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ITEM 1A. RISK FACTORS
Except as set forth below, there have been no material changes from the risk factors previously disclosed in Part I, Item 1A Risk Factors of our 2025 Form 10-K.
A reverse stock split may not increase the market price of our common stock or improve liquidity.
On January 23, 2026, we effectuated a reverse stock split of our outstanding common stock at a ratio of 1-for-52. There can be no assurance that the reverse stock split will result in a sustained increase in the market price of our common stock, or that it will have the intended effect of improving liquidity or market perception of our common stock. The market price of our common stock may decline following the reverse stock split, and the reduced number of shares outstanding may adversely affect the liquidity of our common stock.
In addition, reverse stock splits are often viewed negatively by the market, which may adversely affect the trading price of our common stock. If the market price of our common stock does not increase proportionately with the reverse stock split ratio, our stockholders may experience a loss in value. Further, the reverse stock split may result in some stockholders owning fewer shares, which could limit their ability to sell shares at desired prices or times.