Financial Performance - The company's Bookings declined by 4% year-over-year in 2024, followed by a further 13% decline in 2025[68] - Monthly Paying Users (MPUs) for Hero Wars decreased by 8% in 2024 and further by 18% in 2025 compared to the previous year[68] - Hero Wars generated 93%, 90%, and 90% of the company's revenues for the years ended December 31, 2025, 2024, and 2023, respectively[71] - For the year ended December 31, 2025, the Monthly Payer Conversion was 3.3%, with 125 thousand high paying users generating 88% of Bookings[72] - The company generated 95.0%, 93.6%, and 93.5% of its revenues from in-game purchases for the years ended December 31, 2025, 2024, and 2023, respectively[79] - In-game advertising contributed 5.0%, 6.4%, and 6.5% to revenues for the years ended December 31, 2023, 2024, and 2025, respectively[100] Market Trends - The global gaming market revenue is estimated at approximately $197 billion in 2025, representing about 7.5% year-over-year growth[67] - The gaming industry faces macroeconomic headwinds, including inflation and geopolitical uncertainty, affecting discretionary spending on in-game purchases[67] - The mobile gaming industry is characterized by low barriers to entry, leading to increased competition from numerous industry participants[94] User Acquisition and Retention - The company shifted its user acquisition strategy in 2024 and 2025 to focus on a smaller, more targeted audience linked to higher-paying opportunities[74] - A small percentage of total users generate a majority of revenues, highlighting the importance of retaining paying users[72] - The company faces risks related to user retention and engagement, with any decrease likely to have a material adverse impact on revenue and financial results[77] - The company is dependent on its ability to attract and retain paying users, as failure to do so could materially affect its business and financial condition[78] Regulatory Environment - The FTC imposed a $20 million fine on Genshin Impact's developer for selling loot boxes to players under 16 without parental consent[106] - Australia mandates that video games with in-game purchases linked to chance elements receive a minimum classification of M (Mature), effective September 2024[109] - The European Commission is intensifying scrutiny of monetization practices, with a public consultation for the Digital Fairness Act held in 2025[127] - Regulatory scrutiny of loot boxes has intensified globally, leading to various legislative actions that could impact game monetization[103] - The legal treatment of loot boxes is evolving, with Austria's Supreme Court ruling that certain randomized "packs" may not constitute illegal gambling[112] Cybersecurity Risks - Security breaches could expose the company to significant liability, including claims and regulatory fines, which may amount to hundreds of millions or even billions of dollars[161] - The company has faced past security incidents and anticipates future attempts at unauthorized access, which could compromise player and business data[160] - The company acknowledges the increasing complexity of cyber threats, particularly with the rise of sophisticated attacks during the COVID-19 pandemic[163] - The company may need to make further investments in cybersecurity to protect its data and infrastructure, which could impact operational results[169] - The company does not have comprehensive insurance for cybersecurity incidents, which may exacerbate potential harms from cyber-attacks[169] Intellectual Property Challenges - Intellectual property rights are crucial for the company's competitive position; failure to protect these rights could allow competitors to develop similar games, compromising commercialization efforts[208] - The company does not own any patents and may face challenges in defending against patent infringement claims from third parties, which could harm its business[208] - Trademark registration is an expensive and time-consuming process, and failure to secure these rights could dilute the company's brand and goodwill[209] - The legal landscape for AI-generated content remains uncertain, which could limit the company's ability to protect and commercialize AI-driven innovations[210] International Operations - The company faces significant risks associated with international operations, including higher costs, currency exchange rate fluctuations, and compliance with local laws[249] - The company has implemented policies and controls to ensure compliance with international laws, but violations could disrupt business and adversely affect financial condition[248] - The complexity of foreign laws and regulations may hinder the company's growth and increase operational costs[244] - The company’s operations in foreign jurisdictions may expose it to political, regulatory, and economic risks that could adversely affect its business[250] Compliance and Legal Risks - Compliance with evolving cybersecurity laws and regulations may increase operational costs and expose the company to sanctions or legal actions[169] - The company faces potential governmental investigations and significant liability due to non-compliance with privacy policies and data protection laws, which could adversely affect its reputation and business[190] - Compliance costs related to privacy regulations may limit the adoption and demand for the company's games, impacting overall business performance[191] - The company may incur substantial costs due to increased regulation of cookies and tracking technologies, which could limit marketing effectiveness and growth strategies[196]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR GDEV Inc. (Exact name of registrant as specified in its charter) Not applicable British Virgin Islands (Translation of Registrant's name into English) (Jurisdiction of incorporation or organization) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 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 Silicon Valley Acquisition Corp. (Exact name of registrant as specified in its charter) Cayman Islands 001-43030 N/A (State or other jurisdiction of incorporation or organ ...

