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NLST on OTC

Netlist Inc.

Logo: Netlist, Inc., CC BY-SA 3.0, via Wikimedia Commons5

International SSD manufacturer from Irvine, California

Netlist, Inc. is a Delaware-registered corporation headquartered in Irvine, California that designs and sells high-performance SSDs and modular memory subsystems to enterprise customers in diverse industries. It also manufactures a line of specialty and legacy memory products to storage customers, appliance customers, system builders and cloud and datacenter customers. Netlist holds a portfolio of patents in the areas of server memory, hybrid memory, storage class memory, rank multiplication and load reduction.3 Its shares trade on OTC under the symbol NLST.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2000Founded1

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  • TickerNLST on OTC1
  • Industrycomputer hardware industry1
  • HeadquartersIrvine1
  • Websitewww.netlist.com
  • Incorporated inDE6
  • Business address111 Academy, Suite 100, Irvine, Ca 926176
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • Legal formCorporation4
  • LEI529900MRND8QGXGO7Y474
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 32420994

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Netlist, Inc. is a Delaware-registered corporation headquartered in Irvine, California that designs and sells high-performance SSDs and modular memory subsystems to enterprise customers in diverse industries. It also manufactures a line of specialty and legacy memory products to storage customers, appliance customers, system builders and cloud and datacenter customers. Netlist holds a portfolio of patents in the areas of server memory, hybrid memory, storage class memory, rank multiplication and load reduction. Netlist has more than 120 employees and an annual revenue of US$142.4 million as of 2021 The stock was added to NASDAQ in late 2006. In the initial public offering of its common stock in 2006, Netlist sold 6,250,000 shares at $7.00 each. On September 26, 2018, Netlist announced they were moving from NASDAQ and currently trades on the OTCQB.3

Financials

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

Key numbers, fiscal 2025

6.1%Gross margin8
-13.5%Operating margin8
-13.2%Net margin8
28.2%Revenue growth, 20258
-$14.8MFree cash flow8

What sells

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

Products and services

Resales of third-party products brought in 95% of the revenue Netlist Inc. broke down this way in fiscal 2025.

  1. Resales of third-party products$180.1M895%up 34% from 2024
  2. Sale of the Company's modular memory subsystems$8.6M85%down 30% from 2024
Products and services by year
Products and services20242025
Resales of third-party products$134.9M$180.1M
Sale of the Company's modular memory subsystems$12.3M$8.6M

Regions

[Canada] brought in 91% of the revenue Netlist Inc. broke down this way in fiscal 2025.

  1. [Canada]$170.8M891%up 38% from 2024
  2. United States$11.2M86%down 43% from 2024
  3. Other Countries$6.7M84%up 109% from 2024
Regions by year
Regions20242025
[Canada]$124.2M$170.8M
United States$19.7M$11.2M
Other Countries$3.2M$6.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue91¢$177.2M
  • Research and development2¢$3.5M
  • Selling, general and admin7¢$13.2M

Out of $188.6M in revenue.8 The company lost money this year.

Financial statements

Revenue91011128$188.6M in 2025+623% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $26.1M$26.1M20192021: $47.2M$47.2M2021+81%2022: $161.6M$161.6M2022+242%2023: $69.2M$69.2M2023−57%2024: $147.1M$147.1M2024+113%2025: $188.6M$188.6M2025+28%
Gross profit91011128$11.4M in 2025+345% since 2019
0$5.0M$10.0M$15.0M2019: $2.6M$2.6M20192021: $6.7M$6.7M2021+162%2022: $11.9M$11.9M2022+77%2023: $2.4M$2.4M2023−80%2024: $2.9M$2.9M2024+21%2025: $11.4M$11.4M2025+297%
Operating income91011128-$25.5M in 2025+122% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$11.5M-$11.5M20192021: -$6.8M-$6.8M2021−40%2022: -$33.5M-$33.5M2022+390%2023: -$61.8M-$61.8M2023+84%2024: -$55.2M-$55.2M2024−11%2025: -$25.5M-$25.5M2025−54%
Net income91011128-$24.8M in 2025+99% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$12.5M-$12.5M20192021: -$7.3M-$7.3M2021−42%2022: -$33.4M-$33.4M2022+359%2023: -$60.4M-$60.4M2023+81%2024: -$53.9M-$53.9M2024−11%2025: -$24.8M-$24.8M2025−54%

