TLGY Acquisition Corporation Reports $4.3 Million Net Loss in Q1 2026

TLGY Acquisition Corporation has reported a net loss of $4.3 million for the first quarter of 2026, a significant increase from a loss of $38,289 in the same period of the previous year. The company's total expenses for the quarter reached $954,356, primarily driven by general and administrative costs, which surged from $136,233 in Q1 2025 to $954,356 in Q1 2026. Additionally, the company experienced a substantial loss of $3.4 million due to changes in the fair value of its derivative liabilities, compared to a loss of $452,914 in the prior year.

As of March 31, 2026, TLGY Acquisition Corporation reported total assets of $6.5 million, a slight increase from $6.4 million at the end of 2025. The company’s cash and investments held in its Trust Account amounted to $6.5 million, up from $6.3 million at the end of the previous year. However, the company also reported a working capital deficit of $7 million, indicating liquidity challenges as it continues to seek a business combination. The company had cash of only $2,812 outside of the Trust Account, down from $77,415 at the end of 2025.

In terms of strategic developments, TLGY Acquisition Corporation is in the process of completing a business combination with StablecoinX Assets Inc. The company held an extraordinary general meeting on March 10, 2026, where shareholders approved the business combination agreement. The transaction is expected to close soon, pending customary closing conditions, including the approval of StablecoinX Class A common stock for listing on a national securities exchange. The company has extended its deadline to complete the business combination to May 16, 2026, with the possibility of further extensions.

Operationally, TLGY Acquisition Corporation has not commenced any revenue-generating activities since its inception in May 2021. The company has focused on organizational activities and preparing for its initial public offering, which was completed in December 2021. As of March 31, 2026, the company had 5,834,587 Class A ordinary shares outstanding, including 489,887 shares subject to possible redemption. The company’s accumulated deficit has increased to $25.2 million, reflecting ongoing operational losses.

Looking ahead, TLGY Acquisition Corporation faces significant uncertainty regarding its ability to complete a business combination within the extended timeframe. The company’s management has expressed substantial doubt about its ability to continue as a going concern if it cannot raise additional funds or finalize a business combination by the deadline. The financial statements do not include adjustments that might be necessary should the company be unable to continue as a going concern, highlighting the critical nature of the upcoming months for the company’s future.