EX-99.2 2 ny20057899x3_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

UNAUDITED PRO FORMA COMBINED CONSOLIDATED FINANCIAL INFORMATION

The following unaudited pro forma combined consolidated financial information was prepared using the acquisition method of accounting under GAAP, and gives effect to the transaction between Strive, Inc. (“Strive”) and Semler Scientific, Inc. (“Semler Scientific”, and such transaction, the “Semler Merger”) to be accounted for as a business combination, with Strive being deemed the acquiring company for accounting purposes.

Strive was determined to be the accounting acquirer based upon the terms of the Semler Merger Agreement, as defined below, and other factors including, assuming the Semler Merger is consummated: (i) Strive’s existing stockholders are expected to have the greatest voting interest in the combined entity following consummation of the Semler Merger; (ii) the largest individual stockholder of the combined entity is expected to be an existing stockholder of Strive; (iii) directors of Strive are expected to hold a majority of board seats of the combined company; and (iv) Strive’s senior management is expected to control the strategic direction of Strive following consummation of the Semler Merger.

The following unaudited pro forma combined consolidated financial statements are based on the historical financial statements of Strive, Inc. and Semler Scientific, Inc., as adjusted to give effect to Strive’s acquisition of Semler Scientific, Inc. and certain related transactions.

On May 6, 2025, Strive Enterprises, Inc. (“SEI”) entered into that certain Agreement and Plan of Merger, dated as of May 6, 2025, as amended by that certain Amended and Restated Agreement and Plan of Merger, dated as of June 27, 2025 (the “Asset Entities Merger Agreement”) with Asset Entities Inc. (“Asset Entities”). On September 12, 2025, pursuant to the Asset Entities Merger Agreement, Alpha Merger Sub, Inc., a wholly-owned subsidiary of Asset Entities Inc., merged with and into SEI, with SEI surviving as a wholly owned subsidiary of Asset Entities Inc. Concurrent with the consummation of the transactions contemplated by the Asset Entities Merger Agreement, Asset Entities Inc. was renamed Strive, Inc. (the “Asset Entities Merger”). Because the merger between SEI and Asset Entities has been determined to be a reverse acquisition, with SEI being the accounting acquirer, Strive determined that SEI is the predecessor and Strive is the successor for the purposes of the historical financial statements of Strive. The unaudited pro forma combined consolidated statements of operations for the nine months ended September 30, 2025 and for the year ended December 31, 2024 give effect to these transactions as if they had occurred on January 1, 2024. The unaudited pro forma combined consolidated balance sheet as of September 30, 2025 gives effect to these transactions as if they had occurred on September 30, 2025. The historical financial information of Strive, Inc. included within the pro forma combined consolidated statement of operations for the nine months ended September 30, 2025 includes the combined financial information of SEI for the period from January 1, 2025 to September 11, 2025 and the financial information of Strive for the period from September 12, 2025 to September 30, 2025. The weighted average number of common shares outstanding for SEI for the period from January 1, 2025 to September 11, 2025 has been adjusted to reflect the number of shares holders of historical SEI stock received upon the consummation of the Asset Entities Merger. The historical financial information of Strive, Inc. included within the pro forma combined consolidated statement of operations for the year ended December 31, 2024 represents the financial information of SEI for the year ended December 31, 2024. The weighted average number of common shares outstanding for SEI for the year ended December 31, 2024 has been adjusted to reflect the number of shares holders of historical SEI stock received upon the consummation of the Asset Entities Merger.

Because Strive will be treated as the accounting acquirer in the Semler Merger, Strive’s assets and liabilities will be recorded at their pre-combination carrying amounts, and the historical operations that are reflected in the unaudited pro forma financial information will be those of Strive. Semler Scientific’s assets and liabilities will be measured and recognized at their fair values as of the transaction date, and combined with the assets, liabilities and results of operations of Strive after the consummation of the transaction.

