# EDGAR Filing Document

**Accession Number:** 0002011674
**File Stem:** 0001213900-25-093988
**Filing Date:** 2025-9
**Character Count:** 343840
**Document Hash:** 3e2e56ac360108b424efcb656dbf9680
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-093988.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0001213900-25-093988

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** YD Bio Ltd
- **CENTRAL INDEX KEY:** 0002011674
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MEDICAL LABORATORIES [8071]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42810
- **FILM NUMBER:** 251360938

**BUSINESS ADDRESS:**
- **STREET 1:** 955 WEST JOHN CARPENTER FREEWAY
- **STREET 2:** SUITE 100-929
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039
- **BUSINESS PHONE:** 619-500-7747

**MAIL ADDRESS:**
- **STREET 1:** 955 WEST JOHN CARPENTER FREEWAY
- **STREET 2:** SUITE 100-929
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75039

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** True Velocity, Inc./DE
- **DATE OF NAME CHANGE:** 20240209

?xml version='1.0' encoding='ASCII'?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of September 2025**

**Commission File Number: 001-42810**

**YD Bio Limited**

**(Exact name of registrant as specified in its charter)** 

**12F., No. 3, Xingnan St., Nangang Dist., Taipei City 115001, Taiwan**

**(Address of principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ &nbsp;&nbsp;&nbsp;&nbsp;Form 40-F ☐

Exhibit 99.7 to this Report on Form 6-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit <br> Number** | **Description** |
| 99.1 | [Unaudited Interim Financial Statements of YD Bio Limited](ea025743901ex99-1_ydbio.htm) |
| 99.2 | [Unaudited Interim Financial Statements of YD Biopharma Limited](ea025743901ex99-2_ydbio.htm) |
| 99.3 | [Management's Discussion and Analysis of Financial Condition and Results of Operations of YD Biopharma Limited](ea025743901ex99-3_ydbio.htm) |
| 99.4 | [Unaudited Interim Financial Statements of Breeze Holdings Acquisition Corp.](ea025743901ex99-4_ydbio.htm) |
| 99.5 | [Management's Discussion and Analysis of Financial Condition and Results of Operations of Breeze Holdings Acquisition Corp.](ea025743901ex99-5_ydbio.htm) |
| 99.6 | [Unaudited Pro Forma Condensed Combined and Consolidated Financial Information](ea025743901ex99-6_ydbio.htm) |
| 99.7 | [Press Release dated September 30, 2025](ea025743901ex99-7_ydbio.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File formatted as Inline XBRL and contained in Exhibit 101 |

---

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **YD Bio Limited** | **YD Bio Limited** |
| By: | /s/ Edmund Hen |
| Name: | Edmund Hen |
| Title: | Chief Financial Officer |

---

Date: September 30, 2025

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.1**

**INDEX TO FINANCIAL STATEMENTS**

**YD BIO LIMITED**

---

| | |
|:---|:---|
| ***Unaudited Interim Financial Statements*** | **Page** |
| [Condensed Consolidated Balance Sheet as of June 30, 2025 (Unaudited) and December 31, 2024](#a_001) | 1 |
| [Condensed Consolidated Statement of Operations (Unaudited) for the Six Months ended June 30, 2025 and for the period from February 6, 2024 (inception) through June 30, 2024](#a_002) | 2 |
| [Condensed Consolidated Statement of Changes in Stockholder's Equity (Unaudited) for the Six Months ended June 30, 2025 and for the period from February 6, 2024 (inception) through June 30, 2024](#a_003) | 3 |
| [Condensed Consolidated Statement of Cash Flows (Unaudited) for the Six Months ended June 30, 2025 and for the period from February 6, 2024 (inception) through June 30, 2024](#a_004) | 4 |
| [Notes to Condensed Consolidated Financial Statements (Unaudited)](#a_005) | 5 |

---

i

**YD BIO LIMITED CONDENSED CONSOLIDATED BALANCE SHEET**

 

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025<br> (Unaudited)** | **December 31,<br> 2024** |
| **LIABILITIES AND SHAREHOLDER'S DEFICIT** | | |
| Due to related party | $67680 | $66441 |
| **Total liabilities** | 67680 | 66441 |
| **Shareholder's deficit:** |  |  |
| Ordinary Shares, $0.0001 par value, 1,000 shares authorized, 1,000 shares issued and outstanding |  |  |
| Additional paid-in capital |  |  |
| Accumulated deficit | (67680) | (66441) |
| &nbsp;&nbsp;&nbsp;**Total shareholder's deficit** | (67680) | (66441) |
| &nbsp;&nbsp;&nbsp;**Total liabilities and shareholder's deficit** | $— | $—<br>|

---

 

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

**YD BIO LIMITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> June 30,<br> 2025<br> (Unaudited)** | **For the<br> period from<br> February 6,<br> 2024<br> (inception)<br> through<br> June 30,<br> 2024** |
| **Operating expenses** | | |
| General and administrative expenses | $1239 | $— |
| **Total operating expenses** | (1239) |  |
| Income tax expense |  |  |
| **Net loss** | $(1239) | $— |
| Weighted average number of shares outstanding, basic and diluted | 1000 | 1000 |
| Basic and diluted net loss per ordinary share | $(1.24) | $— |

---

 

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

**YD BIO LIMITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S DEFICIT**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares** | **Ordinary shares** | | | |
|  | **Shares** | **Amount** | **Additional**<br>**paid-in**<br>**capital** |<br>**Accumulated**<br>**deficit** | **Total**<br>**shareholder's**<br>**deficit** |
| Balance as of January 1, 2025 | 1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(66441) | $(66441) |
| Net loss |  |  |  | (1239) | (1239) |
| **Balance as of June 30, 2025** | **1000** | $**0** | $**—**  | $**(67680)** | $**(67680)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares** | **Ordinary shares** | | | |
|  | **Shares** | **Amount** | **Additional**<br>**paid-in**<br>**capital** |<br>**Accumulated**<br>**deficit** | **Total**<br>**shareholder's**<br>**deficit** |
| Balance as of February 6, 2024 (inception) |  | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $— |
| Issuance of ordinary shares | 1000 | 0 |  |  | 0 |
| **Balance as of June 30, 2024** | **1000** | $0 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp; 0 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

**YD BIO LIMITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,<br> 2025** | **For the<br> period from<br> February 6,<br> 2024<br> (inception)<br> through <br> June 30, <br> 2024** |
| **Cash Flows from Operating Activities:** | | |
| Net loss | $(1239) | $(0) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Due to related party | 1239 | 0 |
| **Net cash provided by (used in) operating activities** |  |  |
| **Net change in cash** |  |  |
| Cash, beginning of the period |  |  |
| **Cash, end of the period** | $— | $— |

---

 

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

**YD BIO LIMITED Notes to CONDENSED CONSOLIDATED Financial Statements**

**June 30, 2025**

**(UNAUDITED)**

**1. ORGANIZATION**

YD Bio Limited (the "Company" or "Pubco") was registered by way of continuation as a Cayman Islands exempted company limited by shares on November 14, 2024. The Company was originally incorporated in Delaware under the name True Velocity, Inc. on February 6, 2024, becoming a direct wholly owned subsidiary of Breeze Holdings Acquisition Corp., and changed its name to YD Bio Limited on November 18, 2024. The Company has not commenced any operations since its formation. The Company was re-domesticated solely for the purpose of completing the transactions contemplated by the Merger Agreement and Plan of Reorganization, dated September 24, 2024 (as may be further amended, supplemented, or otherwise modified from time to time, the "Merger Agreement").

The parties to the Merger Agreement include (i) Pubco, (ii) Breeze Holdings Acquisition Corp., a Delaware corporation ("Breeze"), (iii) Breeze Merger Sub, Inc., a Delaware corporation and direct, wholly owned subsidiary of Pubco ("Breeze Merger Sub"), (iv) BH Biopharma Merger Sub Limited, a Cayman Islands exempted company ("Company Merger Sub" and with Breeze Merger Sub, collectively, the "Merger Subs"), and (v) YD Biopharma Limited, a Cayman Islands exempted company ("YD Biopharma").

Pursuant to the terms of the Merger Agreement, Breeze Merger Sub merged with and into Breeze with Breeze surviving the merger as a wholly owned subsidiary of Pubco (the "Breeze Merger"), and Company Merger Sub merged with and into YD Biopharma, with YD Biopharma surviving such merger as a wholly owned subsidiary of Pubco (the "Company Merger" and together with the Breeze Merger, the "Mergers" and together with the other transactions and ancillary agreements contemplated by the Merger Agreement, the "Business Combination").

On May 30, 2025, after approval by the boards of directors of all the parties to the Merger Agreement, the parties entered into an amendment to the Merger Agreement to increase the maximum size of the private investment in public equity ("PIPE") financing from $15.0 million to $30.0 million.

Following the consummation of the transaction contemplated by the Merger Agreement, the Company is the surviving publicly traded entity and owns all of the equity interests of Breeze and YD Biopharma.

On August 28, 2025 (the "Closing Date"), the Company consummated the Business Combination with YD Biopharma and Breeze pursuant to the Merger Agreement. The consummation of the Business Combination involved the Breeze Merger, pursuant to which, at the closing of the transactions contemplated by the Merger Agreement, the separate corporate existence of Breeze Merger Sub ceased, with Breeze as the surviving corporation becoming a wholly owned subsidiary of the Company, and the Company Merger, pursuant to which, at the closing of the transactions contemplated by the Merger Agreement, the separate corporate existence of Company Merger Sub ceased, with YD Biopharma as the surviving corporation becoming a wholly owned subsidiary of the Company pursuant to the terms of the Merger Agreement and in accordance with the Companies Act. As a result of the Business Combination, the Company owns 100% of the outstanding ordinary shares of YD Biopharma and ordinary shares, warrants, and rights of Breeze.

As of June 30, 2025 and as of immediately prior to the effective time of business combination on August 28, 2025, the authorized share capital of the Company was US$50,000 divided into 500,000,000 ordinary shares of par value US$0.0001 each, and 1,000 ordinary shares were issued.

At the effective time of business combination on August 28, 2025, the issued and outstanding ordinary shares of the Company, were cancelled and extinguished in accordance with the Merger Agreement.

On August 28, 2025, at the closing of the Business Combination, Breeze's outstanding shares were exchanged for 4,140,948 ordinary shares of the Company, as stipulated in the Merger Agreement. This exchange reflects the conversion of Breeze's public shares, sponsor shares, rights and other outstanding equity interests (net of any redemptions) into ordinary shares of the Company, contributing to the post-closing equity structure of the Company.

At the same time, pursuant to the Merger Agreement, the issued and outstanding shares of YD Biopharma were exchanged for ordinary shares of the Company with each YD Biopharma shareholder receiving its pro rata share of the Exchange Consideration. The "Exchange Consideration" was the number of newly issued Pubco ordinary shares equal to (a) a transaction value of $647,304,110 divided by (b) a per share price of $10.00. "Pro Rata Share" means, with respect to each YD Biopharma shareholder, a fraction expressed as a percentage equal to (i) the number of shares of common stock held by such YD Biopharma shareholder immediately prior to the closing, divided by (ii) the total number of issued and outstanding shares of common stock immediately prior to the closing. As a result, 64,730,411 ordinary shares of Pubco were issued to the former shareholders of YD Biopharma at closing.

In addition, on August 28, 2025, Pubco issued 1,650,000 ordinary shares to certain investors in connection with a PIPE Financing raising aggregate proceeds of $13.2 million at a price per share of $8.00.

On August 28, 2025, at the closing of the Business Combination and in accordance with the Merger Agreement, Breeze's outstanding warrants were exchanged for 16,925,000 Pubco warrants on a one-for-one basis, with the same exercise price and terms.

As of August 28, 2025, immediately following the completion of the Business Combination closing, there were 70,521,359 Pubco ordinary shares outstanding and 16,925,000 Pubco warrants outstanding.

**2. GOING CONCERN**

In connection with the Company's assessment of going concern considerations in accordance with the authoritative guidance in Financial Accounting Standard Board ("FASB") Accounting Standards Update ("ASU") Topic 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," management has determined that the Company currently lacks the liquidity it needs to sustain operations for a reasonable period of time, which is considered to be at least one year from the date that the consolidated financial statements are issued.

The Company's condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations. The Company has not commenced any operations since its formation. The Company's operating results for future periods are subject to numerous uncertainties, and it is uncertain if the Company will be able to generate net income for the foreseeable future. Accordingly, the Company may not be able to obtain additional financing. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

Management plans to address this uncertainty through a Business Combination as discussed in Note 1. The Company's financial statements do not give effect to any adjustments relating to the carrying values and classification of assets and liabilities that would be necessary should the Company be unable to continue as a going concern.

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*Basis of Presentation:*

The financial statement of the Company is presented in conformity with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").

*Principles of Consolidation:*

The financial statements include the financial statements of the Company and its subsidiaries, Breeze Merger Sub and Company Merger Sub.

*Use of estimates:*

The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

*Net Loss per Share:*

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, "Earnings Per Share". Net loss per share of ordinary shares is computed by dividing net loss by the weighted-average number of ordinary shares outstanding during the period.

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The following table reflects the calculation of basic and diluted net loss per ordinary share:

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> June 30, <br> 2025** | **For the<br> period from<br> February 6,<br> 2024<br> (inception)<br> through<br> June 30,<br> 2024** |
| Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(1239) | $— |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average of Ordinary Shares outstanding | 1000 | 1000 |
| Basic and diluted net loss per Ordinary Share | $(1.24) | $— |

---

*Recently Issued Accounting Standards*

In November 2023, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), that would enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its chief operating decision maker ("CODM") uses to assess segment performance and to make decisions about resource allocations. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. Currently, Topic 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements.

The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Group adopted ASU 2023-07 beginning January 1, 2024, for annual disclosure and adopted beginning January 1, 2025, for interim periods. The adoption did not have a material impact on its condensed consolidated financial statement.

On December 14, 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 (generally, calendar year 2025) and effective for all other business entities one year later. Entities should adopt this guidance on a prospective basis, though retrospective application is permitted. The Company is currently evaluating the potential impact of ASU 2023-09 on its condensed consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires a public entity to disclose additional information about specific expense categories in the notes to the financial statements on an annual and interim basis. It is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. In January 2025, the FASB issued ASU 2025-01 to clarify that all public entities, including non-calendar year-end entities, should adopt the disclosure requirements of ASU 2024-03. The Company is currently evaluating the potential impact of ASU 2024-03 and ASU 2025-01 on its condensed consolidated financial statements and disclosures.

In May 2025, the FASB issued ASU 2025-04, Compensation — Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. The amendments clarify the accounting for share-based consideration payable to a customer under Topic 718 and Topic 606. The amendments are effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2026. Early adoption is permitted. The Group is currently evaluating the potential impact of ASU 2025-06 on its condensed consolidated financial statements and disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments provide a practical expedient and, if applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract assets. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued or made available for issuance. The Group is currently evaluating the potential impact of ASU 2025-05 on its condensed consolidated financial statements and disclosures. Except as mentioned above, the Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Group's condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive income (loss) and condensed consolidated statements of cash flows.

**4. RELATED PARTY TRANSACTIONS**

As of June 30, 2025, amount due to related party was as following:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Amount** | **Relationship** | **Note** |
| Breeze | $67680 | The Company is 100% owned and controlled operating subsidiary of Breeze | General and administrative expenses paid on behalf of Pubco. The amount has no fixed repayment terms and has no interest bearing. |

---

As of December 31, 2024, the amount due to related party was as following:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Amount** | **Relationship** | **Note** |
| Breeze | $66441 | The Company is 100% owned and controlled operating subsidiary of Breeze | General and administrative expenses paid on behalf of Pubco. The amount has no fixed repayment terms and has no interest bearing. |

---

During the six months ended June 30, 2025, the Company had the following transactions with related party:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Amount** | **Relationship** | **Note** |
| Breeze | $1239 | The Company is 100% owned and controlled operating subsidiary of Breeze | Payment on behalf of Pubco by Breeze |

---

During the six months ended June 30, 2024, the Company had the following transactions with related party:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Amount** | **Relationship** | **Note** |
| Breeze | $— | The Company is 100% owned and controlled operating subsidiary of Breeze |  |

---

**5. SEGMENT INFORMATION**

Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosures (ASU-2023-07), "Segment Reporting," establishes standards for companies to report in their financial statements' information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company's chief operating decision maker ("CODM"), or group, in deciding how to allocate resources and assess performance.

The Company is formed for the purpose of effecting a Business Combination. As of June 30, 2025, the Company had not commenced any operations. The Company will not generate operating revenue until after the completion of its initial Business Combination, at the earliest.

The Company's CODM has been identified as the Chief Executive Officer, who reviews the consolidated operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.

When evaluating the Company's primary measure of performance and making key decisions regarding resource allocation, the CODM reviews several key metrics, which include the following (unaudited):

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> June 30, <br> 2025** | **For the<br> period from<br> February 6,<br> 2024<br> (inception)through<br> June 30, <br> 2024** |
| General and administrative expenses | $1239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;Total operating expenses | (1239) |  |
| Income tax expense |  |  |
| Net loss | $(1239) | $— |

---

Operating costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the business combination period. The CODM also reviews operating costs to manage, maintain and enforce all contractual agreements, if any, to ensure costs are aligned with all agreements and budget.

**6. SHAREHOLDER'S DEFICIT**

Ordinary Shares — The Company is authorized to issue 500,000,000 ordinary shares with a par value of $0.0001 per share. Holders of ordinary shares are entitled to one vote per share owned on each matter properly submitted to the shareholders on which the holders of the ordinary shares are entitled to vote. The holders of ordinary shares shall be entitled to receive dividends and other distributions (payable in cash, property or capital stock of the Company) when, as and if declared thereon by our board of directors from time to time out of any assets for funds of the Company legally available therefor and shall share equally on a per share basis in such dividends and distributions. As of June 30, 2025, there were 1,000 ordinary shares issued and outstanding.

On August 28, 2025 (the "Closing Date"), the Company consummated the Business Combination with YD Biopharma and Breeze pursuant to the Merger Agreement. The consummation of the Business Combination involved the Breeze Merger, pursuant to which, at the closing of the transactions contemplated by the Merger Agreement, the separate corporate existence of Breeze Merger Sub ceased, with Breeze as the surviving corporation becoming a wholly owned subsidiary of the Company, and the Company Merger, pursuant to which, at the closing of the transactions contemplated by the Merger Agreement, the separate corporate existence of Company Merger Sub ceased, with YD Biopharma as the surviving corporation becoming a wholly owned subsidiary of the Company pursuant to the terms of the Merger Agreement and in accordance with the Companies Act. As a result of the Business Combination, the Company owns 100% of the outstanding ordinary shares of YD Biopharma and ordinary shares, warrants, and rights of Breeze.

As previously disclosed in the Company's Registration Statement on Form F-4 initially filed with the Securities and Exchange Commission on January 30, 2025 and declared effective on July 18, 2025 (File No. 333-283428) (the "Registration Statement"), the Company secured commitments of $13.2 million through the issuance of 1,650,000 ordinary shares at $8 per share in connection with a PIPE financing completed concurrently with the closing of the business combination between the Company, Breeze Holdings Acquisition Corp., and YD Biopharma Limited (the "Business Combination") on August 28, 2025.

At the effective time of the Business Combination on August 28, 2025, the issued and outstanding shares of 1,000 ordinary shares of the Company at a par value US$0.0001 each, were cancelled and extinguished in accordance with the Merger Agreement.

On August 28, 2025, at the closing of the Business Combination, Breeze's outstanding shares were exchanged for 4,140,948 ordinary shares of the Company, as stipulated in the Merger Agreement. This exchange reflects the conversion of Breeze's public shares, sponsor shares, rights and other outstanding equity interests (net of any redemptions) into ordinary shares of the Company, contributing to the post-closing equity structure of Pubco.

At the same time, pursuant to the Merger Agreement, the issued and outstanding shares of YD Biopharma were exchanged for ordinary shares of the Company with each YD Biopharma shareholder receiving its pro rata share of the Exchange Consideration. The "Exchange Consideration" was the number of newly issued Pubco ordinary shares equal to (a) a transaction value of $647,304,110 divided by (b) a per share price of $10.00. "Pro Rata Share" means, with respect to each YD Biopharma shareholder, a fraction expressed as a percentage equal to (i) the number of shares of common stock held by such YD Biopharma shareholder immediately prior to the closing, divided by (ii) the total number of issued and outstanding shares of common stock immediately prior to the closing. As a result, 64,730,411 ordinary shares of Pubco were issued to the former shareholders of YD Biopharma at closing.

In addition, on August 28, 2025, Pubco issued 1,650,000 ordinary shares to certain investors in connection with a PIPE Financing raising aggregate proceeds of $13.2 million at a price per share of $8.00.

On August 28, 2025, at the closing of the Business Combination and in accordance with the Merger Agreement, Breeze's outstanding warrants were exchanged for 16,925,000 Pubco warrants on a one-for-one basis, with the same exercise price and terms.

As of August 28, 2025, immediately following the completion of the Business Combination closing, there were 70,521,359 Pubco ordinary shares outstanding and 16,925,000 Pubco warrants outstanding.

**7. SUBSEQUENT EVENTS**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to September 29, 2025, the date that the interim financial statement was available to be issued. Based upon this review, other than disclosed below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

On August 28, 2025 (the "Closing Date"), the Company consummated the Business Combination with YD Biopharma and Breeze pursuant to the Merger Agreement between the Company, YD Biopharma, Parent Merger Sub, and Company Merger Sub. The consummation of the Business Combination involved the merger of Breeze Merger Sub with and into Breeze (the "Breeze Merger," and the time at which the Breeze Merger became effective, the "Breeze Merger Effective Time"), pursuant to which, at the closing of the transactions contemplated by the Merger Agreement, the separate corporate existence of Breeze Merger Sub ceased, with Breeze as the surviving corporation becoming a wholly owned subsidiary of the Company, and the merger of Company Merger Sub with and into YD Biopharma (the "Company Merger," and the time at which the Company Merger became effective, the "Company Merger Effective Time"), pursuant to which, at the closing of the transactions contemplated by the Merger Agreement, the separate corporate existence of Company Merger Sub ceased, with YD Biopharma as the surviving corporation becoming a wholly owned subsidiary of the Company pursuant to the terms of the Merger Agreement and in accordance with the Companies Act. As a result of the Business Combination, the Company owns 100% of the outstanding ordinary shares of YD Biopharma and 100% of the outstanding shares, warrants, and rights of Breeze.

At the effective time of business combination on August 28, 2025, the issued and outstanding ordinary shares of the Company, were cancelled and extinguished in accordance with the Merger Agreement.

On August 28, 2025, at the closing of the Business Combination, Breeze's outstanding shares were exchanged for 4,140,948 ordinary shares of the Company, as stipulated in the Merger Agreement. This exchange reflects the conversion of Breeze's public shares, sponsor shares, rights and other outstanding equity interests (net of any redemptions) into ordinary shares of the Company, contributing to the post-closing equity structure of the Company.

At the same time, pursuant to the Merger Agreement, the issued and outstanding shares of YD Biopharma were exchanged for ordinary shares of the Company with each YD Biopharma shareholder receiving its pro rata share of the Exchange Consideration. The "Exchange Consideration" was the number of newly issued Pubco ordinary shares equal to (a) a transaction value of $647,304,110 divided by (b) a per share price of $10.00. "Pro Rata Share" means, with respect to each YD Biopharma shareholder, a fraction expressed as a percentage equal to (i) the number of shares of common stock held by such YD Biopharma shareholder immediately prior to the closing, divided by (ii) the total number of issued and outstanding shares of common stock immediately prior to the closing. As a result, 64,730,411 ordinary shares of Pubco were issued to the former shareholders of YD Biopharma at closing.

In addition, on August 28, 2025, Pubco issued 1,650,000 ordinary shares to certain investors in connection with a PIPE Financing raising aggregate proceeds of $13.2 million at a price per share of $8.00.

On August 28, 2025, at the closing of the Business Combination and in accordance with the Merger Agreement, Breeze's outstanding warrants were exchanged for 16,925,000 Pubco warrants on a one-for-one basis, with the same exercise price and terms.

As of August 28, 2025 immediately following the completion of the Business Combination closing, there were 70,521,359 Pubco ordinary shares outstanding and 16,925,000 Pubco warrants outstanding.

## Exhibit 99.2

**Exhibit 99.2**

**YD BIOPHARMA LIMITED AND SUBSIDIARIES**

---

| | |
|:---|:---|
| ***Unaudited Interim Financial Statements*** | **Page** |
| [Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024](#c_001) | 1 |
| [Condensed Consolidated Statements of Operations (Unaudited) for the Six Months ended June 30, 2025 and 2024](#c_002) | 2 |
| [Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Six Months ended June 30, 2025 and 2024](#c_003) | 3 |
| [Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the Six Months ended June 30, 2025 and 2024](#c_004) | 4 |
| [Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months ended June 30, 2025 and 2024](#c_005) | 5 |
| [Notes to Condensed Consolidated Financial Statements (Unaudited)](#c_006) | 6 |

---

i

**YD BIOPHARMA LIMITED AND SUBSIDIARIES<br> CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **As of<br> June 30,<br> 2025<br> (Unaudited)** | **As of<br> December 31,<br> 2024** |
|  |  | **US$** | **US$** |
| **ASSETS** |  | | |
| CURRENT ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | 469520 | 3132298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 3 | 101430 | 86582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from an affiliate, net | 16 |  | 16927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 4 | 373518 | 37335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 5 | 386734 | 194740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from affiliates | 16 | 65640 | - |
| &nbsp;&nbsp;&nbsp;TOTAL CURRENT ASSETS |  | 1396842 | 3467882 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 10 | 17375 | 23698 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 7 | 66452 | 64379 |
| &nbsp;&nbsp;&nbsp;Intangible assets | 8 | 2901528 | 2680035 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 9 | 1458889 | 628232 |
| &nbsp;&nbsp;&nbsp;TOTAL ASSETS |  | 5841086 | 6864226 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;CURRENT LIABILITIES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 16 | 63743 | 37253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 10 | 15767 | 16581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes payable | 11 | 40663 | 26866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 12 | 632762 | 182360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL CURRENT LIABILITIES |  | 752935 | 263060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 14 |  | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 10 |  | 5684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities, non-current | 12 |  | 3773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES |  | 752935 | 273980 |
| Commitments and contingencies | 15 |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares, $0.10 par value | 13 | 144177 | 144177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 13 | 8328040 | 8328040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficits |  | (3843624) | (1927043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income |  | 459558 | 45072 |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity |  | 5088151 | 6590246 |
| &nbsp;&nbsp;&nbsp;TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |  | 5841086 | 6864226 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**YD BIOPHARMA LIMITED AND SUBSIDIARIES<br> CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Six Months ended June 30,** | **Six Months ended June 30,** |
|  | <br>**Notes** | **2025** | **2024** |
|  |  | **US$** | **US$** |
| Revenue | 2 | 204007 | 224980 |
| Cost of revenue |  | (135212) | (155880) |
| Gross profit |  | 68795 | 69100 |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses |  | 1227063 | 256264 |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses |  |  | 1834 |
| &nbsp;&nbsp;&nbsp;Research and development expenses | 816 | 791456 |  |
| &nbsp;&nbsp;&nbsp;Impairment of expected credit loss |  | 4108 | 4166 |
| Total operating expenses |  | 2022627 | 262264 |
| Loss from operations |  | (1953832) | (193164) |
| Other income |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income, net |  | 17305 | 21284 |
| &nbsp;&nbsp;&nbsp;Interest income |  | 18439 | 767 |
| &nbsp;&nbsp;&nbsp;Interest expenses |  |  | (486) |
| Total other income, net |  | 35744 | 21565 |
| Loss before income tax |  | (1918088) | (171599) |
| &nbsp;&nbsp;&nbsp;Income tax | 14 | 1507 | 6235 |
| Net loss |  | (1916581) | (165364) |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**YD BIOPHARMA LIMITED AND SUBSIDIARIES<br> CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Six Months ended <br> June 30,** | **Six Months ended <br> June 30,** |
|  | **2025** | **2024** |
|  | **US$** | **US$** |
| Net loss | (1916581) | (165364) |
| Other comprehensive income, net of tax: |  |  |
| &nbsp;&nbsp;&nbsp;Change in cumulative foreign currency translation | 414486 | 36122 |
| Comprehensive loss | (1502095) | (129242) |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**YD BIOPHARMA LIMITED AND SUBSIDIARIES<br> CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

**(UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares\*** | **Amount** | **Additional <br> paid-in<br> capital** | **Accumulated <br> deficits** | **Accumulative <br> other <br> comprehensive <br> income** | **Total<br> Equity** |
|  | | **US$** | **US$** | **US$** | **US$** | **US$** |
| **Balance at January 1, 2025** | 1441766 | 144177 | 8328040 | (1927043) | 45072 | 6590246 |
| Net loss |  |  |  | (1916581) |  | (1916581) |
| Foreign currency translation adjustment |  |  |  |  | 414486 | 414486 |
| **Balance at June 30, 2025** | 1441766 | 144177 | 8328040 | (3843624) | 459558 | 5088151 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares\*** | **Amount** | **Additional <br> paid-in<br> capital** | **Accumulated <br> deficits** | **Accumulative <br> other <br> comprehensive <br> income** | **Total<br> Equity** |
|  | | **US$** | **US$** | **US$** | **US$** | **US$** |
| **Balance at January 1, 2024** | 1051997 | 105200 | 386067 | (515484) | 47211 | 22994 |
| Issuance of common shares |  |  | 5017336 |  |  | 5017336 |
| Net loss |  |  |  | (165364) |  | (165364) |
| Foreign currency translation adjustment |  |  |  |  | 36122 | 36122 |
| **Balance at June 30, 2024** | 1051997 | 105200 | 5403403 | (680848) | 83333 | 4911088 |

---

\* The shares amounts are presented on a retroactive basis, due to group reorganization.

