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Health Sciences Acquisitions Co. 2 (HSAQ) Financials

Health Sciences Acquisitions Co. 2 logo
$5.95 +0.22 (+3.84%)
As of 10/9/2026
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Annual Income Statements for Health Sciences Acquisitions Co. 2

Annual Income Statements for Health Sciences Acquisitions Co. 2

This table shows Health Sciences Acquisitions Co. 2's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -0.38 -34 -49 -61 -53
Consolidated Net Income / (Loss)		 -0.38 -34 -49 -61 -53
Net Income / (Loss) Continuing Operations		 -0.38 -34 -49 -61 -53
Total Pre-Tax Income 		-0.38 -34 -49 -61 -53
Total Operating Income		 -0.39 -33 -52 -64 -52
Total Gross Profit		 0.00 3.32 2.57 2.43 33
Total Revenue		 0.00 3.53 2.76 2.64 33
Operating Revenue		 - 3.53 2.76 2.64 33
Total Cost of Revenue		 0.00 0.21 0.19 0.20 0.19
Operating Cost of Revenue		 - 0.21 0.19 0.20 0.19
Total Operating Expenses		 0.39 36 54 67 85
Selling, General & Admin Expense		 0.27 14 20 24 27
Research & Development Expense		 - 22 34 43 58
Total Other Income / (Expense), net		 0.02 -0.95 2.39 3.28 -1.15
Interest & Investment Income		 0.02 1.03 3.83 3.29 -1.15
Other Income / (Expense), net		 - -1.35 -0.29 -0.01 0.00
Basic Earnings per Share		 ($0.02) ($2.24) ($1.48) ($1.66) ($1.11)
Weighted Average Basic Shares Outstanding		 20.45M 14.99M 33.23M 36.82M 47.75M
Diluted Earnings per Share		 - ($2.24) ($1.48) ($1.66) ($1.11)
Weighted Average Diluted Shares Outstanding		 20.45M 14.99M 33.23M 36.82M 47.75M
Weighted Average Basic & Diluted Shares Outstanding		 20.45M 11.21M 35.78M 38.31M 58.52M

Quarterly Income Statements for Health Sciences Acquisitions Co. 2

This table shows Health Sciences Acquisitions Co. 2's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -13 -13 -16 -15 -16 -19 -19 -21 5.99 -21 -24
Consolidated Net Income / (Loss)		 -13 -13 -16 -15 -16 -19 -19 -21 6.25 -21 -24
Net Income / (Loss) Continuing Operations		 -13 -13 -16 -15 -16 -19 -19 -21 5.99 -21 -24
Total Pre-Tax Income 		-13 -13 -16 -15 -16 -19 -19 -21 5.99 -21 -24
Total Operating Income		 -12 -14 -17 -16 -17 -19 -19 -20 6.75 -22 -22
Total Gross Profit		 0.22 0.59 0.73 0.92 0.20 0.82 0.79 0.81 31 0.08 0.06
Total Revenue		 0.26 0.62 0.78 0.99 0.25 0.87 0.84 0.86 31 0.11 0.09
Operating Revenue		 0.26 0.62 0.78 0.99 0.25 0.87 0.84 0.86 31 0.11 0.09
Total Cost of Revenue		 0.05 0.03 0.04 0.07 0.06 0.04 0.05 0.05 0.05 0.03 0.03
Operating Cost of Revenue		 0.05 0.03 0.04 0.07 0.06 0.04 0.05 0.05 0.05 0.03 0.03
Total Operating Expenses		 13 15 18 17 17 20 20 21 24 22 22
Selling, General & Admin Expense		 4.19 5.90 6.47 5.67 5.90 6.26 6.26 7.10 7.29 6.37 5.83
Research & Development Expense		 8.51 9.11 11 12 11 13 14 14 17 16 17
Total Other Income / (Expense), net		 -0.34 0.96 0.88 0.92 0.51 0.17 -0.04 -0.52 -0.76 1.39 -1.40
Interest & Investment Income		 2.64 0.97 0.88 0.92 2.44 0.17 -0.04 -0.52 -0.76 1.42 -1.77
Other Income / (Expense), net		 - -0.01 0.00 0.00 -0.01 0.00 0.00 0.00 - -0.04 0.37
Preferred Stock Dividends Declared		 - - - - - 0.00 0.00 - - -0.04 0.32
Basic Earnings per Share		 ($0.35) ($0.38) ($0.45) ($0.41) ($0.42) ($0.49) ($0.50) ($0.40) $0.28 ($0.33) ($0.38)
Weighted Average Basic Shares Outstanding		 33.23M 35.78M 35.80M 37.62M 36.82M 38.24M 38.39M 52.19M 47.75M 62.72M 63.81M
Diluted Earnings per Share		 ($0.35) ($0.38) ($0.45) ($0.41) ($0.42) ($0.49) ($0.50) ($0.40) $0.28 ($0.33) ($0.38)
Weighted Average Diluted Shares Outstanding		 33.23M 35.78M 35.80M 37.62M 36.82M 38.24M 38.39M 52.19M 47.75M 62.72M 63.81M
Weighted Average Basic & Diluted Shares Outstanding		 35.78M 35.79M 37.82M 38.01M 38.31M 38.31M 53.96M 56.46M 58.52M 59.88M 60.11M

