NAV-based perpetual-life REIT that raises capital through private stock and DST offerings to acquire and manage a diversified portfolio of U.S. and select international real estate and real-estate-related assets, with day-to-day management provided by an external Advisor.

# Ares Real Estate Income Trust Inc.

## Overview
- NAV-based perpetual-life real estate investment trust (REIT) formed in Maryland on April 11, 2005.
- Operates through an umbrella structure with AREIT Operating Partnership LP as the operating partnership; AREIT serves as the general partner and a majority of assets are held through the UPREIT structure.
- Day-to-day management is provided by the Advisor under an Amended and Restated Advisory Agreement effective April 30, 2025; the current term ends April 30, 2026, and may be renewed by the board.
- AREIT has no employees; the Advisor and related entities provide management services.

## What AREIT Does

### Investment focus
- Invests in and operates a diversified portfolio of real property and real estate-related assets.
- Strategy covers residential, industrial, retail, office, and data-center properties; investments in real estate debt and securities; and select opportunities outside the U.S. (including Canada, Mexico, U.K., Europe, and Japan) in related sectors such as credit lease, self-storage, and infrastructure.
- Targets a diversified mix to generate current income, preserve capital, achieve capital appreciation, and provide multi-asset diversification.

### Portfolio composition (as of Dec 31, 2025)
- 143 properties
- Approximately 30.5 million square feet
- Located in 34 U.S. markets

### Capital raising and investment vehicles
- Ongoing private common stock offerings with a distribution reinvestment plan (DRIP).
- DST Program: private placements of beneficial interests in Delaware statutory trusts (DSTs) that hold properties; intended to offer replacement properties for Section 1031 Exchanges.
- DST Program Loans: financing of up to 50% of the purchase price of DST Interests for certain purchasers.

## Financial highlights (selected, 2025)

### Capital raised and funding activities
- Common stock gross proceeds in 2025: $335.5 million
- DRIP portion of 2025 proceeds: $31.6 million
- DST Program: 2025 gross DST Interests sold: $1.22 billion; DST Program Loans funded: $99.8 million
- Redeemed shares in 2025: approximately $122.5 million

### NAV and share information
- NAV per share (class-by-class) as of 12/31/2025: $8.04
- Outstanding approximate balances by share/class (based on NAV per share of $8.04):
  - Class T-R: $183.8 million
  - Class S-R: $293.0 million
  - Class D-R: $45.9 million
  - Class I-R: $499.9 million
  - Class E: $319.9 million
  - Class S-PR: $46.3 million
  - Class D-PR: $3.2 million
  - Class I-PR: $69.6 million
  - Class B: $204.2 million

### Operational cash flow and distributions
- Total distributions declared (2025): $139.4 million (includes $31.8 million reinvested via DRIP)
- Cash flow from operations (GAAP reconciliation): 2025: $253.6 million; 2024: $(169.5) million; 2023: $16.0 million
- Total distributions were funded through a combination of cash flow from operations, DRIP proceeds, borrowings, and sale of DST Interests.

### Leverage and financing
- Leverage (as of 12/31/2025): 35.5% (borrowings, net of cash, divided by fair value of real property and related investments)
- Target leverage policy: 40–60% (subject to board adjustment)
- Variable-rate debt accounted for approximately 56.0% of total debt (as of 12/31/2025)
- Charter includes a 300% cap on debt relative to net assets, with possible exceptions approved by a majority of independent directors
- The company may use balloon payments on debt and may refinance or sell assets to meet obligations

### Revenue sources and liquidity
- Distributions may be funded from cash flow from operations, asset sales, borrowings, and proceeds from securities offerings or DST Programs
- Maintains liquidity through cash equivalents, short-term investments, U.S. government/agency securities, liquid real estate-related securities, and borrowing facilities
- Share redemption program capacity limits: 2% of NAV per month, 5% per quarter, with carryover provisions; the board may suspend or modify redemptions

## Management, structure, and governance

### Management and conflicts
- The Advisor provides day-to-day oversight and investment execution; its compensation includes fixed and performance components tied to overall investment performance (subject to certain hurdles and waivers).
- Related-party conflicts of interest exist, including advisory fees, fund management, co-investments, and allocations among related entities.
- The AREIT Advisors Committee (within the Advisor) may execute acquisitions, dispositions, leases, capital expenditures, and borrowings within board-approved parameters; major actions require board or independent director approval.

