Risk factors

Top ten customers now provide 77% of revenue, up from 71%, increasing dependence on a few accounts.

Inhibrx Biosciences faces commercialization risks for ozekibart in chondrosarcoma without prior marketing experience.

Company is a blank check company formed to complete an initial business combination.

This newly formed blank check company focuses on consummating an initial business combination, relying heavily on the Rice family and management's expertise. Risks highlight potential lack of shareholder votes, massive warrant dilution, and conflicts of interest among officers.

Kohl's expanded disclosures on tariff volatility, tax exposure, and AI implementation risks.

Development risks for Thacker Pass and partner influence from GM and DOE dominate the risk profile. Financing needs and share dilution risks increased significantly this year.

Chicago Atlantic BDC expanded its risk disclosures following significant portfolio growth and loan acquisitions. Risks center heavily on lower-middle market debt, esoteric lending, and cannabis industry compliance under federal law.

Cash of $136.9 million plus $107.6 million from a February 2026 offering funds operations into the second quarter of 2027. Net operating loss carryforwards increased from $198.2 million to $349.9 million. Regulatory risks center on the development and commercialization of lead candidate nomlabofusp for Friedreich's ataxia.

Acquisition integration risks emerge as Intuitive Machines incorporates Lanteris following its January 2026 purchase. Convertible notes issuance introduces financial dilution, conversion, and counterparty risks from capped call transactions. U.S. government reliance continues under new efficiency initiatives and shifting budget priorities.

Mustang Bio faces heightened regulatory, pricing, and funding scrutiny under government policies like the ACA, IRA, and Medicaid rebate changes. The company completed a public offering and reverse stock split to regain compliance with Nasdaq listing rules. Cybersecurity, third-party reliance, and climate-related operational disruptions remain critical risk themes.

Ability’s insurance and reinsurance operations dominate, especially reserve adequacy, claims assumptions, interest spreads, credit losses and regulatory capital.

New compliance and financial control risks highlight internal control remediation efforts and foreign corruption laws following recent investigations. Tariff disclosures were updated to reflect recent 2025 announcements and specific duties on Chinese packaging, bands, and jewelry.