Risk factors

Academy Sports & Outdoors added legal risks regarding artificial intelligence and litigation, while expanding disclosures on foreign manufacturing and insurance coverage.

AXT continues to face heavy regulatory, operational, and supply chain concentration risks centered on its manufacturing hub in China. New disclosures highlight uncertainties around Tongmei's proposed STAR market IPO, redemption rights, and emerging artificial intelligence risks. Stock volatility and international foreign exchange exposure remain prominent financial concerns.

Bicycle Therapeutics implemented severe workforce reductions and strategic reprioritization affecting its clinical portfolio in 2025 and 2026. Global trade tensions, tariffs, and FDA disruptions introduced new regulatory compliance uncertainties. Partnership changes and reliance on third-party vendors created heightened operational risks.

BlackSky expanded its risk disclosures regarding U.S. government contract terminations, AI compute scale and model outputs, and convertible notes dilution.

Brilliant Earth expanded risk disclosures regarding intellectual property protection and international data privacy compliance under regulations like GDPR and PIPEDA. The company also shifted its corporate governance and anti-takeover provisions from Delaware law to Nevada law.

The bank disclosed material weaknesses in internal controls across financial reporting and IT, while expanding loan and deposit figures.

Capricor highlighted new risks regarding $318.1 million in cash, foreign tariffs, most-favored-nation drug pricing models, and San Diego manufacturing.

Cibus streamlined its business around Rice weed management and sustainable ingredients, impacting headcount and increasing reliance on third-party licensees.

Operating loss decreased to $23.1 million in 2025 from $33.1 million in 2024, but accumulated deficit grew to $308.3 million.

The acquisition of IRRAS dominates this year's risk additions, bringing new manufacturing, clinical, and commercial integration challenges. The company faces heightened execution risks expanding its ClearPoint and IRRAflow systems into operating rooms and neurocritical care units. Single-source supply chain dependencies and regional facility disaster risks remain prominent.

Idaho Copper Corp added extensive risk disclosures related to an initial public offering, a 1:20 reverse stock split, and NYSE American listing requirements.

Eloxx Pharmaceuticals faces severe going concern doubts, with insufficient cash for the next twelve months and an accumulated deficit of $300.6 million. Delinquent public filings, delisting from Nasdaq, and dependence on its lead product candidate, exaluren, heavily threaten operations.