UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended ~~June~~September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-42774

HCM III ~~Acquisition~~ACQUISITION ~~Corp~~CORP.

(Exact Name of Registrant as Specified in Its Charter)

Cayman Islands		98-1854444
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

100 First Stamford Place, Suite 330 Stamford, CT		06902
(Address of principal executive offices)		(Zip Code)

(203) 930-2200

(Issuer’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one Class A ordinary share and one-third of one Redeemable Warrant	HCMAU	The Nasdaq Stock Market LLC

Class A Ordinary Shares, par value $0.0001 per share	HCMA	The Nasdaq Stock Market LLC

Redeemable Warrants, each whole warrant exercisable for one Class ordinary share at a price of $11.50 per share	HCMAW	The Nasdaq Stock Market LLC

~~Indicate~~Check ~~by check mark~~ whether the ~~registrant~~issuer (1) ~~has~~ filed all reports required to be filed by Section 13 or 15(d) of the ~~Securities~~ Exchange Act ~~of 1934~~ during the ~~preceding~~past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ ~~No ☒~~

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See ~~the~~ definitions of “large accelerated filer,”, “accelerated filer,”, “smaller reporting company,” ~~and~~, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of ~~September~~November 1214, 2025, there were 25,300,000 Class A ordinary shares, $0.0001 par value and 8,433,333 Class B ordinary shares, $0.0001 par value, issued and outstanding.

HCM III ACQUISITION CORP.

FORM 10-Q FOR THE QUARTER ENDED ~~JUNE~~SEPTEMBER 30, 2025

TABLE OF CONTENTS

		Page
Part I. Financial Information		1
Item 1. Interim Financial Statements		1
Item 1. Financial Statements		1
Condensed Balance Sheet as of June 30, 2025 (Unaudited)		1
Condensed Balance Sheet as of September 30, 2025 (Unaudited)		1
Condensed Statement of Operations for the period from April 15, 2025 (Inception) Through June 30, 2025 (Unaudited)		2
Condensed Statements of Operations for the three months ended September 30, 2025 and for the period from April 15, 2025 (Inception) Through September 30, 2025 (Unaudited)		2
Condensed Statement of Changes in Shareholder’s Deficit for the period from April 15, 2025 (Inception) Through June 30, 2025 (Unaudited)		3
Condensed Statements of Changes in Shareholder’s Deficit for the three months ended September 30, 2025 and for the period from April 15, 2025 (Inception) Through September 30, 2025 (Unaudited)		3
Condensed Statement of Cash Flows for the period from April 15, 2025 (Inception) Through June 30, 2025 (Unaudited)		4
Condensed Statement of Cash Flows for the period from April 15, 2025 (Inception) Through September 30, 2025 (Unaudited)		4
Notes to Condensed Financial Statements (Unaudited)		5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		1516
Item 3. Quantitative and Qualitative Disclosures About Market Risk		17
Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk		18
Item 4. Controls and Procedures		1718
Part II. Other Information
Item 1. Legal Proceedings		1819
Item 1A. Risk Factors		1819
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		1819
Item 3. Defaults Upon Senior Securities		1819
Item 4. Mine Safety Disclosures		1819
Item 5. Other Information		1820
Item 6. Exhibits		1920
Part III. Signatures		2021

PART I - FINANCIAL INFORMATION

Item 1. Interim Financial Statements.

HCM III ACQUISITION CORP.

CONDENSED BALANCE SHEET

~~JUNE~~SEPTEMBER 30, 2025

(UNAUDITED)

Assets:
Current asset – prepaid expenses	$	20,000
Current Assets
Deferred offering costs		397,682
Cash and cash equivalents	$	1,144,833
Total Assets	$	417,682
Prepaid expenses		34,191
Liabilities and Shareholder’s Deficit:
Prepaid insurance		65,000
Accrued expenses	$	11,325
Total Current Assets		1,244,024
Accrued offering costs		201,102
Long term prepaid insurance		54,167
Promissory note – related party		227,800
Marketable securities held in Trust Account		254,727,160
Total Liabilities		440,227
Total Assets	$	256,025,351
Liabilities and Shareholders’ Deficit:
Current Liabilities
Accrued expenses	$	39,942
Accrued offering expenses		75,000
Total Current Liabilities		114,942
Deferred underwriting fee payable		12,045,000
Advisory fee payable		1,204,500
Total Liabilities		13,364,442
Commitments and Contingencies (Note 6)
Shareholder’s Deficit
Class A ordinary shares subject to possible redemption, 25,300,000 shares at a redemption value of $10.07 per share		254,727,160
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding		—
Shareholders’ Deficit
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; none issued or outstanding		―
Preference shares, $0.0001 par value; 1,100,000 shares authorized; none issued or outstanding		—
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,433,333 shares issued and outstanding(1)		844
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; none issued or outstanding		—
Additional paid-in capital		24,156
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 8,433,333 shares issued and outstanding		843
Accumulated deficit		(47,545	)
Additional paid-in capital		—
Total Shareholder’s Deficit		(22,545	)
Accumulated deficit		(12,067,094	)
Total Liabilities and Shareholder’s Deficit	$	417,682
Total Shareholders’ Deficit		(12,066,251	)
Total Liabilities and Shareholders’ Deficit	$	256,025,351

~~(1)~~The ~~Includes~~accompanying annotes ~~aggregate~~are ofan upintegral topart ~~1,100,000 Class B ordinary shares subject to forfeiture if~~ of the ~~over-allotment~~unaudited ~~option~~condensed isfinancial ~~not exercised by the underwriters in full (Note 5)~~statements. ~~On August 4, 2025, the underwriters exercised their over-allotment option and as of such date, 1,100,000 founder shares were no longer subject to forfeiture.~~

~~The accompanying notes are an integral part of the unaudited condensed financial statements.~~1

1HCM III ACQUISITION CORP.

~~HCM~~CONDENSED ~~III~~STATEMENTS ~~ACQUISITION~~OF ~~CORP.~~OPERATIONS

~~CONDENSED STATEMENT OF OPERATIONS~~(UNAUDITED)

FOR THE PERIOD FROM APRIL 15, 2025 (INCEPTION) THROUGH JUNE 30, 2025

	For the Three Months Ended September 30,			For the Period from April 15, 2025 (Inception) Through September 30,
	2025			2025
General and administrative costs	$	135,337		$	182,882
Loss from operations		(135,337	)		(182,882	)

Other income (expense):
Advisory fee expense		(1,644,500	)		(1,644,500	)
Advisory fee - reimbursable income		440,000			440,000
Interest earned on marketable securities held in Trust Account		1,727,160			1,727,160
Interest earned on cash equivalents		3,041			3,041
Total other income, net		525,701			525,701
Net income	$	390,364		$	342,819

Basic weighted average shares outstanding of Class A ordinary shares		15,675,000			8,583,929
Basic net income per ordinary share, Class A ordinary shares	$	0.02		$	0.02
Diluted weighted average shares outstanding of Class A ordinary shares		15,675,000			8,583,929
Diluted net income per ordinary share, Class A ordinary shares	$	0.02		$	0.02

Basic weighted average shares outstanding, Class B ordinary shares		8,014,855			7,662,896
Basic net income per ordinary share, Class B ordinary shares	$	0.02		$	0.02
Diluted weighted average shares outstanding, Class B ordinary shares ⁽¹⁾		8,433,333			8,383,135
Diluted net income per ordinary share, Class B ordinary shares	$	0.02		$	0.02

(~~UNAUDITED~~1) Excludes an aggregate of up to 1,100,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised by the underwriters in full (Note 5). On August 4, 2025, the underwriters exercised their over-allotment option in full as part of the closing of the Initial Public Offering. As such, the 1,100,000 founder shares were no longer subject to forfeiture.

Formation, general and administrative costs	$	47,545
Loss from Operations		(47,545	)
Net loss	$	(47,545	)
Basic and diluted weighted average Class B ordinary shares outstanding(1)		7,333,333
Basic and diluted net loss per Class B ordinary share	$	(0.01	)

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

(1) Excludes an aggregate of up to 1,100,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised by the underwriters in full (Note 5). On August 4, 2025, the underwriters exercised their over-allotment option in full as part of the closing of the Initial Public Offering. As such, the 1,100,000 founder shares were no longer subject to forfeiture.2

~~The~~HCM ~~accompanying~~III ~~notes~~ACQUISITION ~~are an integral part of the unaudited condensed financial statements~~CORP.

2CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT

~~HCM~~FOR ~~III~~THE ~~ACQUISITION~~THREE ~~CORP.~~MONTHS ENDED SEPTEMBER 30, 2025 AND

~~CONDENSED~~FOR ~~STATEMENT~~THE OFPERIOD ~~CHANGES~~FROM INAPRIL ~~SHAREHOLDER’S~~15, 2025 (INCEPTION) ~~DEFICIT~~THROUGH SEPTEMBER 30, 2025

~~FOR THE PERIOD FROM APRIL 15, 2025~~ (~~INCEPTION~~UNAUDITED) ~~THROUGH JUNE 30, 2025~~

(UNAUDITED)

	Class A Ordinary Shares				Class B Ordinary Shares				Additional Paid-in			Accumulated			Total Shareholders’
	Shares		Amount		Shares		Amount		Capital			Deficit			Deficit
Balance at April 15, 2025 (inception)		—	$	—		—	$	—	$	—		$	—		$	—

Class B ordinary shares issued to Sponsor ⁽¹⁾		—		—		8,433,333		843		24,157			—			25,000

Net loss		—		—		—		—		—			(47,545	)		(47,545	)

Balance – June 30, 2025 (unaudited)		—		—		8,433,333		843		24,157			(47,545	)		(22,545	)

Sale of 4,266,667 Private Placement Warrants		—		—		—		—		6,400,000			—			6,400,000

Fair Value of Public Warrants at issuance		—		—		—		—		3,078,167			—			3,078,167

Allocated value of transaction costs to Class A shares		—		—		—		—		(224,266	)		—			(224,266	)

Accretion for Class A ordinary shares to redemption amount		—		—		—		—		(9,278,058	)		(12,409,913	)		(21,687,971	)

Net income		—		—		—		—		—			390,364			390,364

Balance – September 30, 2025 (unaudited)		—	$	—		8,433,333	$	843	$	—		$	(12,067,094	)	$	(12,066,251	)

	Class B Ordinary Shares				Additional Paid-in		Accumulated			Total Shareholder’s
	Shares		Amount		Capital		Deficit			Deficit
Balance at April 15, 2025 (inception)		―	$	―	$	―	$	―		$	―
Class B ordinary shares issued to Sponsor(1)		8,433,333		844		24,156		—			25,000
Net loss		—		—		—		(47,545	)		(47,545	)
Balance at June 30, 2025		8,433,333	$	844	$	24,156	$	(47,545	)	$	(22,545	)

(1)

Includes an aggregate of up to 1,100,000 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised by the underwriters in full (Note 5). On August 4, 2025, the underwriters exercised their over-allotment option and as of such date, 1,100,000 founder shares were no longer subject to forfeiture.

~~The accompanying notes are an integral part of the unaudited condensed financial statements.~~3

3HCM III ACQUISITION CORP.

~~HCM~~CONDENSED ~~III~~STATEMENT ~~ACQUISITION~~OF ~~CORP.~~CASH FLOWS

~~CONDENSED~~FOR ~~STATEMENT~~THE OFPERIOD ~~CASH~~FROM ~~FLOWS~~APRIL 15, 2025 (INCEPTION) THROUGH SEPTEMBER 30, 2025

~~FOR THE PERIOD FROM APRIL 15, 2025~~ (~~INCEPTION~~UNAUDITED) ~~THROUGH JUNE 30, 2025~~

(UNAUDITED)

Cash Flows from Operating Activities:
Net income	$	342,819
Adjustments to reconcile net income to net cash used in operating activities:
Payment of operation costs through promissory note		47,545
Interest earned on marketable securities held in Trust Account		(1,727,160	)
Changes in operating assets and liabilities:
Prepaid expenses		(14,191	)
Prepaid insurance		(119,167	)
Accrued expenses		39,942
Net cash used in operating activities		(1,430,212	)

Cash Flows from Investing Activities:
Investment of cash into Trust Account		(253,000,000	)
Net cash used in investing activities		(253,000,000	)

Cash Flows from Financing Activities:
Proceeds from sale of Units, net of underwriting discounts paid		248,600,000
Proceeds from sale of Private Placements Warrants		6,400,000
Repayment of promissory note - related party		(248,243	)
Advisory fee payable - non-current		1,204,500
Payment of offering costs		(381,212	)
Net cash provided by financing activities		255,575,045

Net Change in Cash and cash equivalents		1,144,833
Cash and Cash equivalents – Beginning of period		—
Cash and Cash equivalents – End of period	$	1,144,833

Non-Cash investing and financing activities:
Offering costs included in accrued offering costs	$	75,000
Deferred offering costs paid through promissory note – related party	$	180,698
Prepaid services contributed by Sponsor through promissory note - related party	$	20,000
Deferred offering costs applied against a prepaid expense paid by Sponsor in exchange for issuance of Class B ordinary shares	$	25,000
Advisory fee paid on behalf of the Company by underwriter	$	440,000
Deferred underwriting fee payable	$	12,045,000

Cash Flows from Operating Activities:
Net loss	$	(47,545	)
Adjustments to reconcile net loss to net cash used in operating activities:
Payment of expenses through promissory note – related party		36,220
Changes in operating assets and liabilities:
Accrued expenses		11,325
Net cash used in operating activities		—
Net Change in Cash		—
Cash – Beginning of period		—
Cash – End of period	$	—
Noncash investing and financing activities:
Deferred offering costs included in accrued offering costs	$	201,102
Deferred offering costs paid through promissory note - related party	$	171,580
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares	$	25,000
Prepaid expenses paid through promissory note – related party	$	20,000

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

~~The accompanying notes are an integral part of the unaudited condensed financial statements.~~ 4

4HCM III ACQUISITION CORP.

~~HCM~~NOTES ~~III~~TO ~~ACQUISITION~~CONDENSED ~~CORP.~~FINANCIAL STATEMENTS

~~NOTES~~SEPTEMBER TO30, ~~UNAUDITED CONDENSED FINANCIAL STATEMENTS~~2025

~~JUNE 30, 2025~~(Unaudited)

~~(UNAUDITED)~~Note 1 — Description of Organization, Business Operations, Liquidity and Capital Resources

~~Note~~ HCM 1III —Acquisition Corp. ~~Description~~(the “Company”) is a blank check company incorporated as a Cayman Islands exempted corporation on April 15, 2025. The Company was incorporated for the purpose of ~~Organization~~effecting a merger, ~~Business~~amalgamation, ~~Operations~~share exchange, ~~Liquidity~~asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination target, and ~~Capital~~the ~~Resources~~Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination with the Company.

As ~~HCM III~~of ~~Acquisition~~September ~~Corp. (~~30, 2025, the “Company”) ishas anot ~~blank~~commenced ~~check~~any ~~company~~operations. ~~incorporated~~All asactivity afor ~~Cayman~~the ~~Islands~~period ~~exempted~~from ~~corporation on~~ April 15, 2025. ~~The~~(inception) ~~Company~~through ~~was~~September ~~incorporated~~30, ~~for~~2025 relates to the ~~purpose~~Company’s offormation, ~~effecting~~the ainitial ~~merger,~~public ~~amalgamation,~~offering ~~share~~(“Initial ~~exchange~~Public Offering”), ~~asset~~which ~~acquisition,~~is ~~share~~described ~~purchase~~below, ~~reorganization~~and orsubsequent ~~similar~~to ~~business~~the ~~combination~~Initial ~~with~~Public ~~one~~Offering, oridentifying ~~more~~a ~~businesses~~target ~~(the~~company “for a Business Combination”). The Company ~~has~~will not ~~selected~~generate any ~~specific~~operating revenues until after the completion of its initial Business Combination ~~target~~, ~~and~~at the earliest. The Company ~~has~~will ~~not,~~generate ~~nor~~non-operating ~~has~~income ~~anyone~~in the form of interest income on ~~its~~cash ~~behalf,~~and ~~engaged~~cash inequivalents ~~any~~from ~~substantive~~the ~~discussions,~~proceeds ~~directly~~derived orfrom ~~indirectly,~~the ~~with~~Initial ~~any~~Public ~~Business~~Offering ~~Combination~~(as ~~target~~defined ~~with~~below). ~~respect~~The toCompany anhas ~~initial~~selected ~~Business~~December 31 ~~Combination~~as ~~with~~its ~~the~~fiscal ~~Company.~~year end.

