Risk factors

Atea Pharmaceuticals is a clinical-stage antiviral company relying primarily on the development of the bemnifosbuvir and ruzasvir regimen for HCV.

Precision medicine oncology development targeting genetically defined cancers using the MAP drug discovery engine dominates the business.

The company relies heavily on government healthcare programs like Medicare and Medicaid for its revenue.

Commercial real estate loans heavily concentrate in multifamily and nonfarm nonresidential properties totaling $2.65 billion. Operations focus geographically on the Twin Cities MSA. Wholesale non-core funding relies on brokered deposits and FHLB advances.

Geographic loan concentration in Pennsylvania, Ohio, New York, and Virginia drives regional economic exposure.

Cherry Hill Mortgage Investment Corp transitioned to a self-managed company on November 14, 2024, eliminating quarterly management fees. Operations are heavily exposed to interest rate volatility, mortgage servicer performance, and repurchase agreement financing risks.

Clarus relies heavily on foreign manufacturing, international sales, key retail partners like REI, and successful execution of its acquisition-driven growth strategy.

Clinical development relies heavily on unproven PROBODY platforms and single-source foreign contract manufacturers. Collaborations with partners like Amgen, AbbVie, Regeneron, and Moderna drive key pipeline programs. Operations are concentrated in South San Francisco with key patent dependencies on Amgen, ImmunoGen, and UCSB.

Contineum Therapeutics faces heavy concentration risks on its lead drug candidates PIPE-791 and PIPE-307. The company relies heavily on third-party manufacturers, clinical research organizations, and its J&J collaboration agreement.

Cyngn faces substantial going concern doubt with a $189.3M accumulated deficit and $29.3M net loss in 2024. The company has a non-compliance notice from Nasdaq for failing the $1.00 minimum bid price. Commercialization of autonomous driving software for industrial stockchasers and tuggers is unproven and capital-intensive.

Citizens Financial Services relies heavily on geographic concentrations in Pennsylvania and New York, significant agricultural lending exposures, and commercial real estate.

Delcath depends heavily on commercializing HEPZATO and CHEMOSAT for treating liver cancer.