Financial Performance - Research and development expenses decreased by 9% to $5.8 million for the year ended December 31, 2025, down from $6.3 million in 2024, primarily due to reduced clinical trial costs and personnel expenses [430]. - General and administrative expenses increased by 56% to $6.7 million for the year ended December 31, 2025, compared to $4.3 million in 2024, mainly due to higher professional fees and share-based compensation [431]. - The company reported an accumulated deficit of $156.7 million as of December 31, 2025, reflecting ongoing operating losses since inception [437]. - Other expenses increased to approximately $32,400 in 2025, compared to income of approximately $331,000 in 2024, primarily due to foreign currency exchange losses [433]. - Net cash used in operating activities for the years ended December 31, 2025 and 2024 was $5.9 million and $9.6 million, respectively, indicating a decrease in cash burn [442]. - The company acknowledges substantial doubt about its ability to continue as a going concern for a period of one year after the filing date of the Annual Report [440]. Product Development - The most advanced product candidate, agenT-797, has treated nearly 100 patients, demonstrating significant clinical insights in oncology and critical pulmonary immune failure [422]. - In a Phase 1 clinical trial, agenT-797 showed a median overall survival of approximately 23 months in combination with anti-PD-1 therapies for heavily pretreated patients [426]. - A Phase 2 trial for agenT-797 in combination with botensilimab and balstilimab is ongoing, with early data indicating robust immune activation in patients with gastroesophageal cancers [427]. - The company has initiated IND-enabling studies for next-generation engineered iNKT programs, including MiNK-413 and MiNK-215, targeting BCMA and FAP, respectively [428]. Funding and Liquidity - The company entered into a Sales Agreement to sell shares of common stock with a maximum aggregate offering price of $50 million, raising $17.5 million in net proceeds by March 27, 2026 [438]. - As of December 31, 2025, the company had a cash and cash equivalents balance of $13.4 million, which is expected to meet liquidity requirements for more than one year [440]. - The company repaid a Note in full in January 2026, which had an outstanding principal of $5.0 million plus accrued interest of approximately $179,000 [439]. - In May 2024, the company issued and sold 464,000 shares of common stock at a price of $12.50 per share, raising approximately $5.8 million [439]. - Future cash generation will depend on achieving regulatory approval and market acceptance of product candidates, as well as entering into collaborations [442]. - The company is exploring additional funding sources, including strategic partnerships, non-dilutive financing, and potential equity or debt financing options [441]. Regulatory and Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced disclosure requirements [447]. - The company has not opted out of the extended transition period for complying with new accounting standards, which may affect comparability with other public companies [450]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [452].

Business Transition and Risks - The company is undergoing a transition involving strategic dispositions and initiatives, which may incur unanticipated costs and risks related to the separation of disposed businesses [326]. - The company faces risks from natural disasters and public health crises that could disrupt operations and adversely affect financial condition [327][328]. - The company may experience significant liabilities from public health crises and other unforeseen events, impacting overall financial performance [330][329]. Financial Structure and Taxation - The company is a holding entity with no independent revenue generation, relying on distributions from the Operating Company to cover taxes and expenses [331]. - The Operating Company is treated as a partnership for tax purposes, and the company incurs income taxes on any net taxable income allocated to it [332]. - The Tax Receivable Agreement requires the company to make cash payments equal to 85% of certain tax benefits realized, which could affect cash flow [333]. Stock Performance and Market Risks - The company has faced volatility in its Class A common stock price, which has declined significantly since the initial public offering [342]. - Nasdaq has issued a delisting notice due to failure to meet minimum bid price requirements, which could negatively impact stock price and trading ability [337][340]. - The company's Market Value of Listed Securities has been under $5 million, which could lead to immediate suspension and delisting if Nasdaq's proposed rule is adopted [341]. - The company’s stock price volatility may be influenced by external market conditions, regulatory changes, and operational performance [344][345]. - Future issuances of Class A common stock could significantly dilute existing shareholders and impair the market price of the stock [348]. - As of March 27, 2026, there are 25,084,068 Cryptocurrency Pre-Funded Warrants and 5,264,752 Advisory Warrants exercisable into Class A common stock, which could lead to substantial dilution [349]. - The company has approximately 5,039,563 shares of Class A common stock outstanding as of December 31, 2025, with 30,380,354 shares reserved for outstanding warrants and options [365]. - The company has not paid dividends in the past and does not anticipate paying cash dividends in the foreseeable future, limiting returns to stock price appreciation [363]. Internal Controls and Regulatory Compliance - Material weaknesses in internal control over financial