As ofThe ~~June 30, 2025, the~~ Company’s ~~has~~Sponsor ~~not~~is ~~commenced~~HCM ~~any~~Investor ~~operations. All activity for the period from April~~Holdings 15III, ~~2025~~LLC (~~inception~~the “Sponsor”). ~~through~~The ~~June~~registration ~~30,~~statement ~~2025~~for ~~relates to~~ the Company’s ~~formation, the initial public offering (“~~Initial Public Offering~~”),~~ ~~which~~was isdeclared ~~described~~effective ~~below,~~on ~~and~~July ~~subsequent~~31, to2025. ~~the~~On ~~Initial~~August ~~Public~~4, ~~Offering~~2025, ~~identifying~~the ~~a target company for a Business Combination. The~~ Company ~~will~~consummated ~~not~~the ~~generate~~Initial ~~any~~Public ~~operating~~Offering ~~revenues until after the completion~~ of ~~its initial Business Combination~~25,300,000 units at ~~the earliest~~$10.00 ~~The~~per ~~Company~~unit ~~will generate non-operating income in~~ (the ~~form~~“Units”), ofwhich ~~interest~~is ~~income~~discussed onin ~~cash~~Note ~~and~~3, ~~cash~~which ~~equivalents~~includes ~~from~~ the ~~proceeds~~full ~~derived~~exercise ~~from~~of the ~~Initial~~underwriters’ ~~Public~~over-allotment ~~Offering~~option ~~(as~~of ~~defined~~3,300,000 ~~below).~~Units, ~~The~~generating ~~Company~~gross ~~has~~proceeds ~~selected~~of ~~December 31 as its fiscal year end~~$253,000,000.

~~The~~Simultaneously with the closing of the Initial Public Offering, the Company’s ~~Sponsor~~consummated isthe ~~HCM~~sale ~~Investor~~of ~~Holdings III~~an aggregate of 4,266,667 ~~LLC~~Private Placement Warrants (the “~~Sponsor~~Private Placement Warrants”). ~~The~~to ~~registration~~the ~~statement~~Sponsor ~~for~~and Cantor Fitzgerald & Co., the ~~Company’s~~representative of the underwriters of the Initial Public Offering, ~~was~~at ~~declared~~a ~~effective~~price onof ~~July~~$1.50 31per warrant, ~~2025~~or $6,400,000 in the aggregate. OnOf ~~August~~those 4,266,667 ~~2025~~Private Placement Warrants, the ~~Company~~Sponsor ~~consummated~~purchased ~~the~~3,533,333 ~~Initial~~Private ~~Public~~Placement ~~Offering~~Warrants ofand ~~25,300,000~~Cantor Fitzgerald ~~units~~& atCo. purchased 733,334 Private Placement Warrants. Each Unit that the Company is offering has a price of $10.00 ~~per~~and ~~unit~~consists ~~(the~~of ~~“Units”),~~one ~~which~~Class A isordinary ~~discussed~~share, inand ~~Note~~one-third 3,of ~~which~~one ~~includes~~redeemable ~~the~~warrant. ~~full~~Each ~~exercise~~whole ofwarrant entitles the ~~underwriters’~~holder ~~over-allotment~~to ~~option~~purchase ofone ~~3,300,000~~Class A ~~Units,~~ordinary ~~generating~~share ~~gross~~at ~~proceeds~~a price of $~~253,000,000~~11.50 per share.

~~Simultaneously~~Transaction ~~with~~costs ~~the~~amounted ~~closing~~to ~~of the Initial Public Offering~~$17, ~~the Company consummated the sale of an aggregate of 4~~106,~~266~~910,~~667~~ ~~Private~~consisting ~~Placement Warrants (the “Private Placement Warrants”) to the Sponsor and Cantor Fitzgerald & Co., the representative~~ of ~~the underwriters of the Initial Public Offering, at a price of~~ $~~1.50 per warrant~~4, ~~or $6,~~400,000 inof ~~the~~cash ~~aggregate.~~underwriting ~~Of those 4~~fee,~~266,667~~ ~~Private Placement Warrants~~$12, ~~the Sponsor purchased 3~~045,~~533,333~~000 ~~Private~~of ~~Placement~~deferred ~~Warrants~~underwriting ~~and Cantor Fitzgerald & Co. purchased 733~~fee,~~334~~ ~~Private Placement Warrants. Each Unit that the Company is offering has a price of $10.00~~ and ~~consists of one Class A ordinary share~~$661,910 ~~and one-third~~ of ~~one~~other ~~redeemable~~offering ~~warrant~~costs. ~~Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share.~~

~~Transaction~~The ~~costs~~Company’s ~~amounted~~Business Combination must be with one or more target businesses that together have a fair market value equal to ~~$17,106,910,~~at ~~consisting~~least 80% of ~~$4,400,000~~the ofnet ~~cash~~balance ~~underwriting~~in ~~fee,~~the ~~$12,045,000~~Trust Account (as defined below) (excluding the amount of deferred underwriting ~~fee,~~discounts held and ~~$661~~taxes payable on the income earned on the Trust Account) at the time of the signing an agreement to enter into a Business Combination. However,~~910~~ the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of ~~other~~the ~~offering~~outstanding ~~costs~~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”). There is no assurance that the Company will be able to successfully effect a Business Combination.

~~The~~Upon ~~Company’s~~the ~~Business~~closing ~~Combination~~of ~~must~~the Initial Public Offering on August 4, 2025, an amount of $253,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units, and a portion of the proceeds of the sale of the Private Placement Units, are held in a Trust Account (the “Trust Account”) and will only be invested in U.S. government treasury obligations with ~~one~~a maturity of 185 days or ~~more~~less ~~target~~or ~~businesses~~in ~~that~~money ~~together~~market ~~have~~funds ameeting ~~fair~~certain ~~market~~conditions ~~value~~under ~~equal~~Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations; the holding of these assets in this form is intended to atbe ~~least~~temporary ~~80%~~and for the sole purpose of facilitating the ~~net~~intended ~~balance~~Business Combination. To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer that the Company holds investments in the Trust Account, ~~(as~~the ~~defined~~Company ~~below)~~may, at any time (~~excluding~~based on the ~~amount~~management team’s ongoing assessment of ~~deferred~~all ~~underwriting~~factors ~~discounts~~related to the Company’s potential status under the Investment Company Act), instruct the trustee to liquidate the investments held in the Trust Account and ~~taxes~~instead ~~payable~~to onhold the ~~income~~funds in the trust account in cash or in an interest bearing demand deposit account at a bank. Except with respect to interest earned on the funds held in the Trust Account) atthat may be released to the ~~time~~Company to pay its taxes, if any, the proceeds from the Initial Public Offering and the sale of the ~~signing~~Private anPlacement ~~agreement~~Warrants towill ~~enter~~not ~~into~~be areleased from the Trust Account until the earliest of (i) the completion of the Company’s initial Business Combination~~. However~~, (ii) the redemption of the Company’s ~~will~~public ~~only~~shares if the Company is unable to complete athe initial Business Combination ifwithin 24 months from the ~~post-Business~~closing ~~Combination~~of ~~company~~the ~~owns~~Initial Public Offering or ~~acquires~~by ~~50%~~such orearlier ~~more~~liquidation date as the Company’s board of directors may approve (the ~~outstanding~~“Completion ~~voting~~Window”), ~~securities~~subject to applicable law, or (iii) the redemption of the ~~target~~Company’s orpublic ~~otherwise~~shares ~~acquires~~properly submitted in connection with a ~~controlling~~shareholder ~~interest~~vote into amend the ~~target~~Company’s ~~sufficient~~amended ~~for~~and itrestated ~~not~~memorandum and articles of association to be(A) modify ~~required~~the substance or timing of the Company’s obligation to ~~register~~allow asredemption anin ~~investment~~connection ~~company~~with ~~under~~the initial Business Combination or to redeem 100% of the ~~Investment~~Company’s public shares if the Company ~~Act of 1940,~~has asnot ~~amended~~consummated (an initial Business Combination within the ~~“Investment~~Completion ~~Company~~Window ~~Act”~~or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity. ~~There~~The isproceeds nodeposited ~~assurance~~in ~~that~~the Trust Account could become subject to the claims of the Company’s ~~will~~creditors, beif ~~able~~any, towhich ~~successfully~~could ~~effect~~have apriority ~~Business~~over ~~Combination~~the claims of the Company’s public shareholders.

~~Upon~~The ~~the~~Company ~~closing~~will ofprovide the ~~Initial~~Company’s ~~Public~~public ~~Offering~~shareholders onwith ~~August 4, 2025, an amount of $253,000,000 ($10.00 per Unit) from~~ the ~~net~~opportunity ~~proceeds~~to ofredeem ~~the~~all ~~sale~~or ~~of the Units, and~~ a portion of ~~the~~their ~~proceeds~~public ofshares upon the ~~sale~~completion of the ~~Private~~initial ~~Placement~~Business ~~Units,~~Combination ~~are~~either ~~held in a Trust Account~~ (~~the “Trust Account”~~i) ~~and will only be invested~~ in ~~U.S. government~~connection ~~treasury obligations~~ with a ~~maturity~~general ~~of 185 days or less or in money market funds~~ meeting ~~certain~~called ~~conditions~~to ~~under~~approve ~~Rule 2a-7 under~~ the ~~Investment~~initial ~~Company~~Business ~~Act~~Combination ~~which~~or ~~invest only in direct U.S.~~(ii) ~~government~~without ~~treasury~~a ~~obligations;~~shareholder ~~the~~vote ~~holding~~by means of ~~these~~a ~~assets~~tender inoffer. ~~this~~The ~~form~~decision isas ~~intended~~ to bewhether ~~temporary~~the ~~and~~Company ~~for~~will ~~the~~seek ~~sole~~shareholder ~~purpose~~approval of ~~facilitating~~a ~~the~~proposed ~~intended~~initial Business Combination. Toor ~~mitigate~~conduct ~~the~~a ~~risk~~tender ~~that~~offer ~~the~~will ~~Company might~~ be ~~deemed~~made toby ~~be an investment company for purposes of~~ the ~~Investment~~ Company ~~Act~~, ~~which~~solely ~~risk increases the longer that the Company holds investments~~ in ~~the~~its ~~Trust~~discretion. ~~Account,~~The ~~the~~public ~~Company~~shareholders ~~may,~~will atbe ~~any~~entitled ~~time (based on the management team’s ongoing assessment of all factors related~~ to ~~the~~redeem ~~Company’s~~their ~~potential~~shares ~~status~~at ~~under~~a ~~the~~per-share ~~Investment Company Act)~~price, ~~instruct~~payable ~~the trustee to liquidate the investments held~~ in ~~the~~cash, ~~Trust~~equal ~~Account and instead~~ to ~~hold~~ the ~~funds~~aggregate inamount ~~the~~then ~~trust~~on ~~account in cash or in an interest bearing demand~~ deposit ~~account at a bank. Except with respect to interest earned on the funds held~~ in the Trust Account ~~that~~calculated ~~may~~as beof ~~released~~two business days toprior ~~the Company~~ to ~~pay its taxes, if any,~~ the ~~proceeds~~consummation ~~from the Initial Public Offering and the sale~~ of the ~~Private Placement Warrants will not be released from the Trust Account until the earliest of (i) the completion of the Company’s~~ initial Business Combination, ~~(ii) the~~including ~~redemption~~interest ofearned ~~the~~on ~~Company’s public shares if~~ the ~~Company~~funds isheld ~~unable~~in ~~to complete~~ the ~~initial~~Trust ~~Business~~Account ~~Combination within 24 months from the closing of the Initial Public Offering or by such earlier liquidation date as the Company’s board of directors may approve~~ (~~the~~less ~~“Completion~~taxes ~~Window”~~payable), ~~subject~~divided toby ~~applicable law, or (iii)~~ the ~~redemption~~number of ~~the~~then ~~Company’s~~outstanding public shares, ~~properly~~subject ~~submitted in connection with a shareholder vote~~ to ~~amend~~ the Company’s amended and restated memorandum and articles of association to (A) modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company’s public shares if the Company has not consummated an initial Business Combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activitylimitations. The ~~proceeds~~amount ~~deposited~~ in the Trust Account ~~could~~is ~~become~~initially ~~subject~~anticipated to ~~the~~be ~~claims~~$10.00 ofper ~~the Company’s creditors, if any, which could have priority over the claims of the Company’s~~ public ~~shareholders~~share.

HCM III ACQUISITION CORP.

NOTES TO ~~UNAUDITED~~ CONDENSED FINANCIAL STATEMENTS

~~JUNE~~SEPTEMBER 30, 2025

(~~UNAUDITED~~Unaudited)

The ~~Company~~ordinary ~~will~~shares ~~provide~~subject ~~the~~to ~~Company’s~~redemption ~~public~~were ~~shareholders~~recorded ~~with~~at ~~the~~a ~~opportunity~~redemption tovalue ~~redeem~~and ~~all~~classified oras atemporary ~~portion~~equity ~~of their public shares~~ upon the completion of the ~~initial~~Initial ~~Business~~Public ~~Combination~~Offering, ~~either (i)~~ in ~~connection~~accordance with aFinancial ~~general~~Accounting ~~meeting~~Standards ~~called~~Board ~~to approve the initial Business Combination or~~ (ii“FASB”) ~~without~~ aAccounting ~~shareholder~~Standards ~~vote~~Codification by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account (~~less taxes payable~~“ASC”), ~~divided by the number of then outstanding public shares~~Topic 480, ~~subject~~“Distinguishing toLiabilities ~~the~~from ~~limitations~~Equity. ~~The amount in the Trust Account is initially anticipated to be $10.00 per public share.~~ ”

The ~~ordinary~~Company ~~shares~~will ~~subject~~have only the duration of the Completion Window to ~~redemption~~complete ~~were~~the ~~recorded~~initial atBusiness aCombination. ~~redemption~~However, ~~value~~if ~~and~~the ~~classified~~Company asis ~~temporary~~unable ~~equity~~to ~~upon~~complete its initial Business Combination within the ~~completion~~Completion ofWindow, the ~~Initial~~Company ~~Public~~will as ~~Offering~~promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in ~~accordance~~cash, ~~with~~equal ~~Financial~~to ~~Accounting~~the ~~Standards~~aggregate ~~Board~~amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (~~“FASB”~~less taxes payable and up to $100,000 of interest to pay dissolution expenses), ~~Accounting~~divided ~~Standards~~by ~~Codification~~the number of then outstanding public shares, which redemption will constitute full and complete payment for the public shares and completely extinguish public shareholders’ rights as shareholders (~~“ASC”)~~including ~~Topic 480~~the right to receive further liquidation or other distributions, ~~“Distinguishing~~if ~~Liabilities~~any), ~~from~~subject ~~Equity~~to the Company’s obligations under Cayman Islands law to provide for claims of creditors and subject to the other requirements of applicable law.”

The ~~Company~~Sponsor, ~~will~~officers and directors have ~~only~~entered ~~the~~into ~~duration~~a ofletter agreement with the ~~Completion~~Company, ~~Window~~pursuant to ~~complete~~which ~~the~~they ~~initial~~have ~~Business~~agreed ~~Combination.~~to ~~However,~~(i) waive iftheir ~~the~~redemption ~~Company~~rights iswith ~~unable~~respect to ~~complete~~their ~~its~~founder ~~initial~~shares ~~Business~~and ~~Combination~~public ~~within~~shares in connection with the ~~Completion~~completion ~~Window,~~of the ~~Company~~initial ~~will as~~Business ~~promptly~~Combination; as(ii) waive ~~reasonably~~their ~~possible~~redemption ~~but~~rights ~~not~~with ~~more~~respect ~~than~~to ~~ten business days~~their ~~thereafter,~~founder ~~redeem~~shares ~~the~~and public shares, atin connection with a ~~per-share~~shareholder ~~price,~~vote ~~payable~~to inapprove ~~cash,~~an ~~equal~~amendment to the ~~aggregate~~Company’s ~~amount~~amended ~~then~~and onrestated ~~deposit~~memorandum inand articles of association; (iii) waive their rights to liquidating distributions from the Trust Account, ~~including~~with ~~interest~~respect ~~earned~~to ontheir founder shares if the ~~funds~~Company ~~held~~fails into complete the ~~Trust~~initial ~~Account~~Business ~~(less~~Combination ~~taxes~~within ~~payable~~the ~~and~~Completion upWindow, toalthough ~~$100,000~~they ofwill ~~interest~~be entitled to ~~pay~~liquidating ~~dissolution~~distributions ~~expenses),~~from ~~divided~~the byTrust ~~the~~Account ~~number~~with ofrespect ~~then~~to ~~outstanding~~any public shares, ~~which~~they ~~redemption~~hold ~~will~~if ~~constitute~~the ~~full~~Company ~~and~~fails to complete ~~payment~~the ~~for~~initial Business Combination within the ~~public~~Completion ~~shares~~Window and ~~completely~~to ~~extinguish~~liquidating ~~public~~distributions ~~shareholders’~~from ~~rights~~assets asoutside ~~shareholders~~the trust account; and (~~including~~iv) vote ~~the~~any ~~right~~founder toshares ~~receive~~held ~~further~~by ~~liquidation~~them and any public shares purchased during or ~~other~~after ~~distributions,~~the ifInitial ~~any)~~Public Offering (including in open market and privately negotiated transactions, ~~subject~~aside tofrom shares they may purchase in compliance with the ~~Company’s~~requirements ~~obligations~~of Rule 14e-5 under ~~Cayman~~the ~~Islands~~Exchange Act, ~~law~~which towould ~~provide~~not ~~for~~be ~~claims~~voted ofin ~~creditors~~favor ~~and~~of ~~subject~~approving to the ~~other~~Business ~~requirements~~Combination) in favor of ~~applicable~~the ~~law.~~initial Business Combination.

