Risk factors

Zymeworks is shifting toward an unproven royalty-driven asset aggregation strategy through partnering and potential acquisitions. Regulatory approvals for Ziihera expanded across the U.S., China, and Europe. Loan agreements with Royalty Pharma restrict actions regarding Ziihera and Jazz/BeOne collaborations.

Long-term debt decreased to $200.0 million from $275.0 million. Top client revenue concentration shifted slightly to 14% from 13%. Asset concentration across top strategies expanded to five strategies totaling $81 billion.

Arbor Realty Trust faces new stock volatility risks tied to active securities class action litigation.

Arcosa added risks regarding AI adoption, accounting estimates, and July 2025 tax legislation roll-backs affecting clean energy incentives like Arcosa Wind Towers.

Acadia Healthcare faces severe leadership instability with CEO, CFO, and COO departures reported in late 2025 and early 2026. Debt levels rose to $2.5 billion, driven by new senior notes and credit facilities. Heavy revenue reliance on Medicare and Medicaid remains at 72%.

Enact added a risk regarding AI and pricing scrutiny. The company dropped several risk disclosures related to loan servicers, tax rules, and cybersecurity. Existing risks regarding Genworth arrangements, legal forums, and general operations were updated or reworded.

Expansion into life and annuity reinsurance adds new longevity, mortality, lapse, and asset-liability mismatch risks.

Economic uncertainty and high interest rates threaten customer liquidity and contract assets in the MC and AEC segments. Changing consumer packaging practices reduce demand growth for paper machine clothing. The company completed its ERP upgrade and achieved CMMC Level 2 certification.

Aldeyra added 11 new risk factors focusing on FDA transparency shifts, financing dependencies on AbbVie, R&D tax changes, and cyber threats.

Align Technology faces heightened competitive, economic, and digital transformation pressures affecting Invisalign and iTero scanner sales.

New risks focus on AI/AVA accuracy, bias, privacy, cybersecurity, and evolving healthcare AI rules.

Export revenues fell to 73% of total coal revenue in 2025.