UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34674 Calix, Inc. (Exact Name of Registrant as Specified in Its Charter) | Delaware | | 68-0438710 | | --- | --- | --- | | (State or O ...

Financial Performance - In 2025, the company achieved total revenue of $1.9 billion, primarily from sales of its COVID vaccines[22]. - The company expects to drive revenue growth in 2026 from long-term partnerships in the UK, Canada, and Australia, along with strong uptake of mNEXSPIKE in the U.S.[37]. Product Development and Clinical Trials - The company is advancing a pipeline of development candidates across oncology, rare disease, and infectious disease, with eight Phase 2 and Phase 3 clinical trials underway for intismeran[23]. - The company has a diverse development pipeline consisting of 35 therapeutic and vaccine programs, with 6 in late-stage development[58]. - The company continues to advance its early-stage pipeline, including oncology programs and multiple early-stage vaccine programs[38]. - The company anticipates pivotal trial data readouts in 2026 across its oncology, rare disease, and infectious disease portfolios, with plans to launch several new infectious disease products[37]. - The Phase 3 trial for mRNA-1018 is expected to begin in early 2026, following CEPI's investment[78]. - The Phase 3 trial of the trivalent vaccine candidate mRNA-1403 has enrolled about 38,000 participants, focusing on older adults who are at the highest risk of severe outcomes[95]. - The ongoing Phase 1/2 study of mRNA-4349 includes cohorts for first-line metastatic melanoma and first-line metastatic NSCLC[122]. - The registrational study for mRNA-3927 has reached target enrollment, and an infant dose-finding study is also ongoing[131]. Regulatory Approvals - The company has regulatory filings under review for its seasonal flu+COVID combination vaccine candidate (mRNA-1083) and expects a Prescription Drug User Fee Act (PDUFA) goal date of August 5, 2026, for mRNA-1010[24]. - The FDA has approved the 2025-2026 Spikevax formula for high-risk individuals aged six months through 64 years and all adults 65 years and older, with approvals received in 40 countries[64]. - The RSV vaccine (mRNA-1345 or mRESVIA) has been approved for adults 60 years and older, with recommendations for unvaccinated individuals aged 75 and older and high-risk individuals aged 50-74[66]. - The FDA accepted the BLA for mRNA-1010 for review, with a PDUFA goal date of August 5, 2026[71]. Manufacturing and Production - The company streamlined its production sites into a global manufacturing network, adding three facilities in the UK, Canada, and Australia to enhance local access to mRNA vaccines[26]. - The Marlborough biomanufacturing facility, completed in 2025, is designed for speed and scalability, and began shipping patient batches in September 2025[141]. - mRNA manufacturing facilities in the UK, Canada, and Australia were fully licensed in 2025, with multi-year commitments from local governments to purchase mRNA products[142]. - The company has invested significantly in manufacturing process science to produce mRNA medicines at scales ranging from micrograms to kilograms[52]. Strategic Collaborations - The company entered into a strategic collaboration with Recordati to advance its propionic acidemia therapeutic (mRNA-3927) through final stages of clinical development[25]. - Moderna's strategic alliance with Merck for personalized mRNA cancer vaccines includes an upfront payment of $200 million and a subsequent option exercise fee of $250 million[178][179]. - The collaboration with BARDA for the development of mRNA-1273, the original COVID vaccine, had a maximum award of approximately $1.8 billion, concluding on June 15, 2025[183]. - The company has entered into a collaboration with Recordati to advance investigational PA therapeutic (mRNA-3927) through clinical development and commercialization[182]. Intellectual Property - Moderna's intellectual property estate includes over 260 issued or allowed U.S. patents and more than 140 granted patents outside the U.S., with most patents not expiring until at least 2033[189]. - The projected expiration for U.S. patents covering the company's approved products, such as Spikevax and mNEXSPIKE, is 2041, while European patents are set to expire in 2036[198]. - The company maintains a multi-program effort to develop vaccines for potential future pandemics, targeting diseases such as Zika, dengue, HIV, and Nipah virus[206]. - The company's trademark portfolio includes at least 1,400 registrations and 180 pending applications across more than 55 jurisdictions[214]. Research and Innovation - The company has implemented AI-driven data analytics to optimize drug design, clinical trial operations, and manufacturing processes, enhancing efficiency and product quality[164][165][166]. - In early 2023, Moderna began a collaboration with OpenAI to integrate AI capabilities across various business functions, including legal, research, and manufacturing[167]. - The company is focused on expanding its modalities, which allows for rapid acceleration of programs based on learnings from earlier initiatives[56]. Economic Impact - Norovirus causes an estimated 685 million illnesses and 200,000 deaths annually, with a significant economic impact of approximately $60 billion per year globally[90]. - The economic burden of norovirus in the U.S. is estimated at $2 billion annually, with 20 million infections and 100,000 hospitalizations each year[90].

