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RFAIR

RF Acquisition Corp II Right

RFAIR

RF Acquisition Corp II Right • NASDAQ
$0.13 ▲ 1.00% (+0.00)
Market Cap $2.00 M
52w High $0.15
52w Low $0.13
Dividend Yield 0%
P/E 0
Volume 728
Outstanding Shares 15.20M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2024 $0 $750.495K ▲ $-485.186K ▼ 0% $-0.085 ▼ $0 ▲
Q2-2024 $0 $369.446K ▲ $-100.693K ▼ 0% $-0.017 ▼ $-369.446K ▼
Q1-2024 $0 ▼ $223.169K ▼ $41.124K ▲ 0% ▲ $0.007 ▲ $0 ▲
Q4-2023 $1.557M ▲ $924.277K ▲ $-486.54K ▼ -31.253% ▼ $-0.069 ▼ $-369.219K ▼
Q3-2023 $0 $331.438K $15.207K 0% $0.002 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2024 $18.452K ▼ $17.87M ▼ $6.834M ▲ $11.036M ▼
Q2-2024 $118.349K ▼ $30.812M ▲ $6.023M ▲ $24.789M ▼
Q1-2024 $160.995K ▼ $30.41M ▲ $5.52M ▲ $24.89M ▲
Q4-2023 $188.235K ▲ $29.964M ▼ $5.116M ▲ $24.848M ▼
Q3-2023 $4.066K $44.101M $4M $40.101M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2024 $-485.186K ▼ $-498.303K ▼ $13.335M ▲ $-12.937M ▼ $-99.897K ▼ $-498.303K ▼
Q2-2024 $-100.693K ▼ $-148.419K ▼ $-75.463K ▼ $181.236K ▲ $-42.646K ▼ $-148.419K ▼
Q1-2024 $41.124K ▲ $-115.821K ▲ $-75K ▼ $163.581K ▲ $-27.24K ▼ $-115.821K ▲
Q4-2023 $-486.54K ▼ $-729.722K ▼ $14.806M ▲ $-13.893M ▼ $184.169K ▲ $-729.722K ▼
Q3-2023 $15.207K $-317.66K $-258.75K $295K $-281.41K $-317.66K

Five-Year Company Overview

Income Statement

Income Statement RFAIR is linked to a SPAC, not an operating business, so its income statement is largely a formality. The SPAC has no real revenue or operating activity like a normal company. Earnings per share have moved from slightly positive to more clearly negative in recent years, reflecting deal costs, administrative expenses, and mark‑to‑market effects, not business performance. In practical terms, there is no underlying operating profit engine here yet; the value of the right depends almost entirely on whether the planned merger closes and how the target company performs afterward, not on past income trends.

Balance Sheet

Balance Sheet The balance sheet is minimal and very light. Assets and equity are tiny, and there is essentially no reported cash or debt at this level. This is typical for a SPAC right: it does not represent ownership of a sizeable asset base on its own. Instead, the economic outcome is tied to the eventual conversion into a fraction of a share if the business combination completes. Until then, the balance sheet offers little comfort or insight; the main risk is deal completion and structure, not leverage or asset quality on the SPAC right itself.

Cash Flow

Cash Flow Cash flow information is essentially empty, with no real operating, investing, or financing flows shown at this instrument level. That again fits the nature of a SPAC right, which does not function as a cash‑generating business. Any cash activity happens mainly at the SPAC entity holding the trust funds, not within the right itself. As a result, historical cash flow data provide almost no guidance; the key question is how much cash the combined company will have after redemptions, deal costs, and any additional financing when and if the merger with Nanyang Biologics is completed.

Competitive Edge

Competitive Edge RFAIR’s competitive position is indirect; what matters is the competitive position of Nanyang Biologics, the SPAC’s target. Nanyang aims to stand out in biotech through an AI‑driven drug discovery platform focused on hard‑to‑treat, often considered “undruggable,” disease targets. Its technology has received third‑party recognition and awards, which suggests some real technical differentiation. However, it operates in an intensely competitive field where large pharma and well‑funded AI‑biotech players are all racing to build similar capabilities. The potential moat comes from proprietary models, data, patents, and academic collaborations, but it is still early, and none of this has yet been validated by marketed drugs or late‑stage trial successes. Competitive strength is promising on paper but unproven in practice.

Innovation and R&D

Innovation and R&D The real innovation story sits with Nanyang Biologics, not the SPAC right. Nanyang has built the Vecura AI platform, using advanced neural‑network approaches to predict how drug candidates interact with biological targets. Independent benchmarking and awards point to strong technical performance, which, if sustained, could speed up and de‑risk early drug discovery. The company focuses on nature‑inspired small molecules and is working on multiple preclinical programs in cancer, cardiovascular health, and mental health. It is also building a patent portfolio and partnering with a major university, which helps reinforce its scientific base. The flip side is that everything is early: programs are preclinical, regulatory and clinical risk is high, and timelines are long. Innovation intensity appears high, but commercial outcomes are still entirely ahead of it.

Summary

RFAIR is a structured right tied to a SPAC deal, not a conventional operating company, so its historical financials are almost irrelevant to its future. Its income statement, balance sheet, and cash flow are thin and mostly reflect the mechanics and costs of a blank‑check vehicle rather than business performance. The central driver is the proposed merger with Nanyang Biologics, an AI‑driven biotech firm. Nanyang brings a sophisticated drug discovery platform, academic partnerships, and a pipeline of early‑stage candidates targeting difficult diseases, which together create a potentially attractive innovation profile but also very high scientific, regulatory, and execution risk. The most important uncertainties are: whether the merger closes on the expected terms, how much cash the combined company will retain, how quickly Nanyang can move into human trials, and whether its AI advantage translates into real clinical and commercial success. In short, the story is almost entirely forward‑looking, centered on a promising but early‑stage biotech platform, with limited insight to be gained from traditional financial statements today.