### Organization and legal structure
- Operates as an UPREIT with AREIT Operating Partnership LP (Delaware) as the operating vehicle.
- May issue multiple classes of common and preferred stock; charter-based ownership limits exist to maintain REIT status.

### Liquidity and trading
- There is no public market for AREIT’s common stock; liquidity is expected primarily through the share redemption program.
- Stock purchases and redemptions are priced using the last disclosed NAV per share rather than a public market price.
- The company conducts ongoing private offerings and maintains a DRIP for capital deployment and shareholder reinvestment.

## Investor information and filings
- Provides access to annual and quarterly reports via its website and SEC filings.
- Uses NAV-based pricing, independent valuation procedures, and limited auditor attestation of NAV.

## Business model summary
- Raises capital through private stock offerings and DST Program offerings to acquire and manage a diversified, NAV-based portfolio of real estate properties and related assets.
- Uses leverage to amplify investment returns and maintains diversification across property types, sectors, and geographies, including some non-U.S. exposure.
- Generates income primarily through property operations and income from real estate debt and securities; distributions are funded from cash flow, financing, and asset sales.
- Ownership is structured through multiple share classes and an UPREIT framework, with management provided by the Advisor and governance by AREIT’s board, including independent directors.

Altimmune, Inc. is a late clinical-stage biopharmaceutical company developing pemvidutide, a balanced 1:1 glucagon/GLP-1 dual receptor agonist primarily for MASH with parallel programs in AUD and ALD.

# Altimmune, Inc.

## Company overview
Altimmune, Inc. is a late clinical-stage biopharmaceutical company focused on pemvidutide (formerly ALT-801), a balanced 1:1 glucagon/GLP-1 dual receptor agonist. The lead clinical development program targets metabolic dysfunction-associated steatohepatitis (MASH), with additional programs in alcohol use disorder (AUD) and alcohol-associated liver disease (ALD).

## Lead asset — pemvidutide
- Dual glucagon receptor and GLP-1 receptor agonist with 1:1 potency.
- Intended effects:
  - Liver-directed: reductions in liver fat, inflammation, and fibrosis progression.
  - GLP-1–mediated: appetite suppression, weight loss, and reductions in cravings.
- Competitive positioning: Altimmune emphasizes the balanced 1:1 activity as a clinical differentiator that couples liver-directed and metabolic benefits.

## History and platform
- Pemvidutide was acquired through the July 2019 Spitfire Pharma, Inc. acquisition.
- EuPort technology (surfactant-functionalized incretin peptides), licensed from Mederis Diabetes, LLC, is the platform used for pemvidutide and related peptides.
- Altimmune holds an exclusive license to develop and commercialize EuPort-enabled GLP-1/glucagon peptides for pemvidutide and related indications.

## Intellectual property and collaborations
- Patent estate covers EuPort claims and pemvidutide-specific uses, formulations, dosing regimens, weight loss, cardiovascular risk reduction, and liver disease applications, with expirations extending into the 2030s–2040s (subject to extensions and national term adjustments).
- Patents and applications exist in the US, Europe, Japan, Korea, Australia, Mexico and other jurisdictions.
- Collaboration with Adocia S.A. (Dec 24, 2024) grants exclusive rights to oral administration of pemvidutide; related patent term dates extend into the 2040s.

## Regulatory designations
- FDA Breakthrough Therapy Designation for MASH.
- FDA Fast Track designation for MASH.
- FDA Fast Track designation for AUD (granted Aug 2025).

