IPO and Fundraising - The company completed its Initial Public Offering (IPO) on December 15, 2025, raising gross proceeds of $172,500,000 from the sale of 17,250,000 Public Units at $10.00 each[20]. - An additional $4,950,000 was generated from the private sale of 495,000 Private Placement Units, bringing total gross proceeds to $177,450,000[21]. - A total of $172,500,000, consisting of $168,975,000 from the IPO and $3,525,000 from the Private Placement, has been placed in a Trust Account[22]. - The company has funds available for a Business Combination amounting to $172,766,305 as of December 31, 2025, before redemptions and taxes[79]. - The company has access to up to $693,507 from the proceeds of the Initial Public Offering and Private Placement held outside of the Trust Account[128]. - The company incurred total fees of $10,350,000 during the Initial Public Offering, including a cash underwriting fee of $3,450,000 and a Deferred Fee of $6,900,000[200]. Business Combination Strategy - The company must complete its initial Business Combination by December 15, 2027, or face termination and distribution of Trust Account funds[23]. - The focus will be on acquiring international companies, particularly in the Pan-Eurasian region and Africa, to leverage competitive advantages in the U.S. market[25]. - The company intends to focus its initial search efforts on the Pan-Eurasian region, including developed economies in Western Europe and developing markets in Eastern Europe and Asia[49]. - Target businesses are expected to have an equity value between $200 million and $2 billion and demonstrate a clear plan for shareholder value creation, including revenue growth and margin expansion[55]. - The company will prioritize industries with established business models and proven profitability, particularly in natural resources and related sectors[56]. - The management team has extensive experience in SPACs and international investments, enhancing the likelihood of successful Business Combinations[31]. Shareholder Considerations - Public shareholders may experience dilution due to the conversion of Founder Shares and Private Placement Rights, potentially impacting share value[40]. - The Founder Shares will convert into Class A Ordinary Shares on a one-for-one basis at the time of the initial Business Combination, with potential adjustments based on additional Class A shares issued[41]. - Public Shareholders may experience significant dilution if additional funds are raised through equity or convertible debt issuances, particularly due to anti-dilution provisions[42]. - Public Shareholders will have the opportunity to redeem their shares upon completion of the initial Business Combination, either through a general meeting or a tender offer[66]. - The company will provide Public Shareholders with the opportunity to redeem their shares regardless of their voting decision on the initial Business Combination[98]. - Public Shareholders are restricted from redeeming more than 15% of the Public Shares sold in the Initial Public Offering without prior consent[112]. Risks and Challenges - The company may face increased competition from other SPACs for attractive targets, which could impact the terms of acquisition negotiations[64]. - The company may face competition from other SPACs, private equity groups, and public companies, which may have greater financial and technical resources[132]. - The company may not be able to return $10.00 per Public Share to shareholders if bankruptcy claims deplete the Trust Account[129]. - The company may depend on loans from its Sponsor or Management Team if net proceeds from the Initial Public Offering and Private Placement are insufficient to fund its search for a target business[144]. - The company may face adverse developments in the financial services industry, including liquidity issues and defaults, which could negatively impact its business and financial condition[143]. - Changes in laws or regulations may adversely affect the company's ability to negotiate and complete its initial Business Combination[142]. Financial Performance - For the year ended December 31, 2025, the company reported a net income of $37,028, primarily from interest income of $266,306 on marketable securities, offset by operating costs of $229,278[199]. - Cash used in operating activities for the year ended December 31, 2025, was $252,205, with changes in operating assets and liabilities consuming $98,043 of cash[201]. - The company has no long-term debt or capital lease obligations, with administrative service fees of $10,000 per month incurred starting December 11, 2025[209]. - The company lacks sufficient liquidity to sustain operations for a reasonable period, raising substantial doubt about its ability to continue as a going concern[208]. Regulatory and Compliance Issues - The company is classified as an "emerging growth company" and is eligible for certain exemptions from reporting requirements[137]. - The company will remain an emerging growth company until it meets specific revenue or market value thresholds[139]. - The company is also a "smaller reporting company," allowing it to provide only two years of audited financial statements[140]. - The company may face regulatory review and approval requirements for its initial Business Combination, which could delay or prohibit the transaction[149]. Miscellaneous - The company has not encountered any cybersecurity incidents since its IPO, but acknowledges the risks associated with cybersecurity vulnerabilities[171]. - There are currently no material litigations pending against the company or its officers[173]. - The company has not paid any cash dividends on its Ordinary Shares and does not intend to do so prior to the completion of its initial Business Combination[179]. - The company may continue to seek a Business Combination with a different target if the initial proposed Business Combination is not completed[118].

