{"url_path":"/sec/paii/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/2069238/0001213900-26-057763-index.html","accession_number":"0001213900-26-057763","cik":"0002069238","ticker":"PAII","issuer_name":"Pyrophyte Acquisition Corp. II","edgar_url":"https://www.sec.gov/Archives/edgar/data/2069238/0001213900-26-057763-index.html","primary_entity_key":"0002069238","primary_entity_name":"Pyrophyte Acquisition Corp. II"},"word_count":933,"has_tables":true,"body_markdown":"paii-20260331\n\nhttp://fasb.org/srt/2026#ChiefFinancialOfficerMember\n00-0000000\n\n0002069238\nfalse\nQ1\n--12-31\n\n0002069238\n\n2026-01-01\n2026-03-31\n\n0002069238\n\npaii:ProbabilityOfMergerMember\npaii:PublicWarrantsMember\n\n2025-07-18\n\n0002069238\n\nus-gaap:MeasurementInputPriceVolatilityMember\npaii:PublicWarrantsMember\n\n2025-07-18\n\n0002069238\n\nus-gaap:MeasurementInputExpectedDividendRateMember\npaii:PublicWarrantsMember\n\n2025-07-18\n\n0002069238\n\nus-gaap:MeasurementInputRiskFreeInterestRateMember\npaii:PublicWarrantsMember\n\n2025-07-18\n\n0002069238\n\nus-gaap:MeasurementInputExpectedTermMember\npaii:PublicWarrantsMember\n\n2025-07-18\n\n0002069238\n\nus-gaap:MeasurementInputSharePriceMember\npaii:PublicWarrantsMember\n\n2025-07-18\n\n0002069238\n\nus-gaap:IPOMember\npaii:PublicWarrantsMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:IPOMember\npaii:PublicWarrantsMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:FairValueMeasurementsRecurringMember\nus-gaap:FairValueInputsLevel1Member\n\n2026-03-31\n\n0002069238\n\n2025-12-31\n\n0002069238\n\n2026-03-31\n\n0002069238\n\npaii:PrivatePlacementWarrantsMember\n\n2026-03-31\n\n0002069238\n\npaii:PublicWarrantsMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:IPOMember\npaii:PrivatePlacementWarrantsMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:CommonClassAMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:CommonClassAMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:WarrantMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:CommonClassAMember\nus-gaap:WarrantMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:WarrantMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:CommonClassAMember\nus-gaap:WarrantMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:IPOMember\nsrt:MaximumMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nsrt:MinimumMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:IPOMember\nus-gaap:WarrantMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:IPOMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\npaii:PrivatePlacementWarrantsMember\n\n2025-12-31\n\n0002069238\n\npaii:PublicWarrantsMember\n\n2025-12-31\n\n0002069238\n\nus-gaap:WarrantMember\n\n2025-12-31\n\n0002069238\n\nus-gaap:CommonClassBMember\n\n2025-12-31\n\n0002069238\n\nus-gaap:CommonClassBMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:CommonClassBMember\npaii:SponsorMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:CommonClassBMember\npaii:FounderShareMember\n\n2025-06-01\n2025-06-30\n\n0002069238\n\nus-gaap:OverAllotmentOptionMember\nus-gaap:CommonClassBMember\npaii:FounderShareMember\n\n2025-05-05\n2025-05-05\n\n0002069238\n\nus-gaap:CommonClassBMember\npaii:FounderShareMember\n\n2025-05-05\n\n0002069238\n\nus-gaap:CommonClassBMember\npaii:FounderShareMember\n\n2025-05-05\n2025-05-05\n\n0002069238\n\nus-gaap:PreferredStockMember\n\n2026-03-31\n\n0002069238\n\n2025-07-18\n2025-07-18\n\n0002069238\n\nus-gaap:PrivatePlacementMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:SubsequentEventMember\n\n2026-05-15\n2026-05-15\n\n0002069238\n\npaii:SponsorMember\n\n2025-01-01\n2025-12-31\n\n0002069238\n\npaii:SponsorMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:CommonClassAMember\n\n2025-07-18\n\n0002069238\n\nus-gaap