The unaudited pro forma combined consolidated financial information is based on the assumptions and adjustments that are described in the accompanying notes. The application of the acquisition method of accounting is dependent upon a purchase price allocation analysis, which includes valuation analysis and other studies that have yet to be completed, pursuant to Financial Accounting Standards Board Accounting Standards Codification Topic 805, Business Combinations. Accordingly, the pro forma adjustments are preliminary, subject to further revision as additional information becomes available and additional analyses are performed, and have been made solely for the purpose of providing unaudited pro forma combined consolidated financial information. Differences between these preliminary estimates and the final acquisition accounting, expected to be completed after the closing of the transaction, will occur and these differences could have a material impact on the accompanying unaudited pro forma combined consolidated financial information and the combined company’s future results of operations and financial position. In addition, differences between the preliminary and final amounts will likely occur as a result of changes in the fair value of Strive’s common stock and changes in Semler Scientific’s assets and liabilities.

The unaudited pro forma combined consolidated financial information does not give effect to the potential impact of current financial conditions, regulatory matters, operating efficiencies or other savings or expenses that may be associated with the integration of the two companies. The unaudited pro forma combined consolidated financial information is preliminary and has been prepared for illustrative purposes only and is not necessarily indicative of the financial position or results of operations in future periods or the results that actually would have been realized had Strive and Semler Scientific been a combined company during the specified periods. The actual results reported in periods following the transaction may differ significantly from those reflected in these pro forma financial information presented herein for a number of reasons, including, but not limited to, differences between the assumptions used to prepare this pro forma financial information and actual results realized.

The assumptions and estimates underlying the unaudited adjustments to the pro forma combined consolidated financial statements are described in the accompanying notes, which should be read together with the pro forma combined consolidated financial statements.

Defined terms included below shall have the same meaning as terms defined and included elsewhere in this Current Report on Form 8-K, unless otherwise noted.


Introduction and Description of Transaction

Strive, Inc., a Nevada corporation, whose Class A common stock trades on The Nasdaq Stock Market LLC under the symbol “ASST”, is a bitcoin treasury asset management firm. Strive’s wholly owned subsidiary, Strive Enterprises, Inc., an Ohio corporation, completed the reverse acquisition of Asset Entities on September 12, 2025, and continued as the surviving entity. Strive earns substantially all of its revenue from investment advisory and other investment management services, and generates market returns from investments in bitcoin and bitcoin-related products.

The historical financial information of Strive was derived from the unaudited consolidated financial statements of Strive, Inc. as of and for the nine months ended September 30, 2025, as well as the audited consolidated financial statements of Strive Enterprises, Inc. as of and for the year ended December 31, 2024, incorporated by reference in this filing. This information should be read together with Strive’s audited and unaudited financial statements and the related notes.

Strive, Inc. and Semler Scientific, Inc., whose common stock trades on The Nasdaq Stock Market LLC under the symbol “SMLR”, entered into an Agreement and Plan of Merger dated September 22, 2025 (the “Semler Merger Agreement”). Pursuant to the Semler Merger Agreement, and subject to the satisfaction or waiver of customary closing conditions, a to be formed subsidiary of Strive (“Merger Sub”), will merge with and into Semler, with Semler surviving as a wholly owned subsidiary of Strive.

Pursuant to the Semler Merger Agreement, at the effective time of the Semler Merger (the “Effective Time”), each share of common stock of Semler issued and outstanding immediately before the Effective Time (other than treasury shares held by Semler) will be converted into the right to receive 21.05 shares of Strive Class A common stock.

Management has reviewed the applicable guidance under Standards Codification (“ASC”) Topic 805, “Business Combinations” (“Topic 805”) to determine the appropriate accounting acquirer and financial reporting implications. Based on this analysis, management has concluded that the Semler Merger will be accounted for as a business acquisition, where:


Strive will be the accounting acquirer in this business combination.


Strive’s historical financial statements will become the historical financial statements of the combined entity.


Semler’s identifiable assets and liabilities will be recognized at fair value as of the acquisition date.

Strive is deemed as the accounting acquirer for the following reasons:


Strive shareholders will retain the majority of the voting and economic value of the common shares of the combined company subsequent to the transaction.


The remaining voting interests held by former Semler shareholders do not constitute a coordinated minority.


Strive’s designated leadership will control the combined entity’s operations post business combination.


Strive’s existing directors will control the majority of the post business combination board.

