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LAW on NYSE

CS Disco, Inc.

CS Disco, Inc. is an American prepackaged software services company based in Austin.1 Its shares trade on NYSE under the symbol LAW.1

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Last updated Oct 21, 2026.

Overview

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  • TickerLAW on NYSE1
  • IndustryServices-Prepackaged Software1
  • HeadquartersAustin, Texas1
  • Incorporated inDE2
  • Business address111 Congress Ave, Suite 900, Austin, Tx 787012
  • Filer categoryAccelerated filer, Smaller reporting company, Emerging growth company2

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DISCO provides cloud-native, artificial intelligence-powered legal product offerings that simplify legal hold, legal request, ediscovery, legal document review and case management for enterprises, law firms, legal services providers and governments. Our scalable, integrated product offerings enable legal departments to easily collect, process and review enterprise data that is relevant or potentially relevant to legal matters. We leverage a cloud-native architecture and powerful artificial intelligence, or AI, models to automatically identify legally relevant documents and improve the accuracy and speed of legal document review. Our AI models continuously learn from legal work conducted using our product offerings and can be reused across legal matters, which further strengthens our ability to help our customers find evidence and resolve matters faster as they expand usage of our product…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

74.9%Gross margin5
-30.7%Operating margin5
-28.3%Net margin5
8.3%Revenue growth, 20255
-34.6%Return on equity5
-$18.0MFree cash flow5

What sells

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

Products and services

Software brought in 85% of the revenue CS Disco, Inc. broke down this way in fiscal 2025.

  1. Software$134.0M585%up 12% from 2024
  2. Service$22.8M515%down 8% from 2024
Products and services by year
Products and services20242025
Software$120.1M$134.0M
Service$24.7M$22.8M

Regions

United States brought in 92% of the revenue CS Disco, Inc. broke down this way in fiscal 2025.

  1. United States$143.7M592%up 8% from 2024
  2. Outside the United States$13.2M58%up 8% from 2024
Regions by year
Regions20242025
United States$132.7M$143.7M
Outside the United States$12.2M$13.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue25¢$39.4M
  • Research and development36¢$56.6M
  • Other costs38¢$60.1M
  • Income tax0¢$743.0K

Out of $156.8M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$156.8M in 2025+129% since 2020
0$50.0M$100.0M$150.0M$200.0M2020: $68.4M$68.4M20202021: $114.3M$114.3M2021+67%2022: $135.2M$135.2M2022+18%2023: $138.1M$138.1M2023+2%2024: $144.8M$144.8M2024+5%2025: $156.8M$156.8M2025+8%
Gross profit67895$117.4M in 2025+145% since 2020
0$50.0M$100.0M$150.0M2020: $48.0M$48.0M20202021: $83.2M$83.2M2021+73%2022: $101.0M$101.0M2022+21%2023: $103.1M$103.1M2023+2%2024: $107.4M$107.4M2024+4%2025: $117.4M$117.4M2025+9%
Operating income67895-$48.1M in 2025+114% since 2020
-$80.0M-$60.0M-$40.0M-$20.0M02020: -$22.5M-$22.5M20202021: -$23.8M-$23.8M2021+6%2022: -$71.8M-$71.8M2022+201%2023: -$49.8M-$49.8M2023−31%2024: -$61.7M-$61.7M2024+24%2025: -$48.1M-$48.1M2025−22%
Net income67895-$44.4M in 2025+94% since 2020
-$80.0M-$60.0M-$40.0M-$20.0M02020: -$22.9M-$22.9M20202021: -$24.3M-$24.3M2021+6%2022: -$70.8M-$70.8M2022+191%2023: -$42.1M-$42.1M2023−40%2024: -$55.8M-$55.8M2024+32%2025: -$44.4M-$44.4M2025−20%