Financial Performance - The company reported a significant increase in revenue, achieving $1.5 billion for the fiscal year, representing a 20% year-over-year growth[7]. - The company anticipates a revenue growth of 10% to 15% for the next fiscal year, driven by new product launches and market expansion[7]. - The backlog of orders has grown to $500 million, indicating strong demand for the company's services[7]. User Growth - User data showed a 15% increase in active users, reaching 2 million by the end of the quarter[7]. Investment and Development - Investment in research and development increased by 25%, focusing on innovative technologies and product enhancements[7]. - A strategic acquisition was completed, enhancing the company's capabilities in artificial intelligence, expected to contribute an additional $100 million in revenue[7]. - The transition to a subscription-based revenue model is projected to improve margins by 5% over the next three years[7]. Market Expansion - The company plans to expand its market presence in Europe and Asia, targeting a 30% increase in market share over the next two years[7]. Competitive Landscape - The company is facing competitive pressures, with a noted 10% increase in market competition from larger firms[7]. - The company has identified key risks, including regulatory changes and market saturation, which could impact future performance[7].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Commission file number: 001-41992 TruBridge, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 74-3032373 (State or Other Jurisdiction of Incorporation or Organization) 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 TRANSITIO ...

Acquisition and Expansion - The company completed the acquisition of TEC Staffing Services for approximately $9.8 million on December 4, 2023, expanding its presence in Arkansas [17]. - The company is continuously evaluating acquisition opportunities to expand its franchisee base and diversify its national footprint [36]. - The company closed 12 offices in 2025, acquiring or adding 7 and closing 19, while 197 MRI offices were divested to MRINetwork Operations [24]. - The company has a strategy for growth through new office development by franchisees, which may face challenges that could hinder expansion [96]. Financial Performance - In 2025, the company's revenue was $30.6 million, with system-wide sales reaching $500.2 million, primarily from franchisee-owned offices [24]. - Total revenue declined by 11.4% from $34.6 million in 2024 to $30.6 million in 2025 [170]. - Income from operations increased to $6.3 million in 2025 from $4.4 million in 2024, despite a decline in system-wide sales [170]. - Franchise royalties accounted for 94.6% of total revenue in 2025, totaling $28.995 million [171]. - Adjusted EBITDA for 2025 was $14.087 million, representing 46.0% of total revenue [171]. - The company ended 2025 with assets exceeding liabilities by over $68.3 million [168]. Staffing and Employment - The company employed approximately 75,000 temporary employees and contracted with 85 independent contractors during 2025 [24]. - The company has experienced shortages of qualified candidates, which could increase recruitment costs and adversely affect business [84]. - The company’s ability to open new offices and increase revenue is contingent upon recruiting qualified franchisees, which may not occur timely [114]. Franchise Operations - As of December 31, 2025, there were 413 franchised offices operated by 327 franchisees, with 197 offices being MRI offices divested to MRINetwork Operations, LLC on January 1, 2026 [46]. - Approximately 15% of franchisees owned multiple offices, with the largest franchisee owning 19 offices [46]. - The company incentivizes franchisees to expand into new markets through its Franchise Expansion Incentive Program, which includes assistance with startup costs [36]. - The typical temporary staffing franchise agreement has a term of five years, designed to remove barriers to entry such as access to working capital and affordable workers' compensation insurance [51]. Market Conditions and Competition - The staffing and recruiting industry in the U.S. generated record annual revenue of approximately $190 to $225 billion in 2025, with 75% to 90% from temporary staffing services [28]. - The staffing industry is highly fragmented and competitive, with no single company dominating the market, and competition tends to track the overall strength of the economy [63]. - The company faces increasing competition from gig-economy companies, which may adversely affect its business and results of operations [125]. - The company operates in a highly competitive industry, with no assurance of retaining clients or market share in the future [143]. Risks and Challenges - The company relies on a small number of individuals for management, which poses a risk to operational efficiency