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BKHAU

Black Hawk Acquisition Corporation Units

BKHAU

Black Hawk Acquisition Corporation Units • NASDAQ
$12.00 ▼ -11.58% (-1.39)
Market Cap $45.00 M
52w High $12.00
52w Low $10.44
Dividend Yield 0%
P/E 0
Volume 5
Outstanding Shares 4.33M

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 BKHAU, as a SPAC, has essentially no operating business today, so its income statement is almost empty: no real revenue, no operating profit, and no recurring earnings from a product or service. The positive earnings per share shown in the latest year likely come from technical accounting items or interest on the cash it holds, not from a functioning business. In other words, the current income statement tells you almost nothing about the future economics of the planned Vesicor merger; it mainly reflects the temporary structure of a blank‑check company.

Balance Sheet

Balance Sheet The balance sheet is very small and simple, with a modest level of assets and equity and no reported debt in this snapshot. That is typical for a SPAC: it exists mainly to hold cash raised from investors and then combine with a target. The fact that reported cash is minimal suggests most funds may be classified differently (for example, in a trust), or that the data is incomplete. There are no signs yet of the heavy research assets, lab equipment, or intangible assets you would expect from a mature biotech; those would only appear once the Vesicor transaction closes and is fully consolidated.

Cash Flow

Cash Flow Cash flow information is effectively blank, which again fits a SPAC that has no operations, customers, or capital investments. There is no visible operating cash inflow from a business and no spending on research, facilities, or equipment in these numbers. Any meaningful cash burn related to Vesicor’s drug development would only show up after the merger, so the current cash flow history does not help in assessing the future funding needs or sustainability of the combined biotech entity.

Competitive Edge

Competitive Edge On its own, BKHAU has no competitive position; it is only a financing vehicle. The relevant competitive story is Vesicor’s. Vesicor is aiming at a very important cancer target (p53) with a specialized delivery system based on engineered microvesicles. This places it in a cutting‑edge but crowded arena that includes gene therapy, mRNA platforms, and extracellular vesicle companies. Its strengths appear to be: a focused scientific thesis on p53, a proprietary delivery platform, and some early real‑world use in Japan that may help inform development. Its challenges are significant: powerful rivals, rapid scientific change, and the need to prove both safety and meaningful benefit in humans from an entirely new class of therapy.

Innovation and R&D

Innovation and R&D The heart of the story is innovation. Vesicor is trying to restore the body’s natural tumor‑suppressor function by delivering healthy p53 mRNA into cancer cells, using engineered microvesicles as a kind of biologic “carrier.” This approach is novel on two fronts: the choice of target (fixing the p53 pathway rather than attacking tumors indirectly) and the delivery method (cell‑derived vesicles instead of viruses or synthetic particles). If it works, the platform could be extended to many solid tumors and possibly other diseases, giving room for a broad pipeline. But the science is early, the regulatory path is long, and there is a high chance of setbacks typical of first‑in‑class biotech R&D.

Summary

BKHAU today is essentially a shell with sparse financials and no operating business; its reported numbers mostly reflect a temporary SPAC structure rather than an ongoing enterprise. The real story is the intended merger with Vesicor Therapeutics, which would turn BKHAU into a highly speculative oncology biotech focused on an ambitious, unproven technology. The opportunity is large—potentially transforming treatment for multiple cancers if the p53 microvesicle platform succeeds—but the risks are equally large, spanning scientific feasibility, clinical trial outcomes, regulatory approval, manufacturing scale‑up, and future financing needs. Anyone tracking this name is effectively assessing an early‑stage research project rather than a company with established revenues or predictable cash flows.