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BKHA

Black Hawk Acquisition Corporation

BKHA

Black Hawk Acquisition Corporation • NASDAQ
$11.20 ▲ 2.68% (+0.30)
Market Cap $46.52 M
52w High $11.95
52w Low $10.32
Dividend Yield 0%
P/E 43.08
Volume 1
Outstanding Shares 4.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $341.265K ▲ $154.401K ▼ 0% $0.03 ▼ $154.401K ▲
Q2-2025 $0 $247.598K ▲ $520.542K ▼ 0% $0.058 ▼ $-247.598K ▼
Q1-2025 $0 $108.769K ▲ $658.379K ▼ 0% $0.074 ▼ $-108.769K ▼
Q4-2024 $0 $101.268K ▲ $751.701K ▼ 0% $0.084 ▼ $-101.268K ▼
Q3-2024 $0 $84.903K $883.767K 0% $0.099 $-84.903K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $15K ▼ $23.341M ▼ $3.361M ▲ $-3.317M ▼
Q2-2025 $72.914K ▼ $73.502M ▲ $2.666M ▲ $70.836M ▲
Q1-2025 $101.528K ▼ $72.8M ▲ $2.485M ▼ $70.316M ▲
Q4-2024 $264.842K ▼ $72.143M ▲ $2.486M ▲ $69.657M ▲
Q3-2024 $323.846K $71.371M $2.466M $68.906M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $154.401K ▼ $-107.914K ▲ $50.561M ▲ $-50.511M ▼ $-57.914K ▼ $-107.914K ▲
Q2-2025 $520.542K ▼ $-278.614K ▼ $0 $250K ▲ $-28.614K ▲ $-278.614K ▼
Q1-2025 $658.379K ▼ $-163.314K ▼ $0 $0 $-163.314K ▼ $-163.314K ▼
Q4-2024 $751.701K ▼ $-59.004K ▼ $0 $0 $-59.004K ▼ $-59.004K ▼
Q3-2024 $883.767K $-42.824K $0 $0 $-42.824K $-42.824K

Five-Year Company Overview

Income Statement

Income Statement Black Hawk Acquisition is still essentially an empty shell, so its income statement does not tell a normal “business performance” story. It has no revenue and no operating business. The small positive earnings per share figure is mostly an accounting outcome tied to the SPAC structure, not evidence of a profitable ongoing operation. Once the merger with Vesicor closes, the income statement will likely flip to showing meaningful research and development spending, with ongoing losses for some time as a typical early‑stage biotech, and still no product revenue until much later, if ever.

Balance Sheet

Balance Sheet The balance sheet is very light and simple, as is typical for a SPAC. There is a modest pool of assets and equity, and effectively no operating debt or physical assets. The current balance sheet mainly reflects cash and equivalents raised for the purpose of completing a merger, not a mature operating company. After combining with Vesicor, the balance sheet will become that of a pre‑commercial biotech: heavy on cash (assuming the deal closes and funding arrives), light on tangible assets, and highly dependent on raising additional capital over time, which brings dilution and refinancing risk.

Cash Flow

Cash Flow Cash flow is essentially flat, with no signs of a functioning business yet. There is no operating cash inflow from customers, no investing in property or equipment, and no meaningful free cash flow profile to analyze. This is normal for a SPAC at this stage. Looking ahead, the merged entity will almost certainly run negative operating cash flow as it funds clinical trials and development activities. Its survival and progress will depend on access to external financing rather than internally generated cash for the foreseeable future.

Competitive Edge

Competitive Edge As of now, Black Hawk has no operating business, so it has no real competitive position; its job was to find and merge with a target. The competitive story belongs to Vesicor. Post‑merger, the combined company will sit in a very crowded and high‑stakes field: innovative cancer therapies and genetic medicines. Vesicor’s microvesicle delivery approach and focus on restoring p53 function give it a distinctive scientific angle, but it will be competing against much larger pharmaceutical and biotech firms with deeper resources. Its eventual strength will depend on the quality of its clinical data, regulatory progress, intellectual property protection, and ability to form partnerships, none of which is yet proven at scale.

Innovation and R&D

Innovation and R&D Innovation is the main attraction of the planned Vesicor merger. Vesicor is developing a platform that uses engineered microvesicles to deliver mRNA into tumor cells, aiming to restore the activity of p53, a key tumor‑suppressor gene. This non‑viral delivery approach could offer safety and targeting advantages versus traditional gene therapy methods. Limited real‑world use in Japan under a special compassionate program provides early, but not definitive, human experience. The pipeline is still very early: the lead candidate is pre‑clinical or just moving toward formal trials, and broader use of the platform for other genes or payloads is still conceptual. Overall, the R&D story is scientifically ambitious and potentially broad, but with substantial clinical, regulatory, and execution risk ahead.

Summary

BKHA today is a financial shell rather than an operating company, so its reported financials are thin and not especially informative about long‑term performance. The real story is the planned transition into Vesicor Therapeutics, an early‑stage biotech built around a novel cancer‑treatment platform. If the merger closes, the company will shift from a clean but empty financial structure to a cash‑consuming R&D business with no revenues, dependent on future fundraising and on the success of its clinical program. The opportunity lies in differentiated science targeting a fundamental cancer pathway; the risks lie in the usual biotech challenges: unproven efficacy and safety, regulatory uncertainty, strong competition, and ongoing capital needs. In the near term, progress will be judged much more on scientific and regulatory milestones than on traditional financial metrics.