Helix Acqsn II Stock Price, News & Analysis
Company Description
Helix Acquisition Corp. II (NASDAQ: HLXB) is a special purpose acquisition company (SPAC) that was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. According to company disclosures, Helix has focused its search on opportunities in healthcare or healthcare-related industries and is sponsored by an affiliate of Cormorant Asset Management.
Helix Acquisition Corp. II completed its initial public offering of Class A ordinary shares on the Nasdaq market under the ticker symbol HLXB. The company’s Class A ordinary shares began trading on Nasdaq on February 9, 2024, and the IPO closed on February 13, 2024, with gross proceeds placed into a trust account. Helix is headquartered in Boston, Massachusetts.
Business purpose and SPAC structure
As a SPAC, Helix Acquisition Corp. II did not operate an ongoing commercial business prior to its business combination. Instead, its stated objective was to identify and complete a business combination with a target company. While Helix was permitted to pursue a target in any industry, its public communications state that it intended to focus on healthcare and healthcare-related businesses.
Funds raised in the IPO, together with proceeds from a concurrent private placement, were deposited into a trust account. Public shareholders of Helix had the right to redeem their Class A ordinary shares for cash in connection with a proposed business combination, a common feature of SPAC structures.
Business combination with BridgeBio Oncology Therapeutics
Helix Acquisition Corp. II entered into a definitive business combination agreement with TheRas, Inc. (doing business as BridgeBio Oncology Therapeutics, or BBOT), a clinical-stage biopharmaceutical company. The agreement was signed on February 28, 2025 and later amended on June 17, 2025. The transaction contemplated that, upon closing, the combined company would be renamed BridgeBio Oncology Therapeutics, Inc. and its common stock would trade on Nasdaq under the symbol BBOT.
Helix and BBOT filed a registration statement on Form S-4 with the U.S. Securities and Exchange Commission (SEC) relating to the business combination. The registration statement was declared effective by the SEC on July 10, 2025, and Helix scheduled an extraordinary general meeting of shareholders for August 4, 2025 to vote on the transaction and related proposals. At that meeting, Helix shareholders approved the business combination proposal and associated matters, including domestication from the Cayman Islands to Delaware and adoption of new organizational documents for the post-combination public company.
Closing of the business combination and name change
According to a Form 8-K filed by Helix Acquisition Corp. II, the business combination with BridgeBio Oncology Therapeutics closed on August 11, 2025. In connection with the closing, several key steps occurred:
- Helix domesticated from a Cayman Islands exempted company to a Delaware corporation (the “Domestication”).
- Helix II Merger Sub, Inc., a wholly owned subsidiary of Helix, merged with and into TheRas, Inc. (d/b/a BridgeBio Oncology Therapeutics), with BBOT surviving as a wholly owned subsidiary of the public company.
- Helix changed its corporate name to BridgeBio Oncology Therapeutics, Inc., referred to in filings as “PubCo.”
- Each outstanding share of BBOT capital stock was converted into the right to receive shares of PubCo common stock based on a specified consideration ratio.
The same Form 8-K states that, on the closing date, the common stock of the renamed company was listed on the Nasdaq Global Market under the new trading symbol BBOT. As a result, the ticker HLXB represents the pre-combination SPAC, while BBOT is the symbol for the post-combination operating company.
Capital structure and proceeds related to the combination
In connection with the business combination, Helix shareholders exercised redemption rights with respect to a portion of the Class A ordinary shares originally issued in the IPO. A separate Form 8-K and joint press release state that Helix retained approximately $120 million in its trust account after redemptions, representing more than 60% of the cash held in trust. The transaction also included a private investment in public equity (PIPE) financing led by Cormorant Asset Management and other institutional investors.
The August 11, 2025 Form 8-K reports that PubCo received gross proceeds of approximately $381.8 million in connection with the business combination, prior to transaction expenses. These proceeds consisted of funds remaining in Helix’s trust account and cash from the PIPE investment. The filing also describes the issuance of PubCo common stock to BBOT stockholders, Helix shareholders, the sponsor and certain initial shareholders, and PIPE investors, as well as the conversion of BBOT stock options into options to purchase PubCo common stock.
Status of HLXB as a historical SPAC ticker
Following the closing of the business combination and the name change to BridgeBio Oncology Therapeutics, Inc., the HLXB symbol is associated with the historical SPAC entity Helix Acquisition Corp. II. The operating business and ongoing public company are described in SEC filings and registration statements under the name BridgeBio Oncology Therapeutics, Inc., with common stock listed on Nasdaq under the symbol BBOT. Investors researching HLXB are typically reviewing the SPAC’s formation, IPO, and transaction history leading up to the combination with BBOT.
FAQs about Helix Acquisition Corp. II (HLXB)
- What was the purpose of Helix Acquisition Corp. II?
Helix Acquisition Corp. II was formed as a special purpose acquisition company to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Company disclosures state that it intended to focus on opportunities in healthcare or healthcare-related industries.
- On which exchange did HLXB trade?
Helix Acquisition Corp. II’s Class A ordinary shares traded on Nasdaq under the ticker symbol HLXB. The shares began trading on February 9, 2024, following the effectiveness of the IPO registration statement.
- How did Helix Acquisition Corp. II raise capital?
Helix raised capital through an initial public offering of Class A ordinary shares, which closed on February 13, 2024. Gross proceeds from the IPO, together with proceeds from a concurrent private placement of Class A ordinary shares to the sponsor, were deposited into a trust account, as described in company press releases and SEC filings.
- Which company did Helix Acquisition Corp. II merge with?
Helix Acquisition Corp. II entered into a business combination agreement with TheRas, Inc. (doing business as BridgeBio Oncology Therapeutics), a clinical-stage biopharmaceutical company. The business combination closed on August 11, 2025, according to a Form 8-K filed by Helix.
- What happened to the HLXB ticker after the business combination?
Upon closing of the transaction and completion of the domestication and merger steps, Helix changed its name to BridgeBio Oncology Therapeutics, Inc. The Form 8-K states that, on the closing date, the common stock of the renamed company was listed on the Nasdaq Global Market under the trading symbol BBOT. HLXB is therefore associated with the pre-combination SPAC.
- Where was Helix Acquisition Corp. II headquartered?
Public disclosures state that Helix Acquisition Corp. II was headquartered in Boston, Massachusetts. Its sponsor was an affiliate of Cormorant Asset Management.
- Did Helix Acquisition Corp. II have an operating business before the merger?
As a SPAC, Helix did not conduct an operating business prior to the business combination. Its activities were limited to organizational matters, raising capital through the IPO and private placements, and identifying and negotiating a business combination, as described in its SEC filings.
- What approvals were required for the business combination?
The business combination and related matters, including the domestication to Delaware and adoption of new organizational documents, were submitted to Helix shareholders at an extraordinary general meeting held on August 4, 2025. The Form 8-K reporting that meeting states that shareholders approved the business combination proposal and other related proposals.