Annual Cash Flow Statements for Health Sciences Acquisitions Co. 2

This table details how cash moves in and out of Health Sciences Acquisitions Co. 2's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -0.27 9.85 11 -8.30 12
Net Cash From Operating Activities		 -0.27 -29 -46 -51 -49
Net Cash From Continuing Operating Activities		 -0.27 -29 -46 -51 -49
Net Income / (Loss) Continuing Operations		 -0.38 -34 -49 -61 -53
Consolidated Net Income / (Loss)		 -0.38 -34 -49 -61 -53
Depreciation Expense		 - 0.22 0.29 0.31 0.33
Amortization Expense		 - -0.44 -3.71 -1.47 -0.60
Non-Cash Adjustments To Reconcile Net Income		 -0.02 4.99 9.72 12 14
Changes in Operating Assets and Liabilities, net		 0.12 -0.45 -3.31 -0.77 -10
Net Cash From Investing Activities		 0.00 -64 11 13 -27
Net Cash From Continuing Investing Activities		 0.00 -64 11 13 -27
Purchase of Property, Plant & Equipment		 - -0.59 -0.08 -0.29 -0.49
Acquisitions		 - - 0.00 -0.60 0.00
Purchase of Investments		 - -64 -142 -73 -76
Sale and/or Maturity of Investments		 - 0.00 153 87 50
Net Cash From Financing Activities		 0.00 103 46 29 88
Net Cash From Continuing Financing Activities		 0.00 103 46 29 88
Issuance of Debt		 - 10 0.00 15 0.00
Issuance of Preferred Equity		 - 110 - 0.00 13
Issuance of Common Equity		 - - - 0.00 58
Other Financing Activities, net		 0.00 -10 57 14 18
Cash Interest Paid		 - 1.37 1.12 0.10 1.45

Quarterly Cash Flow Statements for Health Sciences Acquisitions Co. 2

This table details how cash moves in and out of Health Sciences Acquisitions Co. 2's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 11 -7.24 0.39 1.89 -3.34 -3.91 0.40 23 -7.32 -6.32 -7.90
Net Cash From Operating Activities		 -11 -13 -10 -14 -14 -17 -16 -15 -2.27 -22 -19
Net Cash From Continuing Operating Activities		 -11 -13 -10 -13 -14 -17 -16 -15 -2.27 -22 -19
Net Income / (Loss) Continuing Operations		 -13 -13 -16 -15 -16 -19 -19 -21 6.25 -21 -24
Consolidated Net Income / (Loss)		 -13 -13 -16 -15 -16 -19 -19 -21 6.25 -21 -24
Depreciation Expense		 0.07 0.07 0.07 0.08 0.08 0.08 0.08 0.08 0.08 0.09 0.10
Amortization Expense		 -0.64 -0.59 -0.33 -0.36 -0.20 -0.07 -0.00 -0.27 -0.26 -0.01 -0.33
Non-Cash Adjustments To Reconcile Net Income		 2.52 2.70 2.50 3.10 4.10 3.11 3.40 3.93 3.94 2.11 4.55
Changes in Operating Assets and Liabilities, net		 -0.12 -1.83 3.31 -0.87 -1.36 -0.99 0.36 2.54 -12 -3.66 0.11
Net Cash From Investing Activities		 33 5.86 10 0.56 -3.75 13 16 -39 -18 10 -23
Net Cash From Continuing Investing Activities		 33 5.86 10 0.56 -3.75 13 16 -39 -18 10 -23
Purchase of Property, Plant & Equipment		 0.00 -0.01 -0.11 -0.07 -0.11 -0.11 -0.03 -0.31 -0.03 -0.18 -0.25
Purchase of Investments		 -3.96 -24 -19 -9.99 -20 -2.90 - -48 -26 -13 -43
Sale and/or Maturity of Investments		 37 30 29 11 17 16 16 9.51 7.95 24 20
Net Cash From Financing Activities		 -11 0.02 0.17 15 14 -0.30 -0.43 76 13 5.53 35
Net Cash From Continuing Financing Activities		 -11 0.02 0.17 15 14 -0.30 -0.43 76 13 5.53 35
Other Financing Activities, net		 0.15 0.02 0.17 15 -1.05 -0.30 -0.43 19 0.10 5.53 15
Cash Interest Paid		 0.02 0.00 - - 0.10 0.36 0.36 0.36 0.36 0.36 0.36

Annual Balance Sheets for Health Sciences Acquisitions Co. 2

This table presents Health Sciences Acquisitions Co. 2's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 162 162 96 95 76 115
Total Current Assets		 2.15 1.80 85 89 69 108
Cash & Equivalents		 2.03 1.75 20 31 22 35
Short-Term Investments		 - - 64 57 45 72
Accounts Receivable		 - - 0.10 0.10 0.09 0.10
Inventories, net		 - - 0.28 0.15 0.17 0.31
Prepaid Expenses		 0.12 0.05 0.53 1.27 2.09 0.99
Plant, Property, & Equipment, net		 0.00 0.00 1.49 1.28 1.38 1.72
Total Noncurrent Assets		 160 160 9.39 4.82 5.62 5.23
Long-Term Investments		 - - 2.50 2.50 2.50 2.50
Other Noncurrent Operating Assets		 160 160 6.90 2.32 3.12 2.74
Total Liabilities & Shareholders' Equity		 162 162 96 95 76 115
Total Liabilities		 5.72 5.77 43 27 43 51
Total Current Liabilities		 0.12 0.17 19 11 16 17
Accounts Payable		 0.01 0.15 3.97 2.90 5.13 6.10
Accrued Expenses		 0.08 0.01 5.38 5.15 6.08 9.89
Other Current Liabilities		 0.03 - 2.79 0.65 0.55 0.75
Total Noncurrent Liabilities		 5.60 5.60 24 16 27 35
Long-Term Debt		 - - 9.49 0.00 14 14
Capital Lease Obligations		 - - 1.68 1.04 - 0.94
Other Noncurrent Operating Liabilities		 5.60 5.60 0.20 0.00 1.73 20
Redeemable Noncontrolling Interest		 160 160 - - 0.00 9.81
Total Equity & Noncontrolling Interests		 -3.56 -3.94 53 68 33 54
Total Preferred & Common Equity		 -3.56 -3.94 53 68 33 54
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -3.56 -3.94 53 68 33 54
Common Stock		 0.00 0.00 252 317 343 416
Retained Earnings		 -3.56 -3.94 -200 -249 -310 -363
Accumulated Other Comprehensive Income / (Loss)		 - - -0.01 -0.01 0.05 0.06

