BBOT Debuts as a Publicly Traded Company Focused on RAS-Pathway Malignances with a Potential to Realize the Full Promise of KRAS and PI3K Inhibition

Rhea-AI Summary

BridgeBio Oncology Therapeutics (NASDAQ:BBOT) has successfully completed its business combination with Helix Acquisition Corp. II, debuting as a public company on August 11, 2025. The transaction includes a $261 million PIPE investment and approximately $120 million from Helix's trust, resulting in total gross proceeds of $382 million.

The company, focused on RAS-pathway malignancies, will have approximately $490 million in total cash post-transaction. BBOT's pipeline includes three clinical-stage candidates: BBO-8520 for KRASG12C mutant lung cancer, BBO-10203 for various cancer types including breast and colorectal cancer, and BBO-11818 for KRAS mutant solid tumors.

The SPAC merger achieved a notably low redemption rate of 39%, the second-lowest for a biotech de-SPAC since 2022, demonstrating strong investor confidence. Trading will commence on Nasdaq under ticker "BBOT" on August 12, 2025.

[ "Raised substantial capital with $382 million in gross proceeds from SPAC merger and PIPE", "Achieved second-lowest redemption rate (39%) for biotech de-SPAC since 2022, indicating strong investor confidence", "Strong cash position of $490 million post-transaction", "Backing from premier institutional investors including Cormorant, Deerfield, Wellington Management", "Three clinical-stage drug candidates targeting major cancer pathways" ]

Positive

• None.

Negative

• 39% redemption rate still represents significant capital loss from original SPAC trust
• All drug candidates still in early Phase 1 clinical trials
• High cash burn expected with three parallel clinical programs

Insights

Biotech Investment Analyst

BBOT debuts as a public company with $490M cash position and a promising RAS-pathway oncology portfolio following successful SPAC merger.

BBOT's public debut through its merger with Helix Acquisition Corp. II represents a significant liquidity event that positions the company well in the competitive oncology space. The transaction brings $382 million in gross proceeds, combining $120 million from the SPAC trust (with only 39% redemption rate - notably low for biotech de-SPACs) and a substantial $261 million PIPE led by respected biotech investor Cormorant Asset Management.

What makes this transaction particularly notable is the quality of the investor syndicate, which includes premier healthcare-focused funds like Deerfield, Novo Holdings, and Wellington Management. This caliber of investor participation signals strong institutional confidence in BBOT's scientific approach and management team.

The company's total cash position of approximately $490 million provides a substantial runway to advance its three clinical-stage programs targeting RAS-pathway malignancies. Each candidate offers a differentiated approach:

• BBO-8520: A dual ON/OFF state KRASG12C inhibitor currently in Phase 1 for NSCLC
• BBO-10203: A novel RAS-PI3Kα interaction blocker in Phase 1 for breast, colorectal and lung cancers
• BBO-11818: A panKRAS inhibitor targeting both ON/OFF states with specific potency against G12D and G12V mutations

The scientific rationale behind BBOT's approach addresses key limitations of first-generation KRAS inhibitors, particularly through targeting both ON and OFF states of KRAS and novel mechanisms like their PI3K "Breaker" technology. The company is positioned at the intersection of two major oncogenic pathways (KRAS and PI3K), which together represent the two most commonly mutated oncogenes in human cancer, providing multiple shots on goal in a high-value therapeutic space.

Oncology Research Specialist

BBOT's clinical pipeline represents a sophisticated approach to targeting the notoriously difficult RAS pathway - long considered the "holy grail" of cancer drug development. Their lead asset BBO-8520 differentiates itself from first-generation KRAS G12C inhibitors like sotorasib and adagrasib by targeting both the ON and OFF conformational states of KRAS. This dual-state inhibition potentially addresses a key resistance mechanism to existing therapies, as the ON state remains active during treatment with first-generation inhibitors.