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
Net sales$188.6M$147.1M
Cost of sales$177.2M$144.2M
Gross profit$11.4M$2.9M
Research and development$3.5M$8.1M
Intellectual property legal fees$20.2M$38.0M
Selling, general and administrative$13.2M$12.1M
Total operating expenses$37.0M$58.1M
Operating loss-$25.5M-$55.2M
Interest income, net$522.0K$1.0M
Other income, net$164.0K$316.0K
Total other income, net$686.0K$1.4M
Loss before provision for income taxes-$24.8M-$53.9M
Provision for income taxes$1.0K
Net loss-$24.8M-$53.9M
Deemed dividend on warrant modification-$590.0K
Net loss attributable to common stock-$25.4M-$53.9M
Basic-$0.09-$0.21
Diluted-$0.09-$0.21
Basic286.6M shares259.9M shares
Diluted286.6M shares259.9M shares

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What it owns

What Netlist 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$3.3M8 Dec 27, 2025$3.7M8 Dec 28, 2024−9.6%
Accumulated depreciation$3.0M8 Dec 27, 2025$3.1M8 Dec 28, 2024−4.2%
Property and equipment, net$300.0K8 Dec 27, 2025$517.0K8 Dec 28, 2024−42.0%
Finance-lease assets$108.0K8 Dec 27, 2025$186.0K8 Dec 28, 2024−41.9%
Operating-lease assets (leased space)$541.0K8 Dec 27, 2025$1.1M8 Dec 28, 2024−50.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$31.8M8 Dec 27, 2025$22.5M8 Dec 28, 2024+41.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$3.4M8 Dec 27, 2025$2.7M8 Dec 28, 2024+23.3%
Raw materials$181.0K8 Dec 27, 2025$379.0K8 Dec 28, 2024−52.2%
Work in process$190.0K8 Dec 27, 2025$54.0K8 Dec 28, 2024+251.9%
Finished goods$3.0M8 Dec 27, 2025$2.3M8 Dec 28, 2024+30.3%

Properties, in its own words

Our corporate headquarters are located in Irvine, California where we lease and occupy approximately 14,809 square feet of office space under a lease that will expire in December 2029.

In July 2023, we ceased occupancy of our warehouse space located in Irvine, California and subleased the space to a subtenant for the remaining lease term. We continue to be responsible for performance under the lease until it expires in February 2027.

Item 2 of the 10-K filed Mar 19, 2026.16

Leadership

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

Chief executive

  1. Chun K. Hong2006–now

Chair

  1. Chun K. Hong2006–now

President

  1. Chun K. Hong2006–now

Chief financial officer

  1. Lee Kim2006
  2. Nita Jotwani Moritz2007
  3. Gail Misako Itow2008–now
20052010201520202025
Board members and other officers (17)

Products and brands

  • flash memory

Listed on Wikidata.1

Products

Enterprise SSD

Enterprise and Data Center NVMe SSD in multiple form factors and capacities built using PCI Express (PCIe) Gen4 & Gen3 protocols

Embedded flash

Offering high-performance, high-capacity flash solutions optimized for the embedded and server market in a wide range of form factors and dimensions

Read the full text

Memory Module DDR4 DIMMs

A wide lineup of commercial and industrial grade DDR4 DIMMs. These modules operate reliably in harsh, long-life computing environments and densely configured computing applications with limited airflow

Technology and innovations

HyperCloud (industry's first LRDIMM)

Introduced in 2009, HyperCloud is a load reduced DDR3 DIMM performing rank multiplication and load reduction functions which allows the system to increase its performance and access high-capacity memory modules. At DDR4, the memory industry adopted the architecture as the standard for all Load Reduced DIMMs.

NetVault (Non-Volatile DIMM - NVDIMM)

Netlist created the DDR2 NVDIMM utilizing equal densities of both DRAM and NAND to provide a persistent memory source in the event of a power failure, initially for RAID applications. Years later, the industry standardized on this application as NVDIMM-N to be used within servers in the main memory channel.

HyperVault/HybriDIMM (NVDIMM-H)

HyperVault was created to provide the highest density server memory modules using lower cost NAND devices to operate as DRAM to the system. DRAM is typically ten times the cost of NAND and HyperVault was released as a 512 GB module using only 16 GB of DRAM. Today, the technology is being utilized to create next generation high density CXL heterogenous memory.

