Mon, Aug 19, 8:31 PM (148 days ago)
For the quarter ended June 30, 2024, Bellevue Life Sciences Acquisition Corp. reported a net loss of $97,295, contrasting with a net income of $301,464 in the same period of 2023. The decline is attributed to increased general and administrative expenses of $475,544, up from $280,273 year-over-year. The company’s total assets decreased significantly to $20,633,643 from $36,627,733 at year-end 2023, primarily due to a reduction in trust account investments following stockholder redemptions. Cash flow analysis reveals a working capital deficit of $3,251,300, indicating potential liquidity challenges. The company’s cash balance rose to $119,116, but the liquidity outlook remains uncertain, especially with upcoming obligations. Notably, the total liabilities increased to $5,488,128, driven by accrued expenses and tax liabilities. The firm has extended its business combination deadline to November 14, 2024, following stockholder approvals, while also facing Nasdaq compliance issues due to insufficient public holders. The upcoming business combination with OSR Holdings is pivotal, with conditions set for closing, including a minimum cash requirement. Overall, the financial health reflects challenges in revenue generation and operational sustainability, necessitating careful monitoring as the business combination progresses.