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FY2025
12 months to Dec 31, 2025
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|---|---|
| Cash Flows from Operating Activities: | |
| Net loss | |
| Forgiveness of unrelated vendor payables | |
| Forgiveness of related party receivables | |
| Depreciation | |
| Change in fair value of deferred underwriting fee - paid in common stock | |
| Change in the fair value of warrant liability | |
| Loss on issuance of common stock in connection with the surrendar of warrants | |
| Fair value of common stock to be issued for contingent liability | |
| Changes in operating assets and liabilities | |
| Due from related party, current | |
| Prepaid and other current assets | |
| Accounts payable and accrued expenses | |
| Accrued interest, related parties | |
| Due to related party | |
| Net cash used in operating activities | |
| Cash Flows from Investing Activities | |
| Loans to Iris Acquisition Corp | |
| Purchases of property and equipment | |
| Net cash used in investing activities | |
| Cash Flows from Financing Activities: | |
| Gross proceeds from issuance of common stock for PIPE investment | |
| Payment of transaction costs | |
| Proceeds from issuance of short-term debt, related party | |
| Repayment of short-term debt, related party | |
| Net cash provided by financing activities | |
| Net change in cash | |
| Cash, beginning of the period | |
| Cash, end of the period | |
| Non-cash investing and financing activities: | |
| Liabilities assumed in connection with the Business Combination | |
| Fair value of shares to be issued to underwriter on date of the Business Combination | |
| Transaction costs incurred upon closing of the Business Combination | |
| Settlement of loans to Iris Acquisition Corp upon closing of the Business Combination | |
| Issuance of common stock to Iris Acquisition Holdings, LLC | |
| Conversion of related party short-term debt into common stock | |
| Non-cash conversion of short term debt, related parties for PIPE Funds | |
| Non-cash impact to APIC for the forgiveness of accrued interest on converted related party debt | |
| Issuance of common stock to underwriter |
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