Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 486

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 486
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 stock-based compensation, $1.9 million for facility-related and other costs, $3.9 million for professional services, $0.4 million for supplies and equipment-related costs, and $1.1 million for marketing costs.

During the six months ended June 30, 2025, SG&A is comprised of $4.9 million for personnel-related costs, $0.5 million for stock-based compensation, $0.9 million for facility-related and other costs, $2.4 million for professional services, $0.2 million for supplies and equipment-related costs, and $0.9 million for marketing costs.

Interest Income

We generate interest income primarily from our investments in highly liquid, low-risk cash equivalents. The interest income recognized during each of the periods presented is derived from the duration of the investment period, the applicable interest rate, and the size of our cash equivalent balances.

Impairment of Long-Term Investment

After the Restructuring, we no longer control or exercise significant influence over Plus PRC Holdings Ltd and related companies (“Plus PRC”). As of July 31, 2023, we initially recognized our investment in Plus PRC at the fair value of $30.6 million. In subsequent periods, we adjusted the carrying value of our investment in Plus PRC for observable changes in fair value and impairment charges.

We did not record any impairment charges or fair value adjustments during the five months ended December 31, 2023. For the year ended December 31, 2024, we have adjusted the carrying amount of the long-term investment for the observable price change, resulting in an impairment of $1.3 million based on a similar transaction involving the preferred stock of Plus PRC.

In September 2025, we sold our remaining interest in Plus PRC for $20.0 million, which represented an observable transaction executed before our consolidated financial statements were issued. Accordingly, for the six months ended June 30, 2025, we recorded an impairment of $9.3 million to reflect additional information regarding the recoverability of this asset.

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Change in Fair Value of Simple Agreements for Future Equity

Our outstanding SAFEs will require us to issue a variable number of shares upon the occurrence of certain events and at a discount to the fair value of our shares as of the settlement date. The fair value of our SAFE liabilities fluctuates in the same direction as the estimated fair value of the underlying shares, as the holders will potentially receive