Leases

3 Months Ended

12 Months Ended

Mar. 31, 2025

Dec. 31, 2024

NOTE 7 – LEASES

As of March 31, 2025 and December 31, 2024, the Company holds a five-year lease for laboratory and office space. The lease has escalating contractual rent and variable rent components and the Company elected to separate the contractual and variable elements for valuing the operating lease liability and right-to-use asset. The lease does not have any options for extension or expansion. The Company recorded the following lease costs:

	For the three months ended March 31, 2025 (Successor)		For the period from February 14, 2024 through March 31, 2024 (Successor)		For the period from January 1, 2024 through February 13, 2024 (Predecessor)
Operating leases:
Operating lease cost	$	229,331	$	76,444	$	152,887
Variable operating lease cost		187,730		58,185		116,371
Total lease cost	$	417,061	$	134,629	$	269,258

The right-of-use asset, net for the operating lease was recorded in the consolidated balance sheets as follows:

	March 31,		December 31,
	2025		2024
	(Successor)		(Successor)
Right-of-use assets, net	$	1,271,186	$	1,464,367

The operating lease liability for the operating lease was recorded in the consolidated balance sheets as follows:

	March 31,			December 31,
	2025			2024
	(Successor)			(Successor)
Operating lease liabilities, current	$	905,005		$	876,392
Operating lease liabilities, non-current		461,580			699,107
Total operating lease liabilities	$	1,366,585		$	1,575,499

Weighted-average remaining lease term of operating leases (in years)		1.50			1.75
Weighted-average discount rate for operating leases		9.60	%		9.60	%

The following table reconciles the undiscounted future minimum lease payments under the non-cancelable operating lease with terms of more than one year to the total operating lease liabilities recognized on the Company’s balance sheet as of March 31, 2025:

Maturity of the Company’s lease liabilities as of March 31, 2025 is as follows:

2025 (remainder of year)	$	744,992
2026		726,394
Total lease payments		1,471,386
Less: imputed interest		(104,801	)
Total lease liabilities	$	1,366,585

NOTE 7 – Leases

As of December 31, 2024 and 2023, the Company holds a five-year lease for laboratory and office space. The lease has escalating contractual rent and variable rent components and the Company elected to separate the contractual and variable elements for valuing the operating lease liability and right-to-use asset. The lease does not have any options for extension or expansion. The Company recorded the following lease costs:

	For the period from February 14, 2024 through December 31, 2024 (Successor)		For the period from January 1, 2024 through February 13, 2024 (Predecessor)		For the year ended December 31, 2023 (Predecessor)
Operating leases:
Operating lease cost	$	762,057	$	152,887	$	930,913
Variable operating lease cost		581,860		116,371		637,016
Total lease cost	$	1,343,917	$	269,258	$	1,567,929

The right-of-use asset, net for the operating lease was recorded in the consolidated balance sheets as follows:

	December 31,		December 31,
	2024		2023
	(Successor)		(Predecessor)
Right-of-use assets, net	$	1,464,367	$	2,189,565

The operating lease liability for the operating lease was recorded in the consolidated balance sheets as follows:

	December 31,			December 31,
	2024			2023
	(Successor)			(Predecessor)
Operating lease liabilities, current	$	876,392		$	769,092
Operating lease liabilities, non-current		699,107			1,575,499
Total operating lease liabilities	$	1,575,499		$	2,344,591

Weighted-average remaining lease term of operating leases (in years)		1.75			2.75
Weighted-average discount rate for operating leases		9.60	%		9.60	%

Maturity of the Company’s lease liabilities as of December 31, 2024 is as follows:

2025	$	990,055
2026		726,394
Total lease payments		1,716,449
Less: imputed interest		(140,950	)
Total lease liabilities	$	1,575,499