4,900,000	$ 4,900,000
Principal due amount								$ 50,000
Interest expense			200,000	400,000
Related Party Debenture [Member]
Notes Payable [Line Items]
Principal payment			5,000,000	5,000,000						$ 5,000,000
Interest rate										4.00%
Interest payable										$ 5,000,000
Financing fees				400,000
Forbearance Agreement [Member]
Notes Payable [Line Items]
Note payable	$ 5,000,000
Note payable originally due	Apr. 19, 2024
Series A Preferred Stock [Member]
Notes Payable [Line Items]
Issuance shares (in Shares) \| shares											3,000
Proteomedix Acquisition [Member]
Notes Payable [Line Items]
Proteomedix acquisition (in Francs) \| SFr					SFr 100,000
Proteomedix Acquisition [Member] \| Long-Term Debt [Member]
Notes Payable [Line Items]
Loan payable			$ 111,000	$ 111,000
Forecast [Member]
Notes Payable [Line Items]
Note payable							$ 5,000,000
Forecast [Member] \| Asset Purchase Agreement [Member]
Notes Payable [Line Items]
Principal payment							$ 5,000,000

Acquisitions

6 Months Ended

Jun. 30, 2024

Acquisitions [Abstract]

Acquisitions

Note 5 — Acquisitions

ENTADFI

On April 19, 2023, the Company and Veru, Inc. (“Veru”) entered into an Asset Purchase Agreement (the “Veru APA”). Pursuant to, and subject to the terms and conditions of, the Veru APA, the Company purchased substantially all of the assets related to Veru’s ENTADFI product (“ENTADFI”) (the “Transaction”) for a total possible consideration of $100 million.

In accordance with the Veru APA, the Company agreed to provide Veru with initial consideration totaling $20.0 million, consisting of (i) $6.0 million paid upon the closing of the Transaction on April 19, 2023, (ii) an additional $4.0 million in the form of a non-interest bearing note payable due on September 30, 2023, and (iii) an additional $10.0 million in the form of two $5.0 million non-interest bearing notes payable, each due on April 19, 2024 and September 30, 2024.

Additionally, the terms of the Veru APA require the Company to pay Veru up to an additional $80.0 million based on the Company’s net sales of ENTADFI after closing (the “Milestone Payments”). The Milestone Payments are payable as follows: (i) $10.0 million is payable upon the first time the Company achieves net sales from ENTADFI of $100.0 million during a calendar year, (ii) $20.0 million is payable upon the first time the Company achieves net sales from ENTADFI of $200.0 million during a calendar year, and (3) $50.0 million is payable upon the first time the Company achieves net sales from ENTADFI of $500.0 million during a calendar year.

In connection with the Transaction, the Company also assumed royalty and milestone obligations under an asset purchase agreement for tadalafil-finasteride combination entered into by Veru and Camargo Pharmaceutical Services, LLC on December 11, 2017 (the “Camargo Obligations”). The Camargo Obligations assumed by the Company include a 6% royalty on all sales of tadalafil-finasteride and sales milestone payments of up to $22.5 million, payable to Camargo as follows: (i) $5.0 million is payable upon the first time the Company achieves net sales from ENTADFI of $100.0 million during a calendar year, (ii) $7.5 million is payable upon the first time the Company achieves net sales from ENTADFI of $200.0 million during a calendar year, and (3) $10.0 million is payable upon the first time the Company achieves net sales from ENTADFI of $300.0 million during a calendar year.

On September 29, 2023, the Company entered into an amendment to the Veru APA (the “Veru APA Amendment”), which provides that the $4.0 million note payable originally due on September 30, 2023 was deemed paid and fully satisfied upon (1) the payment to the Seller of $1.0 million in cash on September 29, 2023, and (2) the issuance to the Seller by October 3, 2023, of 3,000 shares of Series A Convertible Preferred Stock (the “Series A Preferred Stock”) of the Company (see Note 7).

On April 24, 2024, the Company entered into a Forbearance Agreement with Veru in connection with the Company’s default on the $5.0 million non-interest bearing note payable that was due on April 19, 2024 (see Note 7).

Also, in connection with the Transaction, and pursuant to the Veru APA, the Company entered into non-competition and non-solicitation agreements (the “Non-Competition Agreements”) with two of Veru’s key stockholders and employees (the “Restricted Parties”). The Non-Competition Agreements generally prohibit the Restricted Parties from either directly or indirectly engaging in the Restricted Business (as such term is defined in the Veru APA) for a period of five years from the closing of the Transaction.

The acquisition of ENTADFI has been accounted for as an asset acquisition in accordance with ASC 805-50 because substantially all of the fair value of the assets acquired is concentrated in a single asset, the ENTADFI product rights. The ENTADFI products rights consist of trademarks, regulatory approvals, and other records, and are considered a single asset as they are inextricably linked.

The following table summarizes the aggregate consideration transferred for the assets acquired by the Company in connection with the Veru APA:

	Consideration Transferred
Consideration transferred at closing	$	6,000,000
Fair value of notes payable issued		12,947,000
Transaction costs		79,771
Total consideration transferred	$	19,026,771

The fair value of the non-interest bearing notes payable was estimated using a net present value model using discount rates averaging 8.2%. The resulting fair value is being accreted to the face value of the notes, through the respective maturity dates. Management evaluated the Milestone Payments and determined that at the close of the Transaction, they are not considered probable, and as such, the Company did not recognize any amount related to the Milestone Payments in the consideration transferred.

