Drugs Made In America Acquisition Corp 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 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:001-42467 DRUGS MADE IN AMERICA ACQUISITION CORP.(Exact name of registrant as specified in its charter) (646) 726-7074(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange 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☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant 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 smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filer Accelerated filerSmaller reporting companyEmerging Growth Company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying 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 has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by theregistered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☒No☐ As of June 30, 2025, the aggregate market value of the voting and non-voting common equity held by non-affiliates of theregistrant was $234,600,000. As of April 15, 2026, the registrant had 33,717,143 ordinary shares outstanding (inclusive of shares included in outstanding units). None. TABLE OF CONTENTS CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSiiPART I1Item 1.Business1Item 1A.Risk Factors12Item 1B.Unresolved Staff Comments12Item 1C.Cybersecurity12Item 2.Properties12Item 3.Legal Proceedings12Item 4.Mine Safety Disclosures12PART II13Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities13Item 6.[Reserved]14Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations.14Item 7A.Quantitative and Qualitative Disclosures About Market Risk19Item 8.Financial Statements and Supplementary Data19Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure19Item 9A.Controls and Procedures19Item 9B.Other Information20Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections20PART III21Item 10.Directors, Executive Officers and Corporate Governance21Item 11.Executive Compensation27Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters27Item 13.Certain Relationships and Related Transactions, and Director Independence30Item 14.Principal Accountant Fees and Services32PART IV33Item 15.Exhibits and Financial Statement Schedules33Item 16.Form 10–K Summary34SIGNATURES35 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Some of the statements contained in this report may constitute “forward-looking statements” for purposes of the federal securitieslaws. Our forward-looking statements include, but are not limited to, statements regarding our o