Risk factors

Amprius relies heavily on unproven high-volume manufacturing lines and third-party partners like Berzelius for its silicon anode batteries. Financial losses are ongoing, with net losses reaching $44.7 million in 2024 against $24.2 million in revenue. Scaling operations requires massive capital, facility expansion in Fremont and Brighton, and strict safety management against thermal runaway risks.

Alto Neuroscience relies on its unproven precision psychiatry platform, clinical trials for pipeline drugs like ALTO-100 and ALTO-101, and extensive patent protections.

Operating performance depends heavily on real estate market conditions, tenant demand, and leasing success across properties.

Assembly Biosciences faces intense reliance on its October 2023 Gilead collaboration agreement for clinical development and commercialization funding. The company has a history of operating losses, depends on third-party manufacturers and CROs, and operates in competitive markets covering HBV, HDV, and recurrent genital herpes.

Academy's risks are dominated by supply chain vulnerabilities in China and Asia, reliance on southern US regional economies, and heavy debt obligations.

Autolus is an early commercial-stage biopharmaceutical company focused on developing and commercializing engineered T cell therapies like AUCATZYL. The company has incurred significant cumulative losses, including $220.7 million in 2024, and requires substantial additional funding. Operations face heavy regulatory, clinical development, manufacturing, and international risks across the UK, US, and EU.

Avalo Therapeutics focuses heavily on developing its lead biologic asset AVTX-009 for hidradenitis suppurativa.

Dual-class voting structure secures management control and anti-takeover provisions protect against unwanted acquisitions. Operations depend heavily on out-of-state waste brokerage and single-customer captive landfill management. Golf and hospitality operations rely on annual memberships, liquor licenses, and variable commodity costs.

Substantial doubt exists regarding the company's ability to continue as a going concern, with accumulated deficits reaching $117.4 million by the end of 2024.

Concentration in Sunbelt and Western residential rental markets dominates the risk profile alongside general macroeconomic and real estate volatility.

BioAge Labs relies heavily on the success of its lead metabolic and obesity drug candidate, BGE-102. The company faces high clinical trial risks and intense competition in the obesity therapeutics space. Operations depend entirely on third-party manufacturers, patent protection, and ongoing capital raises to fund unprofitability.

Bakkt relies heavily on crypto asset transactions, third-party custody solutions, and navigating evolving regulatory frameworks.