Drugs Made In America Acquisition Corp.
For the period ended Sep 30, 2025. Filed Nov 18, 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 18, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001213900-25-076681
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-18.
0001213900-25-112096
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 42 previous paragraphs and 41 current paragraphs.
35 unchanged; 6 reworded; 0 added; 0 removed; 1 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.
Reworded paragraphs (6)
Previous wording
For the three months ended June 30, 2025, we had a net income of $2,288,579, which consists of interest earned on cash and investments held in the trust account of $2,420,498, offset by general and administrative costs of $131,919.
Current wording
For the three months ended September 30, 2025, we had a net income of $2,184,563, which consists of interest earned on cash and investments held in the trust account of $2,448,266, offset by general and administrative costs of $263,703.
Previous wording
For the six months ended June 30, 2025, we had a net income of $3,543,122, which consists of interest earned on cash and investments held in the trust account of $4,005,966, offset by general and administrative costs of $462,844.
Current wording
For the nine months ended September 30, 2025, we had a net income of $5,727,685, which consists of interest earned on cash and investments held in the trust account of $6,454,232, offset by general and administrative costs of $726,547.
Previous wording
For the period from May 23, 2024 (inception) through June 30, 2024, we had a net loss of $54,931, which consists of general and administrative costs.
Current wording
For the period from May 23, 2024 (inception) through September 30, 2024, we had a net loss of $199,859, which consists of general and administrative costs.
Previous wording
As of June 30, 2025, we had cash of $822. Until the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of ordinary shares by the sponsor and loans from our sponsor.
Current wording
As of September 30, 2025, we had cash of $717. Until the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of ordinary shares by the sponsor and loans from our sponsor.
Previous wording
On January 29, 2025, we consummated the Initial Public Offering of 20,000,000 Units, at a price of $10.00 per unit, generating gross proceeds of $200,000,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of 400,000 Private Placement Units to the sponsor at a price of $10.00 per unit for $4,000,000, of which $1,100,000 was not received and included as share subscription receivable. Since the Initial Public Offering until June 30, 2025, the Sponsor has paid $404,175 in expenses on behalf of the Company (including $50,000 related to the administrative support agreement) affecting the share subscription receivable on the unaudited balance sheet to $695,825. On February 18, 2025, the underwriters exercised their over-allotment option to purchase an additional 3,000,000 Units at a purchase price of $10.00 per Unit, generating additional gross proceeds of $30,000,000. Simultaneously with the sale of the over-allotment Units, the sponsor purchased an additional 30,000 Private Placement Units at a purchase price of $10.00 per unit, generating additional gross proceeds of $300,000.
Current wording
On January 29, 2025, we consummated the Initial Public Offering of 20,000,000 Units, at a price of $10.00 per unit, generating gross proceeds of $200,000,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of 400,000 Private Placement Units to the sponsor at a price of $10.00 per unit for $4,000,000, of which $1,100,000 was not received and included as share subscription receivable. Since the Initial Public Offering until September 30, 2025, the Sponsor has paid $491,178 in expenses on behalf of the Company (including $81,000 related to the administrative support agreement) affecting the share subscription receivable on the unaudited balance sheet to $608,822. On February 18, 2025, the underwriters exercised their over-allotment option to purchase an additional 3,000,000 Units at a purchase price of $10.00 per Unit, generating additional gross proceeds of $30,000,000. Simultaneously with the sale of the over-allotment Units, the sponsor purchased an additional 30,000 Private Placement Units at a purchase price of $10.00 per unit, generating additional gross proceeds of $300,000.
Previous wording
On January 29, 2025, we issued a new unsecured subscription promissory note to the sponsor (the “Subscription Promissory Note”) in connection with the amended and restated units purchase agreement pursuant to which we may borrow up to an aggregate principal amount of $1,100,000 working capital loans. The sponsor further agrees that such loans shall be converted into Private Placement Units, at the price of $10.00 per unit. To the extent the amount of such loans is less than $1,100,000, the sponsor acknowledges and agrees that it (or, if applicable, it and any transferees of Private Placement Units) shall surrender for cancellation any and all rights to up to an aggregate of 110,000 Private Placement Units at $10.00 per unit. As of June 30, 2025, there was $695,825 outstanding and reported as share subscription receivable on the unaudited balance sheet.
Current wording
On January 29, 2025, we issued a new unsecured subscription promissory note to the sponsor (the “Subscription Promissory Note”) in connection with the amended and restated units purchase agreement pursuant to which we may borrow up to an aggregate principal amount of $1,100,000 working capital loans. The sponsor further agrees that such loans shall be converted into Private Placement Units, at the price of $10.00 per unit. To the extent the amount of such loans is less than $1,100,000, the sponsor acknowledges and agrees that it (or, if applicable, it and any transferees of Private Placement Units) shall surrender for cancellation any and all rights to up to an aggregate of 110,000 Private Placement Units at $10.00 per unit. As of September 30, 2025, there was $608,822 outstanding and reported as share subscription receivable on the unaudited balance sheet.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.