Exhibit 99.1 Amicus Therapeutics Announces Full-Year 2025 Financial Results and Corporate Updates 2025 Total Revenue of $634M, up 17% Year-over-Year at CER Cash Position of $294M, a $44M Increase in 2025 Proposed Acquisition by BioMarin Expected to Close in Q2 2026, Subject to Closing Conditions PRINCETON, NJ, Feb. 20, 2026 – Amicus Therapeutics (Nasdaq: FOLD), a leading, global biotechnology company with a clear and compelling mission to develop and deliver transformative medicines for people living with r ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number: 001-36013 (American Homes 4 Rent) Commission File Number: 333-221878-02 (American Homes 4 Rent, L.P.) AMERICAN HOMES 4 R ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36786 RESTAURANT BRANDS INTERNATIONAL INC. (Exact name of Registrant as Specified in Its Charter) (State or Other ...

Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in thousands of United States dollars, unless otherwise stated) Consolidated Financial Statements For the years ended December 31, 2025 and 2024 | CONTENTS | | | --- | --- | | Management's Report | 3 | | Report of Independent Registered Public Accounting Firm – Consolidated Financial Statements | 4 | | Report of Independent Registered Public Accounting Firm – Internal Control over Financial Reporting | 6 | | Consolid ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________ FORM 10-K _____________________________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38054 __________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ FORM 10-K (Mark One) þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from___________ to___________ Commission File Number: 001-35435 Proto Labs, Inc. (Exact name of Registrant as specified in its chart ...

Financial Performance - Net income for the year ended December 31, 2025, was $159.0 million, or $1.24 per share, compared to $37.7 million, or $0.57 per share in 2024, and a net loss of $39.2 million, or $0.89 per share in 2023 [276]. - For the three months ended December 31, 2025, net earnings were $103,408,000, a significant increase from $72,078,000 in the previous quarter, representing a 43.5% quarter-over-quarter growth [283]. - The total net income for the year ended December 31, 2025, was $159,030,000, compared to $37,662,000 in 2024, reflecting a substantial year-over-year increase of 322% [283]. - Economic net interest income for the year ended December 31, 2025, was reported at $87,789,000, compared to a loss of $11,448,000 in 2024, showcasing a significant turnaround [287]. - The company reported a total economic interest expense of $122,669,000 for the year ended December 31, 2025, which is a decrease from $133,554,000 in 2024 [294]. Interest Income and Expense - Interest income for 2025 was $414.0 million, up from $241.6 million in 2024 and $177.6 million in 2023, while interest expense increased to $305.7 million from $236.3 million in 2024 and $201.9 million in 2023 [276]. - The net interest income for 2025 was $108.3 million, a significant increase from $5.3 million in 2024 and a net loss of $24.3 million in 2023 [276]. - Total interest expense on borrowings for the year ended December 31, 2025, was $305.7 million, up from $236.3 million in 2024, marking a 29.3% increase [305]. - The average cost of funds decreased to 4.27% for the year ended December 31, 2025, from 5.35% in 2024, indicating improved funding efficiency [305]. - Economic interest expense for the year ended December 31, 2025, was $222.4 million, an increase from $119.5 million in 2024 and $109.6 million in 2023 [307]. Share Issuance and Repurchase - The company issued a total of 24,675,497 shares under the March 2023 Equity Distribution Agreement for gross proceeds of approximately $228.8 million and net proceeds of approximately $225.0 million [266]. - Total shares repurchased from inception of the stock repurchase program through December 31, 2025, amounted to 6,257,826 shares at an aggregate cost of approximately $84.8 million, with a weighted average price of $13.55 per share [273]. - The company plans to offer and sell up to an aggregate amount of $500.0 million of shares under the October 2025 Equity Distribution Agreement [269]. - The company issued a total of 30,513,253 shares under the June 2024 Equity Distribution Agreement for aggregate gross proceeds of approximately $250.0 million and net proceeds of approximately $245.8 million [357]. - The company issued a total of 59,492,504 shares under the February 2025 Equity Distribution Agreement for aggregate gross proceeds of approximately $445.1 million and net proceeds of approximately $438.0 million [358]. Portfolio and Asset Management - As of December 31, 2025, the company's RMBS portfolio consisted of $10,628.7 million