Horizon Space Acquisition II Corp(HSPT) - 2025 Q2 - Quarterly Report

Financial Performance - The company had a net income of $221,282 for the three months ended June 30, 2025, primarily from interest and dividend income of $730,448, offset by formation and operating expenses of $509,166[134]. - For the six months ended June 30, 2025, the company reported a net income of $693,874, with $1,456,519 from interest and dividend income, against formation and operating expenses of $762,645[135]. Cash and Capital Structure - As of June 30, 2025, the company had cash of $26,030 and a working capital deficit of $311,770[137]. - The company raised gross proceeds of $60,000,000 from the IPO by selling 6,000,000 units at $10.00 per unit, with an additional $9,000,000 from the over-allotment option[125]. - The total proceeds from the IPO and private placements amounted to $69,000,000, which were placed in a trust account for the benefit of public shareholders[127]. - The company has incurred losses since inception and has not generated any revenue, relying on working capital from the IPO and loans from the sponsor[124]. Business Strategy - The company plans to use the net proceeds from the IPO to acquire a target business and cover related expenses[138]. - A business combination agreement was entered into with SL Bio Ltd., which is focused on developing cellular and gene therapies[129]. Financial Position and Risks - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2025[142][143]. - The company faces substantial doubt about its ability to continue as a going concern if it cannot complete a business combination by November 18, 2025[141]. Accounting and Reporting - The Company is currently assessing the impact of new accounting guidance effective for fiscal years beginning after December 15, 2026, but does not expect a material impact on its financial statements[148]. - The Company does not believe that other recently issued but not yet effective accounting standards would have a material effect on its financial statements[149]. - As a smaller reporting company, the Company is not required to make disclosures about market risk[150].