Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 682

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 682
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 the present value of lease payments. The Company gives consideration to its credit risk, term of the lease, total lease payments and adjusted for impacts of collateral, as necessary, when calculating its incremental borrowing rates. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease costs for the Company’s operating leases are recognized on a straight-line basis over the lease term within research and development and sales, marketing, general and administrative in the Company’s consolidated statements of operations and comprehensive loss.

For leases with a term of one year or less, the Company has elected to not recognize a lease liability or ROU asset on its consolidated balance sheets and recognizes the lease payments as an expense on a straight-line basis over the lease term. The Company has also elected to not separate lease components from non-lease components for all classes of underlying assets and instead accounts for the lease and non-lease components as a single component. Variable non-lease and lease components primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company, and are expensed as incurred.

Deferred Offering Costs

Deferred offering costs consist of expenses directly attributable to the Company’s planned de-SPAC Transaction with Churchill, including but not limited to legal, accounting, printing, underwriter, and filing fees, which are capitalized as incurred. Upon the successful completion of the de-SPAC Transaction, deferred offering costs will be offset against the proceeds and reclassified to additional paid-in capital. As of December 31, 2023, December 31, 2024, and June 30, 2025, the Company recorded deferred offering costs of zero, zero, and $4.1 million within deferred offering costs in the consolidated balance sheets, respectively.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Warrant Liabilities

The Company’s warrants to purchase shares of redeemable convertible preferred stock are classified as liabilities as the underlying securities are contingently redeemable upon the occurrence of events that are outside of the control of the Company. The warrants were recorded at fair value upon issuance and are subsequently remeasured at fair value at each balance sheet date, with changes in fair value recognized in the Company’s consolidated statements of operations and comprehensive loss until expiration or settlement.

The Company accounts for income taxes under an asset and liability approach for deferred income taxes