Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 482

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 482
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 consulting and outsourcing services related to developing self-driving technology and other research and development activities. We enter into non-recurring engineering (“NRE”) arrangements under which we receive cost reimbursements. These reimbursements are recognized over time using a cost-to-cost input method (i.e., costs incurred to date relative to total estimated costs), which reflects our progress toward satisfying its obligation under the development activities, as a reduction to research and development expenses in our consolidated statements of operations and comprehensive loss.

Sales, Marketing, General and Administrative

Sales, marketing, general, and administrative expenses consist primarily of personnel-related costs and stock-based compensation for sales, general, and administrative personnel, professional service fees, office rental, depreciation expenses, and other daily expenses that are related to the sales, management, and administrative departments.

Interest Income

Interest income consists of interest income earned on cash and cash equivalents, as well as treasury bills classified as short-term marketable securities.

Change in Fair Value of Simple Agreements for Future Equity

We account for all outstanding simple agreements for future equity (“SAFEs”) as liabilities, which are remeasured at fair value at each reporting period end, with changes in fair value recorded in our consolidated statements of operations and comprehensive loss.

Change in Fair Value of Warrant Liability

We issued warrants on our redeemable convertible preferred stock, which are classified as liabilities since the underlying shares may become redeemable based on events that are outside of our control. Our warrants are remeasured at fair value at each reporting period end with changes in fair value recorded in our consolidated statements of operations and comprehensive loss.

Income Tax Expense

Income tax expense primarily consists of income taxes in certain jurisdictions in which we conduct business. We have a full valuation allowance for deferred tax assets, including net operating loss carryforwards and tax credits, primarily related to research and development.

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Results of Operations for the Nine Months Ended September 30, 2024 and 2025 The following table sets forth the results of operations for the periods presented:

|                                                             | (unaudited, in thousands) | For the Nine Months Ended September 30, |    2024 |   |     |   |    2025 |   |     | Dollar |  Change |   |     | % | Change |    |
|:------------------------------------------------------------|:--------------------------|:----------------------------------------|--------:|:--|:----|:--|--------:|:--|:----|:-------|--------:|:--|