The Company’s Sponsor, ~~officers~~has ~~and~~agreed ~~directors~~that ~~have~~it ~~entered~~will ~~into~~be aliable ~~letter~~to ~~agreement with~~ the Company, ~~pursuant~~if and to ~~which~~the ~~they~~extent ~~have~~any ~~agreed~~claims toby ~~(i) waive~~a ~~their~~third ~~redemption~~party ~~rights~~for ~~with~~services ~~respect~~rendered toor ~~their~~products ~~founder~~sold ~~shares~~to ~~and~~the ~~public~~Company, ~~shares~~or ina ~~connection~~prospective ~~with~~target ~~the~~business ~~completion~~with ofwhich the ~~initial~~Company ~~Business~~has ~~Combination;~~entered ~~(ii) waive~~into ~~their~~a ~~redemption~~written ~~rights~~letter ~~with~~of ~~respect~~intent, toconfidentiality ~~their~~or ~~founder~~other ~~shares~~similar ~~and~~agreement ~~public~~or ~~shares~~Business inCombination ~~connection~~agreement, ~~with~~reduce athe ~~shareholder~~amount ~~vote~~of tofunds ~~approve~~in anthe ~~amendment~~Trust Account to below the ~~Company’s~~lesser ~~amended~~of ~~and~~(i) $10.00 ~~restated~~per ~~memorandum~~public share and ~~articles of association;~~ (~~iii~~ii) ~~waive~~the ~~their~~actual ~~rights~~amount toper ~~liquidating~~public ~~distributions~~share ~~from~~held in the Trust Account ~~with~~as ~~respect~~of tothe ~~their~~date ~~founder~~of ~~shares~~the ifliquidation of the ~~Company~~Trust ~~fails~~Account, toif ~~complete~~less ~~the~~than ~~initial~~$10.00 ~~Business~~per ~~Combination~~share ~~within~~due ~~the~~to ~~Completion~~reductions ~~Window,~~in ~~although~~the ~~they~~value ~~will~~of bethe ~~entitled~~trust toassets, ~~liquidating~~less ~~distributions~~taxes ~~from~~payable, ~~the~~provided ~~Trust~~that ~~Account~~such ~~with~~liability ~~respect~~will not apply to any ~~public~~claims ~~shares~~by ~~they~~a ~~hold~~third ifparty ~~the~~or ~~Company~~prospective ~~fails~~target tobusiness ~~complete~~who ~~the~~executed ~~initial~~a ~~Business~~waiver ~~Combination~~of ~~within~~any ~~the~~and ~~Completion~~all ~~Window~~rights ~~and~~ to ~~liquidating~~the ~~distributions~~monies ~~from~~held ~~assets~~in ~~outside~~ the ~~trust~~Trust ~~account;~~Account ~~and~~ (~~iv) vote~~whether ~~any~~or ~~founder~~not ~~shares~~such ~~held~~waiver byis ~~them~~enforceable) ~~and~~nor will it apply to any ~~public~~claims ~~shares~~under ~~purchased~~the ~~during~~Company’s orindemnity ~~after~~of the underwriters of the Initial Public Offering (against certain liabilities, including inliabilities ~~open~~under ~~market~~the ~~and~~Securities ~~privately~~Act of 1933, ~~negotiated~~as ~~transactions~~amended (the “Securities Act”). However, ~~aside~~the ~~from~~Company ~~shares~~has ~~they~~not ~~may~~asked ~~purchase~~the inSponsor ~~compliance~~to ~~with~~reserve for such indemnification obligations, nor has the ~~requirements~~Company ofindependently ~~Rule 14e-5~~verified ~~under~~whether the ~~Exchange Act,~~Sponsor ~~which~~has ~~would~~sufficient ~~not~~funds beto ~~voted~~satisfy inits ~~favor~~indemnity ofobligations ~~approving~~and the ~~Business~~Company ~~Combination)~~believes inthat ~~favor~~the Sponsor’s only assets are securities of the ~~initial~~Company. ~~Business~~Therefore, ~~Combination~~the Company cannot assure that the Sponsor would be able to satisfy those obligations.

Liquidity ~~The Company’s Sponsor has agreed that it will be liable to the Company if~~ and toCapital 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 entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it 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”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations. Resources

6 The Company’s liquidity needs up to September 30, 2025 had been satisfied through the loan under an unsecured promissory note. At September 30, 2025, the Company had cash of $1,144,833 and working capital of $1,129,082.

~~HCM~~ ~~III~~In ~~ACQUISITION~~order ~~CORP~~to finance transaction costs in connection with a 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 (the “Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into private placement warrants of the post Business Combination entity at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. As of August 4, 2025, no such Working Capital Loans were outstanding.

~~NOTES~~In TOconnection ~~UNAUDITED~~with ~~CONDENSED~~the ~~FINANCIAL~~Company’s ~~STATEMENTS~~assessment of going concern considerations in accordance with Accounting Standards Codification (“ASC”) 205-40, “Presentation of Financial Statements- Going Concern,” the Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business. However, if the 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 the initial Business Combination. Management has determined that the Company has sufficient funds to finance the working capital needs of the Company within one year from the date of issuance of the financial statement.

~~JUNE 30, 2025~~6

~~(UNAUDITED)~~ HCM III ACQUISITION CORP.

~~Liquidity~~NOTES ~~and~~TO ~~Capital~~CONDENSED ~~Resources~~FINANCIAL STATEMENTS

SEPTEMBER ~~The Company’s liquidity needs up to June~~ 30, 2025 ~~had been satisfied through the loan under an unsecured promissory note. At June 30, 2025, the Company had no cash and working capital deficit of $420,227.~~

In order to finance transaction costs in connection with a 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 (~~the “Working Capital Loans”~~Unaudited). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into private placement warrants of the post Business Combination entity at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. As of June 30, 2025, no such Working Capital Loans were outstanding.

Note 2 In— Significant ~~connection with the Company’s assessment of going concern considerations in accordance with~~ Accounting Standards Codification (“ASC”) 205-40, “Presentation of Financial Statements- Going Concern,” the Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business. However, if the 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 the initial Business Combination. Management has determined that upon the consummation of the Initial Public Offering and the sale of the Private Placement Warrants, the Company has sufficient funds to finance the working capital needs of the Company within one year from the date of issuance of the unaudited condensed financial statements (see Note 9). At August 4, 2025, the Initial Public Offering closing date, the Company had $1,306,160 cash and working capital of $1,269,265. Policies

~~Note 2~~Basis ~~— Significant~~of ~~Accounting Policies~~Presentation

~~Basis~~The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of ~~Presentation~~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 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 financial statements ~~have~~should ~~been~~be ~~prepared~~read in ~~accordance~~conjunction with ~~accounting principles generally accepted in~~ the ~~United~~Company’s ~~States~~prospectus ~~of America (“GAAP”)~~ for ~~interim~~its ~~financial~~Initial ~~information~~Public ~~and~~Offering inas ~~accordance~~filed with the ~~instructions~~SEC toon ~~Form~~July ~~10-Q~~31, ~~and~~2025, ~~Article~~as 8well ofas ~~Regulation S-X of~~ the ~~U.S.~~Company’s ~~Securities~~Current ~~and~~Report ~~Exchange~~on ~~Commission~~Form ~~(“SEC”).~~8-K, ~~Certain~~as ~~information~~filed ~~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~~on ~~interim~~August ~~financial~~19, ~~reporting~~2025. ~~Accordingly,~~The ~~they~~interim doresults ~~not~~for ~~include all~~ the ~~information~~period ~~and~~from ~~footnotes~~April ~~necessary~~15, ~~for~~2025 a(inception) ~~complete~~through ~~presentation~~September ~~of financial position~~30, ~~results of operations~~2025, orare ~~cash~~not ~~flows.~~necessarily Inindicative ~~the opinion~~ of ~~management,~~ the ~~accompanying~~results ~~unaudited~~to ~~condensed~~be ~~financial~~expected ~~statements include all adjustments, consisting of a normal recurring nature, which are necessary~~ for athe ~~fair~~year ~~presentation~~ending ofDecember ~~the financial position~~31, ~~operating~~2025 ~~results~~or ~~and cash flows~~ for ~~the~~any ~~periods~~future ~~presented~~periods.

~~The~~Emerging ~~accompanying~~Growth ~~unaudited condensed financial statements should be read in conjunction with the~~ Company’s prospectus for its Initial Public Offering as filed with the SEC on July 31, 2025, as well as the Company’s Current Report on Form 8-K, as filed with the SEC on August 19, 2025. The interim results for the period from April 15, 2025 (inception) through June 30, 2025, are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any future periods.

~~Emerging~~The ~~Growth~~ Company ~~Status~~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 auditor 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 shareholder approval of any golden parachute payments not previously approved.

~~The~~Further, ~~Company~~Section 102(b)(1) of isthe anJOBS “Act exempts emerging growth ~~company,”~~companies asfrom ~~defined~~being inrequired ~~Section 2~~to comply with new or revised financial accounting standards until private companies (~~a) of~~that ~~the~~is, those that have not had a Securities Act, asregistration ~~modified~~statement bydeclared ~~the~~effective ~~Jumpstart~~or ~~Our~~do ~~Business~~not ~~Startups~~have ~~Act~~ a class of ~~2012~~ ~~(the~~securities ~~“JOBS~~registered under the Exchange Act”), ~~and~~are itrequired ~~may~~to ~~take~~comply ~~advantage~~with ofthe ~~certain~~new ~~exemptions~~or ~~from~~revised ~~various~~financial ~~reporting~~accounting ~~requirements~~standards. The JOBS Act provides that ~~are~~a ~~applicable~~company can elect to ~~other~~opt ~~public~~out ~~companies~~of the extended transition period and comply with the requirements that ~~are~~apply ~~not~~to non-emerging growth companies ~~including,~~ but ~~not~~any ~~limited~~such election to, ~~not~~opt ~~being~~out ~~required~~is toirrevocable. ~~comply~~The ~~with~~Company ~~the~~has ~~auditor~~elected ~~attestation~~not ~~requirements~~to ofopt ~~Section 404~~out of ~~the~~such ~~Sarbanes-Oxley~~extended ~~Act~~transition period, ~~reduced~~which ~~disclosure~~means ~~obligations~~that ~~regarding~~when ~~executive~~a ~~compensation~~standard inis ~~its~~issued ~~periodic~~or ~~reports~~revised and ~~proxy~~it ~~statements~~has different application dates for public or private companies, ~~and~~the ~~exemptions~~Company, ~~from~~as an emerging growth company, can adopt the ~~requirements~~new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of ~~holding~~the aCompany’s ~~nonbinding~~financial ~~advisory~~statements ~~vote~~with onanother ~~executive~~public ~~compensation~~company ~~and~~which ~~shareholder~~is ~~approval~~neither an emerging growth company nor an emerging growth company which has opted out of ~~any~~using ~~golden~~the ~~parachute~~extended ~~payments~~transition ~~not~~period ~~previously~~difficult ~~approved~~or impossible because of the potential differences in accounting standards used.

~~Further,~~Use ~~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.Estimates

7The preparation of the unaudited condensed financial statements in conformity with GAAP requires 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. Actual results could differ from those estimates.

~~HCM~~Cash ~~III~~and ~~ACQUISITION~~Cash ~~CORP.~~Equivalents

~~NOTES~~ TOThe ~~UNAUDITED~~Company ~~CONDENSED~~considers ~~FINANCIAL~~all ~~STATEMENTS~~short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had cash of $141,792 and cash equivalents of $1,003,041, as of September 30, 2025.

~~JUNE~~Marketable ~~30,~~Securities ~~2025~~Held in Trust Account

~~(UNAUDITED)~~ As of September 30, 2025, the assets held in the Trust Account, amounting to $254,727,160, were held in money market funds which invest in U.S. Treasury securities.

~~Use~~Concentration of ~~Estimates~~Credit Risk

~~The~~ ~~preparation~~Financial ofinstruments that potentially subject the ~~unaudited~~Company ~~condensed~~to ~~financial~~concentrations ~~statements~~of incredit ~~conformity~~risk ~~with~~consist ~~U.S. GAAP~~of ~~requires~~a ~~management~~cash toaccount ~~make~~in ~~estimates~~a ~~and~~financial ~~assumptions~~institution, ~~that~~which, ~~affect~~at times, may exceed the ~~reported~~Federal ~~amounts~~Deposit Insurance Corporation coverage limit of ~~assets~~$250,000. ~~and~~Any ~~liabilities~~loss ~~and~~incurred ~~disclosure~~or a lack of ~~contingent~~access ~~assets~~to ~~and~~such ~~liabilities~~funds atcould ~~the~~have ~~date~~a ofsignificant adverse impact on the Company’s financial ~~statements.~~condition, ~~Actual~~ results ~~could~~of ~~differ~~operations, ~~from~~and ~~those~~cash ~~estimates~~flows.

~~Deferred Offering Costs~~7

~~The~~HCM ~~Company~~III ~~complies~~ACQUISITION ~~with the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering~~CORP.” Offering costs consist principally of professional and registration fees that are related to the Initial Public Offering. FASB ASC 470-20, “Debt with Conversion and Other Options,” addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components. The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Class A ordinary shares and warrants, using the residual method by allocating Initial Public Offering proceeds first to assigned value of the warrants and then to the Class A ordinary shares. Offering costs allocated to the Class A ordinary shares subject to possible redemption were charged to temporary equity and offering costs allocated to the Public and Private Placement Warrants were charged to shareholder’s deficit as Public and Private Placement Warrants after management’s evaluation are accounted for under equity treatment at the closing of the Initial Public Offering.

~~Fair~~NOTES ~~Value~~TO ofCONDENSED ~~Financial~~FINANCIAL ~~Instruments~~STATEMENTS

~~The~~SEPTEMBER ~~fair value of the Company’s assets and liabilities~~30, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature.2025

~~Net Loss per Ordinary Share~~(Unaudited)

Net loss per ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 1,100,000 ordinary shares that would have been subject to forfeiture had the over-allotment option not been exercised by the underwriters (see Note 7). On August 4, 2025, simultaneously with the closing of the Initial Public Offering, ~~the~~Costs underwriters exercised their over-allotment option and as of such date, 1,100,000 ordinary shares were no longer subject to forfeiture. At June 30, 2025, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per ordinary share is the same as basic loss per ordinary share for the period presented.

~~Income~~The ~~Taxes~~Company complies with the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering.” Offering costs consist principally of professional and registration fees that are related to the Initial Public Offering. FASB ASC 470-20, “Debt with Conversion and Other Options,” addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components. The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Class A ordinary shares and warrants, using the residual method by allocating Initial Public Offering proceeds first to assigned value of the warrants and then to the Class A ordinary shares. Offering costs allocated to the Class A ordinary shares subject to possible redemption were charged to temporary equity and offering costs allocated to the Public and Private Placement Warrants were charged to shareholders’ deficit as Public and Private Placement Warrants after management’s evaluation are accounted for under equity treatment.

~~The~~Fair ~~Company~~Value accounts for income taxes under ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statements and tax bases of ~~assets~~Financial and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.Instruments

~~ASC~~The ~~Topic 740~~fair ~~prescribes~~value ~~a recognition threshold and a measurement attribute for the financial statements 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’s management determined that the ~~Cayman Islands is the~~ Company’s ~~major~~assets ~~tax jurisdiction. The Company recognizes accrued interest~~ and ~~penalties~~liabilities, ~~related~~which toqualify ~~unrecognized tax benefits~~ as ~~income~~financial ~~tax~~instruments ~~expense.~~under AsFASB ~~of June 30~~ASC 820, ~~2025,~~“Fair ~~there~~Value ~~were~~Measurements noand ~~unrecognized~~Disclosures,” ~~tax~~approximates ~~benefits~~the ~~and~~carrying no amounts ~~accrued~~represented ~~for interest and penalties. The Company is currently not aware of any issues under review that could result~~ in ~~significant~~the ~~payments~~balance sheet, ~~accruals~~primarily ordue ~~material~~to ~~deviation from~~ its ~~position~~short-term nature.

