Terrestrial Energy Inc. /DE/
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout 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
IMSR$2.84+10.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001213900-25-075067
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001213900-25-111005
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 45 previous paragraphs and 46 current paragraphs.
37 unchanged; 7 reworded; 2 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
For the three months ended September 30, 2024, we had net income of $1,071,221 which consists of interest earned on marketable securities held in the trust account of $1,349,715, offset by operating costs of $278,494.
Current report
For the period from April 4, 2024 (inception) through September 30, 2024, we had net income of $1,018,558 which consists of interest earned on cash and marketable securities held in the trust account of $1,349,715, offset by operating costs of $331,157.
Removed paragraphs (1)
Previous report
For the period from April 4, 2024 (inception) through June 30, 2024, we had a net loss $52,663, which consisted of general and administrative costs.
Reworded paragraphs (7)
Previous wording
For the three months ended June 30, 2025, we had net income of $601,027 which consists of interest earned on marketable securities held in the trust account of $2,477,726, offset by operating costs of $1,489,307 and change in fair of FPA Liability of $387,392.
Current wording
For the three months ended September 30, 2025, we had net income of $1,927,839 which consists of interest earned on marketable securities held in the trust account of $2,508,797, offset by operating costs of $1,638,082.
Previous wording
For the six months ended June 30, 2025, we had net income of $1,291,026 which consists of interest earned on marketable securities held in the trust account of $4,940,590, offset by operating costs of $2,592,440, initial loss on FPA Liability of $893,425 and change in fair value of FPA Liability of $163,699.
Current wording
For the nine months ended September 30, 2025, we had net income of $3,218,865 which consists of interest earned on marketable securities held in the trust account of $7,449,387, offset by operating costs of $4,230,522, initial loss on FPA Liability of $893,425 and change in fair value of FPA Liability of $893,425.
Previous wording
For the six months ended June 30, 2025, cash used in operating activities was $544,006. Net income of $1,291,026 was affected by interest earned on marketable securities held in the trust account of $4,940,590, initial loss on FPA Liability of $893,425 and change in fair value of FPA Liability of $163,699. Changes in operating assets and liabilities used $2,048,434 of cash for operating activities.
Current wording
For the nine months ended September 30, 2025, cash used in operating activities was $1,055,702. Net income of $3,218,865 was affected by interest earned on marketable securities held in the trust account of $7,449,387, initial loss on FPA Liability of $893,425 and change in fair value of FPA Liability of $893,425. Changes in operating assets and liabilities used $3,174,820 of cash for operating activities.
Previous wording
For the period from April 4, 2024 (inception) through June 30, 2024, cash used in operating activities was $0. Net loss of $52,663 was affected by formation costs paid by Sponsor in exchange for issuance of Class B ordinary shares of $12,463 and payment of operation costs through promissory note of $40,200.
Current wording
For the period from April 4, 2024 (inception) through September 30, 2024, cash used in operating activities was $294,130. Net income of $1,018,558 was affected by operating costs paid by Sponsor in exchange for issuance of Class B founder shares of $12,463, payment of operation costs through promissory note of $45,200 and interest earned on marketable securities held in the trust account of $1,349,715. Changes in operating assets and liabilities was affected by $20,636 of cash provided for operating activities.
Previous wording
As of June 30, 2025, we had marketable securities held in the trust account of $240,134,175. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.** **
Current wording
As of September 30, 2025, we had marketable securities held in the trust account of $242,642,972. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.** **
Previous wording
As of June 30, 2025, we had cash held outside of the trust account of $124,083 available for working capital needs. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.
Current wording
As of September 30, 2025, we had cash held outside of the trust account of $350,389 available for working capital needs. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.
Previous wording
On March 26, 2025, we entered into a Forward Purchase Agreement. We account for the Forward Purchase Agreement as a derivative instrument in accordance with the guidance in ASC 815-40. The instrument is subject to re-measurement at each balance sheet date, with changes in fair value recognized in the condensed statements of operations. The ability of us to receive any of the proceeds of the Forward Purchase Agreement is dependent upon the financial metrics of the business combination target, among other factors, rendering the receipt of such proceeds outside the control of us. As of June 30, 2025, the fair value of the forward purchase derivative liability was $1,057,124.
Current wording
On March 26, 2025, we entered into a Forward Purchase Agreement. We account for the Forward Purchase Agreement as a derivative instrument in accordance with the guidance in ASC 815-40. The instrument is subject to re-measurement at each balance sheet date, with changes in fair value recognized in the condensed statements of operations. The ability of us to receive any of the proceeds of the Forward Purchase Agreement is dependent upon the financial metrics of the business combination target, among other factors, rendering the receipt of such proceeds outside the control of us. As of September 30, 2025, the fair value of the forward purchase derivative liability was $0.