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RFAI

RF Acquisition Corp II Ordinary Shares

RFAI

RF Acquisition Corp II Ordinary Shares • NASDAQ
$10.72 ▼ -0.46% (-0.05)
Market Cap $160.93 M
52w High $10.85
52w Low $10.17
Dividend Yield 0%
P/E 63.06
Volume 638
Outstanding Shares 15.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $0 ▼ $1.057M ▼ 0% $0.07 ▼ $1.057M ▲
Q2-2025 $0 $181.729K ▼ $1.076M ▲ 0% $0.072 ▲ $-181.729K ▲
Q1-2025 $0 $213.238K ▲ $1.021M ▲ 0% $0.068 ▲ $-213K ▼
Q4-2024 $0 $134.62K ▲ $936.483K ▼ 0% $0.062 ▼ $936.483K ▲
Q3-2024 $0 $89.99K $1.423M 0% $0.095 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $562.225K ▼ $123.464M ▲ $4.552M ▲ $-3.96M ▼
Q2-2025 $626.321K ▼ $122.256M ▲ $4.4M ▼ $117.855M ▲
Q1-2025 $812.338K ▼ $121.207M ▲ $4.428M ▲ $116.779M ▲
Q4-2024 $958.786K ▼ $120.078M ▲ $4.32M ▲ $115.758M ▲
Q3-2024 $986.256K $118.758M $4.247M $114.511M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.057M ▼ $-64.096K ▲ $0 $0 $-64.096K ▲ $-64.096K ▲
Q2-2025 $1.076M ▲ $-186.017K ▼ $0 $0 $-186.017K ▼ $-186.017K ▼
Q1-2025 $1.021M ▲ $-146.448K ▼ $0 ▼ $0 ▲ $-146.448K ▼ $-146.448K ▼
Q4-2024 $936.483K ▼ $-20.184K ▼ $811.076K ▲ $-818.432K ▼ $-66.491K ▼ $0
Q3-2024 $1.078M $14.669K $-2.173M $2.192M $57.395K $0

Five-Year Company Overview

Income Statement

Income Statement RFAI today is essentially a blank‑check shell, so its income statement does not look like that of a normal operating company. It has no meaningful revenue, no cost of goods, and no ongoing business activities. Any reported profit per share is mainly an accounting result of how the SPAC structure is set up, not a sign of a proven business. The real economic story will only begin if and when the merger with Nanyang Biologics closes and Nanyang’s operating results replace the current shell-company figures.

Balance Sheet

Balance Sheet The balance sheet is very simple and typical of a newly listed SPAC. It mostly consists of financial assets set up to fund a future deal, with no operating assets like factories, labs, or inventory, and no traditional bank debt. Equity is small and reflects the capital raised for the acquisition purpose. For now, this balance sheet mainly represents a pool of capital plus a listing vehicle, rather than an active operating business. After a merger, it would transform into Nanyang Biologics’ balance sheet, which would likely include research assets, intellectual property, and more conventional working capital items.

Cash Flow

Cash Flow Cash flows are minimal and primarily relate to SPAC operating costs such as professional fees, regulatory costs, and deal‑related expenses. There is no meaningful cash generated from customers or products because there is no operating business yet. In practice, the key cash‑flow question is how much of the trust capital will remain available to the combined company after redemptions, transaction costs, and any additional financing around the closing of the Nanyang Biologics deal.

Competitive Edge

Competitive Edge On its own, RFAI has no competitive position; it is a financing shell. The relevant competitive dynamics belong to Nanyang Biologics, the intended merger partner. Nanyang appears to occupy a differentiated niche at the intersection of AI and natural‑compound drug discovery. Its proprietary AI engine, focus on nature‑derived molecules, and multiple partnerships with large tech and academic institutions together form a potential moat. However, AI‑driven drug discovery is a crowded and rapidly evolving field, with many well‑funded peers and heavy involvement from large pharma and tech companies, so sustaining an edge will depend on Nanyang’s ability to deliver clinically meaningful results and attractive collaborations over time.

Innovation and R&D

Innovation and R&D The innovation story is almost entirely about Nanyang Biologics. Its Vecura AI platform, built on advanced neural‑network methods, is designed to sift through extremely large libraries of natural compounds and predict promising drug candidates much faster than traditional approaches. The company combines this with lab validation, building a bridge between computational predictions and real‑world biology. It pursues several lines at once: an internal pipeline of drug candidates, a platform‑as‑a‑service model for other life‑science players, and a nutraceutical brand that leverages its natural‑compound expertise. Key uncertainties include whether its lead drug candidates can advance successfully through preclinical work into human trials, whether the platform will be widely adopted by partners, and whether it can keep improving its technology as the AI and biotech landscape moves quickly.

Summary

RFAI today is best understood as a financial vehicle with no operating business, created to bring a private company—Nanyang Biologics—to the public markets. The current financial statements largely reflect that structure and offer limited insight into future operating performance. The real fundamental picture will depend on whether the merger closes as planned and how Nanyang executes thereafter. If completed, the combined company would be an early‑stage, innovation‑driven biotech and AI platform business, with meaningful scientific upside but also significant execution, clinical, regulatory, and competitive risks. For now, the story is less about present earnings and more about the quality of Nanyang’s technology, partnerships, pipeline progress, and its ability to convert a promising AI platform into durable, real‑world healthcare products and services.