## Clinical development status and milestones
- IMPACT (Phase 2b, MASH):
  - 24-week data: 212 subjects with biopsy-confirmed MASH (F2/F3, with/without diabetes); weekly 1.2 mg and 1.8 mg doses vs placebo.
  - Intent-to-treat (24-week) results: MASH resolution without worsening fibrosis in 58.2% (1.2 mg) and 52.1% (1.8 mg) vs 19.9% for placebo (p<0.0001 for both doses).
  - Fibrosis improvement without worsening: 32.6% (1.2 mg) and 35.7% (1.8 mg) vs 27.9% placebo (not statistically significant).
  - AI-assisted analysis: 31% of 1.8 mg patients achieved ≥60% fibrosis reduction vs 8% placebo (p<0.001).
  - Safety: low discontinuation rates due to adverse events (<1% for 1.2 mg; 1.2% for 1.8 mg) and no serious drug-related adverse events reported.
- IMPACT 48-week topline (Dec 2025):
  - Improvements in ELF and liver stiffness measurement (LSM) versus placebo; reductions in liver fat, ALT, and cT1.
  - Continued, dose-responsive weight loss at 48 weeks: 4.5% (1.2 mg) and 7.5% (1.8 mg) vs 0.2% placebo.
  - Safety profile remained favorable with low discontinuation due to adverse events.
- Regulatory interactions:
  - End-of-Phase 2 meeting with FDA (Dec 2025); meeting minutes finalized Jan 2026.
  - Phase 3 plan: a 52-week pivotal, biopsy-driven MASH trial is planned to begin in 2026.
  - FDA-qualified AIM-MASH pathology assist tool approved for use in the Phase 3 MASH trial.
  - European regulatory engagement ongoing to align on the final Phase 3 protocol.

## Additional clinical programs
- AUD — RECLAIM (Phase 2):
  - Randomized, placebo-controlled trial (~100 subjects; ~15 sites in the US).
  - Started May 2025; enrollment completed Nov 2025.
  - Primary endpoint: change in heavy drinking days per week at Week 24.
  - Topline results expected in 2026.
- ALD — RESTORE (Phase 2):
  - ~100 patients across ~34 sites; started July 2025.
  - 24- and 48-week outcomes include LSM by VCTE, ELF, alcohol use measures, and body weight.

## Clinical exposure and program scale
- As of Dec 31, 2025: over 700 patients exposed to pemvidutide across 8 completed studies and 2 ongoing studies.

## Strategic focus
- Advance a registrational Phase 3 MASH program in 2026 based on anti-inflammatory/anti-fibrotic signals, weight loss, and tolerability.
- Continue development in AUD and ALD, using dual GLP-1/glucagon activity to address liver and metabolic components.
- Optimize formulation, dose, and presentation and pursue strategic partnerships or licensing to accelerate development and commercialization.

## Regulatory and market context
- US pathway: IND-to-NDA/BLA with potential expedited programs (Fast Track, Breakthrough Therapy, accelerated approval) and potential post-approval commitments.
- EU/UK: Clinical Trials Regulation 536/2014 applies; ongoing scientific and regulatory alignment for Phase 3.
- Competitive landscape includes major pharma and other biotech programs across GLP-1, GIP, glucagon, FGF-21, THRβ, and other metabolic and liver-targeted mechanisms.

## Bottom-line summary
Altimmune is developing pemvidutide, a balanced GLP-1/glucagon dual agonist, primarily for MASH with parallel programs in AUD and ALD. The company uses EuPort surfactant-based peptide technology licensed from Mederis and maintains a patent portfolio covering pemvidutide and related applications into the 2030s–2040s. Positive Phase 2 signals, regulatory interactions, and planned Phase 3 initiation in 2026 define the near-term clinical and regulatory roadmap.