reporting were identified as of December 31, 2025, which could lead to errors in financial statements and affect investor confidence [359]. - The company is subject to increased regulatory and reporting requirements as a public company, which may strain resources and distract management [352]. - The company expects to incur additional expenses related to compliance with new reporting requirements as it is no longer classified as an "emerging growth company" [354]. - The company is classified as a "smaller reporting company" under federal securities laws, which allows it to take advantage of reduced reporting requirements [370]. - The company may remain a smaller reporting company as long as its public float is less than $250 million as of the last business day of its most recently completed second fiscal quarter [372]. Corporate Governance and Shareholder Rights - The company has a significant number of authorized but unissued shares, which could negatively impact potential investors and allow management to resist takeover attempts [365][366]. - Anti-takeover provisions in the company's bylaws may discourage changes in control and affect the voting power of Class A common stock holders [367]. - The company may issue preferred stock in the future, which could adversely affect holders of Class A common stock and depress its market price [368]. - The company has authorized the issuance of "blank check" preferred stock to potentially increase the number of outstanding shares and thwart takeover attempts [371]. - The company has implemented advance notice requirements for stockholders regarding matters to be brought before meetings [371]. - The company has established a supermajority stockholder vote requirement for amending certain provisions of its amended and restated certificate of incorporation and bylaws [371]. - The company limits the forum for certain litigation against it to Delaware [371]. - The company restricts the transfer of its outstanding shares of Class B common stock [371]. - The company has a requirement that the authorized number of directors may only be changed by resolution of the Board [371]. - The company allows all vacancies, including newly created directorships, to be filled by the affirmative vote of a majority of directors then in office [371]. - The company cannot predict if the reduced reporting requirements will make its Class A common stock less attractive to investors, potentially affecting trading activity and stock price volatility [372].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 31, 2026 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: 001-41211 nCino, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or ...

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, 2025 Securities registered pursuant to Section 12(g) of the Act: None 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: 001-43009 CANTOR EQUITY PARTNERS VI, INC. (Exact name of registrant as ...

Financial Performance - For the year ending December 31, 2025, the company reported net revenue of $204,120, with a gross margin loss of $413,325 [202]. - The company incurred a net loss of $282,502,126 for the year ended December 31, 2025, compared to a net loss of $9,296,201 in 2024 [202]. - The net loss from continuing operations for 2025 was $270,335,436, significantly higher than the $5,225,266 loss in 2024 [223]. Revenue and Expenses - The company recognized net staking revenue of $6,805,009 for the year ended December 31, 2025, with approximately 95% of its SOL holdings staked [205]. - The total operating expenses for the year were $276,127,058, a significant increase from $5,567,599 in 2024, primarily due to stock compensation and consulting fees [202]. - Net interest expense decreased to $416,660 in 2025 from $1,664,712 in 2024 due to higher average cash balances and debt repayment [214]. - Stock-based compensation in 2025 totaled $107,468,174, a substantial increase from $520,830 in 2024 [229]. Asset Management - Unrealized losses on digital assets amounted to $152,952,163, with realized losses of $1,286,284 during the same period [208]. - The company recorded an inventory reserve of $418,869 to adjust the carrying value of its inventory [204]. - The company held over 2.0 million SOL as part of its digital asset treasury strategy as of December 31, 2025 [188]. - The company recorded FMV gain adjustments of approximately $4.8 million in 2025 compared to $3 million in 2024 [214]. Cash Flow - As of December 31, 2025, the company had a cash balance of $10,382,744, up from $754,802 in 2024, resulting in an increase in working capital of $16,199,163 [217]. - Net cash used in operating activities increased to $10,990,651 in 2025 from $4,401,392 in 2024, primarily due to transaction fees and higher G&A expenses [222]. - Cash used in investing activities rose to $187,522,741 in 2025, mainly due to the purchase of digital assets totaling $170,519,290 [224]. - Cash provided by financing activities increased to $215,509,777 in 2025 from $5,907,407 in 2024, driven by the August offering and ATM Sales Agreement [225]. Strategic Focus - The company plans to focus on marketing and distribution of syringe products and will no longer engage in research and development activities [189]. - Research and development expenses decreased to $198,762 in 2025 from $531,233 in 2024, as the company curtailed its medical device activities [209]. - The board approved a share repurchase program allowing for the repurchase of up to $100,000,000 of the company's outstanding shares [191]. Offerings and Financing - The company completed offerings in August 2025 that generated gross proceeds of $411 million, with net proceeds of $403 million after expenses [220].

