Helix Acquisition Corp. II SEC 10-Q Report

Helix Acquisition Corp. II, a special purpose acquisition company (SPAC) focused on the healthcare sector, has released its Form 10-Q report for the quarter ended June 30, 2025. The report provides a detailed overview of the company's financial performance and operational progress, highlighting key metrics and strategic initiatives.

Financial Highlights

Net Income: Helix reported a net income of $918,310 for the three months ended June 30, 2025, a decrease from $2,212,536 for the same period in 2024. For the six months ended June 30, 2025, net income was $430,918, down from $3,312,978 in the same period in 2024. The decline in net income is primarily attributed to increased general and administrative expenses.

Basic Net Income Per Share, Class A ordinary shares: The basic net income per share was $0.04 for the three months ended June 30, 2025, compared to $0.09 for the same period in 2024. For the six months ended June 30, 2025, it was $0.02, down from $0.18 in the same period in 2024.

Diluted Net Income Per Share, Class A ordinary shares: The diluted net income per share was $0.04 for the three months ended June 30, 2025, compared to $0.09 for the same period in 2024. For the six months ended June 30, 2025, it was $0.02, down from $0.17 in the same period in 2024.

General and Administrative Expenses: The company incurred general and administrative expenses of $1,121,848 for the three months ended June 30, 2025, significantly higher than $152,343 for the same period in 2024. For the six months ended June 30, 2025, these expenses were $3,543,034, up from $219,044 in the same period in 2024, reflecting increased spending in pursuit of acquisition plans.

Interest Earned on Marketable Securities Held in Trust Account: Helix earned $2,074,999 in interest on marketable securities held in the trust account for the three months ended June 30, 2025, compared to $2,442,279 for the same period in 2024. For the six months ended June 30, 2025, the interest earned was $4,064,267, up from $3,648,794 in the same period in 2024, contributing to non-operating income.

Business Highlights

Business Overview: Helix Acquisition Corp. II is a SPAC formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, focusing on healthcare and healthcare-related industries.

Operational Focus: The company is currently in the process of identifying and evaluating target businesses for a potential business combination, with a specific focus on the healthcare sector.

BBOT Business Combination: On February 28, 2025, Helix entered into a business combination agreement with TheRas, Inc. (doing business as BridgeBio Oncology Therapeutics) and Helix II Merger Sub, Inc. This agreement involves the domestication of Helix from the Cayman Islands to Delaware and a merger with BBOT, making BBOT a wholly-owned subsidiary.

Segment Information: The company operates as a single segment, with the Chief Financial Officer acting as the chief operating decision maker (CODM). The CODM reviews the company's performance based on net income or loss.

Future Outlook: The company plans to consummate an initial business combination before the mandatory liquidation date of February 14, 2026. Management is focused on completing the proposed BBOT Business Combination and is actively working towards meeting the necessary conditions for closing.

Liquidity Concerns: The company currently lacks the liquidity needed to sustain operations for a reasonable period of time and is exploring options to secure additional financing to complete its business combination plans.

Recent Developments: Albert A. Holman, III, was appointed as a Class III director on February 8, 2025, and now serves on the audit committee. This appointment is part of the company's efforts to strengthen its governance structure in preparation for the proposed business combination.

SEC Filing: Helix Acquisition Corp. II [ HLXB ] - 10-Q - Aug. 01, 2025