The accompanying notes are an integral part of these condensed consolidated financial statements.

**YD BIOPHARMA LIMITED AND SUBSIDIARIES<br> CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Six months ended June 30,** | **Six months ended June 30,** |
|  | <br>**Notes** | **2025** | **2024** |
|  |  | **US$** | **US$** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss |  | $(1916581) | $(165364) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expenses | 7 | 8043 | 3647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization | 8 | 95142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of expected credit loss | 3 | 4108 | 4166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease expenses | 10 | 19187 | 8762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | (9928) | (61284) |
| &nbsp;&nbsp;&nbsp;Accounts receivable from an affiliate |  | 17471 | (17421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories |  | (332878) | 56336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets |  |  | (6235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expense and other current assets |  | (157138) | (144468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from affiliates |  | (62787) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and note payable |  | 9308 | 6124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities |  | (1510) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expense and other liabilities |  | 150684 | 39728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts due to affiliates |  | 23621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities |  | (8620) | (7270) |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities |  | (2161878) | (283279) |
| &nbsp;&nbsp;&nbsp;CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property, plant and equipment |  | (2659) | (53122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangible assets | 8 |  | (2799720) |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities |  | (2659) | (2852842) |
| &nbsp;&nbsp;&nbsp;CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 13 |  | 5017336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shareholders |  |  | 785897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment to an affiliate |  |  | (1509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term bank loans |  |  | (13675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs |  | (561207) |  |
| &nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities |  | (561207) | 5788049 |
| &nbsp;&nbsp;&nbsp;Effect of change in exchange rate |  | 62966 | 34550 |
| &nbsp;&nbsp;&nbsp;NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |  | (2662778) | 2686478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, beginning of period |  | 3132298 | 87098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, end of period |  | $469520 | $2773576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUPPLEMENTAL CASH FLOW INFORMATION |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid |  | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid |  | $— | $486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTMENT AND FINANCIAL ACTIVITIES INFORMATION: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities arising from obtaining right-of-use assets |  | $134394 | $38724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deduction of right-of-use assets from cancellation of operating leases |  | $124526 | $8665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in additional paid-in capital due to group structuring |  | $— | $491267 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

**YD BIOPHARMA LIMITED AND SUBSIDIARIES<br> Notes to CONDENSED CONSOLIDATED Financial Statements**

**June 30, 2025**

**(UNAUDITED)**

**1. ORGANIZATION**

YD Biopharma Limited ("YD Biopharma") was incorporated in the Cayman Islands on March 14, 2024, by Dr. Shen Hsieh-Tsung ("Dr. Shen"), with the initial authorized and issued share capital of $50,000 divided into 50,000 common shares at the par value of $1.00 each. On June 7, 2024, the YD Biopharma amended its Memorandum and Articles of Association and altered the authorized share capital by sub-dividing the authorized share capital to $50,000 divided into 500,000 common shares with the par value of $0.10 each. It was established in connection with the restructuring of Yong Ding Biopharm Co., Ltd. ("Yong Ding"), a company incorporated in the Republic of China ("ROC" or "Taiwan") on April 23, 2013 (the "Group Restructuring"). In connection with the Group Restructuring, all of the issued and outstanding equity interests in Yong Ding were acquired by YD Biopharma in exchange for ordinary shares of YD Biopharma.

Upon the completion of the Group Restructuring on June 26, 2024, YD Biopharma had 5,000,000 authorized shares of which 1,051,997 common shares were issued.

The address of its registered office is 17<sup>th</sup> floor, No. 3, Yuanqu Street, Nangang District, Taipei City, Taiwan. Yong Ding was established and controlled by Dr. Shen.

On February 4, 2025, YD Biopharma incorporated a 100% owned subsidiary YD Bio USA, Inc. ("YD USA") in the United States. YD USA is engaged in business development for YD Biopharma in the US. YD Biopharma and its wholly owned subsidiaries, Yong Ding and YD USA (collectively referred to as the "Group") is primarily engaged in sales of drugs and medical related materials to corporate and retail customers in Taiwan and the United States. In June 2024, the Group acquired certain licensed patents and know-how and commenced the pancreatic cancer early detection service and sales of contact lenses business.

On September 24, 2024, YD Biopharma entered into a Merger Agreement and Plan of Reorganization (the "Merger Agreement") by and among (i) Breeze Holdings Acquisition Corp., a Delaware corporation ("Breeze") (ii) YD Bio Limited, a Cayman Islands exempted company ("YD Bio" or "Pubco") (iii) Breeze Merger Sub, Inc., a Delaware corporation and which will be a direct, wholly owned subsidiary of Pubco ("Parent Merger Sub"), (iv) BH Biopharma Merger Sub Limited, a Cayman Islands exempted company and wholly owned subsidiary of Pubco ("Company Merger Sub", and together with Parent Merger Sub, the "Merger Subs").

Pursuant to and in accordance with the terms set forth in the Merger Agreement, (a) Parent Merger Sub merged with and into Breeze, with Breeze continuing as the surviving entity (the "Parent Merger"), as a result of which, (i) Breeze became a wholly owned subsidiary of Pubco, and (ii) each issued and outstanding security of Breeze immediately prior to the effective time of the Parent Merger (the "Parent Merger Effective Time") (other than shares of Breeze common stock that have been redeemed or are owned by Breeze or any of its direct or indirect subsidiaries as treasury shares and any Dissenting Parent Shares (as defined in the Merger Agreement)) are no longer outstanding and were automatically cancelled in exchange for the issuance to the holder thereof of a substantially equivalent security of Pubco (other than the Parent Rights, which shall be automatically converted into ordinary shares of Pubco), and, (b) immediately following the consummation of the Parent Merger but on the same day, Company Merger Sub merged with and into YD Biopharma, with YD Biopharma continuing as the surviving entity (the "Company Merger" and, together with the Parent Merger, the "Mergers"), as a result of which, (i) YD Biopharma became a wholly owned subsidiary of Pubco, and (ii) each issued and outstanding security of YD Biopharma immediately prior to the effective time of the Company Merger (the "Company Merger Effective Time") (other than any Cancelled Shares or Dissenting Shares) are no longer outstanding and were automatically cancelled in exchange for the issuance to the holder thereof of a substantially equivalent security of Pubco. The Mergers and the other transactions contemplated by the Merger Agreement are hereinafter referred to as the "Business Combination."

On May 30, 2025, after approval by the boards of directors of all the parties to the Merger Agreement, the parties entered into an amendment to the Merger Agreement to increase the maximum size of the PIPE financing from $15.0 million to $30.0 million.

On August 28, 2025 (the "Closing Date"), Pubco consummated the Business Combination with YD Biopharma pursuant to the Merger Agreement between YD Bio, YD Biopharma, Breeze, Parent Merger Sub, and Company Merger Sub. The consummation of the Business Combination involved the merger of Breeze Merger Sub with and into Breeze (the "Breeze Merger," and the time at which the Breeze Merger became effective, the "Breeze Merger Effective Time"), pursuant to which, at the closing of the transactions contemplated by the Merger Agreement, the separate corporate existence of Breeze Merger Sub ceased, with Breeze as the surviving corporation becoming a wholly owned subsidiary of YD Bio, and the merger of Company Merger Sub with and into YD Biopharma (the "Company Merger," and the time at which the Company Merger became effective, the "Company Merger Effective Time"), pursuant to which, at the closing of the transactions contemplated by the Merger Agreement, the separate corporate existence of Company Merger Sub ceased, with YD Biopharma as the surviving corporation becoming a wholly owned subsidiary of Pubco pursuant to the terms of the Merger Agreement and in accordance with the Companies Act. As a result of the Business Combination, Pubco owns 100% of the outstanding ordinary shares of YD Biopharma and ordinary shares, warrants, and rights of Breeze.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of preparation and presentation**

The Group Restructuring was accounted for as a common control transaction immediately following completion of the transaction, the shareholders of Yong Ding immediately prior to the Group Restructuring had effective control of YD Biopharma through (1) their majority shareholder interest in the combined entity, (2) significant representation on the Board of Directors (the founder and major shareholder of Yong Ding, Dr. Shen, became the sole director of YD Biopharma after the Group Restructuring), and (3) being named to all of the senior executive positions. For accounting purposes, Yong Ding was deemed to be the accounting acquirer in the transaction and, consequently, the transaction was treated as a recapitalization of Yong Ding (i.e., a capital transaction involving the issuance of shares by YD Biopharma to the shareholders of Yong Ding and then YD Biopharma acquired the shares of Yong Ding).

Accordingly, the combined assets, liabilities and results of operations of Yong Ding became the historical financial statements of YD Biopharma at the closing of the transaction, and the YD Biopharma's assets (primarily cash and cash equivalents), liabilities and results of operations were consolidated with Yong Ding beginning on the acquisition date. No step-up in basis or intangible assets or goodwill was recorded in this transaction. All direct costs of the transaction were charged to operations in the period that such costs were incurred. The condensed consolidated financial statements issued following the Group Restructuring are those of the accounting acquirer for all periods required presented and are retroactively adjusted to reflect the capital structure of the legal parent, the accounting acquiree. Comparative information presented in those consolidated financial statements is also retroactively adjusted to reflect the capital structure of the legal parent, the accounting acquiree.

The condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") pursuant to the applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. The condensed consolidated financial statements have been prepared on the same basis as YD Biopharma's consolidated financial statements for the year ended December 31, 2024, and, in the opinion of management, reflect all adjustments, which consist of normal recurring adjustments, considered necessary for a fair presentation of the periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2025. These condensed consolidated financial statements should be read in conjunction with YD Biopharma's audited combined financial statements and accompanying footnotes included. The condensed consolidated balance sheet as of December 31, 2024, was derived from the combined financial statements of YD Biopharma as of that date, but does not include all disclosures, including notes, required by U.S. GAAP.

The functional currency of the Group is the New Taiwan Dollar ("NTD"); however, the accompanying consolidated financial statements have been translated and presented in US$.

**Principles of Consolidation**

The condensed consolidated financial statements include the account of YD Biopharma and its wholly owned subsidiaries, Yong Ding and YD USA. All intercompany balances and transactions have been eliminated in consolidation.

**Uses of Estimates**

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management of the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Group's management based their estimates on historical experience and various other factors believed to be reasonable under the circumstances. These estimates form the basis for making judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Group's condensed consolidated financial statements included revenue recognition, provision for expected credit losses of accounts receivable, prepayment and other receivables, long-term investment impairment assessment, inventories impairment assessment, property, plant and equipment impairment assessment, intangible assets impairment assessment, the valuation allowance for deferred tax assets, right-of-use ("ROU") assets and operating lease liabilities. Actual results could differ from those estimates.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

**Risk and uncertainties**

Generally, the industry in which the Group operates subjects the Group to a number of risks and uncertainties that can affect its operating results and financial condition. Such factors include, but are not limited to: the timing, costs and results of clinical trials and other development activities versus expectations; the ability to manufacture products successfully; competition from products sold or being developed by other companies; the price of, and demand for products once approved; the ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products.

The global economy has also been materially negatively affected by COVID-19 and continued severe uncertainty remains about the duration and intensity of its impacts. The global growth forecast is uncertain, which may seriously affect the Group's business. While the potential economic impact brought by, and the duration of COVID-19 and its new variants may be difficult to assess or predict, a widespread pandemic could result in a significant disruption of the general economy that could materially negatively affect the Group's business.

**Fair Value of Financial Instruments**

The Group has adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, *Fair Value Measurements*, which defines fair value, establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. ASC 820 establishes a three-level valuation hierarchy of valuation techniques based on observable and unobservable input, which may be used to measure fair value and include the following:

---

| | |
|:---|:---|
| Level 1 — | Quoted prices in active markets for identical assets or liabilities. |
| Level 2 — | Input other than Level 1 that is observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other input that is observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
| Level 3 — | Unobservable input that is supported by little or no market activity and that is significant to the fair value of the assets or liabilities. |

---

Our cash and cash equivalents are classified within level 1 of the fair value hierarchy because they are valued using quoted market price.

The carrying amounts of the other financial assets and liabilities, which consist of accounts receivable, other current assets, accounts payable and other liabilities, bank loan, amount due to a shareholder and amount due to an affiliate approximate their fair values due to the short-term nature of these instruments.

**Cash and cash equivalents**

Cash and cash equivalents included cash on hand placed with banks or other financial institutions, which are unrestricted as to withdrawal and use and with an original maturity of three months or less.

Deposits in banks in Taiwan are only insured by Central Deposit Insurance Corporation, a government agency, up to NTD 3 million ($94,000), and are consequently exposed to risk of loss. The Group believes the probability of a bank failure causing loss to the Group is remote.

**Receivable and Allowances**

The Group has adopted ASC 326, *Financial Instruments — Credit Losses*, which requires an impairment model that is based on current expected loss.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The Group's accounts receivable, prepaid expenses and other current assets are within the scope of ASC 326. Accounts receivable and amount due from an affiliate are recognized and carried at the original invoice amounts less the expected credit loss. The Group has a policy of reserving for uncollectible accounts based on best estimate of the amount of probable expected credit losses in the existing accounts receivable. The Group performs ongoing credit evaluations of its customers and maintains an allowance for potential bad debts if required. Other current assets are recognized and carried at the initial amount when occurred less an allowance for any uncollectible amount.

To estimate expected credit losses, the Group has identified the relevant risk characteristics of its counterparty and the related receivables, amount due from an affiliate and other current assets which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the past collection experience, current economic conditions, future economic conditions (external data and macroeconomic factors) and changes in the Group's customer collection trends. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group's receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed annually based on the Group's specific facts and circumstances. There has been no significant impact of changes in the assumptions since adoption. The Group has assessed its receivable and amount due from an affiliate including credit term and corresponding receivables in June 30, 2025. Based upon such credit terms, the bad debt expense was $4,108 and $4,166 for the six months ended June 30, 2025, and 2024, respectively. The Group recognized $7,578 and $3,055 expected credit loss provision for account receivables, amount due from an affiliate, prepaid expenses and other current assets as of June 30, 2025, and December 31, 2024, respectively.

**Inventories**

Inventories are stated at the lower of cost and net realizable value, with cost determined by the weighted average method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Write-down of potential obsolete or slow-moving inventories is recorded as cost of revenue based on management's assumptions about future demands and market conditions. No write-down is recorded for inventories during the six months ended June 30, 2025, and 2024.

**Property, Plant and Equipment**

Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, if any. Depreciation is computed on a straight-line basis with no salvage value over the estimated useful lives of 3 to 5 years for equipment, fixtures and furniture.

The cost and accumulated depreciation of property, plant and equipment disposed of or sold are removed from the balance sheets and the resulting gains and losses are recognized in the statements of operations.

**Intangible assets**

Intangible assets are stated in the balance sheet at cost less accumulated amortization and impairment, if any. The costs of the intangible assets are amortized on straight-line basis over their estimated useful lives. The Group had two licensed patents as of June 30, 2025, (i) one licensed patent involves the formula and technology of cell culture process, technology of cell bank construction, exosome purification, authentication technology, and exosome production which are derived from the methods of culturing human corneal limbus cells and the relevant know-how (the "3D Global Patent") and (ii) the other licensed patent involves Methylation analysis technology for application in pancreatic cancer and the relevant know-how (the "EG BioMed Patent").

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The respective amortization periods for the intangible assets are as follows:

3D Global Patent (note 8) 15 years <br> EG BioMed Patent (note 8) 15 years

**Impairment of Long-Lived Assets**

In accordance with the ASC 360-10, *Accounting for the Impairment or Disposal of Long-Lived Assets*, long-lived assets, such as property, plant and equipment, leased assets and purchased intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, or it is reasonably possible that these assets could become impaired as a result of technological or other industrial changes. The determination of recoverability of assets to be held and used is made by comparing the carrying amount of an asset to future undiscounted cash flows to be generated by the assets.

If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. There was no impairment of long-lived assets recorded for the six months ended June 30, 2025, and 2024.

**Lease**

The Group accounts for leases in accordance with ASC 842, *Leases*, which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. For the leases with a term within 12 months, the Group applies the recognition requirements of ASC 842 to short-term leases.

The Group determines if a contract contains a lease based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset which the Group does not own and whether it has the right to direct the use of an identified asset in exchange for consideration. Leased assets represent the Group's right to use an underlying asset for the lease term and lease liabilities represent the Group's obligation to make lease payments arising from the lease. Leased assets are recognized as the amount of the lease liability, adjusted for lease incentives received.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the Group's incremental borrowing rate ("IBR"), because the interest rate implicit in most of the Group's leases is not readily determinable.

The IBR is a hypothetical rate based on the Group's understanding of what its credit rating would be to borrow and the resulting interest the Group would pay to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a collateralized basis. Lease payments may be fixed or variable, however, only fixed payments or in-substance fixed payments are included in the Group's lease liability calculation.

Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments is incurred. The Group recognized no impairment of leased assets for the six months ended June 30, 2025, and 2024.

**Statutory reserve**

Pursuant to the laws applicable to Taiwan, Taiwanese entities must make appropriations from after-tax profit to the non-distributable "statutory reserve". Subject to certain cumulative limits, the "statutory reserve" requires annual appropriations of 10% of after-tax profit until the aggregated appropriations reach 100% of the authorized capital (as determined under accounting principles generally accepted in Taiwan ("Taiwan GAAP") at each year-end). Since the YD Biopharma's subsidiary in Taiwan has accumulated deficit under Taiwan GAAP during the reporting period, it is not required to make appropriations to the statutory reserve.

**Revenue Recognition**

The Group recognizes revenue when a customer obtains control of promised goods or receives services provided in an amount that reflects the consideration which the Group expects to receive in exchange for those goods and services. To determine revenue recognition for the arrangements that the Group determines are within the scope of ASC 606, *Revenue from Contracts with Customers,* the Group performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation.

The Group's revenue from contracts with customers is derived from product revenue principally from the sales of products directly to its customers and presents revenue net of VAT.

Revenue for the six months ended June 30, 2025, consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Corporate <br> Customers** | **Retail <br> Customers** | **Total** |
| Drugs | $90210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $90210 |
| Medical and related products | 75966 | 32 | 75998 |
| Contact lenses | 35000 |  | 35000 |
| Nutritional products | 2368 |  | 2368 |
| Supplements | 431 |  | 431 |
| Total | $203975 | $32 | $204007 |

---

The Company operates in multiple geographic regions. Net revenues by geographic area for the period are as follows:

Net Revenues by Geographic Area

---

| | |
|:---|:---|
| Geographic Area | **Net<br> Revenues** |
| United States | $35000 |
| Taiwan | 169007 |
| Total | $204007 |

---

The United States revenues are derived from contact lens sales, while all other product categories, including drugs, medical and related products, nutritional products, and supplements, are sold in Taiwan.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Revenue for the six months ended June 30, 2024, consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Corporate <br> Customers** | **Retail <br> Customers** | **Total** |
| Drugs | $54103 | $— | $54103 |
| Medical and related products | 137658 | 251 | 137909 |
| Nutritional products | 2123 | 902 | 3025 |
| Supplements | 22474 | 7469 | 29943 |
| Total | $216358 | $8622 | $224980 |

---

All product categories are sold in Taiwan for the six months ended June 30, 2024.

*Product revenue recognition — point of time*

The performance obligations are considered to be met, and revenue is recognized when the customer obtains control of the goods. Revenue is recognized at that point in time. The customers pick up the goods directly from the Group's premises, and the Group has satisfied the contracts' performance obligations when the goods have been picked up, and the acceptance document has been signed by the customers. The Group does not offer sales rebates to its customers. Any discount will be net of the revenue at that point in time. The Group does not provide its customers with the right of return (except for product quality issues). The customer is required to perform a product quality check immediately upon delivery of the products and report to the Group within a few days if there is a quality issue.

*Other revenue*

The Group has entered into subleasing arrangements with two drug stores in Taiwan to lease part of the leased premises to them. The Group also entered into various operating lease arrangements for leasing certain property and equipment to its customers over time. The Group receives income from operating leases based on the fixed required rents (base rent) per the lease agreements. Rent revenue from base rents is recorded on the straight-line method, when collectability of the lease payments is deemed probable, over the terms of the related lease agreements. Operating lease revenue, as recorded on the straight-line method, in the condensed consolidated statements of operation is recorded as other revenue. The Group has recognized $31,398 and $12,788 of income from the subleasing arrangement with a drug store and the leasing of equipment to other corporate customers, respectively, for the six months ended June 30, 2025, and 2024.

The Group also acts as an agent in certain revenue arrangements where it facilitates the sale of products on behalf of third-party sellers. In these arrangements, the Group does not control the specified goods before they are transferred to the customer, and therefore, the Group is an agent. When the Group is an agent, revenue is recognized on a net basis, representing the fee earned for facilitating the transaction. The Group's performance obligation is to arrange for the provision of the product or service by the third-party seller to the customer.

<u>Contract liabilities</u>

The Group's contract liabilities consist of deferred revenue associated with the lease arrangements for leasing certain property and equipment to its customers over time. The table below presents the activity of the deferred revenue from the lease for the six months ended June 30, 2025, and 2024, respectively:

---

| | | |
|:---|:---|:---|
|  | **Six months<br> ended<br> June 30, <br> 2025** | **Six months <br> ended <br> June 30, <br> 2024** |
| Balance at beginning of period | $27568 | $— |
| Advances received from customers | 39206 | 43386 |
| Revenue recognized | (31398) | (10627) |
| Exchange realignment | 4040 | (420) |
| Balance at end of period | $39416 | $32339 |

---

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

**Cost of revenue**

Cost of revenue consists primarily of purchased costs of products for resales, the material costs and subcontracting costs of manufactured products which are directly attributable to the manufacturing of products and other costs directly related to the rendering of services performed.

**Research and development**

Research and development costs are expensed as incurred in accordance with ASC 730, *Research and Development*. The Group incurs research and development costs in the pursuit of new products and improving the formulation of existing products.

On June 19, 2024, the Group entered into an exclusive licensed patent and know-how agreement and a supplementary agreement dated June 28, 2024, with 3D Global Biotech Inc. ("3D Global"), a company registered in Taiwan and listed on the Taipei Stock Exchange, to acquire a global exclusive licensed patent and know-how. Dr. Shen owns approximately 14.97% of common shares of 3D Global. The licensed patent involves the formula and technology of cell culture process, technology of cell bank construction, exosome purification, authentication technology, and exosome production which are derived from the methods of culturing human corneal limbus cells and the relevant know-how (the "3D Global Patent"). The licensed period of the 3D Global Patent is 20 years after all the relevant products are launched. However, the Group is obligated to pay a royalty of 10% of the sales of the product sold for 15 years and the Group is allowed to sub-license the 3D Global Patent to other third-party customers. When the Group acquired the 3D Global Patent, the know-how enabled the Group to form and produce the major ingredient of the contact lens solutions and commence its contact lens business. The Group expects the useful life of the 3D Global Patent for the contact lens business to be 15 years. The total consideration of the 3D Global Patent is $5,000,000 including VAT or $4,761,905 net of VAT. In June 2024, the Group paid $1,000,000 including VAT or $952,381 net of VAT to 3D Global for the patent, formula and know-how of the technology, which is not for use in particular research and development projects and that have alternative future use. It enables the Group to provide future economic benefits from the commercial production of the contact lens business and generate income.

For the six months ended June 30, 2025, and 2024, the Group paid $790,000 (including VAT) and nil, respectively, to 3D Global as research and development costs. The Group has paid a total of $1,270,000 to 3D Global for the first through third stage of Development of LSC Cell Source and the first stage of Establishment of LSC Master Cell Banks up to June 30, 2025.

The Group will pay the remaining amounts to 3D Global for further research and development of this technology and expand the application to a variety of new eye-related drugs and products when certain conditions and milestones are satisfied and completed by 3D Global. The Group is also obligated to pay a royalty of 10% of the sales of the products generated from 3D Global Patent to 3D Global on a quarterly basis. Such royalty expenses incurred were $2,273 and nil for the six months ended June 30, 2025, and 2024, respectively, which were included in cost of sales.

On June 25, 2024, the Group entered into an exclusive licensed patent and know-how agreement with EG BioMed Co., Ltd. ("EG BioMed"), a Taiwan registered company, of which Dr. Shen is a director and owns 46.16% of equity interest, to acquire the licensed patent of Methylation analysis technology for application in pancreatic cancer and the relevant know-how (the "EG BioMed Patent"). Based on the agreement, the Group is allowed to use the licensed patent and know-how in the United States for manufacturing, offering for sale, selling, using, or importing the product and providing detection services for the aforementioned purposes. The licensed period of the EG BioMed Patent is initially 10 years and automatically renews for an additional 5 years unless both parties agree not to renew, thus the useful life of the EG BioMed Patent is 15 years. The consideration of the EG BioMed Patent is NTD 60,000,000 ($1,830,000), and the Group is obligated to pay a royalty of 7% of sales generated from the EG BioMed Patent to EG BioMed on a quarterly basis. When the Group acquired the EG BioMed Patent, the know-how enabled the Group to commence the pancreatic cancer early detection service business for income generation. YD Biopharma also agreed to bear the cost of future research and development of pancreatic cancer and relevant know-how.

During the six months ended June 30, 2025, and 2024, the Group incurred $16,071 and nil, respectively, for the research and development expenses for the pancreatic cancer early detection service licensed patent. As of June 30, 2025, the Group has not capitalized any development cost.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

ASC Topic 280, "Segment Reporting," requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's chief operating decision maker organizes segments within the company for making operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company.

Management determined that YD Biopharma's operations constitute a single reportable segment in accordance with ASC 280. YD Biopharma operates exclusively in three business and industry segments: 1) sales of medical devices and other related products, 2) research and development in pancreatic cancer early detection services, and 3) research and development in the sales of contact lenses.

All of YD Biopharma's long-lived assets are mainly property, plant, and equipment located in ROC.

Net sales to customers by geographic area are determined by reference to the physical product shipment delivery locations requested by the customers. For example, if the products are delivered to a customer in ROC, the sales are recorded as generated in ROC; if the customer directs us to ship its products to the United States, the sales are recorded as sold in the United States.

**Shipping and handling expenses**

The Group expenses shipping and handling expenses as incurred. The Group recorded $8,440 and $11,069 of shipping and handling expenses for the six months ended June 30, 2025, and 2024, respectively.

**Income Taxes**

Income taxes are accounted for under the asset and liability method in accordance with ASC 740, *Income Taxes*. Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns.

Deferred tax assets and liabilities are determined based on the temporary difference between the financial reporting and tax bases of assets and liabilities, and net operating loss and tax credit carryforwards using enacted tax rates that will be in effect for the period in which the differences are expected to reverse. The Group records a valuation allowance against the amount of deferred tax assets that it determines is not more likely than not of being realized. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date.

The Group recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group records interest related to unrecognized tax benefits and penalties, if any, within income tax expenses.

**Retirement and other post-retirement benefits**

Contributions to retirement accounts which are defined contribution plans are expensed in the condensed statement of operations as and when the related employee service is provided.

Full time employees of the Group in Taiwan participate in a government mandated defined contribution plan, pursuant to which certain pension benefits and medical care benefits are provided to employees. Taiwanese labor regulations require that the Group make contributions to the government for these benefits based on certain percentages of the employees' salaries, up to a maximum amount specified by the government. The Group has no legal obligation for the benefits beyond the contributions made. Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately $3,250 and $1,073 for the six months ended June 30, 2025, and 2024, respectively.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

**Translation of foreign currency financial statements**

The functional currency is NTD, the local currency of the Group where it operates. The reporting currency of the Group is USD. Accordingly, the financial statements of the Group are translated at the following exchange rates: assets and liabilities — current rate on balance sheet date; shareholders' equity — historical rate; income and expenses — average rate during the period. The resulting translation adjustment is reflected in the accumulated other comprehensive income (loss).

