Enhanced Ltd posts FY2025 net loss $26.7M; goes public via SPAC reverse recap, flags going concern

Enhanced Group Inc.

Net loss of $26.66M for FY2025 vs $4.70M loss in 2024; accumulated deficit $32.04M.
No revenue; operating expenses $26.89M including $21.7M G&A and $3.74M athlete costs.
Cash $25.25M at 12/31/25; operating cash burn $24.36M during 2025.
Auditor BDO flags substantial doubt about ability to continue as a going concern.
Closed SPAC merger with A Paradise on 5/7/26; recast as reverse recapitalization at exchange ratio 7.6021.

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