The company maintains a vulnerable capital structure with an accumulated deficit of $5.5M as of 2026Q1, while the current ratio has compressed significantly from 10.42 in 2024Q4 to 5.22 in 2026Q1.
| Total Current Assets | 663.36K | 896.27K | 1.45M |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | 0 | 0 |
| Total Non-Current Assets | 183.45M | 181.85M | 174.67M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 723.65M | 181.85M | 174.58M |
| Other Non-Current Assets | - | - | - |
| Total Assets | 184.11M | 182.74M | 176.11M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 81246.8% | 3.76% | - |
| Total Current Liabilities | 127.12K | 147.3K | 138.94K |
| Accounts Payable | 0 | 0 | 38.68K |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 127.12K | 147.3K | 0 |
| Current Ratio | 5.22x | 6.08x | 10.42x |
| Quick Ratio | 5.22x | 6.08x | 10.42x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 6.04M | 6.04M | 6.04M |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 6.16M | 6.18M | 6.18M |
| Total Debt | 0 | 0 | 0 |
| Net Debt | -497.39K | -772.51K | -1.24M |
| Debt / Equity | 0.00x | - | - |
| Debt / EBITDA | -0.00x | - | - |
| Net Debt / EBITDA | 0.66x | - | - |
| Interest Coverage | - | - | - |
| Total Equity | 177.95M | 176.56M | 169.94M |
| Equity Growth % | 1054442.46% | 3.9% | - |
| Book Value per Share | 10.32 | 10.24 | 7.79 |
| Total Shareholders' Equity | 177.95M | 176.56M | 169.94M |
| Common Stock | 183.45M | 181.85M | 174.58M |
| Retained Earnings | -5.5M | -5.29M | -4.64M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Liquidation and capital depletion
As reported in recent financial statements, NTWO's cash reserves have steadily declined from $1.2M in 2024Q4 to $497.4K by 2026Q1, signaling a persistent erosion of the capital base necessary to sustain the entity's search for a viable business combination before the looming liquidation deadline.
The consistent decline in cash balances suggests that the company is consuming its limited resources to fund administrative overhead without achieving a merger. This trajectory implies that the entity's ability to remain a viable public shell is increasingly constrained by its own operational burn rate.
Based on the latest quarterly filings, the current ratio has compressed from 10.42 in 2024Q4 to 5.22 in 2026Q1, reflecting a rapid depletion of liquid assets relative to the ongoing administrative liabilities required to maintain the company's regulatory standing as a public shell entity.
While the current ratio remains numerically high, the absolute cash balance of $497.4K indicates a very narrow margin for error. Investors should monitor whether this liquidity level is sufficient to cover the professional fees and due diligence costs required to finalize a transaction before the trust expires.
According to historical balance sheet data, the company's retained earnings have deteriorated to a deficit of $5.5M as of 2026Q1, illustrating the cumulative impact of non-operating costs and administrative expenses that have consistently outpaced any potential interest income generated by the trust account assets.
The deepening deficit in retained earnings highlights the structural reality that this entity is designed to consume capital rather than generate it. This trend suggests that shareholder equity is being systematically reduced by the costs of maintaining the shell, which may complicate future negotiations with potential merger targets.
As indicated by the provided balance sheet, the reported total assets of $184.1M are largely comprised of restricted trust funds, which masks the reality that the company's actual working capital is limited to the significantly smaller cash balance of $497.4K reported in 2026Q1.
Investors should be cautious not to conflate the total asset figure with available liquidity, as the vast majority of these assets are legally restricted for use in a business combination or redemption. This distinction is critical, as the entity's operational survival depends entirely on the smaller, unrestricted cash pool.
Quick answers to the most common questions about buying NTWO stock.
As of 2025, Newbury Street II Acquisition Corp (NTWO) had total assets of $182.7M including $0.9M in current assets.
Newbury Street II Acquisition Corp (NTWO) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Newbury Street II Acquisition Corp (NTWO) has total shareholders' equity (book value) of $176.6M ($10.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Newbury Street II Acquisition Corp (NTWO) reported a current ratio of 6.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.