KYNB on Nasdaq

KYNTRA BIO, INC.

KYNTRA BIO, INC. is a pharmaceutical preparations company, listed on Nasdaq (KYNB).1 It is headquartered in San Francisco, California.1

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Last updated Oct 21, 2026.

Overview

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  • TickerKYNB on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersSan Francisco, California1
  • Business address350 Bay Street, Suite 100 #6009, San Francisco, Ca 941332
  • Filer categoryNon-accelerated filer, Smaller reporting company2

Kyntra Bio, Inc. (“Kyntra Bio” or the “Company”) is a biopharmaceutical company focused on development of novel therapies at the frontiers of cancer biology and anemia.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-712.7%Operating margin5
2848.6%Net margin5
-78.3%Revenue growth, 20255
-$4.8MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Drug Product Revenue brought in 91% of the revenue KYNTRA BIO, INC. broke down this way in fiscal 2025.

  1. Drug Product Revenue$5.8M591%down 79% from 2024
  2. Other Revenue - Contract Manufacturing$592.0K59%down 70% from 2024
Products and services by year
Products and services20242025
Drug Product Revenue$27.7M$5.8M
Other Revenue - Contract Manufacturing$1.9M$592.0K

Regions

Europe brought in 88% of the revenue KYNTRA BIO, INC. broke down this way in fiscal 2025.

  1. Europe$5.6M588%down 10% from 2024
  2. Japan$797.0K512%up 128% from 2024
Regions by year
Regions20242025
Europe$6.3M$5.6M
Japan-$2.9M$797.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue0¢$556.0K
  • Research and development10¢$23.5M
  • Selling, general and admin11¢$27.7M
  • Interest4¢$8.8M
  • Income tax0¢$90.0K
  • Profit75¢$183.5M

Out of $6.4M in revenue.5

Financial statements

Revenue67895$6.4M in 2025−97% since 2019
0$100.0M$200.0M$300.0M2019: $256.6M$256.6M20192020: $176.3M$176.3M2020−31%2021: $235.3M$235.3M2021+33%2022: $140.7M$140.7M2022−40%2023: $46.8M$46.8M2023−67%2024: $29.6M$29.6M2024−37%2025: $6.4M$6.4M2025−78%
Operating income67895-$45.9M in 2025−49% since 2019
-$400.0M-$300.0M-$200.0M-$100.0M02019: -$89.3M-$89.3M20192020: -$191.9M-$191.9M2020+115%2021: -$288.5M-$288.5M2021+50%2022: -$301.0M-$301.0M2022+4%2023: -$322.7M-$322.7M2023+7%2024: -$150.4M-$150.4M2024−53%2025: -$45.9M-$45.9M2025−69%
Net income67895$183.5M in 2025
-$400.0M-$200.0M0$200.0M2019: -$77.0M-$77.0M20192020: -$189.3M-$189.3M2020+146%2021: -$290.0M-$290.0M2021+53%2022: -$293.7M-$293.7M2022+1%2023: -$284.2M-$284.2M2023−3%2024: -$47.6M-$47.6M2024−83%2025: $183.5M$183.5M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Total revenue$6.4M$29.6M
Cost of goods sold$556.0K$15.6M
Research and development$23.5M$95.7M
Selling, general and administrative$27.7M$49.3M
Restructuring charge$553.0K$19.5M
Total operating costs and expenses$52.3M$180.0M
Loss from operations-$45.9M-$150.4M
Interest expense-$8.8M-$8.2M
Loss on debt extinguishments-$6.6M$0
Interest income and other income (expenses), net$2.9M$5.3M
Total interest and other, net-$12.4M-$3.0M
Loss from continuing operations before income taxes-$58.3M-$153.4M
Benefit from income taxes-$90.0K-$269.0K
Loss from continuing operations-$58.2M-$153.1M
Income from discontinued operations, net of tax$241.7M$105.5M
Net income (loss)$183.5M-$47.6M
Loss from continuing operations per share - basic-$14-$38
Loss from continuing operations per share - diluted-$14-$38
Income from discontinued operations per share - basic$60$26
Income from discontinued operations per share - diluted$60$26
Net income (loss) per share - basic$45.37-$11.89
Net income (loss) per share - diluted$45.37-$11.89
Basic4.0M shares4.0M shares
Diluted4.0M shares4.0M shares

Compare KYNTRA BIO, INC. with another company

Corporate structure

KYNTRA BIO, INC. sits at the top of its group. 6 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of KYNTRA BIO, INC.