Quarterly Balance Sheets for Health Sciences Acquisitions Co. 2

This table presents Health Sciences Acquisitions Co. 2's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 116 83 72 75 59 43 105 101 116
Total Current Assets		 110 76 66 69 52 36 98 96 111
Cash & Equivalents		 19 23 24 26 18 19 42 28 20
Short-Term Investments		 90 52 41 41 32 15 54 66 89
Accounts Receivable		 0.09 0.07 0.08 0.12 0.09 0.08 0.05 0.08 0.05
Inventories, net		 0.14 0.12 0.07 0.23 0.14 0.19 0.37 0.28 0.25
Prepaid Expenses		 1.12 1.21 1.15 1.28 1.80 1.69 1.53 1.45 0.98
Plant, Property, & Equipment, net		 1.36 1.31 1.24 1.25 1.41 1.37 1.60 1.85 2.05
Total Noncurrent Assets		 4.81 4.89 4.67 5.51 5.74 5.58 5.44 2.60 2.41
Long-Term Investments		 2.50 2.50 2.50 2.50 2.50 2.50 2.50 0.00 0.00
Other Noncurrent Operating Assets		 2.32 2.40 2.17 3.02 3.24 3.08 2.95 2.60 2.41
Total Liabilities & Shareholders' Equity		 116 83 72 75 59 43 105 101 116
Total Liabilities		 37 25 28 29 42 43 61 50 86
Total Current Liabilities		 21 10 15 16 15 17 21 14 13
Accounts Payable		 3.15 3.35 6.27 4.72 5.56 5.31 8.47 6.31 6.13
Accrued Expenses		 4.30 3.53 4.23 7.03 5.39 6.65 6.84 6.59 6.53
Other Current Liabilities		 0.75 0.47 0.35 0.40 0.59 0.64 0.70 0.79 0.81
Total Noncurrent Liabilities		 15 15 14 13 27 25 40 36 73
Long-Term Debt		 0.00 - - - 14 14 14 14 35
Capital Lease Obligations		 1.12 - 1.10 - 1.52 - - 0.73 0.52
Other Noncurrent Operating Liabilities		 0.27 1.16 - 1.44 0.10 1.52 18 21 37
Redeemable Noncontrolling Interest		 - - - - - - - 9.77 10
Total Equity & Noncontrolling Interests		 80 57 44 46 17 0.30 44 41 19
Total Preferred & Common Equity		 80 57 44 46 17 0.30 44 41 19
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 80 57 44 46 17 0.30 44 41 19
Common Stock		 316 320 322 340 345 348 413 425 426
Retained Earnings		 -236 -262 -278 -294 -329 -348 -369 -383 -407
Accumulated Other Comprehensive Income / (Loss)		 -0.08 -0.01 -0.02 0.10 0.04 0.02 0.05 -0.04 -0.08

