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BKHAR

Black Hawk Acquisition Corporation

BKHAR

Black Hawk Acquisition Corporation • NASDAQ
$1.51 ▲ 0.00% (+0.00)
Market Cap $5.66 M
52w High $1.57
52w Low $1.51
Dividend Yield 0%
P/E 0
Volume 567
Outstanding Shares 3.75M

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 a blank-check shell, so its income statement is not that of a normal operating business. It shows essentially no revenue and only minor gains or losses tied to the SPAC structure and financial items, not from selling products or services. Any meaningful future income profile will depend entirely on closing the Vesicor merger and then on how Vesicor’s cancer programs progress over many years.

Balance Sheet

Balance Sheet The balance sheet is very simple and very small, reflecting a shell company that exists mainly to hold cash and complete a deal. There is a modest equity base and no visible operating assets like labs, equipment, or product inventories. The lack of debt is a positive from a risk standpoint, but it also underscores that real operating assets and funding needs will only be clear once the merger completes and the combined company’s plans are laid out.

Cash Flow

Cash Flow Cash flows are minimal and largely administrative, because Black Hawk does not run a real business yet. There is no cash coming in from customers, and spending is mostly related to keeping the SPAC listed and working on the potential merger. Looking ahead, the merged company would likely require substantial ongoing funding for research, clinical trials, and overhead, meaning future cash burn could be significant and dependent on capital markets.

Competitive Edge

Competitive Edge On its own, Black Hawk has no products, no customers, and no competitive moat; its value is tied to the merger it can deliver. The planned partner, Vesicor Therapeutics, operates in a very competitive space: cutting‑edge cancer therapies. Vesicor’s approach using engineered microvesicles to restore p53 function is differentiated scientifically, but it will face intense competition from other cancer platforms and established oncology players, and it still has to prove itself in rigorous clinical trials. The absence of clearly established patent protection, based on current information, adds an extra layer of competitive risk.

Innovation and R&D

Innovation and R&D All of the innovation story sits with Vesicor, not with Black Hawk itself. Vesicor is working on a novel way to deliver genetic instructions into cancer cells to restore a key tumor‑suppressor pathway, which could be powerful if clinical data confirm both safety and benefit. The technology is early, complex, and unproven at scale, and timelines to meaningful results are likely long. Investors would need to watch for U.S. trial starts, early human data, and clearer protection of the underlying technology to gauge how robust this R&D engine really is.

Summary

Black Hawk Acquisition today is essentially a financial shell with no operating business, no revenue, and a small, simple balance sheet. Its future hinges almost entirely on the successful completion of the merger with Vesicor Therapeutics and on Vesicor’s ability to turn a promising cancer platform into approved medicines. This creates a high‑uncertainty profile: outcomes will depend on scientific validation, regulatory progress, competitive pressures, and ongoing access to funding. The opportunity lies in exposure to potentially disruptive oncology innovation, but the risks are substantial given the early stage of development and the binary nature of drug development milestones.