~~The~~Income Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented.Taxes

~~Warrant~~The ~~Instruments~~Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

~~The~~ASC ~~Company~~Topic 740 ~~accounts~~prescribes a recognition threshold and a measurement attribute for the ~~Public~~financial statement recognition and ~~Private~~measurement ~~Warrants~~of ~~issued~~tax positions taken or expected to be taken in ~~connection~~a ~~with~~tax ~~the~~return. ~~Initial~~For ~~Public~~those ~~Offering~~benefits ~~and~~to ~~the~~be ~~private~~recognized, ~~placement~~a intax ~~accordance~~position ~~with~~must ~~the~~be ~~guidance~~more ~~contained~~likely inthan ~~FASB~~not ~~ASC~~to ~~Topic 815,~~be ~~“Derivatives~~sustained ~~and~~upon ~~Hedging”~~examination by taxing authorities. ~~Accordingly,~~The Company’s management determined that the Cayman Islands is the Company’s ~~evaluated~~major ~~and~~tax ~~classified~~jurisdiction. ~~the~~The ~~warrant~~Company ~~instruments~~recognizes ~~under~~accrued ~~equity~~interest ~~treatment~~and atpenalties ~~their~~related ~~assigned~~to ~~values~~unrecognized tax benefits as income tax expense. ~~There~~As of September 30, 2025, there were no ~~Public~~unrecognized ~~Warrants~~tax orbenefits ~~Private~~and ~~Placement~~no ~~Warrants~~amounts ~~outstanding~~accrued asfor interest and penalties. The Company is currently not aware of ~~June~~any 30issues under review that could result in significant payments, ~~2025~~accruals or material deviation from its position.

8The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented.

~~HCM~~Class ~~III~~A ~~ACQUISITION~~Shares ~~CORP.~~Subject to Possible Redemption

~~NOTES~~ TOThe ~~UNAUDITED~~public ~~CONDENSED~~shares ~~FINANCIAL~~contain ~~STATEMENTS~~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 (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with a Business Combination or to redeem 100% of the public shares if the Company does not complete an initial Business Combination within the completion window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity, or if there is a shareholder vote or tender offer in connection with the Company’s initial Business Combination. In accordance with ASC 480-10-S99, the Company classifies public shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control of the Company. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption value. The change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit. Accordingly, as of September 30, 2025, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. As of September 30, 2025, the Class A ordinary shares subject to possible redemption reflected in the condensed balance sheet are reconciled in the following table:

JUNE 30, 2025

Gross proceeds	$	253,000,000
Less:
Proceeds allocated to Public Warrants		(3,078,167	)
Public shares issuance costs		(16,882,644	)
Plus:
Remeasurement of carrying value to redemption value		21,687,971
Class A Ordinary Shares subject to possible redemption, September 30, 2025	$	254,727,160

~~(UNAUDITED)~~ Warrant Instruments

~~Recent~~The ~~Accounting~~Company ~~Pronouncements~~accounts for the Public and Private Warrants issued in connection with the Initial Public Offering and the private placement in accordance with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging”. Accordingly, the Company evaluated and classified the warrant instruments under equity treatment at their assigned values.

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 on April 15, 2025, date of incorporation.8

~~Management~~HCM ~~does~~III ~~not~~ACQUISITION ~~believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements~~CORP.

~~Note 3~~NOTES ~~— Initial~~TO ~~Public~~CONDENSED ~~Offering~~FINANCIAL STATEMENTS

SEPTEMBER Pursuant to the Initial Public Offering on August 4, 2025, the Company sold 25,300,000 Units at a purchase price of $10.00 per Unit for a total of $253,000,000, which includes the full exercise of the underwriters’ over-allotment option in the amount of 3,300,000 Units. Each Unit has a price of $10.00 and consists of one Class A ordinary share, and one-third of one redeemable warrant. Each whole warrant will entitle the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. Each warrant will become exercisable 30 ~~days after the completion of the initial Business Combination and will expire five years after the completion of the initial Business Combination~~, ~~or earlier upon redemption or liquidation.~~ 2025

Public Warrants — As of June 30, 2025, there were no Public Warrants outstanding. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed herein. The warrants cannot be exercised until 30 days after the completion of the initial Business Combination, and will expire at 5:00 p.m., New York City time, five years after the completion of the initial Business Combination or earlier upon redemption or liquidation. (Unaudited)

~~The~~Net ~~Company~~Income ~~will~~per ~~not~~Ordinary be obligated to issue any Class A ordinary shares 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 Class A ordinary shares underlying the warrants is then effective and a prospectus relating thereto is current. No warrant will be exercisable and the Company will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit.Share

~~Under~~The ~~the terms of the warrant agreement, the~~ Company ~~has~~complies ~~agreed~~with ~~that,~~accounting asand ~~soon~~disclosure asrequirements ~~practicable, but in no event later than 20 business days after the closing~~ of ~~its~~FASB ~~Business~~ASC ~~Combination~~Topic 260, it“Earnings ~~will~~Per ~~use~~Share.” ~~commercially~~Net ~~reasonable~~income ~~efforts~~per toordinary ~~file~~share ~~with~~is ~~the~~computed ~~SEC~~by adividing ~~post-effective~~net ~~amendment~~income toby the ~~registration~~weighted ~~statement~~average ~~for~~number ~~the~~of ~~Initial~~shares ~~Public Offering or a new registration statement covering the registration under the Securities Act~~ of ~~the~~ ~~Class A~~ ordinary shares ~~issuable~~outstanding ~~upon~~for ~~exercise of~~ the ~~warrants~~period. ~~and~~The ~~thereafter will use its commercially reasonable efforts to cause the same to become effective within 60 business days following the~~ Company’s ~~initial~~has ~~Business~~two ~~Combination~~classes ~~and~~of toordinary ~~maintain~~shares, awhich ~~current~~are ~~prospectus~~referred ~~relating~~ to ~~the~~as Class A ordinary ~~shares~~Shares ~~issuable~~and ~~upon exercise of the warrants until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the~~ Class AB ordinary shares. ~~issuable~~Accretion ~~upon~~associated ~~exercise~~with of the ~~warrants~~redeemable isshares ~~not effective by the sixtieth (60th) business day after the closing~~ of the initial Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ~~ordinary~~Ordinary ~~shares~~Shares ~~are~~is atexcluded ~~the~~from ~~time~~income ofper ~~any~~ordinary ~~exercise~~share ofas ~~a warrant not listed on a national securities exchange such that they satisfy~~ the ~~definition~~redemption ofvalue aapproximates ~~“covered~~fair 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 elects, the Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect, the Company will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not availablevalue.

9The following table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except per share amounts):

HCM III ACQUISITION CORP.

	For the Three Months Ended September 30,				For the Period from April 15, 2025 (Inception) Through September 30,
	2025				2025
	Class A		Class B		Class A		Class B
Basic net income per ordinary share
Numerator:
Allocation of net income	$	258,294	$	132,070	$	181,127	$	161,692
Denominator:
Basic weighted average shares outstanding		15,675,000		8,014,855		8,583,929		7,662,896
Basic net income per ordinary share	$	0.02	$	0.02	$	0.02	$	0.02

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

	For the Three Months Ended September 30,				For the Period from April 15, 2025 (Inception) Through September 30,
	2025				2025
	Class A		Class B		Class A		Class B
Diluted net income per ordinary share
Numerator:
Allocation of net income	$	253,811	$	136,553	$	173,438	$	169,381
Denominator:
Diluted weighted average shares outstanding		15,675,000		8,433,333		8,583,929		8,383,135
Diluted net income per ordinary share	$	0.02	$	0.02	$	0.02	$	0.02

~~JUNE~~Recent ~~30,~~Accounting ~~2025~~Pronouncements

In November 2023, the FASB issued Accounting Standards Update (~~UNAUDITED~~“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 on April 15, 2025, date of incorporation.

Management Ifdoes ~~the~~not ~~holders~~believe ~~exercise~~that ~~their~~any ~~public~~other ~~warrants~~recently onissued, abut ~~cashless~~not ~~basis~~effective, ~~they~~accounting ~~would~~standards, ~~pay~~if ~~the~~currently warrant exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrantsadopted, ~~multiplied~~would byhave ~~the~~a ~~excess~~material ofeffect the “fair market value” of the Class A ordinary shares over the exercise price of the warrants by (y) the fair market value. The “fair market value” is the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the ~~third trading day~~Company’s ~~prior~~financial ~~to the date on which the notice of exercise is received by the warrant agent or on which the notice of redemption is sent to the holders of warrants, as applicable~~statement.

~~Redemption of Warrants When the Price per Class~~Note A3 ~~Ordinary Share Equals or Exceeds $18.00:~~— ~~The~~Initial ~~Company~~Public ~~may redeem the outstanding warrants:~~ Offering

● Pursuant to the Initial Public Offering on August 4, 2025, the Company sold 25,300,000 Units at a purchase price of $10.00 per Unit for a total of $253,000,000, which includes the full exercise of the underwriters’ over-allotment option in the amount of 3,300,000 Units. Each Unit has a price of $10.00 and consists of one Class A ordinary share, and one-third of one redeemable warrant. Each whole warrant will entitle the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. Each warrant will become exercisable 30 days after the completion of the initial Business Combination and ~~not~~will inexpire ~~part;~~five years after the completion of the initial Business Combination, or earlier upon redemption or liquidation.

● Public Warrants — As of September 30, 2025, there were no Public Warrants outstanding. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $011.0150 per ~~warrant;~~share, subject to adjustment as discussed herein. The warrants cannot be exercised until 30 days after the completion of the initial Business Combination, and will expire at 5:00 p.m., New York City time, five years after the completion of the initial Business Combination or earlier upon redemption or liquidation.

~~● upon a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”); and~~9

●HCM ~~if,~~III ~~and~~ACQUISITION ~~only if, the closing price of the Class A ordinary shares equals or exceeds $18~~CORP.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30-trading day period commencing at least 30 days after completion of the Company’s initial Business Combination and ending three business days before the Company sends the notice of redemption to the warrant holders.

~~Additionally,~~NOTES ifTO ~~the~~CONDENSED ~~number~~FINANCIAL of outstanding Class A ordinary shares is increased by a share capitalization payable in Class A ordinary shares, or by a subdivision of ordinary shares or other similar event, then, on the effective date of such share capitalization, subdivision or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary shares. A rights offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the fair market value will be deemed a share capitalization of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and (ii) the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.STATEMENTS

~~Note 4 — Private~~SEPTEMBER ~~Placement~~30, 2025

Simultaneously with the closing of the Initial Public Offering, the Sponsor and Cantor Fitgerald & Co. purchased an aggregate of 4,266,667 Private Placement Warrants, each exercisable to purchase one Class A ordinary share at $11.50 per share, at a price of $1.50 per warrant, in a private placement for an aggregate purchase price of $6,400,000. Of those 4,266,667 Private Placement Warrants, the Sponsor purchased 3,533,333 Private Placement Warrants and Cantor Fitzgerald & Co. purchased 733,334 Private Placement Warrants. Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. (Unaudited)

The ~~Private~~Company ~~Placement~~will ~~Warrants~~not ~~are~~be ~~identical~~obligated to ~~the~~issue ~~Public~~any ~~Warrants~~Class A ~~sold~~ordinary inshares pursuant to the ~~Initial~~exercise ~~Public~~of ~~Offering~~a ~~except~~warrant ~~that,~~and sowill ~~long~~have asno ~~they~~obligation ~~are~~to ~~held~~settle bysuch warrant exercise unless a registration statement under the ~~Sponsor,~~Securities ~~Cantor~~Act ~~Fitzgerald~~with respect to the Class &A Coordinary shares underlying the warrants is then effective and a prospectus relating thereto is current., orNo ~~their~~warrant ~~permitted~~will ~~transferees,~~be exercisable and the ~~Private~~Company ~~Placement~~will ~~Warrants~~not ~~(i)~~be obligated to issue a Class ~~may~~A ~~not~~ordinary ~~(including~~share upon exercise of a warrant unless the Class A ordinary ~~shares~~share issuable upon ~~exercise~~such ofwarrant ~~these~~exercise ~~Private~~has ~~Placement~~been ~~Warrants)~~registered, ~~subject~~qualified toor ~~certain~~deemed ~~limited~~to ~~exceptions,~~ be ~~transferred,~~exempt ~~assigned~~under orthe ~~sold~~securities bylaws of the ~~holders~~state ~~until~~of ~~30 days~~residence ~~after~~of the ~~completion~~registered holder of the ~~initial~~warrants. ~~Business~~In ~~Combination~~the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, ~~(ii)~~ the holder of such warrant will not be entitled to ~~registration~~exercise ~~rights~~such warrant and ~~(iii) with~~such ~~respect~~warrant tomay ~~private~~have ~~placement~~no ~~warrants~~value ~~held~~and byexpire ~~Cantor Fitzgerald & Co~~worthless. ~~and/or~~In ~~its~~no ~~designees,~~event will ~~not~~the Company be ~~exercisable~~required ~~more~~to ~~than~~net ~~five years~~cash ~~from~~settle any warrant. In the ~~commencement~~event ofthat ~~sales~~a inregistration statement is not effective for the ~~Initial~~exercised ~~Public~~warrants, ~~Offering~~the inpurchaser ~~accordance~~of ~~with~~a ~~Financial~~unit ~~Industry~~containing ~~Regulatory~~such ~~Authority~~warrant ~~(“FINRA”)~~will ~~Rule~~have paid the full purchase price for the unit solely for the Class ~~5110(g)(8).~~A ordinary share underlying such unit.

Under ~~The~~the ~~Sponsor~~terms of the warrant agreement, ~~officers~~the ~~and~~Company ~~directors~~has ~~have~~agreed ~~entered~~that, ~~into~~as asoon ~~letter~~as ~~agreement~~practicable, ~~with~~but in no event later than 20 business days after the ~~Company~~closing of its Business Combination, ~~pursuant~~it towill ~~which~~use ~~they~~commercially ~~have~~reasonable ~~agreed~~efforts to ~~(i) waive~~file ~~their~~with ~~redemption~~the ~~rights~~SEC ~~with~~a ~~respect~~post-effective amendment to ~~their~~the ~~founder~~registration ~~shares~~statement ~~and~~for ~~public~~the ~~shares~~Initial inPublic ~~connection~~Offering ~~with~~or ~~the~~a ~~completion~~new ofregistration statement covering the ~~initial~~registration ~~Business~~under ~~Combination;~~the ~~(ii)~~Securities Act ~~waive~~of the ~~their~~Class A ~~redemption~~ordinary ~~rights~~shares ~~with~~issuable ~~respect~~upon toexercise ~~their~~of ~~founder~~the ~~shares~~warrants and ~~public~~thereafter ~~shares~~will inuse ~~connection~~its ~~with~~commercially areasonable ~~shareholder~~efforts ~~vote~~ to ~~approve~~cause anthe ~~amendment~~same to become effective within 60 business days following the Company’s ~~amended~~initial Business Combination and ~~restated~~to ~~memorandum~~maintain ~~and~~a ~~articles~~current ofprospectus ~~association~~relating ~~(A)~~ to ~~modify~~ the ~~substance~~Class A orordinary ~~timing~~shares issuable upon exercise of the ~~Company’s~~warrants ~~obligation~~until tothe ~~allow~~expiration ~~redemption~~of the warrants in ~~connection~~accordance with the ~~initial~~provisions ~~Business~~of ~~Combination~~the orwarrant toagreement. ~~redeem~~If ~~100%~~a ofregistration statement covering the ~~public~~Class A ordinary shares ifissuable upon exercise of the ~~Company~~warrants ~~has~~is not ~~consummated~~effective anby the sixtieth (60th) business day after the closing of the initial Business Combination, ~~within~~warrant ~~the~~holders ~~Completion~~may, ~~Window~~until orsuch ~~(B) with~~time ~~respect~~as tothere is an effective registration statement and during any ~~other~~period ~~material~~when ~~provisions~~the ~~relating~~Company will have failed to ~~shareholders’~~maintain ~~rights~~an oreffective ~~pre-initial~~registration ~~Business~~statement, ~~Combination~~exercise ~~activity;~~warrants ~~(iii) waive~~on ~~their~~a ~~rights~~“cashless tobasis” ~~liquidating~~in ~~distributions~~accordance ~~from~~with Section 3(a)(9) of the ~~Trust~~Securities ~~Account~~Act ~~with~~or ~~respect~~another toexemption. ~~their~~Notwithstanding ~~founder~~the ~~shares~~above, if the ~~Company~~Class A ~~fails~~ordinary toshares ~~complete~~are at the ~~initial~~time ~~Business~~of ~~Combination~~any ~~within~~exercise ~~the~~of ~~Completion~~a ~~Window,~~warrant ~~although~~not ~~they~~listed ~~will~~on bea ~~entitled~~national tosecurities ~~liquidating~~exchange ~~distributions~~such ~~from~~that ~~the~~they ~~Trust~~satisfy ~~Account~~the ~~with~~definition ~~respect~~of toa ~~any~~“covered ~~public~~security” ~~shares~~under ~~they~~Section 18(b)(1) of ~~hold~~the ifSecurities Act, the Company ~~fails~~may, toat ~~complete~~its ~~the~~option, ~~initial~~require ~~Business~~holders ~~Combination~~of ~~within~~public ~~the~~warrants ~~Completion~~who ~~Window~~exercise ~~and~~their warrants to ~~liquidating~~do ~~distributions~~so ~~from~~on ~~assets~~a ~~outside~~“cashless ~~the~~basis” ~~trust~~in ~~account;~~accordance ~~and~~with Section 3(iva)(9) ~~vote~~of ~~any~~the ~~founder~~Securities ~~shares~~Act ~~held by them~~ and, ~~any~~in ~~public~~the ~~shares~~event ~~purchased~~the ~~during~~Company orso ~~after~~elects, the ~~Initial~~Company ~~Public~~will ~~Offering~~not ~~(including~~be inrequired ~~open~~to ~~market~~file ~~and~~or ~~privately~~maintain ~~negotiated~~in ~~transactions,~~effect ~~aside~~a ~~from~~registration ~~shares~~statement, ~~they~~and ~~may purchase~~ in ~~compliance~~the ~~with~~event the ~~requirements~~Company ofdoes ~~Rule 14e-5~~not ~~under~~so elect, the ~~Exchange Act,~~Company ~~which~~will ~~would~~use ~~not~~its becommercially ~~voted~~reasonable inefforts ~~favor~~to ofregister ~~approving~~or qualify the ~~Business~~shares ~~Combination)~~under inapplicable ~~favor~~blue ofsky laws to the ~~initial~~extent ~~Business~~an ~~Combination.~~exemption is not available.

