Risk factors

Net losses deepened to $969.6 million in 2025, while common stock outstanding grew to 339.4 million shares. Manufacturing remains concentrated in Turtle Creek, Pennsylvania, pending the 2026 opening of Warrendale.

EPAM highlights rising competitive threats from client adoption of AI and automated development tools. Geopolitical uncertainties, macroeconomic pressures, and US trade policies impacting offshore operations remain prominent risks.

EPR Properties faces new risks from trade tariffs impacting construction materials and consumer spending, alongside tax uncertainties and AI adoption.

New risks emphasize acquisitions, AI adoption, supplier dependence, talent shortages, geopolitical volatility, and U.S. government contracting.

Edgewise Therapeutics highlights clinical trial execution risks for lead candidates sevasemten and EDG-7500. New disclosures address foreign regulatory hurdles, international trial locations, and updated U.S. tax legislation.

Expensify added risks regarding travel payment fraud and general cybersecurity exposures for customer and employee data. The company updated AI regulations to detail state-level automated decision-making laws and expanded third-party vendor dependencies for Expensify Travel. Credit facility terms were adjusted, reducing the revolving line of credit to a $7.5 million standby letter of credit.

Tax obligations increased after fully utilizing net operating loss carryforwards in 2023. Artificial intelligence compliance and government procurement risks were added. Third-party cloud providers and vendor climate risks were expanded.

Clinical trial delays and investigator inexperience with CAR-T therapies pose major hurdles for FATE's pipeline.

The risk profile updates focus heavily on emerging generative AI liabilities, changing trade tariffs, and leadership transitions involving major shareholders.

FTI Consulting added risks regarding social media misuse and refinancing uncertainty under its existing credit facility.

Geographic premium concentration shifted, with California, Florida, Pennsylvania, Texas, and New Jersey now representing 40% of premiums. The end of the tax sharing agreement with FNF starting in 2026 was disclosed. New risks highlight U.S. government shutdowns and ERISA rules.

First Horizon faces intensified competitive, regulatory, and credit risks as it approaches the $100 billion asset threshold. Artificial intelligence integration and regional economic exposures significantly shape the bank's updated risk landscape.