Transactions denominated in currencies other than the functional currencies are recorded at the rate of exchange in effect when the transaction occurs. Gains or losses, resulting from the application of different foreign exchange rates when cash in the foreign currency is converted into the entities' functional currency, or when foreign currency receivable and payable are settled, are credited or charged to income in the period of conversion or settlement. At period-end, the balances of foreign currency monetary assets and liabilities are recorded based on prevailing exchange rates and any resulting gains or losses are included in the condensed consolidated statements of comprehensive income (loss).

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rates prevailing on the transaction dates. The transaction date is the date on which the Group initially recognizes such non-monetary assets and liabilities. Non-monetary assets and liabilities that are stated at fair value are translated using the exchange rates prevailing at the dates the fair value is measured. The resulting exchange differences are recognized in accumulated other comprehensive income (loss).

Translation of amounts from NTD into US$ has been made at the following exchange rates for the respective years:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30,** | **Six months ended** <br> **June 30,** |
|  | **2025** | **2024** |
| Period-end NTD: US$1 exchange rate | 29.22 | 32.77 |
| Period average NTD: US$1 exchange rate | 31.89 | 32.04 |

---

**Comprehensive income (loss)**

Comprehensive loss represents net income (loss) plus the results of certain changes in shareholders' equity (deficit) during a period from non-owner sources.

Comprehensive loss is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, *Comprehensive Income*, requires that all items that are required to be recognized under current accounting standards as components of comprehensive loss be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Group's comprehensive loss includes net income (loss) and foreign currency translation adjustments, which are presented in the condensed consolidated statements of comprehensive loss.

**Concentration of risks**

*Concentration of suppliers*

The following suppliers accounted for 10% or more of purchase for the six months ended June 30, 2025, and 2024:

---

| | | |
|:---|:---|:---|
| | **Six months ended** <br> **June 30,** | **Six months ended** <br> **June 30,** |
| <br>**Supplier** | **2025** | **2024** |
| F | 81.6% |  |
| A | \* | 47.8% |

---

\* Represents less than 10% of purchase for the six months ended June 30, 2025, and 2024.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Account payable to suppliers that individually comprised 10% or more of accounts payable balances as of June 30, 2025, and December 31, 2024, are as follows:

---

| | | |
|:---|:---|:---|
| **Supplier** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| D |  | 49.5% |
| A | \* | 13.7% |
| E | \* | 10.3% |
| B | 30.9% |  |
| C | 19.8% |  |

---

\* Represents less than 10% of accounts payable balances as of June 30, 2025, and December 31, 2024.

*Concentration of customers*

The following customers accounted for 10% or more of sales for the six months ended June 30, 2025, and 2024:

---

| | | |
|:---|:---|:---|
| | **Six months ended** <br> **June 30,** | **Six months ended** <br> **June 30,** |
| <br>**Customer** | **2025** | **2024** |
| A | 29.6% | 21.4% |
| B | \* | 30.3% |
| C |  | 10.4% |
| D | \* | 12.7% |
| E | 23.3% | \* |
| F | 17.2% |  |

---

\* Represents less than 10% of revenue for the six months ended June 30, 2025 and 2024, respectively.

Account receivables, net from customers that individually comprised 10% or more of accounts receivable, net balances as of June 30, 2025, and December 31, 2024, are as follows:

---

| | | |
|:---|:---|:---|
| **Customer** | **June 30, <br> 2025** | **December 31, <br> 2024** |
| A | \* | 49.4% |
| D | 19.7% | 22.8% |
| G | \* | 15.4% |
| E | 29.0% | \* |
| F | 32.1% |  |

---

\* Represents less than 10% of accounts receivable balances as of June 30, 2025, and December 31, 2024.

*Concentration of credit risk*

Financial instruments that potentially expose the Group to the concentration of credit risk consist primarily of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets. The Group places its cash and cash equivalents with financial institutions with credit ratings and quality where the Group considers acceptable.

The risks with respect to accounts receivable are mitigated by credit evaluations performed on the debtors and ongoing monitoring of outstanding balances.

*Foreign currency exchange risk*

The reporting currency of the Group is USD. To date the majority of the revenues and costs are denominated in NTD and a significant portion of the assets and liabilities are denominated in NTD. As a result, the Group is exposed to foreign currency exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between USD and NTD. If NTD depreciates against USD, the value of NTD revenues and assets as expressed in USD financial statements will decline. The Group does not hold any derivative or other financial instruments that exposes us to substantial market risk.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

NTD is not a freely convertible currency. The Central Bank of the Republic of China, under the authority of Taiwan government, controls the conversion of NTD to foreign currencies. There are restrictions and limits on the conversion of NTD to other currencies, especially for capital account transactions. Individuals and businesses face conversion quotas and approvals required from the authorities.

**Recent Accounting Pronouncements**

In November 2023, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), that would enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its chief operating decision maker ("CODM") uses to assess segment performance and to make decisions about resource allocations. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. Currently, Topic 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements.

The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Group adopted ASU 2023-07 beginning January 1, 2024, for annual disclosure and adopted beginning January 1, 2025, for interim periods. The adoption did not have a material impact on its condensed consolidated financial statement.

On December 14, 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 (generally, calendar year 2025) and effective for all other business entities one year later. Entities should adopt this guidance on a prospective basis, though retrospective application is permitted. The Group is currently evaluating the potential impact of ASU 2023-09 on its condensed consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires a public entity to disclose additional information about specific expense categories in the notes to the financial statements on an annual and interim basis. It is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. In January 2025, the FASB issued ASU 2025-01 to clarify that all public entities, including non-calendar year-end entities, should adopt the disclosure requirements of ASU 2024-03. YD Biopharma is currently evaluating the impact.

In May 2025, the FASB issued ASU 2025-04, Compensation — Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. The amendments clarify the accounting for share-based consideration payable to a customer under Topic 718 and Topic 606. The amendments are effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2026. Early adoption is permitted. The Group is currently evaluating the potential impact of ASU 2025-04 on its condensed consolidated financial statements and disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments provide a practical expedient and, if applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract assets. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued or made available for issuance. The Group is currently evaluating the potential impact of ASU 2025-05 on its condensed consolidated financial statements and disclosures.

Except as mentioned above, the Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Group's condensed consolidated balance sheets, condensed consolidated statements of operations and comprehensive income (loss) and condensed consolidated statements of cash flows.

**3. ACCOUNTS RECEIVABLE**

Accounts receivable, net consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Accounts receivable | $109008 | $89637 |
| &nbsp;&nbsp;&nbsp;Less: allowance for expected credit losses | (7578) | (3055) |
| Total accounts receivable, net | $101430 | $86582 |

---

Details of the changes of the expected credit loss provision are as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30,** | **Six months ended** <br> **June 30,** |
|  | **2025** | **2024** |
| Beginning of the period | $3055 | $3769 |
| Provision for the period | 4108 | 2423 |
| Foreign exchange realignment | 415 | (244) |
| End of the period | $7578 | $5948 |

---

As of June 30, 2025, and December 31, 2024, the majority of accounts receivable is due to corporate customers with long-term relationships. The Group recognized the impairment of expected credit loss for accounts receivable of $4,108 and $2,423 for the six months ended June 30, 2025, and 2024, respectively.

**4. INVENTORIES**

Inventories, net consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Finished goods | $373518 | $37335 |

---

The Group had no write-down of inventories for the six months ended June 30, 2025 and 2024.

**5. PREPAID EXPENSES AND OTHER CURRENT ASSETS**

The amount of prepaid expenses and other current assets consist of the followings:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Prepaid expenses | $136025 | $30260 |
| Advances to suppliers | 20188 |  |
| Security deposits | 10902 | 5193 |
| Value added tax credit | 219619 | 159287 |
| Total | $386734 | $194740 |

---

The Group did not record any expected credit loss provision for the prepaid expenses and other current assets for the six months ended June 30, 2025 and 2024.

**6. LONG-TERM INVESTMENT**

In March 2022, the Group invested NTD 2,000,000 ($65,000) into CytoArm for 200,000 common shares, which represented 0.54% of equity interest in CytoArm.

CytoArm is a privately-owned company incorporated in Taiwan and engaged in biomedical research business. The equity securities of CytoArm is not publicly traded and it is qualified as equity securities without readily determinable fair value. According to the financial statement of CytoArm, the applicable net asset value of the Group's investments in CytoArm is significantly lower than the cost and therefore the Group has recognized impairment in long-term investments of $56,391 in prior year. No further impairment in long-term investments is recognized during the six months ended June 30, 2024.

On September 30, 2024, the Group disposed of the equity investment in CytoArm to Dr. Shen in the consideration of NTD 326,697 ($10,324), which was equivalent to the carrying value of the equity investment in CytoArm at the time of sale. As a result, no gain or loss has resulted from the disposal.

The decision to dispose of the investment was part of the Company's ongoing efforts to reduce its exposure to non-core assets. Following the disposition, the Company no longer holds any ownership interest in CytoArm, and no future cash flows or obligations are expected from this investment.

**7. PROPERTY, PLANT AND EQUIPMENT, NET**

Property, plant and equipment consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Equipment, fixtures and furniture | $94758 | $81810 |
| Less: accumulated depreciation | (28306) | (17431) |
| Total | $66452 | $64379 |

---

Depreciation expenses included in general and administration expenses for the six months ended June 30, 2025, and 2024 were $8,043 and $3,647 respectively. There were no impairments recognized during the six months ended June 30, 2025, and 2024.

**8. INTANGIBLE ASSETS**

On June 19, 2024, the Group entered into an exclusive licensed patent and know-how agreement and a supplementary agreement dated on June 28, 2024, with 3D Global Biotech Inc. ("3D Global"), a company registered in Taiwan and listed on the Taipei Stock Exchange, to acquire a global exclusive licensed patent and know-how. Dr. Shen owns approximately 14.97% of the common shares of 3D Global. The licensed patent involves the formula and technology of cell culture process, technology of cell bank construction, exosome purification, authentication technology, and exosome production which are derived from the methods of culturing human corneal limbus cells and the relevant know-how (the "3D Global Patent"). The licensed period of the 3D Global Patent is 20 years after all the relevant products are launched. In addition, the Group is obligated to pay a royalty fee of 10% of the sales of the products for 15 years on a quarterly basis and the Group is allowed to sub-license the 3D Global Patent to other third-party customers. The 3D Global Patent and know-how enables YD Biopharma to form and produce the major ingredient of its contact lens solutions and helped commence the contact lens business. The Group expects the useful life of the 3D Global Patent for the contact lens business to be 15 years. The total consideration for 3D Global Patent is $5,000,000 including VAT or $4,761,905 net of VAT. In June 2024, the Group paid $1,000,000 including VAT or $952,381 net of VAT to 3D Global for the patent, formula and know-how of the technology, which is not for use in particular research and development projects and have alternative future use. It enables the Group to provide future economic benefits from the commercial production of its contact lens business and to generate income.

For the six months ended June 30, 2025, the Group paid $790,000 (including VAT) to 3D Global as research and development costs. As of the date of this report, YD Biopharma paid a total of $1,270,000 to 3D Global for the first through third stage of Development of LSC Cell Source and the first stage of Establishment of LSC Master Cell Banks.

The Group will pay the remaining amounts to 3D Global for further research and development of this technology and expand the application to a variety of new eye-related drugs and products when certain conditions and milestones are satisfied and completed by 3D Global.

**8. INTANGIBLE ASSETS** (cont.)

According to the 3D Global License Agreement, YD Biopharma is obligated to pay the following amounts in accordance with the following milestones:

---

| | | |
|:---|:---|:---|
| **Item** | **Milestones** | **Milestone <br> License Fees <br> (USD)** |
| ***1. Development of corneal Limbal Stem Cell ("LSC") Cell Source*** | ***1. Development of corneal Limbal Stem Cell ("LSC") Cell Source*** |  |
| 1 | Application with Medical Center for Clinical Specimens Collection | 480000 |
| 2 | SOP Document for Technique of Separating LSC Specimens | 230000 |
| 3 | LSC Cell Analysis/Assessment Report | 330000 |
| ***2. Establishment of LSC Master Cell Banks*** | ***2. Establishment of LSC Master Cell Banks*** |  |
| 1 | SOP Document for LSC Amplification | 230000 |
| 2 | SOP Document for LSC Cryopreservation | 280000 |
| ***3. Cell Stability Examination of LSC*** | ***3. Cell Stability Examination of LSC*** |  |
| 1 | Stability Examination Report of Master cell | 420000 |
| 2 | Stability Examination Report of Working cell | 420000 |
| ***4. Raw Material Development of LSC Exosomes*** | ***4. Raw Material Development of LSC Exosomes*** |  |
| 1 | SOP Document of Exosomes Purification Process | 230000 |
| 2 | Specification Analysis/Examination Report of Exosomes Characterization | 200000 |
| 3 | SOP Document of Mass Production Process of Exosomes Raw Material | 370000 |
| 4 | Three Batches of Trial Production Document of Exosomes Raw Material | 300000 |
| 5 | Safety Verification Report (animal testing) of Exosomes Raw Material | 310000 |
| ***5. LensMate Eye Buffer LensMate*** | ***5. LensMate Eye Buffer LensMate*** |  |
| 1 | Product Consignment Development Agreement | 100000 |
| 2 | U.S. Food and Drug Administration ("FDA") Approval for Type I Medical Material Certification | 80000 |
| 3 | Sale Certification of US OTC | 20000 |

---

On June 25, 2024, the Group entered into an exclusive licensed patent and know-how agreement with EG BioMed Co., Ltd. ("EG BioMed"), a Taiwan registered company, to acquire the licensed patent of Methylation analysis technology for application in pancreatic cancer and the relevant know-how (the "EG BioMed Patent"). Dr. Shen is a director and owned 46.16% on the date of the transaction. Dr. Shen owns 45.34% equity interest as of June 30, 2025, and as of the date of this report. The Group is allowed to use the licensed patent and know-how in the United States for manufacturing, offering for sale, selling, using, or importing the product and providing detection services for the aforementioned purposes. The licensed period of the EG BioMed Patent is initially 10 years and automatically renews for an additional 5 years unless both parties agree not to renew, thus the useful life of the EG BioMed Patent is 15 years. The consideration for the EG BioMed Patent is NTD 60,000,000 (USD 1,830,000), and the Group is obligated to pay a royalty of 7% of the sales of the services generated from EG BioMed Patent to EG BioMed on quarterly basis. The EG BioMed Patent and know-how enabled the Group to commence its pancreatic cancer early detection service business for income generation.

In addition, the potential royalties due to 3D Global and EG BioMed are calculated based on 7% to 10%, respectively, of the sales of products or provision of services derived from the licensed patents in future. Therefore, they are considered variable consideration and will be recognized as cost of revenue in the income statement in the period when the related revenue occurs. The royalty expenses incurred were $2,273 and nil for the six months ended June 30, 2025 and 2024, respectively.

**8. INTANGIBLE ASSETS** (cont.)

Intangible assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Licensed Patents and Know-how |  |  |
| &nbsp;&nbsp;&nbsp;3D Global Patent | $1056780 | $942450 |
| &nbsp;&nbsp;&nbsp;EG BioMed Patent | 2052000 | 1830000 |
| Less: accumulated amortization | (207252) | (92415) |
| Total | $2901528 | $2680035 |

---

Amortization expense included in general and administration expenses for the six months ended June 30, 2025, and 2024 was $95,142 and nil, respectively. The estimated amortization is as follows:

---

| | |
|:---|:---|
| **As of June 30, 2025** | **Estimated <br> amortization <br> expense** |
| From July 1, 2025, to June 30, 2026 | $207252 |
| From July 1, 2026, to June 30, 2027 | 207252 |
| From July 1, 2027, to June 30, 2028 | 207252 |
| From July 1, 2028, to June 30, 2029 | 207252 |
| From July 1, 2029, to June 30, 2030 | 207252 |
| Thereafter | 1865268 |
| Total | $2901528 |

---

**9. DEFERRED OFFERING COSTS**

Deferred offering costs represent legal, accounting, underwriting, and other direct costs incurred in connection with a planned equity or debt offering. These costs are deferred until the closing of the offering, at which time the deferred costs are offset against the offering proceeds. In the event the offering is unsuccessful or aborted, the costs will be expensed.

**10. LEASES**

The Group's operating leases consist of leases for office space. The Group is the lessee under the terms of the operating leases. For the six months ended June 30, 2025, and 2024, the operating lease cost was $21,695 and $8,762, respectively.

The Group's operating leases have remaining lease terms of approximately 0.83 years as of June 30, 2025, and 1.33 years as of December 31, 2024, respectively. As of June 30, 2025, and December 31, 2024, the weighted average discount rate was 4.22%.

As of June 30, 2025, and December 31, 2024, the Group stated the following amounts in the Group's consolidated balance sheets:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| **Assets** | | |
| Right-of-use assets | $17375 | $23698 |
| Total | 17375 | 23698 |
| **Liabilities** |  |  |
| Operating lease liabilities, current | 15767 | 16581 |
| Operating lease liabilities, non-current |  | 5684 |
| Total lease liabilities | $15767 | $22265 |

---

Supplemental disclosure related to operating leases were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **June 30, <br> 2024** |
| Cash paid for amounts included in the measurement of lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flows for operating leases | $19187 | $8899 |

---

**10. LEASES** (cont.)

Maturities of lease liabilities were as follows:

---

| | |
|:---|:---|
| **As of June 30, 2025** | **Operating <br> Lease** |
| From July 1, 2025, to June 30, 2026 | $16074 |
| Less: amounts representing interest | (307) |
| Present Value of future minimum lease payments | 15767 |
| Less: Current obligations | (15767) |
| Long term obligations | $— |

---

The Group also leased office and car park space under various short-term operating leases with the duration of less than 12 months in Taiwan. The short term leases cost was $1,243 and $886 for the six months ended June 30, 2025, and 2024, respectively.

**11. ACCOUNTS AND NOTE PAYABLES**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Accounts payables | $39818 | $26576 |
| Note payable | 845 | 290 |
|  | $40663 | $26866 |

---

Accounts payables are non-interest bearing and generally settled within 90-day terms. All accounts payable are expected to be settled within one year. The carrying value of accounts payable are considered to be a reasonable approximation of fair value.

**12. ACCRUED EXPENSES AND OTHER LIABILITIES**

Accrued expenses and other liabilities consisted of the followings:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Accrued expenses | $591901 | $151392 |
| Deferred revenue | 39416 | 27568 |
| Other payables | 1445 | 7173 |
|  | 632762 | 186133 |
| Less: non-current portion |  | 3773 |
|  | $632762 | $182360 |

---

**13. SHARE CAPITAL**

YD Biopharma was incorporated in the Cayman Islands on March 14, 2024, by Dr. Shen with the initial authorized and issued share capital of $50,000 divided into 50,000 common shares at the par value of $1.00 each.

On June 7, 2024, YD Biopharma amended its Memorandum and Articles of Association and altered the authorized share capital by sub-dividing the authorized share capital to $50,000 divided into 500,000 common shares with the par value of $0.10 each.

Upon the completion of the Group Restructuring on June 26, 2024, YD Biopharma had 5,000,000 authorized shares of which 1,051,997 common shares were issued.

**13. SHARE CAPITAL** (cont.)

On August 31, 2024, YD Biopharma issued 77,269 common shares with par value of $0.10 each, and $6.00 per share to Dr. Shen to settle the amount due to Dr. Shen. It represented share capital of $7,727 and additional paid in capital of $455,887.

On September 30, 2024, YD Biopharma issued the aggregate of 62,500 common shares with par value of $0.10 each, and $8.00 per share to two existing shareholders in exchange for cash, which represented share capital of $6,250 and additional paid in capital of $493,750.

On December 30, 2024, YD Biopharma issued an additional 250,000 common shares with par value of $0.10 each and $8.00 per share to EG BioMed, which represented share capital of $25,000 and additional paid in capital of $1,975,000.

As of June 30, 2025, YD Biopharma has the authorized shares and issued and outstanding shares of 5,000,000 and 1,441,766 common shares, respectively. YD Biopharma's share capital and additional paid in capital became $144,177 and $8,328,040, respectively. Dr. Shen owned 73.95% of YD Biopharma's common shares after the issuance.

On August 26, 2025, following the effective time of the merger between YD Biopharma and Company Merger Sub, YD Biopharma had authorized shares of 5,000,000 and issued and 10 ordinary shares, par value US$0.10 each, issued and outstanding. YD Biopharma became a wholly-owned subsidiary of Pubco following the closing of the merger on August 28, 2025, with all prior outstanding shares cancelled and converted into the right to receive ordinary shares of Pubco the Exchange Ratio. An aggregate of 64,730,411 Pubco ordinary shares were issued to former shareholders of YD Biopharma.

As of August 28, 2025, the closing of Business combination, the authorized share capital of YD Biopharma was US$500,000.00 divided into 5,000,000 ordinary shares of par value of US$0.10 each, with 10 shares issued and outstanding.

**14. INTERIM INCOME TAXES**

YD Biopharma is incorporated in the Cayman Islands, which is exempt from income tax. YD Biopharma's 100% wholly owned subsidiary, Yong Ding, is incorporated in the ROC and is subject to the ROC Income Tax Law. The applicable tax rate is 20% for the six months ended June 30, 2025, and 2024. YD USA is a company incorporated in the state of Delaware and operating in Washington, USA, subject to federal income tax at a rate of 21%, with no state income tax.

Significant components of the provision for income taxes (benefits) are as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months ended <br> June 30,** | **Six Months ended <br> June 30,** |
|  | **2025** | **2024** |
| Current tax | $— | $— |
| Deferred tax – tax loss |  | (4653) |
| Deferred tax – book-tax difference | (1507) | (1582) |
| Income taxes expenses | $(1507) | $(6235) |

---

**14. INTERIM INCOME TAXES** (cont.)

Reconciliation of the differences between the Income Tax rate applicable to profits and the income tax (benefits) expenses of the Group:

---

| | | |
|:---|:---|:---|
|  | **Six Months ended<br> June 30,** | **Six Months ended<br> June 30,** |
|  | **2025** | **2024** |
| Loss before taxation | $(1918088) | $(171599) |
| Notional tax on loss before tax |  |  |
| &nbsp;&nbsp;&nbsp;Computed expected tax (benefits) expense | (383618) | (34320) |
| &nbsp;&nbsp;&nbsp;Non-taxable or non-deductible expenses | 165660 | 28085 |
| &nbsp;&nbsp;&nbsp;Foreign rate differences | (511) |  |
| &nbsp;&nbsp;&nbsp;Change in valuation allowances | 216962 |  |
| Total | $(1507) | $(6235) |

---

Deferred tax assets (liabilities) are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **December 31, <br> 2024** |
| Deferred tax assets |  |  |
| &nbsp;&nbsp;&nbsp;Tax losses carry forwards | $231065 | $168866 |
| &nbsp;&nbsp;&nbsp;Expected credit losses | 795 | 421 |
| &nbsp;&nbsp;&nbsp;Others | 19457 | 991 |
| &nbsp;&nbsp;&nbsp;Valuation allowance | (251317) | (168815) |
|  | $— | $1463 |
| Deferred tax liabilities |  |  |
| Property, plant and equipment | $— | $(1463) |
| Total deferred tax assets | $— | $— |

---

**15. COMMITMENTS AND CONTINGENCIES**

According to the agreement entered into with 3D Global in June 2024 with respect to the 3D Global Patent, the Group is obligated to pay up to $2,730,000 when certain conditions and milestones are satisfied and completed by 3D Global.

Pursuant to the two agreements entered into with YC Biotech Co., Ltd ("YC Biotech") in January 2025 regarding clinical services for two products. YD Biopharma is obligated to pay up to $0.3 million when certain conditions and milestones are satisfied and completed by YC Biotech. YD Biopharma paid approximately $32 thousand (10% of total service fee) to YC Biotech for the first installment (10% of total service fee) of clinical services for the six months ended June 30, 2025.

Except for the above, as of June 30, 2025, the Group did not have other commitments for capital expenditure contracted for but not provided in the condensed consolidated financial statements with respect to the acquisition of property, plant and equipment and intangible assets.

**16. RELATED PARTY TRANSACTIONS**

As of June 30, 2025, amounts due from affiliates consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Amount** | **Relationship** | **Note** |
| 3D Global | $33636 | &nbsp;&nbsp;&nbsp;Dr. Shen, the director of YD Biopharma, holds 12.85% of 3D Global shares | Prepaid royalty fee. |
| YC Biotech | $32004 | &nbsp;&nbsp;&nbsp;Mr. Yu-Ming Lin holds 68% of shares in YC Biotech and 0.15% of shares in YD Biopharma as of June 30, 2025, 4.40% as of December 31, 2024, and 6% as of June 30, 2024, respectively. Mr. Lin holds 0.14% of Pubco Limited at closing of the business combination. | Prepayment of research and development expenses |

---

As of December 31, 2024, the amount due from an affiliate was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Amount** | **Relationship** | **Note** |
| Chencheng Pei-Hu Pharmacy ("Chencheng") | $16927 | Company owned by a director of Yong Ding up to October 31, 2024, and a shareholder of YD Biopharma, Mr. Wu | Note receivable due from the Group, interest free and payment on demand. |

---

As of June 30, 2025, the amounts due to affiliates consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Amount** | **Relationship** | **Note** |
| Chencheng | $363 | Company owned by a director of Yong Ding up to October 31, 2024, and a shareholder of YD Biopharma, Mr. Wu | Trade payables due to YD Biopharma, interest free and payment on demand. |
| EG BioMed | $18380 | Dr. Shen, the director of YD Biopharma, holds 45.3% of EG Biomed Shares | Research and development expenses payable |
| EG BioMed US Inc. ("EG Bio USA") | $45000 | EG Bio USA is a wholly owned subsidiary of EG BioMed | Service charge for laboratory |

---

As of December 31, 2024, the amounts due to affiliates consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Amount** | **Relationship** | **Note** |
| Chencheng | $167 | Company owned by a director of Yong Ding up to October 31, 2024, and a shareholder of YD Biopharma, Mr. Wu | Trade payables due to YD Biopharma, interest free and payment on demand. |
| EG BioMed | $37086 | Company owned by a director and major shareholder of YD Biopharma, Dr. Shen | Research and development expenses payable |

---

**16. RELATED PARTY TRANSACTIONS** (cont.)

During the six months ended June 30, 2025, the Group had the following transactions with affiliates:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Amount** | **Relationship** | **Note** |
| 3D Global | $775318 | Dr. Shen, the director of YD Biopharma, holds 12.85% of 3D Global shares. | Research and development expenses |
| 3D Global | $359091 | Dr. Shen, the director of YD Biopharma, holds 12.85% of 3D Global shares. | Products transaction |
| 3D Global | $2273 | Dr. Shen, the director of YD Biopharma, holds 12.85% of 3D Global shares. | Royalties |
| Chencheng | $1075 | Company owned by a director of Yong Ding and a shareholder of YD Biopharma, Mr. Wu | Sales of products to the Group |
| EG BioMed | $16071 | Dr. Shen, the director of YD Biopharma, holds 45.3% of EG BioMed shares. | Research and development expenses |
| EG Bio USA | $45000 | EG Bio USA is a wholly-owned subsidiary of EG BioMed | Service charge for laboratory |

---

During the six months ended June 30, 2024, the Group had the following transactions with affiliates:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Amount** | **Relationship** | **Note** |
| Chencheng | $1673 | Company owned by a director of Yong Ding and a shareholder of YD Biopharma, Mr. Wu | Sales of products to the Group |
| Chencheng | $16597 | Company owned by a director of Yong Ding and a shareholder of YD Biopharma, Mr. Wu | Purchase of products from the Group |
| EG BioMed | $1848000 | Company owned by a director and major shareholder of YD Biopharma, Dr. Shen | Granting of licensed patent and know-how to the Group |
| 3D Global | $952381 | Company owned by a director and major shareholder of YD Biopharma, Dr. Shen | Granting of licensed patent and know-how to the Group |

---

**17. SEGMENT REPORTING**

The Group's chief operating decision maker, who has been identified as the Group's director, evaluates segment performance and allocates resources based on several factors, of which the primary financial measure is operating income.

The Group acquired the 3D Global Patent and EG BioMed Patent in June 2024 and commenced the pancreatic cancer early detection service and sales of contact lens business. There was no revenue generated from the patents for the six months ended June 30, 2024.

The Group primarily operates in the ROC and substantially all of the Group's long-lived assets are located in the ROC.