Financial Performance - Total revenue for the year ended December 31, 2025, was $18,204,000, an increase of 3.3% from $17,622,000 in 2024[19] - Net loss attributable to Seritage common shareholders for 2025 was $73,115,000, compared to a net loss of $158,436,000 in 2024, representing a 53.8% improvement[19] - The net loss attributable to common shareholders was $6.3 million, or $0.11 per share for Q4 2025, and $73.1 million, or $1.30 per share for the full year[7] - Rental income increased to $17,597,000 in 2025, up from $17,055,000 in 2024, reflecting a growth of 3.2%[19] - Property operating expenses decreased to $13,984,000 in 2025 from $16,339,000 in 2024, a decline of 14.4%[19] - The company reported a gain on the sale of real estate of $20,342,000 in 2025, compared to $10,678,000 in 2024, an increase of 90.5%[19] Asset Management - In 2025, Seritage Growth Properties generated total gross proceeds of $230.7 million from asset sales and repaid $190.0 million of debt, leaving a balance of $50.0 million on its term loan facility[2] - For Q4 2025, the company generated $10.5 million from the sale of a vacant asset, $28.5 million from an income-producing asset at a 7.4% capitalization rate, and $131.0 million from a non-stabilized premier income-producing property[4] - The company has one asset under contract to sell for anticipated gross proceeds of $11.0 million, subject to customary due diligence[4] - The company sold properties totaling 1,000,000 square feet in 2025, with significant sales occurring in Clearwater, Aventura, and Panama City[20] Financial Position - As of December 31, 2025, Seritage had cash on hand of $62.3 million, including $14.2 million of restricted cash, which decreased to $59.1 million by March 31, 2026[4] - Total assets decreased to $393,779,000 as of December 31, 2025, down from $677,774,000 in 2024, a decline of 41.9%[17] - Total liabilities decreased significantly to $60,979,000 in 2025 from $271,971,000 in 2024, a reduction of 77.6%[17] - Total shareholders' equity decreased to $332,800,000 in 2025 from $405,803,000 in 2024, a decline of 17.9%[17] - The accumulated deficit increased to $1,031,893,000 in 2025 from $958,778,000 in 2024, indicating a rise of 7.6%[17] Strategic Focus - The company is focused on monetizing remaining assets and exploring financing alternatives for its term loan facility maturity in July 2026[2] - The strategic review process is ongoing, with the company open to pursuing value-maximizing alternatives, including a potential sale[11] - Market conditions remain challenging, with elevated interest rates impacting the availability of debt and equity capital, which may affect asset pricing[12] Impairment and Valuation - The company recognized impairment charges of $18.8 million on consolidated properties for the year ended December 31, 2025, and an additional $8.5 million on an unconsolidated entity[4] - As of December 31, 2025, the portfolio consisted of interests in 10 properties with approximately 0.8 million square feet of gross leasable area and 156 acres of land[14]

Financial Performance - Net sales for the three months ended February 28, 2026, increased to $1,873.9 million, up 16.7% from $1,605.5 million in the same period of 2025[11] - Gross profit rose to $708.9 million, representing a 17.4% increase compared to $604.0 million in the prior year[11] - Net income attributable to McCormick & Company surged to $1,016.2 million, a significant increase from $162.3 million in the same quarter of 2025[11] - Earnings per share (EPS) on a diluted basis reached $3.77, compared to $0.60 in the previous year, reflecting a substantial growth[11] - The company reported a total comprehensive income of $1,270.3 million for the three months ended February 28, 2026, compared to $129.8 million in the same period of 2025[12] - Operating income excluding special charges for the Consumer segment was $179.6 million, while the Flavor Solutions segment reported $88.0 million, totaling $267.6 million[91] - The Consumer segment's net sales were $1,145.0 million, while the Flavor Solutions segment's net sales were $728.9 million for the three months ended February 28, 2026[91] - The company reported a decrease in accumulated other comprehensive loss attributable to McCormick from $363.1 million to $148.9 million, primarily due to a $196.4 million reduction in foreign currency translation adjustments[86] Assets and Liabilities - Total assets increased to $16,346.3 million as of February 28, 2026, up from $13,200.4 million at the end of November 2025[15] - The company’s total liabilities increased to $8,790.2 million from $7,432.3 million in the previous quarter[15] - Cash