SCWO on Nasdaq

374Water Inc.

American motors and generators company based in Miami, incorporated in Delaware2

In its 2026 annual report the company says: “374Water Inc. is a cleantech and environmental services company developing supercritical water oxidation technology for the destruction of organic waste streams within the municipal, federal, and industrial markets. Our AirSCWO technology is designed to effectively convert solid and liquid wastes such as sewage sludge, biosolids, food waste, hazardous and non-hazardous waste, including ‘forever chemicals’ (e.g., “per-and polyfluoroalkyl substances” or “PFAS”) into inert and recoverable resources including water, minerals, and heat energy.”5

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Last updated Oct 20, 2026.

Overview

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  • TickerSCWO on Nasdaq2
  • IndustryMotors & Generators2
  • HeadquartersMiami, United States2
  • Incorporated inDE3
  • Business address701 W. Main Street, Suite 410, Durham, Nc 277013
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300ABG7FYV6S7WT192
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O VCORP SERVICES, LLC, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 40274782

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374Water Inc. (the “Company”, “374Water”, “We”, or “Our”) is a cleantech and environmental services company developing supercritical water oxidation technology (“SCWO”) for the destruction of organic waste streams within the municipal, federal, and industrial markets. 374Water offers our proprietary AirSCWO technology, which is designed to destroy and mineralize a broad spectrum of non-hazardous and hazardous organic wastes producing safe dischargeable water streams, safe mineral effluent, safe vent gas, and recoverable heat energy. Importantly, our AirSCWO system is designed to eliminate recalcitrant organic wastes without creating waste byproducts, as well as to simplify existing, complex waste processing and disposal practices. Our AirSCWO technology is designed to effectively convert solid and liquid wastes such as sewage sludge, biosolids, food waste, hazardous and non-hazardous was…5 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

-1093.5%Gross margin6
-9834.2%Operating margin6
-9754.2%Net margin6
-51.7%Revenue growth, 20256
-311.9%Return on equity6
-$16.2MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue50¢$2.6M
  • Research and development50¢$2.5M

Out of $215.0K in revenue.6 The company lost money this year.

Financial statements

Revenue78910116$215.0K in 2025+796% since 2019
0$1.0M$2.0M$3.0M$4.0M2019: $24.0K$24.0K20192020: $86.6K$86.6K2020+261%2021: $48.1K$48.1K2021−44%2022: $3.0M$3.0M2022+6169%2023: $744.0K$744.0K2023−75%2024: $445.4K$445.4K2024−40%2025: $215.0K$215.0K2025−52%
Gross profit910116-$2.4M in 2025
-$3.0M-$2.0M-$1.0M0$1.0M2021: $48.1K$48.1K20212022: $336.5K$336.5K2022+600%2023: -$1.1M-$1.1M20232024: -$912.7K-$912.7K2024−18%2025: -$2.4M-$2.4M2025+158%
Operating income78910116-$21.1M in 2025+5027% since 2019
-$30.0M-$20.0M-$10.0M02019: -$412.4K-$412.4K20192020: -$11.7K-$11.7K2020−97%2021: -$3.2M-$3.2M2021+27046%2022: -$4.8M-$4.8M2022+50%2023: -$8.6M-$8.6M2023+82%2024: -$12.8M-$12.8M2024+48%2025: -$21.1M-$21.1M2025+65%
Net income78910116-$21.0M in 2025+3973% since 2019
-$30.0M-$20.0M-$10.0M0$10.0M2019: -$514.9K-$514.9K20192020: $40.3K$40.3K20202021: -$3.2M-$3.2M20212022: -$4.7M-$4.7M2022+48%2023: -$8.1M-$8.1M2023+73%2024: -$12.4M-$12.4M2024+53%2025: -$21.0M-$21.0M2025+69%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Revenues$215.0K$445.4K
Cost of revenues-$2.6M-$1.4M
Gross Margin-$2.4M-$912.7K
Research and development$2.5M$2.1M
Compensation and related expenses$8.3M$4.7M
Professional fees$2.8M$2.2M
General and administrative$5.2M$2.8M
Total Operating Expenses$18.8M$11.9M
Loss from Operations-$21.1M-$12.8M
Interest income$194.2K$281.1K
Interest expense-$41.2K$0
Other income$19.0K$88.0K
Total Other Income, net$172.0K$369.1K
Net Loss before Income Taxes-$21.0M-$12.4M
Provision for Income Taxes$0$0
Net Loss-$21.0M-$12.4M
Net Loss per Share - Basic and Diluted-$1.38-$0.92
Weighted Average Common Shares Outstanding - Basic and Diluted15.2M shares13.4M shares

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Corporate structure

374Water Inc. sits at the top of its group. 3 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of 374Water Inc.