:PrivatePlacementMember\n\n2025-07-18\n\n0002069238\n\nus-gaap:PrivatePlacementMember\npaii:SponsorMember\n\n2025-07-19\n\n0002069238\n\nus-gaap:IPOMember\nus-gaap:PrivatePlacementMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:PrivatePlacementMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\npaii:PromissoryNoteRelatedPartyMember\n\n2025-07-18\n2025-07-18\n\n0002069238\n\npaii:PromissoryNoteRelatedPartyMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\npaii:SponsorMember\npaii:FounderSharesMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:CommonClassAMember\npaii:FounderSharesMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:CommonClassBMember\npaii:InitialBusinessCombinationMember\n\n2026-03-31\n\n0002069238\n\npaii:InitialBusinessCombinationMember\n\n2026-03-31\n\n0002069238\n\n2025-06-01\n2025-06-30\n\n0002069238\n\n2025-06-30\n\n0002069238\n\npaii:SponsorMember\npaii:FounderSharesMember\n\n2025-06-01\n2025-06-30\n\n0002069238\n\npaii:SponsorMember\n\n2025-06-01\n2025-06-30\n\n0002069238\n\nus-gaap:IPOMember\npaii:SponsorMember\npaii:FounderSharesMember\n\n2025-07-24\n2025-07-24\n\n0002069238\n\npaii:SponsorMember\npaii:FounderSharesMember\n\n2025-05-05\n2025-05-05\n\n0002069238\n\npaii:SponsorMember\npaii:FounderSharesMember\n\n2025-05-05\n\n0002069238\n\nus-gaap:CommonClassAMember\npaii:PrivatePlacementWarrantsMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:PrivatePlacementMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\npaii:PrivatePlacementWarrantsMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:PrivatePlacementMember\n\n2025-07-24\n2025-07-24\n\n0002069238\n\nus-gaap:IPOMember\n\n2025-07-24\n2025-07-24\n\n0002069238\n\nus-gaap:IPOMember\n\n2025-07-24\n\n0002069238\n\nus-gaap:IPOMember\n\n2025-07-18\n2025-07-18\n\n0002069238\n\npaii:ClassBNonredeemableOrdinarySharesMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\npaii:RedeemableClassAOrdinarySharesMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\npaii:ClassAOrdinarySharesSubjectToPossibleRedemptionMember\n\n2026-03-31\n\n0002069238\n\npaii:ClassAOrdinarySharesSubjectToPossibleRedemptionMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\npaii:ClassAOrdinarySharesSubjectToPossibleRedemptionMember\n\n2025-12-31\n\n0002069238\n\npaii:ClassAOrdinarySharesSubjectToPossibleRedemptionMember\n\n2025-01-01\n2025-12-31\n\n0002069238\n\nus-gaap:IPOMember\n\n2026-03-31\n\n0002069238\n\npaii:PrivatePlacementWarrantsMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\n2025-07-24\n2025-07-24\n\n0002069238\n\nus-gaap:OverAllotmentOptionMember\n\n2025-07-18\n2025-07-18\n\n0002069238\n\npaii:PublicWarrantMember\n\n2025-07-18\n\n0002069238\n\nus-gaap:IPOMember\nus-gaap:CommonClassAMember\n\n2025-07-18\n2025-07-18\n\n0002069238\n\nus-gaap:CommonClassAMember\n\n2025-07-18\n2025-07-18\n\n0002069238\n\nus-gaap:RetainedEarningsMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:ReceivablesFromStockholderMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:CommonStockMember\nus-gaap:CommonClassBMember\n\n2026-03-31\n\n0002069238\n\npaii:ClassAOrdinarySharesSubjectToPossibleRedemptionMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:RetainedEarningsMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\npaii:ClassAOrdinarySharesSubjectToPossibleRedemptionMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:RetainedEarningsMember\n\n2025-12-31\n\n0002069238\n\nus-gaap:ReceivablesFromStockholderMember\n\n2025-12-31\n\n0002069238\n\nus-gaap:CommonStockMember\nus-gaap:CommonClassBMember\n\n2025-12-31\n\n0002069238\n\npaii:ClassAOrdinarySharesSubjectToPossibleRedemptionMember\n\n2025-12-31\n\n0002069238\n\nus-gaap:CommonClassAMember\n\n2025-12-31\n\n0002069238\n\nus-gaap:CommonClassBMember\n\n2026-05-15\n\