Market Projections - The global compute market is projected to exceed $1 trillion by 2026, with a compound annual growth rate of approximately 9.9%[15]. - The AI compute market is expected to grow at rates exceeding 30% annually, reaching over $1 trillion by 2034[15]. - The global cloud computing market is projected to grow from approximately $1 trillion in 2026 to between $2.4 trillion and $3.3 trillion by 2030 to 2033, with a compound annual growth rate of about 16% to 20%[54]. - AI-related computing spending is expected to reach $2.52 trillion in 2026, marking a 44% year-over-year increase, driven by the demand for AI-optimized servers[54]. - Approximately $6.7 trillion is expected to be spent on data centers globally between 2025 and 2030, with approximately 65.7% being GPU-related[168]. Company Financials - For the year ended December 31, 2025, the Company incurred losses from continuing operations of $232,853,647, with an accumulated deficit of $413,521,474[196]. - Revenue for 2025 was $125,284, an increase of $40,472 compared to $84,812 in 2024, primarily due to the completion of a tumor-specific 3D model[201]. - The company recorded a loss on digital assets of $152,490,550 in 2025, with no such losses in 2024, primarily from changes in the fair value of ATH holdings[202]. - General and administrative expenses rose to $25,924,358 in 2025, an increase of $18,688,561 from $7,235,797 in 2024, mainly due to stock-based compensation and professional service fees[204]. - Net cash used in operating activities of continuing operations was $9,876,039 in 2025, a decrease from $10,103,084 in 2024, attributed to lower cash operating losses[211]. - Cash and cash equivalents increased by $10,179,028 to $10,790,850 as of December 31, 2025[210]. - Net cash used in investing activities of continuing operations was $32,616,819 in 2025, significantly higher than $9,510 in 2024, due to digital asset purchases[212]. - Total operating loss for 2025 was $(180,915,715), compared to $(10,303,930) in 2024, reflecting a significant increase in losses[201]. - Research and development expenses decreased slightly to $2,147,222 in 2025 from $2,241,461 in 2024, indicating stable investment in product development[205]. - Sales and marketing expenses decreased to $406,247 in 2025 from $833,199 in 2024, primarily due to the absence of staff-related expenses[206]. - Other expenses for 2025 totaled $(51,937,932), a significant increase from other income of $79,275 in 2024, mainly due to losses related to the fair value of derivatives[207]. Digital Asset Strategy - The company has adopted a digital asset treasury strategy focused on ATH, which may face challenges in implementation and profitability due to the need for specialized skills and infrastructure[76]. - The company’s treasury strategy aims to utilize proceeds from equity and debt financings to purchase and hold ATH, with a focus on staking the majority of ATH to earn yield[39]. - The company completed two private investment in public equity transactions (PIPEs) totaling approximately $343.5 million to support its digital asset treasury strategy[23]. - The Treasury Strategy is primarily dedicated to ATH, with a significant portion of the Company's balance sheet allocated to holding ATH[172]. - The company plans to continue acquiring additional ATH in the open market and earn yield on its ATH treasury holdings through staking[37]. - ATH's price has significantly declined from a high of $0.067072 on September 17, 2025, to $0.004919 on February 6, 2026, indicating high volatility and risk associated with concentrated holdings[78]. - The liquidity of ATH is limited, trading on a small number of exchanges, which could impair the company's ability to sell ATH at favorable prices during adverse market conditions[81]. - The company’s treasury strategy is concentrated in ATH, increasing exposure to macroeconomic risks and potential adverse impacts from broader cryptocurrency market declines[82]. - The Aethir network's performance is critical; disruptions could prevent transactions and negatively impact ATH's value[83]. - Regulatory changes and increased scrutiny from agencies like the SEC could adversely affect ATH's market price and the company's financial condition[86]. Operational Challenges - The average lead time for data center GPUs is currently