and cash equivalents at the end of the period were $177.7 million, compared to $95.9 million at the beginning of the period[17] - The carrying amount of long-term debt as of February 28, 2026, was $3,613.5 million, with a total fair value of $3,535.5 million[76] Acquisition and Investments - The acquisition of an additional 25% ownership interest in McCormick de Mexico was completed for a purchase price of $750 million, increasing total ownership to 75%[34] - The total consideration for the acquisition of McCormick de Mexico was $1,751.3 million, which includes cash paid, fair value of previously held equity interest, and effective settlement of preexisting amounts[37] - The acquisition resulted in a pre-tax and after-tax gain of $866.8 million recognized in income from unconsolidated operations due to the remeasurement of the previously held 50% ownership interest[36] - Goodwill recognized from the acquisition of McCormick de Mexico was $942.0 million, reflecting expected synergies and future growth opportunities[39] - The fair value of intangible assets acquired in the McCormick de Mexico acquisition includes a reacquired right valued at $1,470.0 million and customer relationships valued at $130.0 million[39] Cash Flow and Financing - Cash flow provided by operating activities was $50.9 million, a decrease from $115.5 million in the same quarter of 2025[17] - The company entered into a 364-day $500 million revolving credit facility in January 2026, with a pricing of Term SOFR plus 1.125%[55] - In February 2026, the company issued $500 million of 4.150% unsecured senior notes due 2029, with net proceeds of $497.1 million used to repay a portion of existing notes[56] - The company plans to finance the merger with a 364-day senior unsecured bridge term loan credit facility of up to $15.7 billion[98] - The company has entered into a Bridge Commitment Letter for a senior unsecured 364-day bridge term loan credit facility of up to $15.7 billion to fund the proposed transaction under the Merger Agreement[99] Special Charges and Expenses - The company incurred special charges of $25.1 million during the quarter, which were not present in the same quarter of the previous year[11] - Special charges for the three months ended February 28, 2026, totaled $40.1 million, including $25.1 million in transaction and integration expenses[49] - The company recorded $16.2 million in employee severance and related benefit costs during the three months ended February 28, 2026, as part of global selling, general and administrative streamlining actions[52] - Transaction and integration expenses amounted to $22.9 million for the three months ended February 28, 2026, related to the acquisition of McCormick de Mexico, including $15.0 million for acquired inventory and $7.9 million in transaction costs[54] Foreign Currency and Risk Management - The total notional amount of outstanding foreign currency exchange contracts was $1,121.5 million, an increase from $1,018.2 million as of November 30, 2025[59] - The company recorded a net loss of $2.7 million from foreign exchange contracts not designated as hedging instruments, recognized in cost of goods sold for the three months ended February 28, 2026[59] - The company is exposed to foreign currency fluctuations affecting net investments and may enter into forward contracts and currency swaps to mitigate risks[58] Stock and Compensation - Stock-based compensation expense for the three months ended February 28, 2026, was $20.7 million, an increase from $20.0 million in 2025[80] - The intrinsic value of all options outstanding as of February 28, 2026, was $22.8 million, with $4.6 million in intrinsic value for options exercised during the same period[81] - The number of outstanding stock options decreased from 6.1 million in 2025 to 5.5 million in 2026, with an average exercise price increasing from $72.25 to $73.92[81] - The number of Restricted Stock Units (RSUs) outstanding at the end of the period increased to 1,199,000 in 2026 from 1,049,000 in 2025, with a decrease in average grant-date fair value from $74.19 to $68.09[82] Merger Agreement - A merger agreement was signed with Unilever PLC on March 31, 2026, which will result in Unilever shareholders owning approximately 55.1% of the combined company[94] - The merger is expected to involve a one-time cash payment of $15.7 billion to Unilever, subject to adjustments[95] - The proposed merger is subject to customary closing conditions, including shareholder approval and regulatory approvals[96] - The bridge facility will be available to fund the acquisition and related expenses if permanent financing is not secured prior to closing[101]