and financial condition [88]. - The company faces risks related to acquisitions, including potential negative impacts on stock price and financial results due to goodwill and intangible asset impairments [79]. - The company is dependent on workers' compensation insurance, and unexpected changes in claims could materially impact financial condition [86]. - The company anticipates that economic and political conditions may adversely affect its operations and those of its franchisees [78]. - The company faces risks related to the financial success of franchisees, as their inability to operate profitably could lead to decreased royalty payments [108]. Financial Management and Capital Structure - The company’s revolving line of credit with Bank of America includes restrictive covenants that could limit liquidity and operational flexibility [100]. - The company has paid a quarterly dividend of $0.06 per common share since the second quarter of 2021 [159]. - A one-year repurchase plan was authorized in December 2025 with a maximum cost of $20 million for share repurchases [160]. - Net cash generated by operating activities in 2025 was approximately $12.1 million, including net income from continuing operations of approximately $6.6 million [198]. Technology and Innovation - The company is integrating AI technology into its proprietary software to enhance customer interaction and improve franchisee operations [69]. - The company must continue to invest in technology to remain relevant, as clients increasingly rely on automation and artificial intelligence [126]. Internal Controls and Compliance - The company identified a material weakness in internal control over financial reporting beginning in 2021, which was effectively remediated as of December 31, 2025 [129]. - The company may incur significant expenses to comply with mandatory privacy and security standards imposed by law and regulation [122].

Intellectual Property and Product Development - The company has acquired HER2 Assets from Ayala, gaining ownership or co-ownership of certain patents for lead product candidates, including OST-HER2 and OST-tADC[70]. - The intellectual property related to OST-HER2 includes two granted U.S. utility patents and is expected to expire between 2029 and 2035, while patents for OST-tADC licensed from BlinkBio are expected to expire between 2036 and 2037[70]. - The company plans to commercialize its product candidates independently or with partners, but currently lacks sales and marketing capabilities, intending to build necessary infrastructure over time[76]. - The manufacturing of OST-HER2 active pharmaceutical ingredients is conducted in accordance with GMPs, with a focus on producing lyophilized therapeutics with consistent release profiles[80]. - The company relies on third-party manufacturers for the production of its product candidates and plans to establish framework agreements for necessary quantities of active pharmaceutical ingredients[81]. - The company has not yet received marketing approval for any product candidates and expects to rely on third-party organizations for regulatory submissions[93]. - The FDA requires extensive preclinical and clinical data for marketing approval, including safety and efficacy information, which the company must provide[94]. - The company anticipates that post-marketing requirements will include ongoing compliance with cGMPs and GCPs, as well as safety reporting[95]. - The company is developing its supply chain and plans to add backup suppliers to mitigate potential supply disruptions for its product candidates[82]. - The commercialization strategy includes developing educational initiatives and establishing relationships with oncologists to support product adoption[76]. Financial Activities and Capital Raising - The company completed a PIPE Financing on December 24, 2024, issuing 1,775,750 shares of Series A Preferred Stock and warrants, generating gross proceeds of approximately $7.1 million[127]. - The acquisition of HER2 Assets from Ayala was completed on April 9, 2025, for a total purchase price of $8 million, which included $400,000 in cash and 4,774,637 shares of common stock[130]. - An at-the-market equity offering program was initiated on August 8, 2025, allowing the company to sell shares of common stock with an aggregate offering price of up to $18 million[131]. - The company sold 282,679 shares of common stock for aggregate gross proceeds of $530,162 under the Sales Agreement as of March 26, 2026[131]. - The company executed a series of warrant exercise inducement and exchange offers, resulting in the exercise of 7,154,338 shares at an exercise price of $1.12 per share[133]. - The Third Inducement Offering allowed holders of New Warrants to purchase 2,499,558 shares at a reduced exercise price of $1.40 per share[134]. - The gross proceeds from the Inducement Offerings were approximately $11.5 million, which