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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets    
Cash $ 4,554,335 $ 25,752,659
Accounts receivable, net 149,731
Inventories 364,052
Prepaid expenses and other current assets 770,153 469,232
Total current assets 5,838,271 26,257,741
Prepaid expenses, long-term 17,423 38,617
Property and equipment, net 60,654 14,089
Deferred offering costs 366,113
Operating right of use asset 148,542
Intangible assets, net 25,410,887
Goodwill 55,676,142
Total assets 87,518,032 26,310,447
Current liabilities    
Accounts payable 5,295,114 1,499,296
Accrued expenses 2,199,867 2,409,128
Notes payable, net of debt discount of $381,627 9,618,373
Operating lease liability, current 74,252
Contingent warrant liability 2,641 14,021
Total current liabilities 17,190,247 3,922,445
Note payable 118,857
Subscription agreement liability 864,000
Pension benefit obligation 556,296
Operating lease liability, net of current portion 74,290
Deferred tax liability, net 3,073,781
Total liabilities 21,877,471 3,922,445
Commitments and Contingencies (see Note 10)
Series B Convertible Redeemable Preferred stock, $0.00001 par value, 2,700,000 and 0 shares authorized at December 31, 2023 and 2022, respectively; 2,696,729 and 0 shares issued and outstanding at December 31, 2023 and 2022, respectively 64,236,085
Stockholders’ equity (deficit)    
Series A Convertible Preferred stock, $0.00001 par value, 10,000 and 0 shares authorized at December 31, 2023 and 2022, respectively; 3,000 and 0 shares issued and outstanding at December 31, 2023 and 2022, respectively; Liquidation preference of $3,000,000 and $0 at December 31, 2023 and 2022, respectively.
Common stock, $0.00001 par value, 250,000,000 shares authorized at December 31, 2023 and 2022; 22,841,975 and 15,724,957 shares issued at December 31, 2023 and 2022, respectively; 22,324,576 and 15,265,228 shares outstanding at December 31, 2023 and 2022, respectively 228 157
Additional paid-in-capital 49,428,809 42,331,155
Treasury stock, at cost; 517,399 and 459,729 shares of common stock at December 31, 2023 and 2022, respectively (625,791) (566,810)
Accumulated deficit (56,786,194) (19,376,500)
Accumulated other comprehensive income 2,380,920
Total Onconetix stockholders’ equity (deficit) (5,602,028) 22,388,002
Non-controlling interest 7,006,504
Total stockholders’ equity 1,404,476 22,388,002
Total liabilities, convertible redeemable preferred stock, and stockholders’ equity (deficit) 87,518,032 26,310,447
Related Party    
Current assets    
Receivable from related parties, net $ 35,850