Annual Metrics And Ratios for Health Sciences Acquisitions Co. 2

This table displays calculated financial ratios and metrics derived from Health Sciences Acquisitions Co. 2's official financial filings.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 40,900,000.00 11,212,117.00 35,743,972.00 - 56,464,731.00
DEI Adjusted Shares Outstanding		 40,900,000.00 11,212,117.00 35,743,972.00 - 56,464,731.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.01 -3.00 -1.37 - -0.94
Growth Metrics		 - - - - -
Revenue Growth		 0.00% 0.00% -21.88% -4.42% 1,169.22%
EBITDA Growth		 0.00% -8,569.15% -61.36% -18.57% 20.46%
EBIT Growth		 0.00% -8,514.69% -52.32% -24.15% 19.44%
NOPAT Growth		 0.00% -8,172.71% -57.72% -24.84% 19.43%
Net Income Growth		 0.00% -8,773.33% -46.16% -24.23% 13.64%
EPS Growth		 0.00% 0.00% 33.93% -12.16% 33.13%
Operating Cash Flow Growth		 0.00% -10,653.70% -57.49% -9.61% 3.15%
Free Cash Flow Firm Growth		 0.00% 0.00% -124.42% -21.35% 36.54%
Invested Capital Growth		 0.00% -114.63% 6.93% 3.04% -37.94%
Revenue Q/Q Growth		 0.00% 45.39% -23.35% -0.34% 1,088.15%
EBITDA Q/Q Growth		 0.00% -49.30% -4.73% -6.09% 30.98%
EBIT Q/Q Growth		 0.00% -48.37% -4.92% -7.00% 31.14%
NOPAT Q/Q Growth		 0.00% -42.48% -5.43% -6.98% 31.14%
Net Income Q/Q Growth		 0.00% -40.35% -6.66% -5.78% 29.83%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -4.40% 38.67%
Operating Cash Flow Q/Q Growth		 0.00% -42.36% -5.08% -5.34% 18.71%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -184.47% -14.57% 21.41%
Invested Capital Q/Q Growth		 0.00% 0.00% -0.17% 12.21% 24.64%
Profitability Metrics		 - - - - -
Gross Margin		 0.00% 94.03% 93.26% 92.27% 99.43%
EBITDA Margin		 0.00% -968.64% -2,000.72% -2,481.96% -155.53%
Operating Margin		 0.00% -924.34% -1,866.16% -2,437.49% -154.73%
EBIT Margin		 0.00% -962.55% -1,876.81% -2,437.91% -154.73%
Profit (Net Income) Margin		 0.00% -951.26% -1,779.71% -2,313.27% -157.40%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 99.52%
Interest Burden Percent		 95.95% 98.83% 94.83% 94.89% 102.22%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -34.71% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -6.74% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 2.48% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -0.24% -32.22% -81.47% -120.84% -109.41%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -26.42% -54.30% -75.05% -54.24%
Return on Assets (ROA)		 0.00% -26.11% -51.49% -71.21% -55.18%
Return on Common Equity (ROCE)		 0.01% -7.51% -81.47% -120.84% -98.27%
Return on Equity Simple (ROE_SIMPLE)		 9.61% -63.97% -72.19% -185.16% 0.00%
Net Operating Profit after Tax (NOPAT)		 -0.28 -23 -36 -45 -36
NOPAT Margin		 0.00% -647.04% -1,306.31% -1,706.24% -108.31%
Net Nonoperating Expense Percent (NNEP)		 -5.84% -27.97% -15.92% -22.49% -22.09%
Return On Investment Capital (ROIC_SIMPLE)		 - - -52.19% -91.98% -52.73%
Cost of Revenue to Revenue		 0.00% 5.97% 6.74% 7.73% 0.57%
SG&A Expenses to Revenue		 0.00% 397.23% 733.99% 907.16% 80.38%
R&D to Revenue		 0.00% 621.14% 1,225.43% 1,622.59% 173.78%
Operating Expenses to Revenue		 0.00% 1,018.37% 1,959.42% 2,529.76% 254.16%
Earnings before Interest and Taxes (EBIT)		 -0.39 -34 -52 -64 -52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -0.39 -34 -55 -65 -52
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 2.13 4.80 4.61 4.37
Price to Tangible Book Value (P/TBV)		 0.00 2.13 4.80 4.61 4.37
Price to Revenue (P/Rev)		 0.00 31.67 118.24 57.64 7.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.36 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 10.41 85.97 37.42 4.49
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.24 0.00 0.00 0.00
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 0.21 0.02 0.48 0.24
Long-Term Debt to Equity		 0.00 0.21 0.02 0.48 0.24
Financial Leverage		 -0.01 -0.37 -1.36 -1.41 -1.54
Leverage Ratio		 1.04 1.23 1.58 1.70 1.98
Compound Leverage Factor		 0.99 1.22 1.50 1.61 2.03
Debt to Total Capital		 0.00% 17.54% 1.50% 32.65% 19.35%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 17.54% 1.50% 32.65% 19.35%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 102.53% 0.00% 0.00% 0.00% 12.48%
Common Equity to Total Capital		 -2.53% 82.46% 98.50% 67.35% 68.17%
Debt to EBITDA		 0.00 -0.33 -0.02 -0.24 -0.29
Net Debt to EBITDA		 0.00 2.19 1.61 0.81 1.80
Long-Term Debt to EBITDA		 0.00 -0.33 -0.02 -0.24 -0.29
Debt to NOPAT		 0.00 -0.49 -0.03 -0.36 -0.42
Net Debt to NOPAT		 0.00 3.29 2.47 1.18 2.59
Long-Term Debt to NOPAT		 0.00 -0.49 -0.03 -0.36 -0.42
Altman Z-Score		 21.42 -1.67 2.76 -5.50 -1.93
Noncontrolling Interest Sharing Ratio		 102.40% 76.70% 0.00% 0.00% 10.18%
Liquidity Ratios		 - - - - -
Current Ratio		 10.88 4.56 7.95 4.27 6.45
Quick Ratio		 10.60 4.52 7.82 4.13 6.37
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 154 -38 -46 -28
Operating Cash Flow to CapEx		 0.00% -4,955.84% -59,137.18% -17,494.12% -10,012.88%
Free Cash Flow to Firm to Interest Expense		 0.00 243.70 -32.68 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 -46.34 -40.08 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -47.28 -40.14 0.00 0.00
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.03 0.03 0.03 0.35
Accounts Receivable Turnover		 0.00 0.00 28.31 27.62 358.10
Inventory Turnover		 0.00 0.00 0.88 1.28 0.79
Fixed Asset Turnover		 0.00 0.00 1.99 1.98 21.61
Accounts Payable Turnover		 0.00 0.10 0.05 0.05 0.03
Days Sales Outstanding (DSO)		 0.00 0.00 12.89 13.21 1.02
Days Inventory Outstanding (DIO)		 0.00 0.00 414.06 285.38 463.93
Days Payable Outstanding (DPO)		 0.00 3,562.98 6,738.76 7,187.28 10,785.75
Cash Conversion Cycle (CCC)		 0.00 -3,562.98 -6,311.81 -6,888.69 -10,320.80
Capital & Investment Metrics		 - - - - -
Invested Capital		 154 -23 -21 -20 -30
Invested Capital Turnover		 0.00 0.05 -0.13 -0.13 -1.28
Increase / (Decrease) in Invested Capital		 0.00 -177 1.56 0.64 -8.37
Enterprise Value (EV)		 364 37 237 99 150
Market Capitalization		 206 112 326 152 234
Book Value per Share		 ($0.19) $4.69 $1.90 $0.87 $0.95
Tangible Book Value per Share		 ($0.19) $4.69 $1.90 $0.87 $0.95
Total Capital		 156 64 69 49 79
Total Debt		 0.00 11 1.04 16 15
Total Long-Term Debt		 0.00 11 1.04 16 15
Net Debt		 -1.75 -75 -89 -53 -94
Capital Expenditures (CapEx)		 0.00 0.59 0.08 0.29 0.49
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.12 -18 -9.69 -14 -15
Debt-free Net Working Capital (DFNWC)		 1.64 66 78 53 91
Net Working Capital (NWC)		 1.64 66 78 53 91
Net Nonoperating Expense (NNE)		 0.10 11 13 16 16
Net Nonoperating Obligations (NNO)		 -1.75 -75 -89 -53 -94
Total Depreciation and Amortization (D&A)		 0.00 -0.22 -3.42 -1.16 -0.27
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -499.89% -351.05% -524.94% -45.81%
Debt-free Net Working Capital to Revenue		 0.00% 1,871.61% 2,822.68% 2,007.73% 272.31%
Net Working Capital to Revenue		 0.00% 1,871.61% 2,822.68% 2,007.73% 272.31%
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 ($0.02) ($0.17) ($1.48) ($1.66) ($1.11)
Adjusted Weighted Average Basic Shares Outstanding		 20.45M 16.43M 33.23M 36.82M 47.75M
Adjusted Diluted Earnings per Share		 ($0.02) $0.00 ($1.48) ($1.66) ($1.11)
Adjusted Weighted Average Diluted Shares Outstanding		 20.45M 11.21M 33.23M 36.82M 47.75M
Adjusted Basic & Diluted Earnings per Share		 ($0.02) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 20.45M 11.21M 35.78M 38.31M 58.52M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.28 -23 -36 -45 -36
Normalized NOPAT Margin		 0.00% -647.04% -1,306.31% -1,706.24% -108.31%
Pre Tax Income Margin		 0.00% -951.26% -1,779.71% -2,313.27% -158.16%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 0.00 -53.81 -45.00 0.00 0.00
NOPAT to Interest Expense		 0.00 -36.17 -31.32 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 -54.74 -45.07 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 -37.11 -31.39 0.00 0.00
Payout Ratios		 - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -0.03% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Health Sciences Acquisitions Co. 2