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

Period ending2025-12-312024-12-31
Revenue$156.8M$144.8M
Cost of revenue$39.4M$37.4M
Gross profit$117.4M$107.4M
Research and development$56.6M$51.5M
Sales and marketing$60.0M$61.4M
General and administrative$48.9M$41.0M
Impairment of intangible asset and capitalized development$0$15.2M
Total operating expenses$165.5M$169.2M
Loss from operations-$48.1M-$61.7M
Interest and other income, net$4.5M$6.3M
Loss from operations before income taxes-$43.6M-$55.4M
Income tax provision-$743.0K-$332.0K
Net loss attributable to common stockholders-$44.4M-$55.8M
Unrealized gain on investments-$9.0K$41.0K
Comprehensive loss-$44.4M-$55.7M
Net loss per share attributable to common stockholders, basic (in dollars per share)-$0.72-$0.93
Net loss per share attributable to common stockholders, diluted (in dollars per share)-$0.72-$0.93
Weighted-average shares used in computing net loss per share attributable to common shareholders, basic (in shares)61.7M shares60.2M shares
Weighted-average shares used in computing net loss per share attributable to common shareholders, diluted (in shares)61.7M shares60.2M shares

Compare CS Disco, Inc. with another company

Corporate structure

CS Disco, Inc. sits at the top of its group. 3 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of CS Disco, Inc.

  • CS Disco, Inc. Austin, Texas
    • CS DISCO CANADA, LTD Subsidiary · British Columbia, Canada
    • CS DISCO INDIA PRIVATE LTD Subsidiary · India

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 CS Disco, 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
Operating-lease assets (leased space)$6.1M5 Dec 31, 2025$8.4M5 Dec 31, 2024−27.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$19.7M5 Dec 31, 2025$52.8M5 Dec 31, 2024−62.8%
Marketable securities, current$94.9M5 Dec 31, 2025$76.4M5 Dec 31, 2024+24.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$5.9M5 Dec 31, 2025$5.9M5 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$206.0K5 Dec 31, 2025$400.0K5 Dec 31, 2024−48.5%
Finite-lived intangibles, net$206.0K5 Dec 31, 2025$400.0K9 Dec 31, 2024−48.5%

Properties, in its own words

Our headquarters are located in Austin, Texas, where we lease approximately 46,000 square feet pursuant to a lease that expires in July 2028. We have another office lease located in New York, New York that expires in January 2028. These offices are leased, and we do not own any real property. We may lease or purchase additional space as needed to accommodate our needs.

Item 2 of the 10-K filed Feb 25, 2026.4

Leadership

Who has led CS Disco, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Kiwi Camara2021–2022
  2. Scott A. Hill2023–2024
  3. Eric Friedrichsen2024–now

Chief financial officer

  1. Michael Lafair2021–2026
  2. Aaron Joseph Barfoot2026–now

Chief operating officer

  1. Sean Nathaniel2021
2025
Board members and other officers (18)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CS DISCO CANADA, LTD British Columbia3
  • CS DISCO INDIA PRIVATE LTD India3
  • CS DISCO LTD England & Wales3

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

Timeline

  1. Aug 5, 20268-K Results of operations34
  2. Jul 23, 20268-K Executive or director change35
  3. Jun 10, 20268-K Shareholder vote36
  4. May 6, 20268-K Results of operations37
  5. Apr 23, 20268-K Executive or director change38
  6. Feb 25, 20268-K Results of operations39
  7. Dec 22, 20258-K Executive or director change40
  8. Nov 5, 20258-K Results of operations41
  9. Aug 6, 20258-K Results of operations; Executive or director change42
  10. Jun 10, 20258-K Shareholder vote43
  11. May 7, 20258-K Results of operations44
  12. Mar 17, 20258-K Executive or director change45
  13. May 1, 2024New chief executive Eric Friedrichsen becomes CEO12
  14. Sep 13, 2023New chief executive Scott A. Hill becomes CEO13
  15. Jul 20, 2021New chief executive Kiwi Camara becomes CEO14