If the holders exercise their public warrants on a cashless basis, they would pay the warrant exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” of the Class A ordinary shares over the exercise price of the warrants by (y) the fair market value. The “fair market value” is the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of exercise is received by the warrant agent or on which the notice of redemption is sent to the holders of warrants, as applicable.

~~HCM~~ ~~III~~Redemption ~~ACQUISITION~~of ~~CORP~~Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00: The Company may redeem the outstanding warrants:

~~NOTES~~● TOin ~~UNAUDITED~~whole ~~CONDENSED~~and ~~FINANCIAL~~not ~~STATEMENTS~~in part;

~~JUNE~~● ~~30,~~at ~~2025~~a price of $0.01 per warrant;

● upon a minimum of 30 days’ prior written notice of redemption (~~UNAUDITED~~the “30-day redemption period”) ; and

~~Note 5 — Related~~● ~~Party~~if, ~~Transactions~~and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within a 30-trading day period commencing at least 30 days after completion of the Company’s initial Business Combination and ending three business days before the Company sends the notice of redemption to the warrant holders.

~~Founder~~Additionally, ~~Shares~~if the number of outstanding Class A ordinary shares is increased by a share capitalization payable in Class A ordinary shares, or by a subdivision of ordinary shares or other similar event, then, on the effective date of such share capitalization, subdivision or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary shares. A rights offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the fair market value will be deemed a share capitalization of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and (ii) the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

~~On April~~Note 16, 2025, the Sponsor paid $25,000, or approximately $0.004 per share, to cover certain of the Company’s offering costs in exchange for 7,666,667 founder shares. On May 29, 2025, the Company through a share recapitalization issued an additional 766,666 Class B ordinary shares to the Sponsor and therefore the Sponsor now holds 8,433,333 founder shares, at approximately, $0.003 per share. All share and per-share data have been retrospectively presented. Up to 1,100,000 of the founder shares may be surrendered by the Sponsor for no consideration depending on the extent to which the underwriters’ over-allotment option is exercised. On August 4, — Private 2025, simultaneously with the closing of the Initial Public Offering, the underwriters exercised their over-allotment option in full as part of the closing of the Initial Public Offering. As such, the 1,100,000 founder shares are no longer subject to forfeiture. Placement

~~The~~Simultaneously ~~Company’s~~with ~~initial~~the ~~shareholders~~closing ~~have~~of ~~agreed~~the ~~not~~Initial toPublic ~~transfer~~Offering, ~~assign~~the orSponsor ~~sell any of their founder shares~~ and ~~any~~Cantor ~~Class~~Fitgerald A& ~~ordinary~~Co. ~~shares~~purchased ~~issued~~an ~~upon~~aggregate ~~conversion thereof until the earlier to occur~~ of ~~(i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation~~4, ~~merger~~266,667 ~~share~~Private ~~exchange~~Placement orWarrants, ~~other~~each ~~similar~~exercisable ~~transaction after the initial Business Combination that results in all of the Company’s shareholders having the right~~ to ~~exchange~~purchase ~~their~~one Class A ordinary ~~shares~~share ~~for~~at ~~cash, securities or other property~~$11.50 ~~Any~~per ~~permitted~~share, ~~transferees~~at ~~will~~a beprice ~~subject to the same restrictions and other agreements~~ of ~~the~~$1.50 ~~Company’s~~per ~~initial~~warrant, ~~shareholders~~in ~~with~~a ~~respect~~private toplacement ~~any~~for ~~founder~~an ~~shares~~aggregate ~~(the~~purchase ~~“Lock-up”). Notwithstanding the foregoing, if (1) the closing~~ price of ~~the Class A ordinary shares equals or exceeds~~ $126,400,000.00 ~~per~~Of ~~share~~those ~~(as adjusted for share subdivisions~~4,266,667 ~~share~~Private ~~capitalizations,~~Placement ~~reorganizations~~Warrants, ~~recapitalizations and~~ the ~~like)~~Sponsor ~~for~~purchased ~~any~~3,533,333 ~~20 trading days~~Private ~~within~~Placement ~~any~~Warrants ~~30-trading day~~and ~~period~~Cantor ~~commencing at least 150~~Fitzgerald ~~days~~& ~~after~~Co. ~~the~~purchased ~~initial~~733,334 ~~Business~~Private ~~Combination~~Placement orWarrants. ~~(2) if~~Each ~~the~~whole ~~Company~~warrant ~~consummates~~entitles ~~a transaction after~~ the ~~initial~~registered ~~Business~~holder ~~Combination~~to ~~which~~purchase ~~results~~one inClass A ~~the~~ordinary ~~Company’s~~share ~~shareholders~~at ~~having~~a ~~the~~price ~~right~~of to$11.50 ~~exchange~~per ~~their shares for cash~~share, ~~securities~~subject orto ~~other property, the founder shares will be released from the Lock-up~~adjustment.

~~Promissory Note — Related Party~~10

HCM ~~The~~III ~~Sponsor~~ACQUISITION ~~had agreed to loan the Company an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering~~CORP. The loan was non-interest bearing, unsecured and due at the earlier of December 31, 2026 or the closing of the Initial Public Offering. The Company had borrowed $227,800 under the promissory note, which was incurred as of June 30, 2025. On August 4, the Company repaid $248,243 of the outstanding balance of the promissory note. Borrowings under the note are no longer available.

~~Administrative~~NOTES ~~Services~~TO ~~Agreement~~CONDENSED FINANCIAL STATEMENTS

SEPTEMBER Commencing on July 31, 2025, the Company entered into an agreement with an affiliate of the Sponsor to pay an aggregate of $15,000 per month for office space, utilities, and secretarial and administrative support. These monthly fees will cease upon the completion of the initial Business Combination or the liquidation of the Company. As of June 30, 2025~~, the Company did not incur administrative services fees.~~

~~Advisory Agreement~~(Unaudited)

The ~~Company~~Private ~~engaged~~Placement ~~Zenith~~Warrants ~~Securities,~~are ~~LLC~~identical ~~(“Zenith”)~~to the Public Warrants sold in the Initial Public Offering except that, anso ~~affiliate~~long ofas athey ~~passive~~are ~~member~~held ofby the Sponsor, toCantor ~~provide~~Fitzgerald & ~~consulting~~Co., ~~and~~or ~~advisory~~their ~~services~~permitted intransferees, ~~connection~~the ~~with~~Private ~~the~~Placement ~~Initial~~Warrants ~~Public~~(i) may ~~Offering,~~not ~~for~~(including ~~which~~the itClass A ~~earned~~ordinary ~~customary~~shares ~~advisory~~issuable ~~fees.~~upon ~~Zenith~~exercise ~~represents~~of ~~the~~these ~~Company’s~~Private ~~interests~~Placement ~~only~~Warrants), issubject ~~independent~~to ofcertain ~~the~~limited ~~underwriters~~exceptions, ~~and~~be istransferred, ~~not~~assigned aor ~~party~~sold toby ~~any~~the ~~securities~~holders ~~purchase~~until ~~agreement~~30 days ~~with~~after the ~~Company,~~completion of the ~~underwriters,~~initial orBusiness ~~investors~~Combination, in(ii) will ~~relation~~be entitled to ~~Initial~~registration ~~Public~~rights ~~Offering.~~and ~~Zenith’s~~(iii) with ~~fee~~respect isto ~~equal~~private toplacement ~~0.20%~~warrants ofheld ~~the~~by ~~aggregate~~Cantor ~~proceeds~~Fitzgerald & ofCo. ~~the~~and/or ~~Initial~~its ~~Public~~designees, ~~Offering~~will ~~(excluding~~not ~~the~~be ~~proceeds~~exercisable ofmore than five years from the ~~exercise~~commencement of sales in the ~~over-allotment~~Initial ~~option)~~Public ~~net~~Offering ofin ~~underwriter’s~~accordance ~~out-of-pocket~~with ~~expenses~~Financial ~~(the~~Industry ~~“Advisor~~Regulatory ~~IPO~~Authority ~~Fee~~(“FINRA”) Rule 5110(g)(8).

The Sponsor, officers and directors have entered into a letter agreement with the Company, ~~also~~pursuant ~~engaged~~to ~~Zenith~~which asthey anhave ~~advisor~~agreed to (i) waive their redemption rights with respect to their founder shares and public shares in connection with the completion of the initial Business Combination; ~~for~~(ii) waive ~~which~~their itredemption ~~earned~~rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an ~~advisory~~amendment ~~fee~~to the Company’s amended and restated memorandum and articles of ~~0.45%~~association (A) to modify the substance or timing of the ~~proceeds~~Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the ~~Initial~~public ~~Public~~shares ~~Offering~~if ~~(including~~the ~~proceeds~~Company ~~from~~has not consummated an initial Business Combination within the ~~over-allotment~~Completion ~~option~~Window or (B), with ~~net~~respect ofto ~~underwriter~~any other material provisions relating to shareholders’s ~~out~~rights or pre-~~of-pocket~~initial ~~expenses~~Business Combination activity; (iii) waive their rights to liquidating distributions from the ~~“Advisor~~Trust ~~IBC~~Account ~~Fee”~~with respect to their founder shares if the Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the Completion Window and to liquidating distributions from assets outside the trust account; and (iv). vote ~~The~~any ~~Advisor~~founder ~~IBC~~shares ~~Fee~~held by them and any ~~portion~~public ofshares purchased during or after the ~~aggregate~~Initial ~~0.65%~~Public ~~Advisor~~Offering ~~Fee~~(including ~~attributable~~in toopen market and privately negotiated transactions, aside from shares they may purchase in compliance with the ~~exercise~~requirements of Rule 14e-5 under the ~~over-allotment~~Exchange Act, ~~option~~which ~~will~~would not be ~~payable~~voted atin favor of approving the ~~closing~~Business Combination) in favor of the ~~Company’s~~ initial Business Combination.

~~The~~Note 5 — Related ~~underwriters~~Party will reimburse the Company for the advisory fees paid to Zenith in connection with the Initial Public Offering and the Business Combination, as set forth in this paragraph. As of June 30, 2025, the Company did not incur any fees for these services.Transactions

11Founder Shares

~~HCM~~ ~~III~~On ~~ACQUISITION~~April 16, ~~CORP~~2025, the Sponsor paid $25,000, or approximately $0.004 per share, to cover certain of the Company’s offering costs in exchange for 7,666,667 founder shares. On May 29, 2025, the Company through a share recapitalization issued an additional 766,666 Class B ordinary shares to the Sponsor and therefore the Sponsor now holds 8,433,333 founder shares, at approximately, $0.003 per share. All share and per-share data have been retrospectively presented. Up to 1,100,000 of the founder shares may be surrendered by the Sponsor for no consideration depending on the extent to which the underwriters’ over-allotment option is exercised. On August 4, 2025, simultaneously with the closing of the Initial Public Offering, the underwriters exercised their over-allotment option in full as part of the closing of the Initial Public Offering. As such, the 1,100,000 founder shares are no longer subject to forfeiture.

~~NOTES~~ TOThe ~~UNAUDITED~~Company’s ~~CONDENSED~~initial ~~FINANCIAL~~shareholders ~~STATEMENTS~~have agreed not to transfer, assign or sell any of their founder shares and any Class A ordinary shares issued upon conversion thereof until the earlier to occur of (i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial shareholders with respect to any founder shares (the “Lock-up”). Notwithstanding the foregoing, if (1) the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the founder shares will be released from the Lock-up.

~~JUNE~~Promissory ~~30,~~Note — Related ~~2025~~Party

~~(UNAUDITED)~~ The Sponsor had agreed to loan the Company an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering. The loan was non-interest bearing, unsecured and due at the earlier of December 31, 2026 or the closing of the Initial Public Offering. On August 4, the Company repaid $248,243 of the outstanding balance of the promissory note. Borrowings under the note are no longer available.

~~Related~~Administrative ~~Party~~Services ~~Loans~~Agreement

InCommencing ~~order~~on toJuly ~~finance~~31, ~~transaction~~2025, ~~costs~~the inCompany ~~connection~~entered ~~with~~into aan ~~Business~~agreement ~~Combination,~~with ~~the Sponsor or~~ an affiliate of the Sponsor orto ~~certain~~pay ofan ~~the~~aggregate ~~Company’s~~of ~~officers and directors may~~$15,000 ~~but~~per ~~are~~month ~~not~~for ~~obligated~~office tospace, ~~loan~~utilities, ~~the~~and ~~Company~~secretarial ~~funds~~and asadministrative ~~may be required (the “Working Capital Loans”)~~support. IfThese ~~the~~monthly ~~Company~~fees ~~completes~~will acease ~~Business~~upon ~~Combination,~~ the ~~Company~~completion ~~would~~of ~~repay~~ the ~~Working~~initial ~~Capital Loans. In the event that a~~ Business Combination ~~does~~or ~~not close,~~ the ~~Company~~liquidation ~~may use a portion~~ of the ~~working~~Company. ~~capital~~As ~~held~~of ~~outside~~September ~~the~~30, ~~Trust~~2025, ~~Account to repay~~ the ~~Working~~Company ~~Capital~~incurred ~~Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to~~ $130,~~500,~~000 of ~~such~~administrative ~~Working~~services ~~Capital~~fees ~~Loans~~which ~~may~~was beincluded ~~convertible~~in ~~into~~accrued ~~private~~expenses ~~placement~~line ~~warrants~~in of the ~~post~~accompanying ~~Business~~condensed ~~Combination~~balance ~~entity at a price of $1~~sheet.50 ~~per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. As of June 30, 2025, no such Working Capital Loans were outstanding.~~

~~Note 6 — Commitments~~Advisory ~~and Contingencies~~Agreement

~~Risks~~ The Company engaged Zenith Securities, LLC (“Zenith”), an affiliate of a passive member of the Sponsor, to provide consulting and ~~Uncertainties~~advisory services in connection with the Initial Public Offering, for which it earned customary advisory fees. Zenith represents the Company’s interests only, is independent of the underwriters and is not a party to any securities purchase agreement with the Company, the underwriters, or investors in relation to Initial Public Offering. Zenith’s fee is equal to 0.20% of the aggregate proceeds of the Initial Public Offering (excluding the proceeds of the exercise of the over-allotment option) net of underwriter’s out-of-pocket expenses (the “Advisor IPO Fee”).

The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the Israel-Hamas conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (“NATO”) deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and the Israel-Hamas conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyberattacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.11

~~Any~~HCM ofIII ~~the~~ACQUISITION above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company’s search for an initial Business Combination and any target business with which the Company may ultimately consummate an initial Business CombinationCORP.

~~Registration~~NOTES ~~Rights~~TO CONDENSED FINANCIAL STATEMENTS

~~The~~SEPTEMBER ~~holders of the founder shares~~30, Private Placement Warrants and the Class A ordinary shares underlying such Private Placement Warrants and Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans have registration rights to require the Company to register a sale of any of the Company’s securities held by them and any other securities of the Company acquired by them prior to the consummation of the initial Business Combination pursuant to a registration rights agreement signed on the effective date of the Initial Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain piggyback registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.2025

~~Underwriters’ Agreement~~(Unaudited)

The ~~underwriters~~Company ~~had~~also aengaged ~~45-day~~Zenith ~~option~~as ~~from~~an advisor in connection with the ~~date~~initial Business Combination for which it earned an advisory fee of 0.45% of the proceeds of the Initial Public Offering to(including ~~purchase~~proceeds upfrom tothe anover-allotment ~~additional 3~~option),~~300,000 units~~ tonet ~~cover~~of ~~over~~underwriter’s out-~~allotments,~~of-pocket ifexpenses ~~any.~~(the On“Advisor ~~August~~IBC 4,Fee”). ~~2025,~~The ~~simultaneously~~Advisor ~~with~~IBC ~~the~~Fee ~~closing~~and any portion of the ~~Initial~~aggregate ~~Public~~0.65% ~~Offering,~~Advisor ~~the~~Fee ~~underwriters~~attributable ~~elected~~ to ~~fully~~the exercise of the over-allotment option towill ~~purchase~~be ~~the~~payable ~~additional 3,300,000 Units~~ at athe ~~price~~closing of ~~$10.00~~the ~~per~~Company’s ~~Unit~~initial Business Combination.