Management evaluated the Camargo Obligations and determined that at the close of the Transaction, the related sales milestone payments are not considered probable, and as such, the Company did not recognize any related liability at the date of the Transaction. In addition, royalties under the Camargo Obligations will be recorded as cost of sales, as the related sales are generated and recognized.

The following table summarizes the assets acquired with the Veru APA:

	Assets Recognized
Inventory	$	1,120,000
ENTADFI Intangible		17,906,771
Total fair value of identifiable assets acquired	$	19,026,771

In accordance with ASC 805-50, the acquired inventory was recorded at fair value. The remaining consideration transferred was allocated to the ENTADFI intangible asset, which was to be amortized over its estimated useful life, which was expected to begin upon launch of ENTADFI. Acquired inventory is comprised of work-in-process and raw materials. The fair value of work-in-process inventory was determined based on an estimated sales price of the finished goods, adjusted for costs to complete the manufacturing process, costs of the selling effort, a reasonable profit allowance for the remaining manufacturing and selling effort, and an estimate of holding costs, and resulted in a fair value adjustment of approximately $0.3 million. The fair value of raw materials was determined to approximate replacement cost.

The Company recorded an impairment charge on the ENTADFI asset group of approximately $1.2 million and $3.5 million during the three and six months ended June 30, 2024, respectively (see Note 4), and an impairment charge on the ENTADFI inventory of approximately $0.4 million during the three and six months ended June 30, 2024. In addition, during the fourth quarter of 2023, the Company recorded an impairment charge of approximately $14.7 million on the ENTADFI asset group, as well as an impairment charge on the ENTADFI acquired inventory of approximately $1.2 million, which included impairment of 100% of the acquired work-in-process inventory.

WraSer:

On June 13, 2023 (the “Execution Date”), the Company entered into an asset purchase agreement with WraSer, LLC, and affiliates (the “WraSer Seller”) (the “WraSer APA”). Pursuant to, and subject to the terms and conditions of, the WraSer APA, on the WraSer Closing Date (as defined below) the Company was to purchase six FDA-approved pharmaceutical assets across several indications, including cardiology, otic infections, and pain management (the “WraSer Assets”).

Under the terms of the WraSer APA, the Company was to purchase the WraSer Assets for (i) $3.5 million in cash at signing of the WraSer APA; (ii) $4.5 million in cash on the later of (x) 90 days after the signing of the WraSer APA or (y) the date that all closing conditions under the WraSer APA are met or otherwise waived (the “WraSer Closing Date”); (iii) 1.0 million shares of the Company’s common stock (the “Closing Shares”) issuable on the WraSer Closing Date, and (iv) $500,000 in cash one year from the WraSer Closing Date.

In conjunction with the WraSer APA, the Company and the WraSer Seller entered into a Management Services Agreement (the “MSA”) on the Execution Date. Pursuant to the terms of the MSA, the Company would act as the manager of the WraSer Seller’s business during the period between the Execution Date and the WraSer Closing Date. During this period, the Company would make advances to WraSer, if needed. If, on the WraSer Closing Date, the WraSer Seller’s cash balance is in excess of the target amount (“Cash Target”) specified in the MSA, the Company would apply that excess to the $4.5 million cash payment due upon closing. Conversely, if there is a shortfall, the Company would be required to remit the difference to the WraSer Seller over time.

The WraSer APA could be terminated prior to the closing upon agreement with all parties or upon breach of contract of either party, uncured within 20 days of notice. If the WraSer APA was terminated upon agreement with all parties or upon uncured breach of contract by the Company, the initial $3.5 million payment would be retained by the WraSer Seller. If it was determined that there is an uncured breach of contract by the WraSer Seller, and the WraSer APA was terminated, the Company would have an unsecured claim against WraSer for the $3.5 million payment made by the Company upon execution of the WraSer APA. The closing of the transaction was subject to certain customary closing conditions, including submission of the FDA transfer documentation to transfer ownership of the acquired product regulatory approvals to the Company.

Management evaluated the terms of the WraSer APA and the WraSer MSA, and determined that, at the Execution Date, control under the provisions of ASC 805, Business Combinations (“ASC 805”), did not transfer to the Company; if the transaction closes, control will transfer then, and the acquisition date will be the closing date. Management further evaluated the requirements pursuant to ASC 810, Consolidations, and determined based on the terms of the MSA, and the Company’s involvement in the WraSer Seller’s business, that the WraSer Seller is a variable interest entity (“VIE”) to the Company. Management determined that the Company is not the primary beneficiary of the VIE as the WraSer APA and MSA do not provide the Company with the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. While the Company was involved in the day-to-day business activities of the VIE until WraSer filed for relief under Chapter 11 of the U.S. Bankruptcy Court (see below), the WraSer Seller had to approve substantially all business activities and transactions that significantly impact the economic performance of WraSer during the term of the MSA. Additionally, the Company is not required to absorb the losses of WraSer if the WraSer APA does not close. As such, the Company was not required to consolidate WraSer in the Company’s financial statements as of June 30, 2024 and December 31, 2023.