The following unaudited pro forma combined consolidated financial statements are based on the historical financial statements of Strive and the historical financial statements of Semler Scientific, as adjusted to give effect to Strive’s acquisition of Semler Scientific and certain related transactions. Because the merger between SEI and Asset Entities has been determined to be a reverse acquisition, with SEI being the accounting acquirer, Strive determined that SEI is the predecessor and Strive is the successor for the purposes of the historical financial statements of Strive. The unaudited pro forma combined consolidated statements of operations for the nine months ended September 30, 2025 and for the year ended December 31, 2024 give effect to these transactions as if they had occurred on January 1, 2024. The unaudited pro forma combined consolidated balance sheet as of September 30, 2025 gives effect to these transactions as if they had occurred on September 30, 2025. The historical financial information of Strive included within the pro forma combined consolidated statement of operations for the nine months ended September 30, 2025 includes the combined financial information of SEI for the period from January 1, 2025 to September 11, 2025 and the financial information of Strive for the period from September 12, 2025 to September 30, 2025. The weighted average number of common shares outstanding for SEI for the period from January 1, 2025 to September 11, 2025 has been adjusted to reflect the number of shares holders of historical SEI stock received upon the consummation of the Asset Entities Merger. The historical financial information of Strive included within the pro forma combined consolidated statement of operations for the year ended December 31, 2024 represents the financial information of SEI for the year ended December 31, 2024.


UNAUDITED PRO FORMA COMBINED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of September 30, 2025
(in thousands)

   
Strive, Inc. (Historical)
   
Semler Scientific, Inc.
(Historical)
   
Reclassification Adjustments
   
Notes
   
Transaction Accounting Adjustments
 
Notes
   
Pro Forma Combined
 
Assets:
                                       
Current assets:
                                       
Cash and cash equivalents
 
$
109,069
   
$
10,176
   
$
         
$
       
$
119,245
 
Restricted cash
   
     
135
     
           
         
135
 
Short-term deposits
   
     
270
     
(270
)
   
(3a)

   
         
 
Trade accounts receivable
   
     
2,558
     
(2,558
)
   
(3a)

   
         
 
Receivable for Bitcoin collateral
   
     
35,928
     
             
         
35,928
 
Inventory
   
     
485
     
(485
)
   
(3a)

   
         
 
Prepaid expenses
   
3,533
     
3,954
     
             
         
7,487
 
Other current assets
   
1,601
     
     
3,313
     
(3a)

   
         
4,914
 
Total current assets
   
114,203
     
53,506
     
             
         
167,709
 
Assets for lease, net
   
     
1,339
     
(1,339
)
   
(3a)

   
         
 
Digital assets, at fair value
   
672,913
     
     
539,844
     
(3a)

   
         
1,212,757
 
Property and equipment, net
   
816
     
325
     
             
         
1,141
 
Long-term investments
   
     
512
     
(512
)
   
(3a)

   
         
 
Long-term notes receivable
   
     
1,150
     
(1,150
)
   
(3a)

   
         
 
Intangible digital assets
   
     
539,844
     
(539,844
)
   
(3a)

   
         
 
Intangible assets, net
   
361
     
     
             
         
361
 
Right-of-use lease asset
   
4,141
     
     
             
         
4,141
 
Goodwill
   
     
     
             
11,991
     
(3d)

   
11,991
 
Other non-current assets
   
142
     
1
     
3,001
     
(3a)

   
             
3,144
 
Total assets
 
$
792,576
   
$
596,677
   
$
           
$
11,991
           
$
1,401,244
 
                                                         
Liabilities:
                                                       
Current liabilities:
                                                       
Compensation and benefits payable
 
$
357
   
$
   
$
           
$
           
$
357
 
Accounts payable and other liabilities
   
9,186
     
200
     
6,776
     
(3a)

   
10,114
     
(3c)

   
26,276
 
Accrued expenses
   
     
6,365
     
(6,365
)
   
(3a)

   
             
 
Deferred revenue
   
     
411
     
(411
)
   
(3a)

   
             
 
Short-term debt
   
     
20,000
     
             
             
20,000
 
Other short-term liabilities
   
     
240
     
             
             
240
 
Total current liabilities
   
9,543
     
27,216
     
             
10,114
             
46,873
 
Operating lease liabilities
   
3,604
     
     
             
