Risk factors

Transcode Therapeutics acquired Polynoma in October 2025, adding Seviprotimut-L and new pipeline assets while taking on integration and financing risks.

Ryvyl shifted its focus toward a merger with RTB Digital after selling its European segment for $17.5 million in 2025 net losses.

Severe capital shortages left the company with $442,732 in 2025 revenues and no sales after March.

The business depends on PCCU, cannabis-industry lending, and the Second Amended CAA’s economics and indemnification obligations.

The company completed a pivot into cryptocurrency trading, replacing hardware and mobile device risks with digital asset market risks. Financial distress is severe, carrying a going concern warning and three recent reverse stock splits. Compliance failures include dropping below Nasdaq's $2.5 million stockholders equity minimum in August 2025.

Solidion's net losses grew significantly, with 2024 losses rising to $32.4 million and 2025 losses reaching $41.0 million. The company added dilution risks from future equity issuance while dropping controlled company governance disclosures.

SurgePays faces Nasdaq delisting risks due to falling below the $35,000,000 minimum market value requirement.

Traws Pharma dropped merger-related integration risks following its past combination with Trawsfynydd. Financial disclosures updated to reflect net income of $9.2 million for 2025 due to warrant liability changes. Outstanding warrants and Series C preferred stock conversion figures were revised downwards.

Voting control by officers and directors dropped from 66.3% to 49.5%.

Texas Ventures Acquisition III Corp is a blank check company seeking an initial business combination, currently in discussions with TMTG regarding a potential spin-off of Truth Social into SpinCo.

Veea faces significant equity dilution and stock price pressure from massive warrant exercises totaling approximately 55,530,532 shares.

Going concern doubts are now driven by the upcoming November 2026 Convertible Notes maturity rather than general debt service. Net losses escalated to $111.7 million in fiscal 2025 with accumulated deficit reaching $579.0 million. International footprint expanded to include the UK, Europe, Israel, Australia, and India.