The company's second program, BBO-10203, employs a particularly innovative mechanism by disrupting the physical interaction between RAS and PI3Kα. This approach is scientifically elegant as it could avoid the dose-limiting toxicity (hyperglycemia) that has plagued traditional PI3K inhibitors while maintaining efficacy. If successful, this could unlock the therapeutic potential of PI3K inhibition across multiple tumor types.

Their third asset, BBO-11818, targets a broader spectrum of KRAS mutations including G12D and G12V, which represent approximately 43% of all KRAS mutations and have remained largely undruggable until recently. The emphasis on strong binding affinity suggests the company is prioritizing achieving clinically meaningful target engagement.

The scientific credibility of BBOT is further strengthened by the involvement of Dr. Frank McCormick as Board Chairman, a world-renowned expert in RAS biology who previously directed the NCI's RAS Initiative. This scientific pedigree, combined with their mechanistically differentiated approaches to targeting the RAS pathway, positions BBOT as a potentially significant contributor to the rapidly evolving landscape of precision oncology targeting KRAS-driven malignancies.

• Business combination transaction with Helix Acquisition Corp. II, a special purpose acquisition company sponsored by affiliates of Cormorant Asset Management, completed on August 11, 2025 
• Closed concurrent $261 million private investment in public equity (“PIPE”), led by Cormorant
• Combining approximately $120 million from the former Helix II trust account (reflecting a final redemption rate of approximately 39% which is the second lowest redemption rate for a biotech de-SPAC transaction since 2022) with the PIPE provides approximately $382 million in gross proceeds
• Net proceeds will be used to accelerate the development of BBOT's pipeline of clinical-stage RAS-targeted oncology drug candidates
• BBOT to commence trading on the Nasdaq Global Market under the ticker symbol “BBOT” on August 12, 2025

SOUTH SAN FRANCISCO, Calif. and BOSTON, Aug. 11, 2025 (GLOBE NEWSWIRE) -- BridgeBio Oncology Therapeutics, Inc. (“BBOT”) (Nasdaq: BBOT), a clinical-stage biopharmaceutical company focused on RAS-pathway malignancies, today announced the closing of its previously announced business combination with Helix Acquisition Corp. II (formerly Nasdaq: HLXB) (“Helix”), a special purpose acquisition company (SPAC) sponsored by affiliates of Cormorant Asset Management. The business combination was approved by Helix’s shareholders on August 4, 2025, and closed on August 11, 2025.

In connection with the closing, Helix changed its name to “BridgeBio Oncology Therapeutics, Inc.”, and beginning on August 12, 2025, the shares of common stock of the combined company are expected to begin trading under the new ticker symbol “BBOT” on the Nasdaq Global Market.

Eli Wallace, PhD, Chief Executive Officer of BBOT said: “The successful completion of our business combination, with a relatively low redemption rate of approximately 39%, is a pivotal milestone that underscores the strong conviction of our investors in our vision. With meaningful progress across all three of our pipeline programs, we are entering this next chapter as a public company with significant momentum. We are deeply committed to advancing transformative therapies for patients facing deadly cancers mediated by the RAS pathway, and believe we are well-positioned to deliver meaningful value to patients as we work towards realizing the full potential of KRAS and PI3Ka inhibition.”

Frank McCormick, PhD, Chairman of BBOT Board and David A. Wood Chair of Tumor Biology and Cancer Research at UC San Francisco, added: “BBOT has made tremendous progress advancing its RAS-targeted therapeutics in the clinic. BBOT's drug candidates could provide significantly more patient benefit through optimizing target coverage and through exciting new combination therapies. The completion of the business combination marks another important milestone in BBOT’s journey. On behalf of BBOT’s board and management team I would like to welcome our new investors and thank them for their strong support.”