The Company recorded the initial $3.5 million payment as a deposit. The Company does not have any liabilities recorded as of June 30, 2024 and December 31, 2023 associated with its variable interest in the WraSer Seller, and its exposure to the WraSer Seller’s losses is limited to no more than the shortfall, if any, of the Cash Target amount of approximately $1.1 million compared to the WraSer Seller’s cash balance on the WraSer Closing Date.

On September 26, 2023, WraSer and its affiliates filed for relief under chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court. On October 4, 2023, the parties agreed to amend the WraSer APA, which was subject to court approval. Shortly after its bankruptcy filing, WraSer filed a motion seeking approval of the WraSer APA as amended. The amendment, among other things, eliminates the $500,000 post-closing payment due June 13, 2024 and staggers the $4.5 million cash payment that the Company would otherwise have to pay at closing to: (i) $2.2 million to be paid at closing, (ii) $2.3 million, to be paid in monthly installments of $150,000 commencing January 2024 and (iii) 789 shares of Series A Preferred Stock to be paid at closing. The amendment also reduced the number of products the Company was acquiring by excluding pain medications and including only (i) Ciprofloxacin 0.3% and Fluocinolone 0.025% Otic Solution, under the trademark OTOVEL and its Authorized Generic Version approved under US FDA NDA No. 208251, (ii) Ciprofloxacin 0.2% Otic solution, under the trademark CETRAXAL, and (iii) Vorapaxar Sulfate tablets under the trademark Zontivity approved under US FDA NDA N204886.

In October 2023, WraSer alerted the Company that its sole manufacturer for the active pharmaceutical ingredient (“API”) for Zontivity, the key driver for the WraSer acquisition, would no longer manufacture the API for Zontivity. The Company believes that this development constituted a Material Adverse Effect under the WraSer APA and the WraSer MSA, enabling the Company to terminate the WraSer APA and the WraSer MSA. On October 20, 2023, the Company filed a motion for relief from the automatic stay in the Bankruptcy Court so that the Company can exercise the termination rights under the WraSer APA, as amended. On December 18, 2023, the Bankruptcy Court entered into an Agreed Order lifting the automatic stay to enable the Company to exercise its rights to terminate the WraSer APA and the WraSer MSA. On December 21, 2023, the Company filed a Notice with the Bankruptcy Court terminating the WraSer APA and the WraSer MSA. WraSer has advised the Company that it does not believe that a Material Adverse Effect occurred. In addition, WraSer recently filed a plan of reorganization that indicates it may seek damages from the Company due to the termination of the APA and MSA. Due to the WraSer bankruptcy filing and the Company’s status as an unsecured creditor of WraSer, it is unlikely that the Company will recover the $3.5 million initial payment made, or any costs and resources in connection with services provided by the Company under the WraSer MSA, and therefore the Company recorded a loss on impairment for the $3.5 million deposit during the year ended December 31, 2023.

Proteomedix

On December 15, 2023 (the “Acquisition Date”), Onconetix entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Proteomedix and each of the holders of outstanding capital stock or Proteomedix convertible securities (other than Proteomedix stock options) (collectively the “Sellers”), pursuant to which the Company acquired 100% of the outstanding common shares and voting interest of Proteomedix, through the issuance of 3,675,414 shares of common stock and 2,696,729 shares of Series B Convertible Preferred Stock (the “PMX Transaction”).

Subject to any requirements related to the Committee on Foreign Investment in the United States, upon approval by the requisite vote of stockholders of Onconetix at the Special Meeting of the Stockholders (“Stockholder Approval”), each share of Series B Convertible Redeemable Preferred Stock (“Series B Preferred Stock”) shall automatically convert into 100 shares of common stock in accordance with the terms of the Series B Certificate of Designation (the “Conversion”). If Stockholder Approval is not obtained by January 1, 2025, Onconetix may, at the option of the holders, be obligated to cash settle the Series B Preferred Stock. The Series B Preferred Stock outstanding as a result of the PMX Transaction is convertible into 269,672,900 shares of common stock.

The consummation (the “Closing”) of the PMX Transaction was subject to customary closing conditions and the agreement to enter into a subscription agreement (see Note 8) with Altos Ventures, a shareholder of Proteomedix, prior to the closing of the PMX Transaction (the “PMX Investor”).

In addition, each option to purchase shares of Proteomedix (each, a “Proteomedix Stock Option”) outstanding immediately before the Closing, whether vested or unvested, remains outstanding until the Conversion unless otherwise terminated in accordance with its terms. At the Conversion, each outstanding Proteomedix Stock Option, whether vested or unvested, shall be assumed by Onconetix and converted into the right to receive (a) an option to acquire shares of common stock (each, an “Assumed Option”) or (b) such other derivative security as Onconetix and Proteomedix may agree, subject in either case to substantially the same terms and conditions as were applicable to such Proteomedix Stock Option immediately before the Closing. Each Assumed Option shall: (i) represent the right to acquire a number of shares of common stock equal to the product of (A) the number of Proteomedix common shares that were subject to the corresponding Proteomedix Option immediately prior to the Closing, multiplied by (B) the Exchange Ratio (as defined in the Share Exchange Agreement”); and (ii) have an exercise price (as rounded down to the nearest whole cent) equal to the quotient of (A) the exercise price of the corresponding Proteomedix Option, divided by (B) the Exchange Ratio.