Athena Bitcoin Global is a Nevada-based company that builds and operates a global network of Bitcoin ATMs and offers white-label, payment, OTC (Athena Plus) and affiliate services to enable customers and partners to buy and sell Bitcoin for fiat cash.

# Athena Bitcoin Global

## Overview
Athena Bitcoin Global, a Nevada corporation, and its wholly owned subsidiary Athena Bitcoin, Inc. (Delaware) operate crypto asset transaction platforms. The company builds and operates a global network of Athena Bitcoin ATMs that allow customers to buy or sell Bitcoin for fiat cash. Additional services include Athena Plus, white-label operations and payment services, and an Affiliate program.

## Products and platforms
- Athena Bitcoin ATMs
  - Two-way ATMs (buy and sell Bitcoin for cash) and one-way ATMs (buy Bitcoin for cash only).
  - Typically used for small purchases (minimums as low as $1; common transaction sizes $100–$1,000).
- Athena Plus
  - OTC-style service to assist buyers and sellers, including transactions over $10,000.
  - Products are delivered from the company’s Bitcoin holdings.
- White-label service
  - Operates Bitcoin ATMs on behalf of third parties, including the Government of El Salvador’s Chivo program.
  - Company-owned machines are installed and maintained under fixed-fee arrangements; Bitcoin deliveries can be made to Chivo-provided wallets or non-custodial wallets.
- Athena Pay
  - Payment processor app that lets retailers generate QR codes for Bitcoin transactions.
- Athena Bitcoin Affiliates Program
  - Pilot launched late 2024 and fully rolled out in June 2025.
  - Provides affiliates access to the company’s software platform, AML/KYC support, cash management guidance, and marketing services for operating their own Bitcoin ATMs.
  - Compensation via monthly service fees and/or revenue sharing.

## Geographic footprint and ATM network (as of February 25, 2026)
- Active network:
  - United States: 2,903 ATMs
  - El Salvador: 27 ATMs
  - Argentina: 6 ATMs
  - Colombia: 15 ATMs
  - Mexico: 2 ATMs
  - Total ATMs in service: 2,953
  - Two-way ATMs: 47
- White-label Chivo ATMs and related infrastructure:
  - El Salvador: 194 Chivo ATMs
  - El Salvador consulates in the U.S.: 14
  - Other U.S. locations: 29
  - ATMs in storage: 27
  - Other related El Salvador operations include deployment of up to 950 Chivo POS terminals for local businesses.

## Customers, partners, and channel strategy
- Retail network: contracts with over 3,000 regional retailers (gas stations, convenience stores, supermarkets, malls) representing roughly 3,000 Bitcoin ATMs.
- Channel strategy focuses on site selection, brand authenticity, and geographic expansion, including Latin America.

## Transaction activity and liquidity
- Bitcoin ATM transactions completed:
  - 2025: 213,683 transactions
  - 2024: 185,789 transactions
- Athena Plus transactions:
  - 2025: 228 transactions
  - 2024: 83 transactions
- Bitcoin supply and custody:
  - The company holds Bitcoin on hand and replenishes holdings multiple times daily; on average, holdings are sold within two days of purchase.
  - Holds Bitcoin in hot wallets with BitGo as custodian; does not maintain cold storage.
  - Crypto assets are not insured by the company. BitGo provides custodial protection with crime insurance up to $5.0 million and specie insurance up to $250 million through Lloyd’s of London, subject to exclusions.

