Home / Going-concern warnings / Pyrophyte Acquisition Corp. II
Filed 2026-05-15 · Form 10-Q · Accession 0001213900-26-057763 micro
Price before filing: $10.15 (2026-05-14 close, split/dividend-adjusted)
Market cap at flag: $276.8M (2026-05-15) · Latest: $206.4M (2026-10-16)
| Window | PAII | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +0.5% | +0.9% | -0.4% | 2026-06-15 |
| 90 days | +1.1% | +4.2% | -3.2% | 2026-08-13 |
| 180 days | pending | pending | until 2026-11-11 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: no open-market insider sales or purchases reported.
30 days after: none reported.
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2026-02-14 to 2026-06-14. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"In connection with management's evaluation of the Company's ability to continue as a going concern in accordance with FASB ASC Topic 205-40, "Presentation of Financial Statements – Going Concern," the Company's liquidity concerns raise substantial doubt about the Company's ability to continue as a going concern for a period of one year from the date the unaudited condensed financial statements are available to be..."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2026-03-31)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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