  • Yaacov Nagar Filed SCHEDULE 13D/A on 374Water Inc., latest Apr 30, 2026 (6 filings since Oct 31, 2024)
  • Stephen H. McKnight Filed SCHEDULE 13D/A on 374Water Inc., latest Mar 12, 2026
  • Terry Merrell Filed SC 13D on 374Water Inc., latest Oct 27, 2021
  • 374Water Inc. Miami, Florida, United States
    • 374Water Sustainability LTD Subsidiary · Israel
    • 374Water Systems, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); 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 374Water 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$4.7M6 Dec 31, 2025$2.7M6 Dec 31, 2024+70.9%
Property and equipment, net$3.8M6 Dec 31, 2025$2.6M6 Dec 31, 2024+49.4%
Finance-lease assets$691.0K11 Dec 31, 2024$011 Dec 31, 2023
Operating-lease assets (leased space)$571.7K6 Dec 31, 2025$691.0K6 Dec 31, 2024−17.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$10.7M11 Dec 31, 2024$10.4M11 Dec 31, 2023+2.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Indefinite-lived intangibles (excluding goodwill)$943.2K6 Dec 31, 2025$1.0M6 Dec 31, 2024−7.2%
Finite-lived intangibles, net$943.2K6 Dec 31, 2025$1.0M6 Dec 31, 2024−7.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.5M6 Dec 31, 2025$1.7M6 Dec 31, 2024−13.5%
Raw materials$50.0K6 Dec 31, 2025$50.0K6 Dec 31, 20240%
Work in process$011 Dec 31, 2024$1.8M11 Dec 31, 2023−100.0%

Properties, in its own words

On October 15, 2024, the Company executed an operating lease for 3,317 square feet of laboratory space located in North Carolina. The lease began September 1, 2024 and ends October 1, 2029 with one five-year extension period. Monthly rental payments required under the lease are subject to annual increases and range from $14,235 to $16,503 over the initial term of the lease.

On January 26, 2026, the Company executed a license agreement with the City of Orlando for use of their space at Iron Bridge Water Reclamation (the “License Agreement”). The License Agreement grants the Company a temporary, revocable, nonexclusive license to use approximately 15,000 square feet of the facility for the following (i) installation and operation of AirSCWO units to process city wastewater sludge, (ii), processing of certain approved third-party materials under a waste destruction services program, subject to approval by the City of Orlando, and maintenance of equipment , manufacturing of AirSCWO units and inventory storage. The initial term of the License Agreement commences February 1, 2026 for five years with two optional five-year renewal terms. The initial monthly licensee fee is $8,000 for the first two years, with annual increases of 2.5% thereafter. The License Agreement includes provisions for the termination for convenience with 180 days’ written notice by either party.

Item 2 of the 10-K filed Mar 31, 2026.5

Leadership

Who has led 374Water Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Yaacov Nagar2021–2023
  2. Jeffrey Mark Quick2023
  3. Chris M. Gannon2024–2026
  4. Daniel T. Bogar2026–now

President

  1. George Konrad2008–2013
  2. Chris M. Gannon2024
  3. Daniel T. Bogar2026–now

Chief financial officer

  1. John L. Hofmann2012
  2. Israel David Abitbol2022–2023
  3. Adrienne Anderson2024
  4. Kline Russell2025–2026
  5. Charles Maurice Weiser2026–now

Chief operating officer

  1. Brad Ian Meyers2023–now
2010201520202025
Board members and other officers (19)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 374Water Sustainability LTD Israel4
  • 374Water Systems, Inc. Delaware4

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

Former names

  • POWERVERDE, INC.Sep 9, 2005 to May 11, 20213
  • VYREX CORPJul 11, 1996 to Aug 19, 20083

Timeline

  1. Sep 30, 20268-K Bylaws or fiscal year changed; Shareholder vote42
  2. Aug 18, 20268-K Results of operations43
  3. Aug 11, 20268-K Results of operations44
  4. Jul 8, 20268-K Executive or director change45
  5. May 14, 20268-K Results of operations46
  6. May 1, 20268-K Executive or director change47
  7. Apr 16, 20268-K Regulation FD disclosure48
  8. Apr 15, 20268-K Executive or director change49
  9. Mar 31, 20268-K Results of operations50
  10. Mar 17, 2026New chief executive Daniel T. Bogar becomes CEO15
  11. Mar 11, 20268-K Results of operations; Regulation FD disclosure51
  12. Mar 6, 20268-K Executive or director change52
  13. Feb 25, 20268-K Executive or director change53
  14. May 1, 2024New chief executive Chris M. Gannon becomes CEO16
  15. Sep 5, 2023New chief executive Jeffrey Mark Quick becomes CEO17
  16. May 11, 2021New chief executive Yaacov Nagar becomes CEO18
  17. Sep 8, 2005Founded 374Water Inc. is founded2

