TLGY Acquisition Corporation, a blank check company incorporated in the Cayman Islands, reported a net loss of $14.8 million for the fiscal year ending December 31, 2025, a significant decline from a net income of $2 million in the previous year. The loss was primarily attributed to a change in the fair value of derivative warrant liabilities, which accounted for approximately $14.3 million, alongside general and administrative expenses of $1.3 million. The company generated $725,255 in interest income from its trust account, which holds funds from its initial public offering (IPO) and private placements.
The company has undergone several strategic changes since its IPO in December 2021, where it raised $200 million by issuing 20 million units. In December 2021, TLGY also completed a private placement of warrants, generating an additional $10.7 million. However, the company has faced challenges in completing its initial business combination, which has led to multiple extensions of the deadline to finalize such a transaction. As of December 31, 2025, TLGY had approximately $6.3 million in cash and investments held in trust, with a working capital deficit of $5.99 million.
In July 2025, TLGY entered into a business combination agreement with StablecoinX Assets Inc. and StablecoinX Inc., which is expected to result in TLGY merging with these entities. This merger is subject to customary conditions, including shareholder approval. The company has also experienced changes in its management team, with several key personnel resigning and new appointments made throughout 2024 and 2025. Notably, Young Cho was appointed as CEO in early 2025.
Operationally, TLGY has faced challenges, including a delisting from Nasdaq in December 2024 due to non-compliance with listing rules, leading to its securities trading on the over-the-counter market. The company has also seen significant redemptions of public shares during its extension meetings, with over 3.2 million shares redeemed at a per-share price of approximately $12.12 in April 2025. As of the latest report, TLGY has until April 16, 2026, to complete its initial business combination, or it will be required to liquidate.
Looking ahead, TLGY's management has expressed uncertainty regarding its ability to raise additional funds or complete the business combination within the specified timeframe. The company has indicated that if it fails to do so, it will cease operations and liquidate. The financial statements reflect substantial doubt about TLGY's ability to continue as a going concern, emphasizing the need for successful completion of the business combination to ensure future viability.
About TLGY ACQUISITION CORP
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