Company: TLGYF
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108215
Chunk: 56

Company: TLGY ACQUISITION CORP
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 56
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 which was primarily due to the general and administrative costs of $653,504 and the change in the fair
value of the warrant liability of $21,621,525, partially offset by interest income on funds held in the trust account of $64,292 and
the forgiveness of debt of $42,934.

For the three months ended September 30, 2024,
we had net income of $1,197,813 which was primarily due to the interest income on funds held in the trust account of $561,391 and a gain
in the change in fair value of the derivative liabilities of $928,588, partially offset by general and administrative costs of $292,166.

For the nine months ended September 30, 2025,
we had net loss of $27,193,664, which was primarily due to a loss in fair value of the derivative liabilities of $26,853,934 and general
and administrative expenses of $1,131,697, partially offset by interest income on funds held in the trust account of $664,199 and the
forgiveness of debt of $127,768.

For the nine months ended September 30, 2024,
we had net income $1,500,153 which was primarily due to the interest income on funds held in the trust account of $2,088,627 and forgiveness
of debt of $608,776 partially offset by a loss in fair value of the derivative liabilities of $193,456, administration fees – related
party of $60,000, and general and administrative costs of $943,794.

Liquidity and Capital Resources

On December 3, 2021, we consummated
our IPO 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 our IPO, we consummated the sale of 10,659,500 private placement warrants to our former sponsor at a price of $1.00 per private placement
warrant generating gross proceeds of $10,659,500.

On December 8, 2021, we consummated
the closing of the sale of an additional 3,000,000 Option Units at $10.00 per Option Unit, pursuant to the full exercise of over-allotment
option by the underwriters of our IPO, generating gross proceeds of $30,000,000. We also consummated the