Here are the 10-Q quarterly reports from Inflection Point Acquisition Corp. IV (BACQ) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BACQ and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BACQ filings page.
Merlin, Inc. reports its first post-merger quarter for the period ended March 31, 2026, combining SPAC Inflection Point with autonomous flight developer Legacy Merlin. Revenue was $1,002k, up modestly from $868k, but the company recorded a much larger net loss of $90,419k driven mainly by fair value changes on convertible notes, long-term debt, and warrant liabilities.
Operating expenses rose sharply to $28,825k as Merlin scaled research and development and general and administrative functions. A favorable $2,451k contract loss adjustment and a $26,555k gain from lower warrant liabilities partially offset these costs. Net cash used in operations was $23,644k.
After the SPAC merger and related PIPE financing, Merlin’s balance sheet shows $122,777k in cash and cash equivalents and $145,376k in total assets, against $104,158k in liabilities and a stockholders’ deficit of $139,113k. The company also closed a May 1, 2026 PIPE for an additional $80,000k, and management concludes existing liquidity is sufficient for at least one year despite a cumulative $641,472k accumulated deficit.
Inflection Point Acquisition Corp. IV (BACQ) filed its Q3 2025 report, highlighting progress toward a merger with Merlin Labs and routine SPAC financial activity. The company entered a Business Combination Agreement with Merlin Labs on August 13, 2025, with aggregate consideration based on a $800,000,000 purchase price divided by the per‑share redemption price.
For Q3, net income was $83,694, as interest on the trust offset operating costs. General and administrative expenses were $2,615,816, while interest on the Trust Account contributed $2,685,470. Year‑to‑date net income reached $4,809,256, supported by $7,973,982 of trust interest.
Assets in the Trust Account were $259,730,180 as of September 30, 2025, and Class A shares subject to redemption were carried at approximately $10.39 per share. Cash was $1,049,403 with a working capital deficit of $1,794,983. The filing notes substantial doubt about the company’s ability to continue as a going concern absent a completed business combination before the current deadline of November 6, 2026. The agreement includes a planned domestication to Delaware and financing arrangements such as approximately $78 million in pre‑funded convertible notes and a $50,000,000 Series A Preferred Stock investment at closing.