Calendar

Coming up

  1. Nov 4, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($0.11) a share, on Nov 5, 2025.46

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results34
  2. May 6, 2026Reported quarterly or annual results37
  3. Feb 25, 2026Reported quarterly or annual results39
  4. Nov 5, 2025Reported quarterly or annual results41
  5. Aug 6, 2025Reported quarterly or annual results42
  6. May 7, 2025Reported quarterly or annual results44
  7. Feb 20, 2025Reported quarterly or annual results47
  8. Nov 6, 2024Reported quarterly or annual results48

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

Filings

353 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 42 major events, 208 insider forms, 16 large holders, 66 other. The latest 20:

  1. Aug 19, 20264 EDGAR
  2. Aug 19, 20264 EDGAR
  3. Aug 19, 20264 EDGAR
  4. Aug 19, 20264 EDGAR
  5. Aug 18, 20264 EDGAR
  6. Aug 17, 2026144 EDGAR
  7. Aug 17, 2026144 EDGAR
  8. Aug 17, 2026144 EDGAR
  9. Aug 17, 2026144 EDGAR
  10. Aug 11, 20264 EDGAR
  11. Aug 5, 202610-Q EDGAR
  12. Aug 5, 20268-K EDGAR
  13. Jul 23, 20264 EDGAR
  14. Jul 23, 20263 EDGAR
  15. Jul 23, 20268-K EDGAR
  16. Jun 12, 20264 EDGAR
  17. Jun 11, 20264 EDGAR
  18. Jun 11, 20264 EDGAR
  19. Jun 11, 20264 EDGAR
  20. Jun 11, 20264 EDGAR

The 353 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

113 open-market trades by officers, directors and large owners since October 2021: 23 buys and 90 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 17, 2026Herckis KarenEVP, Chief HR OfficerSale8,487$4.18$35.5KForm 4
Aug 17, 2026Antoon MelanieEVP, Chief Customer OfficerSale8,514$4.18$35.6KForm 4
Aug 17, 2026Garcia SusanGC & Chief Compliance OfficerSale6,840$4.18$28.6KForm 4
Aug 17, 2026Crum Richard FrancisEVP, Chief Prod & Tech OfficerSale7,426$4.18$31.0KForm 4
Aug 10, 2026Friedrichsen EricChief Executive OfficerBuy7,500$4.26$31.9KForm 4
May 18, 2026Antoon MelanieEVP, Chief Customer OfficerSale8,590$3.61$31.0KForm 4
May 18, 2026Crum Richard FrancisEVP, Chief Prod & Tech OfficerSale7,492$3.61$27.0KForm 4
May 18, 2026Garcia SusanGC & Chief Compliance OfficerSale6,972$3.61$25.2KForm 4
May 18, 2026Herckis KarenEVP, Chief HR OfficerSale8,562$3.61$30.9KForm 4
May 8, 2026Friedrichsen EricChief Executive OfficerBuy9,000$3.97$35.7KForm 4
Mar 3, 2026Hill Scott ADirectorBuy8,918$3.73$33.3KForm 4
Mar 2, 2026Antoon MelanieEVP, Chief Customer OfficerSale4,882$3.24$15.8KForm 4
Mar 2, 2026Crum Richard FrancisEVP, Chief Prod & Tech OfficerSale6,262$3.24$20.3KForm 4
Mar 2, 2026Garcia SusanGC & Chief Compliance OfficerSale5,956$3.24$19.3KForm 4
Mar 2, 2026Herckis KarenEVP, Chief HR OfficerSale3,978$3.24$12.9KForm 4
Mar 2, 2026Hill Scott ADirectorBuy41,082$3.31$136.0KForm 4
Feb 27, 2026Srinivasan KrishnaDirectorBuy40,000$3.25$130.0KForm 4
Feb 27, 2026Friedrichsen EricChief Executive OfficerBuy15,500$2.90$45.0KForm 4
Feb 27, 2026GOODMAN ROBERT PDirectorBuy1,026,700$3.19$3.3MForm 4
Feb 26, 2026Srinivasan KrishnaDirectorBuy5,000$2.77$13.8KForm 4

