| Debt |
Note 5. Debt Outstanding debt classified as short-term debt as of March 31, 2026 and December 31, 2025 consisted of the following: | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | Valetudo June 2023 Loans | | Short-term debt, net, related parties | | $ | 200,000 | | $ | 200,000 | Valetudo July 2023 Loan | | Short-term debt, net, related parties | | | 250,000 | | | 250,000 | Prophase February 2024 Loan | | Short-term debt, net, related parties | | | 31,500 | | | 31,500 | Prophase March 2024 Loan | | Short-term debt, net, related parties | | | 250,000 | | | 250,000 | Prophase May 2024 Loans | | Short-term debt, net, related parties | | | 240,000 | | | 240,000 | 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 | | | 50,000 | Amantes November 2024 Loans | | Short-term debt, net, related parties | | | 150,000 | | | 150,000 | Amantes January 2025 Loans | | Short-term debt, net, related parties | | | 50,000 | | | 50,000 | Prophase February 2025 Loan | | Short-term debt, net, related parties | | | 81,000 | | | 81,000 | Prophase March 2025 Loan | | Short-term debt, net, related parties | | | 7,000 | | | 7,000 | | | | | | | | | | Short-term debt, related parties | | | | $ | 1,442,500 | | $ | 1,442,500 |
As of March 31, 2026 and December 31, 2025, 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 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 Outstanding debt classified as short-term debt as of December 31, 2025 and 2024 consisted of the following: | | | | | | | | | | | | | | | | | | | | | | December 31, | | | | | | 2025 | | | 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 December 31, 2025 and 2024, the Company’s outstanding debt agreements are all past due and are classified as current in the accompanying 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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