n0002069238\n\nus-gaap:CommonClassAMember\n\n2026-05-15\n\n0002069238\n\npaii:WarrantsEachWholeWarrantExercisableForOneClassAOrdinaryShareAtAnExercisePriceOf1150PerShareMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\npaii:ClassAOrdinarySharesParValue00001PerShareMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\npaii:UnitsEachConsistingOfOneClassAOrdinaryShare00001ParValueAndOnehalfOfOneRedeemableWarrantMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\n2025-12-31\n2025-12-31\n\n0002069238\n\nus-gaap:PreferredStockMember\n\n2025-12-31\n\n0002069238\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2025-12-31\n\n0002069238\n\nus-gaap:CommonStockMember\nus-gaap:CommonClassAMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2026-03-31\n\n0002069238\n\nus-gaap:CommonStockMember\nus-gaap:CommonClassAMember\n\n2025-12-31\n\n0002069238\n\nus-gaap:CommonStockMember\nus-gaap:CommonClassBMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:CommonStockMember\nus-gaap:CommonClassAMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:ReceivablesFromStockholderMember\n\n2026-01-01\n2026-03-31\n\n0002069238\n\nus-gaap:FairValueMeasurementsRecurringMember\nus-gaap:FairValueInputsLevel2Member\n\n2026-03-31\n\n0002069238\n\nus-gaap:FairValueMeasurementsRecurringMember\nus-gaap:FairValueInputsLevel3Member\n\n2026-03-31\n\nxbrli:pure\n\niso4217:USD\n\nxbrli:shares\n\niso4217:USD\n\npaii:segment\n\nxbrli:shares\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n(Mark One)\n\n☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from ______________\nto ______________\n\n \n\nCommission File Number: 001-42752\n\n \n\nPYROPHYTE ACQUISITION CORP. II\n\n(Exact name of registrant as specified in its charter)\n\n \n\nCayman Islands N/A\n\n(State or other jurisdiction of\n\nincorporation or organization)\n \n(IRS Employer\n\nIdentification No.)\n\n \n\n3262 Westheimer Road, Suite 706\n\nHouston, Texas 77098\n\nTelephone: (281) 701-4243\n\n(Address, including zip code, and telephone number,\nincluding area code, of registrant’s principal executive offices)\n\n \n\nN/A\n\n(Former name, former address and former fiscal\nyear, if changed since last report)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n \nTrading Symbol(s)\n \nName of each exchange on which registered\n\nUnits, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant PAII.U New York Stock Exchange\n\n \n \n \n \n \n\nClass A ordinary shares, par value $0.0001 per share PAII New York Stock Exchange\n\n \n \n \n \n \n\nWarrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share PAII WS New York Stock Exchange\n\n \n\nIndicate by check mark whether the registrant (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 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 ☐\n\n \n\nIndicate 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 (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated\nfiler, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of\n“large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth\ncompany” in Rule 12b-2 of the Exchange Act:\n\n \n\nLarge accelerated filer\n☐\nAccelerated filer\n☐\n\nNon-accelerated filer☒Smaller reporting company☒\n\n  Emerging growth company☒\n\n \n\nIf 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. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐\n\n \n\nAs of May 15, 2026, there were 20,041,150 Class A ordinary shares, par value $0.0001 per share, issued and outstanding, and 7,225,721 shares of the registrant’s Class B ordinary share, par value $0.0001 per share, issued and outstanding. \n\n \n\n \n\n \n\n \n\n \n\n \n\nPYROPHYTE ACQUISITION CORP. II\n\n \n\nMarch 31, 2026\n\n \n\nTABLE OF CONTENTS\n\n \n\n \n \n \nPage \n\n[PART 1 - FINANCIAL INFORMATION](#m_001)"}