Risk factors

Twenty One Capital holds massive amounts of Bitcoin and $486.5 million in debt, making its financial viability entirely dependent on volatile cryptocurrency prices and Tether's administrative control.

AEO added supply chain and digital marketing risks, while tightening disclosures on brand reputation and AI use in technology.

AEON Biopharma relies entirely on obtaining FDA approval for ABP-450 as a biosimilar to Botox. Development requires navigating complex 351(k) pathways, litigation risks, and strict compliance standards.

American Exceptionalism Acquisition Corp. A is a newly formed blank check company facing typical SPAC risks regarding target identification and completion.

Financial losses grew significantly with cumulative losses reaching $67.5 million in 2025 alongside continuing operating losses of $14.0 million. Revenue generation transitioned toward AI Nose related products while older revenue streams like COVID-19 tests dropped off. The risk profile expanded heavily around the commercialization, accuracy, and infrastructure dependencies of the AI Nose scent digitization platform.

The company divested its prior diagnostics business and transitioned to a digital asset-focused software strategy in Web3 and AI.

Aktis Oncology focuses on developing targeted radiopharmaceuticals, relying heavily on licensing agreements and partnerships like Eli Lilly. The company faces ongoing financial losses and relies on recent IPO proceeds to fund operations into 2029.

Akari Therapeutics increased its reported cash to $5.2 million as of December 31, 2025.

This company faces no prior year comparisons for risk factor changes in this filing period.

Aldabra 4 Liquidity Opportunity Vehicle is a blank check company seeking an initial business combination within 24 months. Operations carry typical SPAC risks including trust account vulnerabilities, potential shareholder redemptions, and complex regulatory compliance.

Annexon expanded its risk disclosures around international supply chain exposure, European pricing pressures, and foreign clinical trial data acceptance by the FDA. The company renamed ANX005 to tanruprubart and updated its NOL carryforward figures to $556.1 million in federal losses.

ARKO Petroleum Corp. depends heavily on ARKO Parent for customer revenue, shared leases, and overall corporate control.