From Wikipedia’s article on Netlist, Inc., shared under CC BY-SA 4.0.7

Timeline

  1. Oct 6, 20268-K Entered a material agreement; Unregistered sale of shares; Other events38
  2. Sep 21, 20268-K Shareholder vote39
  3. Aug 5, 20268-K Entered a material agreement; Unregistered sale of shares; Other events40
  4. Jul 30, 20268-K Results of operations41
  5. Jul 2, 20268-K Executive or director change42
  6. May 12, 20268-K Results of operations43
  7. Mar 9, 20268-K Entered a material agreement44
  8. Mar 3, 20268-K Results of operations45
  9. Nov 6, 20258-K Results of operations46
  10. Oct 7, 20258-K Entered a material agreement; Change to shareholders' rights; Other events47
  11. Sep 25, 20258-K Executive or director change; Bylaws or fiscal year changed; Shareholder vote48
  12. Sep 11, 20258-K Executive or director change; Shareholder vote; Other events49
  13. Nov 29, 2006New chief executive Chun K. Hong becomes CEO17
  14. 2000Founded Founded1

Calendar

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results41
  2. May 12, 2026Reported quarterly or annual results43
  3. Mar 3, 2026Reported quarterly or annual results45
  4. Nov 6, 2025Reported quarterly or annual results46
  5. Aug 7, 2025Reported quarterly or annual results50
  6. May 6, 2025Reported quarterly or annual results51
  7. Mar 27, 2025Reported quarterly or annual results52
  8. Mar 14, 2025Reported quarterly or annual results53

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

Filings

207 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 39 major events, 63 insider forms, 85 other. The latest 20:

  1. Oct 6, 20268-K EDGAR
  2. Sep 21, 20268-K EDGAR
  3. Aug 19, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Aug 17, 2026144 EDGAR
  5. Aug 14, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Aug 12, 2026144 EDGAR
  7. Aug 11, 202610-Q EDGAR
  8. Aug 7, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Aug 5, 20268-K EDGAR
  10. Aug 5, 2026144 EDGAR
  11. Jul 31, 2026ARS EDGAR
  12. Jul 31, 2026DEFA14A EDGAR
  13. Jul 31, 2026DEF 14A EDGAR
  14. Jul 30, 20268-K EDGAR
  15. Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
  16. Jul 2, 2026S-8 EDGAR
  17. Jul 2, 20268-K EDGAR
  18. Jun 9, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jun 9, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Jun 9, 20264 OWNERSHIP DOCUMENT EDGAR

The 207 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

52 open-market trades by officers, directors and large owners since October 2021: 1 buys and 51 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 17, 2026SASAKI GAIL MEVP and CFOSale100,000$6.91$691.0KForm 4
Aug 12, 2026SASAKI GAIL MEVP and CFOSale25,000$4.49$112.2KForm 4
Aug 5, 2026SASAKI GAIL MEVP and CFOSale25,000$3.99$99.8KForm 4
Jun 8, 2026Hong Chun KPresident, CEO and ChairmanSale40,000$2.72$108.8KForm 4
May 15, 2026SASAKI GAIL MEVP and CFOSale8,876$2.63$23.3KForm 4
May 11, 2026SASAKI GAIL MEVP and CFOSale25,000$3.49$87.2KForm 4
Apr 23, 2026Cho JunDirectorSale10,000$2.18$21.8KForm 4
Apr 22, 2026Cho JunDirectorSale10,000$1.98$19.8KForm 4
Apr 22, 2026WELCHER BLAKEDirectorSale37,500$2.00$75.0KForm 4
Mar 25, 2026Cho JunDirectorSale10,000$1.89$18.9KForm 4
Mar 17, 2026WELCHER BLAKEDirectorSale37,500$1.66$62.2KForm 4
Mar 16, 2026SASAKI GAIL MEVP and CFOSale20,898$1.50$31.3KForm 4
Mar 16, 2026Hong Chun KPresident, CEO and ChairmanSale93,995$1.50$141.0KForm 4
Mar 13, 2026Hong Chun KPresident, CEO and ChairmanSale194,500$1.50$291.8KForm 4
Mar 12, 2026Hong Chun KPresident, CEO and ChairmanSale55,500$1.50$83.2KForm 4
Jan 5, 2026Hong Chun KPresident, CEO and ChairmanSale250,000$1.00$250.0KForm 4
Jun 24, 2025Hong Chun KPresident, CEO and ChairmanBuy4,285,715$0.70$3.0MForm 4
May 15, 2025SASAKI GAIL MEVP and CFOSale10,430$0.72$7.5KForm 4
May 15, 2025Hong Chun KPresident, CEO and ChairmanSale61,374$0.72$44.2KForm 4
Mar 17, 2025SASAKI GAIL MEVP and CFOSale10,430$1.15$12.0KForm 4

All 52 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

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
2025Chun K. Hong$450.0K$1.2M54
2025Gail Sasaki$275.0K$426.2K54
2024PresidentChief Executive Officer and Director$450.0K$1.6M54
2024Executive Vice PresidentChief Financial Officer and Corporate Secretary$275.0K$415.9K54