will be used for regulatory efforts and general corporate purposes[136]. - The company issued 10.0% original issue discount unsecured convertible promissory notes totaling $2,200,000, along with warrants for 1,666,667 shares, resulting in gross proceeds of $2,000,000 from the Bridge Financing[140]. - The company plans to use net proceeds from the Bridge Financing to fund clinical development activities and advance research and development programs[142]. - The company has agreed to file a registration statement for the resale of shares related to the Bridge Notes and Bridge Warrants by April 3, 2026[144]. - The company is actively seeking additional capital through public or private equity offerings or debt financings to fund its operations and research[435]. Financial Performance and Position - As of December 31, 2025, total assets amounted to $6,839,534, compared to $5,538,797 in 2024, reflecting an increase of approximately 23.5%[419]. - Current liabilities increased significantly to $11,764,460 in 2025 from $4,627,310 in 2024, indicating a rise of approximately 154%[419]. - The accumulated deficit as of December 31, 2025, was $(67,186,219), up from $(38,432,375) in 2024, representing an increase of approximately 74.8%[419]. - For the year ended December 31, 2025, the net loss was $28.75 million, compared to a net loss of $8.88 million for the year ended December 31, 2024, representing an increase of 224%[421]. - Research and development expenses for the year ended December 31, 2025, were $16.36 million, significantly up from $2.84 million in 2024, indicating a growth of 475%[421]. - The total operating expenses for 2025 were $28.71 million, compared to $6.81 million in 2024, reflecting an increase of 321%[421]. - The company had cash and cash equivalents of $269,830 as of December 31, 2025, a decrease from $5.53 million at the end of 2024[426]. - The company used $14.24 million in cash for operating activities in 2025, compared to $7.28 million in 2024, marking an increase of 95%[426]. - The company expects vendor and related costs associated with regulatory approvals to total approximately $25 million, continuing into 2026[434]. - The weighted average number of shares outstanding increased to 29,253,292 in 2025 from 6,950,100 in 2024, representing a growth of 320%[421]. - The basic and diluted loss per common share for 2025 was $(0.98), compared to $(1.28) for 2024, showing an improvement of 23.4%[421]. - The company has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern[413]. Corporate Structure and Operations - The company has four full-time employees and one part-time employee as of March 26, 2026, with no labor unions involved[125]. - The company’s corporate address is located in Grasonville, Maryland, and all operations are currently conducted remotely[126]. - The company formed two wholly-owned subsidiaries in 2025, OS Animal Health Corp and OS Therapies UK LTD, to expand its research and development capabilities[431][432]. - The company is subject to various U.S. and foreign laws regarding trade, anti-corruption, and data protection, which inform its operational policies[119][111]. - The biotechnology and pharmaceutical industries are highly competitive, with the company facing competition from large pharmaceutical firms and research institutions[122]. Asset Management and Liabilities - Amortization expense for acquired intangible assets was $360,305 for the year ended December 31, 2025, compared to $0 for 2024[445]. - The Company has projected future amortization expenses totaling $6,504,132, with annual expenses of $496,972 from 2026 to 2030 and $4,019,272 thereafter[449]. - The Company reported net operating loss carryforwards of $9,900,522 as of December 31, 2025, up from $6,559,791 in 2024[461]. - Total deferred tax assets were $13,214,741 as of December 31, 2025, with a corresponding valuation allowance of the same amount[461]. - The Company recognized no impairment losses on long-lived assets for the years ended December 31, 2025, and 2024[450]. - The carrying value of the warrant liability was $0 as of December 31, 2025, compared to $1,971,975 as of December 31, 2024, indicating a significant reduction in liability[473]. - The company evaluated its financial instruments and determined that the convertible notes should be recorded as liabilities, reflecting their share-settled nature[492]. - The company’s convertible notes had a maturity date extended to October 31, 2024, under the same terms, indicating ongoing financing arrangements[496]. - The Company entered into unsecured Subordinated Convertible Promissory Note Agreements with lenders, accruing interest at a rate of 6% per annum[503]. - The Company will automatically convert the outstanding principal and unpaid accrued interest into equity securities at 50% of the price paid per share in the Next Equity Financing, provided it raises at least $10,000,000[520].

