Risk factors

Rocky Brands faces escalating tariff and trade risks following IEEPA rulings and new worldwide Trade Act of 1974 import duties. The company added artificial intelligence adoption risks while dropping remote work infrastructure concerns.

New risks highlight artificial-intelligence exposure and high-tech investments, which represented 10.61% of the portfolio at year-end 2025.

Sagimet faces ongoing operating losses and cash burn with $113.1 million left as of December 31, 2025. Development risks center on combination therapies, regulatory hurdles, and intense competition for products like denifanstat and TVB-3567. License partner Ascletis faces external litigation risks that could impact business operations.

System1 faces severe going concern doubts, $255.1 million in debt maturing in July 2027, and potential NYSE delisting over low market capitalization.

Aluminum extrusion orders fell 23.6% after tariffs increased to 50%, despite expected domestic market-share gains.

Target introduced a 2025 business transformation initiative, adding risks around execution, workforce reduction costs, and shareholder activism.

Target Hospitality expanded into new markets like lithium mining and AI data center infrastructure, replacing previous heavy debt risks.

Updated share price trading ranges for 2025 on the TSX and NYSE American in risk 24. Softened language regarding the sufficiency of financial resources for the Livengood Gold Project in risk 3. Minor grammatical refinements in risk 19. No changes to the core project description in risk 0.

Integration risks and challenges following the combination with Informa Tech Digital Businesses remain central to operations.

Travelzoo transitioned to a paid club membership model and faces risks from pre-purchasing bulk vouchers as principal.

Risk updates focus solely on project execution timelines for gold properties.

YCANTH is the only approved product, while common-wart and BCC programs remain in development.