of Agency RMBS at fair value, with a weighted average coupon on assets of 5.64% [329]. - The average three-month prepayment speeds for the quarters ended December 31, 2025, and 2024 were 15.7% and 10.5%, respectively [329]. - The company had outstanding obligations under repurchase agreements of approximately $10,115.5 million as of December 31, 2025, with a net weighted average borrowing cost of 3.98% [336]. - The company’s internal liquidity sources include cash balances and unencumbered assets, which are expected to be sufficient for ongoing operational needs [342]. - The total fair value of the RMBS portfolio as of December 31, 2025, included $5,675.5 million from Fannie Mae and $4,953.2 million from Freddie Mac [331]. Risk Management - The company utilized various hedging instruments to manage interest rate risk, including Fed Funds and interest rate swaps, to mitigate exposure in a rising rate environment [285]. - The company faces spread risk, where widening market spreads between the yield on Agency RMBS and benchmark interest rates could lead to a decline in net book value [415]. - The company is exposed to liquidity risk due to financing long-term assets with shorter-term borrowings through repurchase agreements, which could lead to adverse changes in liquidity if collateral values decrease [416]. - The company faces counterparty credit risk related to repurchase agreements and derivative contracts, which could lead to significant losses if counterparties fail to perform their obligations [419]. - A decrease in prepayment rates in a rising interest rate environment could extend the average life of fixed-rate assets, negatively impacting operational results and potentially forcing asset sales [418]. Dividends and Shareholder Returns - The company has declared total dividends of $69.570 per share amounting to $940,793,000 since its IPO [395]. - The company intends to pay regular monthly dividends to stockholders, with the most recent declared dividend of $0.12 per share to be paid on March 30, 2026 [396]. - The company experienced a three-month constant prepayment rate (CPR) of 15.7% for the quarter ended December 31, 2025 [330]. - The company has not designated its derivative holdings for hedge accounting treatment, which affects how changes in fair value are reported [286]. - The company employs a four-step process to determine the fair value of Agency RMBS, consistent with FASB ASC Topic 820 [386].

Fleet and Operations - Valaris owns a fleet of 46 rigs, including 13 drillships, 2 semisubmersible rigs, and 31 jackup rigs, with a 50% equity interest in ARO, which owns an additional 9 rigs[20]. - The company has a total of 31 jackup rigs in its fleet, with 13 drillships capable of drilling in water depths of up to 12,000 feet[200][198]. - The company has 13 drillships and 2 semisubmersibles, with the semisubmersibles capable of drilling in water depths of up to 10,000 feet[198][199]. - As of February 17, 2026, several rigs are under contract, including VALARIS DS-4, DS-7, DS-8, and DS-9, all of which are dynamically positioned drillships[196]. - The company has a future contract for VALARIS DS-10, which is a drillship expected to operate in Spain[196]. Financial Performance - During the year ended December 31, 2025, the five largest customers accounted for 49% of consolidated revenues, with Petrobras, BP, and Azule Energy contributing 35%[32]. - Revenues from non-U.S. operations represented 86%, 84%, and 80% of total consolidated revenues for the years ended December 31, 2025, 2024, and 2023, respectively[35]. - The current contract backlog for the company is approximately $4.7 billion as of February 17, 2026, compared to $3.6 billion on February 18, 2025, reflecting a significant increase[91]. - In 2025, the company's five largest customers accounted for 49% of consolidated revenues, with the largest customer representing 13% of total revenues, highlighting significant reliance on major clients[99]. - The company has not paid or declared any dividends on its common shares due to restrictions in its indenture and credit agreements[208]. Business Combination and Risks - On February 9, 2026, Valaris entered into a business combination agreement with Transocean, where Transocean will acquire all Valaris shares at an exchange ratio of 15.235 Transocean shares for each Valaris share[23]. - The Business Combination Agreement with Transocean involves an exchange ratio of 15.235 Transocean shares for each Valaris share, resulting in Transocean shareholders owning approximately 53% and Valaris shareholders 47% of the combined company[75]. - If the Business Combination Agreement is terminated under certain circumstances, the company may incur a termination fee of approximately $173 million to Transocean[78]. - The