Risk factors

New risks emphasize third-party manufacturing compliance, acquisition integration, and AI-related confidentiality and cybersecurity exposure.

Concentra faces new risks regarding physician equity structures and 2024 election regulatory shifts affecting workers compensation revenue. Economic downturns, debt covenants, spin-off tax liabilities, and Sarbanes-Oxley compliance introduce further exposure.

Tariff, quota, and trade-agreement risks now specifically include the scheduled 2026 USMCA review and potential North American supply-chain disruption.

Coupang added new risk disclosures around payment processing fees, labor cost pressures in Korea, and intellectual property liabilities.

Customer concentration exposes revenues to a few key counterparties, while upcoming expansion projects face funding, EPC, and trade policy hurdles.

Variable debt increased significantly to $1,150 million, raising interest rate sensitivity. International sales share declined from 43.2% to 41%. Segment names updated from A&E to AAT.

Risk 16 was updated to address potential competitive threats and operational uncertainties from new technologies like AI and machine learning.

Crinetics transitioned to a commercial-stage company following FDA approval of PALSONIFY for acromegaly in September 2025. Financial success now heavily relies on successfully launching and commercializing PALSONIFY and advancing pipeline assets like atumelnant. The company faces ongoing reliance on third-party manufacturers without redundant supply arrangements for key raw materials.

Cronos restructured operations by exiting U.S. markets, ending Winnipeg fermentation, and scaling back Peace Naturals.

Conversion-related risks now dominate, including costs, failed or delayed domicile changes, share volatility, tax exposure, and PFIC consequences.

AI regulation, especially the EU AI Act, is newly identified as a material operational and compliance risk.

Regulatory exposure broadened to FDA authorization, LDT legislation, QMSR, agency disruptions, tariffs and shifting government policy.