YD Biopharma's chief operating decision maker evaluates performance based on each reporting segment's net revenues, cost of revenues, operating expenses, operating income (loss), finance income (expense), other income and net income. Net revenue, cost of revenues, operating expenses, operating loss, finance income, other income (expenses) and net loss by segment for the six months ended June 30, 2025, and 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***For the six months ended June 30, 2025*** | ***Sales of medical <br> and other <br> related products*** | ***Research and <br> development of <br> pancreatic <br> cancer early <br> detection <br> services*** | ***Research and <br> development of <br> sales of contact <br> lenses*** | ***Corporate <br> unallocated <br> (note)*** | ***Consolidated*** |
| Net revenues | $169007 | $— | $35000 | $— | $204007 |
| Cost of revenues | (109342) |  | (25870) |  | (135212) |
| Gross profit | 59665 |  | 9130 |  | 68795 |
| Total operating expenses | 268734 | 16071 | 835564 | 902258 | 2022627 |
| Operating loss | (209069) | (16071) | (826434) | (902258) | (1953832) |
| Finance income, net | 17018 |  |  | 1421 | 18439 |
| Other income (expenses), net | 17305 |  |  |  | 17305 |
| Income tax expenses | 1507 |  |  |  | 1507 |
| Net loss | (173239) | (16071) | (826434) | (900837) | (1916581) |
| As of June 30, 2025 |  |  |  |  |  |
| Identifiable long-lived assets | 83827 | 1915200 | 986328 |  | 2985355 |
| Total assets | $934288 | $1915200 | $1464966 | $1526632 | $5841086 |

---

**17. SEGMENT REPORTING** (cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***For the six months ended June 30, 2024*** | ***Sales of medical <br> and other <br> related products*** | ***Research and <br> development of<br> pancreatic <br> cancer early <br> detection <br> services*** | ***Research and <br> development of <br> sales of contact <br> lenses*** | ***Corporate <br> unallocated <br> (note)*** | ***Consolidated*** |
| Net revenues | $224980 | $– $|  | $— | $224980 |
| Cost of revenues | (155880) | – |  |  | (155880) |
| Gross profit | 69100 | – |  |  | 69100 |
| Total operating expenses | (121369) | – |  | (140895) | (262264) |
| Operating loss | (52269) | – |  | (140895) | (193164) |
| Finance income, net | 199 | – |  | 82 | 281 |
| Other income (expenses), net | 21284 | – |  |  | 21284 |
| Income tax expenses | 6235 | – |  |  | 6235 |
| Net loss | (24551) | – |  | (140813) | (165364) |

---

**18. SUBSEQUENT EVENTS**

On August 26, 2025, following the effective time of the merger with Company Merger Sub, Pubco has authorized shares of 5,000,000 and issued and outstanding shares of 10 ordinary shares of par value US$0.10 each. YD Biopharma's issued share capital and additional paid in capital became $1 and $0. YD Biopharma became a wholly owned subsidiary of Pubco following the merger (which closed on August 28, 2025, with trading commencing on Nasdaq under "YDES" on August 29, 2025), with all prior outstanding shares cancelled and converted into the right to receive ordinary shares of Pubco at the Exchange Ratio. 64,730,411 Pubco ordinary shares were issued in aggregate to former shareholders. Dr. Shen, through his prior ownership, now beneficially holds 54,345,011 shares (approximately 77.1%) in Pubco (based on its 70,521,359 outstanding ordinary shares as of completion of transaction and as of September 29, 2025).

On August 28, 2025 (the "Closing Date"), Pubco consummated the Business Combination with YD Biopharma and Breeze pursuant to the Merger Agreement, Parent Merger Sub, and Company Merger Sub. The consummation of the Business Combination involved the merger of Breeze Merger Sub with and into Breeze (the "Breeze Merger," and the time at which the Breeze Merger became effective, the "Breeze Merger Effective Time"), pursuant to which, at the closing of the transactions contemplated by the Merger Agreement, the separate corporate existence of Breeze Merger Sub ceased, with Breeze as the surviving corporation becoming a wholly owned subsidiary of YD Bio, and the merger of Company Merger Sub with and into YD Biopharma (the "Company Merger," and the time at which the Company Merger became effective, the "Company Merger Effective Time"), pursuant to which, at the closing of the transactions contemplated by the Merger Agreement, the separate corporate existence of Company Merger Sub ceased, with YD Biopharma as the surviving corporation becoming a wholly owned subsidiary of YD Biopharma pursuant to the terms of the Merger Agreement and in accordance with the Companies Act. As a result of the Business Combination, Pubco owns 100% of the outstanding ordinary shares of YD Biopharma and 100% of the outstanding shares, warrants, and rights of Breeze.

As a result of the Business Combination, both Breeze and YD Biopharma became wholly owned subsidiaries of Pubco and the Patent Licensing and Technology Transfer Agreement (the "Agreement"), executed between EG BioMed and Yong Ding became effective on August 28, 2025. The Agreement grants the Company an exclusive sublicense to the licensed patents and know-how related to methylation analysis technology for breast cancer detection and applications. The Agreement has a term of 20 years and will automatically renew for an additional 5 years unless both parties agree not to renew.

## Exhibit 99.3

**Exhibit 99.3**

**YD BIOPHARMA** **MANAGEMENT'S DISCUSSION AND ANALYSIS OF<br> FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following discussion and analysis provide information that YD Biopharma's management believes is relevant to the assessment and understanding of YD Biopharma's consolidated results of operations and financial condition. The discussion should be read together with the historical consolidated financial statements and related notes and unaudited pro forma condensed financial information that are included elsewhere in this Form 6-K. Unless the context otherwise requires, references in the discussion in this section to "YD Biopharma", "we", "us" and "our" refer to the business and operations of YD Biopharma and its predecessors and consolidated subsidiaries.

**Overview**

YD Biopharma specializes in the biopharmaceutical business and serves as a supplier of drugs and medical materials for clinical trials in Taiwan. In 2015, YD Biopharma was appointed as a clinical testing drug supplier by Novartis, a global pharmaceutical company, and has since expanded its offerings to include development and supply of ancillary products post-launch. YD Biopharma's mission is to create a cancer-free world through advancements in biotechnology.

Recently, YD Biopharma secured patent and technology authorization from 3D Global to advance the application of corneal mesenchymal stem cells and their exosomes in the treatment of ocular diseases.

Concurrently, 3D Global has initiated an Institutional Review Board (IRB) application with Shuang-Ho Hospital and established a collaboration with its Department of Ophthalmology to obtain corneal specimens for research and development. The collaboration is structured as an industry-academia partnership, under which all research outcomes will be owned by 3D Global and, in turn, available to us by virtue of our license agreement. The IRB approval number for this study is N202407076, under the project title Exosome Clinical Application Technology Development — Corneal Specimen Collection. The study aims to collect twenty corneal specimens by the end of Q3 2025, with twenty specimens already collected as of Q3 2025. The trial is expected to run until January 31, 2026 (IRB No. N202502025).

Furthermore, in 2025, we initiated applications for clinical trials evaluating the efficacy of exosome-based contact lenses and artificial tears in alleviating dry eye symptoms. These trials will assess products designed for varying usage durations, including six months, one year, and two years.

Early in June 2024, YD Biopharma obtained patents, technology and U.S. market authorization from EG BioMed for core methylation detection of pancreatic cancer with high sensitivity, specificity and accuracy. This cooperation will lead to the establishment of an independent laboratory in the U.S. dedicated to pancreatic cancer early detection and monitoring technology that marks a significant expansion of YD Biopharma's research and development capabilities to collaborate with hospitals, insurance companies and pharmaceutical companies to reach new patients.

On September 30, 2024, YD Biopharma entered into an exclusive licensed patent and know-how agreement with EG BioMed for the licensed patent and know-how of breast cancer detection technology ("EG BioMed Breast Cancer Patent") in the licensed territory, including the United States, Europe, and Asia (the "Licensed Territory"). YD Biopharma can use the EG BioMed Breast Cancer Patent in the Licensed Territory for manufacturing, offering for sale, selling, using, or importing the product and providing detection services for the aforementioned purposes. The consideration of the EG BioMed Breast Cancer Patent is nil, but YD Biopharma is obligated to pay a royalty of 20% of the revenue of the sales or services generated from EG BioMed Breast Cancer Patent to EG BioMed on quarterly basis. The agreement of the EG BioMed Breast Cancer Patent will become effective from the date of completion of the proposed merger transaction with Breeze for a term of 20 years, and it will automatically renew for an additional 5 years unless both parties agree not to renew.

**Outlook**

YD Biopharma's vision is to bring early cancer detection to the world, which provides patients with more treatment options that can be less invasive versus later stage treatment options. The success of YD Biopharma will be dependent on an employee base that includes specialists with extensive medical and biological training. YD Biopharma will focus on product development, continuous improvement of its manufacturing equipment, and increasing capacity to meet the quality and quantity standards that customers demand. We intend to accomplish this through new product development, acquisitions, licensing, the application of intellectual property unique to the medical industry, and through investing in manufacturing equipment and processes that enable us to compete globally. Further, YD Biopharma intends to continue increasing the market value of its intellectual property portfolio to support licensure of its products globally.

**Key Factors Affecting Our Performance**

YD Biopharma believes that future success will be dependent on several key factors, including those discussed below. While these areas represent opportunities for us, they also represent challenges and risks that we must successfully address in order to continue the growth of our business and improve our results of operations.

***Proven Capabilities Across a Broad Spectrum of Solutions***

YD Biopharma has an extensive suite of solutions ranging from ophthalmology cellular drug development to pancreatic and breast cancer blood tests to nutritional product sales. YD Biopharma faces competition from well-financed biopharma companies and is working to distinguish itself through cutting edge advancements which distinguish its solutions from the competition.

***Notable Strategic Partnerships, Offering Validation and Growth Potential***

YD Biopharma is a clinical testing drug supplier for global pharmaceutical companies such as Novartis and Alcon and has licensing partnerships with EG BioMed for pancreatic and breast cancer detection and 3D Global to develop treatment for eye disorders. The length of the existing licensing partnerships and the establishment of new licensing partnerships will have a direct impact on YD Biopharma's future revenues.

***Proprietary Technology Supported by Licensing Agreements and IP Portfolio***

Multi-decade, exclusive licensing agreements and owned, patented technology provides YD Biopharma with significant competitive first-mover advantage in each of its clinical markets.

***Large and Underserved Markets for Each Solution Showcase Untapped Growth Potential***

Multi-billion-dollar global market sizes over the next decade provide significant growth potential for YD Biopharma's solutions. Entering large and underserved markets requires significant increases in production capacity, business development expenses, IT expenses, marketing expenses, labor costs related to employee headcount, and back-office support.

***Strong Leadership Team with Deep Expertise in Biotech***

YD Biopharma has a founder-led management team with experience in new drug development, medical-grade health product development, pharmacy channel development, and financial management and accounting. Expansion of YD Biopharma will lead to increased costs to hire skilled labor with the level of expertise required to execute YD Biopharma's expansion plans. The labor pool for expertise of the caliber required to execute YD Biopharma's business plan is limited and will likely require significant expenditures related to salary and wages to attract qualified talent to the business.

***Production Capacity***

YD Biopharma may be required to make significant capital expenditures to execute its business plan. These capital expenditures would be invested in facilities, production equipment and other expenses to support increases in production. To the extent YD Biopharma outsources production, its cost of revenue may be higher versus in-house production but may be offset in whole or in part because capital expenditures will be reduced.

***Customer Demand***

Favorable industry dynamics for early detection testing for pancreatic and breast cancer present YD Biopharma with numerous growth opportunities. According to a report published by Precedence Research, the global breast cancer diagnostics market was approximately $18.63 billion in 2024, and is estimated to grow at a 8.13% compound annual growth rate ("CAGR") from 2025 to 2034. The pancreatic cancer diagnostics market in the United States was approximately $1.5 billion in 2023 according to Grand View Research and is estimated to grow at a 4.8% CAGR until 2030. YD Biopharma's licensors are uniquely positioned to address this growing demand given their modular and portable production design and anticipated high return on invested capital.

According to a study published by Precedence Research, the global glaucoma treatment market was approximately $6.51 billion in 2024 and is estimated to grow at a 2.86% CAGR by 2034. According to a study published by Fortune Business Insights, the global dry eye syndrome product market was approximately $7.0 billion in 2023 and is estimated to grow at a 7.12% CAGR by 2032.

***Commitment to Research and Expenses***

Pursuant to the agreement entered into with 3D Global in June 2024, YD Biopharma is obligated to pay up to $4 million when certain conditions and milestones are satisfied and completed by 3D Global. YD Biopharma had paid $480,000 to 3D Global for the first stage of development of the 3D Global Patent on development of corneal limbal stem cells ("LSC") during 2024. YD Biopharma paid $790,000 (included VAT) and nil during the six months ended June 30, 2025, and June 30, 2024, respectively. YD Biopharma has paid total of $1,270,000 to 3D Global for the first through third stage of Development of LSC Cell Source and the first stage of Establishment of LSC Master Cell Banks up to the date of this report.

Pursuant to the two agreements entered into with YC Biotech in January 2025 relating to clinical services for two products, YD Biopharma is obligated to pay up to $0.3 million when certain conditions and milestones are satisfied and completed by YC Biotech. YD Biopharma paid approximately $32 thousand (10% of total service fee) to YC Biotech for the first installment of clinical services for the six months ended June 30, 2025.

***Costs of Revenue***

Our profitability may be affected by our ability to effectively manage our costs of revenues. Our costs of revenues could be impacted by fluctuations in the price of product costs. If material prices increase, we will have to offset these higher costs either through price increases to our customers or through productivity improvements. Although we are not currently relying on any single-source suppliers for our materials, our ability to control the costs of our materials also depends on our ability to negotiate with our suppliers for a better price and our ability to source products from reliable suppliers in a cost-efficient manner. In addition, we expect that an increase in our sales volume will enable us to lower our costs of revenue through economies of scale and that we will see a reduction in the cost of critical components through enhanced and improved production processes from our suppliers. Our royalty costs will also increase the costs of revenue in accordance with the increased revenue generated from the sales of licensed products and rendering of licensed services in future.

***Regulatory Landscape***

The sale and purchase of YD Biopharma's products and services are subject to extensive federal, state, local, and foreign government laws. YD Biopharma is also subject to the rules and regulations of the U.S. Federal Drug Administration and various state and international agencies that control the export, import, distribution, and sale of medical device products and cancer early detection services. Such regulations may adversely affect demand for our products by imposing limitations that increase the costs or limit the availability of our products. To date we have not concluded any clinical trials, nor have we had any product candidate approved for commercial sale. It is possible that we may not be able to commercialize a marketable product candidate.

**Results of Operations**

***Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024***

The following table presents the summarized financial information taken from our consolidated statements of operations for the six months ended June 30, 2025, compared with the six months ended June 30, 2024 (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the six months Ended** | **For the six months Ended** |
|  | **June 30,<br> 2025** | **June 30,<br> 2024** |
| Net revenue | $204 | $225 |
| Cost of revenue | (135) | (156) |
| &nbsp;&nbsp;&nbsp;Gross profit | 69 | 69 |
| General and administrative expenses | 1227 | 256 |
| Selling and marketing expenses |  | 2 |
| Research and development expenses | 791 |  |
| Impairment of expected credit loss | 4 | 4 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 2022 | 262 |
| Loss from operations | (1953) | (193) |
| Other income, net | 17 | 21 |
| Interest income | 18 | 1 |
| Total other income, net | 35 | 22 |
| &nbsp;&nbsp;&nbsp;Loss before income tax | (1918) | (171) |
| Income taxes | 2 | 6 |
| &nbsp;&nbsp;&nbsp;Net loss | $(1916) | $(165) |

---

***Net Revenue***

Revenue for the six months ended June 30, 2025 (unaudited) consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Corporate <br> Customers** | **Retail <br> Customers** | **Total** |
| Drugs | $90210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $90210 |
| Medical and related products | 75966 | 32 | 75998 |
| Contact lenses | 35000 |  | 35000 |
| Nutritional products | 2368 |  | 2368 |
| Supplements | 431 |  | 431 |
| Total | $203975 | $32 | $204007 |

---

Top five individual products by revenue for the six months ended June 30, 2025 (unaudited) are as follow:

---

| | |
|:---|:---|
| Keytruda injection (Drugs) | $42503 |
| Exolens Hioxifilcon (Contact lenses) | 35000 |
| Pharmorubicin Injection (Drugs) | 17938 |
| 12-Lead Electrocardiograph (Medical and related products) | 10048 |
| Solu-Medrol Injection (Drugs) | 8478 |
| &nbsp;&nbsp;&nbsp;Subtotal | $113967 |

---

Revenue for the six months ended June 30, 2024 (unaudited) consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Corporate <br> Customers** | **Retail <br> Customers** | **Total** |
| Drugs | $54103 | $- | $54103 |
| Medical and related products | 137658 | 251 | 137909 |
| Nutritional products | 2123 | 902 | 3025 |
| Supplements | 22474 | 7469 | 29943 |
| Total | $216358 | $8622 | $224980 |

---

The top five individual products by revenue for the six months ended June 30, 2024 (unaudited) are as follows:

---

| | |
|:---|:---|
| PVA Eye Cleansing Wipes (Medical and related products) | $49077 |
| Keytruda injection (Drugs) | 24837 |
| Fluorescence Cell Counter and Viability Analyzer (Medical and related products) | 23326 |
| Giotrif Film-Coated Tablets (Medical and related products) | 14915 |
| Faslodex Solution for injection (Drugs) | 14175 |
| &nbsp;&nbsp;&nbsp;Subtotal | $126330 |

---

Net revenue decreased by $20,973 or 9% to $204,007 for the six months ended June 30, 2025, compared to $224,980 for the six months ended June 30, 2024. The top 5 individual products by revenue accounted for 56% of the total revenue during the period. The decrease in revenue was primarily due to a change in product mix.

***Cost of Revenue***

Cost of revenue decreased by $20,668 or 13% to $135,212 for the six months ended June 30, 2025, compared to $155,880 for the six months ended June 30, 2024. The cost of revenue consists primarily of purchase costs of products for resales. The decrease in cost of revenue was primarily due to the decrease in revenue of 9%

***Gross Profit***

In accordance with U.S. GAAP, YD Biopharma utilizes the lower of cost or net realizable value for determining its inventory value.

We believe that, as we grow net revenue through new markets and expanded distribution, our gross profit will also increase. We plan to accomplish this through the following:

● improving the resales product and raw material sources;

● increasing and diversifying our customer base;

● introducing new product lines and subcontractors that carry higher margins;

● commencing the new cancer early detection services;

● establishing additional licensing agreements;

● reducing component costs through greater purchasing power and scalability;

● expanding strategic relationships with component providers;

***Operating Expenses***

For the six months ended June 30, 2025, our total operating expenses were approximately $2.0 million, reflecting an increase of $1.74 million compared to $262,264 for the six months ended June 30, 2024. The increase was mainly caused by the increase of general and administrative expenses fees related to the group expansion and restructuring costs of $1.0 million, and the increase in research and development expenses by $1.74 million from two licensed patents and know-how.

***Interest and Other Income, Net***

For the six months ended June 30, 2025, other income, net was $17,305 expense compared to $21,284 for the six months ended June 30, 2024, due primarily to exchange losses of $16,834, machine rental income of $31,398, and gain of $2,508 related to the termination of a lease contract for the six months ended June 30, 2025. For the six months ended June 30, 2025, interest income was $18,439 compared to $767 for the six months ended June 30, 2024.

***Net Loss***

For the six months ended June 30, 2025, the net loss was $1.9 million compared to net loss of $0.17 million for the six months ended June 30, 2024. The net loss was caused by the increase of professional and consultancy services fees related to the group expansion and restructuring by $0.96 million, increase in research and development expenses by $0.8 million from two licensed patents and know-how, and additional $0.4 million increase in staff cost from the expansion of our business.

***Liquidity and Capital Resources***

YD Biopharma has operated primarily as a development stage company since its formation. YD Biopharma recognized a net loss of $1,916,581 for the six months ended June 30, 2025, compared to a net loss of $165,364 for the six months ended June 30, 2024, and accumulated deficit of $3,843,624 as of June 30, 2025.

YD Biopharma has historically funded operations through private equity offerings, related party debt and financial institution debt.

On August 28, 2025, Pubco Limited completed its business combination with YD Biopharma pursuant to the Merger Agreement and Plan of Reorganization, dated September 24, 2024. Concurrently with the closing, YD Biopharma closed a private investment in public equity ("PIPE") financing, securing $13.2 million in gross proceeds to support YD Biopharma's liquidity and capital resources.

We believe that these financing activities will allow YD Biopharma to meet both its operating and debt obligations in 2025. However, our liquidity assumptions may prove to be incorrect, and we could utilize our available financial resources sooner than we currently expect. We also recognize that there can be no assurance that our forecasted plan will be met. Our future capital requirements and the adequacy of available funds will depend on many factors.

We may need to raise additional funds to finance our operations through further equity or equity-linked offerings or debt financing arrangements. If we raise additional funds by issuing equity or equity-linked securities, the ownership of our existing stockholders will be diluted. If we raise additional financing by the incurrence of indebtedness, we will be subject to increased fixed payment obligations and could also be subject to restrictive covenants, such as limitations on our ability to incur additional debt, and other operating restrictions that could adversely impact our ability to conduct our business. YD Biopharma recognizes that there is no assurance that any such additional financing will be obtained or that the terms of such arrangements will be reasonable. If we are unable to obtain additional funds, we would also take other measures to reduce expenses to offset any shortfall.

***Cash and Cash Equivalents***

Cash and cash equivalents included cash on hand placed with banks or other financial institutions, which are unrestricted as to withdrawal and use and with an original maturity of three months or less. As of June 30, 2025, YD Biopharma's cash was $469,520 compared to $3,132,298 as of December 31, 2024. This decrease was primarily due to payment of general and administrative expenses of approximately $1.2 million and research and development expenses of $0.8 million.

***Cash Flows***

The following table summarizes YD Biopharma's cash flows for the period indicated (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
| Net cash used in operating activities | $(2162) | $(283) |
| Net cash used in investing activities | (3) | (2853) |
| Net cash provided by (used in) financing activities | (561) | 5788 |

---

***Cash Flows Used in Operating Activities***

Net cash used in operating activities for the six months ended June 30, 2025, was $2,161,878, primarily related to YD Biopharma's net loss for the period of $1,916,581.

Net cash used in operating activities for the six months ended June 30, 2024, was $283,279, primarily related to YD Biopharma's net loss for the period of $165,364 and an increase in prepaid expenses and other assets of $144,468.

***Cash Flows Used in Investing Activities***

Net cash used in investing activities for the six months ended June 30, 2025, was $2,659, primarily related to acquisition of property, plant and equipment.

Net cash used in investing activities for the six months ended June 30, 2024, was approximately $2.9 million, driven by the acquisition of intangible assets, and property, plant and equipment.

***Cash Flows Provided by (Used In) Financing Activities***

Net cash used in financing activities for the six months ended June 30, 2025, was approximately $0.6 million, primarily related to an increase in deferred offering costs of $0.6 million.

Net cash provided by financing activities for the six months ended June 30, 2024, was approximately $5.8 million, consisting primarily of net proceeds from equity financings.

***Commitments and Contingencies***

YD Biopharma's commitments include our operating lease liabilities. Other commitments primarily consist of debt obligations, including long-term bank loan, amount due to a shareholder and affiliate.

The following table summarize our contractual obligations and other commitments for cash expenditures as of June 30, 2025, and the years in which these obligations are due as follows (in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Payments Due In** | **Payments Due In** | **Payments Due In** | **Payments Due In** | **Payments Due In** | **Payments Due In** | **Payments Due In** |
|  | **Less than <br> 1 year** | **1 – 2 <br> years** | **2 – 3 <br> years** | **3 – 4 <br> years** | **4 – 5 <br> years** | **Thereafter** | **Total** |
| Operating lease liabilities<sup>(a)</sup> | $16 | $0 | $— | $— | $— | $— | $16 |

---

(a) YD Biopharma has contractual obligations in the form of operating leases
for an office. During the six months ended June 30, 2025, YD Biopharma entered into a new operating lease agreement for the use of
another office for 60 months and terminated this lease engagement in June 2025. Upon the lease commencement, we recognized $134,394
and $134,394 of right-of-use assets and operating lease liabilities, respectively.

Pursuant to the agreement entered into with 3D Global in June 2024 relating to the 3D Global Patent, YD Biopharma is obligated to pay up to $2.7 million when certain conditions and milestones are satisfied and completed by 3D Global. YD Biopharma paid $0.8 million to 3D Global for Application with Medical Center for Clinical Specimens Collection on Development of LSC Cell Source for the six months ended June 30, 2025.

Pursuant to the two agreements entered into with YC Biotech in January 2025 relating to clinical services for two products, YD Biopharma is obligated to pay up to $0.3 million when certain conditions and milestones are satisfied and completed by YC Biotech. YD Biopharma paid approximately $32 thousand (10% of total service fee) to YC Biotech for the first installment of clinical services for the six months ended June 30, 2025.

***Off-Balance Sheet Arrangements***

As of June 30, 2025, and December 31, 2024, we did not engage in any off-balance sheet arrangements, as defined in the rules and regulations of the Securities and Exchange Commission.

***Recently Issued and Adopted Accounting Standards***

See Note 2 to YD Biopharma's condensed consolidated financial statements, included elsewhere in this interim report, for a full description of recent accounting pronouncements, including the actual and expected dates of adoption and estimated effects on our consolidated results of operations and financial condition, which is incorporated herein by reference.

**Significant Accounting Policies**

***Inventories***

Inventories are accounted for using the weighted average costing method and are stated at the lower of cost or net realizable value. YD Biopharma has established the policy of writing-down potential obsolete or slow-moving inventories recorded as cost of revenue based on management's assumptions about future demands and market conditions. There were no write-downs of inventory during the six months ended June 30, 2025, and 2024.

***Impairment of Long-Lived Assets***

YD Biopharma reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, or it is reasonably possible that these assets could become impaired as a result of technological or other industrial changes. The determination of recoverability of assets to be held and used is made by comparing the carrying amount of an asset to future undiscounted cash flows to be generated by the assets.

If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amounts of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. There was no impairment of long-lived assets recorded for the six months ended June 30, 2025, and 2024.

***Revenue Recognition***

YD Biopharma recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which provides a five-step model for recognizing revenue from contracts with customers as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Identify the contract with a customer

&nbsp;&nbsp;&nbsp;&nbsp;2. Identify the performance obligations in the contract

&nbsp;&nbsp;&nbsp;&nbsp;3. Determine the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;4. Allocate the transaction price to the performance obligations
in the contract

&nbsp;&nbsp;&nbsp;&nbsp;5. Recognize revenue when, or as, performance obligations are satisfied

As of June 30, 2025, YD Biopharma engaged in the sales of drugs, medical, contact lens and other related materials to corporate and retail customers. Products were marketed and sold primarily to consumers in Taiwan and the United States, and all sales and property and equipment were within the Asia region.

With the acquisition of the patents from 3D Global and EG BioMed, we plan to expand the product offering to corneal eye repair products and provide cancer detection testing services for pancreatic and breast cancer. Revenue is recognized when its customer obtains control of promised goods and services provided in an amount that reflects the consideration which YD Biopharma expects to receive in exchange for those goods and services. YD Biopharma's revenue from contracts with customers is derived from product revenue principally from the sale of products directly to its customers and presents revenue net of value-added tax ("VAT").

The timing of product revenue recognition is a matter of judgment that depends on the relevant facts and circumstances to determine when the customer obtains control of the products being delivered. Revenues are recognized at the point in time when YD Biopharma has completed its performance obligation under the contract to deliver and transfer title of the products to the customer, which is generally upon shipment or when the customer accepts the product at their location. YD Biopharma does not offer sales rebates to its customers. Any discount will be net of the revenue at the time of the sale. Additionally, YD Biopharma does not provide its customers with the right to return product (except for quality issues). The customer is required to perform a product quality check immediately upon delivery of the products and any issue must be reported to YD Biopharma within a few days of identifying a quality issue.

YD Biopharma entered into subleasing arrangements with a drug store in Taiwan to lease part of the leased premises to them. During the six months ended June 30, 2025, and 2024, YD Biopharma also entered into leasing arrangements with corporate customers to lease equipment. YD Biopharma receives income from operating leases based on the fixed required rents (base rent) per the lease agreements. Rent revenue from base rents is recorded on the straight-line method, when collectability of the lease payments is deemed probable, over the terms of the related lease agreements. Operating lease revenue, as recorded on the straight-line method, in the statements of operation is recorded as other income. During the year ended December 31, 2024, YD Biopharma ceased the only subleasing arrangements with a drug store. YD Biopharma recognized $31,398 income from the leasing of equipment to other corporate customers for the six months ended June 30, 2025, and recognized $12,788 of income from the subleasing arrangement with a drug store and the leasing of equipment to other corporate customers for the six months ended June 30, 2024.

YD Biopharma also acts as an agent in certain revenue arrangements where it facilitates the sale of products on behalf of third-party sellers. In these arrangements, YD Biopharma does not control the specified goods before they are transferred to the customer, and therefore, YD Biopharma is an agent. When YD Biopharma is an agent, revenue is recognized on a net basis, representing the fee earned for facilitating the transaction. YD Biopharma's performance obligation is to arrange for the provision of the product by the third-party seller to the customer.