between 36 to 52 weeks, indicating a significant supply-demand imbalance[15]. - The company maintains relationships with multiple GPU hardware suppliers to mitigate risks associated with supply constraints, particularly from NVIDIA Corporation[64][65]. - The company may face operational challenges and risks associated with acquisitions, including increased indebtedness and contingent purchase price obligations[145]. - The company’s shift towards an Aethir-focused strategy requires significant operational adjustments and exposes it to cybersecurity risks[77]. - Cybersecurity risks have not materially affected the company’s business strategy, results of operations, or financial condition to date[156]. - Geopolitical tensions, particularly between the U.S. and China, could disrupt GPU supply chains and limit the company's addressable market[93]. - Data centers are projected to account for over 10% of total U.S. energy consumption by 2030, which may lead to increased regulatory costs and operational limitations for the compute market[94]. Drug Discovery and Biobank - The company is exploring strategic alternatives for its legacy Drug Discovery Services business, which includes a proprietary biobank of over 150,000 tumor samples[20]. - The PEDAL platform utilizes a biobank of over 150,000 patient tumor samples to create AI-driven predictive models of tumor drug response, significantly enhancing the probability of clinical success and reducing time and costs in oncology drug discovery[41][42]. - The 3D tumor-specific models developed by the company provide drug response predictions with high correlation to clinical responses, enhancing pipeline prioritization for biopharma clients[46][49]. - The company’s unique access to a privately held biobank offers a competitive advantage in drug response prediction, creating barriers to entry for competitors[61]. - The integration of AI with extensive tumor data allows for actionable insights critical to new drug development and individual patient treatment strategies[62]. - The company aims to leverage the PEDAL platform to assist biopharma clients in prioritizing oncology portfolios and repurposing previously failed drug compounds[56]. - New oncology drug compounds typically take 10-12 years to gain approval, with an estimated 90-95% failure rate during clinical trials due to inability to meet therapeutic endpoints[60]. - The FDA Modernization Act 2.0 is anticipated to increase the use of non-animal testing methods, promoting more efficient and predictive models in drug development[57]. Compliance and Regulatory Issues - The company has faced compliance issues with Nasdaq regarding its stock price, having previously executed a 20-for-1 reverse stock split to regain compliance[115]. - The company has regained compliance with Nasdaq's Minimum Bid Price Requirement as of January 3, 2025, after trading above the minimum requirement[116]. - As of September 30, 2024, the company's stockholders' equity was $1,966,969, which is below the Nasdaq minimum requirement of $2.5 million[117]. - The company was notified on June 9, 2025, that it had not regained compliance with the Stockholders' Equity Requirement, leading to a potential delisting from Nasdaq[118]. - The company did not comply with the Minimum Bid Price Requirement, as the closing bid price was below $1.00 for 30 consecutive trading days[119]. - An oral hearing was held on July 17, 2025, where the company presented plans to regain compliance, including potential sales of common stock and a reverse stock split[120]. - Nasdaq granted an extension through December 8, 2025, for the company to demonstrate compliance with continued listing requirements[121]. - A Reverse Stock Split was completed on September 29, 2025, resulting in a significant increase in stock price and regaining compliance with the Minimum Bid Price Requirement[122]. - On December 2, 2025, Nasdaq confirmed that the company had regained compliance with the minimum stockholders' equity requirement[123]. - Regulatory changes could require the company to register as a money services business, leading to increased compliance costs and potential operational shutdowns[101]. - The regulatory landscape for digital assets is rapidly evolving, which may materially affect the Company's operations and financial performance[186].

