Risk factors

Railroad consolidation risks were added, noting potential threats to unit train transport and shipping efficiency across operating sites.

Syndax transitioned to a commercial-stage company, launching Revuforj in November 2024 and Niktimvo in February 2025.

Trade-policy risk broadened to 2025 tariffs, retaliatory measures, and USMCA changes affecting prices, costs, customers, and international sales.

Spok Holdings added explicit mention of Section 382 IRC limits and expiration risks to its deferred tax assets. Trade disputes and tariffs were added to macroeconomic risk factors. Third-party IT security disclosures were tightened to note a lack of control over vendor security systems.

Cybersecurity and data governance are separated into distinct risks as digitalization, AI, grid networking and California data disclosures expand exposure.

Backlog increased from $1.69 billion to $3.01 billion, while the filing stresses that backlog may not convert to revenue or earnings.

Interest rate volatility and yield curve inversions threaten net interest spread and overall profitability. Local and regional economic conditions directly impact borrowers' ability to repay credit obligations. Wealth management and trust assets under management drive non-interest income and face market fluctuation risks.

Teladoc faces increasing regulatory scrutiny on BetterHelp and AI features, corporate practice of medicine laws, and medical device tariffs.

Thryv transitioned from a net loss of $74.2 million in 2024 to net income of $0.3 million in 2025. The company is actively shifting revenue from Marketing Services solutions to the Thryv Platform SaaS solutions. Management dropped several risks related to the Keap acquisition.

Talen Energy added major acquisition risks regarding the Cornerstone transaction, including $2.55 billion in new debt and integration uncertainties. Tax attribute and public company compliance disclosures were updated to reflect specific regulatory frameworks and stock ownership thresholds.

Federal shutdown risk is now explicit, with potential delays or reductions in federal spending.

Banking-industry instability now emphasizes rapid deposit outflows, social-media rumors, market volatility, and potentially higher regulation or FDIC assessments.