Management determined that the PMX Transaction was a business combination as defined within ASC 805, and that Onconetix was the accounting acquirer. The Company determined that Onconetix was the accounting acquirer based on the guidance contained within ASC 805-10. The significant factors that led to the Company’s conclusion were (i) the Company obtained 100% of the outstanding common stock and voting interest of PMX, (ii) at closing of the PMX Transaction, the PMX shareholders were issued approximately 17% of Onconetix’s outstanding common stock and none of the former PMX shareholders held more than 5% of Onconetix’s common stock individually, (iii) the composition of executive management and the governing body did not change sufficiently to give PMX or its former shareholders control over these functions within Onconetix, and (iv) Onconetix was significantly larger when considering both total assets and operations. As a result, the Company has applied purchase accounting as of the Closing of the PMX Transaction. The assets, liabilities, and non-controlling interest of Proteomedix were recognized at fair value as of the Closing and the results of its operations have been included within Onconetix’s condensed consolidated statements of operations and comprehensive loss from that date forward.

The assets acquired and liabilities assumed are recognized provisionally in the accompanying condensed consolidated balance sheets at their estimated fair values as of the acquisition date. The initial accounting for the business combination is not complete as the Company is in the process of obtaining additional information for the valuation of acquired intangible assets and deferred tax liabilities. The provisional amounts are subject to change to the extent that additional information is obtained about the facts and circumstances that existed as of the acquisition date. Under U.S. GAAP, the measurement period shall not exceed one year from the acquisition date and the Company will finalize these amounts no later than December 15, 2024. The estimated fair values as of the acquisition date are based on information that existed as of the acquisition date. During the measurement period the Company may adjust provisional amounts recorded for assets acquired and liabilities assumed to reflect new information that the Company has subsequently obtained regarding facts and circumstances that existed as of the acquisition date.

The acquisition-date fair value of the consideration transferred totaled approximately $65.1 million, which consisted of the following:

	Consideration Transferred
Common stock	$	875,484
Series B Preferred Stock		64,236,085
Total consideration transferred	$	65,111,569

The fair value of the Company’s common shares issued as consideration was based on the closing price of the Company’s common stock as of the Acquisition Date. The fair value of the Series B Preferred Stock issued as consideration was based on the underlying fair value of the number of common shares that the Series B Preferred Stock converts into, also based on the closing price of the Company’s common stock as of the Acquisition Date.

The fair value of the Proteomedix stock options assumed as part of the PMX Transaction was determined using a Black-Scholes option pricing model with the following significant assumptions:

Exercise price	$	1.15 – 28.83
Stock price	$	128.11
Term (years)		0.17 – 3.59
Expected stock price volatility		90%
Risk-free rate of interest		4.07% – 5.47%

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date:

	Net Assets Recognized
Cash	$	1,056,578
Accounts receivable		87,445
Inventories		80,593
Prepaid expenses and other current assets		114,615
Right of use asset		149,831
Property and equipment, net		39,779
Trade name		9,018,000
Customer relationships		1,891,000
Product rights for developed technology		10,541,000
Goodwill		53,914,055
Total assets acquired		76,892,896
Accounts payable		(234,029	)
Accrued expenses		(732,814	)
Operating lease liability		(149,831	)
Deferred tax liability		(2,994,669	)
Pension benefit obligation		(548,384	)
Note payable		(115,096	)
Total liabilities assumed		(4,774,823	)
Net assets		72,118,073
Less non-controlling interest		(7,006,504	)
Net assets acquired	$	65,111,569

The goodwill recognized as a result of the PMX Transaction is attributable primarily to expected synergies and the assembled workforce of Proteomedix. None of the goodwill is expected to be deductible for income tax purposes.

The fair values of the acquired tangible and intangible assets were determined using variations of the cost, income approach using the excess earnings, lost profits and relief from royalty methods. The income approach valuation methodology used for the intangible assets acquired in the PMX Transaction makes use of Level 3 inputs.

The trade name intangible asset represents the value of the Proclarix™ brand name and was valued using a relief from royalty method under an income approach. A royalty rate of 6% was utilized in determining the fair value of this intangible asset. The fair value of this asset was determined based on a cash flow model using forecasted revenues and expenses specifically tied to Proclarix™. Those cash flows were then discounted at 10% determined by the use of a weighted average return on assets analysis. The life of this intangible asset was determined to be indefinite as the branded name will persist beyond the life of the product rights and customer relationships.

The customer relationship intangible assets represent the value of the existing customer contract with Labcorp (see Note 6) and was valued using the lost profits method under the income approach. The fair value of this asset was determined based on a cash flow model using forecasted revenues specifically tied to Proteomedix’s Labcorp contract. Those cash flows were then discounted at 10% determined by the use of a weighted average return on assets analysis. The estimated useful life of this asset was determined by reference to the estimated life of the product rights associated with the Labcorp contract.