The underwriters ~~were~~will ~~entitled~~reimburse ~~to a cash underwriting discount of $4,400,000 (2.0% of~~ the ~~gross~~Company ~~proceeds~~for of the ~~units~~advisory ~~offered~~fees inpaid ~~the Initial Public Offering, excluding any proceeds from units sold pursuant~~ to ~~the~~Zenith ~~underwriters’~~in ~~over-allotment~~connection ~~option),~~with ~~which was paid at~~ the ~~closing of the~~ Initial Public Offering. ~~Additionally,~~and the ~~underwriters~~Business ~~are~~Combination, ~~entitled~~as toset aforth ~~deferred underwriting discount of 4.50% of the gross proceeds of the Initial Public Offering held~~ in ~~the~~this ~~Trust Account other than those sold pursuant to the underwriters’ over-allotment option and 6~~paragraph.~~50%~~ ofOn ~~the~~August ~~gross~~20, ~~proceeds~~2025, ~~sold pursuant to~~ the underwriters’ ~~over-allotment~~paid ~~option,~~Zenith or $12367,~~045,000~~110. inAs ~~the aggregate upon the completion~~ of ~~the~~September ~~Company’s~~30, ~~initial~~2025, ~~Business Combination subject to~~ the ~~terms~~advisory offee ~~the~~payable ~~underwriting~~are ~~agreement~~$1,204,500.

12Related Party Loans

~~HCM~~ ~~III~~In ~~ACQUISITION~~order ~~CORP~~to finance transaction costs in connection with a 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 (the “Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into private placement warrants of the post Business Combination entity at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants. As of September 30, 2025, no such Working Capital Loans were outstanding.

~~NOTES~~Note 6 — Commitments TOand ~~UNAUDITED CONDENSED FINANCIAL STATEMENTS~~Contingencies

~~JUNE~~Risks ~~30,~~and ~~2025~~Uncertainties

The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the Israel-Hamas conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (~~UNAUDITED~~“NATO”) deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and the Israel-Hamas conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyberattacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

~~Note 7 — Shareholder~~Any of the above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, and subsequent sanctions or related actions, could adversely affect the Company’s ~~Deficit~~search for an initial Business Combination and any target business with which the Company may ultimately consummate an initial Business Combination.

Registration ~~Preference Shares — The Company is authorized to issue a total of 1,100,000 preference shares at par value of $0.0001 each. At June 30, 2025, there were no preference shares issued or outstanding.~~ Rights

The holders of the founder shares, Private Placement Warrants and the Class A ~~Ordinary~~ordinary ~~Shares — The~~shares ~~Company~~underlying issuch ~~authorized~~Private Placement Warrants and Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans have registration rights to ~~issue~~require the Company to register a ~~total~~sale of ~~200,000,000~~any ~~Class A~~of ~~ordinary~~the ~~shares~~Company’s atsecurities ~~par~~held ~~value~~by them and any other securities of ~~$0.0001~~the ~~each~~Company acquired by them prior to the consummation of the initial Business Combination pursuant to a registration rights agreement signed on the effective date of the Initial Public Offering. AtThe ~~June~~holders 30of these securities are entitled to make up to three demands, ~~2025~~excluding short form demands, ~~there~~that ~~were~~the noCompany ~~Class A~~registers ~~ordinary~~such ~~shares~~securities. ~~issued~~In oraddition, ~~outstanding~~the holders have certain piggyback registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Class B Ordinary Shares — The Company is authorized to issue a total of 20,000,000 Class B ordinary shares at par value of $0.0001 each. On April 16, 2025, the Sponsor paid $25,000, or approximately $0.004 per share, to cover certain of the CompanyUnderwriters’s offering costs in exchange for 7,666,667 founder shares. On May 29, 2025, the Company through a share recapitalization issued an additional 766,666 Class B ordinary shares to the Sponsor and therefore the Sponsor now holds 8,433,333 founder shares, at approximately, $0.003 per share. All share and per-share data have been retrospectively presented. The founder shares include an aggregate of up to 1,100,000 shares subject to forfeiture if the over-allotment option is not exercised by the underwriters in full. At June 30, 2025, there were 8,433,333 shares of Class B ordinary shares issued and outstanding. On August 4, 2025, the underwriters exercised their over-allotment option in full as part of the closing of the Initial Public Offering. As such, the 1,100,000 founder shares are no longer subject to forfeiture. Agreement

The ~~founder~~underwriters ~~shares~~had ~~will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination or earlier at the option of the holder on~~ a ~~one~~45-~~for-one~~day ~~basis,~~option ~~subject~~from ~~to adjustment for share subdivisions, share capitalizations, reorganizations, recapitalizations and~~ the ~~like,~~date ~~and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess~~ of the ~~amounts sold in the~~ Initial Public Offering ~~and related~~ to orpurchase inup ~~connection~~to ~~with~~an ~~the~~additional ~~closing of the initial Business Combination~~3, ~~the ratio at which Class~~300,000 Bunits ~~ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree~~ to ~~waive~~cover ~~such~~over-allotments, ~~adjustment~~if ~~with respect to~~ any. ~~such~~On ~~issuance~~August ~~or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal~~4, ~~in the aggregate~~2025, ~~25%~~simultaneously ofwith the ~~sum~~closing of ~~(i)~~ the ~~total number of all ordinary shares outstanding upon the completion of the~~ Initial Public Offering, ~~(including~~the ~~any~~underwriters ~~Class A~~elected ~~ordinary~~to ~~shares~~fully ~~issued~~exercise ~~pursuant to~~ the ~~underwriters’~~ over-allotment option ~~and excluding the Class A ordinary shares underlying the private placement warrants issued~~ to ~~the~~purchase ~~sponsor), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with~~ the ~~closing~~additional ~~of the initial Business Combination (excluding any shares or equity-linked securities issued~~3, ~~or to be issued~~300,000 toUnits ~~any~~at ~~seller~~a inprice ~~the initial Business Combination and any private placement-equivalent warrants issued to the Sponsor or any~~ of ~~its~~$10.00 ~~affiliates~~per or to the Company’s officers or directors upon conversion of working capital loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders in connection with an initial Business Combination; provided that such conversion of founder shares will never occur on a less than one-for-one basisUnit.

~~Holders~~The ofunderwriters ~~record~~were ~~of the Company’s Class A ordinary shares and Class B ordinary shares are~~ entitled to ~~one~~a ~~vote~~cash ~~for~~underwriting ~~each~~discount ~~share held on all matters to be voted on by shareholders. Unless specified in the amended and restated memorandum and articles~~ of ~~association or as required by the Companies Act or stock exchange rules~~$4,400,000 an(2.0% ~~ordinary resolution under Cayman Islands law and the amended and restated memorandum and articles~~ of ~~association, which requires~~ the ~~affirmative~~gross ~~vote~~proceeds of ~~at least a majority of~~ the ~~votes~~units ~~cast~~offered ~~by such shareholders as, being entitled to do so, vote~~ in ~~person~~the ~~or,~~Initial ~~where~~Public ~~proxies are allowed~~Offering, byexcluding ~~proxy~~any atproceeds ~~the~~from ~~applicable~~units ~~general~~sold ~~meeting~~pursuant ~~of the company is generally required~~ to ~~approve any matter voted on by~~ the ~~Company~~underwriters’s ~~shareholders.~~over-allotment ~~Approval of certain actions require a special resolution under Cayman Islands law~~option), which ~~(except~~was aspaid ~~specified~~at ~~below) requires~~ the ~~affirmative~~closing ~~vote~~ of ~~at least two-thirds of~~ the ~~votes~~Initial ~~cast~~Public byOffering. ~~such shareholders as~~Additionally, ~~being~~the ~~entitled~~underwriters ~~to do so, vote in person or, where proxies~~ are ~~allowed,~~entitled ~~by proxy at the applicable general meeting, and pursuant~~ to ~~the Company’s amended and restated memorandum and articles of association, such actions include amending the amended and restated memorandum and articles of association and approving~~ a ~~statutory~~deferred ~~merger~~underwriting ordiscount ~~consolidation with another company. There is no cumulative voting with respect to the appointment~~ of ~~directors, meaning, following the Company’s initial Business Combination, the holders of more than~~ 4.50% of the ~~ordinary~~gross ~~shares~~proceeds ~~voted for the appointment~~ of ~~directors can elect all of~~ the ~~directors.~~Initial ~~Prior~~Public toOffering ~~the~~held ~~consummation~~in of the ~~initial~~Trust ~~Business~~Account ~~Combination,~~other ~~only~~than ~~holders~~those ofsold ~~the~~pursuant ~~Class B~~to ~~ordinary shares will (i) have~~ the ~~right~~underwriters’ toover-allotment ~~vote~~option ~~on the appointment~~ and ~~removal~~6.50% of ~~directors and (ii) be entitled to vote on continuing~~ the ~~Company~~gross inproceeds asold ~~jurisdiction~~pursuant ~~outside the Cayman Islands (including any special resolution required~~ to ~~amend~~ the ~~constitutional~~underwriters’ ~~documents~~over-allotment ~~or to adopt new constitutional documents~~option, ~~in each case~~$12,045,000 ~~as a result of approving a transfer by way of continuation~~ in ~~a jurisdiction outside~~ the ~~Cayman~~aggregate ~~Islands).~~upon ~~Holders of~~ the ~~Class A~~completion ~~ordinary shares will not be entitled to vote on these matters during such time. These provisions~~ of the ~~amended~~Company’s and restated memorandum and articles of association may only be amended if approved by a special resolution passed by the affirmative vote of at least 90% (or, where such amendment is proposed in respect of the consummation of the initial Business Combination, ~~two-thirds)~~subject ~~of the votes cast by such shareholders as, being entitled~~ to ~~do so, vote in person or, where proxies are allowed, by proxy at~~ the ~~applicable~~terms ~~general meeting~~ of the ~~Company~~underwriting agreement.

~~Note 8 — Segment Information~~12

~~ASC~~HCM ~~Topic 280,~~III ~~“Segment~~ACQUISITION ~~Reporting,” establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers~~CORP. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s CODM, or group, in deciding how to allocate resources and assess performance.

NOTES ~~The~~TO ~~Company’s~~CONDENSED ~~CODM~~FINANCIAL has been identified as the Chief Executive Officer, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources. Accordingly, management has determined that the Company only has one reportable segment. STATEMENTS

13SEPTEMBER 30, 2025

~~HCM III ACQUISITION CORP.~~(Unaudited)

~~NOTES~~Note 7 — Shareholder’s ~~TO UNAUDITED CONDENSED FINANCIAL STATEMENTS~~Deficit

~~JUNE~~ Preference Shares — The Company is authorized to issue a total of 1,100,000 preference shares at par value of $0.0001 each. At September 30, 2025, there were no preference shares issued or outstanding.

~~(UNAUDITED)~~ Class A Ordinary Shares — The Company is authorized to issue a total of 200,000,000 Class A ordinary shares at par value of $0.0001 each. At September 30, 2025, there were no Class A ordinary shares issued or outstanding, excluding 25,300,000 shares subject to possible redemption.

Class B Ordinary Shares — The ~~CODM~~Company ~~assesses~~is ~~performance~~authorized to issue a total of 20,000,000 Class B ordinary shares at par value of $0.0001 each. On April 16, 2025, our sponsor paid $25,000, or approximately $0.004 per share, to cover certain of our offering costs in exchange for 7,666,667 founder shares. On May 29, 2025, the ~~single~~Company ~~segment~~through ~~and~~a ~~decides~~share ~~how~~recapitalization issued an additional 766,666 Class B ordinary shares to ~~allocate~~the ~~resources~~Sponsor and therefore the Sponsor now holds 8,433,333 founder shares, at approximately, $0.003 per share. All share and per-share data have been retrospectively presented. The ~~measure~~founder shares include an aggregate of ~~segment~~up ~~assets~~to 1,100,000 shares subject to forfeiture if the over-allotment option is ~~reported~~not onexercised by the ~~balance~~underwriters ~~sheet~~in asfull. ~~total~~At ~~assets~~September 30, 2025, there were 8,433,333 shares of Class B ordinary shares issued and outstanding. ~~When~~On ~~evaluating~~August 4, 2025, the ~~Company’s~~underwriters ~~performance~~exercised ~~and~~their ~~making~~over-allotment ~~key~~option ~~decisions~~in ~~regarding~~full ~~resource~~as ~~allocation~~part of the ~~CODM~~closing ~~reviews~~of ~~several~~the ~~key~~Initial ~~metrics,~~Public ~~which~~Offering. ~~include~~As such, the ~~following:~~1,100,000 founder shares are no longer subject to forfeiture.

		June 30, 2025
Deferred offering costs		$	397,682

The founder shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 25% of the sum of (i) the total number of all ordinary shares outstanding upon the completion of the Initial Public Offering (including any Class A ordinary shares issued pursuant to the underwriters’ over-allotment option and excluding the Class A ordinary shares underlying the private placement warrants issued to the sponsor), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Sponsor or any of its affiliates or to the Company’s officers or directors upon conversion of working capital loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders in connection with an initial Business Combination; provided that such conversion of founder shares will never occur on a less than one-for-one basis.

		For the period from April 15, 2025 (Inception) through June 30, 2025
Formation, general and administrative costs		$	47,545

Holders of record of the Company’s Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders. Unless specified in the amended and restated memorandum and articles of association or as required by the Companies Act or stock exchange rules, an ordinary resolution under Cayman Islands law and the amended and restated memorandum and articles of association, which requires the affirmative vote of at least a majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the company is generally required to approve any matter voted on by the Company’s shareholders. Approval of certain actions require a special resolution under Cayman Islands law, which (except as specified below) requires the affirmative vote of at least two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting, and pursuant to the Company’s amended and restated memorandum and articles of association, such actions include amending the amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. There is no cumulative voting with respect to the appointment of directors, meaning, following the Company’s initial Business Combination, the holders of more than 50% of the ordinary shares voted for the appointment of directors can elect all of the directors. Prior to the consummation of the initial Business Combination, only holders of the Class B ordinary shares will (i) have the right to vote on the appointment and removal of directors and (ii) be entitled to vote on continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the constitutional documents or to adopt new constitutional documents, in each case, as a result of approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands). Holders of the Class A ordinary shares will not be entitled to vote on these matters during such time. These provisions of the amended and restated memorandum and articles of association may only be amended if approved by a special resolution passed by the affirmative vote of at least 90% (or, where such amendment is proposed in respect of the consummation of the initial Business Combination, two-thirds) of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company.

Formation, general and administrative costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Proposed Public Offering and eventually a Business Combination within the business combination period. The CODM also reviews formation, general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. Formation, general and administrative costs, as reported on the statement of operations, are the significant segment expenses provided to the CODM on a regular basis. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies.13

~~Note 9 — Subsequent~~HCM ~~Events~~III ACQUISITION CORP.

~~The~~NOTES ~~Company~~TO ~~evaluated~~CONDENSED ~~subsequent~~FINANCIAL events and transactions that occurred after the balance sheet date through September 12, 2025, the date that the unaudited condensed financial statements were issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.STATEMENTS

SEPTEMBER ~~On August 4~~30, 2025, the Company consummated the Initial Public Offering of 25,300,000 units at $10.00 per unit, which includes the full exercise of the underwriters’ over-allotment option of 3,300,000 Units, generating gross proceeds of $253,000,000.

~~Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 4,266,667 Private Placement Warrants~~ (~~the “Private Placement Warrants”~~Unaudited) to the Sponsor and Cantor Fitzgerald & Co., the representative of the underwriters of the Initial Public Offering, at a price of $1.50 per warrant, or $6,400,000 in the aggregate. Of those 4,266,667 Private Placement Warrants, the Sponsor purchased 3,533,333 Private Placement Warrants and Cantor Fitzgerald & Co. purchased 733,334 Private Placement Warrants.

NOTE On8 ~~August~~— 4,FAIR ~~2025,~~VALUE the Company repaid $248,243 of the outstanding balance of the promissory note and in excess of the promissory note – related party, a total of $7,080. On September 11, 2025, the Sponsor repaid the $7,080 back to the Company. MEASUREMENTS

The Onfair ~~August~~value 6,of ~~2025,~~the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company ~~transferred~~would ~~$1,000,000~~have ~~from~~received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its ~~checking~~assets ~~account~~and liabilities, the Company seeks to amaximize ~~brokerage~~the ~~account~~use of observable inputs (market data obtained from independent sources) and ~~invested~~to minimize the ~~funds~~use inof aunobservable ~~money~~inputs (internal assumptions about how market ~~fund.~~participants would price assets and liabilities).

14The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

~~Item~~Level 21: Quoted prices in active markets for identical assets or liabilities. ~~Management’s~~An ~~Discussion~~active ~~and~~market ~~Analysis~~for ofan ~~Financial~~asset ~~Condition~~or liability is a market in which transactions for the asset or liability occur with sufficient frequency and ~~Results~~volume ofto ~~Operations~~provide pricing information on an ongoing basis.

