Risk factors

The 2026 Appropriations Act could effectively prohibit current hemp-derived THC products beginning November 12, 2026.

New risks emphasize GenAI confidentiality and accelerated-approval failure; portfolio changes now prioritize SC451 and fusogen programs while suspending two CAR T programs.

SERP obligations rose from $13.6 million to $15.4 million, while total indebtedness increased from $86.0 million to $93.7 million.

Transitioning from clinical development to commercialization for apitegromab in the United States and Europe.

Strata Critical Medical sold its Passenger business to Joby Aero and acquired Keystone to expand organ transplant logistics.

The risk profile is dominated by dependence on ICL lens sales, international economic exposure, and recent executive turnover.

Upland faces Nasdaq delisting risks with its common stock closing below the $1.00 minimum bid price.

Versant Media Group operates as a newly spun-off independent company facing declining cable television subscribers and MVPD distribution revenue. The risk profile is heavily weighted toward post-separation debt obligations, operational independence from Comcast, and brand renamings.

Microsoft generated 67% of 2025 revenue, making customer concentration the clearest revenue vulnerability.

The filing adds new risks regarding backlog realization and artificial intelligence. Trade policy risks are updated to reflect the current administration's tariffs.

Archer Aviation faces heavy risks around certifying its eVTOL aircraft with the FAA and launching early operations at Hawthorne Airport. Cumulative net losses reached $2.3 billion by December 31, 2025, increasing the need for additional capital.

ACMR faces heavy geographic, customer, and regulatory concentration risks around China operations, export controls, and supply chain dependencies.