Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 487

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 487
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 additional shares upon settlement of the SAFEs. There were no material changes in the fair value of our SAFE liabilities during the five months ended December 31, 2023. We recognized losses from the fair value measurement of our SAFE liabilities of $0.8 million and $4.7 million during the year ended December 31, 2024, and the six months ended June 30, 2025, respectively.

Change in Fair Value of Warrant Liabilities

Our outstanding warrants provide the holder with the right to potentially purchase additional shares of our redeemable convertible preferred stock at a fixed price. The fair value of the warrant liabilities fluctuates in the same direction as the estimated fair value of the underlying shares, consistent with the intrinsic value of the warrants and adjusted to reflect the remaining exercise period. During the five months ended December 31, 2023, we recognized a gain of $5.0 million from the fair value measurement of the warrant liabilities. We recognized losses from the fair value measurement of our warrant liabilities of $2.4 million and $4.5 million during the year ended December 31, 2024, and the six months ended June 30, 2025, respectively.

Liquidity and Capital Resources

Sources and Uses of Funds

As of September 30, 2025, we had $17.9 million of cash and cash equivalents and short-term marketable securities. We have determined that, without additional financing, our existing cash and cash equivalents and short-term marketable securities, along with the SAFE financing received through the date of this proxy statement/prospectus, are not sufficient to fund our operations for at least 12 months from the issuance date for the unaudited condensed consolidated financial statements for the nine months ended September 30, 2025. Since the Restructuring, we have financed operations primarily through the sale of approximately $51.1 million of SAFEs to investors and strategic partners, which included $41.1 million in cash proceeds and $10.0 million in exchange for certain marketable securities. We subsequently sold the majority of these marketable securities, which resulted in significant cash inflows from investing activities during the 12 months ended December 31, 2024. During 2025, through the time of this filing, we have received $23.0 million in additional SAFE financing to continue funding our operations through the anticipated de-SPAC Transaction. In connection with the closing of the transactions contemplated by the Merger Agreement, the SAFEs will