  • KYNTRA BIO, INC. San Francisco, California
    • FibroGen China Anemia Holdings, Ltd. Subsidiary · Cayman Islands
    • FibroGen Europe Oy Subsidiary · Finland
    • FibroGen International (Cayman) Limited Subsidiary · Cayman Islands
    • FibroGen INTL LLC Subsidiary · Delaware, United States
    • Skin Sciences, Inc. Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What KYNTRA BIO, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$09 Dec 31, 2024$117.7M9 Dec 31, 2023−100.0%
Accumulated depreciation$09 Dec 31, 2024$113.0M9 Dec 31, 2023−100.0%
Property and equipment, net$09 Dec 31, 2024$4.8M9 Dec 31, 2023−100.0%
Finance-lease assets$97.0K9 Dec 31, 2024$132.0K9 Dec 31, 2023−26.5%
Operating-lease assets (leased space)$09 Dec 31, 2024$64.9M9 Dec 31, 2023−100.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$47.9M5 Dec 31, 2025$50.5M5 Dec 31, 2024−5.2%
Marketable securities, current$41.1M5 Dec 31, 2025$05 Dec 31, 2024
Debt securities available for sale$61.3M5 Dec 31, 2025$121.9M9 Dec 31, 2023−49.7%
Long-term investments$20.2M5 Dec 31, 2025$05 Dec 31, 2024

Inventory

ItemLatestA year beforeChange
Inventory, total$3.7M5 Dec 31, 2025$3.2M5 Dec 31, 2024+18.6%
Raw materials$09 Dec 31, 2024$787.0K9 Dec 31, 2023−100.0%
Work in process$3.2M9 Dec 31, 2024$16.4M9 Dec 31, 2023−80.7%

Properties, in its own words

We do not own or lease any physical properties. We currently operate in a fully remote environment, which we believe, combined with contracted services, is sufficient for our operations.

Item 2 of the 10-K filed Mar 16, 2026.4

Leadership

Who has led KYNTRA BIO, INC., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (25)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • FibroGen China Anemia Holdings, Ltd. Cayman Islands3
  • FibroGen Europe Oy Finland3
  • FibroGen INTL LLC Delaware, USA3
  • FibroGen International (Cayman) Limited Cayman Islands3
  • Skin Sciences, Inc. Delaware, USA3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • FIBROGEN INCAug 14, 2002 to Jan 7, 20262

Timeline

  1. Oct 6, 20268-K Listing notice or transfer44
  2. Oct 1, 20268-K Executive or director change45
  3. Aug 31, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure46
  4. Aug 13, 20268-K Results of operations47
  5. Jun 16, 20268-K Shareholder vote48
  6. Jun 9, 20268-K Other events49
  7. May 11, 20268-K Results of operations50
  8. Apr 9, 20268-K Listing notice or transfer51
  9. Mar 16, 20268-K Results of operations52
  10. Jan 7, 20268-K Bylaws or fiscal year changed; Other events53
  11. Nov 10, 20258-K Results of operations54
  12. Nov 6, 20258-K Other events55
  13. Sep 8, 2023New chief executive Thane Wettig becomes CEO13
  14. Jan 8, 2020New chief executive Enrique A. Conterno becomes CEO14
  15. Sep 20, 2019New chief executive James A. Schoeneck becomes CEO15
  16. Nov 13, 2014New chief executive Thomas B. Neff becomes CEO16