## Exhibit 99.4

**Exhibit 99.4**

**BREEZE HOLDINGS ACQUISITION CORP.**

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| | |
|:---|:---|
| ***Unaudited Interim Financial Statements*** | **Page** |
| [Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024](#b_001) | 1 |
| [Condensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months ended June 30, 2025, and 2024](#b_002) | 2 |
| [Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) for the Three and Six Months ended June 30, 2025, and 2024](#b_003) | 3 |
| [Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months ended June 30, 2025 and 2024](#b_004) | 4 |
| [Notes to Condensed Consolidated Financial Statements (Unaudited)](#b_005) | 5 |

---

i

**BREEZE HOLDINGS ACQUISITION CORP.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $6312 | $101674 |
| &nbsp;&nbsp;&nbsp;Due from Sponsor | 53905 | 53905 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 97334 | 55305 |
| &nbsp;&nbsp;&nbsp;Prepaid income taxes | 34531 | 36689 |
| &nbsp;&nbsp;&nbsp;Total Current Assets | 192082 | 247573 |
| Cash held in Trust Account | 2759408 | 10532045 |
| **Total Assets** | $**2951490** | $**10779618** |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $591403 | $632533 |
| &nbsp;&nbsp;&nbsp;Trust amount payable to redeeming stockholders |  | 7353424 |
| &nbsp;&nbsp;&nbsp;Franchise tax payable | 68202 | 50450 |
| &nbsp;&nbsp;&nbsp;Excise tax payable | 166285 | 160441 |
| &nbsp;&nbsp;&nbsp;Due to Sponsor | 10390465 | 9583457 |
| &nbsp;&nbsp;&nbsp;Total Current Liabilities | 11216355 | 17780305 |
| Warrant liabilities | 7785500 | 2877250 |
| **Total Liabilities** | **19001855** | **20657555** |
| **Commitments** |  |  |
| Common stock subject to possible redemption, 224,413 and 893,712 shares at redemption value as of June 30, 2025, and December 31, 2024, respectively | 2659408 | 3078621 |
| **Stockholders' Deficit** |  |  |
| Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued and outstanding |  |  |
| Common stock, $0.0001 par value; 100,000,000 shares authorized; 3,140,000 shares issued and outstanding as of June 30, 2025, and December 31, 2024 (excluding common stock subject to possible redemption, 224,413 and 893,712 shares at redemption value as of June 30, 2025, and December 31, 2024, respectively) | 315 | 315 |
| Additional paid-in capital |  |  |
| Accumulated deficit | (18710088) | (12956873) |
| **Total Stockholders' Deficit** | **(18709773)** | **(12956558)** |
| **TOTAL LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS' DEFICIT** | $**2951490** | $**10779618** |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

**BREEZE HOLDINGS ACQUISITION CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating costs | $389191 | $537407 | $743010 | $1584448 |
| **Loss from operations** | (389191) | (537407) | (743010) | (1584448) |
| Other income: |  |  |  |  |
| Interest income | 34575 | 170987 | 69135 | 340567 |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | (1861750) | 17476250 | (4908250) | (3656250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | (1827175) | 17647237 | (4839115) | (3315683) |
| Loss before income taxes | (2216366) | 17109830 | (5582125) | (4900131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (1682) | 6264 | 73 | 12042 |
| **Net (loss) income** | $**(2214684)** | $**17103566** | $**(5582198)** | $**(4912173)** |
| **Basic and diluted weighted average shares outstanding** | 3409483 | 4220988 | 3414220 | 4260132 |
| **Basic and diluted net (loss) income per share of Common Stock** | $**(0.65)** | $**4.05** | $**(1.63)** | $**(1.15)** |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

**BREEZE HOLDINGS ACQUISITION CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT**

**FOR THE SIX MONTHS ENDED JUNE 30, 2025 and 2024**

**(UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Additional<br> Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total<br> Stockholders'**<br>**Deficit** |
| **Balance – January 1, 2025** | **3140000** | $**315** | $**—** | $**(12956873)** | $**(12956558)** |
| Re-measurement of Common Stock to redemption value |  |  |  | (103934) | **(103934)** |
| Net loss |  |  |  | (3367514) | **(3367514)** |
| **Balance – March 31, 2025** | **3140000** | $**315** | $**—** | $**(16428321)** | $**(16428006)** |
| Re-measurement of Common Stock to redemption value |  |  |  | (61239) | **(61239)** |
| Excise taxes payable |  |  |  | (5844) | **(5844)** |
| Net loss |  |  |  | (2214684) | **(2214684)** |
| **Balance – June 30, 2025** | **3140000** | $**315** | $**—** | $**(18710088)** | $**(18709773)** |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Additional<br> Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Total<br> Stockholders'**<br>**Deficit** |
| **Balance – January 1, 2024** | **3140000** | $**315** | $**—** | $**(9682008)** | $**(9681693)** |
| Re-measurement of Common Stock to redemption value |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (521132) | **(521132)** |
| Net loss |  |  |  | (22015739) | **(22015739)** |
| **Balance – March 31, 2024** | **3140000** | $**315** | $**-** | $**(32218879)** | $**(32218564)** |
| Re-measurement of Common Stock to redemption value |  |  |  | (193135) | **(193135)** |
| Excise taxes payable |  |  |  | (30817) | (30817) |
| Net income |  |  |  | 17103566 | **17103566** |
| **Balance – June 30, 2024** | **3140000** | $**315** | $**—** | $**(15339265)** | $**(15338950)** |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

**BREEZE HOLDINGS ACQUISITION CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> June 30**<br>**2025** | **Six Months<br> Ended<br> June 30**<br>**2024** |
| **Cash Flows from Operating Activities:** |  |  |
| Net loss | $(5582198) | $(4912173) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Interest on cash held in Trust Account | (68897) | (340567) |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | 4908250 | 3656250 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other liabilities | (39871) | (9415) |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (23633) | 383647 |
| &nbsp;&nbsp;&nbsp;Income taxes payable |  |  |
| &nbsp;&nbsp;&nbsp;Franchise taxes payable | 17752 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(788597)** | **(1222258)** |
| **Cash Flows from Investing Activities:** |  |  |
| Investment of cash in Trust Account | (96276) | (202873) |
| Cash withdrawn from Trust Account to redeeming stockholders | 7937810 | 3081712 |
| Cash withdrawn from Trust Account to pay franchise and income taxes | - | 59000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by investing activities** | **7841534** | **2937839** |
| **Cash Flows from Financing Activities:** |  |  |
| Proceeds from working capital loan - related party | 693235 | 1199000 |
| Proceeds from promissory note for extensions- related party | 96276 | 202873 |
| Redemptions of common stock | (7937810) | (3081712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) financing activities** | **(7148299)** | **(1679839)** |
| **Net Change in Cash** | **(95362)** | **35742** |
| Cash – Beginning of period | 101674 | 4228 |
| **Cash – End of period** | $**6312** | $**39970** |
| **Supplemental disclosure of non-cash financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Excise taxes payable | $5844 | $30817 |
| &nbsp;&nbsp;&nbsp;Re-measurement of Common Stock to redemption value | $165173 | $714267 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

**BREEZE HOLDINGS ACQUISITION CORP.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**JUNE 30, 2025**

**(Unaudited)**

**1. Description of Organization and Business Operations**

Breeze Holdings Acquisition Corp. (the "Company" or "Breeze") is a blank check company incorporated in Delaware on June 11, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the "Business Combination").

The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of June 30, 2025, the Company had not commenced any operations. All activity through June 30, 2025, relates to the Company's formation, the Initial Public Offering ("Initial Public Offering"), which is described below, and, after the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering and from changes in the fair value of its warrant liability.

The registration statement for the Company's Initial Public Offering was declared effective on November 23, 2020. On November 25, 2020, the Company consummated the Initial Public Offering of 11,500,000 units (the "Units" and, with respect to the shares of common stock included in the Units sold, the "Public Shares"), generating gross proceeds of $115,000,000, which is described in Note 3.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 5,425,000 warrants (the "Private Placement Warrants") at a price of $1.00 per Private Placement Warrant in a private placement to Breeze Sponsor, LLC, a Delaware limited liability company (the "Sponsor") and I-Bankers Securities, Inc, generating gross proceeds of $5,425,000, which is described in Note 4.

Following the closing of the Initial Public Offering on November 25, 2020, an amount of $115,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and $1,725,000 from the sale of the Private Placement Warrants was placed in a trust account (the "Trust Account") and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7 of the Investment Company Act of 1940, as amended (the "Investment Company Act"), as determined by the Company, until the earlier of: (i) the completion of a Business Combination or (ii) the distribution of the Trust Account to the Company's stockholders, as described below. As of June 30, 2025, and December 31, 2024, all funds in the trust account were held in cash in an interest-bearing account.

Transaction costs incurred in connection with the Initial Public Offering amounted to $4,099,907, consisting of $2,300,000 of underwriting fees, $1,322,350 of representative share offering costs, and $477,557 of other offering costs. As of June 30, 2025, cash of $6,312 was held outside of the Trust Account and was available for working capital purposes.

The Company's management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete an initial Business Combination having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable) at the time of the agreement to enter into the initial Business Combination. The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act").

The Company will provide its stockholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then in the Trust Account (initially $10.15 per share), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The per-share amount to be distributed to stockholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company's warrants.

The Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination unless a stockholder proposal to approve an amendment to the Company's Amended and Restated Certificate of Incorporation to eliminate the limitation is approved and, if a majority of the outstanding shares voted are voted in favor of the Business Combination. If a stockholder vote is not required and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission ("SEC") and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination. If the Company seeks stockholder approval in connection with a Business Combination, the Company's Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased by it during or after the Initial Public Offering in favor of approving a Business Combination. Additionally, each public stockholder may elect to redeem their Public Shares, regardless of whether they vote for or against a Business Combination.

If the Company seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company's Amended and Restated Certificate of Incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a "group" (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), will be restricted from seeking redemption rights with respect to 10% or more of the Public Shares, without the Company's prior written consent.

The Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares and Public Shares held by it in connection with the completion of a Business Combination, (b) to waive its liquidation rights with respect to the Founder Shares and (c) not to propose an amendment to the Amended and Restated Certificate of Incorporation (i) to modify the substance or timing of the Company's obligation to allow redemption in connection with the Company's initial Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination or (ii) with respect to any other provision relating to stockholders' rights or pre-initial business combination activity, unless the Company provides the public stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. However, if the Sponsor acquires Public Shares in or after the Initial Public Offering, such Public Shares will be entitled to liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the approved time period through September 26, 2025, (the "Combination Period").

The Company held a meeting of its stockholders on March 22, 2023 where the Company's stockholders approved (i) a proposal to amend the Company's A&R COI to authorize the Company to extend the date of March 26, 2023, up to six (6) times for an additional one (1) month each time (ultimately until as late as September 26, 2023), and (ii) a proposal to amend the Trust Agreement to authorize the Extension and its implementation by the Company.

The Company held a meeting of its stockholders on September 22, 2023 where the Company's stockholders approved (i) a proposal to amend the Company's A&R COI to authorize the Company to extend the date of September 26, 2023, up to nine (9) times for an additional one (1) month each time (ultimately until as late as June 26, 2024), and (ii) a proposal to amend the Trust Agreement to authorize the Extension and its implementation by the Company. On September 27, 2023, October 25, 2023, November 27, 2023, December 27, 2023, January 26, 2024, February 27, 2024, March 26, 2024, May 7, 2024, and June 3, 2024, Breeze executed the thirteenth, fourteenth, fifteenth, sixteenth, seventeenth, eighteenth, nineteenth, twentieth and twenty-first one-month extensions through June 26, 2024.

The Company held a meeting of its stockholders on June 21, 2024 where the Company's stockholders approved (i) a proposal to amend the Company's A&R COI to authorize the Company to extend the date of December 26, 2024, up to six (6) times for an additional one (1) month each time (ultimately until as late as December 26, 2024), and (ii) a proposal to amend the Trust Agreement to authorize the Extension and its implementation by the Company. On June 26, 2024, Breeze executed the twenty-second one-month extensions through July 26, 2024. On August 1, 2024, Breeze executed the twenty-third one-month extension through August 26, 2024. If the Company executes all six (6) extensions, up to December 26, 2024 and has not completed a business combination, the Company may hold a meeting of its stockholders to approve (i) a proposal to amend the Company's A&R COI to authorize the Company an extension for a designated time, and (ii) a proposal to amend the Trust Agreement to authorize the Extension and its implementation by the Company.

On December 23, 2024, the Company held a stockholders' meeting at which a proposal to approve the extension of time to consummate the closing of a Business Combination Agreement to June 26, 2025, was approved. The stockholders who elected to redeem their shares did so for a pro rata portion of the amount then in the Trust Account ($11.295 per share), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. On January 2, 2025, $7,353,424 was paid to stockholders in conjunction with the redemptions from our Special Shareholders Meeting held on December 23, 2024, redeeming 621,609 shares of the Company's common stock, with 3,412,103 shares of common stock remaining outstanding after Redemption; 272,103 of the 3,412,103 shares of common stock remaining outstanding after redemption (the "Public Shares") are owned by the public stockholders. On January 2, 2025, the Company executed the twenty-seventh and twenty-eighth one-month extensions for the period from November 26, 2024, to January 26, 2025. On March 18, 2025, the Company executed the twenty-ninth, thirtieth and thirty-first one-month extensions for the period from January 26, 2025, to April 26, 2025.

On June 26, 2025, the Company held a stockholders' meeting at which a proposal to approve the extension of time to consummate the closing of a Business Combination Agreement to September 26, 2025, was approved. The Company, as with all previous extensions, provided its stockholders with the opportunity to redeem all or a portion of their Public Shares at the time of this stockholders' meeting. The stockholders who elected to redeem their shares did so for a pro rata portion of the amount then in the Trust Account ($11.505 per share), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. On June 27, 2025, $584,386 was paid to stockholders in conjunction with the redemptions from our Special Shareholders Meeting held on June 26, 2025, redeeming 47,690 shares of the Company's common stock, with 3,364,413 shares of common stock remaining outstanding after Redemption; 224,413 of the 3,364,413 shares of common stock remaining outstanding after redemption (the "Public Shares") are owned by the public stockholders. The public stockholders will continue to have the opportunity to redeem all or a portion of their Public Shares upon the completion of an initial business combination at a per-share price, payable in cash, equal to the aggregate amount on deposit in the Trust Account as of two business days prior to the consummation of the initial business combination, including interest (which interest shall be net of taxes payable) divided by the number of then outstanding public shares, subject to the limitations described herein. On June 9, 2025, the Company executed the thirty-second and thirty-third one-month extensions to June 26, 2025, and on June 27, 2025, the Company executed the thirty-fourth one-month extension to July 26, 2025. On August 18, 2025, the Company executed (including accrued interest) the thirty-fifth one-month extension to August 26, 2025.

If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company's remaining stockholders and the Company's board of directors, dissolve and liquidate, subject in each case to the Company's obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company's warrants, which will expire worthless if the Company fails to complete a Business Combination within the Combination Period.

In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $11.61 per Public Share or (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay our taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and will not apply to any claims under the Company's indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "Securities Act"). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company's independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

On May 24, 2024, the Company received written notice (the "Notice Letter") from the Panel indicating that the Panel had determined to delist our securities from The Nasdaq Stock Market LLC ("Nasdaq") and that trading in our securities would be suspended at the open of trading on May 29, 2024, due to our failure to satisfy the terms of the Panel's Decision. Pursuant to the terms of the Decision, amongst other things, we were required to close our initial business combination, with the new entity demonstrating compliance with the initial listing criteria set forth in Nasdaq Listing Rule 5500 on or before May 28, 2024. On May 24, 2024, we notified the Panel that we would not be able to close our initial business combination by the Panel's May 28, 2024, deadline. Accordingly, the Panel determined to delist our securities from Nasdaq as set forth in the Notice Letter.

On August 21, 2024, the Company's common stock, rights and warrants began trading on the OTCQX Best Market. On March 17, 2025, the Company received a notice from OTCQX Market stating that the Company is not in compliance with Section 2 of the Requirements for Continued Qualification of the OTCQX Rules for U.S. Companies (the "OTCQX Rules"). Specifically, the notice referenced a deficiency with respect to the Company's rights and warrants, trading under the tickers "BRZHR" and "BRZHW" respectively, under Section 1.1(A) of the OTCQX Eligibility Criteria. The Company has 90 days from the date of the notice, or until June 13, 2025, to cure the deficiency. On June 13, 2025, the Company received notice of delisting. On June 16, 2025, the Company's rights and warrants were moved from OTCQX Best Market to OTCQB, due to our failure to meet one of the penny stock exemptions under Section 1.1(A) of the OTCQX Eligibility Criteria.

On September 24, 2024, Breeze Holdings Acquisition Corp., a Delaware corporation ("Breeze" or "Parent"), entered into a Merger Agreement and Plan of Reorganization (the "Merger Agreement"), by and among (i) Breeze, (ii) a Cayman Islands exempted company and wholly owned subsidiary of Parent named "YD Bio Limited," (f/k/a True Velocity, Inc., a wholly owned subsidiary of Breeze) which name was changed YD Bio Limited on November 18, 2024, which will enter into a joinder to the Merger Agreement ("Pubco"), (iii) Breeze Merger Sub, Inc., a Delaware corporation and which is a direct, wholly owned subsidiary of Pubco ("Parent Merger Sub"), (iv) a Cayman Islands exempted company which will be a wholly owned subsidiary of Pubco, expected to be named "BH Biopharma Merger Sub Limited," and once formed, will enter into a joinder to the Merger Agreement ("Company Merger Sub," with Company Merger Sub and Parent Merger Sub together referred to herein as the "Merger Subs"), and (v) YD Biopharma Limited, a Cayman Islands exempted company ("YD Biopharma"). On May 30, 2025, the Company entered into the amendment no.1 to the Merger Agreement (the Amendment, together with the Merger Agreement and the Joinder, collectively, the Merger Agreement) with the Company, Parent Merger Sub, the Target Company and the Company Merger Sub. In connection with the closing of the business combination between the Pubco, the Company, and YD Biopharma, the Pubco received commitments of $13.2 million in connection with a PIPE financing to be completed concurrently with the closing of the Business Combination (the "PIPE Financing"). YD Biopharma is the operating company of the target. Capitalized terms used herein and not defined shall have the meaning attributed to them in the Merger Agreement.

As of June 23, 2025, Pubco entered into Subscription Agreements with certain investors for the private placement of an aggregate of 1,650,000 shares of Pubco's ordinary shares, par value $0.0001 per share, at a purchase price of $8.00 per share, for an aggregate purchase price of $13.2 million. This PIPE Financing is contingent upon the successful completion of the Merger Agreement at which time the shares will be issued. The funds raised from this PIPE Financing will be used to support the business combination and related transaction costs.

***Going Concern***

 

As of June 30, 2025, the Company had $6,312 in cash held outside of the Trust Account and negative working capital of $10,824,317, excluding prepaid income taxes, prepaid franchise taxes and excise tax payable.

In connection with the Company's assessment of going concern considerations in accordance with the authoritative guidance in Financial Accounting Standard Board ("FASB") Accounting Standards Update ("ASU") Topic 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," management has determined that the Company currently lacks the liquidity it needs to sustain operations for a reasonable period of time, which is considered to be at least one year from the date that the consolidated financial statements are issued.

The Company's liquidity needs prior to the consummation of the Initial Public Offering were satisfied through proceeds of $25,000 from the sale of the Founder Shares, and a loan of $300,000 under an unsecured and non-interest bearing promissory note (see Note 5). Subsequent to the consummation of the Initial Public Offering, the Company's liquidity needs have been satisfied from the net proceeds from the private placement held outside of the Trust Account.

The Company has incurred and expects to continue to incur significant costs in pursuit of its acquisition plans. These conditions raise substantial doubt about the Company's ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. Management plans to address this uncertainty through a business combination. In addition, in order to finance transaction costs in connection with an intended initial business combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors may, but are not obligated to, loan the Company funds as may be required. There is no assurance that the Company's plans to consummate a business combination or obtain Working Capital Loans will be successful or successful within the Combination Period.

The Company has until September 26, 2025, to consummate a business combination, and we intend to do so within this time period.

The Company believes it will need to raise additional funds in order to meet the expenditures required for operating its business. If the Company estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a business combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to its business combination. Moreover, the Company may need to obtain additional financing either to complete its business combination or because the Company becomes obligated to redeem a significant number of its public shares upon consummation of its business combination, in which case the Company may issue additional securities or incur debt in connection with such business combination. Subject to compliance with applicable securities laws, the Company would only complete such financing simultaneously with the completion of its business combination. If the Company is unable to complete its business combination because the Company does not have sufficient funds available to it, the Company will be forced to cease operations and liquidate the trust account. In addition, following its business combination, if cash on hand is insufficient, the Company may need to obtain additional financing in order to meet its obligations.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are available to be issued. The Company's business plan is dependent on the completion of a business combination and the Company's cash and working capital as of June 30, 2025, are not sufficient to complete its planned activities. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

***Risks and uncertainties***

 

With rising tensions around the world based on the current conflict between Israel and Hamas and the current conflict between Ukraine and Russia, we may be unable to complete a business combination if concerns related to this and other potential conflicts impact global capital markets, the ability to transfer money, currency exchange rates, cyber attacks and infrastructure including power generation and transmission, communications, and travel. Escalating conflicts could also have an impact on global demands for health care, international trade including vendor supply chains, and energy. In addition, there have been recent threats to infrastructure and equipment including cyber attacks, physical facility destruction and equipment destruction.

Our operations and financial performance may also be subject to significant risks arising from geopolitical tensions, particularly in relation to China, South Korea and Taiwan. As a major global economic power, China's political policies, trade practices, and regulatory environment may directly impact our business. Additionally, rising political tensions and potential conflicts in the Asia-Pacific region, such as territorial disputes, trade disagreements, or military confrontations, could disrupt supply chains, increase costs, or adversely affect market demand. These risks are compounded by the potential for government interventions, such as trade restrictions, tariffs, sanctions, export controls or blockades, which may affect our ability to operate or source products from Taiwan and/or other affected regions. Moreover, changes in laws and regulations, including those relating to technology, intellectual property, labor practices, and environmental regulations, may also introduce additional uncertainty and operational challenges.

The outcome of these conflicts or their impact cannot be predicted and may have an adverse impact in a material way on our ability to consummate a business combination, or to operate a target business with which we ultimately consummate a business combination.

On August 16, 2022, the Inflation Reduction Act of 2022 (the "Inflation Reduction Act") was signed into law, which, among other things, imposes a 1% excise tax on the fair market value of stock repurchased by a domestic corporation beginning in 2023, with certain exceptions. Because the Company is a Delaware corporation and its securities were traded on the Nasdaq Stock Market, the Company is a "covered corporation" within the meaning of the Inflation Reduction Act, and while not free from doubt, it is possible that the excise tax will apply to any redemptions of its common stock after December 31, 2022, including redemptions in connection with an initial Business Combination and any amendment to its certificate of incorporation to extend the time to consummate an initial Business Combination, unless an exemption is available. Consequently, the value of an investment in the Company's securities may decrease as a result of the excise tax. In addition, the excise tax may make a transaction with the Company less appealing to potential Business Combination targets, and thus, potentially hinder the Company's ability to enter into and consummate an initial Business Combination. Further, the application of the excise tax in the event of a liquidation is uncertain absent further guidance.

On March 29, 2023, the Company redeemed 509,712 shares of its common stock subject to redemption at $10.56 per share for $5.4 million. On September 26, 2023, the Company redeemed 21,208 shares of its common stock subject to redemption at $10.77 per share for approximately $231,000. On June 26, 2024, the Company redeemed 265,564 shares of its common stock subject to redemption at $11.60 per share for approximately $3.1 million. On January 2, 2025, $7,353,424 was paid to stockholders in conjunction with the redemptions from our Special Shareholders Meeting held on December 23, 2024, redeeming 621,609 shares of the Company's common stock. On June 27, 2025, $584,386 was paid to stockholders in conjunction with the redemptions from our Special Shareholders Meeting held on June 26, 2025, redeeming 47,690 shares of the Company's common stock. Management evaluated the classification of the stock redemption under Accounting Standards Codification ("ASC") 450, "Contingencies". ASC 450 states that when a loss contingency exists the likelihood that the future event(s) will confirm the loss or impairment of an asset or the incurrence of a liability can range from probable to remote. A contingent liability must be reviewed at each reporting period to determine appropriate treatment. Management determined that it should recognize a 1% excise tax on the redemption amount paid. As of June 30, 2025, and December 31, 2024, the Company had an excise tax liability of $166,285 and $160,441, respectively, calculated as 1% of shares redeemed on March 29, 2023, September 26, 2023, June 21, 2024, December 23, 2024, and June 26, 2025. Any reduction to this liability resulting from either a subsequent stock issuance or an event giving rise to an exception that occurs within this tax year, will be recognized in the period (including an interim period) that such stock issuance or event giving rise to an exception occurs.

We may maintain cash balances at third-party financial institutions in excess of the Federal Deposit Insurance Corporation (the "FDIC") insurance limit. The FDIC took control and was appointed receiver of Silicon Valley Bank and New York Signature Bank on March 10, 2023, and March 12, 2023, respectively. The Company does not have any direct exposure to Silicon Valley Bank or New York Signature Bank. However, if other banks and financial institutions enter receivership or become insolvent in the future in response to financial conditions affecting the banking system and financial markets, our ability to access our existing cash, cash equivalents and investments may be threatened and could have a material adverse effect on our business and financial condition.

**2. Summary of Significant Accounting Policies**

***Basis of presentation***

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the period ended December 31, 2024, as filed with the SEC on March 11, 2025. The financial information as of December 31, 2024, is derived from the audited financial statements presented in the Company's Annual Report on Form 10-K for the period ended December 31, 2024. The interim results for the six months ended June 30, 2025, are not necessarily indicative of the results to be expected for the period ending December 31, 2025, or for any future interim periods.

**Emerging growth company**

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

This may make comparison of the Company's financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

***Principles of Consolidation***<br>

The unaudited condensed consolidated financial statements include the accounts of the Company and its majority-owned and controlled operating subsidiaries, YD Bio Limited (f/k/a True Velocity, Inc.), Parent Merger Sub, and Company Merger Sub. From the inception of each operating subsidiary through June 30, 2025, the subsidiaries had no activity after elimination of all intercompany transactions and balances as of June 30, 2025 and December 31, 2024.

***Use of estimates***

 

The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

 

***Cash and cash equivalents***

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2025 and December 31, 2024, respectively.

***Cash held in Trust Account***

 

As of June 30, 2025, and December 31, 2024, all of the assets held in the Trust Account were held as cash in an interest-bearing bank demand deposit account.

***Common stock subject to possible redemption***

 

All of the 11,500,000 shares of common stock sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company's liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company's Amended and Restated Certificate of Incorporation. In accordance with SEC and its staff's guidance on redeemable equity instruments, which has been codified in Accounting Standards Classification ("ASC") 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject to possible redemption to be classified outside of permanent equity. Therefore, all of the shares of common stock sold as part of the Units in the Initial Public offering have been classified outside of permanent equity.

On September 13, 2022, March 22, 2023, and September 22, 2023, the Company held stockholders' meetings at which proposals to approve the extension of time to consummate the closing of a Business Combination Agreement were approved through June 26, 2024.

On June 21, 2024, the Company held a stockholders' meeting at which a proposal to approve the extension of time to consummate the closing of a Business Combination Agreement to December 26, 2024, and was approved. The stockholders who elected to redeem their shares did so for a pro rata portion of the amount then in the Trust Account ($11.085 per share), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. In connection with the extension proposal, 265,564 shares of the Company's common stock were redeemed, representing 6.2% of Breeze's total outstanding shares at the time of the vote.

On December 23, 2024, the Company held a stockholders' meeting at which a proposal to approve the extension of time to consummate the closing of a Business Combination Agreement to June 26, 2025, and was approved. The stockholders who elected to redeem their shares did so for a pro rata portion of the amount then in the Trust Account ($11.295 per share), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. The Company recorded a liability of approximately $7.4 million as of December 31, 2024, for the payment of its obligation for the share redemption. On January 2, 2025, 621,609 shares of the Company's common stock were redeemed.

On June 26, 2025, the Company held a stockholders' meeting at which a proposal to approve the extension of time to consummate the closing of a Business Combination Agreement to September 26, 2025, was approved. The Company, as with all previous extensions, provided its stockholders with the opportunity to redeem all or a portion of their Public Shares at the time of this stockholders' meeting. The stockholders who elected to redeem their shares did so for a pro rata portion of the amount then in the Trust Account ($11.505 per share), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. On June 27, 2025, 47,690 shares of the Company's common stock were redeemed The 224,413 and 893,712 shares of common stock remaining from the Initial Public Offering have been classified outside of permanent equity at June 30, 2025, and December 31, 2024, respectively.