~~References~~Level in2: ~~this~~Observable ~~report~~inputs ~~(the~~other ~~“Quarterly Report”)~~than toLevel ~~“we,”~~1 ~~“us” or the “Company” refer to HCM III Acquisition Corp~~inputs. ~~References~~Examples to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to HCM Investor Holdings III, LLC. The following discussion and analysis of ~~the~~Level ~~Company’s~~2 ~~financial~~inputs ~~condition~~include ~~and~~quoted ~~results of~~prices ~~operations~~in ~~should~~active bemarkets ~~read~~for insimilar ~~conjunction~~assets ~~with~~or ~~the~~liabilities ~~financial statements~~ and ~~the~~quoted ~~notes~~prices ~~thereto~~for ~~contained~~identical ~~elsewhere~~assets inor ~~this~~liabilities ~~Quarterly Report. Certain information contained~~ in ~~the~~markets ~~discussion and analysis set forth below includes forward-looking statements~~ that ~~involve risks~~are ~~and~~not ~~uncertainties~~active.

~~Special~~Level ~~Note~~3: ~~Regarding~~Unobservable ~~Forward-Looking~~inputs ~~Statements~~based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

~~This~~The ~~Quarterly~~following ~~Report~~table ~~includes~~presents ~~“forward-looking statements”~~information ~~within~~about 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 completion of the Proposed Business Combination (as defined below), the Company’s ~~financial~~assets ~~position,~~that ~~business strategy and the plans and objectives of management for future operations,~~ are ~~forward-looking~~measured ~~statements.~~at ~~Words~~fair ~~such~~value 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~~as ~~currently available. A number~~ of ~~factors~~September ~~could cause actual events~~30, ~~performance or results to differ materially from the events~~2025, ~~performance~~ and ~~results~~indicates ~~discussed in~~ the ~~forward-looking~~fair ~~statements,~~value ~~including~~hierarchy ~~that the conditions~~ of the ~~Proposed~~valuation ~~Business Combination~~inputs ~~are not satisfied. 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 ~~final~~utilized prospectus for its Initial Public Offering 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~~determine orsuch ~~revise~~fair ~~any forward-looking statements whether as a result of new information, future events or otherwise.~~value:

Overview

Description	Level	September 30, 2025
Assets:
Cash equivalents	1	$	1,003,041
Marketable securities held in Trust account	1	$	254,727,160

We ~~are~~The afair ~~blank~~value ~~check~~of ~~company~~the ~~incorporated~~Public Warrants issued in the ~~Cayman~~Initial ~~Islands~~Public onOffering ~~April 15~~is $3,078,167, ~~2025~~or ~~formed~~$0.365 ~~for~~per ~~the~~Public ~~purpose~~Warrant ofand ~~effecting~~was adetermined ~~merger,~~using ~~amalgamation,~~Monte ~~share~~Carlo ~~exchange,~~Simulation ~~asset~~Model. ~~acquisition, share~~The ~~purchase,~~Public ~~reorganization~~Warrants orissued ~~similar~~in ~~business~~the ~~combination~~Initial ~~with~~Public ~~one~~Offering orhave ~~more~~been ~~businesses~~classified ~~(the~~within ~~“Business~~shareholders’ ~~Combination”). We~~deficit ~~intend~~and towill ~~effectuate~~not ~~our~~require ~~Business~~remeasurement ~~Combination~~after ~~using~~issuance. ~~cash~~The ~~derived~~following ~~from~~table presents the ~~proceeds~~quantitative ofinformation ~~the~~regarding ~~Initial~~market ~~Public~~assumptions ~~Offering~~used ~~and~~in the ~~sale~~valuation of the ~~Private~~Public ~~Placement~~ Warrants, ~~our~~issued ~~shares,~~in ~~debt~~the orInitial aPublic ~~combination~~Offering: ~~of cash, shares and debt.~~

We expect to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a Business Combination will be successful.

	August 4, 2025
Volatility	$	7.8	%
Risk-free rate		3.66	%
Stock price		9.878
Weighted Term (Yrs)		2.92

~~Results of Operations~~14

WeHCM ~~have~~III ~~neither~~ACQUISITION ~~engaged in any operations nor generated any revenues to date~~CORP. Our only activities from April 15, 2025 (inception) through June 30, 2025 were organizational activities, those necessary to prepare for the Initial Public Offering, described below, and 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. Subsequent to the Initial Public Offering, we generate non-operating income in the form of interest income on marketable securities held in the Trust Account. 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~~NOTES ~~the~~TO ~~period~~CONDENSED ~~from~~FINANCIAL ~~April 15, 2025 (inception) through June 30, 2025, we had a net loss of $47,545 , which consisted of formation and operational costs.~~STATEMENTS

~~Liquidity~~SEPTEMBER ~~and~~30, ~~Capital Resources~~2025

Until the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of shares of Class B ordinary shares, par value $0.0001 per share, by the Sponsor and loans from the Sponsor.(Unaudited)

~~Subsequent to the quarterly period covered by this Quarterly Report on Form 10-Q, on August 4, 2025, we consummated the Initial Public Offering of 25,300,000~~Note ~~units~~9 at $10.00 per Units, which includes the full exercise of the underwriters’ over-allotment option of 3,300,000 Units, generating gross proceeds of $253,000,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of an aggregate of 4,266,667 Private Placement Warrants to the Sponsor and Cantor Fitzgerald— &Segment ~~Co., the representative of the underwriters of the Initial Public Offering, at a price of $1.50 per warrant, or $6,400,000 in the aggregate.~~Information

15ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement 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 CODM, or group, in deciding how to allocate resources and assess performance.

~~Following~~ ~~the~~The ~~Initial~~Company’s ~~Public~~CODM ~~Offering,~~has ~~the~~been ~~full exercise~~identified ofas the ~~over-allotment~~Chief ~~option~~Executive Officer, ~~and~~who ~~the~~reviews ~~sale of~~ the ~~Units~~assets, aoperating ~~total of $253~~results,~~000,000~~ ~~was~~and ~~placed~~financial inmetrics for the ~~Trust~~Company ~~Account.~~as Wea ~~incurred $17,106,910,~~whole ~~consisting~~to ofmake ~~$4,400,000~~decisions ofabout ~~cash~~allocating ~~underwriting~~resources. ~~fee~~Accordingly, ~~$12,045,000~~management ofhas ~~deferred~~determined ~~underwriting~~that ~~fee,~~the ~~and~~Company ~~$661,910~~only ofhas ~~other~~one ~~offering costs~~reportable segment.

We ~~intend~~The toCODM ~~use~~assesses ~~substantially~~performance ~~all~~for of the ~~funds held~~single insegment ~~the~~and ~~Trust~~decides ~~Account,~~how ~~including any amounts representing interest earned on the Trust Account (less income taxes payable),~~ to ~~complete our~~allocate ~~Business Combination~~resources. ToThe ~~the~~measure ~~extent~~of ~~that~~segment ~~our~~assets ~~share capital or debt~~ is ~~used,~~reported inon ~~whole~~the orbalance insheet ~~part,~~ as ~~consideration~~total toassets. ~~complete~~When ~~our Business~~evaluating ~~Combination,~~ the ~~remaining~~Company’s ~~proceeds~~performance ~~held~~and inmaking ~~the~~key ~~Trust~~decisions ~~Account~~regarding ~~will~~resource beallocation ~~used as working capital to finance~~ the ~~operations~~CODM ofreviews ~~the target~~several ~~business~~key ~~or businesses~~metrics, ~~make~~which ~~other~~include ~~acquisitions~~the ~~and~~following: ~~pursue our growth strategies.~~

We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

	September 30, 2025
Cash and cash equivalents	$	1,144,833
Cash held in Trust Account	$	254,727,160

In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor, or certain of our officers and directors 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. Up to $1,500,000 of such Working Capital Loans may be convertible into private placement warrants of the post Business Combination entity at a price of $1.50 per warrant at the option of the lender. The warrants would be identical to the Private Placement Warrants.

	For the Three Months Ended September 30, 2025		For the Period from April 15, 2025 (Inception) Through September 30, 2025
General and administrative expenses	$	135,337	$	182,882
Interest earned on the Trust Account	$	1,727,160	$	1,727,160

WeThe doCODM ~~not~~reviews ~~believe~~interest weearned ~~will~~on ~~need~~the toTrust ~~raise~~Account ~~additional funds in order~~ to ~~meet~~measure ~~the~~and ~~expenditures~~monitor ~~required~~value ~~for~~and ~~operating~~determine ~~our~~the ~~business.~~most ~~However,~~effective ifstrategy ~~our estimate~~ of ~~the~~investment ~~costs~~with ~~of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than~~ the ~~actual~~Trust ~~amount~~Account ~~necessary to do so, we may have insufficient~~ funds ~~available~~while tomaintaining ~~operate~~compliance ~~our~~with ~~business~~the ~~prior~~Trust ~~to our Business Combination~~Agreement. 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.

~~Off-Balance~~General ~~Sheet~~and ~~Arrangements~~administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination or similar transaction within the business combination period. The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. General and administrative costs, as reported on the statement of operations, are the significant segment expenses provided to the CODM on a regular basis.

WeAll ~~have~~other nosegment ~~obligations,~~items ~~assets~~included ~~or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2025. We do not participate~~ in ~~transactions~~net ~~that~~income ~~create relationships with unconsolidated entities~~ or ~~financial~~loss ~~partnerships,~~are ~~often~~reported ~~referred~~on ~~to as variable interest entities, which would have been established for~~ the ~~purpose~~statement of ~~facilitating~~operations ~~off-balance~~and ~~sheet~~described ~~arrangements.~~within Wetheir ~~have~~respective ~~not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets~~disclosures.

~~Contractual~~Note 10 — Subsequent ~~obligations~~Events

WeThe doCompany ~~not~~evaluated ~~have~~subsequent ~~any~~events ~~long-term~~and ~~debt,~~transactions ~~capital~~that ~~lease obligations,~~occurred ~~operating~~after ~~lease~~the ~~obligations~~balance orsheet ~~long-term~~date ~~liabilities,~~through ~~other~~November ~~than~~14, an2025, ~~agreement~~the ~~with~~date that the ~~Sponsor~~financial orstatement anwas ~~affiliate~~available to ~~pay~~be ~~an aggregate~~issued. ofBased ~~$15,000~~upon ~~per~~this ~~month~~review, ~~for~~other ~~office~~than ~~space,~~described ~~utilities~~below, ~~and~~the ~~secretarial~~Company ~~and~~did ~~administrative~~not ~~support.~~identify ~~These~~any ~~monthly~~subsequent ~~fees~~events ~~will~~that ~~cease upon~~would ~~the~~have ~~completion~~required ofadjustment ~~the initial Business Combination~~ or ~~the~~disclosure ~~liquidation~~in of the ~~Company~~financial statement.

The underwriters were entitled to a cash underwriting discount of $4,400,000 (2.0% of the gross proceeds of the units offered in the Initial Public Offering, excluding any proceeds from units sold pursuant to the underwriters’ over-allotment option), which was paid at the closing of the Initial Public Offering. Additionally, the underwriters are entitled to a deferred underwriting discount of 4.50% of the gross proceeds of the Initial Public Offering held in the Trust Account other than those sold pursuant to the underwriters’ over-allotment option and 6.50% of the gross proceeds sold pursuant to the underwriters’ over-allotment option, or $12,045,000 in the aggregate upon the completion of the Company’s initial Business Combination subject to the terms of the underwriting agreement.15

~~Critical~~Item ~~Accounting~~2. ~~Estimates~~Management’s Discussion and Analysis of Financial Condition and Results of Operations

~~The~~References ~~preparation of unaudited condensed financial statements and related disclosures~~ in ~~conformity~~this ~~with~~report ~~accounting principles generally accepted in~~ (the ~~United States of America requires~~“Quarterly ~~management~~Report”) to ~~make~~“we,” ~~estimates~~“us” ~~and~~or ~~assumptions that affect~~ the ~~reported~~“Company” ~~amounts~~refer ofto ~~assets~~HCM ~~and~~III ~~liabilities,~~Acquisition ~~disclosure~~Corp. ofReferences ~~contingent~~to ~~assets~~our ~~and~~“management” ~~liabilities~~or atour ~~the~~“management ~~date~~team” ofrefer ~~the~~to ~~financial~~our ~~statements,~~officers and ~~income~~directors, and ~~expenses~~references ~~during~~to the ~~periods reported. Making estimates requires~~“Sponsor” ~~management~~refer to ~~exercise~~HCM ~~significant~~Investor ~~judgement~~Holdings III, LLC. ItThe isfollowing atdiscussion ~~least~~and ~~reasonably~~analysis ~~possible that the estimate~~ of the ~~effect~~Company’s offinancial a condition, ~~situation or~~and ~~set~~ results of ~~circumstances~~operations ~~that~~should ~~existed~~be atread ~~the~~in ~~date~~conjunction ofwith the financial statements, ~~which~~and ~~management~~the ~~considered~~notes inthereto ~~formulating~~contained ~~its~~elsewhere ~~estimate, could change~~ in ~~the~~this ~~near~~Quarterly Report. ~~term~~Certain ~~due~~information tocontained ~~one~~in orthe ~~more~~discussion ~~future~~and ~~confirming~~analysis ~~events.~~set ~~Accordingly,~~forth ~~the~~below ~~actual~~includes ~~results~~forward-looking ~~could~~statements ~~materially~~that ~~differ from~~involve ~~those~~risks ~~estimates.~~and ~~As of June 30, 2025, we did not have any critical accounting estimates to be disclosed~~uncertainties.

16Special Note Regarding Forward-Looking Statements

~~Item~~This 3Quarterly 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. ~~Quantitative~~All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this “Management’s Discussion and ~~Qualitative~~Analysis ~~Disclosures~~of ~~About~~Financial ~~Market~~Condition and Results of Operations” regarding the completion of the Proposed Business Combination (as defined below), 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, including that the conditions of the Proposed Business Combination are not satisfied. 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 final prospectus for its Initial Public Offering 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.

~~Not required for smaller reporting companies.~~Overview

~~Item~~We 4are a blank check company incorporated in the Cayman Islands on April 15, 2025 formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). We ~~Controls~~intend to effectuate our Business Combination using cash derived from the proceeds of the Initial Public Offering and ~~Procedures~~the sale of the Private Placement Warrants, our shares, debt or a combination of cash, shares and debt.

~~Evaluation~~We expect to incur significant costs in the pursuit of ~~Disclosure~~our ~~Controls~~acquisition ~~and~~plans. ~~Procedures~~We cannot assure you that our plans to complete a Business Combination will be successful.

~~Disclosure~~Results ~~controls~~of and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to Management, including our Chief Executive Officer and Chief Financial Officer (together, the “Certifying Officers”), or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.Operations

~~Under~~We ~~the~~have ~~supervision~~neither ~~and~~engaged ~~with~~in ~~the~~any ~~participation~~operations nor ofgenerated ~~our~~any ~~Management~~revenues to date. Our only activities from April 15, ~~including~~2025 ~~our~~(inception) ~~Certifying~~through ~~Officers~~September 30, we2025 ~~carried~~were ~~out~~organizational activities, anthose ~~evaluation~~necessary ofto prepare for the ~~effectiveness~~Initial ofPublic ~~the~~Offering, ~~design~~described below, and ~~operation~~identifying ~~of our~~a ~~disclosure~~target ~~controls~~company ~~and~~for ~~procedures~~a asBusiness Combination. ~~defined~~We indo ~~Rules~~not ~~13a-15(e)~~expect ~~and~~to ~~15d-15(e)~~generate ~~under~~any operating revenues until after the ~~Exchange~~completion ~~Act.~~of ~~Based~~our onBusiness Combination. Subsequent to the ~~foregoing~~Initial Public Offering, ~~our Certifying~~we ~~Officers~~generate ~~concluded~~non-operating ~~that~~income ~~our~~in ~~disclosure~~the ~~controls~~form ~~and~~of ~~procedures~~interest ~~were~~income ~~effective~~on asmarketable ofsecurities held in the ~~end~~Trust Account. We incur expenses as a result of ~~the~~being ~~quarterly~~a ~~period~~public ~~ended June~~company 30(for legal, ~~2025~~financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

~~Changes~~For the three months ended September 30, 2025, we had a net income of $390,364, which consists of advisory fee reimbursable income of $440,000, interest earned on marketable securities held in ~~Internal~~Trust ~~Control~~Account ~~over~~of ~~Financial~~$1,727,160 and interest earned on marketable securities held in Bank Account of $3,041, offset by operating ~~Reporting~~costs of $135,337 and advisory fee expense of $1,644,500.

~~There~~For ~~was~~the noperiod ~~change~~from inApril 15, ~~our~~2025 ~~internal~~(inception) through ~~control~~September ~~over financial~~30, ~~reporting~~2025, ~~that~~we ~~occurred~~had ~~during~~a ~~the~~net ~~fiscal~~income ~~quarter~~of $342,819, which consists of ~~2025~~advisory ~~covered~~fee byreimbursable ~~this~~income ~~Quarterly~~of ~~Report~~$440,000, interest earned on ~~Form~~marketable ~~10-Q~~securities ~~that~~held ~~has~~in ~~materially affected~~Trust Account of $1,727,160 orand isinterest ~~reasonably~~earned ~~likely~~on tomarketable ~~materially~~securities ~~affect~~held in Bank Account of $3,041, ~~our~~offset ~~internal~~by ~~control~~operating ~~over~~costs ~~financial~~of ~~reporting~~$182,882 and advisory fee expense of $1,644,500.

