v3.25.2
Debt
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt    
Debt

Note 5. Debt

The Company has the following debt outstanding as of March 31, 2025 and December 31, 2024 (in thousands):

    

    

March 31, 2025

    

December 31, 2024

Feelux Bonds

Short-term debt, net, related parties

$

10,000

$

10,000

Car-Tcellkor Loan

Short-term debt, net, related parties

800

800

Ewon Loan

 

Short-term debt, net, related parties

 

2,000

 

2,000

Valetudo Loan

 

Short-term debt, net, related parties

 

700

 

700

Valetudo June 2023 Loans

 

Short-term debt, net, related parties

 

500

 

500

Valetudo July 2023 Loan

 

Short-term debt, net, related parties

 

250

 

250

Valetudo August 2023 Loans

 

Short-term debt, net, related parties

 

400

 

400

Ewon September 2023 Loan

 

Short-term debt, net, related parties

 

200

 

200

Valetudo November 2023 Loan

 

Short-term debt, net, related parties

 

200

 

200

Ewon December 2023 Loan

 

Short-term debt, net, related parties

 

1,000

 

1,000

Valetudo January 2024 Loans

 

Short-term debt, net, related parties

 

750

 

750

Prophase February 2024 Loan

 

Short-term debt, net, related parties

 

200

 

200

Prophase March 2024 Loan

 

Short-term debt, net, related parties

 

250

 

250

Prophase April 2024 Loan

 

Short-term debt, net, related parties

 

250

 

250

Prophase May 2024 Loans

 

Short-term debt, net, related parties

 

790

 

790

Prophase July 2024 Loans

 

Short-term debt, net, related parties

 

83

 

83

Prophase August 2024 Loans

 

Short-term debt, net, related parties

 

50

 

50

Hana August 2024 Loans

 

Short-term debt, net, related parties

 

850

 

850

Amantes November 2024 Loans

 

Short-term debt, net, related parties

 

700

 

700

Amantes January 2025 Loans

 

Short-term debt, net, related parties

 

300

 

Prophase February 2025 Loan

 

Short-term debt, net, related parties

 

206

 

Prophase March 2025 Loan

 

Short-term debt, net, related parties

 

207

 

Short-term debt, related parties

$

20,686

$

19,973

As of March 31, 2025 and December 31, 2024, the Company’s outstanding debt agreements are all classified as current as all are past due with the exception of the Prophase February 2025 Loan and the Prophase March 2025 Loan, which are due within one year and are classified as current in the accompanying unaudited condensed balance sheets. All of the loans are with related parties (see Note 4).

As the Company’s loans are with related parties, the Company and its related parties have mutually agreed to defer repayment until a time that is mutually agreed upon between the Company and its related parties.

Note 5. Debt

The Company has the following debt outstanding as of December 31, 2024 and 2023 (in thousands):

    

    

December 31,

2024

    

2023

Feelux Bonds

 

Short-term debt, net, related parties

$

10,000

$

10,000

Car-Tcellkor Loan

 

Short-term debt, net, related parties

 

800

 

800

Ewon Loan

 

Short-term debt, net, related parties

 

2,000

 

2,000

Valetudo Loan

 

Short-term debt, net, related parties

 

700

 

700

Valetudo June 2023 Loans

 

Short-term debt, net, related parties

 

500

 

500

Valetudo July 2023 Loan

 

Short-term debt, net, related parties

 

250

 

250

Valetudo August 2023 Loans

 

Short-term debt, net, related parties

 

400

 

400

Ewon September 2023 Loan

 

Short-term debt, net, related parties

 

200

 

200

Valetudo November 2023 Loan

 

Short-term debt, net, related parties

 

200

 

200

Ewon December 2023 Loan

 

Short-term debt, net, related parties

 

1,000

 

1,000

Valetudo January 2024 Loans

 

Short-term debt, net, related parties

 

750

 

Prophase February 2024 Loan

 

Short-term debt, net, related parties

 

200

 

Prophase March 2024 Loan

 

Short-term debt, net, related parties

 

250

 

Prophase April 2024 Loan

 

Short-term debt, net, related parties

 

250

 

Prophase May 2024 Loans

 

Short-term debt, net, related parties

 

790

 

Prophase July 2024 Loans

 

Short-term debt, net, related parties

 

83

 

Prophase August 2024 Loans

 

Short-term debt, net, related parties

 

50

 

Hana August 2024 Loans

 

Short-term debt, net, related parties

 

850

 

Amantes November 2024 Loans

 

Short-term debt, net, related parties

 

700

 

Short-term debt, related parties

$

19,973

$

16,050

As of December 31, 2024 and 2023, the Company’s outstanding debt agreements are all classified as current as all are past due with the exception of the Amantes November 2024 Loans, which are due within one year. All of the loans are with related parties (see Note 4).

As the Company’s loans are with related parties, the Company and its related parties have mutually agreed to defer repayment of the past due loans until the completion of the Company’s business combination with Iris.