Risk factors

Cytosorbents faces intense regulatory setbacks with FDA and Health Canada denials for DrugSorb-ATR.

Curanex Pharmaceuticals focuses entirely on developing its lead botanical drug candidate, Phyto-N, after halting health product sales in 2023. The company faces a Nasdaq minimum bid price deficiency, key patent expirations, and heavy insider control by founders.

Added geopolitical instability in the Middle East as an economic factor affecting product demand. Personnel hiring and retention risks remain unchanged.

Recurring net losses reached $13.5 million in 2025, and CXApp may need additional financing to continue operating and grow.

Tariff policy changes and U.S. Supreme Court IEEPA rulings introduced cost uncertainties. VIP membership dropped to 30.0 million, though generating 89% of retail sales. Artificial intelligence tools and payment processing risks were added.

The company transitioned its business model to focus on a SOL digital asset treasury strategy. Operations now face heavy exposure to Solana network volatility, validator centralization, and crypto regulatory uncertainty. The risk profile shifts from general software and payments to cryptocurrency holding, staking, and leverage risks.

Dragonfly Energy faces continued Nasdaq delisting risks due to minimum bid price issues.

PMGC transitioned from a skincare firm into a diversified holding company acquiring manufacturing, packaging, and biotech businesses. Operating cash burn significantly exceeds revenue, requiring heavy reliance on equity purchase facilities. Assets and subsidiary equity are pledged as collateral to Streeterville Capital under financing agreements. Frequent reverse stock splits reflect severe downward pressure on common stock and low liquidity.

The company regained compliance with Nasdaq equity and bid price requirements, leading to the removal of delisting risk.

Dropping redundant custody, liability, and illicit activity risk factors simplified the filing.

The company faces commercialization, scaling, and regulatory hurdles for its lead nutraceutical product, NCT. Reliance on a single facility, third-party manufacturers, and significant insider ownership continue to pose operational risks. Total grant funding grew to $17,697,378 by the end of 2025.

The Fund experiences extreme volatility, regulatory uncertainty, and dependence on digital asset networks, Coinbase as custodian, and the Underlying Index.