Financial Performance - The company reported a net loss of $14,782,020 for the year ended December 31, 2025, primarily due to a change in fair value of derivative warrant liabilities of $14,336,209[147]. - For the year ended December 31, 2024, the company had a net income of $1,986,072, driven by interest income on funds held in trust of $2,598,427[148]. - The company has not generated any operating revenues to date and only incurs expenses related to being a public company and due diligence activities[146]. - The company reported a working capital deficit of $5,991,280 as of December 31, 2025, indicating liquidity challenges[156]. - If the company cannot complete a business combination by April 16, 2026, it will cease operations except for liquidation purposes, raising substantial doubt about its ability to continue as a going concern[157]. - The company did not consider the effect of warrants in calculating diluted loss per share, resulting in diluted net loss per ordinary share being the same as basic net loss per ordinary share[169]. IPO and Financing - The company generated gross proceeds of $200,000,000 from its IPO of 20,000,000 units at a price of $10.00 per unit[149]. - An additional 3,000,000 Option Units were sold at $10.00 per unit, generating gross proceeds of $30,000,000, along with 600,000 private placement warrants generating $600,000[150]. - The company incurred $14,183,689 in transaction costs related to the IPO, including $4,000,000 in underwriting fees and $8,650,000 in deferred underwriting fees[150]. - The underwriters of the IPO received a cash underwriting discount of 2.0% of the gross proceeds, totaling $4,000,000, with additional deferred underwriting fees of $8,650,000 to be paid upon completion of the initial business combination[160]. Business Combinations - The company entered into a business combination agreement with StablecoinX Assets Inc. on July 21, 2025, which will result in the company becoming a wholly owned subsidiary of StablecoinX[135]. - The company has continued to evaluate other possible business combination targets following the termination of the merger agreement with Verde Bioresins[145]. - The company received a notice from Nasdaq on December 2, 2024, regarding non-compliance with listing rules due to not completing an initial business combination within 36 months[144]. - The company redeemed 15,681,818 Class A ordinary shares at approximately $10.40 per share in February 2023 as part of an extension to complete an initial business combination[151]. Legal and Accounting Matters - The company has a legal agreement to pay $130,000 to its prior legal counsel contingent upon the successful consummation of its initial business combination[161]. - A mutual release agreement with Verde Bioresins stipulates that the company will pay $83,125 only if the initial business combination is consummated[162]. - The company accounts for its warrant liabilities as liabilities at fair value, subject to re-measurement at each reporting period[164]. - Class A ordinary shares subject to possible redemption are classified as temporary equity, reflecting certain redemption rights outside the company's control[167]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[172].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41101 TLGY Acquisition Corporation (Exact name of registrant as specified in its charter) | Cayman Islands | 98-1603634 | | ...

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regu ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41101 TLGY Acquisition Corporation (Exact name of registrant as specified in its charter) Cayman Islands 98-1 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41101 TLGY Acquisition Corporation (Exact name of registrant as specified in its charter) | Cayman Islands | 98-16036 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41101 TLGY Acquisition Corporation (Exact name of registrant as specified in its charter) Registrant's telep ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41101 TLGY Acquisition Corporation (Exact name of registrant as specified in its charter) Cayman Islands 98-16036 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41101 TLGY Acquisition Corporation (Exact name of registrant as specified in its charter) Cayman Islands 98-1603 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41101 TLGY Acquisition Corporation (Exact name of registrant as specified in its charter) Cayman Islands 98-1603634 ( ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed financial statements for TLGY Acquisition Corporation as of September 30, 2023, including Balance Sheets, Statements of Operations, Statements of Changes in Shareholders' Deficit, and Statements of Cash Flows, with detailed notes on business, accounting policies, and financial activities [Balance Sheets](index=3&type=section&id=Balance%20Sheets) The company's total assets decreased significantly from **$238.4 million** to **$80.3 million** by September 30, 2023, primarily due to share redemptions, while total liabilities increased from **$9.5 million** to **$11.7 million**, and shareholders' deficit widened from **$8.6 million** to **$11.6 million** Balance Sheet Summary (unaudited, in USD) | Metric | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $58,555 | $585,241 | | Investments held in Trust Account | $80,118,438 | $237,501,000 | | **Total Assets** | **$80,261,594** | **$238,368,211** | | **Liabilities** | | | | Total Current Liabilities | $2,067,036 | $361,658 | | Derivative warrant liabilities | $978,659 | $451,987 | | **Total Liabilities** | **$11,695,695** | **$9,463,645** | | **Shareholders' Deficit** | **($11,552,539)** | **($8,596,434)** | [Statements of Operations](index=5&type=section&id=Statements%20of%20Operations) For Q3 2023, net income was **$3.3 million**, up from **$1.1 million** in Q3 2022, driven by changes in warrant liabilities and trust account investment income, while nine-month net income decreased from **$8.6 million** to **$2.8 million** Statements of Operations Summary (unaudited, in USD) | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Total