Healthcare AI Acquisition Corp. reported its financial results for the first quarter of 2025, revealing a net loss of $74,119, a significant improvement compared to a net loss of $466,716 in the same period of 2024. The company generated interest income of $41,140 from its investments held in a trust account, down from $85,228 a year earlier. Operating costs decreased to $75,828 from $87,533, contributing to the reduced net loss. The basic and diluted net loss per Class A ordinary share was $(0.01), compared to $(0.08) in the prior year.
As of March 31, 2025, Healthcare AI Acquisition Corp. reported total assets of $5.75 million, a slight increase from $5.66 million at the end of 2024. The trust account held $4.76 million, up from $4.66 million, while total liabilities rose to $2.56 million from $2.39 million. The increase in liabilities was primarily due to a rise in accrued offering costs and expenses, as well as a promissory note from a related party, which increased to $828,625 from $675,751.
Strategically, the company has been active in extending its timeline for completing a business combination. Following shareholder approval, the deadline was extended to October 14, 2025. This extension allows the company to continue pursuing potential acquisition targets without the immediate pressure of liquidation. The company has also undergone a management transition, with new leadership in place following the transfer of founder shares to a new sponsor, Atticus Ale, LLC, in June 2023.
Operationally, the company has seen a reduction in its public shares outstanding due to shareholder redemptions. As of the latest report, 399,187 Class A shares were subject to possible redemption. The company has also faced challenges related to market conditions, including geopolitical tensions that could impact its business operations and potential acquisitions. Despite these challenges, the company remains focused on identifying and evaluating prospective acquisition candidates.
Looking ahead, Healthcare AI Acquisition Corp. acknowledges the uncertainty surrounding its ability to complete a business combination by the extended deadline. The company has indicated that it may need to raise additional capital through working capital loans or other financing options to sustain operations. Management has expressed concerns about the company's liquidity, emphasizing the need for successful execution of its business strategy to avoid mandatory liquidation.
About Healthcare AI Acquisition Corp.
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