All 113 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
2025Eric Friedrichsen57$550.0K$4.1M57
2025Richard Crum54$370.0K$1.9M57
2025Michael S. Lafair$410.0K$1.6M57
2024Chief Executive Officer and Director$370.9K$8.7M57
2024Former Executive Vice PresidentChief Financial Officer$410.0K$1.4M57

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Deer Management Co. LLC8,652,826$32.7M4.0%No change
Stephens Group, LLC7,796,632$29.5M14.3%No change
BlackRock, Inc.2,015,188$7.6M0.0%+280,747
Topline Capital Management, LLC1,466,665$5.5M1.4%−1,156,449
Solel Partners LP1,187,945$4.5M0.8%+143,501
Lakewood Capital Management, LP1,106,531$4.2M0.2%No change
Vanguard Capital Management LLC1,083,315$4.1M0.0%+16,695
Aqr Capital Management LLC901,256$3.4M0.0%+278,195
Vanguard Portfolio Management LLC810,548$3.1M0.0%+56,195
Formula Growth Ltd800,000$3.0M1.1%No change
Geode Capital Management, LLC694,388$2.6M0.0%+144,905
Dimensional Fund Advisors LP671,732$2.5M0.0%−110,293
Jacobs Levy Equity Management, Inc652,578$2.5M0.0%+241,684
Norges Bank547,947$2.1M0.0%New
State Street Corp547,624$2.1M0.0%+3,502
Arrowstreet Capital, Limited Partnership495,852$1.9M0.0%+19,100
Millennium Management LLC307,539$1.2M0.0%+131,475
Bridgeway Capital Management, LLC283,252$1.1M0.0%+24,600
Northern Trust Corp266,337$1.0M0.0%−4,458
Russell Investments Group, Ltd.237,898$899.3K0.0%+19,156
Nuveen, LLC229,484$867.4K0.0%−95,803
Morgan Stanley224,689$849.3K0.0%−71,907
Bnp Paribas Financial Markets207,280$783.5K0.0%+169,021
Moneta Group Investment Advisors LLC203,886$770.7K0.0%No change
Vanguard Fiduciary Trust Co192,371$727.2K0.0%+18,466

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

SEC filer profile

How CS Disco, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCS Disco, Inc.1
  • CIK0001625641
  • Employer ID (EIN)46-42544444
  • Filer statusAccelerated filer an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)7372 Services-Prepackaged Software1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address111 Congress Ave, Suite 900, Austin, TX 787011
  • Phone713-231-91001
  • Shares outstanding64,919,765 as of Jul 31, 202611
  • Public float$155.5M as of Jun 30, 20254
  • AuditorErnst & Young LLP, Austin, Texas PCAOB ID 42; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceNov 24, 20141
  • Filings426 in all: 4 (222), 144 (44), 8-K (44), 3 (27), 10-Q (16), SC 13G (8), S-8 (7), DEFA14A (6)1
    All 29 form types

    10-K (5), CORRESP (5), D (5), DEF 14A (5), ARS (4), SC 13G/A (4), S-1/A (3), SCHEDULE 13G/A (3), 424B4 (2), DRS (2), EFFECT (2), S-1 (2), UPLOAD (2), 10-K/A (1), 8-A12B (1), CERT (1), DRS/A (1), DRSLTR (1), PRE 14A (1), S-1MEF (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 25, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Aug 5, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.005LAWNew York Stock Exchange

From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks CS Disco, Inc. names in Item 1A of its 10-K filed Feb 25, 2026: 63 risks under these headings, as written.4

