Risk factors

SharpLink faces ongoing operating losses, liquidity issues, and substantial doubt about its ability to continue as a going concern. The company relies heavily on a few large partners in the competitive online sports betting and iGaming markets. Regulatory approvals across 18 U.S. states and Nasdaq minimum bid price compliance are critical for ongoing operations.

The company relies heavily on a small group of top clients and international RPO operations across sixteen countries. Profitability faces pressure from intense competition, historical operating losses, and strict debt covenants. Growth depends on executing strategic initiatives, managing acquisitions, and adopting new technologies safely.

The company relies on sales of its novel robotic magnetic navigation systems, which face slow hospital adoption and high capital costs.

Terra Property Trust faces concentrated geographic risks in California, New York, and Texas real estate markets. The company relies heavily on its external Manager for investment decisions and loan underwriting. No public market for common stock currently exists, creating liquidity risks for investors.

TrustCo Bank Corp is heavily exposed to residential real estate loans, which comprise 94.1% of its portfolio. The risk section is dominated by macroeconomic factors, credit risk, regulatory compliance, and cybersecurity threats.

WEYCO GROUP INC relies entirely on independent foreign manufacturers in China and India without long-term contracts. The company faces heavy risks from ocean freight logistics disruptions and raw material costs. Leadership is concentrated heavily in the Florsheim family.

AI deployment and changing AI rules are prominent risks as EverCommerce invests across its business.

Healthcare regulation, privacy, cybersecurity, and technology-integration failures dominate Phreesia’s risk disclosures.

International exposure dominates: 63% of fiscal 2024 sales were outside the U.S., including 23% to China.

Actuate Therapeutics has a limited operating history with no commercial products and faces going concern risks with only $8.6 million in cash.

Advanced Flower Capital Inc. faces significant business concentration and legal risks centered on debt financing to the state-legalized cannabis industry. Federal prohibition of cannabis, borrower defaults, illiquid loans, and difficult insurance access dominate the company's risk profile.

Akebia Therapeutics faces significant financial risks centered on the ongoing commercialization and profitability of its core products, Auryxia and Vafseo. The company relies heavily on debt facilities with restrictive covenants, such as the BlackRock credit agreement, and depends on favorable reimbursement policies and successful clinical and regulatory execution.