Calendar

Coming up

  1. Nov 9, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($1.61) a share, on Nov 10, 2025.56

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results47
  2. May 11, 2026Reported quarterly or annual results50
  3. Mar 16, 2026Reported quarterly or annual results52
  4. Nov 10, 2025Reported quarterly or annual results54
  5. Aug 11, 2025Reported quarterly or annual results57
  6. May 12, 2025Reported quarterly or annual results58
  7. Mar 17, 2025Reported quarterly or annual results59
  8. Feb 20, 2025Reported quarterly or annual results60

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

342 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 62 major events, 176 insider forms, 32 large holders, 51 other. The latest 20:

  1. Oct 6, 20264 EDGAR
  2. Oct 6, 20263 EDGAR
  3. Oct 6, 20268-K EDGAR
  4. Oct 1, 20268-K EDGAR
  5. Sep 9, 20264 EDGAR
  6. Sep 9, 20264 EDGAR
  7. Aug 31, 20268-K EDGAR
  8. Aug 14, 2026SCHEDULE 13G/A EDGAR
  9. Aug 13, 202610-Q EDGAR
  10. Aug 13, 20268-K EDGAR
  11. Jun 17, 20264 EDGAR
  12. Jun 17, 20264 EDGAR
  13. Jun 17, 20264 EDGAR
  14. Jun 17, 20264 EDGAR
  15. Jun 16, 20268-K EDGAR
  16. Jun 9, 20264 EDGAR
  17. Jun 9, 20264 EDGAR
  18. Jun 9, 20268-K EDGAR
  19. May 19, 20264/A EDGAR
  20. May 18, 20264 EDGAR

The 342 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

58 open-market trades by officers, directors and large owners since October 2021: 10 buys and 48 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 14, 2026Wettig ThaneCEOBuy2,800$7.09$19.9KForm 4
May 14, 2026Wettig ThaneCEOBuy2,800$7.09$19.9KForm 4
Nov 17, 2025Wettig ThaneCEOBuy2,700$9.10$24.6KForm 4
Nov 13, 2025Wettig ThaneCEOBuy1,000$9.18$9.2KForm 4
Jun 30, 2025Schoeneck James ADirectorBuy23,567$5.07$119.5KForm 4
Mar 24, 2025Wettig ThaneCEOBuy145,000$0.35$50.8KForm 4
Mar 21, 2025Schoeneck James ADirectorBuy50,000$0.34$17.0KForm 4
Mar 20, 2025Schoeneck James ADirectorBuy250,000$0.35$87.5KForm 4
Jun 12, 2024Adib DeyaaChief Medical OfficerBuy22,123$1.17$25.9KForm 4
Mar 7, 2024Wettig ThaneCEOBuy50,000$1.91$95.5KForm 4
Sep 1, 2023Henderson Jeffrey WilliamDirectorSale2,000$1.03$2.1KForm 4
Aug 4, 2023Henderson Jeffrey WilliamDirectorSale2,000$1.91$3.8KForm 4
Jul 11, 2023Henderson Jeffrey WilliamDirectorSale2,000$2.69$5.4KForm 4
Jul 7, 2023Conterno Enrique AChief Executive OfficerSale1,880$2.80$5.3KForm 4
Jun 23, 2023Wettig ThaneCEOSale791$16.53$13.1KForm 4
Jun 14, 2023Chung ChristineSVP, CHINA OPERATIONSSale6,250$16.79$104.9KForm 4
Jun 13, 2023Chung ChristineSVP, CHINA OPERATIONSSale6,250$17.60$110.0KForm 4
Jun 9, 2023Cravatt BenjaminDirectorSale3,944$17.17$67.7KForm 4
Jun 9, 2023Brennan AoifeDirectorSale4,733$17.19$81.4KForm 4
Jun 9, 2023Blaug SuzanneDirectorSale8,520$17.20$146.6KForm 4