This table displays calculated financial ratios and metrics derived from Health Sciences Acquisitions Co. 2's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 35,743,972.00 35,777,412.00 35,788,497.00 37,824,571.00 - 38,312,512.00 38,312,512.00 53,955,085.00 56,464,731.00 58,520,901.00 59,880,715.00
DEI Adjusted Shares Outstanding		 35,743,972.00 35,777,412.00 35,788,497.00 37,824,571.00 - 38,312,512.00 38,312,512.00 53,955,085.00 56,464,731.00 58,520,901.00 59,880,715.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.36 -0.38 -0.45 -0.41 - -0.49 -0.51 -0.39 0.11 -0.35 -0.40
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -76.25% -46.74% -14.97% 135.56% -3.44% 40.00% 7.46% -12.77% 12,120.16% -87.33% -89.47%
EBITDA Growth		 -23.66% -16.90% -23.02% -7.38% -28.83% -26.46% -12.50% -23.35% 139.18% -16.56% -15.46%
EBIT Growth		 -24.14% -21.92% -30.13% -12.52% -33.71% -31.09% -14.64% -24.30% 140.50% -16.86% -13.76%
NOPAT Growth		 -26.99% -24.93% -30.13% -12.52% -33.62% -31.19% -14.64% -24.30% 157.86% -16.67% -15.67%
Net Income Growth		 -31.47% -23.06% -32.66% -15.85% -26.03% -39.31% -21.17% -35.02% 138.66% -10.32% -22.68%
EPS Growth		 0.00% 5.00% -28.57% -7.89% -20.00% -28.95% -11.11% 2.44% 166.67% 32.65% 24.00%
Operating Cash Flow Growth		 -25.50% 8.81% 2.71% -33.24% -23.36% -26.70% -52.14% -6.20% 83.23% -33.41% -24.51%
Free Cash Flow Firm Growth		 -106.06% -105.27% -105.66% -185.23% -19.53% -60.04% -52.96% 132.04% 242.31% 51.52% 154.75%
Invested Capital Growth		 6.93% -7.37% -12.49% -10.63% 3.04% 3.33% 3.16% -74.00% -37.94% -44.25% -107.84%
Revenue Q/Q Growth		 -37.47% 136.64% 25.48% 26.86% -74.37% 243.08% -3.69% 2.99% 3,490.82% -99.64% -20.00%
EBITDA Q/Q Growth		 15.74% -14.60% -14.46% 2.85% -1.09% -12.57% -1.83% -6.51% 132.09% -434.86% -0.87%
EBIT Q/Q Growth		 14.07% -15.65% -16.80% 3.07% -2.12% -13.46% -2.15% -5.10% 133.25% -427.38% 0.56%
NOPAT Q/Q Growth		 14.07% -15.56% -16.89% 3.07% -2.05% -13.46% -2.15% -5.10% 147.50% -328.80% -1.27%
Net Income Q/Q Growth		 3.74% -5.03% -18.70% 3.47% -4.73% -16.09% -3.24% -7.57% 129.98% -431.32% -14.81%
EPS Q/Q Growth		 7.89% -8.57% -18.42% 8.89% -2.44% -16.67% -2.04% 20.00% 170.00% -217.86% -15.15%
Operating Cash Flow Q/Q Growth		 -6.73% -19.50% 22.17% -34.23% 1.18% -22.74% 6.55% 6.29% 84.40% -876.56% 12.79%
Free Cash Flow Firm Q/Q Growth		 -195.32% 15.55% -7.00% 1.05% -33.68% -31.02% -2.27% 120.73% 412.45% -144.63% 215.49%
Invested Capital Q/Q Growth		 -0.17% 3.16% -10.34% -3.35% 12.21% 10.83% -10.53% -85.70% 24.64% 6.75% -59.26%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 82.06% 94.52% 94.34% 93.11% 77.08% 94.93% 94.50% 94.31% 99.84% 70.91% 71.59%
EBITDA Margin		 -4,978.63% -2,411.13% -2,199.23% -1,684.09% -6,641.90% -2,177.88% -2,302.51% -2,381.30% 21.28% -20,030.91% -25,255.68%
Operating Margin		 -4,763.74% -2,326.29% -2,166.97% -1,655.72% -6,591.70% -2,179.84% -2,311.84% -2,359.23% 21.85% -20,069.09% -25,404.55%
EBIT Margin		 -4,763.74% -2,328.06% -2,166.97% -1,655.72% -6,596.05% -2,179.84% -2,311.84% -2,359.23% 21.85% -20,100.91% -24,985.23%
Profit (Net Income) Margin		 -4,892.37% -2,171.45% -2,053.98% -1,562.92% -6,385.38% -2,160.71% -2,316.15% -2,419.05% 20.20% -18,810.00% -26,994.32%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 99.93% 100.00% 100.00% 100.00% 104.24% 100.00% 100.00%
Interest Burden Percent		 102.70% 93.27% 94.79% 94.39% 96.87% 99.12% 100.19% 102.54% 88.70% 93.58% 108.04%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -81.47% -65.81% -83.22% -91.66% -120.84% -179.12% -313.82% -166.97% -109.41% -161.12% -397.30%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -137.83% -47.13% -45.45% -45.73% -203.06% -88.81% -118.15% -73.82% 7.66% -8,237.26% -10,079.52%
Return on Assets (ROA)		 -141.55% -43.96% -43.08% -43.17% -196.57% -88.03% -118.37% -75.69% 7.08% -7,708.25% -10,890.02%
