TLGY Acquisition Corporation has reported significant financial changes in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded a net loss of $4.99 million for the quarter, a stark contrast to a modest net income of $11,307 during the same period in 2024. For the first half of 2025, the net loss totaled $5.03 million, compared to a net income of $302,340 in the prior year. The losses were primarily attributed to a $4.78 million change in the fair value of derivative liabilities and general administrative expenses of $341,960.
The company's total assets have decreased significantly from $44.36 million at the end of 2024 to $6.31 million as of June 30, 2025. This decline is largely due to a reduction in cash and investments held in the Trust Account, which fell from $44.33 million to $6.07 million. The number of Class A ordinary shares subject to possible redemption also decreased, with 489,887 shares valued at $6.07 million compared to 3,717,207 shares valued at $44.33 million at the end of the previous fiscal year.
Operationally, TLGY Acquisition Corporation has not yet completed any business combinations, and as of June 30, 2025, the company had not commenced any operations. The company has been actively seeking potential targets for a business combination, following the termination of its merger agreement with Verde Bioresins in March 2024. In a recent strategic development, TLGY announced a business combination agreement with StablecoinX Assets Inc. on July 21, 2025, which is expected to result in the company becoming a publicly traded entity.
The company’s liquidity position remains a concern, with a working capital deficit of $5.07 million as of June 30, 2025. TLGY has indicated that if it cannot raise additional funds or complete a business combination by August 16, 2025, it will cease operations and liquidate. The filing highlights the risks associated with the current market conditions and the challenges in securing financing, which could impact the company's ability to execute its business strategy. The management has expressed uncertainty regarding its ability to continue as a going concern, emphasizing the need for immediate action to address its financial situation.
About TLGY ACQUISITION CORP
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