             
3,604
 
Deferred tax liability
   
     
13,294
     
             
             
13,294
 
Long-term notes payable, net
   
     
96,418
     
             
             
96,418
 
Total liabilities
   
13,147
     
136,928
     
             
10,114
             
160,189
 
                                                         
Stockholders’ equity:
                                                       
Common stock
   
     
15
     
             
(15
)
   
(3b)

   
 
Class A common stock
   
449
     
     
             
319
     
(3b)

   
768
 
Class B common stock
   
218
     
     
             
             
218
 
Additional paid-in capital
   
1,047,185
     
339,900
     
             
131,521
     
(3b)

   
1,518,606
 
Retained earnings (accumulated deficit)
   
(268,423
)
   
119,834
     
             
(129,948
)
   
(3b)

   
(278,537
)
Total stockholders’ equity
   
779,429
     
459,749
     
             
1,877
             
1,241,055
 
Total liabilities and stockholders' equity
 
$
792,576
   
$
596,677
   
$
           
$
11,991
           
$
1,401,244
 



UNAUDITED PRO FORMA COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Nine Months Ended September 30, 2025
(in thousands)

   
Combined Strive Enterprises, Inc. and Strive, Inc. (Historical)
   
Semler Scientific, Inc.
(Historical)
   
Reclassification Adjustments
   
Notes
   
Transaction Accounting Adjustments
 
Notes
 
Pro Forma Combined
 
Revenues:
                                     
Investment advisory fees
 
$
4,433
   
$
   
$
         
$
     
$
4,433
 
Revenues
   
     
24,543
     
           
       
24,543
 
Other revenue
   
44
     
     
           
       
44
 
Total revenues
   
4,477
     
24,543
     
           
       
29,020
 
                                                 
Operating expenses:
                                               
Fund management and administration
   
4,532
     
     
           
       
4,532
 
Cost of revenues
   
     
2,312
     
           
       
2,312
 
Engineering and product development
   
     
3,663
     
           
       
3,663
 
Employee compensation and benefits
   
25,942
     
     
           
       
25,942
 
General and administrative expense
   
4,674
     
18,048
     
           
       
22,722
 
Marketing and advertising
   
249
     
     
9,316
     
(3a)

   
       
9,565
 
Sales and marketing
   
     
9,316
     
(9,316
)
   
(3a)

   
       
 
DOJ settlement
   
     
29,750
     
             
       
29,750
 
Depreciation and amortization
   
161
     
     
             
       
161
 
Total operating expenses
   
35,558
     
63,089
     
             
       
98,647
 
                                                   
Investment gains/(losses):
                                                 
Change in fair value of intangible digital assets
   
     
70,422
     
(70,422
)
   
(3a)

   
       
 
Change in fair value of Bitcoin collateral
   
     
1,471
     
             
       
1,471
 
Impairment of investments
   
     
(1,135
)
   
             
       
(1,135
)
Net unrealized gain (loss) on digital assets
   
(10,133
)
   
     
70,422
     
(3a)

   
       
60,289
 
Other derivative gain (loss)
   
(14,731
)
   
     
             
       
(14,731
)
Net investment gains/(losses)
   
(24,864
)
   
70,758
     
             
       
45,894
 
Net operating income/(loss)
   
(55,945
)
   
32,212
     
             
       
(23,733
)
                                                   
Other income/(expense):
                                                 
Other income
   
654
     
7
     
(2,723
)
   
(3a)

   
       
(2,062
)
Interest (expense) income, net
   
     
(3,526
)
   
3,526
     
(3a)

   
       
 
Gain on redemption of notes receivable
   
     
803
     
(803
)
   
(3a)

   
       
 
Transaction costs
   
(23,201
)
   
     
             
       
(23,201
)
Goodwill and intangible asset impairment
   
(140,785
)
   
     
             
       
(140,785
)
Total other income/(expense)
   
(163,332
)
   
(2,716
)
   
             
       
(166,048
)
Net income/(loss) before income taxes
   
(219,277
)
   
29,496
     
             
       
(189,781
)
Income tax benefit/(expense)
   
     
(10,364
)
   
             
       
(10,364
)
Net income/(loss)
 
$
(219,277
)
 
