v3.25.2
CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current assets          
Cash $ 35,000 $ 56,000   $ 434,000  
Due from Sponsor       126,000  
Prepaid expenses and other current assets 206,000 156,000   22,000  
Total current assets 5,998,000 5,282,000   2,241,000  
TOTAL ASSETS 6,125,000 5,409,000   2,242,000  
Current liabilities          
Total liabilities 25,793,000 24,749,000   18,036,000  
Commitments and Contingencies (Note 4)    
Stockholders' Deficit          
Additional paid-in capital 4,611,000 4,611,000   4,611,000  
Accumulated deficit (28,993,000) (28,665,000)   (25,119,000)  
Total liabilities and stockholder's deficit 6,125,000 5,409,000   2,242,000  
Related party          
Current liabilities          
Other liabilities current 177,000 195,000   195,000  
Iris          
Current assets          
Cash 62,242 [1] 65,343 [1],[2]   156,425 [2]  
Restricted cash - held in Trust Account $ 702,359 739,195      
Due from Sponsor   $ 1,256   $ 1,256  
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] Related party Related party   Related party  
Franchise tax receivable   $ 5,200   $ 53,200  
Prepaid expenses and other current assets $ 6,045 1,664      
Total current assets 770,646 812,658   210,881  
Cash and Investments held in Trust Account 1,345,389 2,016,274   4,291,332  
TOTAL ASSETS 2,116,035 2,828,932   4,502,213  
Current liabilities          
Accounts payable and accrued expenses 2,890,203 2,613,095   2,326,918  
Other liabilities current $ 75,000 $ 75,000   $ 75,000  
Other Liability, Current, Related Party [Extensible Enumeration] Related party Related party   Related party  
Class A common stock pending redemption (59,844 shares and 64,453 shares as of March 31, 2025 and December 31, 2024, respectively) $ 702,359 $ 739,195      
Income taxes payable 4,529 2,913   $ 379,965  
Excise tax payable 179,899 129,008   103,587  
Derivative liability       2,202  
Total current liabilities 9,549,210 8,681,431   5,158,553  
Deferred underwriting fee payable 9,660,000 9,660,000   9,660,000  
Warrant liability 379,315 357,400   376,444  
Total liabilities 19,588,525 18,698,831   15,194,997  
Commitments and Contingencies (Note 4)      
Stockholders' Deficit          
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding      
Extension deposits due from Sponsor (192,083) (160,677)   0  
Additional paid-in capital 45,616 51,795   140,000  
Accumulated deficit (18,416,581) (17,518,175)   (14,883,124)  
Total stockholder's deficit (18,562,358) (17,626,367) $ (15,405,042) (14,742,434) $ (13,833,415)
Total liabilities and stockholder's deficit 2,116,035 2,828,932   4,502,213  
Iris | Related party          
Current liabilities          
Promissory note $ 1,453,720 $ 1,453,720   $ 1,452,381  
Notes Payable, Current, Related Party, Type [Extensible Enumeration] Related party Related party   Related party  
Iris | Liminatus          
Current liabilities          
Promissory note $ 4,243,500 $ 3,668,500   $ 818,500  
Iris | Class A shares          
Stockholders' Deficit          
Common stock 690 690      
Iris | Class A common stock subject to possible redemption          
Current assets          
Cash and Investments held in Trust Account   2,016,274   4,291,332  
Current liabilities          
Class A Common Stock Subject to Possible Redemption, $0.0001 par value; 280,000,000 shares authorized; 114,633 shares at $9.51 redemption value shares issued and outstanding as of March 31, 2025 and 174,477 shares at $10.07 redemption value shares issued and outstanding as of December 31, 2024 $ 1,089,868 1,756,468   4,049,650 $ 15,127,621
Iris | Class A common stock not subject to possible redemption          
Stockholders' Deficit          
Common stock   $ 690   $ 690  
[1] As of March 31, 2025 and December 31, 2024, include $27,347 and $12,347, respectively, of the restricted cash to be used for tax payments only.
[2] As of December 31, 2024 and December 31, 2023, include $12,347 and $85,084, respectively of the restricted cash to be used for tax payments only.