Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 730

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 730
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 the Amazon Warrants are Series C-1 Shares, which are contingently redeemable outside of the Company’s control (Note 10). The Amazon Warrants are therefore classified as a liability and subsequently measured at fair value, with changes in fair value being recorded in the unaudited condensed consolidated statements of operations and comprehensive loss. Upon the consummation of the de-SPAC transaction, the securities to be issued upon exercise of the Amazon Warrant will be shares of the Company’s Class A common stock that are not redeemable. Therefore, the Amazon Warrant will be reclassified as equity upon the completion of the de-SPAC Transaction. 13. Stock-Based Compensation Equity Incentive Plans As of September 30, 2025, the Company had outstanding awards under its 2017 Share Plan (“ 2017 Plan ”) and the 2021 Share Incentive Plan (“ 2021 Plan ”). Under the 2017 Plan, the Company granted Options and RSAs. Under the 2021 Plan, the Company granted RSUs, PRSUs, and Penny Options. These awards are further classified as liability or equity type awards. As of September 30, 2025, there were 67,268,641 and 152,684,668 shares available for future grants under the 2017 Plan and 2021 Plan, respectively. Components of Stock-Based Compensation Stock-based compensation is presented in the condensed consolidated statements of operations and comprehensive loss as follows:

|                                               | For the Nine Months Ended September 30, 
 (in thousands)                          |  2024 |     |   | 2025 |
|:----------------------------------------------|:----------------------------------------|------:|:----|:--|-----:|
| Research and development                      | $                                       | 1,487 |     | $ |  245 |
| Sales, marketing, general, and administrative |                                         | 1,254 |     |   |  652 |
| Total stock-based compensation                | $                                       | 2,741 |     | $ |  897 |

Stock-based compensation is recognized for the following types of awards:

|                                | For the Nine Months Ended September 30, 
 (in thousands)                          |  2024 |     |   | 2025 |
|:-------------------------------|:----------------------------------------|------:|:----|:--|-----:|
| Common stock options           | $                                       |   502 |     | $ |   90 |