## Pricing, revenues, and revenue recognition
- Revenue model: fees for Bitcoin transactions equal the prevailing U.S. exchange price plus a markup.
  - Average markup on Bitcoin sold: 24% in 2025 (22% in 2024).
- Revenue recognition: ATM transaction revenue is recognized when Bitcoin is delivered to the customer’s wallet.
- El Salvador (Chivo) revenue share:
  - 2025: approximately 1% of total company revenues from the El Salvador white-label service
  - 2024: approximately 2%

## Capital structure and liquidity
- Indebtedness (as of December 31, 2025, excluding lease liabilities): approximately $21.3 million
  - Short-term notes payable: $4.0 million
  - Insurance financing debt: $327 thousand
- Debt extinguishment (September 2025 settlement with Taproot):
  - Termination payment total: $9.0 million (initial $3.0 million upfront + $115.4 thousand weekly payments for 52 weeks)
  - Carrying amount of related debt at settlement: $4.3 million
  - Items recognized in connection with extinguishment:
    - $3.2 million buyout of a 0.5% vendor participation obligation
    - $300 thousand buyout of a location/revenue-share obligation
    - $1.1 million settlement premium
  - Loss on extinguishment of debt (12 months ended December 31, 2025): $5.283 million (net of related items)
- Convertible debt: the Amended and Restated Secured Convertible Debenture was repaid in full on November 24, 2025.
- Public equity: traded on OTC Markets under the symbol ABIT (OTC ID tier); historical trading has included periods of low liquidity and volatility.

## Staffing and key management (as of February 20, 2026)
- Employees:
  - United States: 18
  - Foreign subsidiaries: 47
  - Total employees: 65
- Consultants: 12 (10 in the U.S., 2 in Latin America)
- Key management: Matias Goldenhörn, CEO and director. Management has ownership ties to Move On Security LLC and Move On Tech Service, LLC (each 50% ownership in their respective entities).

## Operations and third-party relationships
- Cash logistics and ATM support:
  - Move On Security LLC and Move On Tech Service LLC provide deployment, maintenance, and related services and are connected to management ownership.
  - Cash collection and deposit are handled by bonded security/armored-car providers (examples: Brinks, Garda World, Loomis, NCAL, PROVAL, SERSAPROSA, and Move On Security in some markets).
  - Cash-to-bank settlement window is generally 3–7 days.
- ATM software and hardware:
  - Previously relied on Genesis Coin for ATM software and hardware; that relationship terminated in September 2024 under a confidential settlement.
  - The company now operates its own proprietary ATM software platform and uses alternative hardware and service providers.
- Third-party software development:
  - PSBC, LLC Development Services Agreement began in June 2024 with amendments in 2024–2025; payments are made in Bitcoin and security and escrow terms are specified.

## Regulatory and risk context
- The business operates in a changing regulatory environment for digital assets and money services.
- Disclosures cover AML/BSA compliance, state licensing, KYC procedures, OFAC screening, privacy and data protection, and potential securities-law considerations for crypto assets.
- The company monitors risks related to regulation, market volatility, cybersecurity, private-key security, and potential changes to El Salvador’s Bitcoin Law and the Chivo program.

## Intellectual property and branding
- Proprietary algorithms and systems support crypto purchases and KYC onboarding.
- Trademarks include the Athena Bitcoin name and owl logo; renewals are noted.

## Public reporting and corporate status
- The company is an emerging growth company and a smaller reporting company and benefits from certain JOBS Act exemptions while remaining subject to SEC reporting requirements.
- The company has filed resale registrations (S-1) for certain shares and its common equity trades on OTC Markets under the symbol ABIT.

## Other material points from the excerpt
- Leadership and ownership include several major shareholders and a concentrated voting base.
- The white-label relationship with El Salvador’s Chivo program represents a government relations component and potential future opportunities tied to changes in the Chivo program.
- The company may require additional capital for growth; current indebtedness and liquidity dynamics affect financing flexibility.

Aware, Inc. is a biometric identity platform company that validates and secures identities using multi‑modal biometrics (fingerprint, face, iris, voice) via software, SDKs, integration frameworks, services and a hosted SaaS (AwareID) for enrollment, identification, authentication and identity lifecycle management across government and commercial applications.

# Aware, Inc.

## Company overview
- Aware, Inc. is a biometric identity platform company that validates and secures identities using biometrics. Its portfolio supports enrollment, identification, authentication, and lifecycle management of secure identities across government and commercial applications.
- Core capabilities cover multiple biometric modalities (fingerprint, face, iris, voice) and include biometrics software, SDKs, integration frameworks, platforms, and orchestration services designed for easy integration and interoperability.