Financial Performance - Fortress Biotech reported consolidated net revenue of $63.3 million for the full year ended December 31, 2025, compared to $57.7 million for 2024, representing an increase of approximately 9.2%[16] - Journey Medical reported net product revenues of $61.2 million for the full year 2025, an increase from $55.1 million in 2024, reflecting a growth of approximately 11%[7] - Consolidated net revenue for the year ended December 31, 2025, was $63.3 million, an increase of 9% from $57.7 million in 2024[26] - The consolidated net loss attributable to common stockholders improved to $(1.9) million, or $(0.07) per share, for 2025, compared to a net loss of $(55.9) million, or $(2.69) per share, for 2024[21] - The company reported a loss from operations of $(70.2) million for 2025, an improvement from a loss of $(110.4) million in 2024[26] Cash and Assets - Fortress' consolidated cash and cash equivalents totaled $79.4 million as of December 31, 2025, a decrease of $6.8 million from the previous quarter but an increase of $22.1 million year-over-year[16] - Total current assets increased to $123.8 million as of December 31, 2025, compared to $90.4 million in 2024, marking a growth of approximately 37%[25] - Cash and cash equivalents increased to $79.4 million in 2025, up from $57.3 million in 2024, representing a growth of approximately 38%[25] Expenses - Consolidated research and development expenses, including license acquisitions, decreased to $11.9 million in 2025 from $56.9 million in 2024, representing a reduction of approximately 79%[21] - Consolidated selling, general and administrative costs increased to $96.4 million in 2025, up from $87.7 million in 2024, reflecting an increase of about 10%[21] Liabilities - Total liabilities decreased to $123.4 million in 2025 from $145.9 million in 2024, a reduction of about 15%[25] Acquisitions and Partnerships - The FDA approved ZYCUBO® for the treatment of Menkes disease in pediatric patients, with a subsequent sale of the Rare Pediatric Disease Priority Review Voucher (PRV) for gross proceeds of $205 million[3] - Checkpoint Therapeutics was acquired by Sun Pharma for an aggregate upfront payment of approximately $355 million, with Fortress eligible for an additional $4.8 million under a contingent value right (CVR) and a 2.5% royalty on future net sales of UNLOXCYT™[9] - Crystalys Therapeutics raised $205 million in Series A financing to support Phase 3 clinical studies for dotinurad, with Fortress eligible for a 3% royalty on future net sales[9] - ZYCUBO® is also eligible for up to approximately $128 million in aggregate sales milestones from Sentynl Therapeutics[5] - The acquisition of Checkpoint Therapeutics established a long-term royalty stream for Fortress, highlighting the strength of its business model[2] Shareholder Information - The weighted average common shares outstanding increased to 27,901,889 in 2025 from 20,784,334 in 2024, indicating a rise of about 34%[26] Product Launches - Emrosi™ was commercially launched by Journey Medical, contributing significantly to Fortress' dermatology product revenues[7]

Revenue Performance - Third quarter revenues were $11.3 billion, flat on a reported basis and down 3 percent on a currency-neutral basis[5] - NIKE Brand revenues were $11.0 billion, up 1 percent on a reported basis and down 2 percent on a currency-neutral basis, primarily due to declines in EMEA and Greater China[6] - Total revenues for Nike, Inc. for the three months ended February 28, 2026, were $11,279 million, a slight increase of 0% compared to $11,269 million for the same period in 2025[18] - North America footwear sales increased by 6% to $3,326 million for the three months ended February 28, 2026, while apparel sales decreased by 2% to $1,480 million[18] - Greater China experienced a significant decline in total sales, down 7% to $1,615 million for the three months ended February 28, 2026, with footwear sales dropping 7%[18] - Total sales in Europe, Middle East & Africa increased by 2% to $2,874 million for the three months ended February 28, 2026[18] - The Asia Pacific & Latin America region saw a slight increase in total sales by 1% to $1,490 million for the three months ended February 28, 2026[18] Profitability Metrics - Gross margin decreased 130 basis points to 40.2 percent, primarily due to higher tariffs in North America[6] - Net income was $0.5 billion, down 35 percent, and diluted earnings per share was $0.35, a decrease of 35 percent[7] - Total EBIT for Nike Brand decreased by 14% to $1,086 million for the three months ended February 28, 2026, compared to $1,257 million in the prior year[20] - Net income for Nike, Inc. fell by 35% to $520 million for the three months ended February 28, 2026, down from $794 million in the same period last year[20] - The net income margin for Nike, Inc. was 4.6% for the three months ended February 28, 2026, compared to 7.0% in the prior year[20] - The EBIT margin for Nike, Inc. decreased to 5.6% for the three months ended February 28, 2026, down from 7.3% in the prior year[20] Cash and Investments - Cash and equivalents and short-term investments were $8.1 billion, down approximately $2.3 billion[12] - Inventories were $7.5 billion, down 1 percent, reflecting a decrease in units and product mix shifts[12] Shareholder Returns - The company returned approximately $609 million to shareholders through dividends, up 3 percent from the prior year[8] Operating Expenses - Selling and administrative expenses increased 2 percent to $4.0 billion[6] Taxation - The effective tax rate was 20.0 percent compared to 5.9 percent for the same period last year[6] Corporate Revenues - Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the Nike Brand geographic operating segments[20]

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 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 Securities Registered Pursuant to Section 12(g) of the Exchange Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x ...

