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Note 5. Debt Outstanding debt classified as short-term debt as of September 30, 2025 and December 31, 2024 consisted of the following: | | | | | | | | | | | | | September 30, 2025 | | December 31, 2024 | Feelux Bonds | | Short-term debt, net, related parties | | $ | — | | $ | 10,000,000 | Car-Tcellkor Loan | | Short-term debt, net, related parties | | | — | | | 800,000 | Ewon Loan | | Short-term debt, net, related parties | | | — | | | 2,000,000 | Valetudo Loan | | Short-term debt, net, related parties | | | — | | | 700,000 | Valetudo June 2023 Loans | | Short-term debt, net, related parties | | | 200,000 | | | 500,000 | Valetudo July 2023 Loan | | Short-term debt, net, related parties | | | 250,000 | | | 250,000 | Valetudo August 2023 Loans | | Short-term debt, net, related parties | | | — | | | 400,000 | Ewon September 2023 Loan | | Short-term debt, net, related parties | | | — | | | 200,000 | Valetudo November 2023 Loan | | Short-term debt, net, related parties | | | — | | | 200,000 | Ewon December 2023 Loan | | Short-term debt, net, related parties | | | — | | | 1,000,000 | Valetudo January 2024 Loans | | Short-term debt, net, related parties | | | — | | | 750,000 | Prophase February 2024 Loan | | Short-term debt, net, related parties | | | 31,500 | | | 200,000 | Prophase March 2024 Loan | | Short-term debt, net, related parties | | | 250,000 | | | 250,000 | Prophase April 2024 Loan | | Short-term debt, net, related parties | | | — | | | 250,000 | Prophase May 2024 Loans | | Short-term debt, net, related parties | | | 240,000 | | | 790,000 | Prophase July 2024 Loans | | Short-term debt, net, related parties | | | 83,000 | | | 83,000 | Prophase August 2024 Loans | | Short-term debt, net, related parties | | | 50,000 | | | 50,000 | Hana August 2024 Loans | | Short-term debt, net, related parties | | | 50,000 | | | 850,000 | Amantes November 2024 Loans | | Short-term debt, net, related parties | | | 150,000 | | | 700,000 | Amantes January 2025 Loans | | Short-term debt, net, related parties | | | 50,000 | | | — | Prophase February 2025 Loan | | Short-term debt, net, related parties | | | 81,000 | | | — | Prophase March 2025 Loan | | Short-term debt, net, related parties | | | 7,000 | | | — | | | | | | | | | | Short-term debt, related parties | | | | $ | 1,442,500 | | $ | 19,973,000 |
As of September 30, 2025 and December 31, 2024, the Company’s outstanding debt agreements are all past due and are classified as current in the accompanying unaudited condensed consolidated 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. Accordingly, none of these notes are considered to be in default.
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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.
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