All 58 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Thane Wettig61$665.0K$2.1M68
2025Christine L. Chung$515.0K$1.2M68
2025David DeLucia37$450.0K$1.1M68
2024Chief Executive Officer$665.0K$2.6M68
2024former Senior Vice PresidentChina Operations$515.0K$1.2M68
2024Chief Financial Officer$393.5K$686.2K68

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 27. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Armistice Capital, LLC400,000$3.0M0.1%No change
Vanguard Capital Management LLC159,950$1.2M0.0%+3,343
BlackRock, Inc.84,330$636.7K0.0%−1
Geode Capital Management, LLC43,219$326.4K0.0%−2,779
HighTower Advisors, LLC39,746$300.1K0.0%+2
Two Sigma Investments, LP39,511$298.3K0.0%−10,000
Renaissance Technologies LLC27,081$204.5K0.0%−400
Vanguard Fiduciary Trust Co24,105$182.0K0.0%+163
Birchview Capital, LP22,566$170.4K0.1%No change
State Street Corp20,284$153.1K0.0%No change
UBS Group AG7,857$59.3K0.0%−19,734
Group One Trading LLC4,406$33.3K0.0%−86
Vanguard Global Advisers, LLC1,424$10.8K0.0%No change
Tower Research Capital LLC (TRC)1,113$8.4K0.0%+781
Axiom Investment Management LLC704$5.3K0.0%No change
Morgan Stanley487$3.7K0.0%−1
Harbour Investments, Inc.200$1.5K0.0%No change
National Bank Of Canada /fi/193$1.4K0.0%No change
Osaic Holdings, Inc.182$1.4K0.0%+2
SBI Securities Co., Ltd.152$1.1K0.0%No change
Royal Bank Of Canada138$1.0K0.0%+1
Acadian Asset Management LLC105,585$7950.0%No change
Bnp Paribas Financial Markets46$3470.0%−4
Gsa Capital Partners Llp15,697$1190.0%New
Jpmorgan Chase & Co12$880.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How KYNTRA BIO, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARKYNTRA BIO, INC.1
  • CIK0000921299
  • Employer ID (EIN)77-03578274
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address350 Bay Street, Suite 100 #6009, San Francisco, CA 941331
  • Phone415-978-12001
  • Shares outstanding4,049,124 as of Jul 31, 202611
  • Public float$21.0M as of Jun 30, 20254
  • AuditorPricewaterhouseCoopers LLP, Irvine, California PCAOB ID 238; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 14, 20021
  • Filings1,184 in all: 4 (709), 8-K (178), SC 13G/A (41), 10-Q (35), 3 (31), 144 (18), CT ORDER (18), DEFA14A (13)1
    All 41 form types

    10-K (12), DEF 14A (12), UPLOAD (12), CORRESP (11), SC 13G (10), 4/A (9), SCHEDULE 13G/A (9), REGDEX (8), S-8 (8), 424B5 (5), 5 (5), ARS (5), S-1/A (5), 3/A (4), DRS/A (3), S-3ASR (3), DRSLTR (2), EFFECT (2), SEC STAFF LETTER (2), 10-K/A (1), 10-Q/A (1), 424B4 (1), 5/A (1), 8-A12B (1), 8-K/A (1), CERTNAS (1), D (1), DRS (1), PRE 14A (1), REGDEX/A (1), S-1 (1), S-1MEF (1), S-3 (1)

  • Latest filingsAnnual report (10-K) Mar 16, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 27, 2026
    Latest 8-K (8-K) Oct 6, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par valueKYNBThe Nasdaq Global Select Market

From the cover page of the 10-K filed Mar 16, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks KYNTRA BIO, INC. names in Item 1A of its 10-K filed Mar 16, 2026: 56 risks under these headings, as written.4

