Risk factors

Earnings are subject to interest rate risk driven by macroeconomic factors and Federal Reserve monetary policy.

Aluminum tariffs increased to 50% in 2025, heightening inventory deflation risks.

Ibotta reports declining revenue and ad revenue drops due to fewer redeemers on D2C properties, alongside new securities litigation risks.

The company streamlined its risk disclosures by removing pandemic-related concerns.

Clinical trial execution and delays dominate risks. Nasdaq minimum bid price compliance threatens listing. Capital raises cause significant dilution.

Indivior restructured operations, incurring $127 million in exit costs while centralizing international focus on Australia, Canada, France, and Germany.

Customer concentration intensified as a single DDS segment customer grew to account for 58% of total revenues.

Internal-control and reporting risks are newly emphasized, including inability to produce timely, accurate GAAP financial statements.

AI use is newly identified as a business, competitive, legal, regulatory, and reputational risk.

Disc Medicine faced a major setback when the FDA issued a Complete Response Letter (CRL) for bitopertin in EPP and XLP.

Linzess is subject to Medicare price negotiations setting a net price of $136 effective January 1, 2027. Apraglutide development and VectivBio integration carry significant regulatory and operational execution risks. Indebtedness stands at $585.0 million with $215.5 million in cash.

Janux holds $966.6 million in cash as of December 31, 2025, down from $1.0 billion previously.