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☐ 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: 001-41701 NEWTON GOLF COMPANY, INC. (Exact name of registrant as specified in its charter) | Delaware | 82-4938288 | | --- | --- | | ( ...

Product Development and Market Launch - The ALLY Robotic Cataract Laser System received FDA clearance in June 2022 and was launched in August 2022, targeting U.S. and EU cataract surgeons[27]. - The ALLY System received FDA clearance in June 2022 and began a controlled launch in August 2022, now available to U.S. and EU cataract surgeons, with regulatory clearance in India, Taiwan, and South Korea[42]. - The ALLY System's compact design allows seamless switching between laser and phacoemulsification without moving patients, improving surgical workflow[44]. - The proprietary robotic imaging technology allows for precise treatment planning, achieving 99% of patients with toric IOLs corrected within 0.5 diopters of target[52]. - The company aims to address the limitations of competing laser systems by providing advanced imaging and measurement technologies to improve surgical outcomes[39]. Market Trends and Projections - The global cataract surgery market is projected to grow from 33.1 million procedures in 2025 to 39.6 million in 2030, with U.S. procedures increasing from 5.1 million to approximately 5.9 million in the same period[28]. - In 2025, only 1 million global cataract surgeries are expected to utilize laser technology, increasing to an estimated 1.2 million by 2030[28]. - The 2025 Cataract Surgical Equipment Market Report estimates 2,085 cataract laser systems installed by the end of 2025, with projections to grow to over 2,475 by 2030[45]. Financial Performance and Projections - The company reported net losses of $34.3 million and $31.4 million for the years ended December 31, 2025 and 2024, respectively, with an accumulated deficit of $177.6 million as of December 31, 2025[126]. - The company expects to continue incurring operating losses in the near-term future due to investments in commercial and clinical infrastructure, regulatory clearances, and research and development[126]. - One customer accounted for approximately 13% of the company's revenue for the year ended December 31, 2025, indicating significant customer concentration risk[138]. - The company anticipates that its current cash and cash equivalents, along with future sales, will be sufficient to operate for at least one year from the issuance of the financial statements[140]. Regulatory Compliance and Challenges - The company’s medical devices are classified as Class II and require 510(k) clearance from the FDA, which typically takes three to twelve months[70][72]. - Regulatory compliance is critical, as failure to meet FDA requirements can lead to sanctions, including product recalls and operational restrictions[79][78]. - The EU has transitioned to the new Medical Devices Regulation (EU) No 2017/745, affecting the regulatory landscape for medical devices marketed in Europe[82]. - The company must also comply with extensive regulations in foreign markets, which can vary significantly in terms of approval timelines and requirements[80]. - Regulatory compliance failures could lead to enforcement actions, including fines, recalls, and production shutdowns, negatively impacting sales and reputation[217][220]. Competition and Market Position - The company faces significant competition from major players like Alcon Inc. and Bausch + Lomb, which are also focused on product innovation and market expansion[65][66]. - Bausch + Lomb plans to launch a second-generation femtosecond laser, SeeLyra™, in the second half of 2026, which may compete directly with the ALLY System[66]. - The company anticipates increased competition from established players in the medical device industry, particularly with the upcoming launch of Bausch + Lomb's second-generation femtosecond laser, SeeLyra™, expected in late 2026[151]. Operational Efficiency and Challenges - The ALLY System is designed to save up to 17 minutes for surgeons, 19 minutes for surgical staff, and 51 minutes for patients during procedures, enhancing efficiency and patient throughput[47]. - The company faces challenges in expanding its U.S. sales and marketing organization, which is critical for future revenue growth[136]. - Supply chain disruptions have negatively impacted gross margins, and tariffs have increased costs on various components of the ALLY System[139]. - The company