Bihua Chen, Founder and CEO of Cormorant, and CEO of Helix said: “Cormorant is thrilled to support BBOT through its Helix SPAC platform as the company advances its innovative portfolio of therapeutic agents targeting the two most commonly mutated oncogenes in human cancer, KRAS and PI3K. BBOT’s next generation KRAS ON inhibitors and its highly novel PI3K “Breaker”, which disrupts KRAS-driven PI3K activation, hold great promise to transform the treatment landscape for solid tumors driven by these oncogenes. Helix is extremely grateful to work with a stellar syndicate of investors within our trust, such as Adage Capital Management LP, BC Capital Management Ltd., BlackRock Advisors LLC, Laurion Capital Management LP, Millenium Management LLC, Octagon Capital Advisors LP, Oppenheimer, Silver Arc Capital Management LLC, Stempoint Capital LP, and Woodline Partners LP, as well as BBOT’s outstanding team to deliver these much-needed therapeutic options to patients. We are proud that Helix provides a capital market solution uniquely poised to help companies such as BBOT rapidly and thoughtfully advance multiple parallel clinical programs.”

The combined business is expected to have approximately $490 million in cash, cash equivalents and marketable securities consisting of (a) BBOT’s cash, cash equivalents and marketable securities of approximately $130 million as of June 30, 2025 and (b) net proceeds of approximately $365 million reflecting (a) proceeds of approximately $120 million from the former Helix Trust account (reflecting a final redemption rate of approximately 39%), (b) proceeds of $261 million from PIPE investors and (c) the deduction of approximately $15 million in offering expenses.

The PIPE was led by Cormorant Asset Management and included premier institutional investors ADAR1 Capital Management, BC Capital, investment funds affiliated with Deerfield Management Company, Enavate Sciences, Eventide Asset Management, Novo Holdings A/S, Octagon Capital, Omega Funds, Paradigm BioCapital Advisors, StemPoint Capital LP, Surveyor Capital (a Citadel company) and Wellington Management.

BBOT will use the net proceeds to accelerate the development of its pipeline of RAS-targeted oncology drug candidates, including:

• BBO-8520 (NCT06343402): A direct inhibitor of KRAS^G12C in both the ON and OFF states that is currently being evaluated both as monotherapy and in combination with pembrolizumab in the Phase 1 ONKORAS-101 trial for patients with KRAS^G12C mutant non-small cell lung cancer. BBO-8520’s ability to directly inhibit the ON state and block effector binding differentiates it from most other approaches to target KRAS^G12C tumors.
• BBO-10203 (NCT06625775): An orally bioavailable small molecule that selectively and specifically blocks the physical interaction between RAS and PI3Kα, resulting in the inhibition of RAS-driven PI3Kα-AKT signaling in tumors without the risk of hyperglycemia. This novel mechanism of action makes BBO-10203 agnostic to the mutational status of either RAS or PI3Kα providing the potential to treat tumors driven by KRAS or PI3Kα mutations, the two most mutated oncogenes in human cancer. BBO-10203 is being evaluated in the Phase 1 BREAKER-101 trial for patients with HER2+ amplified or HR+/HER2- breast cancer, and KRAS mutant colorectal or non-small cell lung cancer.
• BBO-11818 (NCT06917079): A panKRAS inhibitor targeting mutant KRAS in both the ON and OFF states with strong potency against KRAS^G12D and KRAS^G12V mutants. BBO-11818 was designed with strong binding affinity for KRAS and broad selectivity over HRAS and NRAS with the goal of achieving high level of KRAS inhibition in human tumors. The Phase 1 KONQUER-101 trial is currently enrolling patients with KRAS^G12D, KRAS^G12V and KRAS^G12C solid tumors.
  
  

BBOT is led by Chief Executive Officer, Eli Wallace, PhD; Chief Scientific Officer, Pedro J. Beltran, PhD; Chief Medical and Development Officer, Yong (Ben) Ben, MD, MBA; and Chief Financial Officer, Uneek Mehra, MBA.

BBOT’s Board of Directors includes Frank McCormick, PhD; Jake Bauer, MBA, Venture Partner, ARCH Ventures and SR One Capital Management; Michelle Doig, Partner, Head of Corporate Development at Omega Funds; Bihua Chen; Raymond Kelleher, MD, PhD, Managing Director at Cormorant Asset Management; Neil Kumar, PhD, Founder & Chief Executive Officer at BridgeBio Pharma; Praveen Tipirneni, MD, Chief Executive Officer at Morphic Therapeutics Inc., prior to its acquisition by Eli Lilly, and Eli Wallace, PhD.

