Helix Acquisition Corp. II SEC 10-Q Report

Helix Acquisition Corp. II, a company focused on identifying and completing business combinations, has released its Form 10-Q report for the first quarter of 2025. The report provides a detailed overview of the company's financial performance and operational activities for the three months ended March 31, 2025. The company is actively working towards consummating a significant business combination with TheRas, Inc. (dba BridgeBio Oncology Therapeutics), which is expected to enhance its market presence in the healthcare sector.

Financial Highlights

• Net (loss) income: $(487,392). The company reported a net loss for the three months ended March 31, 2025, primarily due to high general and administrative expenses.
• Basic net (loss) income per share, Class A ordinary shares: $(0.02). Reflects the net loss per share for Class A ordinary shares.
• Diluted net (loss) income per share, Class A ordinary shares: $(0.02). Consistent with the basic net loss per share for Class A ordinary shares.
• Basic net (loss) income per share, Class B ordinary shares: $(0.02). Reflects the net loss per share for Class B ordinary shares.
• Diluted net (loss) income per share, Class B ordinary shares: $(0.02). Consistent with the basic net loss per share for Class B ordinary shares.

Business Highlights

• Segment Information: The company operates as a single segment, focusing on identifying and completing a business combination. The Chief Financial Officer reviews the operating results for the company as a whole to make decisions about resource allocation and financial performance.
• General and Administrative Expenses: For the three months ended March 31, 2025, the company incurred general and administrative expenses of $2,421,186, a significant increase compared to $66,701 for the same period in 2024. This increase is attributed to the ongoing efforts to identify and negotiate a business combination.
• Interest Income: The company earned $1,989,268 in interest from marketable securities held in the Trust Account for the three months ended March 31, 2025, compared to $1,206,515 for the same period in 2024. This reflects the company's strategy to maximize returns on funds held in trust while awaiting a business combination.
• Future Outlook: The company plans to consummate an initial business combination prior to the mandatory liquidation date of February 14, 2026. Management is focused on completing the proposed BBOT Business Combination, which involves a merger with TheRas, Inc. (dba BridgeBio Oncology Therapeutics).
• BBOT Business Combination: The company has entered into a business combination agreement with TheRas, Inc., which includes a plan to domesticate as a Delaware corporation and merge with TheRas, Inc. This transaction is expected to enhance the company's operational capabilities and market presence in the healthcare sector.
• Domestication and Merger Plans: As part of the BBOT Business Combination, the company will de-register in the Cayman Islands and migrate to Delaware. This strategic move is aimed at aligning the company's corporate structure with its operational goals and facilitating the merger process.
• Operational Strategy: The company is utilizing funds held outside the Trust Account to identify and evaluate target businesses, perform due diligence, and negotiate business combinations. This approach is designed to ensure a successful merger and enhance shareholder value.
• Liquidity and Capital Resources: The company is actively managing its liquidity to sustain operations and pursue acquisition plans. It is exploring additional financing options to support transaction costs and ensure sufficient capital for completing a business combination.

SEC Filing: Helix Acquisition Corp. II [ HLXB ] - 10-Q - May. 15, 2025