The product rights for developed technology acquired in the PMX Transaction represents know-how and patented intellectual property held by PMX pertaining to its commercial-ready prostate cancer diagnostic system, Proclarix™. The fair value of this asset was determined based on a cash flow model based on forecasted revenues and expenses specifically tied to Proclarix™. Those cash flows were then discounted at 8% for the period prior to patent expiration and 16% for the period thereafter. The discount rates were determined by the use of a weighted average return on assets analysis. The estimated useful life of the product rights was determined based on the underlying patent’s remaining life.

The fair value of the non-controlling interest in Proteomedix is estimated to be $7.0 million and represents the fair value of the vested Proteomedix stock options outstanding as of the Acquisition Date. The fair value of the non-controlling interest was valued using the methodology applicable to the Proteomedix stock options disclosed above. As Proteomedix was a private company as of the Acquisition Date, the fair value measurement is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement as defined in ASC 820, Fair Value Measurement.

The Company recognized approximately $1.5 million of acquisition related costs that were expensed during 2023, including the fair value of the related party subscription agreement liability, which was a closing condition for the PMX Transaction (see Note 8).

The following summary, prepared on a pro forma basis, presents the Company’s unaudited consolidated results of operations for the three and six months ended June 30, 2023, as if the PMX Transaction had been completed as of January 1, 2023. The pro forma results below include the impact of amortization of intangible assets. This pro forma information is presented for illustrative purposes only, is not necessarily indicative of future results of operations and does not include any impact of transaction synergies. In addition, the pro forma results are not necessarily indicative of the results of operations that actually would have been achieved had the PMX Transaction been consummated as of that date:

Unaudited
For The
Three Months

Ended
June 30,
2023

Unaudited

For The
Six Months
Ended
June 30,
2023

Revenue

537,267

1,556,244

Net loss

7,175,366

9,742,710

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization and Basis of Presentation [Abstract]

Organization and Basis of Presentation

Note 1 — Organization and Basis of Presentation

Organization and Nature of Operations

Onconetix, Inc. (formerly known as Blue Water Biotech, Inc. and Blue Water Vaccines Inc.) (the “Company” or “Onconetix”) was formed on October 26, 2018, and is a commercial stage biotechnology company focused on the research, development, and commercialization of innovative solutions for men’s health and oncology.

On December 15, 2023, Onconetix acquired 100% of the issued and outstanding voting equity interests in Proteomedix AG, a Swiss company (“Proteomedix” or “PMX”), and its related diagnostic product Proclarix. As a result of this transaction, Proteomedix became a wholly owned subsidiary of Onconetix (see Note 5). Proteomedix is a healthcare company whose mission is to transform prostate cancer diagnosis. Proteomedix has identified novel biomarker signatures with utility in prostate cancer diagnosis, prognosis and therapy management. The Company expects Proteomedix’s diagnostic expertise to complement its existing prostate related treatment portfolio.

In April 2023, the Company acquired ENTADFI, a Food and Drug Administration (“FDA”)-approved, once daily pill that combines finasteride and tadalafil for the treatment of benign prostatic hyperplasia.

Historically, the Company’s focus was on the research and development of transformational vaccines to prevent infectious diseases worldwide, until the third quarter of 2023, at which time the Company halted its efforts on vaccine development activities to focus on commercialization activities for ENTADFI and pursue other potential acquisitions. However, in light of (i) the time and resources needed to continue pursuing commercialization of ENTADFI, and (ii) the Company’s cash runway and indebtedness, the Company determined to pause its commercialization of ENTADFI during the first quarter of 2024, as it explores strategic alternatives to monetize ENTADFI, such as a potential sale of the ENTADFI assets. To that end, the Company engaged an investment advisor to assist with the potential sale or other transaction of the ENTADFI assets during the second quarter of 2024. There is currently no plan to resume commercialization of ENTADFI, and as such, if the Company is not able to consummate a sale or other transaction of the ENTADFI assets, it may abandon the assets and destroy its inventory of the product. Based on the current circumstances surrounding ENTADFI, at June 30, 2024, the ENTADFI assets were fully impaired (see Notes 4 and 5).

Basis of Presentation and Principles of Consolidation

The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Onconetix and its 100% wholly owned subsidiary, Proteomedix, since the acquisition date of December 15, 2023. All significant intercompany balances and transactions have been eliminated in consolidation. The non-controlling interest recorded in the accompanying condensed consolidated financial statements relates to currently outstanding stock-based awards issued by Proteomedix, which were assumed by Onconetix in connection with the acquisition of Proteomedix.

Unaudited Interim Consolidated Financial Statements

The accompanying condensed consolidated balance sheet as of June 30, 2024, and the condensed consolidated statements of operations and comprehensive loss and the condensed consolidated statements of convertible redeemable preferred stock and stockholders’ equity (deficit) for the three and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 are unaudited. These unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and in management’s opinion, include all adjustments, consisting of only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2024 and its results of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023, and its cash flows for the six months ended June 30, 2024 and 2023. The financial data and the other financial information disclosed in the notes to these condensed consolidated financial statements related to the three and six-month periods are also unaudited. Operating results for the three and six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. The unaudited condensed consolidated financial statements included in this Report should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which includes a broader discussion of the Company’s business and the risks inherent therein.