$
19,132
   
$
           
$
     
$
(200,145
)
                                                   
Weighted average number of common shares outstanding:
                                                 
Basic (1)
   
212,665,990
     
12,073,628
                         
   (3e)
   
466,815,859
 
Diluted (1)
   
212,665,990
     
13,706,067
                         
   (3e)
   
466,815,859
 
                                         
 
       
Net income/(loss) per common share:
                                       
 
       
Basic (1)
 
$
(1.03
)
 
$
1.58
                         
   (3e)
 
$
(0.43
)
Diluted (1)
 
$
(1.03
)
 
$
1.55
                         
   (3e)
 
$
(0.43
)
   
(1) Basic and diluted earnings per common share for Class A and Class B common stock are the same.
 



UNAUDITED PRO FORMA COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2024
(in thousands)

   
Strive Enterprises, Inc. and Subsidiaries (Historical)
   
Semler Scientific, Inc.
(Historical)
   
Reclassification Adjustments
   
Notes
   
Transaction Accounting Adjustments
   
Notes
   
Pro Forma Combined
 
Revenues:
                                         
Investment advisory fees
 
$
3,592
   
$
   
$
         
$
         
$
3,592
 
Revenues
   
     
56,294
     
           
           
56,294
 
Other revenue
   
58
     
13
     
           
           
71
 
Total revenues
   
3,650
     
56,307
     
           
           
59,957
 
                                                     
Operating expenses:
                                                   
Fund management and administration
   
4,867
     
     
           
           
4,867
 
Cost of revenues
   
     
4,759
     
           
           
4,759
 
Engineering and product development
   
     
4,792
     
           
           
4,792
 
Employee compensation and benefits
   
9,135
     
     
           
           
9,135
 
General and administrative expense
   
11,248
     
12,732
     
           
           
23,980
 
Marketing and advertising
   
862
     
     
13,078
     
(3a)

   
           
13,940
 
Sales and marketing
   
     
13,078
     
(13,078
)
   
(3a)

   
           
 
Depreciation and amortization
   
192
     
     
             
           
192
 
Total operating expenses
   
26,304
     
35,361
     
             
           
61,665
 
                                                       
Investment gains/(losses):
                                                     
Change in fair value of notes held for investment
   
     
128
     
             
           
128
 
Change in fair value of  digital assets
   
     
24,933
     
             
           
24,933
 
Net investment gains/(losses)
   
     
25,061
     
             
           
25,061
 
Net operating income/(loss)
   
(22,654
)
   
46,007
     
             
           
23,353
 
Other income/(expense):
                                                     
Interest and dividend income
   
795
     
1,877
     
             
           
2,672
 
Transaction costs
   
     
     
             
(10,114
)
   
(3c)

   
(10,114
)
Gain on lease remeasurement
   
279
     
     
             
             
279
 
Total other income/(expense)
   
1,074
     
1,877
     
             
(10,114
)
           
(7,163
)
Net income/(loss) before income taxes
   
(21,580
)
   
47,884
     
             
(10,114
)
           
16,190
 
Income tax benefit/(expense)
   
     
(6,985
)
   
             
             
(6,985
)
Net income/(loss)
 
$
(21,580
)
 
$
40,899
   
$
           
$
(10,114
)
         
$
9,205
 
Weighted average number of common shares outstanding:
                                                       
Basic (1)
   
2,213,424
     
7,228,961
                             
(3e)

   
309,205,587
 
Diluted (1)
   
2,213,424
     
7,980,118
                             
(3e)

   
325,017,442
 
                                                         
Net income/(loss) per common share:
                                                       
Basic (1)
 
$
(9.75
)
 
$
5.66
                             
(3e)

 
$
0.03
 
Diluted (1)
 
$
(9.75
)
 
$
5.13
                             
(3e)

 
$
0.03
 
   
(1) Basic and diluted earnings per common share for Class A and Class B common stock are the same.
 