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/202654

When it reported results

  1. Aug 18, 2026Reported quarterly or annual results43
  2. Aug 11, 2026Reported quarterly or annual results44
  3. May 14, 2026Reported quarterly or annual results46
  4. Mar 31, 2026Reported quarterly or annual results50
  5. Mar 11, 2026Reported quarterly or annual results51
  6. Nov 12, 2025Reported quarterly or annual results55
  7. Aug 12, 2025Reported quarterly or annual results56
  8. May 15, 2025Reported quarterly or annual results57

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

Filings

245 filings to the SEC since October 2021: 7 annual reports, 16 quarterly reports, 71 major events, 92 insider forms, 8 large holders, 51 other. The latest 20:

  1. Sep 30, 20268-K EDGAR
  2. Aug 25, 2026DEF 14A EDGAR
  3. Aug 18, 20268-K EDGAR
  4. Aug 14, 2026PRE 14A EDGAR
  5. Aug 14, 202610-Q EDGAR
  6. Aug 11, 20268-K EDGAR
  7. Aug 11, 2026424B5 EDGAR
  8. Jul 8, 20264 EDGAR
  9. Jul 8, 20268-K EDGAR
  10. Jun 15, 20264 EDGAR
  11. Jun 11, 2026144 EDGAR
  12. May 14, 20268-K EDGAR
  13. May 14, 202610-Q EDGAR
  14. May 1, 20268-K EDGAR
  15. Apr 30, 2026SCHEDULE 13D/A EDGAR
  16. Apr 30, 20264 EDGAR
  17. Apr 30, 202610-K/A EDGAR
  18. Apr 16, 20268-K EDGAR
  19. Apr 15, 20268-K EDGAR
  20. Mar 31, 20268-K EDGAR

The 245 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

73 open-market trades by officers, directors and large owners since October 2021: 21 buys and 52 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 12, 2026Meyers Brad IanChief Operating OfficerSale9,831$2.33$22.9KForm 4
Jun 11, 2026Meyers Brad IanChief Operating OfficerSale9,000$2.46$22.1KForm 4
Dec 16, 2025Russell KlineChief Financial OfficerBuy20,000$0.22$4.4KForm 4
Dec 16, 2025Jones Stephen JInterim CEOBuy450,000$0.23$103.5KForm 4
Oct 23, 2025Nagar Yaacov10% ownerSale473,211$0.43$203.5KForm 4
Oct 22, 2025Nagar Yaacov10% ownerSale61,000$0.42$25.6KForm 4
Oct 22, 2025Nagar Yaacov10% ownerSale32,791$0.42$13.8KForm 4
Oct 21, 2025Nagar Yaacov10% ownerSale284,394$0.42$119.4KForm 4
Oct 20, 2025Nagar Yaacov10% ownerSale13,330$0.42$5.6KForm 4
Oct 17, 2025Nagar Yaacov10% ownerSale131,680$0.42$55.3KForm 4
Oct 16, 2025Nagar Yaacov10% ownerSale85,419$0.51$43.6KForm 4
Oct 15, 2025Nagar Yaacov10% ownerSale363,868$0.52$189.2KForm 4
Oct 14, 2025Nagar Yaacov10% ownerSale700,000$0.52$364.0KForm 4
Oct 8, 2025Nagar Yaacov10% ownerSale1,499,000$0.46$689.5KForm 4
Oct 7, 2025Nagar Yaacov10% ownerSale1,000$0.39$390Form 4
Sep 8, 2025Nagar Yaacov10% ownerSale54,850$0.40$21.9KForm 4
Sep 5, 2025Nagar Yaacov10% ownerSale122,439$0.39$47.8KForm 4
Aug 29, 2025Nagar Yaacov10% ownerSale22,711$0.39$8.9KForm 4
Aug 26, 2025Estes Deanna ReneDirectorBuy30,000$0.29$8.7KForm 4
Aug 25, 2025Pawloski JamesDirectorBuy193,300$0.26$50.3KForm 4

