Camp Miasma is a long-running slasher franchise that began in the 1980s and is known for its recurring antagonist, "Little Death." This malevolent spirit is the ghost of a child who was raised by parents as both a boy and girl. After being brutally drowned by a group of campers filled with hatred, Little Death has made it a point to rise periodically from the lake bordering Camp Miasma, wielding a spear and taking out anyone unfortunate enough to cross his path. While the initial installments of the series garnered significant success, the franchise has since been bogged down by a series of low-quality sequels that failed to resonate with audiences, leaving it in a state of stagnation.
In a fresh attempt to revive the franchise, queer filmmaker Kris Williams is brought on board to direct a reboot of Camp Miasma. Recognizing that her role involves softening the transphobic narrative that has plagued the original series, Kris feels a passionate connection to the films due to her nostalgic childhood memories of watching them. Her focus centers specifically on casting Billy Presley, an actress who had previously retired after her memorable role as the original film's "final girl." Kris makes the journey to the picturesque landscapes of the Pacific Northwest to meet Billy, only to discover that she resides on the same desolate grounds where the films were shot. Billy is portrayed as warm, insightful, and deeply fascinated by Little Death. This connection allows Kris to confide in her about her frustrations related to her polyamorous relationship, while Billy interestingly dismisses Kris’s overly analytical interpretation of the franchise but expresses an eagerness to act once more.
Their relationship begins to unfold as they watch the original Camp Miasma together, with Kris displaying her extensive knowledge of the film and its various filming techniques. However, Billy seems uncomfortable during specific scenes. A particular moment in a sex scene triggers Kris's memories, but the campgrounds suddenly lose power just as the scene reaches its climax. Later, after returning to Billy's home, Kris initiates a romantic encounter, only to pause abruptly, candidly sharing her struggles with enjoying sex. In a poignant revelation, Billy discloses her own traumatic past, explaining that she was sexually assaulted during the shooting of the sex scene from the original film. This led her to find pleasure in her imagination, picturing Little Death watching her before drawing near to end her life. Kris admits that her pleasure usually only comes when she envisions herself in the role of a sexualized final girl. Billy encourages Kris to tap into her fantasies, proposing they create a film together.
The following day brings a crucial pitch meeting with studio executives, but instead of presenting a traditional storyline, Kris unveils a mind-bending concept: Little Death actually resides beneath the lake, interpreting the world through the lens of the Camp Miasma movies, and all those involved—including Kris—are characters in one of those films. As she returns to the camp, the season has shifted to summer, and Little Death has resumed his deadly spree. Billy pushes Kris to embrace her destiny as the final girl. In a series of harrowing events, Kris witnesses Little Death kill her partner, her agent, and several studio heads. Ultimately, she finds herself cornered in a cabin with Billy. During their intimate moment, Little Death converges upon them; in a moment of desperation, Kris begs for her life but ultimately embraces her fate. The scene climaxes with an unexpected twist as Little Death spears both Kris and Billy.
In a surreal afterlife under the lake, they come across a VHS tape of a new film titled Teenage Sex and Death at Camp Miasma. The next morning, Kris and Billy awaken amidst the chaos, their bodies still stained with blood. Together, they depart the campgrounds, passing through the aftermath left by Little Death. When they arrive at the original gas station where their journey began, Kris recites lines from a previous Camp Miasma film, reflecting on Little Death's lingering presence beneath the lake, hinting that he is still waiting to return. The story concludes with Kris and Billy sharing a smile, walking away hand in hand, united by their profound experiences.