  • Risks Related to the Development and Commercialization of Our Product Candidates
  • We are substantially dependent on the success of our lead products roxadustat and FG-3246 (in conjunction with our PET (as defined below) imaging agent FG-3180).
  • Drug development and obtaining marketing authorization are very difficult endeavors, and we may ultimately be unable to obtain regulatory approval for our various product candidates in one or more jurisdictions and in one or more indications.
  • Preclinical, Phase 1, and Phase 2 clinical trial results may not be indicative of the results that may be obtained in larger clinical trials.
  • We do not know whether our ongoing or planned clinical trials will need to be redesigned based on interim results or if we will be able to achieve sufficient patient enrollment or complete planned clinical trials on schedule.
  • Our product candidates may cause or have attributed to them undesirable side effects or have other properties that delay or prevent their regulatory approval or limit their commercial potential.
  • Clinical trials of our product candidates may not uncover all possible adverse effects that patients may experience.
  • If our manufacturers or we cannot properly manufacture the appropriate volume of product, we may experience delays in development, regulatory approval, launch or successful commercialization.
  • Regulatory authorities will do their own benefit risk analysis and may reach a different conclusion than we or our partners have, and these regulatory authorities may base their approval decision on different analyses, data, and statistical methods than ours.
  • We face substantial competition in the development and commercialization of product candidates.
  • Our product candidates may not achieve adequate market acceptance among physicians, patients, healthcare payors, and others in the medical community necessary for commercial success.
  • No or limited reimbursement or insurance coverage of our approved products, by third-party payors may render our products less attractive to patients and healthcare providers.
The other 45 risks
  • Risks Related to Our Reliance on Third Parties
  • If our collaborations were terminated or if our partners were unwilling or unable to contribute or participate in the collaborations, our ability to successfully develop and commercialize the relevant product candidate could suffer.
  • If our preclinical and clinical trial contractors do not properly perform their agreed upon obligations, we may not be able to obtain or may be delayed in receiving regulatory approvals for our product candidates.
  • We currently rely, and expect to continue to rely, on third parties to conduct many aspects of our product manufacturing and distribution, and these third parties may terminate these agreements or not perform satisfactorily.
  • We may have shortfalls, delays, or excesses in manufacturing.
  • Certain components of our products are acquired from single-source suppliers or without long-term supply agreements. The loss of these suppliers, or their failure to supply, would materially and adversely affect our business.
  • Risks Related to Our Intellectual Property
  • If our efforts to protect our proprietary and exclusively licensed technologies are not adequate, we may not be able to compete effectively in our market.
  • Intellectual property disputes may be costly, time consuming, and may negatively affect our competitive position.
  • Our reliance on third parties and agreements with collaboration partners requires us to share our trade secrets, which increases the possibility that a competitor may discover them or that our trade secrets will be misappropriated or disclosed.
  • The cost of maintaining our patent protection is high and requires continuous review and diligence. We may not be able to effectively maintain our intellectual property position throughout the major markets of the world.
  • The laws of some foreign countries do not protect proprietary rights to the same extent as do the laws of the U.S., and we may encounter significant problems in securing and defending our intellectual property rights outside the U.S.
  • Intellectual property rights do not address all potential threats to any competitive advantage we may have.
  • The existence of counterfeit pharmaceutical products in pharmaceutical markets may compromise our brand and reputation and have a material adverse effect on our business, operations and prospects.
  • Risks Related to Government Regulation
  • The regulatory approval process is highly uncertain and we may not obtain regulatory approval for our product candidates.
  • Our current and future relationships with customers, physicians, and third-party payors are subject to healthcare fraud and abuse laws, false claims laws, transparency laws, and other regulations. If we are unable to comply with such laws, we could face substantial penalties.
  • We are subject to stringent and evolving U.S. and foreign laws, regulations, rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation (including class claims) and mass arbitration demands; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse business consequences.
  • We are subject to laws and regulations governing corruption, which require us to maintain costly compliance programs.
  • If we fail to maintain an effective system of internal control, it may result in material misstatements in our financial statements.
  • The impact of U.S. healthcare reform may adversely affect our business model.