Significant Agreements

6 Months Ended

Jun. 30, 2024

Significant Agreements [Abstract]

Significant Agreements

Note 6 — Significant Agreements

Services Agreement

On July 21, 2023, the Company, entered into a Licensing and Services Master Agreement (“Master Services Agreement”) and a related statement of work with a vendor, pursuant to which the vendor was to provide to the Company commercialization services for the Company’s products, including recruiting, managing, supervising and evaluating sales personnel and providing sales-related services for such products, for fees totaling up to $29.1 million over the term of the statement of work. The statement of work had a term through September 6, 2026, unless earlier terminated in accordance with the Master Services Agreement and the statement of work. On July 29, 2023, a second statement of work was entered into with the same vendor for certain subscription services providing prescription market data access to the Company. The fees under the second statement of work totaled approximately $800,000, and the term was through July 14, 2025. On October 12, 2023, the Company terminated the Master Services Agreement and the statements of work. The Company recorded net credits of approximately $0.1 million and $0.4 million related to this contract during the three and six months ended June 30, 2024, respectively, which is included in selling, general and administrative expense in the accompanying consolidated statements of operations and comprehensive loss. The Company had approximately $1.1 million and $1.8 million recorded in related accounts payable as of June 30, 2024 and December 31, 2023, respectively, which includes amounts due for early termination of the contract.

Laboratory Corporation of America

On March 23, 2023, Proteomedix entered into a license agreement Laboratory Corporation of America (“Labcorp”) pursuant to which Labcorp has the exclusive right to develop and commercialize Proclarix, and other products developed by Labcorp using Proteomedix’s intellectual property covered by the license, in the United States (“Licensed Products”). In consideration for granting Labcorp an exclusive license, Proteomedix received an initial license fee in the mid-six figures upon signing of the contract. Additionally, Proteomedix is entitled to royalty payments of between 5% and 10% on the net sales recognized by Labcorp of any Licensed Products plus milestone payments as follows:

●

After the first sale of Proclarix as a laboratory developed test, Labcorp will pay an amount in the mid-six figures,

●

after Labcorp achieves a certain amount in the low seven figures in net sales of Licensed Products, Labcorp will pay Proteomedix an amount in the low seven figures,

●

after a certain amount in the mid-seven figures in net sales of Licensed Products, Labcorp will pay Proteomedix an amount in the low seven figures.

The total available milestone payments available under the terms of this contract is $2.5 million of which $0.5 million has been paid to Proteomedix.

Labcorp is wholly responsible for the cost, if any, of research, development and commercialization of Licensed Products in the United States but has the right to offset a portion of those costs against future royalty and milestone payments. Additionally, Labcorp may deduct royalties or other payments made to third parties related to the manufacture or sale of Licensed Products up to a maximum amount of any royalty payments due to Proteomedix.

The license agreement and related royalty payment provisions expire during 2038, which approximates the expiration of the last patent covered by the license agreement. Labcorp has the right to terminate the license agreement for any reason by providing 90 days written notice to Proteomedix. Either party may terminate the license agreement due to a material breach of the terms of the license agreement with 30 days’ notice, provided such breach is not cured within the foregoing 30 day period. Finally, Proteomedix may terminate the license agreement with 60 days’ notice in the event Labcorp fails to make any undisputed payment due, provided that Labcorp does not remit the payment within the foregoing 60 day period.

As of June 30, 2024, the sale of Licensed Products by Labcorp under the license agreement has not commenced. The Company has sold product to Labcorp for their use in internal trials of the test.

Related Party Transactions (Details) - USD ($)		3 Months Ended	6 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 18, 2023	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Related Party Transactions [Line Items]
Related party receivable		$ 363,000	$ 363,000
Receivable from related party		0	0	$ 0
Subscription agreement percentage	5.00%
Related expenses		10,000	34,000
Accounts payable		5,000	5,000
Related Party [Member]
Related Party Transactions [Line Items]
Related party receivable		$ 159,000	159,000
Subscription Agreement [Member] \| Non convertible debenture [Member]
Related Party Transactions [Line Items]
Principal amount			$ 5,000,000

Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Schedule of Stock Options - Stock Options [Member]		6 Months Ended
	Dec. 31, 2023 $ / shares shares	Jun. 30, 2024 $ / shares shares
Schedule of Stock Options [Line Items]
Number of Shares, Ending \| shares	1,904,830	1,130,026
Weighted Average Exercise Price, Ending \| $ / shares	$ 1.63	$ 2.12
Weighted Average Remaining Contractual Life, Ending	8 years 4 months 24 days	4 years 2 months 12 days
Number of Shares, Options vested and exercisable \| shares		900,066
Weighted Average Exercise Price, Options vested and exercisable \| $ / shares		$ 2.05
Weighted Average Remaining Contractual Life, Options vested and exercisable		3 years
Number of Shares, Granted \| shares
Weighted Average Exercise Price, Granted \| $ / shares
Number of Shares, Forfeited / cancelled \| shares		(758,528)
Weighted Average Exercise Price, Forfeited / cancelled \| $ / shares		$ 0.92
Number of Shares, Exercised \| shares		(16,276)
Weighted Average Exercise Price, Exercised \| $ / shares		$ 0.01

