Company: TLGYF
Filing Date: 2025-09-29
Form Type: S-4
Source: 0001213900-25-092592
Chunk: 507

Company: TLGY ACQUISITION CORP
Filing Date: 2025-09-29
Form: S-4
Chunk 507
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 -freeinterest rate. The Company estimates the volatility of its ordinary shares based on historical volatility that matches the expected remaining life of the warrants. The risk -freeinterest rate is based on the U.S. Treasury zero -couponyield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term.

F-27

TLGY ACQUISITION CORPORATION
NOTES TO THE CONDENSED FINANCIAL STATEMENT S
JUNE 30, 2025 (UNAUDITED) NOTE 9 — FAIR VALUE MEASUREMENTS (cont.) The Public Warrants were initially classified after detachment of the Public Warrants from the Units as Level 1 due to the use of an observable market quote in an active market. The Public Warrants were subsequently reclassified from Level 1 to Level 2 as a result of the suspension of trading of the Company’s Class A ordinary shares and Public Warrants from Nasdaq on December 9, 2024. The subsequent measurements of the Public Warrants as of June 30, 2025 were classified as Level 2 due to the lack of an active trading market. For periods subsequent to the detachment of the Public Warrants from the Units, the publicly traded closing price of the Public Warrants of $0.04 per warrant was used as the fair value as of the relevant date. The terms of the Private Placement Warrants are analogous to the Public Warrants with the exception that they are not redeemable. As such, these warrants were valued using a modified Black -Scholesmodel. The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended June 30, 2025:

|                                                        |     | Fair Value    
 Measurement   
 Using Level 3 
 Inputs Total  |           |
|:-------------------------------------------------------|:----|:--------------|----------:|
| Balance, December 31, 2024                             |     | $             |   226,316 |
| Change in fair value of derivative warrant liabilities |     |               | 2,588,559 |
| Balance, June 30, 2025                                 |     | $             | 2,814,875 |

The key inputs into the Monte Carlo simulation model and the modified Black -