The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are recorded as charges to additional paid-in capital and, if necessary, accumulated deficit. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable common stock to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are recorded as charges or credits to additional paid-in capital and, if necessary, accumulated deficit. Stockholders who elect to redeem their shares do so for a pro rata portion of the amount then in the Trust Account and also receive any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses).

As of June 30, 2025, the common stock reflected in the condensed consolidated balance sheet are reconciled in the following table:

---

| | |
|:---|:---|
| **Common stock subject to possible redemption – December 31, 2024** | $**3078621** |
| Plus: |  |
| &nbsp;&nbsp;&nbsp;Re-measurement of Common stock to redemption value | 165173 |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Common stock redeemed | (584386) |
| **Common stock subject to possible redemption – June 30, 2025** | $**2659408** |

---

***Warrant Liabilities***

 

The Company accounts for the Public Warrants and Private Placement Warrants (collectively, "Warrants", see Note 7) in accordance with ASC 815-40, "Derivatives and Hedging — Contracts in Entity's Own Equity". Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be classified as a liability. Accordingly, the Company classifies each warrant as a liability at its fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability is adjusted to fair value, with the change in fair value recognized in the Company's consolidated statements of operations. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the condensed consolidated balance sheet and measured at fair value at inception (on the date of the Initial Public Offering) and at each reporting date thereafter in accordance with ASC 820, "Fair Value Measurement" ("ASC 820"), with changes in fair value recognized in the condensed consolidated statements of operations in the period of change.

***Income taxes***

 

The Company follows the asset and liability method of accounting for income taxes under ASC 740, "Income Taxes." Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC 740-270 prescribes a recognition threshold and a measurement attribute for the financial statement's recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2025, and December 31, 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

The Company believes its calculation to be a reliable estimate and allows it to properly take into account the usual elements that can impact its annualized book income and its impact on the effective tax rate. As such, the Company is computing its taxable income (loss) and associated income tax provision based on actual results through June 30, 2025, and does not use the annual effective tax rate (AETR) method.

***Net income (loss) per share***

 

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, "Earnings Per Share". Net income (loss) per share of common stock is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. As the Public Shares are considered to be redeemable at fair value, and a redemption at fair value does not amount to a distribution different than other shareholders, redeemable and non-redeemable shares of common stock are presented as one class of shares in calculating net income (loss) per share of common stock. As a result, the calculated net income (loss) per share is the same for redeemable and non-redeemable shares of common stock. For the six months ended June 30, 2025, and the year ended December 31, 2024, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the earnings of the Company. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the periods presented.

The following table reflects the calculation of basic and diluted net (loss) income per common share (in dollars, except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| *Basic and diluted net (loss) income per share of common stock* |  |  |  |  |
| Numerator: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) income | $(2214684) | $17103566 | $(5582198) | $(4912173) |
| Denominator: |  |  |  |  |
| Basic and diluted weighted average shares of common stock outstanding | 3409483 | 4220988 | 3414220 | 4260132 |
| Basic and diluted net (loss) income per share of common stock | $(0.65) | $4.05 | $(1.63) | $(1.15) |

---

 

***Concentration of credit risk***

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times may exceed the Federal Deposit Insurance Corporation coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

***Fair value of financial instruments***

 

The Company applies ASC 820, which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company's principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity's own assumptions based on market data and the entity's judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances.

The carrying amounts reflected in the condensed consolidated balance sheet for cash, prepaid expenses and accrued offering costs approximate fair value due to their short-term nature.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

Level 1 – Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 – Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.

See Note 9 for additional information on assets and liabilities measured at fair value.

***Segment Reporting***

The Company complies with ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements. The Company adopted ASU 2023-07 on January 1, 2024. The amendments will be applied retrospectively to all prior periods presented in the financial statements (see Note 11).

 ****

***Recent accounting pronouncements***

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 (generally, calendar year 2025) and effective for all other business entities one year later. Entities should adopt this guidance on a prospective basis, though retrospective application is permitted. The Company's management does not believe the adoption of ASU 2023-09 will have a material impact on its financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires a public entity to disclose additional information about specific expense categories in the notes to the financial statements on an annual and interim basis. It is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. In January 2025, the FASB issued ASU 2025-01 to clarify that all public entities, including non-calendar year-end entities, should adopt the disclosure requirements of ASU 2024-03. The Company is currently evaluating the impact.

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's condensed consolidated financial statements.

**3. Initial Public Offering**

Pursuant to the Initial Public Offering, the Company sold 10,000,000 Units at a purchase price of $10.00 per Unit on November 23, 2020, for an aggregate purchase price of $100,000,000. Each Unit consists of one share of common stock, $0.0001 par value, one Right to receive one-twentieth (1/20) of one share of common stock upon the consummation of an initial business combination and one redeemable warrant ("Public Warrant"). In connection with the underwriters' exercise of the over-allotment option on November 25, 2020, the Company sold an additional 1,500,000 Units at a price of $10.00 per Unit. Each whole Public Warrant entitles the holder to purchase one share of common stock at an exercise price of $11.50 per whole share (see Note 7). Each Warrant will become exercisable on the later of 30 days after the completion of the Company's initial Business Combination or 18 months from the closing of the Initial Public Offering and will expire five years after the completion of the Company's initial Business Combination or earlier upon redemption or liquidation. However, if the Company does not complete its initial Business Combination on or prior to December 26, 2024, assuming all remaining one-month extensions are utilized, the Warrants will expire worthless at the end of such period.

**4. Private Placement**

Simultaneously with the closing of the Initial Public Offering, the Sponsor and I-Bankers purchased an aggregate of 5,425,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, for an aggregate purchase price of $5,425,000. Each Private Placement Warrant is exercisable to purchase one share of common stock at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, certain of the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.

**5. Related Party Transactions**

***Founder Shares***

 ****

In June 2020, the Sponsor purchased 100 shares of common stock (the "Founder Shares") for an aggregate purchase price of $25,000. On July 15, 2020, the Sponsor effected a 28,750-for-1 forward stock split and, as a result, our initial shareholders held 2,875,000 Founder Shares as of the date of our initial public offering.

The 2,875,000 Founder Shares included an aggregate of up to 375,000 shares subject to forfeiture to the extent that the underwriters' over-allotment option was not exercised in full or in part, so that the Sponsor will own, on an as-converted basis, 20% of the Company's issued and outstanding shares after the Initial Public Offering (assuming the Sponsor does not purchase any Public Shares in the Initial Public Offering). As a result of the underwriters' election to fully exercise their over-allotment option, 375,000 Founder Shares are no longer subject to forfeiture. The Founder Shares will automatically convert into shares of common stock upon consummation of a Business Combination on a one-for-one basis, subject to certain adjustments, as described in Note 6.

Under terms of a Letter Agreement dated November 23, 2020 the Sponsor and each holder of Founder Shares agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if the last sale price of the Company's common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of the Company's stockholders having the right to exchange their shares of common stock for cash, securities or other property.

The Letter Agreement was replaced by a Lock-up Agreement by and among YD Biopharma, certain shareholders of YD Biopharma, the Sponsor, and certain shareholders of the Company that was entered into on September 24, 2024, in connection with the execution of the Merger Agreement. The stockholders subject to the Lock-Up Agreement have agreed, subject to limited exceptions, not to transfer, assign or sell any Founder Shares held until the earlier to occur of: (A) eight months after the Closing Date or (B) subsequent to the Closing Date, (x) if the last sale price of Pubco's ordinary shares equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing the day after the fourth month anniversary after the closing date of merger with YD Biopharma the transfer restriction shall expire with respect to ten percent (10%) of the Lock-Up Shares, (y) if the last sale price of Pubco's ordinary shares equals or exceeds $15.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing the day after the fourth month anniversary after the closing date of merger with YD Biopharma Limited the transfer restriction shall expire with respect to an additional ten percent (10%) of the Lock-Up Shares, or (z) the date on which Pubco completes a liquidation, merger, capital stock exchange or other similar transaction that results in all of Pubco's stockholders having the right to exchange their ordinary shares for cash, securities or other property.

The Company had agreed with each of its four independent directors (the "Directors") subsequent to incorporation of the Company to provide them the right to each purchase 25,000 Founder Shares with a par value of $0.0001 of the Company from Breeze Sponsor, LLC (the "Sponsor"). The Directors each exercised their right in full on July 6, 2021, and purchased 100,000 shares (25,000 per each Director) of the Founder Shares from Sponsor for a total of $10 in the aggregate. Sponsor has agreed to transfer 15,000 shares of its common stock to each of the Directors upon the closing of a Business Combination by the Company, with such shares currently beneficially owned by Sponsor.

The Sponsor and I-Bankers Securities purchased an aggregate of 5,425,000 Private Placement Warrants at a price of $1.00 per warrant in a private placement that occurred simultaneously with the closing of Breeze's IPO. Of such amount, 4,325,000 Private Placement Warrants were purchased by the Sponsor, and an aggregate of 1,100,000 Private Placement Warrants were purchased by I-Bankers Securities and Northland. The Private Placement Warrants (including the common stock issuable upon exercise of the private placement warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder until 30 days after the completion of Breeze's initial business combination.

If any of Breeze's officers or directors becomes aware of a business combination opportunity that falls within the line of business of any entity to which he or she has then-current fiduciary or contractual obligations, he or she may be required to present such business combination opportunity to such entity prior to presenting such business combination opportunity to us. Breeze's executive officers and directors currently have certain relevant fiduciary duties or contractual obligations that may take priority over their duties to us.

The Sponsor, executive officers and directors, or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on Breeze's behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Breeze's audit committee will review on a quarterly basis all payments that were made to the Sponsor, officers, directors or Breeze's or their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on Breeze's behalf.

***Administrative Support Agreement***

 ****

The Company entered into an agreement whereby, commencing on November 23, 2020, through the earlier of the Company's consummation of a Business Combination and its liquidation, the Company will pay an affiliate of the Sponsor a total of $5,000 per month for office space, utilities and secretarial and administrative support services. For the six months ended June 30, 2025, the Company incurred and paid $30,000 in fees for these services of which such amounts are included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets.

***Related Party Loans***

 ****

In order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers and directors may, but are not obligated to, loan the Company funds as may be required ("Working Capital Loans"). Such Working Capital Loans would be evidenced by promissory notes. The notes would be repaid upon consummation of a Business Combination, without interest. In the event that a Business Combination does not close, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

On November 19, 2021 (as amended), the Sponsor loaned Breeze an aggregate of $1,150,000 pursuant to an unsecured promissory note to extend the date by which Breeze has to consummate a business combination from November 25, 2021, to February 25, 2022. This unsecured promissory note is non-interest bearing and payable on the earlier of (i) the consummation of an initial Business Combination, or (ii) September 26, 2025. On February 18, 2022 (as amended), the Sponsor loaned the Company an aggregate of $1,150,000 pursuant to an unsecured promissory note to extend the date by which the Company had to consummate a business combination from February 25, 2022, to May 25, 2022. This unsecured promissory note is non-interest bearing and payable on the earlier of (i) the consummation of an initial Business Combination, or (ii) September 26, 2025.

On February 1, 2022 (as amended), the Company signed a Promissory Note with Sponsor, with a Maturity Date of March 26, 2023, for a total of up to $1,500,000. On October 1, 2022, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of September 26, 2023, for a total of up to $4,000,000.

On April 1, 2023, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of September 26, 2023, for a total of up to $5,000,000. On October 1, 2023, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of June 26, 2024, for a total of up to $6,000,000. On March 1, 2024, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of June 26, 2024, for a total of up to $7,000,000. On July 1, 2024, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of December 26, 2024, for a total of up to $7,500,000. On December 26, 2024, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of June 26, 2025, for a total of up to $7,500,000. On March 1, 2025, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of June 26, 2025, and on June 27, 2025, the note was further amended to September 26, 2025, for a total of up to $8,000,000. As of June 30, 2025, the amount outstanding under this Promissory Note was $6,691,039 for direct working capital, and $1,179,374 for monthly SPAC extension funds the Sponsor deposited into the Trust Account during the months of September 2022 through June 2025 for a total of $7,870,413 from Sponsor. The Promissory Note is non-interest bearing and payable on the earlier of (i) the consummation of an initial Business Combination, or (ii) September 26, 2025. The Company additionally owes the Sponsor $220,052 for expenses paid by Sponsor on behalf of the Company. The total amount owed to the Sponsor as of June 30, 2025, is $10,390,465.

The Company had 12 months from the closing of the Initial Public Offering to consummate its initial Business Combination. However, by resolution of its board, requested by the Sponsor, the Company extended the period of time to consummate a Business Combination two times, each by an additional three months (for a total of up to 18 months to complete a Business Combination). The Sponsor deposited additional funds into the Trust Account in order to extend the time available for the Company to consummate its initial Business Combination. The Sponsor deposited into the Trust Account for each three-month extension, $1,150,000 ($0.10 per share) on or prior to the date of the applicable deadline.

On September 13, 2022, the Company held its annual stockholders' meeting and approved the Company to extend the date of September 26, 2022, up to six (6) times for an additional one (1) month each time (ultimately until as late as March 26, 2023). For each one-month extension on September 26, October 26, November 26, December 26, 2022, January 25, 2023, and February 23, 2023, $59,157 ($0.035 per share) per extension, up to an aggregate of $354,942, or approximately $0.21 per share. The Company held a meeting of its stockholders on March 22, 2023, where the Company's stockholders approved the Company to extend the date of March 26, 2023, up to six (6) times for an additional one (1) month each time (ultimately until as late as September 26, 2023). For each one-month extension through September 26, 2023, the Sponsor deposited into the Trust Account $41,317 ($0.035 per share) on March 30, 2023. April 25, 2023, May 25, 2023, June 26, 2023, August 2, 2023, and August 28, 2023.

The Company held a meeting of its stockholders on September 22, 2023 where the Company's stockholders approved (i) a proposal to amend the Company's A&R COI to authorize the Company to extend the date of September 26, 2023, up to nine (9) times for an additional one (1) month each time (ultimately until as late as June 26, 2024), and (ii) a proposal to amend the Trust Agreement to authorize the Extension and its implementation by the Company. For each one-month extension the Company deposited $40,575 ($0.035 per share) into the Trust Account. On September 27, 2023, Breeze executed the thirteenth one-month extension through October 26, 2023. On October 24, 2023, November 26, 2023, December 27, 2023, January 26, 2024, February 27, 2024, March 26, 2024, May 7, 2024, and June 3, 2024, Breeze executed the fourteenth, fifteenth, sixteenth, seventeenth, eighteenth, nineteenth, twentieth and twenty-first one-month extensions through June 26, 2024. The payments were made in the form of a loan. The loans are non-interest bearing and payable upon the consummation of the Company's initial Business Combination. If the Company completes an initial Business Combination, it will repay such loaned amounts out of the proceeds of the Trust Account released to it. If the Company does not complete a Business Combination, it will not repay such loans. Furthermore, the letter agreement with the Company's initial stockholders contains a provision pursuant to which the Sponsor has agreed to waive its right to be repaid for such loans out of the funds held in the Trust Account in the event that the Company does not complete a Business Combination.

The Company held a meeting of its stockholders on June 21, 2024 where the Company's stockholders approved (i) a proposal to amend the Company's A&R COI to authorize the Company to extend the date of June 26, 2024, up to six (6) times for an additional one (1) month each time (ultimately until as late as December 26, 2024), and (ii) a proposal to amend the Trust Agreement to authorize the Extension and its implementation by the Company. For each one-month extension the Company will deposit $31,280 ($0.035 per share) into the Trust Account. On June 26, 2024, and August 1, 2024, Breeze executed the twenty-second and twenty-third one-month extensions, and on November 22, 2024, Breeze executed (including accrued interest) the twenty-fourth, twenty-fifth and twenty-sixth one-month extensions for the period from September 26, 2024, through November 26, 2024.

On December 23, 2024, the Company held a meeting of its stockholders on December 23, 2024 where they approved (i) a proposal to amend the Company's A&R COI to authorize the Company, and (ii) a proposal to amend the Trust Agreement to authorize and implement by the Company, an extension in one-month intervals up to June 26, 2025. The stockholders who elected to redeem their shares did so for a pro rata portion of the amount then in the Trust Account ($11.295 per share), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. On January 2, 2025, $7,353,424 was paid to stockholders in conjunction with the redemptions from our Special Shareholders Meeting held on December 23, 2024, redeeming 621,609 shares of the Company's common stock, with 3,412,103 shares of common stock remaining outstanding after Redemption; 272,103 of the 3,412,103 shares of common stock remaining outstanding after redemption (the "Public Shares") are owned by the public stockholders. On January 2, 2025, the Company executed the twenty-seventh and twenty-eighth one-month extensions for the period from November 26, 2024, to January 26, 2025. On March 18, 2025, the Company executed the twenty-ninth, thirtieth and thirty-first one-month extensions for the period from January 26, 2025, to April 26, 2025.

The Company held a meeting of its stockholders on June 26, 2025 where the Company's stockholders approved (i) a proposal to amend the Company's A&R COI to authorize the Company to extend the date of September 26, 2025, up to three (3) times for an additional one (1) month each time (ultimately until as late as September 26, 2025), and (ii) a proposal to amend the Trust Agreement to authorize the Extension and its implementation by the Company. For each one-month extension the Company will deposit $7,855 ($0.035 per share) into the Trust Account. If the Company executes all three (3) extensions, up to September 26, 2025 and has not completed a business combination, the Company may hold a meeting of its stockholders to approve (i) a proposal to amend the Company's A&R COI to authorize the Company an extension for a designated time, and (ii) a proposal to amend the Trust Agreement to authorize the Extension and its implementation by the Company.

In addition, in order to finance transaction costs in connection with an intended initial business combination, the Sponsor or an affiliate of the Sponsor or certain of Breeze's officers and directors may, but are not obligated to, loan us funds as may be required. If we complete an initial business combination, we will repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from Breeze's trust account would be used for such repayment. Breeze does not expect to seek loans from parties other than the Sponsor or an affiliate of the Sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in Breeze's trust account.

***Representative and Consultant Shares***

 ****

Pursuant to the underwriting agreement (the "Underwriting Agreement") between the Company and I-Bankers Securities (the "Representative"), on November 23, 2020, the Company issued to the Representative and its designee 250,000 shares of common stock and separately agreed to issue the Company's Consultant 15,000 shares of common stock for nominal consideration in a private placement intended to be exempt from registration under Section 4(a)(2) of the Act. In August 2021, the Company issued to the Consultant such Consultant Shares. The Company accounted for the Representative Shares and Consultant Shares as a deferred offering cost of the Initial Public Offering. Accordingly, the offering cost was allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to the Warrants were expensed immediately in the statement of operations, while offering costs allocated to the redeemable Public Shares were deferred and subsequently charged to temporary stockholders' equity following the completion of the Initial Public Offering.

In 2020, the Company estimated and recorded the fair value of the Representative Shares and Consultant Shares to be $1,322,350 based upon the price of the common stock issued ($4.99 per share) to the Representative and Consultant. The holders of the Representative Shares and Consultant Shares have agreed not to transfer, assign or sell any such shares until the later of (i) 30 days after the completion of a Business Combination and 180 days pursuant to FINRA Conduct Rule 5110(e)(1) following the effective date of the Registration Statement to anyone other than (i) the Representative or an underwriter or selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of the Representative or of any such underwriter or selected dealer. Additionally, pursuant to FINRA Conduct Rule 5110(e), the Representative Shares and Consultant Shares will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective date of the Registration Statement.

In addition, the holders of Representative Shares and Consultant Shares have agreed (i) to waive their redemption rights with respect to such shares in connection with the completion of a Business Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete a Business Combination within the time specified in the certificate of incorporation.

**6. Commitments**

***Registration and Stockholder Rights***

 

Pursuant to a registration rights and stockholder agreement entered into on November 23, 2020, the holders of the Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any shares of common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration and stockholder rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Company's common stock). The holders of the majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements. In the case of the private placement warrants and representative shares issued to I-Bankers Securities, the demand registration rights provided will not be exercisable for longer than five years from the effective date of the registration statement in compliance with FINRA Rule 5110(g)(8)(C) and the piggyback registration right provided will not be exercisable for longer than seven years from the effective date of the registration statement in compliance with FINRA Rule 5110(g)(8)(D). The Company will bear the expenses incurred in connection with the filing of any such registration statements.

***Business Combination Marketing Agreement***

The Company has engaged I-Bankers Securities on November 23, 2020, as an advisor in connection with a Business Combination to assist the Company in holding meetings with its stockholders to discuss the potential Business Combination and the target business' attributes, introduce the Company to potential investors that are interested in purchasing the Company's securities in connection with a Business Combination, assist the Company in obtaining stockholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. The Company will pay I-Bankers Securities a cash fee for such services upon the consummation of a Business Combination in an amount equal to 2.75% of the gross proceeds of our Initial Public Offering, or $3,162,500. As of June 30, 2025, there were no unbilled or accrued amounts for services that had been performed pursuant to this agreement.

***Strategic Legal Advisory Services***

On March 24, 2021, as supplemented on August 30, 2022, the Company signed a Legal Services Engagement Letter with Woolery & Co. ("Woolery") for services in connection with completing a business combination or a similar transaction. Services include, but are not limited to, strategic legal advice on a business combination and associated corporate matters, introductions to financial institutions to facilitate business combination financing requirements, domestic and international transaction structuring, and preparation of any required Nasdaq listing application. As of June 30, 2025, there were no unbilled or accrued amounts for services that had been performed pursuant to this agreement. Pursuant to the engagement letter, Breeze paid a non-refundable retainer of $100,000, and upon the completion of a business combination or similar transaction, Breeze is obligated to pay Woolery a fee of $2.0 million, however, Sponsor has agreed to assume $1.2 million of the obligation, and a discretionary performance fee, if warranted, and mutually and reasonably agreed upon by Breeze and Woolery. At the closing of a business combination, Breeze will pay Woolery the balance of $800,000.

***Filing and Printing Services Agreement***

On October 30, 2024, Breeze signed a Filing and Printing Services Agreement with Edgar Agents LLC, for SEC document preparation, printing and filing for the merger with YD Biopharma. As of June 30, 2025, there were approximately $110,000 unbilled or pending amounts for services that had been performed through June 30, 2025, pursuant to this agreement. The agreement includes an obligation to pay a Transaction Success Fee of $50,000 upon successful completion and filing of the documents with the SEC.

***Public Relations Agreement***

On February 29, 2024, the Company signed a Public Relations Agreement with Gateway Group, Inc. ("Gateway"), for public relations services for a business combination. As of June 30, 2025, Gateway has not provided the Company with any services pursuant to this agreement. The agreement includes an obligation to pay a Transaction Success Fee of $100,000 upon the successful completion of a business combination.

***Proxy Solicitation Services Agreement***

On October 17, 2024, Breeze signed a Proxy Solicitation Services Agreement with D.F. King & Co., Inc. ("D.F. King"), for proxy solicitation services associated with the business combination with YD Biopharma. As of June 30, 2025, D.F. King has not provided the Company with any services pursuant to this agreement. The agreement includes an obligation to pay a Service Fee of $25,000 and a discretionary fee, if warranted, at the sole discretion of Breeze based upon the campaign and D.F. King's performance. On May 27, 2025, Breeze signed a proxy solicitation services agreement with D.F. King, for proxy solicitation services in connection with the Company's stockholders' vote to approve an extension amendment at a meeting that is currently expected to occur in June 2025. As consideration for the Services, the Company shall pay to D.F. King a non-refundable Service Fee of $5,000 and a discretionary fee, if warranted, at the sole discretion of the Company, based upon the campaign and D.F. King's performance.

**7. Warrants**

As of June 30, 2025, and December 31, 2024, there were 11,500,000 Public Warrants and 5,425,000 Private Placement Warrants outstanding. The Company classifies the outstanding Public Warrants and Private Placement Warrants as warrant liabilities on the balance sheet in accordance with the guidance contained in ASC 815-40. Under the guidance in ASC 815-40, certain warrants do not meet the criteria for equity treatment. These warrants include a clause whereby the warrant holder may be entitled to receive a net cash settlement upon the acceptance by the holders of the Company's common stock of a tender, exchange or redemption offer. Upon such a qualifying tender cash offer (an event which could be outside the control of the Company), all Warrant holders would be entitled to cash. This factor precludes the Company from applying equity accounting as the warrant holder could receive a net cash settlement value that is greater than a holder of the Company's common stock. Accordingly, the Company has concluded that liability accounting is required. As such, these warrants are recorded at fair value as of each reporting date with the change in fair value reported within other income in the accompanying condensed consolidated statements of operations as "Change in fair value of warrant liability" until the warrants are exercised, expired or other facts and circumstances lead the warrant liability to be reclassified to stockholders' equity. The Company utilized a Modified Black Scholes Model to estimate the fair values of the warrants, which incorporates significant inputs that are not observable in the market, and thus represents a Level 3 measurement as defined in ASC 820. The unobservable inputs utilized for measuring the fair value of the contingent consideration reflect management's own assumptions about the assumptions that market participants would use in valuing the contingent consideration. The Company determined the fair value by using the below key inputs to the Modified Black Scholes Model.

Public Warrants may only be exercised for a whole number of shares. No fractional shares are issued upon exercise of the Public Warrants. The Public Warrants are exercisable on the later of (a) 30 days after the consummation of a Business Combination or (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any shares of common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable for cash, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of the public warrants is not effective within a specified period following the consummation of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.

The Company has agreed that as soon as practicable, but in no event later than 15 business days, after the closing of our initial business combination, it will use our reasonable best efforts to file, and within 60 business days after the closing of our initial business combination, to have declared effective, a registration statement relating to the shares of common stock issuable upon exercise of the warrants and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if our common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a "covered security" under Section 18(b)(1) of the Securities Act, the company may, at its option, require holders of public warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event the company so elect, it will not be required to file or maintain in effect a registration statement, but will use its best efforts to qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Once the warrants become exercisable, the company may call the warrants for redemption:

● in whole and not in part;

● at a price of $0.01 per warrant;

● upon not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each warrant holder; and

● if, and only if, the reported last sale price of the common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date we send to the notice of redemption to the warrant holders.

The Company may not redeem the warrants when a holder may not exercise such warrants.

In addition, if (x) the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our initial stockholders or their affiliates, without taking into account any founder shares held by our initial stockholders or such affiliates, as applicable, prior to such issuance), (the "Newly Issued Price") (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our common stock during the 20 trading day period starting on the trading day after the day on which the company consummates its initial business combination (such price, the "Market Value") is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to the company, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common stock and any voting rights until they exercise their warrants and receive shares of common stock. After the issuance of shares of common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, the company will, upon exercise, round down to the nearest whole number of shares of common stock to be issued to the warrant holder.

The Private Placement Warrants (including the common stock issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination and they will be non-redeemable so long as they are held by the original holders or their permitted transferees. If the Private Placement Warrants are held by someone other than the original holders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Warrants included in the Units being sold in the Initial Public Offering. Otherwise, the Private Placement Warrants have terms and provisions that are substantially identical to those of the Warrants being sold as part of the Units in the Initial Public Offering.

The Sponsor and I-Bankers Securities purchased from the Company an aggregate of 5,425,000 Warrants at a price of $1.00 per Warrant (a purchase price of $5,425,000) in a private placement that occurred simultaneously with the completion of the Initial Public Offering (the "Private Placement Warrants"). Each Private Placement Warrant entitles the holder to purchase one share of common stock at $11.50. The purchase price of the Private Placement Warrants was added to the proceeds from the Initial Public Offering to be held in the Trust Account pending completion of the Company's initial Business Combination.

If the Company does not complete a Business Combination, then the proceeds will be part of the liquidating distributions to the public stockholders and the Warrants issued to the Sponsor and I-Bankers Securities will expire worthless.

The warrant liabilities were initially measured at fair value upon the closing of the Initial Public Offering and subsequently re-measured at each reporting period using a Modified Black-Scholes model. The Public Warrants were allocated a portion of the proceeds from the issuance of the Units equal to its fair value. The Company recognized a loss in connection with changes in the fair value of warrant liabilities of $1,861,750 and a gain of $17,476,250 for the 3 months ended June 30, 2025 and June 30, 2024, respectively, and a loss in connection with changes in the fair value of $4,908,250 and $3,656,250, in the condensed consolidated statements of operations for the six months ended June 30, 2025 and June 30, 2024, respectively.

**8. Stockholder's Deficit**

**Preferred Stock** — The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company's board of directors. As of June 30, 2025, and December 31, 2024, there were no shares of preferred stock issued or outstanding.

**Common Stock** — The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.0001 per share. Holders of common stock are entitled to one vote for each share. As of June 30, 2025, and December 31, 2024, there were 3,140,000 shares of common stock issued and outstanding for both periods, excluding 224,413 and 893,712 shares of common stock subject to possible redemption, respectively.

