Here are the 10-Q quarterly reports from Inflection Point Acquisition Corp. IV Unit (BACQU) 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 BACQU 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 BACQU 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.
Bleichroeder Acquisition Corp. I (BACQU) is a blank-check company that completed a $250.0 million IPO on November 4, 2024 and has placed $257,044,710 in a U.S.-based Trust Account invested in U.S. treasury mutual funds. The company has not commenced operations or selected a Business Combination target; it generates non-operating income from interest on the Trust. For the six months ended June 30, 2025, BACQU reported $4,725,562 net income (driven by $5,288,512 interest on Trust investments), cash of $1,753,240 and working capital of $761,402.
The balance sheet reflects transaction costs of $11,403,592 (including a deferred underwriting fee of $8,750,000). The Company recorded accretion to redemption value of Class A shares totaling $5,288,512 year-to-date. Subsequent events include management changes effective July 10, 2025 and an amendment to defer the remaining $1,000,000 cash underwriting payment until September 1, 2026. The Company states it has sufficient funds to meet working capital needs for at least one year from issuance of these statements.