Summary of Significant Accounting Policies (Details) - Schedule of Customer Concentrations for Revenue - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Customer A [Member] \| Development Services [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage	100.00%	100.00%
Customer A [Member] \| Product Sales [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage
Customer B [Member] \| Development Services [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage
Customer B [Member] \| Product Sales [Member]
Revenue, Major Customer [Line Items]
Concentration risk, percentage		86.00%

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals)	6 Months Ended
	Jun. 30, 2024 USD ($)
Statement of Cash Flows [Abstract]
Acquisition of assets, including transaction costs	$ 79,771

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 704,848		$ 1,405,281
Cost of revenue	604,132		1,115,565
Gross profit	100,716		289,716
Operating expenses
Selling, general and administrative	2,221,275	2,302,747	5,957,725	4,068,770
Research and development	(3,680)	846,853	45,284	1,929,089
Impairment of ENTADFI assets	1,237,140		3,530,716
Impairment of goodwill	10,261,000		15,453,000
Impairment of deposit on asset purchase agreement		3,500,000		3,500,000
Total operating expenses	13,715,735	6,649,600	24,986,725	9,497,859
Loss from operations	(13,615,019)	(6,649,600)	(24,697,009)	(9,497,859)
Other (expense) income
Interest expense - related party	(156,169)		(380,943)
Interest expense	(205,146)	(213,996)	(393,429)	(213,996)
Change in fair value of subscription agreement liability – related party	(248,000)		(21,600)
Change in fair value of contingent warrant liability		(1,674)		(59)
Other - net	(31,602)		(3,094)
Total other expense	(640,917)	(215,670)	(799,066)	(214,055)
Loss before income taxes	(14,255,936)	(6,865,270)	(25,496,075)	(9,711,914)
Income tax (expense) benefit	(50,768)		70,799
Net loss	$ (14,306,704)	$ (6,865,270)	$ (25,425,276)	$ (9,711,914)
Net loss per share, basic (in Dollars per share)	$ (0.64)	$ (0.43)	$ (1.15)	$ (0.61)
Weighted average number of common shares outstanding, basic (in Shares)	22,196,265	15,906,725	22,171,931	15,908,560
Other comprehensive income (loss)
Net loss	$ (14,306,704)	$ (6,865,270)	$ (25,425,276)	$ (9,711,914)
Foreign currency translation	110,000		(4,881,144)
Change in pension benefit obligation	(33,406)		121,272
Total comprehensive loss	$ (14,230,110)	$ (6,865,270)	$ (30,185,148)	$ (9,711,914)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 29, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Information [Line Items]
Entity Registrant Name	Onconetix, Inc.
Entity Central Index Key	0001782107
Entity File Number	001-41294
Entity Tax Identification Number	83-2262816
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	201 E. Fifth Street
Entity Address, Address Line Two	Suite 1900
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
Entity Phone Fax Numbers [Line Items]
City Area Code	(513)
Local Phone Number	620-4101
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, $0.00001 par value
Trading Symbol	ONCO
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		29,790,119

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3 — Summary of Significant Accounting Policies

During the three and six months ended June 30, 2024, there were no changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Selected significant accounting policies are discussed in further detail below:

Use of Estimates

Segment Information

Fair Value Measurements

●

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

●

The fair value of financial instruments measured on a recurring basis is as follows as of June 30, 2024 and December 31, 2023:

	As of June 30, 2024
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Contingent warrant liability	$	2,641		—		—	$	2,641
Subscription agreement liability – related party	$	885,600		—		—	$	885,600
Total	$	888,241	$	—	$	—	$	888,241

	As of December 31, 2023
Description	Total		Level 1		Level 2		Level 3
Liabilities:
Contingent warrant liability	$	2,641		—		—	$	2,641
Subscription agreement liability – related party	$	864,000		—		—	$	864,000
Total	$	866,641	$	—	$	—	$	866,641

The following table summarizes the activity for the related party subscription agreement liability, using unobservable Level 3 inputs, for the six months ended June 30, 2024:

	Subscription Agreement Liability
Balance at December 31, 2023	$	864,000
Change in fair value		21,600
Balance at June 30, 2024	$	885,600

Revenue Recognition

The following is a description of principal activities from which the Company generates its revenue:

Product

Development Services

The Company’s revenue was generated from the following geographic regions during the three months ended June 30, 2024:

	European Union			Non-European Union			United States
Development services		100	%		-	%		-	%
Product sales		-	%		-	%		-	%

The Company’s revenue was generated from the following geographic regions during the six months ended June 30, 2024:

	European Union			Non-European Union			United States
Development services		100	%		-	%		-	%
Product sales		-	%		14	%		86	%

The Company had the following customer concentrations for its revenue during the three and six months ended June 30, 2024:

	For the Three Months Ended June 30, 2024				For the Six Months Ended June 30, 2024
	Development Services		Product Sales		Development Services		Product Sales
Customer A		100%		-%	$	100%	$	-%
Customer B		-%		-%		-%		86%