Note 1 — Basis of Presentation

The unaudited pro forma combined consolidated financial information has been prepared in accordance with Rule 8-05 and Article 11 of SEC Regulation S-X. The unaudited pro forma combined consolidated financial statements as of and for the nine months ended September 30, 2025 and for the year ended December 31, 2024 gives effect to the proposed acquisition of Semler Scientific by Strive. The unaudited pro forma combined consolidated statements of operations gives effect to these transactions and other events as if it had been consummated on January 1, 2024 and combines the historical consolidated financial statements of Strive and Semler Scientific, all as of such date.

Based on Strive’s preliminary review of Strive and Semler’s summary of significant accounting policies, the nature and amount of any adjustments to the historical financial statements of  Semler to conform its accounting policies to those of Strive are not expected to be material. Upon completion of the transactions, further review of accounting policies may result in additional revisions to historical accounting policies and classifications to conform to those of Strive.

The unaudited pro forma combined consolidated financial information is based on the assumptions and adjustments that are described in the accompanying notes. Accordingly, the pro forma adjustments are preliminary, subject to further revisions as additional information becomes available and additional analyses are performed, and have been made solely for the purpose of providing unaudited pro forma combined consolidated financial information. Differences between these preliminary accounting conclusions and estimates and the final accounting conclusions and amounts may occur as a result of, among other reasons, (i) changes in initial assumptions in determination of the accounting acquirer and related accounting and (ii) changes in Semler’s assets and liabilities, which are expected to be completed after the closing, and these differences could have a material impact on the accompanying unaudited pro forma combined consolidated financial information and the combined entity’s future results of operations and financial position.

The unaudited pro forma combined consolidated financial information has been presented for illustrative purpose only and is not necessarily indicative of the financial position and results of operations that would have been achieved had the Semler Merger occurred on the date indicated. Further, the unaudited pro forma combined consolidated financial information may not be useful in predicting the future financial condition and results of operations of the post-combination company. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors. The unaudited pro forma adjustments represent Strive management’s estimates based on information available as of the date of the unaudited pro forma combined consolidated financial information and is subject to change as additional information becomes available and analyses are performed.

The historical consolidated financial statements of Strive and Semler were prepared in accordance with accounting policies generally accepted in the United States of America and shown in U.S. dollars.

For the purposes of these pro forma financial statements, the preliminary purchase price consideration is as follows:

Number of estimated Strive, Inc. Class A common stock to be issued to Semler stockholders
   
318,743,205
 
Multiplied by Strive, Inc.'s Class A common stock price
 
$
1.48
 
Estimated purchase price consideration
 
$
471,739,943
 

Note 2 — Preliminary purchase price allocation

For accounting purposes, Strive is considered to be the acquiring company and the Semler Merger is expected to be accounted for as a business combination. The Semler Merger is accounted for using the acquisition method of accounting in accordance with ASC Topic 805. Strive is the accounting acquirer as Strive will have assumed control over Semler as of the closing date. Topic 805 requires, among other things, that the assets acquired, and liabilities assumed be recognized at their acquisition date fair values, with any excess of the purchase price over the estimated fair values of the identifiable net assets acquired recorded as goodwill.

The allocation of the preliminary purchase price for Semler Scientific is based upon management’s estimates of and assumptions related to the fair value of the consideration transferred, assets acquired, and liabilities assumed as of the filing of the Current Report on Form 8-K using currently available information. The unaudited pro forma combined consolidated financial information has been prepared based on these preliminary estimates, such that the final purchase price allocation and the resulting effect on Strive’s financial position and earnings results may differ significantly from the pro forma amounts included herein.

Note 3 — Transaction Accounting Adjustments related to merger of Strive Inc. and Semler Scientific Inc.


a.
During the preparation of the unaudited pro forma combined consolidated financial information, management performed a preliminary analysis of Semler Scientific’s financial information to identify differences in financial statement presentation compared to the presentation of Strive. Certain reclassifications have been made to the historical consolidated presentation of Semler Scientific to conform to the financial statement presentation of Strive.

The table below summarizes the reclassification adjustments made to present the unaudited historical financial statements of Semler Scientific as of and for the nine months ended September 30, 2025 and for the year ended December 31, 2024 in conformity with the unaudited historical consolidated financial statements of Strive as of and for the nine months ended September 30, 2025 and for the year ended December 31, 2024 (in thousands).

Historical Semler Scientific, Inc.
Balance Sheet Line Item
 
Strive, Inc. Line Item
 
Historical Semler Scientific, Inc.
   