Held by these funds

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

FundSharesValueShare of the fundChange
Kingswood Wealth Advisors, LLC44,600$137.4K0.0%New
Northland Securities, Inc.26,500$81.6K0.0%+15,300
Compass Financial Management LLC11,000$33.9K0.0%New
Opus Capital Group, LLC19,500$600.0%No change

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

SEC filer profile

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

  • Name on EDGARNETLIST INC2
  • CIK0001282631
  • Employer ID (EIN)95-481278416
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company16
  • Incorporated inDelaware16
  • Fiscal year endsJanuary 22
  • Industry code (SIC)3674 Semiconductors & Related Devices2
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance2
  • Business address111 Academy, Suite 100, Irvine, CA 926172
  • Phone949-435-00252
  • Shares outstanding349,583,129 as of Aug 6, 202614
  • Public float$189.2M as of Jun 27, 202516
  • AuditorMacias Gini & O’Connell LLP, Irvine, California PCAOB ID 324; no auditor attestation of internal control over financial reporting16
  • On EDGAR sinceAug 18, 20062
  • Filings762 in all: 4 (215), 8-K (191), 10-Q (59), 144 (31), S-8 (30), SC 13G/A (25), 424B5 (24), 3 (23)2
    All 41 form types

    10-K (20), DEF 14A (20), S-8 POS (16), SC 13G (12), SD (12), CORRESP (10), UPLOAD (8), EFFECT (7), CT ORDER (6), DEFA14A (6), S-3 (6), 8-K/A (4), ARS (4), PRE 14A (4), S-1/A (4), 10-Q/A (3), 3/A (2), 8-A12B (2), 8-A12B/A (2), D (2), S-3/A (2), 10-K/A (1), 25-NSE (1), 4/A (1), 424B1 (1), 8-A12G (1), 8-A12G/A (1), CERTNAS (1), DEFR14A (1), S-1 (1), S-3ASR (1), S-3MEF (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Mar 19, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Jul 31, 2026
    Latest 8-K (8-K) Oct 6, 2026

Risk factors and legal proceedings

The risks Netlist Inc. names in Item 1A of its 10-K filed Mar 19, 2026: 42 risks under these headings, as written.16