faces significant supply chain disruptions, particularly in the availability and pricing of component parts, including integrated circuits, which may impair its ability to meet customer demand for the ALLY System[148]. Intellectual Property and Innovation - The company holds approximately 292 issued patents and 105 pending patent applications globally, covering key aspects of its technology[55]. - The company is actively pursuing additional patent rights related to its ALLY System to enhance its competitive position in the market[64]. - The company's patents are expected to expire between 2026 and 2040, with some design patents expiring in 2046, but no individual patent expiration is expected to materially affect the business[62]. Risks and Liabilities - The company is subject to various healthcare fraud and abuse laws, which could result in significant fines and penalties if violated, impacting financial resources and operations[99]. - Product liability claims could lead to substantial liabilities and affect commercialization efforts, potentially harming financial condition[168]. - The company does not carry specific hazardous waste insurance, exposing it to significant liabilities in case of contamination[171]. - The company faces potential investigations and sanctions from regulatory bodies if deemed to have engaged in off-label promotion[225]. Employee and Organizational Structure - The company has approximately 150 employees, with over 35% having been with the company for five or more years and a turnover rate of approximately 10% in 2025[115][116]. - The company is committed to aligning executive compensation with stockholder interests and provides equity benefits to all employees[120]. - The company has engaged outside consulting firms to evaluate the effectiveness of its compensation and benefits programs[116].

Joint Ventures and Projects - The Company entered into a Joint Venture Agreement for the Phosagmex Project in Mexico, focusing on developing a strategic fertilizer production project based on high-quality subsea phosphate resources [150]. - The Phosagmex Project includes a rich deposit of phosphate sands located 70-90 meters deep, which is commercially viable for extraction and beneficial for agricultural development in Mexico and North America [151]. - The Phosagmex joint venture was formalized on June 4, 2025, with the Company and CapLat as equal partners [152]. - The exploration license for the Lihir Gold Project covers a subsea area with prospective gold targets, with an 85.6% interest held by the Company in the Bismarck Mining Corporation [171]. - Offshore survey and mapping operations for the Lihir Gold Project were completed in 2022, producing a high-resolution acoustic terrain model of the seafloor [175]. - The Company has developed a comprehensive project plan for the Lihir Gold Project, identifying specific target areas for future geological and environmental sampling [175]. - The Company is advancing work to develop recovery systems for harvesting high-quality seafloor polymetallic nodules in the Ocean Minerals, LLC Project [168]. - The CIC project has commenced offshore explorations with positive early results, informing ongoing operational functions for a longer-term operation [165]. Financial Performance - Total revenue for the year ended December 31, 2025 was $0.4 million, a decrease of 54% compared to $0.8 million in 2024 [194]. - Net loss for the year ended December 31, 2025 was $48.5 million, compared to a net income of $6.2 million in 2024, representing a change of 375.2% [193]. - Total other expenses for 2025 were $35.0 million, a significant increase of $53.3 million compared to $18.3 million in 2024 [198]. - Cash at the end of the period was $3.5 million, down from $4.8 million at the beginning of the year, reflecting a net decrease of $1.3 million [203]. - Net cash used in operating activities for 2025 was $8.8 million, an increase of approximately $9.5 million compared to cash provided of $0.6 million in 2024 [204]. - The total consolidated book value of assets was approximately $15.8 million at December 31, 2025, which included the cash balance of $3.5 million [190]. Debt and Financing Activities - The Company recorded interest expenses of $1.4 million and $1.8 million for the years ended December 31, 2025 and 2024, respectively, from the amortization of the debt discount [228]. - The March 2023 Note had a principal amount of up to $14.0 million, with a debt discount of $3.7 million amortized