The company has maintained zero revenue across all ten observed quarters, with 2026Q1 SG&A expenses of $281.2K further highlighting the absence of core operational traction.
| Sales/Revenue | 0 | - | - | - | - |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | 0 | 0 | 744.92K | 0 | 0 |
| Gross Margin % | - | - | 69.89% | - | - |
| Gross Profit Growth % | - | -100% | - | - | - |
| Operating Expenses | 878.29K | 944.54K | 196.36K | 485.55K | 70.66K |
| OpEx % of Revenue | - | - | 18.42% | - | - |
| Selling, General & Admin | 878.29K | 944.54K | 196.36K | 485.55K | 70.66K |
| SG&A % of Revenue | - | - | 18.42% | - | - |
| Research & Development | 0 | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - |
| Operating Income | -878.29K | -944.54K | -196.36K | -485.55K | -70.66K |
| Operating Margin % | - | - | -18.42% | - | - |
| Operating Income Growth % | - | -381.03% | 59.56% | -587.14% | - |
| EBITDA | -878.29K | -944.54K | -71.01K | -485.55K | 0 |
| EBITDA Margin % | - | - | -6.66% | - | - |
| EBITDA Growth % | -61.52% | -1230.19% | 85.38% | - | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 70.66K |
| EBIT | -878.29K | -944.54K | -71.01K | -485.55K | -70.66K |
| Net Interest Income | 1.87M | 0 | 125.35K | 0 | 0 |
| Interest Income | 1.87M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 508.56K | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - |
| Pretax Income | 6.21M | 6.36M | -71.01K | -485.55K | -70.66K |
| Pretax Margin % | - | - | -6.66% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | 6.21M | 6.36M | -71.01K | -485.55K | -70.66K |
| Net Margin % | - | - | -6.66% | - | - |
| Net Income Growth % | 339.67% | 9059.65% | 85.37% | -587.14% | - |
| Net Income (Continuing) | 6.21M | 6.36M | -71.01K | -485.55K | -70.66K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.36 | 0.37 | -0.02 | -0.12 | -0.02 |
| EPS Growth % | -18.54% | 2383.95% | 86.5% | -589.66% | - |
| EPS (Basic) | - | 0.37 | -0.02 | -0.12 | -0.02 |
| Diluted Shares Outstanding | 17.25M | 17.25M | 4.05M | 4.05M | 4.05M |
| Basic Shares Outstanding | 17.25M | 17.25M | 4.05M | 4.05M | 4.05M |
| Dividend Payout Ratio | - | - | - | - | - |
Insolvency and delisting risk
As reported in financial statements, TDAC has maintained zero revenue across all ten observed quarters, confirming its status as a dormant shell entity without operational activity or commercial traction since its inception, which leaves the company entirely dependent on prospective business combinations to establish any meaningful financial trajectory.
The lack of top-line growth is consistent with the company's shell structure, yet the prolonged inactivity suggests significant execution hurdles in identifying a viable biotech target. Investors should monitor whether the entity can transition from this pre-revenue state before the costs of maintaining public listing status become prohibitive.
Based on the reported figures, TDAC's SG&A expenses have fluctuated significantly, reaching $281.2K in 2026Q1, which stands in stark contrast to the company's minimal cash balance of $29,787, indicating a reliance on external sponsor support to fund ongoing compliance and administrative obligations.
The volatility in quarterly SG&A suggests that professional service fees are likely lumpy and tied to specific regulatory filings or deal-sourcing efforts. This cost structure appears unsustainable without continuous capital infusions, as the current cash position provides little buffer for extended operational delays.
According to recent SEC filings, TDAC reported positive net income in several recent quarters despite zero revenue, a phenomenon that appears driven by non-operating items rather than core business performance, warranting caution regarding the sustainability of these earnings figures for valuation purposes.
The disconnect between operating losses and positive net income suggests the presence of non-cash adjustments or financial engineering that do not reflect the underlying health of the shell. Analysts should focus on the operating income line to gauge the true burn rate, as the net income figures appear to be accounting artifacts.
As indicated by the financial data, the company's inability to secure a merger after two years of operation, combined with a cash balance of only $29,787, suggests that the entity faces a high risk of insolvency or forced liquidation if a transaction is not finalized immediately.
Short-term observers may focus on the potential for a reverse merger to unlock value, but the fundamental reality is that the entity is rapidly exhausting its ability to remain a viable public vehicle. The lack of a trust account further exacerbates the risk, as there is no underlying capital to protect shareholders in the event of a failed deal.
Quick answers to the most common questions about buying TDAC stock.
Translational Development Acquisition Corp. (TDAC) is profitable, generating $6.4M in net income for the fiscal year ending 2025.