Reclassifications
   
Historical Semler Scientific, Inc. Reclassified
 
Short-term deposits
 
Other current assets
   
270
     
(270
)
   
 
Trade accounts receivable
 
Other current assets
   
2,558
     
(2,558
)
   
 
Inventory
 
Other current assets
   
485
     
(485
)
   
 
Other current assets
 
Other current assets
   
     
3,313
     
3,313
 
Assets for lease, net
 
Other non-current assets
   
1,339
     
(1,339
)
   
 
Long-term investments
 
Other non-current assets
   
512
     
(512
)
   
 
Long-term notes receivable
 
Other non-current assets
   
1,150
     
(1,150
)
   
 
Other non-current assets
 
Other non-current assets
   
1
     
3,001
     
3,002
 
Intangible digitial assets
 
Digital assets, at fair value
   
539,844
     
(539,844
)
   
 
Digital assets, at fair value
 
Digital assets, at fair value
   
     
539,844
     
539,844
 
Accrued expenses
 
Accounts payable and other liabilities
   
6,365
     
(6,365
)
   
 
Deferred revenue
 
Accounts payable and other liabilities
   
411
     
(411
)
   
 
Accounts payable and other liabilities
 
Accounts payable and other liabilities
   
200
     
6,776
     
6,976
 


Historical Semler Scientific, Inc.
Statement of Operations Line Item
 
Strive, Inc. Line Item
 
Historical Semler Scientific, Inc.
   
Reclassifications
   
Historical Semler Scientific, Inc. Reclassified
 
For the nine months ended September 30, 2025:
                     
Sales and marketing
 
Marketing and advertising
   
9,316
     
(9,316
)
   
 
Marketing and advertising
 
Marketing and advertising
   
     
9,316
     
9,316
 
Change in fair value of intangible digital assets
 
Net unrealized gain (loss) on digital assets
   
70,422
     
(70,422
)
   
 
Net unrealized gain (loss) on digital assets
 
Net unrealized gain (loss) on digital assets
   
     
70,422
     
70,422
 
Interest (expense) income, net
 
Other income
   
(3,526
)
   
3,526
     
 
Gain on redemption of notes receivable
 
Other income
   
803
     
(803
)
   
 
Other income
 
Other income
   
7
     
(2,723
)
   
(2,716
)

Historical Semler Scientific, Inc.
Statement of Operations Line Item
 
Strive, Inc. Line Item
 
Historical Semler Scientific, Inc.
   
Reclassifications
   
Historical Semler Scientific, Inc. Reclassified
 
For the year ended December 31, 2024:
                     
Sales and marketing
 
Marketing and advertising
   
13,078
     
(13,078
)
   
 
Marketing and advertising
 
Marketing and advertising
   
     
13,078
     
13,078
 

b. The total pro forma adjustment to total Strive stockholders’ equity is summarized below (in thousands):

Elimination of historical equity balance of Semler Scientific, Inc.
 
$
459,749
 
Estimated purchase price consideration
   
471,740
 
Non-recurring acquisition-related expenses (refer to note (c) below)
   
(10,114
)
Pro forma adjustment to total Strive, Inc. stockholders' equity
 
$
921,375
 


c.
Reflects the adjustment of $10.1 million for an accrual for non-recurring expenses related to the Semler Merger incurred or expected to be incurred that are not reflected in the historical financial statements for either the nine months ended September 30, 2025 or the year ended December 31, 2024. The adjustment has been recorded as a liability within Accounts payable and other liabilities with a corresponding reduction to equity on the unaudited pro forma combined consolidated statements of financial condition. The amount has also been reflected within transaction costs in the unaudited pro forma combined consolidated statements of operations for the year ended December 31, 2024.

d.
Represents the preliminary estimate of goodwill based on the preliminary purchase price allocation.

e.
For purposes of the unaudited pro forma combined consolidated financial information, the pro forma net income (loss) per common share figures have been calculated using the pro forma weighted average number of Strive Class A common stock and Strive Class B common stock that would have been outstanding for the nine months ended September 30, 2025 and the year ended December 31, 2024 assuming the completion of the Semler Merger on January 1, 2024.