All 73 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
2025Stephen JonesInterim Chief Executive Officer$157.7K$1.4M61
2025Christian GannonChief Executive Officer$346.9K$1.3M61
2025Brad MeyersChief Operating Officer56$300.0K$800.5K61
2025Peter MandelGeneral Counsel$231.2K$727.5K61
2025Russell KlineChief Financial Officer$300.0K$708.0K61
2024Christian GannonChief Executive Officer$312.1K$7.5M61
2024Peter MandelGeneral Counsel$96.0K$993.4K61
2024Brad MeyersChief Operating Officer56$262.5K$847.0K61

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 44. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC322,788$613.3K0.0%No change
Captrust Financial Advisors206,738$392.8K0.0%No change
Hamilton Lane Advisors LLC160,228$304.4K0.2%No change
D.a. Davidson & Co.148,179$281.5K0.0%+12,697
BlackRock, Inc.119,519$227.1K0.0%+40,227
Icon Wealth Advisors, LLC108,361$205.9K0.0%No change
Geode Capital Management, LLC107,761$204.8K0.0%−11,593
Vanguard Fiduciary Trust Co70,104$133.2K0.0%+21,646
Raymond James Financial Inc58,428$111.0K0.0%+19,405
Sigma Planning Corp55,553$105.6K0.0%+3,200
Osaic Holdings, Inc.50,353$95.7K0.0%−13,000
Millennium Management LLC48,459$92.1K0.0%−15,216
UBS Group AG38,084$72.4K0.0%+4,240
Trinity Legacy Partners, LLC23,162$51.0K0.0%No change
Northern Trust Corp25,922$49.3K0.0%−2,263
State Street Corp23,176$44.0K0.0%No change
Susquehanna International Group, Llp22,956$43.6K0.0%−14,072
Mariner, LLC19,075$36.2K0.0%+1,000
Uncommon Cents Investing LLC18,200$34.6K0.0%No change
Prospera Financial Services Inc17,500$33.2K0.0%No change
Citadel Advisors LLC14,726$28.0K0.0%New
Qube Research & Technologies Ltd14,276$27.1K0.0%New
Two Sigma Investments, LP13,627$25.9K0.0%No change
Westend Capital Management, LLC13,000$24.7K0.0%No change
XTX Topco Ltd12,983$24.7K0.0%New

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

SEC filer profile

How 374Water Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAR374Water Inc.1
  • CIK0000933972
  • Employer ID (EIN)88-02711095
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)3621 Motors & Generators1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address701 W. Main Street, Suite 410, Durham, NC 277011
  • Mailing address3710 Shannon Rd #51877, Suite 410, Durham, NC 277171
  • Phone440-609-96771
  • Shares outstanding17,718,161 as of Aug 10, 202613
  • Public float$27.4M as of Jun 30, 20255
  • AuditorCherry Bekaert LLP, Raleigh, North Carolina PCAOB ID 677; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceMay 20, 19961
  • Filings483 in all: 8-K (88), 4 (81), 10-Q (58), 10QSB (34), 3 (26), 10-K (18), UPLOAD (18), DEF 14A (15)1
    All 47 form types

    CORRESP (13), NT 10-Q (13), DEFA14A (11), NT 10-K (11), 10KSB (7), 144 (7), 8-K/A (7), 10-K/A (6), 424B5 (6), 10-Q/A (5), 10KSB40 (5), SCHEDULE 13D/A (5), 10QSB/A (4), 5 (4), PRE 14A (4), S-3 (3), S-3/A (3), S-8 (3), SC 13D (3), 10KSB/A (2), 3/A (2), 4/A (2), EFFECT (2), SC 13G/A (2), 10KSB40/A (1), 144/A (1), 8-A12B (1), CERT (1), DEF 14C (1), DEFM14A (1), NT 10-K/A (1), NTN 10K (1), PREM14A (1), S-1 (1), S-2 (1), SC 13D/A (1), SC 13G (1), SCHEDULE 13D (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Aug 25, 2026
    Latest 8-K (8-K) Sep 30, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.0001 par valueSCWONasdaq

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks 374Water Inc. names in Item 1A of its 10-K filed Mar 31, 2026: 40 risks under these headings, as written.5