Return on Common Equity (ROCE)		 -81.47% -65.81% -83.22% -91.66% -120.84% -179.12% -313.82% -166.97% -98.27% -137.90% -262.30%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -90.30% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -8.74 -10 -12 -11 -12 -13 -14 -14 6.75 -15 -16
NOPAT Margin		 -3,334.62% -1,628.40% -1,516.88% -1,159.01% -4,614.19% -1,525.89% -1,618.29% -1,651.46% 21.85% -14,048.36% -17,783.18%
Net Nonoperating Expense Percent (NNEP)		 -4.97% -3.43% -4.75% -4.69% -6.29% -9.66% -13.17% -8.61% -0.68% -9.04% -16.78%
Return On Investment Capital (ROIC_SIMPLE)		 -12.65% -17.65% -26.09% -24.75% -23.86% -40.49% -92.17% -24.54% 9.82% -27.47% -28.62%
Cost of Revenue to Revenue		 17.94% 5.48% 5.66% 6.89% 22.92% 5.07% 5.50% 5.69% 0.17% 29.09% 28.41%
SG&A Expenses to Revenue		 1,597.33% 951.13% 831.23% 574.06% 2,332.41% 721.54% 749.28% 824.39% 23.58% 5,793.64% 6,623.86%
R&D to Revenue		 3,248.47% 1,469.68% 1,430.08% 1,174.77% 4,336.36% 1,553.23% 1,657.06% 1,629.15% 54.41% 14,346.36% 18,852.27%
Operating Expenses to Revenue		 4,845.80% 2,420.81% 2,261.31% 1,748.83% 6,668.77% 2,274.77% 2,406.34% 2,453.54% 77.99% 20,140.00% 25,476.14%
Earnings before Interest and Taxes (EBIT)		 -12 -14 -17 -16 -17 -19 -19 -20 6.75 -22 -22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -13 -15 -17 -17 -17 -19 -19 -21 6.58 -22 -22
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.80 3.30 6.61 4.21 4.61 9.73 348.06 3.06 4.37 6.04 13.37
Price to Tangible Book Value (P/TBV)		 4.80 3.30 6.61 4.21 4.61 9.73 348.06 3.06 4.37 6.04 13.37
Price to Revenue (P/Rev)		 118.24 85.08 140.30 73.45 57.64 56.82 34.88 47.48 7.00 7.60 8.08
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 85.97 50.10 108.27 47.22 37.42 44.16 27.39 17.64 4.49 5.47 6.06
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.02 0.00 0.03 0.00 0.48 0.94 48.76 0.32 0.24 0.30 1.20
Long-Term Debt to Equity		 0.02 0.00 0.03 0.00 0.48 0.94 48.76 0.32 0.24 0.30 1.20
Financial Leverage		 -1.36 -1.25 -1.32 -1.35 -1.41 -1.54 -1.99 -1.71 -1.54 -1.71 -3.25
Leverage Ratio		 1.58 1.39 1.48 1.52 1.70 1.91 2.59 2.00 1.98 2.35 5.33
Compound Leverage Factor		 1.63 1.30 1.41 1.44 1.64 1.90 2.60 2.05 1.76 2.20 5.76
Debt to Total Capital		 1.50% 0.00% 2.44% 0.00% 32.65% 48.47% 97.99% 24.51% 19.35% 22.81% 54.58%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 1.50% 0.00% 2.44% 0.00% 32.65% 48.47% 97.99% 24.51% 19.35% 22.81% 54.58%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 12.48% 14.80% 15.59%
Common Equity to Total Capital		 98.50% 100.00% 97.56% 100.00% 67.35% 51.53% 2.01% 75.49% 68.17% 62.39% 29.83%
Debt to EBITDA		 -0.02 0.00 -0.02 0.00 -0.24 -0.23 -0.20 -0.19 -0.29 -0.27 -0.61
Net Debt to EBITDA		 1.61 0.00 1.10 0.00 0.81 0.53 0.31 1.11 1.80 1.44 1.28
Long-Term Debt to EBITDA		 -0.02 0.00 -0.02 0.00 -0.24 -0.23 -0.20 -0.19 -0.29 -0.27 -0.61
Debt to NOPAT		 -0.03 0.00 -0.03 0.00 -0.36 -0.33 -0.29 -0.27 -0.42 -0.39 -0.87
Net Debt to NOPAT		 2.47 0.00 1.63 0.00 1.18 0.76 0.44 1.60 2.59 2.06 1.84
Long-Term Debt to NOPAT		 -0.03 0.00 -0.03 0.00 -0.36 -0.33 -0.29 -0.27 -0.42 -0.39 -0.87
Altman Z-Score		 4.13 0.41 0.93 -1.30 -3.44 -5.73 -10.82 -3.34 -0.25 -1.74 -2.47
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.18% 14.41% 33.98%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 7.95 7.34 4.58 4.23 4.27 3.35 2.10 4.73 6.45 7.03 8.26
Quick Ratio		 7.82 7.21 4.50 4.13 4.13 3.23 1.99 4.64 6.37 6.90 8.17
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -10 -8.70 -9.31 -9.21 -12 -14 -14 2.95 15 -6.75 7.79
Operating Cash Flow to CapEx		 0.00% -163,925.00% -9,538.32% -20,147.06% -12,771.70% -14,835.71% -45,667.65% -4,693.55% -6,878.79% -12,047.83% -7,611.02%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.02 0.02 0.03 0.03 0.04 0.05 0.03 0.35 0.41 0.40
Accounts Receivable Turnover		 28.31 30.99 16.57 26.34 27.62 37.00 36.12 33.75 358.10 378.31 477.25
Inventory Turnover		 0.88 1.01 1.34 1.04 1.28 1.71 1.69 0.66 0.79 0.86 0.72
Fixed Asset Turnover		 1.99 1.60 1.57 2.03 1.98 2.12 2.26 1.98 21.61 20.07 18.75