**Rights** — Except in cases where the Company is not the surviving company in a Business Combination, each holder of a Right will automatically receive one-twentieth (1/20) of a share of common stock upon consummation of the Business Combination, even if the holder of a Right converted all shares held by him, her or it in connection with the Business Combination or an amendment to the Company's certificate of incorporation with respect to its pre-business combination activities. In the event that the Company will not be the surviving company upon completion of the Business Combination, each holder of a Right will be required to affirmatively convert his, her or its Rights in order to receive the one-twentieth (1/20) of a share of common stock underlying each Right upon consummation of the Business Combination. No additional consideration will be required to be paid by a holder of Rights in order to receive his, her or its additional share of common stock upon consummation of the Business Combination. The shares issuable upon exchange of the Rights will be freely tradable (except to the extent held by affiliates of the Company). If the Company enters into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration the holders of shares of common stock will receive in the transaction on an as-converted into common stock basis.

The Company will not issue fractional shares in connection with an exchange of Rights. As a result, the holders of the Rights must hold Rights in multiples of 20 in order to receive shares for all of the holders' Rights upon closing of a Business Combination. If the Company is unable to complete an initial Business Combination within the required time period and the Company liquidates the funds held in the Trust Account, holders of Rights will not receive any of such funds with respect to their Rights, nor will they receive any distribution from the Company's assets held outside of the Trust Account with respect to such Rights, and the Rights will expire worthless. Additionally, in no event will the Company be required to net cash settle the Rights.

**9. Fair Value Measurements**

The following table presents information about the Company's financial assets that are measured at fair value on a recurring basis as of June 30, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

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| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| <br>**Description** | **Level 1** | **Level 2** | **Level 3** |
| Liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrant liability - Public Warrants | $5290000 | $— | $— |
| &nbsp;&nbsp;&nbsp;Warrant liability - Private Placement Warrants | $— | $2495500 | $— |

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The following table presents information about the Company's financial assets that are measured at fair value on a recurring basis as of December 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

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| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**Description** | **Level 1** | **Level 2** | **Level 3** |
| Liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrant liability - Public Warrants | $1955000 | $— | $— |
| &nbsp;&nbsp;&nbsp;Warrant liability - Private Placement Warrants | $— | $922250 | $— |

---

Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period. There were no transfers during the six months ended June 30, 2025. The value of the Private Warrants was transferred from Level 3 to Level 2 during the three months ended December 31, 2024.

The Company utilized a back-solve lattice model for the initial valuation of the Public Warrants. The subsequent measurement of the Public Warrants as of June 30, 2025, and December 31, 2024, are classified as Level 1 due to the use of an observable market quote in an active market under the ticker BRZHW. The quoted prices of the Public Warrants were $0.46 and $0.17 per warrant as of June 30, 2025, and December 31, 2024, respectively.

As of June 30, 2025, and December 31, 2024, the Company determined that utilizing the Modified Black-Scholes model to value the Private Placement Warrants deviated too far from what would be expected if the Private Placement Warrants were publicly traded as the terms of the Public Warrants and Private Placement Warrants are similar. Consequently, the Company used the quoted price of the Public Warrants of $0.46 and $0.17 per warrant as of June 30, 2025, and December 31, 2024, respectively, as a proxy for the fair value of the Private Placement Warrant. Pursuant to ASC 820, since the fair value is being based on the market price of the Public Warrants (which are similar but not identical to the Private Placement Warrants), this is considered a Level 2 input as it is observable, either directly or indirectly, for the Public Warrants but is not a quoted price in an active market for identical items.

The aforementioned warrant liabilities are not subject to qualified hedge accounting.

The following table presents the changes in the fair value of warrant liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Private<br> Placement** | **Public** | **Warrant<br> Liabilities** |
| Fair value as of December 31, 2023 | $705250 | $1495000 | $2200250 |
| Change in valuation inputs or other assumptions | 8137500 | 12995000 | 21132500 |
| Fair value as of March 31, 2024 | 8842750 | 14490000 | 23332750 |
| Change in valuation inputs or other assumptions | (6781250) | (10695000) | (17476250) |
| Fair value as of June 30, 2024 | $2061500 | $3795000 | $5856500 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Private<br> Placement** | **Public** | **Warrant<br> Liabilities** |
| Fair value as of December 31, 2024 | $922250 | $1955000 | $2877250 |
| Change in valuation inputs or other assumptions | 976500 | 2070000 | 3046500 |
| Fair value as of March 31, 2025 | 1898750 | 4025000 | 5923750 |
| Change in valuation inputs or other assumptions | 596750 | 1265000 | 1861750 |
| Fair value as of June 30, 2025 | $2495500 | $5290000 | $7785500 |

---

**10. Interim Income Tax**

The Company's effective tax rate for the three and six months ended June 30, 2025, was 0.04% and -0.01%, and for the three and six months ended June 30, 2024, was 0.04% and -0.25% respectively. The Company's effective tax rate differs from the statutory income tax rate of 21.00% primarily due to the recognition of gains or losses from the change in the fair value of warrants, non-deductible transaction costs, and the valuation allowance on the deferred tax assets for the three and six months ended June 30, 2025, and June 30, 2024, respectively. The Company has used a discrete effective tax rate method to calculate taxes for the three and six months ended June 30, 2025. The Company believes that, at this time, the use of the discrete method for the three and six months ended June 30, 2025, is more appropriate than the estimated annual effective tax rate method as the estimated annual effective tax rate method is not reliable due to a high degree of uncertainty in estimating annual pre-tax earnings or loss.

**11. Segment Information**

ASC Topic 280, "Segment Reporting," establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company's chief operating decision maker ("CODM"), or group, in deciding how to allocate resources and assess performance.

The Company is a blank check company formed for the purpose of effecting a Business Combination. As of June 30, 2025, the Company had not commenced any operations. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income on cash from the proceeds derived from the Initial Public Offering, and non-operating income or expense from the changes in the fair value of warrant liability.

The Company's CODM has been identified as the Chief Executive Officer, who reviews the consolidated operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.

When evaluating the Company's primary measure of performance and making key decisions regarding resource allocation, the CODM reviews several key metrics, which include the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30** | **June 30** | **June 30** | **June 30** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating and formation costs | $389191 | $537407 | $743010 | $1584448 |
| Loss from operations | (389191) | (537407) | (743010) | (1584448) |
| Total other expenses, net | (1827175) | 17647237 | (4839115) | (3315683) |
| Loss before income taxes | $(2216366) | $17109830 | $(5582125) | $(4900131) |
| Net loss | $(2214684) | $17103566 | $(5582198) | $(4912173) |

---

Operating and formation costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination within the business combination period. The CODM also reviews operating and formation costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget.

**Note 12. Subsequent Events**

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Based upon this review, the Company did not, except as described in these condensed consolidated financial statements and below, identify any other subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements.

On July 4, 2025, President Trump signed into law the legislation commonly referred to as the One Big Beautiful Bill Act ("OBBBA"). The OBBBA includes various provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements and will recognize the income tax effects in the consolidated financial statements beginning in the period in which the OBBBA was signed into law.

On August 13, 2025, Pubco entered into a termination agreement releasing Dr. Ou from his subscription obligations under the PIPE Financing and at the same time entered into a new subscription agreement with Ms. Hsiao Lan Wu. Ms. Lu's subscription is in the same amount and on the same terms as those previously agreed to by Dr. Ou. Pubco continues to have commitments of $13.2 million in connection with the PIPE Financing following the substitution of Ms. Wu for Dr. Ou. Ms. Wu has no affiliation with Pubco or any of its directors or officers.

On August 14, 2025, the Company held a special meeting of its stockholders where the Company's stockholders approved the Business Combination Proposal along with all other proposals necessary to complete the transaction, including amendments to the charter of the combined company and approval of the Pubco Incentive Plan.

In connection with the special meeting, 49,715 shares of the Company's common stock were redeemed (the "Redemption"), with 3,314,698 shares of Common Stock remaining outstanding after the Redemption; 174,698 shares of Common Stock remaining outstanding after the Redemption are shares issued in connection with our initial public offering.

On August 18, 2025, the Company executed the thirty-fifth one-month extension for the period from July 26, 2025 to August 26, 2025, depositing $7,876, which includes accrued interest, into the trust account.

## Exhibit 99.5

**Exhibit 99.5**

**Management's Discussion and Analysis of Financial Condition and Results of Operations**

*References in this report (the "Quarterly Report") to "we," "us" or the "Company" refer to Breeze Holdings Acquisition Corp. and its consolidated subsidiaries. References to our "management" or our "management team" refer to our officers and directors, and references to the "Sponsor" refer to Breeze Sponsor, LLC. The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.*

**Special Note Regarding Forward-Looking Statements**

*This Quarterly Report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" regarding the Company's financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as "expect," "believe," "anticipate," "intend," "estimate," "seek" and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company's Annual Report on Form 10-K/A filed with the U.S. Securities and Exchange Commission (the "SEC"). The Company's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.*

**Overview**

We are a blank check company formed under the laws of the State of Delaware on June 11, 2020, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. We intend to effectuate our business combination using cash from the proceeds of the Initial Public Offering and the sale of the private placement warrants, our capital stock, debt or a combination of cash, stock and debt.

As indicated in the accompanying condensed consolidated financial statements at June 30, 2025, and December 31, 2024, we had $6,312 and $101,674 in cash, respectively, and a working capital deficit of $10,824,317 and $17,358,530, respectively (excluding prepaid income taxes, franchise tax payable and excise tax payable). We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete our initial business combination will be successful.

**Results of Operations**

We have neither engaged in any operations nor generated any revenues to date. Our only activities from June 11, 2020 (inception) through June 30, 2025, were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and, after our Initial Public Offering, identifying a target company for a business combination. We do not expect to generate any operating revenues until after the completion of our business combination. We generate non-operating income in the form of interest income on marketable securities held in the trust account, and changes in the fair value of warrant liabilities. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended June 30, 2025, we had a net loss of $2,214,684 which consisted of a loss of $1,861,750 in the fair value of warrant liabilities and operating costs of $389,191 offset by interest income of $34,575 on our Trust Account.

For the six months ended June 30, 2025, we had a net loss of $5,582,198, which consisted of a loss of $4,908,250 in the fair value of warrant liabilities and operating costs of $743,010, offset by interest income of $69,135 on our Trust Account.

For the three months ended June 30, 2024, we had a net income of $17,103,566, which consisted of a gain of $17,476,250 in the fair value of warrant liabilities, interest income on the Trust Account of $170,987, partially offset by operating and formation costs of $537,407.

For the six months ended June 30, 2024, we had a net loss of $4,912,173, which consisted of a loss of $3,656,250 in the fair value of warrant liabilities, and interest income on the Trust Account of $340,567, partially offset by operating and formation costs of $1,584,448.

**Liquidity and Capital Resources**

On November 25, 2020, we consummated the Initial Public Offering of 11,500,000 units at a price of $10.00 per unit (including 1,500,000 units from the full exercise of the underwriters' over-allotment option), generating gross proceeds of $115,000,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of 5,425,000 private placement warrants to the Sponsor at a price of $1.00 per warrant, generating gross proceeds of $5,425,000.

Following the Initial Public Offering, the exercise of the over-allotment option and the sale of the private placement warrants, a total of $116,725,000 was placed in the trust account. We incurred $4,099,907 in transaction costs, including $2,300,000 of underwriting fees, $1,322,350 of representative share offering costs, and $477,557 of other offering costs.

On May 5, 2022, the Company held a stockholders' meeting at which a proposal to approve the extension of time to consummate the closing of a Business Combination Agreement to September 26, 2022, was approved. The stockholders who elected to redeem their shares did so for a pro rata portion of the amount then in the Trust Account ($10.35 per share), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. In connection with the extension proposal, 6,732,987 shares of the Company's common stock were redeemed for $69,700,628, (the "Redemption"). On May 10, 2022, $109,000 was withdrawn from the Trust Account for payment of franchise and income taxes.

On September 13, 2022, the Company held its annual stockholders' meeting at which a proposal to approve the extension of time to consummate the closing of a Business Combination Agreement to March 26, 2023, was approved. The stockholders who elected to redeem their shares did so for a pro rata portion of the amount then in the Trust Account ($10.35 per share), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. In connection with the extension proposal, 3,076,817 shares of the Company's common stock were redeemed for $31,845,056 with 1,690,196 shares remaining. On September 8, 2022, $122,247 was withdrawn from the Trust Account for payment of franchise and income taxes.

At the annual meeting of the Company held on September 13, 2022, the Company's stockholders approved (i) a proposal to amend the Company's Amended and Restated Certificate of Incorporation (the "A&R COI") to authorize the Company to extend the date of September 26, 2022, up to six (6) times for an additional one (1) month each time (ultimately until as late as March 26, 2023) by which the Company must (a) consummate a merger, capital stock exchange, asset, stock purchase, reorganization or other similar business combination, which we refer to as our initial business combination, or (b) cease its operations except for the purpose of winding up if it fails to complete such initial business combination, and redeem all of the shares of common stock of the Company included as part of the units sold in the Company's initial public offering that was consummated on November 25, 2020, and (ii) a proposal to amend the Trust Agreement to authorize the Extension and its implementation by the Company. The amended Trust Agreement authorizes the Company's Board of Directors to extend the time to complete the Business Combination up to six (6) times for an additional one (1) month each time (for a maximum of six one-month extensions), upon the deposit into the Trust Account of $0.035 for each outstanding public share by the Sponsor or its designees on or prior to September 26, 2022 or such other date as may be extended. Breeze executed its first one-month extension of September 26, 2022, depositing $59,157 in the Trust Account. On October 21, November 23, December 20, 2022, January 25, 2023, and February 23, 2023, Breeze executed the second, third, fourth, fifth and sixth one-month extensions through March 26, 2023.

The Company held a meeting of its stockholders on March 22, 2023 where the Company's stockholders approved (i) a proposal to amend the Company's A&R COI to authorize the Company to extend the date of March 26, 2023, up to six (6) times for an additional one (1) month each time (ultimately until as late as September 26, 2023), and (ii) a proposal to amend the Trust Agreement to authorize the Extension and its implementation by the Company. On March 29, 2023, Breeze executed the seventh one-month extension through April 26, 2023. On April 25, 2023, May 25, 2023, and June 26, 2023, Breeze executed the eighth, ninth and tenth one-month extensions through July 26, 2023. On August 3, 2023, and August 28, 2023, Breeze executed the eleventh and twelfth one-month extensions through September 26, 2023.

The Company held a meeting of its stockholders on September 22, 2023 where the Company's stockholders approved (i) a proposal to amend the Company's A&R COI to authorize the Company to extend the date of September 26, 2023, up to nine (9) times for an additional one (1) month each time (ultimately until as late as June 26, 2024), and (ii) a proposal to amend the Trust Agreement to authorize the Extension and its implementation by the Company. On September 27, 2023, Breeze executed the thirteenth one-month extension through October 26, 2023. On October 25, 2023, November 27, 2023, December 27, 2023, January 26, 2024, February 27, 2024, March 26, 2024, May 7, 2024, Breeze executed the fourteenth, fifteenth, sixteenth, seventeenth, eighteenth, nineteenth, twentieth and twenty-first one-month extensions through June 26, 2024.

The Company held a meeting of its stockholders on June 21, 2024 where the Company's stockholders approved (i) a proposal to amend the Company's A&R COI to authorize the Company to extend the date of June 26, 2024, up to six (6) times for an additional one (1) month each time (ultimately until as late as December 26, 2024), and (ii) a proposal to amend the Trust Agreement to authorize the Extension and its implementation by the Company. On June 26, 2024, and August 1. 2024, Breeze executed the twenty-second and twenty-third one-month extensions through August 26, 2024, Breeze executed the twenty-second and twenty-third extensions, and on November 22, 2024, Breeze executed (including accrued interest) the twenty-fourth, twenty-fifth, and twenty-sixth one-month extensions for the period from September 26, 2024, through November 26, 2024.

On December 23, 2024, the Company held a meeting of its stockholders to approve (i) a proposal to amend the Company's A&R COI to authorize the Company, and (ii) a proposal to amend the Trust Agreement to authorize and implement by the Company, an extension in one-month intervals up to June 26, 2025. The stockholders who elected to redeem their shares did so for a pro rata portion of the amount then in the Trust Account ($11.295 per share), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. On January 2, 2025, $7,353,424 was paid to stockholders in conjunction with the redemptions from our Special Shareholders Meeting held on December 23, 2024, redeeming 621,609 shares of the Company's common stock, with 3,412,103 shares of common stock remaining outstanding after Redemption; 272,103 of the 3,412,103 shares of common stock remaining outstanding after redemption (the "Public Shares") are owned by the public stockholders. On January 2, 2025, the Company executed the twenty-seventh and twenty-eighth one-month extensions for the period from November 26, 2024, to January 26, 2025. On March 18, 2025, the Company executed the twenty-ninth, thirtieth and thirty-first one-month extensions for the period from January 26, 2025, to April 26, 2025.

On June 26, 2025, the Company held a stockholders' meeting at which a proposal to approve the extension of time to consummate the closing of a Business Combination Agreement to September 26, 2025, was approved. The Company, as with all previous extensions, provided its stockholders with the opportunity to redeem all or a portion of their Public Shares at the time of this stockholders' meeting. The stockholders who elected to redeem their shares did so for a pro rata portion of the amount then in the Trust Account ($11.505 per share), plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. On June 27, 2025, $584,386 was paid to stockholders in conjunction with the redemptions from our Special Shareholders Meeting held on June 26, 2025, redeeming 47,690 shares of the Company's common stock, with 3,364,413 shares of common stock remaining outstanding after Redemption; 224,413 of the 3,364,413 shares of common stock remaining outstanding after redemption (the "Public Shares") are owned by the public stockholders. The public stockholders will continue to have the opportunity to redeem all or a portion of their Public Shares upon the completion of an initial business combination at a per-share price, payable in cash, equal to the aggregate amount on deposit in the Trust Account as of two business days prior to the consummation of the initial business combination, including interest (which interest shall be net of taxes payable) divided by the number of then outstanding public shares, subject to the limitations described herein. On June 9, 2025, the Company executed the thirty-second and thirty-third one-month extensions to June 26, 2025, and on June 27, 2025, the Company executed the thirty-fourth one-month extension to July 26, 2025. On August 14, 2025, the Company executed (including accrued interest) the thirty-fifth one-month extension to August 26, 2025.

As of June 30, 2025, we had cash held in the trust account of $2,759,408 including $169,682 of interest. Interest income on the balance in the trust account may be used by us to pay taxes. On May 10, 2022, $109,000 was withdrawn from the Trust Account for payment of franchise and income taxes, on September 8, 2022, $122,247 was withdrawn from the Trust Account for payment of franchise and income taxes, on September 27, 2023, $209,650 was withdrawn of interest income from the Trust Account for payment of franchise and income taxes, and on June 24, 2024, $59,000 of interest income was withdrawn from the Trust Account for payment of franchise and income taxes.

For the six months ended June 30, 2025, cash used in operating activities was $788,597 which was due to a net loss of $5,582,198, a non-cash decrease in fair value of warrant liabilities of $4,908,250, interest income of $68,897 on the Trust Account, and a decrease in working capital of $45,752. For the same period cash provided by investing activities was $7,841,534 which was due to an investment of cash in the Trust Account of $96,276 and a redemption of common stock of $7,937,810, and net provided by financing activities was $7,148,299 which was due to proceeds from working capital loans and a promissory note from Sponsor of $693,235 and $96,276 respectively, and a redemption of common stock of $7,937,810.

For the six months ended June 30, 2024, cash used in operating activities was $1,222,258 which was due to net loss of $4,912,173, primarily offset by a non-cash increase in fair value of warrant liabilities of $3,656,250, interest of $340,567 on the Trust Account, and a decrease in working capital of $374,232. For the same period cash provided by investing activities was $2,937,839 which was due to investment in the Trust Account of $202,873, a redemption of common stock of $3,081,712 and a withdrawal of $59,000 to pay for franchise and income taxes, and net cash used in financing activities was $1,679,839 which was due to proceeds from a related party working capital loan of $1,199,000 and proceeds from a related party promissory note of $202,873 and, a redemption of common stock of $3,081,712.

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 deferred underwriting commissions and income taxes payable), to complete our business combination. To the extent that our capital stock 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.

As of June 30, 2025, and December 31, 2024, the Company had $6,312 and $101,674, respectively, in cash held outside the Trust Account and a working capital deficit of $10,824,317 and $17,358,530, respectively (excluding prepaid income taxes, franchise tax payable and excise tax payable).

In order to fund working capital deficiencies or finance transaction costs in connection with a business combination, the initial stockholders or their affiliates may, but are not obligated to, loan us funds as may be required. If we complete a business combination, we would repay such loaned amounts. In the event that a business combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment. We do not expect to seek loans from parties other than our Sponsor or an affiliate of our Sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.

On November 19, 2021, the Sponsor loaned the Company an aggregate of $1,150,000 pursuant to an unsecured promissory note to extend the date by which the Company has to consummate a business combination from November 25, 2021, to February 25, 2022. This unsecured promissory note, as amended for the maturity dates, is non-interest bearing and payable on the earlier of (i) the consummation of an initial Business Combination, or (ii) September 26, 2025. On February 18, 2022, the Sponsor loaned the Company an aggregate of $1,150,000 pursuant to an unsecured promissory note to extend the date by which the Company has to consummate a business combination from February 25, 2022, to May 25, 2022. This unsecured promissory note, as amended for the maturity dates, is non-interest bearing and payable on the earlier of (i) the consummation of an initial Business Combination, or (ii) September 26, 2025.

On February 1, 2022, the Company signed a Promissory Note with Sponsor, with a Maturity Date of March 26, 2023, for a total of up to $1,500,000. On October 1, 2022, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of September 26, 2023, for a total of up to $4,000,000. On April 1, 2023, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of September 26, 2023, for a total of up to $5,000,000. On October 1, 2023, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of June 26, 2024, for a total of up to $6,000,000. On March 1, 2024, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of June 26, 2024, for a total of up to $7,000,000. On July 1, 2024, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of December 26, 2024, for a total of up to $7,500,000. On December 26, 2024, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of June 26, 2025, for a total of up to $7,500,000. As of December 31, 2024, the amount outstanding under this working capital loan was $5,997,804 for direct working capital, and $1,083,097 for monthly SPAC extension funds for the months of September 2022 through December 2024 for a total of $7,080,901 from Sponsor. On March 1, 2025, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of June 26, 2025, and on June 27, 2025, the note was further amended to September 26, 2025, for a total of up to $8,000,000. As of June 30, 2025, the amount outstanding under this working capital loan was $6,691,039 for direct working capital, and $1,179,374 for monthly SPAC extension funds for the months of September 2022 through June 2025 for a total of $7,870,413 from Sponsor. The Promissory Note is non-interest bearing and payable by further amendment on the earlier of (i) the consummation of an initial Business Combination, or (ii) September 26, 2025. Breeze additionally owes Sponsor $220,052 for expenses paid by Sponsor on behalf of the Company. The total amount owed Sponsor as of June 30, 2025, and December 31, 2024, is $10,390,465, and $9,583,457, respectively.

We believe we will need to raise additional funds in order to meet the expenditures required for operating our business. If our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our business combination. Moreover, we may need to obtain additional financing either to complete our business combination or because we become obligated to redeem a significant number of our public shares upon consummation of our business combination, in which case we may issue additional securities or incur debt in connection with such business combination. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our business combination. If we are unable to complete our business combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate the trust account. In addition, following our business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

**Going Concern**

Management determined that the above conditions and/or events indicate that it may be probable that the Company would be unable to meet its obligations as they become due within one year from the date that the financial statements are available to be issued. Although Management plans to address this uncertainty through a Business Combination or through obtaining loans, there is no assurance that the Company's plans to consummate the Business Combination or obtain the Working Capital Loans will be successful. The Company has until September 26, 2025 to consummate a business combination, and we intend to do so within this time period.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are available to be issued. The Company's business plan is dependent on the completion of a business combination and the Company's cash and working capital as of June 30, 2025, are not sufficient to complete its planned activities. These conditions raise a substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should we be unable to continue as a going concern.

**Off-Balance Sheet Arrangements**

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2025, and December 31, 2024.

**Contractual Obligations**

On November 19, 2021, the Sponsor loaned Breeze an aggregate of $1,150,000 pursuant to an unsecured promissory note to extend the date by which Breeze has to consummate a business combination from November 25, 2021, to February 25, 2022. This unsecured promissory note, as amended for the maturity dates, is non-interest bearing and payable by further amendment on the earlier of (i) the consummation of an initial Business Combination, or (ii) September 26, 2025. On February 18, 2022, the Sponsor loaned Breeze an aggregate of $1,150,000 pursuant to an unsecured promissory note to extend the date by which Breeze has to consummate a business combination from February 25, 2022, to May 25, 2022. This unsecured promissory note, as amended for the maturity date, is non-interest bearing and payable on the earlier of (i) the consummation of an initial Business Combination, or (ii) September 26, 2025.

On February 1, 2022, Breeze signed a Promissory Note with Sponsor, with a Maturity Date of March 26, 2023, for a total of up to $1,500,000. On October 1, 2022, Breeze signed an Amended Promissory Note with Sponsor, with a Maturity Date of September 26, 2023, for a total of up to $4,000,000. On April 1, 2023, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of September 26, 2023, for a total of up to $5,000,000. On October 1, 2023, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of June 26, 2024, for a total of up to $6,000,000. On March 1, 2024, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of June 26, 2024, for a total of up to $7,000,000. On July 1, 2024, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of December 26, 2024, for a total of up to $7,500,000. On December 26, 2024, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of June 26, 2025, for a total of up to $7,500,000. As of December 31, 2024, the amount outstanding under this Promissory Note was $5,997,804 for direct working capital, and $1,083,097 for monthly SPAC extension funds for the months of September 2022 through September 2024 for a total of $7,080,901 from Sponsor. On March 1, 2025, the Company signed an Amended Promissory Note with Sponsor, with a Maturity Date of June 26, 2025, and on June 27, 2025, the note was further amended to September 26, 2025, for a total of up to $8,000,000. As of June 30, 2025, the amount outstanding under this working capital loan was $6,691,039 for direct working capital, and $1,179,374 for monthly SPAC extension funds for the months of September 2022 through June 2025 for a total of $7,870,413 from Sponsor. The Promissory Note is non-interest bearing and payable as further amended on the earlier of (i) the consummation of an initial Business Combination, or (ii) September 26, 2025. Breeze additionally owes Sponsor $220,052 for expenses paid by Sponsor on behalf of the Company. The total amount owed Sponsor as of June 30, 2025, and December 31, 2024, is $10,390,465 and $9,583,457, respectively.

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay Breeze Financial, Inc. a monthly fee of $5,000 for office space, administrative and support services to the Company.

On November 23, 2020, the Company entered into a business combination marketing agreement with I-Bankers, as an advisor in connection with a Business Combination to assist the Company in holding meetings with its stockholders to discuss the potential Business Combination and the target business' attributes, introduce the Company to potential investors that are interested in purchasing the Company's securities in connection with a Business Combination, assist the Company in obtaining stockholder approval for the Business Combination and assist the Company with its press releases and public filings in connection with the Business Combination. Per the terms of the agreement, the Company will pay I-Bankers a cash fee for such services upon the consummation of a Business Combination in an amount equal to 2.75% of the gross proceeds of Initial Public Offering, or $3,162,500. As of June 30, 2025, there were no unbilled or accrued amounts for services that had been performed pursuant to this agreement.

On March 24, 2021, as supplemented on August 30, 2022, the Company signed a Legal Services Engagement Letter with Woolery & Co. ("Woolery") for services in connection with completing a business combination or a similar transaction. Services include, but are not limited to, strategic legal advice on a business combination and associated corporate matters, introductions to financial institutions to facilitate business combination financing requirements, domestic and international transaction structuring, and preparation of any required Nasdaq listing application. As of June 30, 2025, there were no unbilled or accrued amounts for services that had been performed pursuant to this agreement. Pursuant to the engagement letter, Breeze paid a non-refundable retainer of $100,000, and upon the completion of a business combination or similar transaction, Breeze is obligated to pay Woolery a fee of $2.0 million, however, Sponsor has agreed to assume $1.2 million of the obligation, and any discretionary performance fee, if warranted, and mutually and reasonably agreed upon by Breeze and Woolery. At the closing of a business combination, Breeze will pay Woolery the balance of $800,000.

On February 29, 2024, Breeze signed a Public Relations Agreement, as amended, with Gateway Group, Inc. ("Gateway"), for public relations services for a business combination. As of June 30, 2025, Gateway has not provided the Company with any services pursuant to this agreement. The agreement includes an obligation to pay a Transaction Success Fee of $100,000 upon the successful completion of a business combination.