17Liquidity and Capital Resources

~~PART~~On IIAugust 4, 2025, we consummated the Initial Public Offering of 25,300,000 units at $10.00 per Units, which includes the full exercise of the underwriters’ over-allotment option ~~OTHER~~of ~~INFORMATION~~3,300,000 Units, generating gross proceeds of $253,000,000. Simultaneously with the closing of the Initial Public Offering, we consummated the sale of an aggregate of 4,266,667 Private Placement Warrants to the Sponsor and Cantor Fitzgerald & Co., the representative of the underwriters of the Initial Public Offering, at a price of $1.50 per warrant, or $6,400,000 in the aggregate.

~~Item~~Following 1the Initial Public Offering, the full exercise of the over-allotment option, and the sale of the Units, a total of $253,000,000 was placed in the Trust Account. ~~Legal~~We ~~Proceedings~~incurred $17,106,910, consisting of $4,400,000 of cash underwriting fee, $12,045,000 of deferred underwriting fee, and $661,910 of other offering costs.

~~None~~For the period from April 15, 2025 (inception) through September 30, 2025, cash used in operating activities was $1,430,212. Net income of $342,819 was affected by interest earned on marketable securities held in the Trust Account of $1,727,160 and payment of operation costs through promissory note of $47,545. Changes in operating assets and liabilities provided $93,416 of cash for operating activities.

~~Item 1A. Risk Factors~~16

~~Factors~~As ~~that~~of ~~could~~September ~~cause~~30, ~~our~~2025, ~~actual~~we ~~results~~had tomarketable securities ~~differ~~held ~~materially~~in ~~from~~the ~~those~~Trust inAccount ~~this~~of ~~report~~$254,727,160 ~~include~~(including ~~the~~approximately ~~risk~~$1,727,160 ~~factors~~of ~~described~~interest inincome) ~~our~~consisting ~~final~~of ~~prospectus~~U.S. ~~for~~Treasury ~~its~~Bills ~~Initial~~with a ~~Public~~maturity ~~Offering filed~~of ~~with~~185 days or less. We may withdraw interest from the ~~SEC~~Trust Account to pay taxes, if any. AsWe intend to use substantially all of the ~~date~~funds ofheld ~~this~~in ~~Report~~the Trust Account, ~~there~~including ~~have~~any ~~been~~amounts norepresenting ~~material~~interest ~~changes~~earned on the Trust Account (less income taxes payable), to complete our Business Combination. To the ~~risk~~extent ~~factors~~that ~~disclosed~~our share capital or debt is used, in ~~our~~whole ~~final~~or ~~prospectus~~in part, as consideration ~~for~~to ~~its~~complete ~~Initial~~our ~~Public~~Business ~~Offering~~Combination, ~~filed~~the ~~with~~remaining proceeds held in the ~~SEC~~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.

~~Item~~As 2of September 30, 2025, we had cash of $1,144,833. We ~~Unregistered~~intend ~~Sales~~to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of ~~Equity~~prospective ~~Securities~~target businesses or their representatives or owners, review corporate documents and ~~Use~~material agreements of ~~Proceeds~~prospective target businesses, and structure, negotiate and complete a Business Combination.

~~There~~In ~~were~~order noto ~~sales~~fund ofworking ~~unregistered~~capital ~~securities~~deficiencies ~~during~~or ~~the~~finance ~~quarterly~~transaction ~~period~~costs ~~covered~~in byconnection ~~this~~with ~~Quarterly~~a ~~Report.~~Business ~~Subsequent~~Combination, to the ~~quarterly~~Sponsor, ~~period~~or ~~covered~~certain byof ~~this~~our ~~Quarterly~~officers ~~Report,~~and ondirectors or their ~~August~~affiliates 4may, ~~2025~~but are not obligated to, weloan ~~consummated~~us ~~the~~funds ~~Initial~~as ~~Public~~may ~~Offering~~be ofrequired. 25If we complete a Business Combination,~~300,000 units~~ atwe ~~$10~~would repay such loaned amounts.00 ~~per~~In ~~Units~~the event that a Business Combination does not close, ~~which~~we ~~includes~~may ~~the~~use ~~full~~a ~~exercise~~ portion of the ~~underwriters’~~working ~~over-allotment~~capital ~~option~~held ofoutside ~~3,300,000~~the Trust ~~Units,~~Account ~~generating~~to ~~gross~~repay such loaned amounts but no proceeds offrom our Trust Account would be used for such repayment. Up to $~~253~~1,~~000~~500,000. of ~~Cantor~~such ~~acted~~Working asCapital ~~sole book-running~~Loans ~~manager~~may ofbe ~~the~~convertible ~~Initial~~into ~~Public~~private ~~Offering.~~placement ~~The~~warrants ~~securities~~of in the ~~offering~~post ~~were~~Business ~~registered~~Combination ~~under~~entity ~~the~~at ~~Securities~~a ~~Act~~price ~~on registration~~of ~~statement~~$1.50 onper ~~Form~~warrant ~~S-1~~at ~~(No.~~the ~~333-287841)~~option of the lender. The ~~Securities~~warrants ~~and~~would ~~Exchange~~be ~~Commission~~identical ~~declared~~to the ~~registration~~Private ~~statements~~Placement ~~effective on August 4, 2025~~Warrants.

~~Simultaneously~~We ~~with~~do ~~the~~not ~~closing~~believe ~~of the Initial Public Offering,~~ we ~~consummated~~will ~~the~~need ~~sale~~to ofraise anadditional funds ~~aggregate~~in oforder ~~4,266,667~~to ~~Private~~meet ~~Placement~~the ~~Warrants~~expenditures ~~(to~~required ~~the~~for ~~Sponsor~~operating ~~and~~our ~~Cantor Fitzgerald & Co~~business. However, ~~the~~if ~~representative~~our estimate of the ~~underwriters~~costs of ~~the~~identifying ~~Initial Public Offering, at~~ a ~~price of $1.50 per warrant~~target business, orundertaking ~~$6,400,000~~ in-depth ~~the~~due ~~aggregate. Of~~diligence ~~those~~and ~~4,266,667~~negotiating ~~Private~~a ~~Placement~~Business ~~Warrants,~~Combination ~~the~~are ~~Sponsor~~less ~~purchased~~than ~~3,533,333~~the ~~Private~~actual ~~Placement~~amount ~~Warrants~~necessary ~~and~~to ~~Cantor~~do ~~Fitzgerald &~~so, ~~Co.~~we ~~purchased~~may ~~733,334~~have ~~Private~~insufficient ~~Placement~~funds ~~Warrants.~~available ~~Each~~to ~~Unit~~operate ~~that~~our ~~the~~business ~~Company~~prior isto ~~offering~~our ~~has~~Business aCombination. ~~price~~Moreover, ofwe ~~$10.00~~may ~~and~~need ~~consists~~to ofobtain ~~one Class A~~additional ~~ordinary~~financing ~~share,~~either ~~and~~to ~~one-third~~complete ofour ~~one~~Business ~~redeemable~~Combination ~~warrant.~~or ~~Each~~because ~~whole~~we ~~warrant~~become ~~entitles~~obligated ~~the~~to ~~holder~~redeem toa ~~purchase~~significant ~~one~~number ~~Class A~~of ~~ordinary share~~our atPublic aShares upon ~~price~~consummation of ~~$11.50~~our ~~per~~Business ~~share.~~Combination, ~~The~~in ~~foregoing~~which ~~issuance~~case ~~was~~we ~~made~~may ~~pursuant~~issue toadditional ~~the~~securities ~~exemption~~or ~~from~~incur ~~registration~~debt ~~contained~~ in ~~Section 4(a)(2)~~connection ofwith ~~the~~such Business ~~Securities Act~~Combination.

~~The~~Off-Balance ~~Private~~Sheet Placement Warrants are identical to the warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants are not transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions.Arrangements

OfWe ~~the~~have ~~gross~~no ~~proceeds~~obligations, ~~received~~assets ~~from~~or ~~the Initial~~liabilities, ~~Public~~which ~~Offering~~would ~~and~~be ~~the~~considered ~~proceeds~~off-balance sheet arrangements as of September 30, 2025. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the ~~sale~~purpose of ~~the~~facilitating ~~Private~~off-balance ~~Placement~~sheet ~~Warrants~~arrangements. We have not entered into any off-balance sheet financing arrangements, anestablished ~~aggregate~~any ofspecial ~~$253~~purpose entities,~~000,000~~ ~~was~~guaranteed ~~placed~~any indebt ~~the~~or ~~Trust~~commitments of other entities, or purchased any non-financial ~~Account~~assets.

WeContractual ~~paid a total of $17,106,910, consisting of $4,400,000 of cash underwriting fee, $12,045,000 of deferred underwriting fee, and $661,910 of other offering costs.~~obligations

~~For~~We ado ~~description~~not ofhave ~~the~~any ~~use~~long-term ofdebt, ~~the~~capital ~~proceeds~~lease ~~generated~~obligations, inoperating ~~our~~lease ~~Initial~~obligations ~~Public~~or ~~Offering~~long-term liabilities, ~~see~~other ~~Part~~than Ian agreement with the Sponsor or an affiliate to pay an aggregate of $15,000 ~~Item~~per 2month for office space, utilities, and secretarial and administrative support. These monthly fees will cease upon the completion of ~~this~~the ~~Form~~initial ~~10-Q~~Business Combination or the liquidation of the Company.

~~Item~~The 3underwriters were entitled to a cash underwriting discount of $4,400,000 (2.0% ~~Defaults~~of ~~Upon~~the ~~Senior~~gross ~~Securities~~proceeds of the units offered in the Initial Public Offering, excluding any proceeds from units sold pursuant to the underwriters’ over-allotment option), which was paid at the closing of the Initial Public Offering. Additionally, the underwriters are entitled to a deferred underwriting discount of 4.50% of the gross proceeds of the Initial Public Offering held in the Trust Account other than those sold pursuant to the underwriters’ over-allotment option and 6.50% of the gross proceeds sold pursuant to the underwriters’ over-allotment option, or $12,045,000 in the aggregate upon the completion of the Company’s initial Business Combination subject to the terms of the underwriting agreement.

~~None~~17

~~Item~~Critical 4.Accounting ~~Mine Safety Disclosures~~Policies

~~None~~The preparation of unaudited condensed financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires 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. Making estimates requires management to exercise significant judgement. 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 materially differ from those estimates. As of September 30, 2025, we did not have any critical accounting estimates to be disclosed.

~~Item~~Recent 5.Accounting ~~Other Information~~Standards

Management ~~None~~does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on our condensed financial statements.

18Item 3. Quantitative and Qualitative Disclosures About Market Risk

~~Item~~Not 6.required ~~Exhibits~~for smaller reporting companies.

~~The~~Item ~~following~~4. ~~exhibits~~Controls ~~are~~and ~~filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.~~Procedures

No.		Description of Exhibit
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Evaluation of Disclosure Controls and Procedures

*Disclosure ~~Filed~~controls ~~herewith~~and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to Management, including our Chief Executive Officer and Chief Financial Officer (together, the “Certifying Officers”), or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

**Under ~~These~~the ~~certifications~~supervision ~~are~~and ~~furnished~~with to the ~~SEC~~participation of ~~pursuant~~our toManagement, ~~Section~~including ~~906~~our ofCertifying ~~the~~Officers, ~~Sarbanes-Oxley~~we ~~Act~~carried ofout ~~2002~~an ~~and~~evaluation ~~are~~of ~~deemed~~the ~~not~~effectiveness ~~filed~~of ~~for~~the ~~purposes~~design and operation of our ~~Section~~disclosure 18controls ofand ~~the~~procedures ~~Securities~~as ~~Exchange~~defined ~~Act~~in ofRules ~~1934,~~13a-15(e) asand ~~amended,~~15d-15(e) ~~nor~~under ~~shall~~the ~~they~~Exchange beAct. ~~deemed~~Based ~~incorporated~~on bythe ~~reference~~foregoing, inour Certifying ~~any~~Officers ~~filing~~concluded ~~under~~that ~~the~~our ~~Securities~~disclosure ~~Act~~controls ofand ~~1933,~~procedures ~~except~~were effective as ~~shall~~of bethe ~~expressly~~end ~~set~~of ~~forth~~the byquarterly ~~specific~~period ~~reference~~ended September in30, ~~such filing~~2025.

19Changes in Internal Control over Financial Reporting

~~SIGNATURES~~There was no change in our internal control over financial reporting that occurred during the fiscal quarter of 2025 covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

~~In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.~~18

	HCM III ACQUISITION CORP.
Date: September 12, 2025	By:	/s/ Shawn Matthews
	Name:	Shawn Matthews
	Title:	Chief Executive Officer and Director
		(principal executive officer)
Date: September 12, 2025	By:	/s/ Steven Bischoff
	Name:	Steven Bischoff
	Title:	Chief Financial Officer
		(principal financial and accounting officer)

PART II - OTHER INFORMATION

20Item 1. Legal Proceedings

None

Item 1A. Risk Factors

Factors that could cause our actual results to differ materially from those in this report include the risk factors described in our final prospectus for its Initial Public Offering filed with the SEC. As of the date of this Report, there have been no material changes to the risk factors disclosed in our final prospectus for its Initial Public Offering filed with the SEC.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On August 4, 2025, we consummated the Initial Public Offering of 25,300,000 units at $10.00 per Units, which includes the full exercise of the underwriters’ over-allotment option of 3,300,000 Units, generating gross proceeds of $253,000,000. Cantor acted as sole book-running manager of the Initial Public Offering. The securities in the offering were registered under the Securities Act on registration statement on Form S-1 (No. 333-287841). The Securities and Exchange Commission declared the registration statements effective on August 4, 2025.

Simultaneously with the closing of the Initial Public Offering, we consummated the sale of an aggregate of 4,266,667 Private Placement Warrants (to the Sponsor and Cantor Fitzgerald & Co., the representative of the underwriters of the Initial Public Offering, at a price of $1.50 per warrant, or $6,400,000 in the aggregate. Of those 4,266,667 Private Placement Warrants, the Sponsor purchased 3,533,333 Private Placement Warrants and Cantor Fitzgerald & Co. purchased 733,334 Private Placement Warrants. Each Unit that the Company is offering has a price of $10.00 and consists of one Class A ordinary share, and one-third of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. The foregoing issuance was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

The Private Warrants are identical to the warrants underlying the Units sold in the Initial Public Offering, except that the Private Warrants are not transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions.

The Private Placement Warrants are identical to the warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants are not transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions.

Of the gross proceeds received from the Initial Public Offering and the proceeds of the sale of the Private Placement Warrants, an aggregate of $253,000,000 was placed in the Trust Account.

We paid a total of $17,106,910, consisting of $4,400,000 of cash underwriting fee, $12,045,000 of deferred underwriting fee, and $661,910 of other offering costs.

For a description of the use of the proceeds generated in our Initial Public Offering, see Part I, Item 2 of this Form 10-Q.

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

None

Item 5. Other Information

None

Item 6. Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

No.		Description of Exhibit
1.1		Underwriting Agreement, dated July 31, 2025, by and between the Company and Cantor Fitzgerald & Co. (1)
3.1		Amended and Restated Memorandum and Articles of Association. (1)
4.1		Warrant Agreement, dated July 31, 2025, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent. (1)
10.1		Investment Management Trust Agreement, dated July 31, 2025, by and between the Company and Continental Stock Transfer & Trust Company, as trustee. (1)
10.2		Registration Rights Agreement, dated July 31, 2025, by and among the Company, the Sponsor and the Underwriter. (1)
10.3(a)		Private Placement Warrants Purchase Agreement, dated July 31, 2025, by and between the Company and the Sponsor. (1)
10.3(b)		Private Placement Warrants Purchase Agreement, dated July 31, 2025, by and between the Company and the Underwriter. (1)
10.4		Letter Agreement, dated July 31, 2025, by and among the Company, its officers, its directors and the Sponsor. (1)
10.5		Administrative Support Agreement, dated July 31, 2025, between the Company and the Sponsor. (1)
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		XBRL Instance Document
101.SCH*		XBRL Taxonomy Extension Schema Document
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document

*	Filed herewith.
(1)	Previously filed as an exhibit to our Current Report on Form 8-K filed on August 5, 2025 and incorporated by reference herein.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	HCM III ACQUISITION CORP.

Date: November 14, 2025	By:	/s/ Shawn Matthews
	Name:	Shawn Matthews
	Title:	Chief Executive Officer and Director
		(principal executive officer)

Date: November 14, 2025	By:	/s/ Steven Bischoff
	Name:	Steven Bischoff
	Title:	Chief Financial Officer
		(principal financial and accounting officer)

Filing Compare · HCM III ACQUISITION CORP.