company is subject to various risks related to the Business Combination, including potential delays or failure to complete the transaction due to external factors[75]. - The company may experience risks associated with future mergers, acquisitions, or dispositions of businesses, which could impact its financial stability[1]. Market Conditions and Competition - The offshore drilling industry is currently experiencing an oversupply of oil, but is expected to shift to a tighter market over the next few years due to underinvestment in upstream development[24]. - Valaris operates in a highly competitive environment, with significant variations in rig supply and demand affecting rig utilization and day rates[26]. - The offshore contract drilling industry is highly competitive, with pricing, safety records, and operational efficiency being key factors in securing contracts[88]. - Competition for skilled personnel is intense, leading to challenges in recruitment and retention, which could affect operational capabilities[113]. Sustainability and Compliance - The company is focused on sustainability and has a dedicated department to promote sustainable business practices and manage related risks[45]. - The company has adopted a policy against modern slavery and human trafficking in its business and supply chains[50]. - Compliance with environmental laws and regulations may impose additional costs and operational limitations on the company[1]. - Increased regulation and sustainability initiatives may restrict offshore drilling activities, adversely impacting financial results[153]. - The EU's Corporate Sustainability Reporting Directive may require the company to report on sustainability topics as early as 2028 for certain subsidiaries, increasing compliance costs[178]. Cybersecurity and Operational Risks - The company has implemented a cybersecurity program with administrative, technical, and physical safeguards to manage risks from cybersecurity threats[185]. - Cybersecurity risks are integrated into the company's enterprise risk management process, with regular reviews by the Executive Management Committee and the board of directors[189]. - The Audit Committee oversees the company's IT and cybersecurity program, receiving quarterly reports on cybersecurity incidents and risks[190]. - The company engages third-party service providers for cybersecurity assessments to strengthen its cybersecurity posture[192]. - No material cybersecurity threats or incidents have been reported as of the date of the annual report, but future risks remain[195]. Workforce and Training - The global workforce of the company was approximately 5,070 persons, including contractors, and about 3,800 persons excluding contractors as of December 31, 2025[52]. - Approximately 1,620 personnel have attended the Building Organizational Leadership (BOLD) training program since its launch in 2021[55]. - The company launched an enhanced leadership development program for senior offshore leaders in 2025, delivered through targeted workshops[55]. - The company emphasizes employee wellbeing by offering an employee assistance program (EAP) that provides access to mental health professionals and other benefits[53]. - The company has a diverse workforce representing 78 nationalities across 25 locations[52]. Legal and Regulatory Risks - The company faces risks from litigation, including contract disputes and environmental claims, which could adversely affect financial results[160]. - Increased climate-related litigation risks may arise, particularly from governmental entities seeking damages related to climate change[161]. - The company may encounter challenges in enforcing judgments against its directors and officers due to its Bermuda incorporation[162]. - Provisions in the company's bye-laws could delay or prevent a change in control, potentially affecting the price of its Common Shares[164]. - The company is subject to various international trade laws and regulations that could impact its operations and financial position[174]. Financial Covenants and Shareholder Returns - The 2028 Credit Agreement includes financial covenants requiring a minimum book value of equity to total assets ratio, interest coverage ratio, and liquidity[141]. - Valaris Limited's cumulative total shareholder return increased from $100 to $285.3 by 2023, reflecting a 185.3% growth since May 3, 2021[214]. - The cumulative total return for the S&P MidCap 400 Index was $105.9 by 2023, indicating a 5.9% increase since the same date[218]. - Valaris Limited's stock performance outperformed the Industry Index, which had a cumulative return of $167.3 by 2023[218]. - The company plans to continue its market expansion and product development strategies to enhance shareholder value[214].