Risk factors

Drug-pricing pressure is newly tied to the May 2025 U.S. most-favored-nation executive order and potential international measures.

New disclosures emphasize service uptime and cloud dependence, including an October 2025 AWS outage affecting MSAI Connect.

Neuraxis shifted from a sole manufacturer to relying on two contract manufacturers for product production. The AMA accepted a Category I CPT Code for PENFS replacing the old CAT III code, with utilization effective January 1, 2026.

Concentrated customer base and dependence on three clients driving 98 percent of revenues. Operations located in Israel heavily exposed to ongoing geopolitical and military conflicts. New tariff and tax law exposures added to the risk profile.

Plumas Bancorp completed its Cornerstone Community Bancorp acquisition, shifting its growth risk from pending merger logistics to managing integration complexity and increased size.

Pelthos Therapeutics launched ZELSUVMI for molluscum contagiosum in July 2025, shifting its risk profile from clinical development to commercialization. The risk section emphasizes commercial execution, market acceptance, gross-to-net expenses, and ongoing internal control weaknesses.

Rubrik reports full-year revenue reaching $1.32 billion for fiscal 2026, up from $886.5 million in fiscal 2025. New debt obligations, including convertible notes and capped call transactions, introduce financing, conversion, and counterparty risks. The company expanded its product offerings with Rubrik Agent Cloud (RAC) and largely completed its transition to SaaS-based Rubrik Security Cloud (RSC).

Red Cat Holdings faces ongoing net losses with an accumulated deficit of $196.8 million at December 31, 2025. The company depends heavily on U.S. government contracts and defense spending, which are subject to lengthy processes and congressional budget appropriations. Operations are exposed to intense competition in the emerging drone industry from larger enterprises and defense contractors.

Management transitions occurred with new executives replacing long-standing CEO Langan and CFO Chhay in November 2025. NASDAQ filing compliance issues emerged alongside existing material weaknesses in internal controls.

Revenue is concentrated in capacity purchase agreements with American, Delta, and United, making partner decisions and financial health central risks.

Relmada terminated the development of its primary drug candidate, esmethadone, after the Phase 3 Reliance II study failed to meet its primary efficacy endpoint. The company also dropped psilocybin development for metabolic disease and faced a Nasdaq minimum bid price deficiency. Net operating loss carryforwards increased to approximately $246,410,000 for Federal and $2,719,000 for State.

SentinelOne faces new regulatory pressures under EU DORA and Data Act requirements.