v3.25.4
STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:        
Net loss $ (2,037,590) $ (3,316,557)    
Changes in operating assets and liabilities        
Due from related party, current (3,427,000)      
Prepaid and other current assets 8,660 (77,264)    
Accounts payable and accrued expenses (4,058,404) (40,663)    
Accrued maintenance fee   360,000    
Accrued interest, related parties 196,852 232,719    
Due to research and development partner   1,540,359    
Due to related parties, current (94,000) (9,000)    
Net cash used in operating activities (9,576,471) (1,310,406)    
Cash Flows from Investing Activities:        
Loans to IRIS Acquisition Corp (775,000) (2,300,000)    
Net cash used in investing activities (788,108) (2,300,000)    
Cash Flows from Financing Activities:        
Proceeds from issuance of short-term debt, related party 4,340,000 3,223,000    
Repayment of short-term debt, related party (1,300,000)      
Net cash provided by financing activities 11,032,762 3,223,000    
Net change in cash 668,183 (387,406)    
Cash, beginning of the period 56,319 434,385 $ 434,385  
Cash, end of the period 724,502 46,979 56,319 $ 434,385
Supplemental disclosure of non-cash financing and investing activities:        
Deferred transaction costs in accounts payable   278,130    
Liminatus Pharma, LLC        
Cash Flows from Operating Activities:        
Net loss     (3,546,000) (4,984,000)
Changes in operating assets and liabilities        
Advances for research and development       1,684,000
Due from related party, current       (26,000)
Deferred transaction costs       (840,000)
Prepaid and other current assets     (134,000) (12,000)
Accounts payable and accrued expenses     (10,000) 425,000
Accrued maintenance fee     360,000  
Accrued interest, related parties     339,000 175,000
Due to research and development partner     1,540,000 242,000
Due to related parties, current       (9,000)
Net cash used in operating activities     (1,451,000) (3,345,000)
Cash Flows from Investing Activities:        
Loans to IRIS Acquisition Corp     (2,850,000) (819,000)
Net cash used in investing activities     (2,850,000) (819,000)
Cash Flows from Financing Activities:        
Proceeds from issuance of short-term debt, related party     3,923,000 3,406,000
Repayment of short-term debt, related party       (3,856,000)
Net cash provided by financing activities     3,923,000 (450,000)
Net change in cash     (378,000) (4,614,000)
Cash, beginning of the period $ 56,000 $ 434,000 434,000 5,048,000
Cash, end of the period     56,000 434,000
Supplemental disclosure of non-cash financing and investing activities:        
Deferred transaction costs in accounts payable     $ 561,000  
Cancellation of member units related to Metavagen license termination       239,000
Issuance of Class A member units in exchange for CD47 License Agreement       $ 786,000