On October 17, 2024, Breeze signed a Proxy Solicitation Services Agreement with D.F. King & Co., Inc. ("D.F. King"), for proxy solicitation services associated with the business combination with YD Biopharma. As of June 30, 2025, D.F. King has not provided the Company with any services pursuant to this agreement. The agreement includes an obligation to pay a Service Fee of $25,000 and a discretionary fee, if warranted, at the sole discretion of Breeze, based upon the campaign and D.F. King's performance.

On October 30, 2024, Breeze signed a Merger Proxy/Business Combination Rate Agreement with Edgar Agents LLC, for SEC document preparation, printing and filing for the merger with YD Biopharma. As of June 30, 2025, there were approximately $110,000 unbilled or pending amounts to be invoiced for services that had been performed through June 30, 2025, pursuant to this agreement. The agreement includes an obligation to pay a Transaction Success Fee of $50,000 upon successful completion and filing of the documents with the SEC.

**Critical Accounting Estimates**

The preparation of condensed consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We base our estimates on our own historical experience and other assumptions that we believe are reasonable after taking account of our circumstances and expectations for the future based on available information. We evaluate these estimates on an ongoing basis.

We consider an accounting estimate to be critical if: (i) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. The critical accounting estimates, assumptions, judgements and the related policies that we believe have the most significant impact on our condensed consolidated financial statements are described below.

 

*Warrant Liabilities*

The Company evaluated the Public Warrants and Private Placement Warrants (collectively, "Warrants", see Note 7 to Breeze's audited financial statements) in accordance with ASC 815-40, "Derivatives and Hedging — Contracts in Entity's Own Equity", and concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative as contemplated in ASC 815, the Warrants are recorded as derivative liabilities on the consolidated balance sheet and measured at fair value at inception (on the date of the Initial Public Offering) and at each reporting date thereafter in accordance with ASC 820, "Fair Value Measurement" ("ASC 820"), with changes in fair value recognized in the consolidated statements of operations in the period of change.

In determining the fair value of the Company's Public Warrants and Private Placement Warrants our third-party valuation firm uses the most observable inputs available. At December 31, 2023, the fair value of the Company's Private Placement Warrants was based on a Modified Black-Scholes model, and the Public Warrants utilized the trading price of the Company's Public Warrants. At December 31, 2024, the fair value of both the Company's Private Placement Warrants and Public Warrants utilized the Company's trading price of the Public Warrants. As of June 30, 2025, and December 31, 2024, the Company determined that utilizing the Modified Black-Scholes model to value the Private Placement Warrants deviated too far from what would be expected if the Private Placement Warrants were publicly traded as the terms of the Public Warrants and Private Placement Warrants are similar. Some of the inputs used in the models include the dividend yield on the Company's common stock, expected common stock price volatility, risk-free interest rate, expected business combination date and probability of completing the business combination. Several of these inputs are known and several use judgments. For instance, the probability of completing the business combination is derived by taking a sample of other special purpose acquisition companies and calculating the implied probability of completion for each company in the sample set. The average and 1<sup>st</sup> and 3<sup>rd</sup> quartiles of the implied probability of completion then formulates the basis for the probability utilized for the Company in the models. Changes in any or all of these estimates and assumptions, or the relationships between these assumptions, impact the Company's valuation of its Public Warrants and Private Placement Warrants for valuation dates where the trading price of the Public Warrants was not used, and may have a material impact on the valuation of these warrants.

**Recent Accounting Standards**

For a detailed discussion of our significant accounting policies and related judgements, see Note 2—Summary of Significant Accounting Policies, of the Notes to Unaudited Condensed Consolidated Financial Statements.

## Exhibit 99.6

**Exhibit 99.6**

**UNAUDITED PRO FORMA CONDENSED COMBINED AND CONSOLIDATED<br> FINANCIAL INFORMATION**

The following unaudited pro forma condensed combined and consolidated balance sheet as of June 30, 2025, combines the historical audited balance sheets as of June 30, 2025 of Breeze Holdings Acquisition Corp. ("Breeze"), YD Bio Limited ("Pubco") and YD Biopharma Limited ("YD Biopharma"), giving pro forma effect to the Business Combination, financing agreements and certain other related events, collectively referred to as the "Transactions" for purpose of this section, as if the Transaction had occurred on June 30, 2025.

The following unaudited pro forma condensed combined and consolidated statement of operations for the six months ended June 30, 2025 combines the historical audited statements of operations for the six months ended June 30, 2025 of Breeze, YD Biopharma, and Pubco, giving pro forma effect to the Transactions as if the Transactions had occurred on January 1, 2025, the beginning of the period presented.

**Description of the Transactions**

On August 28, 2025, the Business Combination was closed pursuant to the Merger Agreement and Plan of Reorganization dated September 24, 2024, as amended.

***The Merger***

At the closing of the Business Combination, (i) all the assets and liabilities of Breeze and Breeze Merger Sub vested in and became the assets and liabilities of Breeze as the surviving company, and Breeze thereafter existed as a wholly-owned subsidiary of Pubco, and (ii) each issued and outstanding security of Breeze immediately prior to the closing were cancelled in exchange for or converted into securities of Pubco as set out below.

● Each (a) share of Breeze common stock issued and outstanding immediately prior to the Closing was converted into one newly issued share of Pubco common stock.

● Each Breeze public and private placement warrant outstanding immediately prior to the Closing was assumed by Pubco and converted into on Pubco warrant that entitles the holder thereof to purchase one Pubco ordinary share in lieu of one share of Breeze common stock and otherwise upon substantially the same terms and conditions applicable to such Breeze warrants prior to the Closing; and

● Breeze rights were converted at a rate of 20 Breeze rights into one ordinary share of Pubco at the closing.

 ****

 ****

***The Exchange***

On August 26, 2025, following the effective time of the merger with Company Merger Sub, YD Bio had authorized shares of 5,000,000 and issued and outstanding shares of 10 ordinary shares of par value US$0.10 each. YD Biopharma's issued share capital and additional paid in capital became $1 and $0, respectively. YD Biopharma became a wholly owned subsidiary of YD Bio following the merger (which closed on August 28, 2025, with trading commencing on Nasdaq under "YDES" on August 29, 2025), with all prior outstanding shares cancelled and converted into the right to receive ordinary shares of YD Bio at the Exchange Ratio. 64,730,411 YD Bio ordinary shares were issued in aggregate to YD Biopharma's former shareholders. Dr. Shen, through his prior ownership, now beneficially holds 54,345,011 shares (approximately 77.1%) in YD Bio (based on its 70,521,359 outstanding ordinary shares as of completion of transaction and as of September 29, 2025).

***Accounting for the Business Combination***

The Business Combination was accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with U.S. GAAP. Under this method of accounting, Breeze was treated as the "accounting acquiree" and YD Biopharma as the "accounting acquirer" for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of YD Biopharma issuing shares for the net assets of Breeze, followed by a recapitalization. The net assets of Breeze were stated at historical cost. Operations prior to the Business Combination were those of YD Biopharma.

***Financing Agreements***

**PIPE**

As previously disclosed in the Company's Registration Statement on Form F-4 initially filed with the Securities and Exchange Commission on January 30, 2025 and declared effective on July 18, 2025 (File No. 333-283428) (the "Registration Statement"), the Company secured commitments of $13.2 million through the issuance of 1,650,000 ordinary shares at $8 per share in connection with a private investment in public equity ("PIPE") financing completed concurrently with the closing of the business combination between the Company, Breeze Holdings Acquisition Corp., and YD Biopharma Limited (the "Business Combination") on August 28, 2025.

On August 28, 2025, the PIPE Financing closed simultaneous with the closing of the Business Combination.

***Basis of Pro Forma Presentation***

The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses" and is for informational purposes only.

The following table sets out the share ownership of Pubco following the Closing<sup>(1)</sup>:

---

| | | |
|:---|:---|:---|
| **Stockholders** | **Number of<br> Ordinary Shares<br> Owned** | % |
| Breeze Holders: | 4140948 | 5.9% |
| &nbsp;&nbsp;&nbsp;*Breeze Public Holders<sup>(2)</sup>* | 174698 | 0.2% |
| &nbsp;&nbsp;&nbsp;Breeze Rights Holders | 575000 | 0.8% |
| &nbsp;&nbsp;&nbsp;*Sponsor<sup>(3)</sup>* | 2227490 | 3.2% |
| &nbsp;&nbsp;&nbsp;*Breeze Independent Directors<sup>(3)</sup>* | 347510 | 0.5% |
| &nbsp;&nbsp;&nbsp;I-Bankers | 763750 | 1.1% |
| &nbsp;&nbsp;&nbsp;Northland | 37500 | 0.1% |
| &nbsp;&nbsp;&nbsp;Consultant | 15000 | —% |
| YD Biopharma Equity Holders | 64730411 | 91.8% |
| PIPE Investors | 1650000 | 2.3% |
| Total | 70521359 | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Does not give effect to the issuance of any ordinary shares upon the exercise of warrants.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reflects the redemption of 49,715 shares of Breeze common stock in connection with the special meeting of stockholders held on August 14, 2025, approving the Merger Agreement and Plan of Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Reflects the transfer of 247,510 shares of Breeze
common stock from Sponsor to Breeze Independent Directors.

**UNAUDITED PRO FORMA CONDENSED COMBINED AND CONSOLIDATED BALANCE SHEET<br> AS OF JUNE 30, 2025<br> *(in thousands, except share and per share amounts)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Breeze<br> (Historical)** | **Pubco <br> (Historical)** | **YD<br> Biopharma<br> (Historical)** | **Transaction<br> Accounting <br> Adjustments** | **Pro Forma<br> Combined** |
| **ASSETS** |  |  |  |  |  |
| Current assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $6 | $— | $470 | $13200 **A** | $9709 |
|  |  |  |  | 2266 **B** |  |
|  |  |  |  | (6233) **C** |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net |  |  | 101 |  | 101 |
| &nbsp;&nbsp;&nbsp;Accounts receivable from an affiliate, net |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Inventory |  |  | 374 |  | 374 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 186 |  | 387 |  | 573 |
| &nbsp;&nbsp;&nbsp;Amount due from affiliates |  |  | 66 |  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 192 |  | 1398 | 9233 | 10823 |
| Cash held in Trust Account | 2759 |  |  | (2759) **B** |  |
| Operating lease right-of-use assets |  |  | 17 |  | 17 |
| Property and equipment, net |  |  | 66 |  | 66 |
| Intangible assets, net |  |  | 2902 |  | 2902 |
| Deferred offering costs |  |  | 1459 | (1459) **C** |  |
| Deferred tax assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $5842 | $5015 | $13808 |
| **LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |  |  |  |
| Current liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts and notes payable | $592 | $— | $41 | $— | $633 |
| &nbsp;&nbsp;&nbsp;Accrued expenses |  |  | 633 |  | 633 |
| &nbsp;&nbsp;&nbsp;Trust amount payable to redeeming stockholders |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Franchise tax payable | 68 |  |  |  | 68 |
| &nbsp;&nbsp;&nbsp;Excise tax payable | 166 |  |  |  | 166 |
| &nbsp;&nbsp;&nbsp;Due to Sponsor/Related Party | 10390 | 68 | 64 | (10390) **C** | 64 |
|  |  |  |  | (68) **E** |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion |  |  | 16 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 11216 | 68 | 754 | (10458) | 1580 |
| Deferred tax liabilities |  |  |  |  |  |
| Operating leases liabilities, non-current |  |  |  |  |  |
| Accrued expenses and other liabilities, non-current |  |  |  |  |  |
| Warrant liabilities | 7786 |  |  |  | 7786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 19002 | 68 | 754 | (10458) | 9366 |

---

**UNAUDITED PRO FORMA CONDENSED COMBINED AND CONSOLIDATED BALANCE SHEET — (Continued)<br> AS OF JUNE 30, 2025<br> *(in thousands, except share and per share amounts)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Breeze <br> (Historical)** | **Pubco <br> (Historical)** | **YD <br> Biopharma <br> (Historical)** | **Transaction <br> Accounting <br> Adjustments** | **Pro Forma <br> Combined** |
| Common stock subject to possible redemption | 2659 |  |  | (493) **B** |  |
|  |  |  |  | (2166) **D** |  |
| Stockholders' equity (deficit) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 0 |  | 144 | — **A** | 7 |
|  |  |  |  | — **C** |  |
|  |  |  |  | — **D** |  |
|  |  |  |  | (137) **F** |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital |  |  | 8328 | 13200 **A** | 10853 |
|  |  |  |  | 5732 **C** |  |
|  |  |  |  | 2165 **D** |  |
|  |  |  |  | (18710) **E** |  |
|  |  |  |  | 138 **F** |  |
| &nbsp;&nbsp;&nbsp;(Accumulated deficit) retained earnings | (18710) | (68) | (3844) | (3034) **C** | (6878) |
|  |  |  |  | 18778 **E** |  |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income |  |  | 460 |  | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | (18710) | (68) | 5088 | 18132 | 4442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, temporary equity, and stockholders' equity | $2951 | $— | $5842 | $5015 | $13808 |

---

**UNAUDITED PRO FORMA CONDENSED COMBINED AND CONSOLIDATED<br> STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025<br> *(in thousands, except share and per share amounts)***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Breeze <br> (Historical)** | **Pubco <br> (Historical)** | **YD <br> Biopharma <br> (Historical)** | **Transaction <br> Accounting <br> Adjustments** | **Pro Forma <br> Combined** |
| Revenue | $— | $— | $204 | $— | $204 |
| Cost of sales |  |  | 135 |  | 135 |
| Gross profit |  |  | 69 |  | 69 |
| Operating costs |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Formation and operations | 743 |  |  |  | 743 |
| &nbsp;&nbsp;&nbsp;Selling and marketing |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative |  | 1 | 1227 | (1) BB | 1227 |
| &nbsp;&nbsp;&nbsp;Research and development |  |  | 791 |  | 791 |
| &nbsp;&nbsp;&nbsp;Impairment of expected credit loss |  |  | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs | 743 | 1 | 2022 | (1) | 2765 |
| Operating loss | (743) | (1) | (1953) | 1 | (2696) |
| Other income (expense), net |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 69 |  | 18 | (69) AA | 18 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other income (expenses), net |  |  | 17 |  | 17 |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | (4908) |  |  |  | (4908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (4839) |  | 35 | (69) | (4873) |
| Loss from operations before income <br> taxes | (5582) | (1) | (1918) | (68) | (7569) |
| Income tax benefit (expense) |  |  | 2 |  | 2 |
| Net loss | $(5582) | $(1) | $(1916) | $(68) | $(7567) |
| &nbsp;&nbsp;&nbsp;Change in cumulative foreign currency translation |  |  | 414 |  | 414 |
| Comprehensive loss | $(5582) | $(1) | $(1502) | $(68) | $(7153) |
| **Net loss per share (Note 4):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding of common stock | 3414220 | 1000 |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted net loss per share of common stock | $(1.63) | (1.24) |  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding – basic |  |  | 1094146 |  | 70521359 |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding – diluted |  |  | 1094146 |  | 70521359 |
| &nbsp;&nbsp;&nbsp;Net loss per share – basic |  |  | $(1.75) |  | $(0.11) |
| &nbsp;&nbsp;&nbsp;Net loss per share – diluted |  |  | $(1.75) |  | $(0.11) |

---

**NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED AND CONSOLIDATED<br> FINANCIAL INFORMATION**

**1. Basis of Presentation**

The unaudited pro forma condensed combined and consolidated balance sheet as of June 30, 2025, assumes that the Business Combination and related transactions occurred on June 30, 2025. The unaudited pro forma condensed combined and consolidated statement of operations for the six months ended June 30, 2025, gives pro forma effect to the Business Combination and related transactions as if they had occurred on January 1, 2025. These periods are presented on the basis that YD Biopharma is the acquirer for accounting purposes.

The pro forma adjustments reflecting the consummation of the Business Combination and related transactions are based on certain currently available information and certain assumptions and methodologies that Breeze believes are reasonable under the circumstances. The unaudited condensed combined and consolidated pro forma adjustments, which are described in the accompanying notes, may be revised as additional information becomes available and is evaluated. Therefore, it is likely that the actual adjustments will differ from the pro forma adjustments, and it is possible the difference may be material. Breeze believes that its assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the Business Combination and related transactions based on information available to management at the time and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed combined and consolidated financial information.

The unaudited pro forma condensed combined and consolidated financial information does not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings that may be associated with the Business Combination. The unaudited pro forma condensed combined and consolidated financial information is not necessarily indicative of what the actual results of operations and financial position would have been had the Business Combination and related transactions taken place on the dates indicated, nor are they indicative of the future consolidated results of operations or financial position of the post-combination company. They should be read in conjunction with the historical financial statements and notes thereto of Breeze and YD Biopharma.

**2. Accounting Policies and Reclassifications**

Upon consummation of the Business Combination, management will perform a comprehensive review of the two entities' accounting policies. As a result of the review, management may identify differences between the accounting policies of the two entities which, when conformed, could have a material impact on the financial statements of the post-combination company. Based on its initial analysis, management did not identify any differences that would have a material impact on the unaudited pro forma condensed combined and consolidated financial information. As a result, the unaudited pro forma condensed combined and consolidated financial information does not assume any differences in accounting policies.

As part of the preparation of these unaudited pro forma condensed combined and consolidated financial statements, certain reclassifications were made to align Breeze' and Pubco's financial statement presentation with that of YD Biopharma.

**3. Adjustments to Unaudited Pro Forma Condensed Combined and Consolidated Financial Information**

The unaudited pro forma condensed combined and consolidated financial information has been prepared to illustrate the effect of the Business Combination and related transactions and has been prepared for informational purposes only.

The following unaudited pro forma condensed combined and consolidated financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses." Release No. 33-10786 replaces the existing pro forma adjustment criteria with simplified requirements to depict the accounting for the transaction ("Transaction Accounting Adjustments") and present the reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur ("Management's Adjustments"). Breeze has elected not to present Management's Adjustments and will only be presenting Transaction Accounting Adjustments in the unaudited pro forma condensed combined and consolidated financial information. Breeze and Pubco have not had any historical relationship with YD Biopharma prior to the Business Combination. Accordingly, no pro forma adjustments were required to eliminate activities between the companies, except with respect to legal and accounting fees incurred by Pubco which is currently a wholly owned subsidiary of Breeze.

The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined and consolidated statement of operations are based upon the number of shares of YD Biopharma' common stock outstanding, assuming the Business Combination and related transactions occurred on January 1, 2025.

***Adjustments to Unaudited Pro Forma Condensed Combined and Consolidated Balance Sheet***

The adjustments included in the unaudited pro forma condensed combined and consolidated balance sheet as of June 30, 2025, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Reflects PIPE Financing of $13.2 million for 1,650,000 Pubco Ordinary Shares at $8.00 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Reflects the liquidation and reclassification of approximately $2.3 million of funds held in the Trust Account, after deducting approximately $616 thousand that was paid to redeeming shareholders at the closing, to cash and bank balances that becomes available following the closing of the Business Combination after including interest earned in trust and extension deposits made in trust through the closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Represents YD Biopharma's estimated transaction costs of approximately $4.3 million, and Breeze's estimated transactions costs of approximately $4.4 million inclusive of advisory, banking, printing, legal, and accounting fees that are expensed as a part of the Business Combination. These balances will be partially settled through equity issuance of approximately $2.5 million, with the remaining amount of approximately $6.2 million settled in cash. The Breeze Due to Sponsor amount of approximately $10.4 million was assumed by Sponsor at closing of the Business Combination as these amounts are associated with prior terminated deal costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Reflects the reclassification of Breeze's common stock subject to possible redemption into permanent equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Reflects the reclassification of Breeze's historical accumulated deficit into additional paid-in capital as part of the reverse recapitalization, and the elimination of Pubco's historical information due to related party and accumulated deficit since Pubco is currently a wholly owned subsidiary Breeze.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Represents the recapitalization of historical YD Biopharma shares into Pubco shares after giving effect to the exchange ratio at the close of the Business Combination.

 ****

 ****

***Adjustments to Unaudited Pro Forma Condensed Combined and Consolidated Statement of Operations***

The pro forma adjustments included in the unaudited pro forma condensed combined and consolidated statement of operations for the six months ended June 30, 2025, are as follows:

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| | |
|:---|:---|
| AA. | Reflects elimination of interest income on the Trust Account.<br>|
| BB. | Reflects the elimination of Pubco's historical general and administrative expenses of approximately $1,239 since Pubco was a wholly owned subsidiary of Breeze until the closing. |

---

**4. Net Loss per Share**

Net loss per share was calculated using the historical weighted average shares outstanding, and the issuance of additional shares in connection with the Business Combination, assuming the shares were outstanding since January 1, 2025. As the Business Combination is being reflected as if it had occurred at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted net loss per share assumes that the shares issuable relating to the Business Combination have been outstanding for the entirety of all periods presented.

---

| | |
|:---|:---|
| *(in thousands, except share and per share amounts)* | **For the<br> six months<br> ended<br> June 30,<br> 2025** |
| *Numerator:* |  |
| Pro forma net loss | $(7567) |
| *Denominator:* |  |
| &nbsp;&nbsp;&nbsp;Weighted average number of shares outstanding – basic and diluted | 70521359 |
| *Net loss per share:* |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | $(0.11) |
| Weighted average number of shares outstanding – basic and diluted: |  |
| &nbsp;&nbsp;&nbsp;Breeze Public Shareholders | 749698 |
| &nbsp;&nbsp;&nbsp;Breeze Sponsor, Founders, Directors and Consultant | 3391250 |
| &nbsp;&nbsp;&nbsp;YD Biopharma Shareholders | 64730411 |
| &nbsp;&nbsp;&nbsp;PIPE Financing securities | 1650000 |
| &nbsp;&nbsp;&nbsp;**Total** | **70521359** |

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## Exhibit 99.7

**Exhibit 99.7**

**YD Bio Limited Reports Unaudited Half Year 2025 Financial Results**

TAIWAN, Sep. 30, 2025 (GLOBE NEWSWIRE) -- YD Bio Limited ("YD Bio Ltd" or the "Company") (Nasdaq: YDES), a biotechnology company advancing DNA methylation-based cancer detection technology and ophthalmologic innovations, today announced its unaudited financial results for the six months ended June 30, 2025.

**Management Commentary**

"With the closing of our business combination with Breeze Holdings Acquisition Corp. ("Breeze Holdings') in August and the concurrent closing of a private investment in public equity financing, securing $13.2 million in gross proceeds to support our wholly-owned subsidiary YD Biopharma Limited ("YD Biopharma")'s liquidity and capital resources, we are now a publicly traded biotech platform with the capital and structure needed to accelerate innovation," said Dr. Ethan Shen, Chairman of the Board and CEO of YD Bio Ltd.

"Despite a slight decrease in net revenue, we managed to continue investing in general and administrative functions and R&D to expand capacity. We also advanced two licensed patents to execute growth strategy during the reporting period."

"Our vision remains to deliver minimally invasive, early cancer detection globally and pioneer regenerative ophthalmology therapies. As previously announced, through exclusive licensing with EG BioMed Co., Ltd. ("EG BioMed"), we've launched a DNA methylation-based pancreatic cancer screening LDT and will introduce a breast cancer recurrence monitoring LDT later this year. In partnership with 3D Global Biotech Inc. ("3D Global"), we are preparing corneal stem-cell and exosome-based treatments for dry eye, glaucoma and corneal injury, with clinical trials slated for 2027. Simultaneously, our proven track record as a supplier of investigational drugs and ancillary materials underpins a robust clinical-trial services business."

"We believe YD Bio Limited is positioned to capture a share of the multibillion-dollar oncology diagnostics, ocular therapeutics and clinical-trial services markets. Our strengthened balance sheet, public-market profile and diversified pipeline set the stage for sustainable revenue growth, margin expansion and long-term value creation for patients, partners and shareholders," Dr. Shen said.

**YD Biopharma's Half Year 2025 Financial Results** 

YD Biopharma's vision is to deliver early cancer detection globally, offering patients additional less invasive treatment options. It will focus on product development, equipment upgrades, and capacity expansion to meet customer quality and volume standards. YD Biopharma plans to achieve this through new products, acquisitions, licensing, proprietary medical-industry IP, and investments in global manufacturing processes. YD Biopharma will also grow its IP portfolio's value to support worldwide product licensure.

*Net Revenue*

Net revenue fell by $20,973, or 9%, to $204,007 for the six months ended June 30, 2025, from $224,980 in the prior year. The top five products accounted for 56% of total revenue during the first half year of 2025, and the decline in net revenue was due to a change in product mix.

Top five individual products by revenue for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| Keytruda injection (Drugs) | $42503 |
| Exolens Hioxifilcon (Contact lenses) | 35000 |
| Pharmorubicin Injection (Drugs) | 17938 |
| 12-Lead Electrocardiograph (Medical and related products) | 10048 |
| Solu-Medrol Injection (Drugs) | 8478 |
| &nbsp;&nbsp;&nbsp;Subtotal | $113967 |

---

Top five individual products by revenue for the six months ended June 30, 2024:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;PVA Eye Cleansing Wipes (Medical and related products) | $49077 |
| Keytruda injection (Drugs) | 24837 |
| Fluorescence Cell Counter and Viability Analyzer (Medical and related products) | 23326 |
| Giotrif Film-Coated Tablets (Medical and related products) | 14915 |
| Faslodex Solution for injection (Drugs) | 14175 |
| &nbsp;&nbsp;&nbsp;Subtotal | $128330 |

---

 

*Cost of Revenue*

 

Cost of revenue declined by $20,668, or 13%, to $135,212 for the six months ended June 30, 2025, from $155,880 a year earlier, reflecting primarily the 9% drop in net revenue. Cost of revenue consists mainly of purchase costs of products for resale.

*Gross Profit*

 

Gross profit was unchanged at $69,000 for the six months ended June 30, 2025 and 2024. We believe that, as we will grow net revenue through new markets and expanded distribution, our gross profit will also increase. We plan to accomplish this through the following:

● improving resale product and raw material sources;

● increasing and diversifying our customer base;

● introducing new product lines and subcontractors with higher margins;

● commencing new cancer early detection services;

● establishing additional licensing agreements;

● reducing component costs through greater purchasing power and scalability; and

● expanding strategic relationships with component providers.

*Operating Expenses*

Operating expenses totaled $2.0 million for the six months ended June 30, 2025, up $1.8 million from $262,264 in the prior period, driven by $1.0 million in general and administrative fees for expansion and restructuring and $0.8 million in research and development expenses for two licensed patents and know-how.

*Net Loss*

 

YD Biopharma has operated primarily as a development stage company since its formation. Net loss was $1.9 million for the six months ended June 30, 2025, compared to $0.17 million in the prior period, driven by higher professional and consultancy fees incurred in connection with our business combination with Breeze Holdings, R&D expenses, and staff costs linked to business expansion.

*Cash and Cash Equivalents*

 

Cash and cash equivalents including unrestricted cash with maturities of three months or less stood at $469,520 as of June 30, 2025, down from $3,132,298 at December 31, 2024, primarily due to general and administrative expenses and R&D spending.

**Major Developments**

YD Biopharma advanced ocular therapies via a 3D Global license for corneal mesenchymal stem cells and exosomes, supporting an IRB-approved corneal specimen study at Shuang-Ho Hospital. In 2025, It initiated clinical trial applications for exosome-based contact lenses and artificial tears for dry eye.

YD Biopharma is also expanding into oncology diagnostics through EG BioMed. In June 2024, it secured patents, technology, and U.S. market authorization for high-accuracy pancreatic cancer methylation detection, with plans for a U.S. independent lab and healthcare partnerships. On September 30, 2024, it signed an exclusive license for breast cancer detection across the U.S., Europe, and Asia, with a 20% revenue royalty to EG BioMed, for 20 years with automatic 5-year renewal.

**About YD Bio Limited**

YD Bio Limited is a biotechnology company focused on advancing clinical trials, new drug development, cancer prevention diagnostics, stem cell and exosome therapies with the potential to transform the treatment of diseases with high unmet medical need. The Company is committed to improving patient outcomes through scientific innovation and precision medicine. In addition to its R&D efforts, YD Bio Limited is a recognized supplier of clinical trial drugs and has expanded into the development and distribution of post-market auxiliary products. For more information, please visit the Company's website: ir.ydesgroup.com

**Forward-Looking Statements**

Certain statements in this announcement are forward-looking statements, including, but not limited to, YD Bio's business plan and outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on YD Bio's current expectations and projections about future events that YD Bio believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. YD Bio undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although YD Bio believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and YD Bio cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in YD Bio's registration statement and other filings with the U.S. Securities and Exchange Commission.

**For investor and media inquiries, please contact:**

YD Bio Limited<br> Investor Relations<br> Email: investor@ydesgroup.com