Helix Acquisition Corp. II Reports $7.6M Net Income Turnaround, Plans Merger with BridgeBio Oncology

Helix Acquisition Corp. II, a special purpose acquisition company (SPAC) incorporated in the Cayman Islands, reported a significant financial turnaround in its latest 10-K filing for the fiscal year ending December 31, 2024. The company recorded a net income of $7.6 million, a stark contrast to a net loss of $41,692 in the previous year. This improvement was primarily driven by interest income from marketable securities held in the Trust Account, which amounted to $8.4 million. The company has not yet engaged in any operational activities or generated revenue from business operations, as it is still in the process of identifying a target for its initial business combination.

The company successfully completed its initial public offering (IPO) on February 13, 2024, raising gross proceeds of $184 million from the sale of 18.4 million Class A ordinary shares, including the full exercise of the underwriter's over-allotment option. Additionally, it raised $5.1 million through the private placement of 509,000 shares to its sponsor. As of December 31, 2024, Helix had $192.4 million in marketable securities held in its Trust Account, which is designated for use in its initial business combination. The company also reported cash of $1.7 million available for operational expenses.

In terms of strategic developments, Helix Acquisition Corp. II has entered into a business combination agreement with BridgeBio Oncology Therapeutics (BBOT) as of February 28, 2025. This agreement outlines a plan for the company to migrate from the Cayman Islands to Delaware and merge with BBOT, which is focused on developing novel therapeutics for cancer treatment. The completion of this merger is contingent upon various conditions, including shareholder approval and the availability of a minimum amount of transaction proceeds.

Operationally, the company has not yet established a customer base or user statistics, as it is still in the pre-business combination phase. However, it has incurred general and administrative expenses of approximately $584,389 for the year, reflecting its ongoing efforts to prepare for the merger and comply with public company regulations. The company has a total of 4.6 million Class B ordinary shares outstanding, primarily held by its sponsor and independent directors, which will convert into Class A shares upon the completion of the merger.

Looking ahead, Helix Acquisition Corp. II faces a deadline of February 14, 2026, to complete its initial business combination, or it will be required to liquidate and return funds to shareholders. The company has expressed confidence in its ability to finalize the merger with BBOT, but it acknowledges the risks associated with market conditions and the competitive landscape for SPACs. The management team remains focused on executing the merger and enhancing shareholder value through the successful integration of BBOT's operations.