Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 717

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 717
---
’s condensed consolidated financial statements include estimation of the progress in collaboration and non-recurring engineering (“NRE”) arrangements, allowance for expected credit losses, useful lives of property and equipment, impairment of long-lived assets and long-term investment, valuation of share-based compensation arrangements, fair value of common stock, redeemable convertible preferred stock, simple agreements for future equity, warrant liabilities, and the valuation allowance of deferred tax assets.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and short-term investments. The Company maintains cash and cash equivalents in deposit accounts at financial institutions that, at times, may significantly exceed federally insured limits. The Company has not experienced any losses related to such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company’s non-interest-bearing cash balances as of September 30, 2025 were fully insured up to $250,000 per depositor at each financial institution, and substantially all of the Company’s cash and cash equivalents were held in one major financial institution, which management considers to be of high credit quality.

Accounts and other receivables are generally unsecured and denominated in United States dollar (“US Dollar” or “USD”) or Euro and are derived from operations primarily in the United States. The Company performs ongoing credit evaluations of its accounts receivable to mitigate its credit risk. As of December 31, 2024, two collaboration partners accounted for 84% and 14% of accounts and other receivables. As of September 30, 2025, one collaboration partner

<div align='center'>F-90</div>

accounted for 88% of the Company’s accounts and other receivables. No other customer accounted for more than 10% of the total balance as of each of the reporting dates presented. The Company operates primarily in the U.S., where it generates revenue and holds substantially all its long-lived assets.

Fair Value Measurements

Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based on the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of