  • Risks Related to Our Business, Operations and Industry
  • We have historically incurred losses and may continue to incur losses.
  • We may not be able to collect the substantial amount in damages previously awarded to us in our litigations, which would likely have an adverse impact on our business, financial condition and operating results.
  • We are and expect to continue to be involved in legal and administrative proceedings to enforce or protect our intellectual property rights and to defend against claims that we infringe the intellectual property rights of others. Our opponents in these matters are often large, well-capitalized companies, and we expect to continue to expend substantial financial and management resources in connection with these claims. We may not be successful in these matters such that our business, results of operations and prospects may be materially and adversely affected.
  • We have, and may again, be subject to claims that our employees, consultants, or those working on our behalf, have violated the intellectual property rights of others.
  • Net product sales from resales of products, including products sourced from SK hynix, have in certain historic periods comprised a large portion of our net product sales. Material declines in resales, increases in our costs for the products we resell and disruption in the supply of the products we resell, could materially and adversely harm our business and results of operations.
  • We are subject to risks relating to our focus on developing our new products for our target customer markets.
  • Sales to a small number of customers currently, and have historically, represented a significant portion of our net product sales, and the loss of, or a significant reduction in sales to, any one of these customers could materially harm our business.
  • Our customers require that our products undergo a lengthy and expensive pre-sale qualification process without any assurance of sales. Even once a customer begins purchasing our products, if our products, or the component products we resell, do not meet quality standards or are defective or used in defective systems, we may be subject to quality holds, warranty claims, recalls or liability claims.
  • If we are unable to timely and cost-effectively develop new or enhanced products that achieve customer and market acceptance or technologies we can monetize, our revenues and prospects could be materially harmed.
  • We face intense competition in our industry, and we may not be able to compete successfully in our target markets.
  • Our lack of a significant backlog of unfilled orders and the difficulty inherent in estimating customer demand make it difficult to forecast our short-term requirements, and any failure to optimally calibrate our production capacity and inventory levels to meet customer demand could materially and adversely affect our revenues, gross margin and earnings.
The other 31 risks
  • Declines in our average sale prices, driven by volatile prices for components and other factors, may result in material declines or material volatility in our revenues and gross margin.
  • We or any of our third-party partners may fail to comply with our or their contractual obligations under our third-party contracts.
  • We depend on third parties to design and manufacture for our products and the component products we resell, which exposes us to risks.
  • Our indemnification obligations, including our indemnification obligations for the infringement by our products of the rights of others, could require us to pay substantial damages.
  • We depend on certain key employees, and our business could be harmed if we lose the services of any of these employees or are unable to attract and retain other qualified personnel.
  • We rely on our internal and third-party sales representatives to market and sell our products and the component products we resell, and any failure by these representatives to perform as expected could reduce our sales.
  • Our operations could be disrupted by power outages, natural disasters, cyber-attacks or other factors.
  • Our global information technology systems, including those of our vendors, may fail, suffer unauthorized access or cyber-attacks, loss of data, and other disruptions, which could result in a material disruption of our business or product development, and could materially and adversely harm our business.
  • If we do not effectively manage any future growth we may experience, our resources, systems and controls may be strained and our results of operations may suffer.
  • If we acquire businesses or technologies or pursue other strategic transactions or relationships in the future, these transactions could disrupt our business and harm our operating results and financial condition.
  • Our operating results may be adversely impacted by worldwide economic and political uncertainties and specific conditions in the markets we address and in which we or our strategic partners or competitors do business, including the cyclical nature of and volatility in the memory market and semiconductor industry and the ongoing effects and changes to international trade and tariff policies.
  • Increased prices and inflation or the effects of changes in international trade policies, the changing tariff environment or military conflicts could negatively impact our margin performance and our financial results.
  • We expect to incur additional indebtedness to support the growth of our business and to facilitate effective working capital. Our level of indebtedness and the terms of such indebtedness could adversely affect our operations and liquidity.
  • Adverse developments affecting financial institutions, companies in the financial services industry or the financial services industry generally could adversely affect our operations and liquidity.
  • Risks Related to Laws and Regulations
  • We are exposed to additional business, regulatory, political, operational, financial and economic risks related to our international sales and operations.
  • A significant portion of our sales are to customers located in the PRC. Sales to these customers may be adversely affected as a result of international trade policies or the tariff environment between the United States and the PRC.
  • Our failure to comply with environmental and other applicable laws and regulations could subject us to significant fines and liabilities or cause us to incur significant costs.
  • Regulations related to “conflict minerals” may cause us to incur additional expenses and could limit the supply and increase the cost of certain metals used in manufacturing our products.
  • We have identified a material weakness in our internal control over financial reporting. While we have taken steps to remediate this material weakness, if we are unable to remediate the material weakness, or if we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business.
  • Our actual or perceived failure to comply with data protection laws and regulations could lead to government enforcement actions, private litigation and/or adverse publicity and could negatively affect our business.
  • Risks Related to Intellectual Property and Litigation
  • We may be unsuccessful in monetizing our intellectual property portfolio.
  • If our proprietary rights are not protected, our customers or our competitors might gain access to our proprietary designs, processes and technologies, which could adversely affect our operating results.
  • We may become involved in non-patent related litigation and administrative proceedings that may materially adversely affect us.
  • Risks Related to Capitalization and Financial Markets
  • We may not have sufficient working capital to fund our planned operations, and, as a result, we may need to raise additional capital in the future, which may not be available when needed, on acceptable terms or at all. Our estimates of our operating revenues and expenses and working capital requirements could be incorrect, and we may use our cash resources faster than we anticipate.
  • The price and trading volume of our common stock has and may continue to fluctuate significantly in reaction to real or perceived developments in our business.
  • As our shares of common stock are not listed on a national securities exchange, it may be more difficult for stockholders to dispose of their shares and our shares of common stock may be less liquid when compared to securities that are listed on a national securities exchange.
  • Future issuances of our common stock or rights to purchase our common stock, including pursuant to our outstanding warrants, equity incentive plans or the March 2025 Purchase Agreement, would result in additional dilution to the percentage ownership of our stockholders and could cause the price of our common stock to decline.
  • A large portion of our warrants contain anti-dilution provisions for certain dilutive issuances of our securities at prices lower than the exercise prices set forth in such warrants.
  • Sales of our common stock, or the perception that such sales could occur, could cause the market price of our stock to drop significantly, regardless of the state of our business.
  • Anti-takeover provisions under our charter documents and Delaware law, as well as our rights agreement, could delay or prevent a change of control and could also limit the market price of our common stock.
  • We do not currently intend to pay dividends on our common stock, and any return to investors is expected to result, if at all, only from potential increases in the price of our common stock.

Legal proceedings

Certain legal proceedings in which we are involved are discussed in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 7—Commitments and Contingencies under the heading “Litigation and Patent Reexaminations,” and are incorporated herein by reference.

The opening of Item 3, Legal Proceedings.16

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