Financial Performance - For the fiscal year 2025, the company reported a net income of $3,009,972, a significant increase from $250,224 in 2024, primarily due to a gain on land sales of $3,472,232 [106]. - Total revenues for 2025 were $838,543, representing a decrease of approximately 44.9% compared to $1,521,124 in 2024, mainly driven by lower surface revenues [107]. - Oil and gas revenues accounted for 50% of total revenues in 2025, with oil revenues decreasing by 18.0% to $291,051, while gas revenues increased by 100.4% to $133,593 [110]. - Timber revenues increased significantly by 326.7% to $94,825 in 2025, compared to $22,225 in 2024, reflecting normal business variations in timber harvesting [116]. - Surface revenues decreased by 69.6% to $328,249 in 2025, down from $1,081,053 in 2024, attributed to lower right of way income [107]. Land Sales and Acquisitions - The company sold approximately 6,548 acres of land for an adjusted purchase price of $8,618,022, resulting in a gain on sale of $3,282,469 [105]. - Gain on sale of land increased significantly to $3,577,868 for the year ended December 31, 2025, compared to $85,636 in 2024, driven by the sale of multiple land parcels [120]. - The company is actively seeking additional real estate purchases in Louisiana, focusing on timberland and agricultural land [95]. - The Company plans to evaluate commercial, agricultural, and timber land acquisitions, as well as potential divestitures, for fiscal year 2026 [121]. - The Board of Directors is actively exploring strategic alternatives to enhance shareholder value, including land acquisitions and business combinations [126]. Financial Position and Cash Flow - Net cash provided by operating activities rose by $254,869 to $459,630 for the year ended December 31, 2025, compared to $204,761 in 2024, attributed to a $2,759,748 increase in net income [127]. - Net cash provided by investing activities was $14,276,515 for the year ended December 31, 2025, compared to $(4,121,020) in 2024, reflecting significant proceeds from the sale of fixed assets [128]. - The Company had no outstanding debt as of December 31, 2025, and 2024, indicating a strong liquidity position [124]. - Current assets totaled $18,063,055, while current liabilities were $730,402 at December 31, 2025, demonstrating a solid liquidity ratio [123]. - Cash and cash equivalents are deemed adequate for projected operations and potential land acquisitions, according to management's opinion [125]. Expenses and Strategic Evaluation - General and administrative expenses decreased by $732,712 for the year ended December 31, 2025, compared to 2024, primarily due to a reduction in professional expenses and share-based compensation [119]. - Net cash used in financing activities decreased to $147,614 for the year ended December 31, 2025, from $208,854 in 2024, primarily due to stock withheld for employee taxes [129]. - The board of directors is evaluating strategic alternatives to enhance shareholder value, including potential acquisitions and asset dispositions [96]. - As of April 2024, the company received preliminary indications of interest from multiple parties regarding potential acquisition opportunities [98].

Financial Performance - As of December 31, 2025, the company reported a net income of approximately $7.9 million, primarily from $8.5 million in interest income, offset by $647,000 in general and administrative expenses [312]. - The company incurred a net loss of approximately $738,000 for the period from July 15, 2024, through December 31, 2024, consisting solely of general and administrative expenses [313]. - The company had a working capital deficit of approximately $1,300 as of December 31, 2025, with cash reserves of about $579,000 [304]. Initial Public Offering (IPO) - The company completed its Initial Public Offering (IPO) on May 1, 2025, raising gross proceeds of $300.15 million from the issuance of 30,015,000 Units at $10.00 per Unit, with offering costs of approximately $17.8 million [293]. - Underwriters were granted a 45-day option to purchase up to 3,915,000 additional Units, which was fully exercised on May 1, 2025 [318]. - The upfront underwriting fee amounted to approximately $1.5 million, with a Deferred Fee of about $11.7 million payable upon completion of an Initial Business Combination [319]. - Offering costs related to the Initial Public Offering were charged against shareholders' deficit upon completion [323]. Business Strategy - The company is focused on acquiring businesses in technology, particularly in AI, wellness, longevity, and aesthetics sectors, having reviewed over a thousand acquisition targets [291]. - The company has entered into a non-binding Letter of Intent (LOI) with OnMed for a potential business combination, which expired on March 23, 2026 [303]. Financial Management - The company has a Trust Account holding $300.15 million, which will be used for the Initial Business Combination, with funds held until either the completion of the business combination or shareholder redemption [295]. - The company may utilize up to $1.5 million in Working Capital Loans convertible into warrants at $1.00 per warrant, should the Initial Business Combination close [306]. - The company recognizes non-operating income from investment income in the Trust Account and anticipates increased expenses due to public company compliance [311]. - The company agreed to reimburse the Sponsor $15,000 per month for administrative services starting May 1, 2025, totaling $120,000 recorded for the year ended December 31, 2025 [315]. - A quarterly fee of $37,500 will be paid to Meteora for CFO services, totaling $75,000 recorded for the year ended December 31, 2025 [321]. - The company recorded an outstanding balance of $120,000 in accrued expenses related to administrative services as of December 31, 2025 [315]. Regulatory Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [326]. - The company is exempt from certain reporting requirements for five years post-Initial Public Offering, including auditor's attestation on internal controls [327]. - The company’s articles restrict public shareholders from redeeming more than 15% of public shares without prior consent [301]. Valuation - The fair value of Public Warrants and Private Placement Warrants was measured at approximately $0.144 per warrant, based on a $11.50 exercise price and a 5.4% volatility rate [324]. - As of December 31, 2025, the company had no off-balance sheet arrangements or contractual obligations [325].