New Accounting Pronouncements

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Notes payable, net of debt discount (in Dollars)	$ 89,667	$ 381,627
Notes payable, net of debt discount (in Dollars)	$ 106,180	$ 0
Common stock, par value (in Dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	22,848,876	22,841,975
Common stock, shares outstanding	22,331,477	22,324,576
Treasury stock, shares of common stock	517,399	517,399
Series B Convertible Redeemable Preferred stock
Convertible redeemable preferred stock, par value (in Dollars per share)	$ 0.00001	$ 0.00001
Convertible redeemable preferred stock, shares authorized	2,700,000	2,700,000
Convertible redeemable preferred stock, shares issued	2,696,729	2,696,729
Convertible redeemable preferred stock, shares outstanding	2,696,729	2,696,729
Series A Convertible Preferred Stock
Preferred stock, par value (in Dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	3,000	3,000
Preferred stock shares outstanding	3,000	3,000
Preferred stock, liquidation preference (in Dollars)	$ 3,000,000	$ 3,000,000

Balance Sheet Details (Details) - Schedule of Accrued Expenses - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Accrued Expenses [Abstract]
Accrued compensation	$ 206,722	$ 487,579
Accrued research and development	378,532	616,707
Accrued professional fees	212,565	550,415
Other accrued expenses	358,180	265,849
Accrued implementation fees		93,787
Accrued franchise taxes	100,000	60,530
Accrued interest – related party	87,123
Accrued interest	95,750
Accrued deferred offering costs		125,000
Total	$ 1,438,872	$ 2,199,867

Balance Sheet Details (Details) - Schedule of Goodwill - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Goodwill [Abstract]
Goodwill Beginning Balance			$ 55,676,142
Impairment loss	$ (10,261,000)		(15,453,000)
Foreign currency translation			(3,720,810)
Goodwill Ending Balance	$ 36,502,332		$ 36,502,332

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 100
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 15 — Subsequent Events

Warrant Inducement

On July 11, 2024, the Company, entered into common stock preferred investment options exercise inducement offer letters (the “Inducement Letter”) with certain holders of existing preferred investment options (“PIOs”) to purchase shares of the Company’s common stock at the original exercise prices of $2.546 and $1.09 per share, issued on August 11, 2022 and August 2, 2023, respectively (collectively, the “Existing PIOs”), pursuant to which the holders agreed to exercise for cash their Existing PIOs to purchase an aggregate of 7,458,642 of the Company’s common stock, at a reduced exercise price of $0.15 per share, in consideration for the Company’s agreement to issue new PIOs (the “Inducement PIOs”) to purchase up to an aggregate of 22,375,926 shares of the Company’s common stock. The transaction closed on July 12, 2024 and the Company received aggregate net proceeds of approximately $0.9 million from the exercise of the Existing PIOs by the holders and the sale of the Inducement PIOs, after deducting placement agent fees and other offering expenses payable by the Company.

The Company engaged H.C. Wainwright & Co., LLC (“Wainwright”) to act as its exclusive placement agent in connection with the transactions summarized herein and will pay Wainwright a cash fee equal to 7.5% of the gross proceeds received from the exercise of the Existing PIOs as well as a management fee equal to 1.0% of the gross proceeds from the exercise of the Existing PIOs. The Company also agreed to reimburse Wainwright for its expenses in connection with the exercise of the Existing PIOs and the issuance of the Inducement PIOs, up to $50,000 for fees and expenses of legal counsel and other out-of-pocket expenses and agreed to pay Wainwright for non-accountable expenses in the amount of $35,000 for non-accountable expenses. The Company also agreed to issue to Wainwright or its designees warrants (the “Placement Agent Warrants,” and such shares of common stock issuable thereunder, to purchase (i) 522,105 shares of common stock which will have the same terms as the Inducement PIOs except for an exercise price equal to $0.1875 per share and a term of five years following the date of stockholder approval and (ii) upon any exercise for cash of the Inducement PIOs, 7.5% of the aggregate exercise price and that number of shares of common stock equal to 7.0% of the aggregate number of such shares of common stock underlying the Inducement PIOs that have been exercised, which will have substantially the same terms as the Placement Agent Warrants.

In addition, per the terms of the Inducement Letter, the Company agreed not to issue any shares of common stock or common stock equivalents or to file any other registration statement with the SEC (in each case, subject to certain exceptions) until the later of (i) the filing of a definitive proxy statement on Schedule 14A for the purpose of obtaining the requisite stockholder approval and (ii) 30 days after the Closing Date. The Company also agreed not to effect or agree to effect any variable rate transaction (as defined in the Inducement Letter) until six months after the Closing Date (subject to certain exceptions).

Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 2 - shares	Jun. 30, 2024	Dec. 15, 2023
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 2 [Line Items]
Convertible preferred stock	5,709,935	2,696,729
Preferred Stock initially convertible	269,672,900
Series B Preferred Stock [Member]
Convertible Redeemable Preferred Stock and Stockholders' Equity (Details) - Part 2 [Line Items]
Convertible preferred stock		2,700,000