over its term [212][213]. - The December 2023 Notes had a principal amount of up to $6.0 million, with $3.75 million issued on December 1, 2023, and $2.25 million on December 28, 2023 [229]. - The Company entered into amendments to the March 2023 and December 2023 Notes, including a second-priority security interest in collateral securing the March 2023 Notes [225]. - The Company settled a Vendor Note Payable of $0.5 million for a cash payment of $250,000 and an assignment of equipment, resulting in a gain on debt extinguishment of $0.6 million [247]. - The principal balance of the EIDL Loan was $0.2 million as of December 31, 2025, with interest accruing at 3.75% per annum [245]. - The Company incurred $65,500 in related expenses for the December 2023 Note Purchase Agreement, amortized over the term and charged to interest expense [236]. - The Company issued a convertible promissory note to Mr. Pignatelli for $0.5 million, which was converted into 152,461 shares of Common Stock, with the balance of the note being zero as of December 31, 2024 [255]. Legal and Regulatory Matters - The Company was awarded $37.1 million in an arbitral award under NAFTA for breaches by Mexico, with interest accruing from October 2018 until payment is made [160]. - The company received an arbitral award of $37.1 million from Mexico for breaching obligations under NAFTA, with additional interest to be compounded annually [272]. - Odyssey submitted an Unsolicited Request for Lease Sale of Marine Mineral Exploration and Development Rights to BOEM on November 6, 2025 [182]. - The proposed lease area is highly prospective for heavy mineral sands rich in titanium, zirconium, and rare earth elements, critical for U.S. national defense and manufacturing [183]. Stock and Equity Transactions - The company issued 7,377,912 shares of common stock at a price of $0.55 per share, raising approximately $4.1 million on December 23, 2024 [256]. - As of December 31, 2024, the company issued 1,028,671 shares of Common Stock to 37North as a result of converting $1.2 million of outstanding indebtedness [253]. - During the year ended December 31, 2025, holders of the SPA options exercised their options to purchase 6,975,488 Additional SPA Shares for a total of $7.7 million [261]. - As of December 31, 2025, holders of the March 2023 AR Notes converted $14.5 million of indebtedness into 12,051,669 shares of Common Stock, resulting in no outstanding March 2023 AR Notes [227]. Fair Value and Derivative Instruments - The fair value of the litigation financing obligation was recorded at $63.3 million, reflecting a change of $6.2 million from the previous year [274][276]. - The fair value of the derivative financial instruments is subject to significant judgment and estimates, with changes in fair value reported in the statements of operations [280]. - The estimated fair value of the 2022 and December 2023 Warrants was calculated using a Black-Scholes model, incorporating expected stock volatility and risk-free interest rates [281]. - The fair value of the embedded derivative liability related to the share settled redemption feature of the 37N Note was determined using a risk-adjusted discount rate [282]. - The Company estimated the fair value of the concession rights contributed to Phosagmex to be $1.9 million as of August 29, 2025 [283]. Market Risk and Sensitivity - The Company has not entered into any market risk sensitive instruments and does not believe it has material market risk exposure [287].

Exhibit 99.1 Dave & Buster's Reports Fourth Quarter and Fiscal Year End 2025 Financial Results DALLAS, March 31, 2026 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ: PLAY), ("Dave & Buster's" or "the Company"), an owner, operator, and franchisor of entertainment and dining venues, today announced financial results for its fourth quarter and fiscal year ended February 3, 2026. Fourth Quarter 2025 Financial Summary Fiscal 2025 Financial Summary Additional Events and Commentary In 2026, we wi ...

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 For the Fiscal Year Ended December 31, 2025 ☐ 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: 001-36833 VOLITIONRX LIMITED (Exact name of registrant as specified in its charter) 1489 West Warm Springs Road, Suite 110 Hen ...

_____________________________________ FORM 10-K _____________________________________ Table of Contents (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 001-37503 _________________________________ ...