A biopharmaceutical company focused on developing innovative cancer treatments through oral immunotherapies and biologics, with recent merger activities and public offerings.

# Company Summary

The company is a biopharmaceutical entity focused on the development of innovative cancer treatments, specifically oral immunotherapies and design-augmented biologics.

## Formation and Background
- **Founded:** February 25, 2020, as a Delaware corporation.
- **Purpose:** To complete a business combination through a merger, share exchange, asset acquisition, stock purchase, recapitalization, or reorganization.
- **Initial Public Offering (IPO):** Completed on February 14, 2023, raising $60 million by selling 6,000,000 units at $10.00 each.
- **Private Placement:** The sponsor purchased 430,000 units at $10.00 per unit for $4.3 million.
- **Additional Funding:** Exercised over-allotment option on February 21, 2023, selling 900,000 units for $9 million.

## Capital and Funds
- **Proceeds from IPO & Private Placement:** Approximately $61 million was initially placed into a Trust Account.
- **Trust Account:** Total of approximately $70.2 million as of February 21, 2023, invested in U.S. government securities with maturities of 185 days or less.
- **Use of Funds:** Primarily to finance business operations following the initial business combination.

## Business Operations
- The company’s core activities involve developing treatment candidates for cancer using:
  - **Oral Immunotherapies:** Early-stage treatments aimed at leveraging immune response orally.
  - **Design-Augmented Biologics:** Advanced biologic drugs designed with enhanced properties for cancer treatment.

## Recent Business Activity
- **Business Combination:** On February 14, 2025, the company completed a merger with OSR, changing its name from Bellevue Life Sciences Acquisition Corp. to the current name, and its trading symbols changed accordingly (from “BLAC” to “OSRH”).
- **Share Trading:** Stock, warrants, and units traded on Nasdaq Capital Market; separate trade of shares, warrants, and rights began on March 17, 2023.
  
## Management & Risks
- The company’s management has limited experience managing a U.S. public company.
- Its only significant asset post-merger is ownership of OSR, which may not satisfy all financial obligations.
- The company faces risks related to early-stage development, outsourcing, and intellectual property protections.

## Financial Metrics
- **Number of Employees:** Not specified.
- **Number of Customers:** Not specified.
- **Revenue & Income:** Not specified; the company currently incurs significant operating losses, with no projections of profitability yet.

## Summary
The company operates as a biopharmaceutical entity specializing in cancer immunotherapy research, backed by a recent IPO and business combination with OSR, with ongoing development in early-stage biologics and immunotherapies, and limited publicly available financial details.

Bellevue Life Sciences Acquisition Corp. is a blank check company focused on acquiring companies in the healthcare and biotechnology sectors, with $34.54 million available for an initial business combination as of 2023.

# Bellevue Life Sciences Acquisition Corp. Overview

**Company Structure and Purpose**
- Bellevue Life Sciences Acquisition Corp. is a blank check company incorporated in Delaware on February 25, 2020.
- The primary purpose of the company is to engage in a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or a similar business combination, which they refer to as the initial business combination. The company aims to target businesses within the healthcare industry, particularly in the biotechnology sector.

**Initial Public Offering (IPO) Details**
- The company completed its IPO on February 14, 2023, raising **$60 million** by offering **6 million units** at **$10.00 per unit**.
- Additionally, **430,000 Private Placement Units** were purchased by the sponsor at the same price for a total of **$4.3 million**.
- The underwriters exercised an over-allotment option leading to an additional **900,000 units** sold, generating another **$9 million**.
- **Total gross proceeds** placed in the Trust Account after the IPO and over-allotment amounted to approximately **$70.21 million**.

**Financial Position**
- As of December 31, 2023, the total funds in Trust Account are approximately **$34.54 million** available for an initial business combination.
- The company reported a **working capital deficiency** of about **$2.02 million** and had only **$15,419** in cash out of trust as of that date.
- No **operating revenue** has been generated as the company is still in the search phase for a business combination.

**Key Operations**
- Bellevue Life Sciences Acquisition Corp. currently employs **2 officers**. 
- There are no operational agreements or employment contracts in place; their involvement is based on the discretion of how much time they deem necessary until completing a business combination.
  
**Future Plans**
- The company has plans to extend its deadline for completing an initial business combination, with the current deadline set for **May 14, 2024**; if it fails to do so, liquidation is a possibility.
- In light of their strategic focus, Bellevue Life Sciences Acquisition Corp. is exploring potential acquisitions in various subsectors: biopharmaceuticals, medical devices, and healthcare technology.

**Recent Developments**
- As of November 9, 2023, stockholders voted to extend the business combination deadline and amended the Trust Agreement to facilitate future operations. 
- The company is in talks regarding a business combination with **OSR Holdings Co. Ltd.**, a corporation based in South Korea.

**Customers and Market Position**
- The company does not have direct customers or stable revenue, as it operates primarily as an acquisition vehicle targeting potential businesses for merger.
- Their emphasis lies in leveraging existing networks and management expertise to evaluate suitable candidates for acquisition in the healthcare technology landscape.

In summary, Bellevue Life Sciences Acquisition Corp. is positioned to capitalize on opportunities in the biotech industry with plans for future growth through strategic acquisitions, although it currently has no revenue and operates at a loss. The success of its operations heavily relies on its ability to complete a successful business combination in the near future.

OSR Holdings, Inc.

10-K / April 22, 2025

10-K / April 17, 2024

10-K / April 22, 2025

Company Summary

Formation and Background

Capital and Funds

Business Operations

Recent Business Activity

Management & Risks

Financial Metrics

Summary