  • Roxadustat is considered a Class 2 substance on the 2019 World Anti-Doping Agency Prohibited List that could limit sales and increase security and distribution costs for our partners and us.
  • Our employees may engage in misconduct or improper activities, which could result in significant liability or harm our reputation.
  • If we fail to comply with environmental, health or safety laws and regulations, we could incur fines, penalties or other costs.
  • International Risks
  • Within the next year, we may face costs from the wind-up of the Cayman Subsidiary (as defined below), and may not receive some of the AZ Holdbacks (as defined below) related to the sale of FibroGen International and its subsidiaries.
  • Changes in U.S. and China relations, as well as relations with other countries, and/or regulations may adversely impact our business.
  • We depend on third party suppliers in China, and there are risks inherent to utilizing third-party manufacturing facilities.
  • There is a risk of manufacturing disruption due to geopolitical tensions in China and related to U.S. legislation impacting WuXi AppTec, WuXi Biologics, and WuXi XDC.
  • We may be subject to currency exchange rate fluctuations and currency exchange restrictions with respect to our partner’s operations in Japan and Europe, which could adversely affect our financial performance.
  • We may be subject to tax inefficiencies associated with our offshore corporate structure.
  • Risks Related to the Operation of Our Business
  • We have incurred significant losses since our inception and anticipate that we will continue to incur losses for the foreseeable future and may never achieve or sustain profitability. We may require additional financing in order to fund our operations, which may be dilutive to our shareholders, restrict our operations or require us to relinquish rights to our intellectual property or product candidates. If we are unable to raise capital when needed or on acceptable terms, we may be forced to delay, reduce or eliminate our research and development programs and/or our commercialization efforts.
  • We may be required to recognize an impairment of our long-lived assets, which could adversely affect our financial performance.
  • Our non-dilutive transaction with NovaQuest could limit cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition and results of operations, and contain various covenants and other provisions, which, if violated, could result in the acceleration of payments due in connection with such transaction or the foreclosure on security interest.
  • We may encounter difficulties in managing our growth and expanding our operations, successfully.
  • We are exposed to the risks associated with litigation, investigations, regulatory proceedings, and other legal matters, any of which could have a material adverse effect on us.
  • If product liability lawsuits are brought against us, we may incur substantial liabilities and may have to limit commercial operations.
  • Our business and operations would suffer in the event of computer system failures.
  • If our information technology systems or data, or those of third parties upon which we rely, are or were compromised by a cybersecurity incident, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse consequences.
  • Our third party service providers may be exposed to natural disasters and other catastrophes.
  • Risks Related to Our Common Stock
  • The market price of our common stock may be highly volatile, and you may not be able to resell your shares at or above your purchase price.
  • We are a smaller reporting company, and the reduced disclosure requirements applicable to us may make our common stock less attractive to investors.
  • We may engage in acquisitions that could dilute stockholders and harm our business.
  • Provisions in our charter documents and Delaware law may have anti-takeover effects that could discourage an acquisition of us by others and may prevent attempts by our stockholders to replace or remove our current directors or management.
  • Changes in our tax provision or exposure to additional tax liabilities could adversely affect our earnings and financial condition.
  • Tariffs or other trade policy changes could harm our business.
  • Our certificate of incorporation designates courts located in Delaware as the sole forum for certain proceedings, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • We do not plan to pay dividends. Capital appreciation will be your sole possible source of gain, which may never occur.
  • Our business or our share price could be negatively affected as a result of shareholder proposals or actions.

Legal proceedings

We are a party to various legal actions that arose in the ordinary course of our business. We recognize accruals for any legal action when we conclude that a loss is probable and reasonably estimable. We did not have any material accruals for any legal proceedings in our consolidated balance sheet as of December 31, 2025, as we could not predict the ultimate outcome of these matters, or reasonably estimate any possible loss or range of loss. For a discussion of our legal proceedings, refer to Note 11, Commitments and Contingencies, to the consolidated financial statements.

The opening of Item 3, Legal Proceedings.4

Sources

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  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
    SEC EDGAROther events
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
    SEC EDGAROther events
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68