Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 710

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 710
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, 2024, and June 30, 2025, the Company has federal research tax credit carryforwards of $6.5 million, $8.8 million, and $10.1 million, respectively, and state research tax credit carryforwards of $5.4 million, $7.2 million, and $8.1 million, respectively. The Company's federal research tax credit carryforwards will begin to expire in 2038, while its state research tax credit carryforwards carry forward indefinitely. Net operating losses and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant stockholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change.

<div align='center'>F-81

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

The following table reconciles the beginning and ending balances of the Company’s unrecognized tax benefit:

| (in thousands)                                                      |     | 2023 | December 31, |     | 2024 |       |     | 2025 | June 30, |
|:--------------------------------------------------------------------|:----|:-----|-------------:|:----|:-----|------:|:----|:-----|---------:|
| Beginning balance                                                   |     | $    |        5,971 |     | $    | 5,971 |     | $    |    8,017 |
| Gross increases due to tax positions taken in prior periods         |     |      |            — |     |      |     — |     |      |        — |
| Gross increases due to tax positions taken in current periods       |     |      |            — |     |      | 2,046 |     |      |    1,088 |
| Gross decreases due to lapses in applicable statutes of limitations |     |      |            — |     |      |     — |     |      |        — |
| Ending balance                                                      |     | $    |        5,971 |     | $    | 8,017 |     | $    |    9,105 |

None of the unrecognized tax benefit