IPO and Financial Proceeds - The company completed its Initial Public Offering (IPO) on May 1, 2025, raising gross proceeds of $300.15 million from the sale of 30,015,000 Units at $10.00 per Unit, with offering costs of approximately $17.8 million [293]. - The Trust Account holds $300.15 million in net proceeds from the IPO, which will remain uninvested until the completion of the Initial Business Combination or other specified conditions [295]. - Underwriters were granted a 45-day option to purchase up to 3,915,000 additional Units, which was fully exercised on May 1, 2025 [318]. - The upfront underwriting fee amounted to approximately $1.5 million, with a Deferred Fee of about $11.7 million payable upon completion of an Initial Business Combination [319]. Financial Performance - As of December 31, 2025, the company reported a net income of approximately $7.9 million, primarily from $8.5 million in interest income, offset by $647,000 in general and administrative expenses [312]. - The company incurred a net loss of approximately $738,000 for the period from July 15, 2024, through December 31, 2024, solely from general and administrative expenses [313]. - The company had a working capital deficit of approximately $1,300 as of December 31, 2025, with cash reserves of approximately $579,000 [304]. Business Combination and Operations - The company has broad discretion in applying the net proceeds from the IPO towards an Initial Business Combination, which must involve businesses with a fair market value of at least 80% of the Trust Account value [297]. - The company has entered into a non-binding Letter of Intent (LOI) with OnMed for a potential business combination, which expired on March 23, 2026 [303]. - The company will cease operations and redeem Public Shares if it fails to complete the Initial Business Combination within the Completion Window, with redemption at a price equal to the amount in the Trust Account [302]. - The company may seek Working Capital Loans from its Sponsor or affiliates to finance transaction costs related to the Initial Business Combination, with up to $1.5 million of such loans convertible into warrants [306]. Compliance and Reporting - The company recognizes non-operating income from investment income in the Trust Account and will incur increased expenses due to public company compliance requirements [311]. - The company agreed to reimburse the Sponsor $15,000 per month for administrative services starting May 1, 2025, totaling $120,000 recorded for the year ended December 31, 2025 [315]. - A quarterly fee of $37,500 will be paid to Meteora for CFO services, totaling $75,000 recorded for the year ended December 31, 2025 [321]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [326]. - The company is exempt from certain reporting requirements for five years following the Initial Public Offering, including auditor's attestation on internal controls [327]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [328]. Warrants and Valuation - The fair value of Public Warrants and Private Placement Warrants was measured at approximately $0.144 per warrant, based on an exercise price of $11.50 and an estimated underlying stock price of $10.07 [324]. - As of December 31, 2025, the company had no off-balance sheet arrangements or contractual obligations [325].

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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from__________ to __________ Commission file number: 001-42614 Inflection Point Acquisition Corp. III (Exact name of registrant as specified in its charter) Cayman Isla ...

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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period from__________ to __________ Commission file number: 001-42614 Inflection Point Acquisition Corp. III (Exact name of registrant as specified in its charter) Cayman Isla ...