## What the company does
- Enroll: Registers biometric identities into an organization’s secure database.
- Identify: Uses biometric data to identify individuals within a secure database.
- Authenticate: Enables frictionless, multi-factor, passwordless access using biometrics.
- Enable: Manages lifecycle of secure identities through biometric interchanges.
- Products and services are sold globally through systems integrators, OEMs, VARs, partners, and direct to end users.
- Modality coverage includes fingerprint, face, iris, and voice with capabilities to capture, format, compress, match, transport, and analyze biometric data.
- Offers a hosted SaaS option (AwareID) in addition to on-premises and other software and services offerings.

## Revenue model and major product groups
- Revenue streams (2025 vs 2024):
  - Software licenses: $7.314 million (2025) vs $7.650 million (2024)
  - Software maintenance: $8.712 million (2025) vs $8.577 million (2024)
  - Services and other (includes SaaS): $1.267 million (2025) vs $1.162 million (2024)
  - Total revenue: $17.293 million (2025) vs $17.389 million (2024)
- SaaS hosted revenue (AwareID): $0.4 million in 2025 vs $0.1 million in 2024
- Revenue recognition approach:
  - Software licenses: recognized at a point in time upon delivery for perpetual licenses; similarly upon delivery for fixed-term subscription licenses.
  - Maintenance and SaaS: recognized over time (straight-line over the contract term or ratably for hosted SaaS).
  - Services: recognized over time using an input method based on labor hours versus total budgeted hours.
  - Many contracts contain multiple performance obligations; transaction price allocation to obligations is often based on relative standalone selling prices (SSP).
- Remaining performance obligations: The company expects to recognize about 97% of remaining performance obligations in the next 12 months; remaining obligations greater than one year related to software maintenance amount to about $0.3 million as of 12/31/2025.

## Geographic and customer concentration
- Revenues by region (2025 vs 2024):
  - United States: $8.556 million (2025) vs $7.597 million (2024)
  - United Kingdom: $2.216 million (2025) vs $4.720 million (2024)
  - Rest of world: $6.521 million (2025) vs $5.072 million (2024)
  - Total: $17.293 million (2025) vs $17.389 million (2024)
- Accounts receivable / unbilled receivables concentration (as of 12/31/2025 and 12/31/2024):
  - 2025: Customer A 26%, Customer B 15%, Customer C 14%, Customer D 9%
  - 2024: Customer A 4%, Customer B 16%, Customer C 0%, Customer D 18%
- Customers include government and commercial entities worldwide.

## Financial highlights (selected items)
- Income statement highlights (in thousands):
  - Total revenue: 17,293 (2025) vs 17,389 (2024)
  - Cost of revenue: 1,323 (2025) vs 835 (2024)
  - Gross profit: 15,970 (implied; margin ~92%)
  - Operating expenses: Research and development 8,300; Selling and marketing 7,332; General and administrative 6,895
  - Operating loss: (6,557) (2025) vs (5,545) (2024)
  - Interest and other income: 941 (2025) vs 1,167 (2024)
  - Net loss before taxes: (5,616) (2025) vs (4,378) (2024)
  - Provision for income taxes: 257 (2025) vs 53 (2024)
  - Net loss: (5,873) (2025) vs (4,431) (2024)
  - Net loss per share – basic and diluted: $(0.28) for both years
  - Weighted-average shares outstanding: 21,183 thousand (both years)
- Balance sheet highlights (in thousands):
  - Cash and cash equivalents: $7,269
  - Marketable securities: $15,026
  - Total cash, cash equivalents, and marketable securities: $22,295
  - Accounts receivable, net: $3,010
  - Unbilled receivables, net: $1,348
  - Total current assets: $28,265
  - Intangible assets, net: $1,569
  - Goodwill: $3,120
  - Right-of-use asset, net: $3,642
  - Total assets: $37,195
  - Current liabilities: $7,505
  - Long-term liabilities: $3,553
  - Stockholders’ equity: $26,137
- Cash flow summary (in thousands):
  - Net cash used in operating activities: $(5,398) (2025) vs $(3,161) (2024)
  - Net cash used in investing activities: $(274) (2025) vs $6,290 (2024)
  - Net cash used in financing activities: $(31) (2025) vs $(159) (2024)
  - Ending cash and equivalents: $7,269 (12/31/2025)
- Liquidity: The company reports it had sufficient cash, cash equivalents, and marketable securities to fund operations for at least the next 12 months from filing and to meet known long-term cash requirements, including operating expenses, contractual obligations, and planned strategic investments.