  • Risks Related to Information Technology and Cybersecurity
  • If our information technology systems or data, including the personal information and other sensitive information we process, or the information technology systems or data of third parties with whom we work, are or were compromised or affected by a cybersecurity incident, we could experience adverse consequences, including, but not limited to, additional costs, loss of revenue, significant liabilities, harm to our brand, material disruption of our operations and other adverse consequences.
  • The unavailability of or change in the terms or nature of access to third-party technology could harm our business.
  • Elements of our product offerings use open source software, which may restrict the functionality of our product offerings or require that we release the source code of certain applications subject to those licenses.
  • We use artificial intelligence in our products and operations, which may result in operational challenges, legal liability, reputational concerns and competitive risks.
  • Risks Related to Our Growth and Capital Requirements
  • Our substantial growth since inception may not be indicative of our future growth. Our historical growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.
  • We may not be able to successfully manage our growth and, if we are not able to grow efficiently, our business, financial condition and results of operations could be harmed.
  • Our ability to timely raise capital in the future may be limited, or such capital may be unavailable on acceptable terms, if at all.
  • Our issuance of additional capital stock in connection with financings, acquisitions, investments, our equity incentive plans or otherwise will dilute all other stockholders.
  • Risks Related to Our Business and Industry
  • Our business depends on customers increasing their usage of our product offerings and any loss of customers or decline in their use of our product offerings could harm our business.
The other 54 risks
  • If we are unable to attract new customers and retain existing customers, our business, financial condition and results of operations will be adversely affected.
  • If our platform fails to perform properly due to defects, interruptions, delays in performance or similar problems and if we fail to resolve any defect, interruption, delay or other problem, we could lose customers, become subject to service performance or warranty claims or incur significant costs.
  • Incorrect or improper use of our product offerings could result in customer dissatisfaction and harm our business, results of operations, financial condition and growth prospects.
  • We rely upon third-party providers of cloud-based infrastructure to host our cloud-based platform. Any disruption in the operations of these third-party providers, limitations on capacity, or interference with our use could adversely affect our business, financial condition and results of operations.
  • We expect fluctuations in our financial results, which may cause period-to-period comparisons not to be meaningful.
  • If we fail to forecast our revenue accurately or manage our expenditures, or if we fail to meet publicly announced guidance, our operating results could be adversely affected, and our stock price could decline.
  • If we fail to adapt and respond effectively to rapidly changing technology, evolving industry standards, changing regulations and changing customer needs, requirements or preferences, our product offerings may become less competitive.
  • A limited number of customers represent a substantial portion of our revenue. If we fail to retain these customers, our revenue could decline significantly.
  • Our revenue growth depends in part on the success of our strategic relationships with law firms and other legal services providers, and if we are unable to establish and maintain successful relationships with them, our business, operating results and financial condition could be adversely affected.
  • Failure to effectively develop and expand our marketing and sales capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our product offerings.
  • The markets in which we participate are competitive, and if we do not compete effectively, our business will be harmed.
  • If the estimates and assumptions we have used to calculate the size of our addressable market opportunity are inaccurate, our future growth rate may be limited.
  • If we fail to develop, maintain and enhance our brand, our ability to expand our customer base will be impaired and our business, results of operations and financial condition may suffer.
  • We employ a pricing model that subjects us to various challenges and we may not be able to accurately predict the optimal pricing necessary to attract new customers and retain existing customers.
  • Our sales cycles with customers can be long and unpredictable and our sales efforts require considerable time and expense.
  • If we cannot continue to build and sustain a productive corporate culture as we grow, our success and our business and competitive position may be harmed.
  • The success of our business depends on our customers’ continued and unimpeded access to our platform on the internet.
  • Any failure to offer high-quality support and professional services for our customers may harm our relationships with our customers and, consequently, our business.
  • We rely on the performance of highly skilled personnel, including our management and other key employees and the loss of one or more of such personnel, or of a significant number of our team members, could harm our business.
