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HSPTU

Horizon Space Acquisition II Corp.

HSPTU

Horizon Space Acquisition II Corp. • NASDAQ
$10.75 ▲ 1.22% (+0.13)
Market Cap $102.32 M
52w High $10.75
52w Low $10.00
Dividend Yield 0%
P/E 0
Volume 850
Outstanding Shares 9.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $0 ▼ $615.026K ▲ 0% $-0.014 ▲ $0 ▲
Q2-2025 $0 $509.166K ▲ $221.282K ▼ 0% $-0.056 ▼ $-509.166K ▼
Q1-2025 $0 $253.479K ▲ $472.592K ▲ 0% $0.59 ▲ $-253.479K ▼
Q4-2024 $0 $-33.604K ▼ $187.587K ▲ 0% $0.23 ▲ $-156.943K ▼
Q3-2024 $0 $33.604K $-33.604K 0% $-0.042 $-33.604K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $66.627K ▲ $71.663M ▲ $558.754K ▲ $-436.294K ▼
Q2-2025 $26.03K ▼ $70.917M ▲ $427.852K ▲ $-311.77K ▼
Q1-2025 $364.776K ▼ $70.56M ▲ $291.651K ▲ $70.268M ▲
Q4-2024 $646.72K ▲ $70.065M ▲ $269.335K ▲ $69.795M ▲
Q3-2024 $0 $192.893K $216.858K $-23.965K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $615.026K ▲ $-259.403K ▲ $0 $300K ▲ $40.597K ▲ $-259.403K ▲
Q2-2025 $221.282K ▼ $-338.746K ▼ $0 $0 $-338.746K ▼ $-338.746K ▼
Q1-2025 $472.592K ▲ $-281.944K ▼ $0 ▲ $0 ▼ $-281.944K ▼ $-281.944K ▼
Q4-2024 $187.587K ▲ $-110.465K ▼ $-69M ▼ $69.757M ▲ $646.72K ▲ $-110.465K ▼
Q3-2024 $-33.604K $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement HSPTU’s income statement reflects a blank-check shell, not an operating business. It has essentially no revenue, no meaningful operating activity, and an accounting loss per share that mainly comes from set‑up, listing, and administrative costs. As a result, today’s profit and loss figures say almost nothing about the future earnings profile of the planned merged company with SL Bio; they are more about the cost of creating and maintaining the SPAC structure than about business performance.

Balance Sheet

Balance Sheet The balance sheet is very simple and very small, with modest equity and no debt. This is typical for an early SPAC before it has fully deployed IPO capital or completed its merger. There is no real operating asset base yet, and no leverage risk visible in the figures provided. However, this snapshot is only a temporary picture: once the business combination with SL Bio closes, the asset mix, capital base, and risk profile are likely to change substantially, depending on how much cash is raised and how many shareholders redeem.

Cash Flow

Cash Flow Reported cash flow is essentially flat, which is consistent with a shell company that has not begun operating a real business. There is no meaningful operating, investing, or financing cash movement in the data shown. For this type of vehicle, the important cash dynamics will come later: the funds raised in the trust, the level of shareholder redemptions at merger, and the cash required to fund SL Bio’s research, clinical development, and commercial expansion. None of that is visible in the current historical cash flow figures.

Competitive Edge

Competitive Edge On its own, HSPTU does not compete in a traditional product market; it competes with other SPACs for attractive merger targets. Its long‑term competitive position will effectively be that of SL Bio after the deal closes. SL Bio is trying to carve out a niche at the intersection of advanced cancer immunotherapy and regenerative consumer skincare and haircare. Its strengths are a differentiated technology story, early partnerships with academic and industry players, and a dual business model that mixes high‑risk biotech with nearer‑term consumer sales. Key risks are intense competition in oncology, crowded dermatology and beauty markets, heavy dependence on scientific validation, and the fact that its cancer therapies are still in early stages, where many programs industry‑wide never reach approval.

Innovation and R&D

Innovation and R&D HSPTU itself has no R&D; all innovation comes from its intended merger partner, SL Bio. SL Bio is building two main technology pillars: non‑genetic T‑cell–redirecting therapies and off‑the‑shelf gamma delta T‑cell products for hard‑to‑treat cancers, plus exosome‑based skin and hair products. The science is ambitious and supported by proprietary platforms, licensed technologies, and academic collaborations, which together create the beginnings of an intellectual property moat. But nearly all therapeutic programs are preclinical, which means long timelines, substantial funding needs, and high scientific, regulatory, and clinical trial uncertainty. The consumer line may help generate earlier revenue, but it also operates in a fast‑moving, trend‑driven market where differentiation must be clearly demonstrated to be durable.

Summary

HSPTU is currently a financial shell with minimal operations and very simple historical financials, so its own statements offer little insight into long‑term business performance. The real story lies in the proposed merger with SL Bio, a clinical‑stage biomedical and consumer health company that blends cutting‑edge oncology research with exosome‑based skincare and haircare. Potential strengths include a diversified business model, novel therapeutic platforms, early partnerships, and a leadership team spanning science and business. Key uncertainties center on early‑stage drug development risk, regulatory hurdles, execution on clinical trials, the competitiveness of the consumer segment, and future capital needs and dilution. Anyone evaluating HSPTU needs to focus less on the current SPAC numbers and more on how the combined entity might perform once SL Bio’s pipeline and consumer products are fully reflected in its financials.