Expenses | 471,360 | 339,081 | 1,293,825 | 981,114 | | Income on Investments in Trust | 1,025,644 | 1,143,295 | 4,168,248 | 1,398,721 | | Change in fair value of warrant liabilities | 2,544,860 | 334,115 | (526,672) | 8,215,516 | | **Net Income** | **$3,320,729** | **$1,138,329** | **$2,812,143** | **$8,633,123** | [Statements of Cash Flows](index=7&type=section&id=Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2023, net cash used in operating activities was **$1.1 million**, investing activities provided **$161.6 million**, and financing activities used **$161.0 million**, resulting in a net cash decrease of **$526,686** Cash Flow Summary (unaudited, For the Nine Months Ended September 30, in USD) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash Used In Operating Activities | ($1,101,686) | ($636,557) | | Net Cash Provided By Investing Activities | $161,550,810 | $0 | | Net Cash Used In Financing Activities | ($160,975,810) | $0 | | **Net change in cash** | **($526,686)** | **($636,557)** | | Cash at end of period | $58,555 | $816,260 | [Notes to Unaudited Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Financial%20Statements) These notes detail the company's formation as a SPAC, the proposed merger with Verde Bioresins, Inc., significant accounting policies, IPO specifics, related party transactions, equity structure, warrant liabilities, fair value measurements, and post-period events - The company is a SPAC formed to effect a business combination and has not commenced any operations, with all activity relating to organizational activities, the IPO, and searching for a business combination target[15](index=15&type=chunk)[16](index=16&type=chunk) - On June 21, 2023, the Company entered into a Merger Agreement with Verde Bioresins, Inc., which will constitute its initial business combination[32](index=32&type=chunk) - Management has identified substantial doubt about the Company's ability to continue as a going concern due to the requirement to liquidate if a business combination is not completed within the permitted timeframe, which is less than one year from the financial statement issuance date[34](index=34&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses the company's financial condition as a blank check company, its proposed business combination with Verde Bioresins, Inc., operational results primarily from trust account investments, liquidity, capital resources, and critical accounting policies, noting a working capital deficit and going concern doubt - The company is a blank check company with no operations, focused on consummating an initial business combination, and on June 21, 2023, it entered into a Merger Agreement with Verde Bioresins, Inc.[125](index=125&type=chunk)[126](index=126&type=chunk) Net Income Analysis (For the three months ended September 30, in USD) | Year | Net Income | Key Drivers | | :--- | :--- | :--- | | 2023 | $3,320,729 | Gain on fair value of derivative liabilities (**$2.5M**), interest income (**$1.0M**), offset by administrative costs (**$0.47M**) | | 2022 | $1,138,329 | Interest income (**$1.1M**), gain on fair value of warrant liabilities (**$0.3M**), offset by operating expenses (**$0.34M**) | - As of September 30, 2023, the company had cash of **$58,555** and a working capital deficit of **$1,923,880**, leading management to conclude there is substantial doubt about the company's ability to continue as a going concern if a business combination is not completed[136](index=136&type=chunk)[137](index=137&type=chunk) - Critical accounting policies include the valuation of warrant liabilities and convertible notes at fair value, and the classification of Class A ordinary shares subject to redemption as temporary equity[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company as defined by Rule 12b-2 of the Exchange Act, the company is not required to provide the information under this item[152](index=152&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded the company's disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of September 30, 2023, the Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective[154](index=154&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[155](index=155&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no legal proceedings - There are no legal proceedings to report[157](index=157&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's IPO prospectus and annual report on Form 10-K - No material changes have occurred with respect to the risk factors previously disclosed in the final prospectus filed on December 3, 2021, and the annual report on Form 10-K filed on February 21, 2023[157](index=157&type=chunk) [Unregistered Sale of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the private placement of **11,259,500** warrants to the sponsor for **$11,259,500** and confirms **$234.6 million** from the IPO and private placement was deposited into the trust account with no material change in planned use - Simultaneously with the IPO and over-allotment option exercise, the sponsor purchased an aggregate of **11,259,500** private placement warrants at **$1.00** per warrant, for total proceeds of **$11,259,500**[158](index=158&type=chunk)[159](index=159&type=chunk) - A total of **$234.6 million** from the IPO and private placement was placed in the trust account, with no material change in the planned use of these proceeds[162](index=162&type=chunk) [Defaults Upon Senior Securities](index=47&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[163](index=163&type=chunk) [Mine Safety Disclosures](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[163](index=163&type=chunk) [Other Information](index=47&type=section&id=Item%205.%20Other%20Information) The company reports no other information - None[163](index=163&type=chunk) [Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the quarterly report, including officer certifications and XBRL data files - The report includes exhibits such as CEO and CFO certifications (Exhibits 31.1, 31.2, 32.1, 32.2) and XBRL interactive data files (Exhibit 101 series)[165](index=165&type=chunk)