Risk factors

Victoria's Secret sharpened its focus on retail fleet execution, labor recruitment constraints impacting store growth, and brand equity protection.

York Space Systems is highly dependent on the Space Development Agency for the vast majority of its revenue and backlog.

Company dropped four risks including M&A integration and credit covenants, while updating details on its press release distribution revenue concentration and the Compliance business sale.

Acrivon Therapeutics faces new risks from evolving laboratory developed test regulations, FDA and SEC disruptions, and healthcare promotional law enforcement. The company updated its risk disclosure to reflect the May 2025 federal court ruling vacating the FDA rule on LDTs. Companion diagnostic dependencies and regulatory shifts remain critical hurdles for commercializing its pipeline.

Supply chain dependencies on critical vehicle components and raw materials drive operational risks for specialty equipment manufacturing. Growth strategies rely heavily on acquisitions, EV technology integration, and navigating complex regulatory and government funding environments. Debt obligations and credit facility covenants create financial exposure alongside traditional cyclical market pressures and international trade exposures.

Alumis integrated the ACELYRIN acquisition, adding $51.0 million in IPR&D intangible assets and scaling personnel to 224 employees.

Assembly Biosciences added specific risks regarding US government shutdowns delaying international clinical sample customs clearance. Manufacturing reliance on third-party suppliers for active pharmaceutical ingredients was newly emphasized. Gilead's ownership stake decreased from approximately 29.9% to 28% in the ongoing collaboration.

Bitcoin treasury strategy now dominates risk disclosures, with approximately 7,627 bitcoin held as of December 31, 2025.

Aveanna Healthcare added new risks regarding CMS rate cuts, cyberattacks, public health emergencies, and common stock dilution.

Avalon Holdings Corp dropped its out-of-state waste regulatory risk.

Liquidity and going-concern concerns dominate, with significant losses and continued dependence on external financing.

Manufacturing equipment breakdowns, reliance on Ameluz patents, and new trade tariff vulnerabilities dominate this risk section.