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Midas Edge

Pyrophyte Acquisition Corp. II

For the period ended Sep 30, 2025. Filed Nov 14, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 14, 2025

PAII$10.38+0.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Unaudited Condensed Balance Sheet as of September 30, 2025

UNAUDITED CONDENSED BALANCE SHEET

September 30, 2025

ASSETS
Current Asset
Cash$721,227
Prepaid expenses294,030
Due from Sponsor353,445
Total current assets1,368,702
Marketable securities held in Trust Account202,044,257
Prepaid insurance - long term66,349
Total Assets$203,479,308
LIABILITIES, ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Accrued expenses$25,000
Total current liabilities25,000
Deferred underwriting fees payable9,399,690
Total liabilities9,424,690
Commitments and Contingencies (Note 5)
Class A ordinary shares subject to possible redemption, $0.0001 par value; 20,041,150 ordinary shares at $10.08 per share202,044,257
Shareholders’ deficit
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding-
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; none issued or outstanding (excluding 20,041,500 ordinary shares subject to possible redemption)-
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 7,225,721 shares issued and outstanding (1)723
Additional paid-in capital-
Accumulated deficit(7,990,362)
Total shareholders’ deficit(7,989,639)
Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit$203,479,308
(1)This number includes an aggregate of up to 946,428 Class B shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On July 24, 2025, the underwriters partially exercised their over-allotment option and forfeited their right to purchase the remaining 83,850 units under the over-allotment option. As a result, the Sponsor forfeited 30,231 Class B Ordinary shares. All share and per share data have been retroactively applied.

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

For The Three Months Ended September 30, 2025For The Period From May 1, 2025 (Inception) Through September 30, 2025
General and administrative expenses$195,104$297,104
Loss from operations(195,104)(297,104)
Gain on marketable securities (net), dividends and interest, held in Trust Account1,632,7571,632,757
Interest income116116
Net income$1,437,769$1,335,769
Weighted average shares outstanding of Class A ordinary shares subject to possible redemption, basic and diluted16,172,1679,724,440
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption$0.06$0.08
Weighted average shares outstanding of Class B non-redeemable ordinary shares, basic and diluted6,996,6726,722,711
Basic and diluted net income per share, Class B non-redeemable ordinary shares (1)$0.06$0.08
(1)This number excludes an aggregate of up to 946,428 Class B shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On July 24, 2025, the underwriters partially exercised their over-allotment option and forfeited their right to purchase the remaining 83,850 units under the over-allotment option. As a result, the Sponsor forfeited 30,231 Class B Ordinary shares. All share and per share data have been retroactively applied.

UNAUDITED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT

For the three months ended September 30, 2025 and for the period from May 1, 2025 (inception) through September 30, 2025

Ordinary Shares Subject to Possible Redemption · Ordinary Shares · Additional · Total
Class A · Class A · Class B · Paid-In · Accumulated · Shareholders’
Shares · Amount · Shares · Amount · Shares · Amount · Capital · Deficit · Deficit
Balance as of May 1, 2025 (inception) · - · $ · - · - · $ · - · - · $ · - · $ · - · $ · - · $ · -
Issuance of class B ordinary shares to Sponsor (1)----7,255,95272624,274-25,000
Net loss-------(102,000)(102,000)
Balance as of June 30, 2025 (unaudited)-$--$-7,255,952$726$24,274$(102,000)$(77,000)
Forfeiture of class B ordinary shares----(30,231)(3)3--
Proceeds from the sale of Class A Units20,041,150200,411,500-------
Paid underwriters fees-(2,625,000)-------
Deferred underwriting fees payable-(9,399,690)-------
Fair value of Public Warrants, at issuance-(3,724,648)----3,724,648-3,724,648
Allocated value of transaction costs to Class A Ordinary Shares-(487,752)----(255,209)-(255,209)
Proceeds from the sale of private placement warrants------5,050,000-5,050,000
Remeasurement of Class A ordinary shares to redemption value-17,869,847--(8,543,716)(9,326,131)(17,869,847)
Net income-------1,437,7691,437,769
Balance as of September 30, 2025 (unaudited)20,041,150$202,044,257-$-7,225,721$723$-$(7,990,362)$(7,989,639)
(1)This number includes an aggregate of up to 946,428 Class B shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters. On July 24, 2025, the underwriters partially exercised their over-allotment option and forfeited their right to purchase the remaining 83,850 units under the over-allotment option. As a result, the Sponsor forfeited 30,231 Class B Ordinary shares. All share and per share data have been retroactively applied.
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