X0202 SCHEDULE 13G 0001649553 XXXXXXXX LIVE Ordinary Shares, $0.001 par value per share 12/31/2025 0001850059 Flag Ship Acquisition Corporation G3530C109 26 Broadway Suite 934 New York NY 10004 Rule 13d-1(d) CVI Investments, Inc. E9 0 306569 0 306569 306569 N 6.1 CO With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein. Heights Capital Management, Inc. DE 0 306569 0 306569 306569 6.1 CO With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein. Flag Ship Acquisition Corporation 26 Broadway, Suite 934, New York, New York 10004 This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the ordinary shares of Flag Ship Acquisition Corporation (the "Company"), $0.001 par value per share (the "Shares"). (i) CVI Investments, Inc. (ii) Heights Capital Management, Inc. The address of the principal business office of CVI Investments, Inc. is: P.O. Box 309GT Ugland House South Church Street George Town Grand Cayman KY1-1104 Cayman Islands The address of the principal business office of Heights Capital Management, Inc. is: 101 California Street, Suite 3250 San Francisco, California 94111 Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Y The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The Company's Quarterly Report on Form 10-Q, filed on October 31, 2025, indicates there were 5,025,517 Shares outstanding as of October 30, 2025. The Reporting Persons became subject to a reporting obligation pursuant to Rule13d-1(d) in connection with the reduction of the Company's Shares outstanding following redemption of certain Shares by other holders in the Company. 6.1 The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein. The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein. Y Y Y Y Y Y EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 24 Limited Power of Attorney 99 Joint Filing Agreement CVI Investments, Inc. /s/ Sarah Travis 05/19/2026 Heights Capital Management, Inc. /s/ Sarah Travis 05/19/2026 Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which is attached as Exhibit 24 hereto.