Risk factors

Cash and cash equivalents and U.S. treasury bills decreased from $147.3 million to $85.1 million as of December 31, 2025. Cumulative U.K. carryforward tax losses reached $231.6 million as of December 31, 2025. The U.K. Takeover Code residency test will be abolished on February 3, 2027.

Galveston LNG construction and financing risks added, requiring significant capital and permits.

The company added significant risk disclosures regarding newly issued senior secured convertible notes and associated warrants.

Concentration risk increased as the top 20 loan commitments grew from 19.4% to 21.0% of outstanding totals. Shareholder litigation venue requirements were updated to add the new Ninth Business Court Division of Texas.

New risks emphasize shifting from hardware resales toward software, services, data management and AI while protecting cash flow.

Shattuck advanced lead candidate SL-325 into Phase 1 trials while expanding net operating loss carryforwards to $251 million.

StubHub Holdings faces heavy risks from intense ticketing competition, substantial debt of $1,535.2 million, and historical net losses including $(1,905.9) million in 2025. The company relies heavily on third-party application platforms, payment processors, and senior management leadership.

Client concentration increased, with the top client rising to 26% of revenue in 2025.

TriSalus added contractual intellectual property disputes as a new risk factor while streamlining capital and general market risks.

New disclosures highlight risks from the Inflation Reduction Act on small molecule drug pricing and Unified Patent Court challenges in Europe. Additional focus centers on AI tool integration risks, third-party biomarker development, combination therapies like vopimetostat with RevMed inhibitors, and reliance on CROs for clinical trials.

WEBTOON added risks around user engagement declining against social platforms, content services, and mobile games.

Weave Communications faces new compliance risks regarding artificial intelligence regulation and shareholder activism.