About BBOT
BBOT is a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small molecule therapeutics targeting RAS and PI3Kα malignancies. BBOT has the goal of improving outcomes for patients with cancers driven by the two most prevalent oncogenes in human tumors. For more information, visit bbotx.com.

Advisors
Leerink Partners, Morgan Stanley, Cantor, and Oppenheimer & Co. acted as placement agents for Helix in connection with the PIPE transaction. Leerink Partners acted as lead capital markets advisor to Helix. Cantor acted as capital markets advisor to Helix. Piper Sandler acted as capital markets advisor to BBOT. Goodwin Procter LLP acted as legal counsel to BBOT. White & Case LLP acted as legal counsel to Helix. Kirkland & Ellis LLP acted as legal counsel to the placement agents.

Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and are the current expectations of BBOT’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of BBOT. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to any legal proceedings that may be instituted against BBOT following the closing of the business combination, risks relating to the uncertainty of the projected financial information with respect to BBOT; risks related to the approval of BBOT’s product candidates and the timing of expected regulatory and business milestones, including the progress of enrollment in clinical trials and availability of data from ongoing and planned clinical trials; the impact of competitive product candidates and commercial products; ability to obtain sufficient supply of materials; global economic and political conditions; the effects of competition on BBOT’s future business;; and those factors discussed in documents BBOT has filed or will file with the SEC. Additional risks related to BBOT’s business include, but are not limited to: uncertainty regarding outcomes of BBOT’s ongoing clinical trials, particularly as they relate to regulatory review and potential approval for its product candidates; risks associated with BBOT’s efforts to commercialize its product candidates; BBOT’s ability to maintain its existing agreements with third parties and to negotiate and enter into new definitive agreements on favorable terms, if at all; intellectual property-related claims; BBOT’s ability to attract and retain qualified personnel; and BBOT’s ability to source the raw materials for its product candidates.

If any of these risks materialize or BBOT’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that BBOT presently does not know or that BBOT currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect BBOT’s expectations, plans, or forecasts of future events and views as of the date of this press release and are qualified in their entirety by reference to the cautionary statements herein. BBOT anticipates that subsequent events and developments will cause BBOT’s assessments to change. These forward-looking statements should not be relied upon as representing BBOT’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Neither BBOT, nor any of its affiliates undertake any obligation to update these forward-looking statements, except as required by law.

BBOT Contacts:

Investor Contact:
Uneek Mehra, Chief Financial Officer
BBOT
Investors@BBOTx.com

Media Contact:
Jake Robison
Inizio Evoke Comms
Jake.robison@inizioevoke.com

FAQ

What is BBOT's total cash position after the SPAC merger in 2025?

BBOT expects to have approximately $490 million in cash, cash equivalents and marketable securities post-merger, combining $130 million existing cash, $120 million from Helix's trust, and $261 million from PIPE investors, less expenses.

How much did BBOT raise in their PIPE financing?

BBOT raised $261 million through a PIPE financing led by Cormorant Asset Management and included other premier institutional investors.

What are BBOT's main drug candidates in development?

BBOT has three main clinical candidates: BBO-8520 for KRASG12C mutant lung cancer, BBO-10203 for breast, colorectal and lung cancers, and BBO-11818 for KRAS mutant solid tumors.

When will BBOT stock begin trading on Nasdaq?

BBOT shares will begin trading on the Nasdaq Global Market under ticker 'BBOT' on August 12, 2025.

What was the redemption rate for BBOT's SPAC merger?

The SPAC merger had a 39% redemption rate, which was the second-lowest redemption rate for a biotech de-SPAC transaction since 2022.

How will BBOT use the proceeds from the SPAC merger?

BBOT will use the proceeds to accelerate the development of its pipeline of RAS-targeted oncology drug candidates, which includes three clinical-stage programs.