Helix Acquisition Corp. II Reports Net Loss and Plans Merger with BridgeBio Oncology Therapeutics

Helix Acquisition Corp. II reported a net loss of $487,392 for the three months ending March 31, 2025, a significant decline from a net income of $1,100,442 during the same period in 2024. The company's general and administrative expenses surged to $2,421,186, compared to $66,701 in the prior year, primarily due to increased operational costs associated with its ongoing business activities. Interest income from marketable securities held in the Trust Account contributed $1,989,268, up from $1,206,515 in the previous year, reflecting the company's strategy to invest in U.S. Treasury bills.

The company's total assets increased slightly to $195.7 million as of March 31, 2025, from $194.4 million at the end of 2024. This growth was primarily driven by an increase in marketable securities held in the Trust Account, which rose to $194.4 million from $192.4 million. However, current liabilities also saw a substantial increase, climbing to $1.87 million from $187,515, largely due to a rise in accounts payable and accrued expenses, which reached $1.78 million.

In terms of strategic developments, Helix Acquisition Corp. II is in the process of executing a business combination with TheRas, Inc., doing business as BridgeBio Oncology Therapeutics (BBOT). This agreement, signed on February 28, 2025, includes plans for the company to migrate from the Cayman Islands to Delaware and merge with BBOT, which will become a wholly-owned subsidiary. The transaction is subject to customary closing conditions, including shareholder approvals and the availability of a minimum amount of aggregate transaction proceeds.

As of March 31, 2025, the company had cash reserves of $963,135, down from $1.7 million at the end of 2024, indicating a working capital deficit of $631,351. The company has indicated that it may require additional financing to cover transaction costs related to the business combination and to sustain operations until the completion of the merger. Management has expressed concerns regarding liquidity, noting that if the company fails to complete the business combination by February 14, 2026, it may have to liquidate.

Looking ahead, Helix Acquisition Corp. II aims to finalize the business combination with BBOT, which is expected to enhance its operational capabilities and market presence in the healthcare sector. The company plans to utilize the funds held in the Trust Account primarily for this purpose, while also managing its operational costs effectively. The successful completion of the merger is critical for the company's future growth and sustainability.