## Operating and financial structure
- Single operating segment: one reportable segment and one operating unit; management assesses performance on a consolidated basis.
- Intangible assets and goodwill: goodwill of $3.1 million; intangible assets net of amortization $1.569 million.
- Leases: Corporate headquarters lease in Burlington, MA with a right-of-use asset of $3.642 million and lease liabilities totaling $3.968 million; weighted-average remaining lease term about 7.3 years; fixed annual lease payments and renewal options.
- Debt and off-balance sheet items: no debt appears on the balance sheet.
- Tax status and valuation allowances: deferred tax assets of $15.7 million and a full valuation allowance of $14.3 million (as of 12/31/2025). Net operating losses and R&D credits exist with expiration dates in various years; U.S. federal and state taxes contributed to a net tax expense of $0.257 million in 2025.

## Equity and compensation
- Common stock outstanding: 21,444,665 shares issued and outstanding as of 12/31/2025.
- Shareholders’ equity: $26.137 million.
- Equity plans and programs:
  - 2023 Equity and Incentive Plan with 1,277,130 shares authorized for grants; 601,048 shares available for grant as of 12/31/2025.
  - Stock options outstanding: ~2.39 million options as of 12/31/2025 with weighted-average exercise price around $1.96.
  - Restricted stock units outstanding: 494,137 unvested as of 12/31/2025; 2025 RSU grants had total grant-date fair value around $1.3 million.
  - Employee stock purchase plan (ESPP): 2021 ESPP with 1,000,000 shares reserved; 691,238 shares available as of 12/31/2025; 56,166 shares issued in 2025 under the plan.
  - Stock repurchase program: Board-authorized program (up to $10 million) expired 12/31/2025; $2.1 million repurchased to date; $0.115 million repurchased in 2025 (vs $0.207 million in 2024).

## Notable events and considerations
- Anonybit arrangement (November 2025): entered a short-term bridge note of $0.2 million and a software license; the contemplated strategic transaction did not proceed and Anonybit later became insolvent. The company recorded a full write-off of the $0.2 million note in 2025 under general and administrative expense.
- Critical accounting policies: revenue recognition under ASC 606 with multiple performance obligations and SSP-based allocations; impairment testing for goodwill and long-lived assets; fair value measurements for marketable securities (available-for-sale); deferred tax assets and valuation allowances with consideration of NOLs and credits.

## Outlook and management commentary
- Research and development: R&D expenses are expected to increase in absolute dollars and as a percentage of revenue in the next year to support new biometrics products and enhancements.
- Sales and marketing: Selling and marketing expenses are expected to rise to reflect the full-year impact of 2025 hires as the company expands its sales and marketing organization.
- General and administrative: G&A is expected to increase in absolute dollars as the company invests in the business; the trajectory as a percentage of revenue will depend on revenue growth and scale.

Medici List

Ares Real Estate Income Trust Inc.

Filed: 2026-03-06

Altimmune, Inc.

Filed: 2026-03-06

Athena Bitcoin Global

Filed: 2026-03-06

AWARE INC /MA/

Filed: 2026-03-06