Drugs Made In America Acquisition Corp. Reports $3.54 Million Net Income for First Half of 2025

Drugs Made In America Acquisition Corp. (the "Company") reported its financial results for the six months ended June 30, 2025, revealing a net income of $3.54 million, a significant increase from a net loss of $54,931 during the same period in the previous year. The Company generated $4.01 million in interest income from cash and investments held in its Trust Account, offset by general and administrative expenses of $462,844. For the second quarter alone, the Company recorded a net income of $2.29 million, driven by interest income of $2.42 million against administrative costs of $131,919.

The Company has seen substantial changes in its financial position since its inception. As of June 30, 2025, total assets amounted to $235.21 million, primarily due to $235.16 million held in the Trust Account, compared to total assets of $550,824 at the end of 2024. The Company’s liabilities decreased to $7.20 million from $795,669, reflecting a reduction in promissory notes and accrued expenses. The shareholders' deficit increased to $7.15 million, primarily due to accumulated losses and expenses related to the initial public offering (IPO).

Strategically, the Company completed its IPO on January 29, 2025, raising $200 million by selling 20 million units at $10 each, with an additional $30 million raised through an over-allotment option exercised in February 2025. The Company also sold 400,000 Private Placement Units to its sponsor for $4 million. The funds from these offerings are intended to be used for a future business combination, with a focus on the pharmaceutical industry. As of June 30, 2025, the Company had 33,517,143 ordinary shares outstanding, including shares subject to redemption.

Operationally, the Company has not yet commenced any business operations, as it is still in the process of identifying a target for its initial business combination. The Company has incurred significant costs related to its IPO and ongoing administrative expenses, which are expected to continue as it seeks to finalize a business combination. The management has expressed concerns regarding its ability to continue as a going concern, given its limited cash reserves of $822 and a working capital deficit of $251,715 as of the reporting date.

Looking ahead, the Company has until April 29, 2026, to complete its initial business combination, with the possibility of extending this period by up to six months if certain conditions are met. The management remains optimistic about identifying a suitable target but acknowledges the challenges posed by current market conditions and the need for additional financing if a significant number of public shares are redeemed. The Company’s future performance will largely depend on its ability to successfully execute a business combination and manage its operational costs effectively.