Risk factors

Updated AI risk disclosures to address generative artificial intelligence and compliance costs. Updated share issuance figures and insider ownership percentages through December 31, 2025. Quantified the paid 2025 special cash dividend at $4.2 million.

Ring Energy removed its market overhang risk concerning Warburg Pincus shares from the Stronghold Acquisition.

Riley Exploration Permian added risks regarding interest rate derivatives, FERC natural gas pipeline jurisdiction, and stock repurchase plans.

Accumulated deficit reached $771.0 million following a net loss of $216.2 million in 2025. International revenue grew to 47.3% of total revenue in 2025. Warrant exercises reduced outstanding public and private warrants to 8,728,586 shares.

Safeguard Acquisition Corp. is a blank check company facing typical SPAC risks, including the pressure to complete a business combination within the 24-month completion window, risks related to shareholder redemptions, potential conflicts of interest with the sponsor holding 25% of shares, and potential delisting from the NYSE.

SCY-247 now dominates development, safety, approval, manufacturing and competition risks, replacing much of the prior ibrexafungerp focus.

Seaport expanded its risk disclosures around tenant changes at the Tin Building, ticketing platforms, and strict operational guidelines from sports leagues and ground leases.

SES expanded its risk disclosures following the September 2025 acquisition of UZ Energy and entry into ESS and drone cell markets.

Sight Sciences added new risk disclosures regarding compliance with anti-boycott and anti-money laundering laws.

Sensus reported a net loss of $7.7 million in 2025, breaking prior years of maintained profitability. The company dropped its smaller reporting company risk disclosure.

Global political and trade uncertainties added as new operational risks.

TScan announced a 30 percent workforce reduction cutting 66 roles to prioritize strategy. The company is advancing an early-stage in vivo engineering platform for solid tumors. New trade policies under the Trump administration and tax code updates like Section 174 were incorporated.