  • Risks Related to Our Business and General Economic Conditions
  • Risks Related to Our Financial Position and Capital Requirements
  • Risks Related to Our Intellectual Property
  • Risks Related to our Reliance on Third Parties
  • Risks Related to our Common Stock and Capital Structure
  • A sustainable market for our products may never develop.
  • Our ability to treat hazardous wastes on a commercially viable basis is unproven, which could have a detrimental effect on our ability to generate or sustain revenues.
  • We have a limited operating history with no material revenues.
  • We have experienced management turnover, including turnover of our top executives, which creates uncertainties and could have an adverse effect on our business.
  • Our products may have defects, which could damage our reputation, decrease market acceptance of our products, cause us to lose customers and revenue and result in costly litigation or liability.
  • Our management team may not be able to successfully implement our business strategies.
  • Our ability to generate revenue will depend in part on government contracts which expose us to the uncertainties of governmental budgetary and funding constraints and local, national and international political conditions and events.
The other 33 risks
  • We have identified material weaknesses in our internal control over financial reporting, which may have a material adverse effect on our results of operations and financial condition for future periods.
  • Significant disruptions of our information technology systems or breaches of our data security could adversely affect our business.
  • We may be unable to obtain required licenses from third parties for product development.
  • If we fail to manage growth or to prepare for product scalability effectively, it could have an adverse effect on our employee efficiency, product quality, working capital levels and results of operations.
  • We may be adversely affected by the effects of inflation.
  • We face competition in our industry, and we may be unable to attract customers and maintain a viable business.
  • We are required to obtain permits in different areas of the world in order to utilize our products in such regions. Our need to apply for and receive permits could substantially limit our ability to operate and grow our business.
  • We have in the past and may in the future be involved in litigation matters or other legal proceedings that are expensive and time consuming.
  • Developments in, and compliance with, current and future environmental and climate change laws and regulations could impact our business, financial condition or results of operations.
  • If we become subject to claims relating to handling, storage, release or disposal of hazardous materials, we could incur significant cost and time to comply.
  • Failure to effectively treat emerging contaminants could result in material liabilities.
  • Wastewater operations entail significant risks that may impose significant costs.
  • We may incur liabilities to customers as a result of warranty claims or failure to meet performance guarantees, which could reduce our profitability.
  • We enter into various contracts in the normal course of our business, some or all of which may require us to indemnify the other party to the contract. In the event we have to perform under these indemnification provisions, it could have an adverse effect on our business, financial condition and results of operations.
  • Natural disasters and other catastrophic events beyond our control could adversely affect our business operations and financial performance.
  • United States trade policies and other factors beyond the Company’s control, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations.
  • We will require and may have difficulty or be unsuccessful in raising needed capital in the future to continue to operate as a going concern.
  • We have inadequate capital and need for additional financing to accomplish our business and strategic plans. Terms of subsequent financing, if any, may adversely impact your investment in our securities.
  • Our research and development expenses will increase in the future.
  • We may have difficulty in protecting our intellectual property and may incur substantial costs to defend ourselves in patent infringement litigation.
  • We may become subject to claims of infringement or misappropriation of the intellectual property rights of others, which could prohibit us from developing our products, require us to obtain licenses from third parties or to develop non-infringing alternatives and subject us to substantial monetary damages.
  • We may be subject to claims challenging the inventorship or ownership of our patents and other intellectual property.
  • We may need to depend on certain technologies that are licensed to us. We would not control these technologies and any loss of our rights to them could prevent us from selling our products.
  • Our suppliers may fail to deliver materials and parts according to schedules, prices, quality and volumes that are acceptable to us, or we may be unable to manage these materials and parts effectively.
  • Failure by third parties to supply or manufacture components of our products or to deploy our systems timely or properly could adversely affect our business, financial condition and results of operations.
  • The market price of our common stock historically has been highly volatile and is likely to continue to be volatile, and you could lose all or part of your investment.
  • The interests of our principal stockholders, officers and directors, who collectively beneficially own a significant amount of our common stock, may not coincide with yours and such stockholders will have the ability to control decisions with which you may disagree.
  • Because we are a “smaller reporting company,” we may take advantage of certain scaled disclosures available to us, resulting in holders of our securities receiving less Company information than they would receive from a public company that is not a smaller reporting company.
  • We do not intend to pay dividends on our common stock for the foreseeable future.
  • If securities or industry analysts do not publish research about our business, or publish negative reports about our business, our share price and trading volume could decline.
  • Future sales or potential sales of our common stock in the public market could cause our share price to decline.
  • We incur costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.
  • Provisions in our Amended and Restated Certificate of Incorporation and Bylaws and of Delaware law may prevent or delay an acquisition of the Company, which could decrease the trading price of our common stock.

Legal proceedings

See Note 10, Commitments and Contingencies to our consolidated financial statements for the year ended December 31, 2025 contained in this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.5

Sources

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