Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 709

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 709
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316 | ) |
| Intangible assets                                     |     |              |    (811 | ) |     |      |  (1,108 | ) |     |          |  (1,266 | ) |
| Other                                                 |     |              |     (37 | ) |     |      |       — |   |     |          |       — |   |
| Total deferred tax liabilities                        |     |              |  (1,854 | ) |     |      |  (1,651 | ) |     |          |  (1,582 | ) |
| Deferred tax assets (liabilities), net                |     | $            |       — |   |     | $    |       — |   |     | $        |       — |   |

The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. The Company regularly assesses its ability to realize the deferred tax assets and establishes a valuation allowance if it is more-likely-than-not that some portion of the deferred tax assets will not be realized. The Company weighed all available positive and negative evidence, including its earnings and determined that it is more likely than not that its U.S. federal and state deferred tax assets will not be realizable in the future. Accordingly, the Company has recorded a valuation allowance against its net U.S. deferred tax assets. The valuation allowance increased by $2.7 million, $11.0 million, and $10.2 million during the five months ended December 31, 2023, the 12 months ended December 31, 2024 and the six months ended June 30, 2025, respectively. The increase in the valuation allowance was recorded in the consolidated statements of operations and comprehensive loss. As of December 31, 2023, December 31, 2024, and June 30, 2025, the Company had cumulative U.S. federal net operating losses carryforwards of $88.8 million, $88.9 million, and $123.6 million which carry forward indefinitely, respectively. As of December 31, 2023, December 31, 2024, and June 30, 2025, the Company had cumulative state net operating loss carryforwards of $69.0 million, $69.8 million, and $70.2 million which begin to expire in 2038, respectively. As of December 31, 2023, December 31