  • The failure to attract and retain additional qualified personnel could prevent us from executing our business strategy.
  • Future acquisitions, strategic investments, partnerships, or alliances could be difficult to identify and integrate, divert the attention of management, disrupt our business and dilute stockholder value.
  • Our current operations are international in scope and we plan on further geographic expansion, creating a variety of operational challenges.
  • We are exposed to fluctuations in currency exchange rates.
  • Risks Related to Socioeconomic Factors
  • Unfavorable conditions in the global economy, including a global or domestic recession or the fear thereof, could cause reductions in legal spending and harm our business.
  • International trade policies, including tariffs, sanctions and trade barriers may adversely affect our business, financial condition, results of operations and prospects.
  • Risks Related to Our Intellectual Property
  • Any failure to protect our proprietary technology and intellectual property rights could substantially harm our business and operating results.
  • We may in the future be subject to legal proceedings and litigation, including intellectual property disputes, which are costly and may subject us to significant liability and increased costs of doing business. Our business may suffer if it is alleged or determined that our technology infringes the intellectual property rights of others.
  • Failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and our brands as well as our competitive advantage.
  • We may become involved in lawsuits to protect or enforce our intellectual property, which could be expensive, time-consuming and unsuccessful.
  • We may be subject to claims asserting that our employees, consultants or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims asserting ownership of what we regard as our own intellectual property.
  • Provisions in various agreements to which we are party potentially expose us to substantial liability for intellectual property infringement, data protection and other losses.
  • Risks Related to Litigation, Regulatory Compliance and Governmental Matters
  • Any currently ongoing or future litigation against us could be costly and time-consuming to defend.
  • We operate in a highly regulated industry and either are or may be subject to a wide range of federal, state and local, as well as foreign, laws, rules and regulations and our failure to comply with these laws and regulations may force us to change our operations or harm our business.
  • We are subject to anti-corruption, anti-bribery, anti-money laundering and similar laws and noncompliance with such laws can subject us to criminal or civil liability and harm our business, financial condition and results of operations.
  • Sales to government entities and highly regulated organizations are subject to a number of challenges and risks.
  • We are subject to governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate such controls.
  • Risks Related to Tax and Accounting Matters
  • Our ability to use our net operating losses to offset future taxable income may be subject to certain limitations.
  • Our international operations may subject us to potential adverse tax consequences.
  • Our results of operations may be harmed if we are required to collect sales or other related taxes for our product offerings in jurisdictions where we have not historically done so.
  • Changes in our effective tax rate or tax liability may harm our business.
  • Our financial results may be adversely affected by changes in accounting principles applicable to us.
  • If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our results of operations could be adversely affected.
  • Risks Related to Being a Public Company
  • Our management team has limited experience managing a public company.
  • If we fail to maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.
  • We may not be able to successfully manage the growth of our business if we are unable to improve our internal systems, processes and controls.
  • We will no longer qualify as an “emerging growth company” as of December 31, 2026 and, as a result, we will no longer be able to avail ourselves of certain reduced reporting and disclosure requirements.
  • Risks Related to Ownership of Our Common Stock
  • Insiders have substantial control over us and will be able to influence corporate matters.
  • Our stock price may be volatile, and the value of our common stock may decline.
  • Sales of our common stock in the public market could cause the market price of our common stock to decline.
  • If securities or industry analysts do not publish research or publish unfavorable or inaccurate research about our business, the market price and trading volume of our common stock could decline.
  • We do not intend to pay dividends for the foreseeable future and, as a result, your ability to achieve a return on your investment will depend on appreciation in the price of our common stock.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current management and limit the market price of our common stock.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States of America will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • Our business and operations could be negatively affected as a result of currently ongoing securities litigation or if we become subject to any stockholder activism.

Legal proceedings

The information called for by this item is incorporated herein by reference to Note 8, “Commitments and Contingencies” in our consolidated financial statements of this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

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