v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities:      
Net loss   $ (2,530,973) $ (214,239)
Adjustments to reconcile net loss to net cash used in operating activities      
Forgiveness of unrelated vendor payables $ (2,142,297) (11,515) (2,142,297)
Depreciation   986 743
Change in fair value of deferred underwriting fee - common stock payable 756,000   756,000
Change in the fair value of warrant liabilities 116,894 33,423 116,894
Changes in operating assets and liabilities      
Due from related party, current     (3,427,000)
Prepaid and other current assets   (212,452) 43,442
Accounts payable and accrued expenses   (294,084) (2,043,405)
Accrued interest, related parties   37,482 177,800
Accrued maintenance fee     (360,000)
Due to research and development partner     (1,782,297)
Due to related party   (8,155) (101,500)
Net cash used in operating activities   (2,985,288) (8,975,859)
Cash Flows from Investing Activities:      
Loans to Iris Acquisition Corp     (775,000)
Net cash used in investing activities     (775,000)
Cash Flows from Financing Activities:      
Gross proceeds from issuance of common stock in connection with the Offering   3,585,308  
Gross proceeds from issuance of common stock for PIPE investment     10,556,500
Payment of transaction costs     (2,563,738)
Repayment of short-term debt, related party     4,340,000
Deferred transaction costs     (1,300,000)
Net cash provided by financing activities   5,664,729 11,032,762
Net change in cash   2,679,441 1,281,903
Cash, beginning of the period   337,655 56,319
Cash, end of the period $ 1,338,222 3,017,096 1,338,222
Non-cash investing and financing activities:      
Issuance of common stock in connection with the Clear Street settlement   7,360,000  
Costs incurred in connection with the issuance of common stock   378,454  
Liabilities assumed in connection with the Business Combination     10,694,604
Fair value of shares to be issued to underwriter on date of the Business Combination     7,049,000
Transaction costs incurred upon closing of the Business Combination     1,518,381
Settlement of loans to Iris Acquisition Corp upon closing of the Business Combination     4,443,500
Issuance of common stock to Iris Acquisition Holdings, LLC     690
Conversion of related party short-term debt into common stock     14,797,901
Non-cash conversion of amounts borrowed for PIPE Funds     3,427,000
Non-cash impact to APIC for the elimination of accrued interest on converted related party debt     $ 169,201
Common Stock Warrants      
Cash Flows from Financing Activities:      
Gross proceeds from issuance of common stock in connection   217,500  
Existing warrants      
Cash Flows from Financing Activities:      
Gross proceeds from issuance of common stock in connection   $ 1,861,921