Risk factors

Wholesale concentration increased: top three customers fell to 11% of revenue but rose to 29% of gross trade receivables.

NDS acquisition adds risks around retaining key personnel and managing a much larger, more complex operation.

AI risks now cover third-party vendors, data poisoning, misuse, misinformation, and unresolved intellectual-property rights.

No risks were added, removed, or reworded in the supplied comparison.

Flex newly emphasizes Cloud and Power Infrastructure investment, the planned spin-off, AI use, and customer-driven demand and capacity exposure.

A new global ERP rollout could disrupt orders, shipments, customer support, invoicing, payments, and contractual performance.

IMVT-1402 is now the central development and commercialization focus; batoclimab development has been discontinued.

Foreign-CMO restrictions, including the BIOSECURE Act, could disrupt manufacturing, supply chains and clinical programs.

Supply-chain and distribution resilience receive standalone attention, including concentrated facilities, third-party logistics, automation, geopolitical and climate disruptions.

New risks address artificial intelligence, climate-related costs, system failures, geopolitical conflicts, and CapTrin co-investment subordination.

AI is now a prominent risk, covering expected returns, product performance, adoption, compliance, liability, and competition.

Restatement of 2023–2024 statements and late 2025 filing create disclosure, financing, Nasdaq, and investor-confidence risks.