Accounts Payable Turnover		 0.05 0.06 0.04 0.05 0.05 0.05 0.04 0.03 0.03 0.03 0.03
Days Sales Outstanding (DSO)		 12.89 11.78 22.03 13.86 13.21 9.86 10.10 10.82 1.02 0.96 0.76
Days Inventory Outstanding (DIO)		 414.06 359.82 272.65 350.82 285.38 213.20 215.45 554.91 463.93 422.42 505.65
Days Payable Outstanding (DPO)		 6,738.76 6,344.99 10,206.81 7,444.68 7,187.28 7,604.45 9,784.87 12,224.72 10,785.75 12,176.24 13,298.09
Cash Conversion Cycle (CCC)		 -6,311.81 -5,973.39 -9,912.12 -7,080.00 -6,888.69 -7,381.39 -9,559.32 -11,658.99 -10,320.80 -11,752.86 -12,791.67
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -21 -20 -22 -23 -20 -20 -22 -40 -30 -28 -45
Invested Capital Turnover		 -0.13 -0.11 -0.10 -0.12 -0.13 -0.14 -0.13 -0.09 -1.28 -1.36 -0.96
Increase / (Decrease) in Invested Capital		 1.56 -1.40 -2.49 -2.23 0.64 0.68 0.71 -17 -8.37 -8.70 -23
Enterprise Value (EV)		 237 111 225 125 99 127 81 50 150 179 194
Market Capitalization		 326 189 292 194 152 164 103 134 234 249 258
Book Value per Share		 $1.90 $1.60 $1.23 $1.22 $0.87 $0.44 $0.01 $0.81 $0.95 $0.70 $0.32
Tangible Book Value per Share		 $1.90 $1.60 $1.23 $1.22 $0.87 $0.44 $0.01 $0.81 $0.95 $0.70 $0.32
Total Capital		 69 57 45 46 49 33 15 58 79 66 65
Total Debt		 1.04 0.00 1.10 0.00 16 16 14 14 15 15 35
Total Long-Term Debt		 1.04 0.00 1.10 0.00 16 16 14 14 15 15 35
Net Debt		 -89 -78 -67 -69 -53 -37 -22 -84 -94 -79 -75
Capital Expenditures (CapEx)		 -0.00 0.01 0.11 0.07 0.11 0.11 0.03 0.31 0.03 0.18 0.25
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -9.69 -9.03 -13 -15 -14 -13 -15 -19 -15 -12 -12
Debt-free Net Working Capital (DFNWC)		 78 66 52 52 53 36 19 77 91 83 98
Net Working Capital (NWC)		 78 66 52 52 53 36 19 77 91 83 98
Net Nonoperating Expense (NNE)		 4.08 3.37 4.18 3.99 4.48 5.51 5.83 6.61 0.51 5.24 8.11
Net Nonoperating Obligations (NNO)		 -89 -78 -67 -69 -53 -37 -22 -84 -94 -79 -75
Total Depreciation and Amortization (D&A)		 -0.56 -0.52 -0.25 -0.28 -0.12 0.02 0.08 -0.19 -0.17 0.08 -0.24
Debt-free, Cash-free Net Working Capital to Revenue		 -351.05% -407.27% -635.11% -551.23% -524.94% -466.74% -513.01% -663.84% -45.81% -36.31% -38.13%
Debt-free Net Working Capital to Revenue		 2,822.68% 2,978.93% 2,500.10% 1,977.14% 2,007.73% 1,261.75% 639.30% 2,736.44% 272.31% 252.16% 305.76%
Net Working Capital to Revenue		 2,822.68% 2,978.93% 2,500.10% 1,977.14% 2,007.73% 1,261.75% 639.30% 2,736.44% 272.31% 252.16% 305.76%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.35) ($0.38) ($0.45) ($0.41) ($0.42) ($0.49) ($0.50) ($0.40) $0.28 ($0.33) ($0.38)
Adjusted Weighted Average Basic Shares Outstanding		 33.23M 35.78M 35.80M 37.62M 36.82M 38.24M 38.39M 52.19M 47.75M 62.72M 63.81M
Adjusted Diluted Earnings per Share		 ($0.35) ($0.38) ($0.45) ($0.41) ($0.42) ($0.49) ($0.50) ($0.40) $0.28 ($0.33) ($0.38)
Adjusted Weighted Average Diluted Shares Outstanding		 33.23M 35.78M 35.80M 37.62M 36.82M 38.24M 38.39M 52.19M 47.75M 62.72M 63.81M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 35.78M 35.79M 37.82M 38.01M 38.31M 38.31M 53.96M 56.46M 58.52M 59.88M 60.11M
Normalized Net Operating Profit after Tax (NOPAT)		 -8.74 -10 -12 -11 -12 -13 -14 -14 4.73 -15 -16
Normalized NOPAT Margin		 -3,334.62% -1,628.40% -1,516.88% -1,159.01% -4,614.19% -1,525.89% -1,618.29% -1,651.46% 15.29% -14,048.36% -17,783.18%
Pre Tax Income Margin		 -4,892.37% -2,171.45% -2,053.98% -1,562.92% -6,389.72% -2,160.71% -2,316.15% -2,419.05% 19.38% -18,810.00% -26,994.32%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Orchestra BioMed Holdings’ Q2 2026 results continue to reflect a development-stage biotechnology company with minimal recurring revenue and substantial research spending. Revenue fell to $88,000 from $110,000 in Q1 2026 and $836,000 in Q2 2025. The comparison with Q4 2025 is especially unfavorable because that quarter included an unusually large $30.9 million revenue contribution.

Operating expenses remained elevated at $22.4 million, including $16.6 million of research and development spending and $5.8 million of selling, general and administrative costs. As a result, operating losses widened slightly to $22.4 million from $22.1 million in Q1. Net loss attributable to common shareholders increased to $24.1 million, or $0.38 per share, compared with a $20.7 million loss, or $0.33 per share, in Q1.

Cash flow remains a key concern. Orchestra BioMed used $19.3 million in operating cash during Q2, an improvement from the $22.2 million used in Q1 but worse than the $15.5 million consumed in Q2 2025. The company also recorded a $23.3 million investing cash outflow, primarily from purchasing investments, while financing activities provided $34.7 million. Overall, cash and equivalents declined by $7.9 million during the quarter.

The balance sheet still provides a meaningful liquidity cushion, although leverage and other obligations increased sharply. Cash and short-term investments totaled approximately $111.2 million at June 30, 2026, versus $94.4 million at the end of Q1. However, long-term debt rose from $14.3 million to $34.8 million, total liabilities increased from $49.7 million to $86.3 million, and total equity fell from $41.2 million to $19.3 million.

  • Liquidity remains substantial: Cash and short-term investments of $111.2 million compare favorably with $13.5 million of current liabilities, giving the company significant near-term financial flexibility.
  • Quarterly operating cash burn improved sequentially: Cash used in operations declined from $22.2 million in Q1 2026 to $19.3 million in Q2.
  • Financing access remains available: Financing activities provided $34.7 million in Q2, more than offsetting the company’s operating cash burn and helping support its investment portfolio.
  • Gross margin remains high on reported revenue: Q2 revenue of $88,000 generated $63,000 of gross profit, or roughly 72%, although the small revenue base limits the significance of this margin.
  • Investment holdings are a major source of financial support: Short-term investments increased to $89.5 million from $66.0 million in Q1, but these assets may fluctuate and are not a substitute for sustainable operating revenue.
  • Research spending remains elevated: R&D expense was $16.6 million in Q2, representing the company’s primary investment in advancing its development programs but also driving much of the continuing cash burn.
  • Q4 2025 profitability was not representative: The $6.2 million net profit in Q4 was followed by losses of $20.7 million in Q1 2026 and $23.8 million in Q2, indicating that the company has not established consistent profitability.
  • Revenue is weakening and remains very small: Q2 revenue declined approximately 20% sequentially and nearly 90% year over year, leaving the company far from covering its operating expenses through commercial activity.
  • Operating losses remain persistent: Orchestra BioMed has reported substantial quarterly operating losses throughout the provided period, with Q2 2026 operating expenses exceeding revenue by more than $22 million.
  • Leverage and shareholder dilution are rising: Long-term debt increased by $20.5 million during Q2, while weighted-average basic shares rose to 63.8 million from 38.2 million in Q2 2025, increasing dilution risk for existing shareholders.

Overall, Orchestra BioMed’s balance sheet appears capable of supporting operations in the near term, but the company remains dependent on financing, investment maturities and potential future capital raises. Investors should focus on whether clinical and commercial progress can eventually produce recurring revenue, while monitoring the pace of cash burn, debt growth and share dilution.

10/12/26 02:45 AM ETAI Generated. May Contain Errors.

Health Sciences Acquisitions Co. 2 Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Health Sciences Acquisitions Co. 2's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Health Sciences Acquisitions Co. 2's net income appears to be on a downward trend, with a most recent value of -$52.70 million in 2025, falling from -$378.75 thousand in 2021. The previous period was -$61.02 million in 2024.

Health Sciences Acquisitions Co. 2's total operating income in 2025 was -$51.81 million, based on the following breakdown:
  • Total Gross Profit: $33.29 million
  • Total Operating Expenses: $85.10 million

Over the last 4 years, Health Sciences Acquisitions Co. 2's total revenue changed from $0.00 in 2021 to $33.48 million in 2025, a change of 3,348,200,000.0%.

In the past 11 quarters, Health Sciences Acquisitions Co. 2's cash and equivalents has ranged from $18.35 million in Q1 2025 to $42.01 million in Q3 2025, and is currently $20.47 million as of their latest financial filing in Q2 2026.

Health Sciences Acquisitions Co. 2 had total debt of $15.20 million at the end of 2025, a 4.9% decrease from 2024, and none in 2021.

Over the last 4 years, Health Sciences Acquisitions Co. 2's book value per share changed from -0.19 in 2021 to 0.95 in 2025.


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Financial statements for NASDAQ:HSAQ last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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