InterDigital, Inc. is a global research, development, and licensing company that designs foundational wireless, video, display and AI technologies and licenses them to device makers, automotive manufacturers, and cloud/video service providers.

# InterDigital, Inc.

## Core business
- Global research, development, and licensing company focused on wireless, video, artificial intelligence (AI), and related technologies.
- Designs and develops foundational technologies that enable connected, immersive experiences across a wide range of products and services.
- Licenses innovations worldwide to companies producing wireless devices, consumer electronics, IoT devices, vehicles, and cloud-based services such as video streaming.

## Intellectual property and portfolio
- Wholly owned subsidiaries hold a portfolio of more than 38,000 patents and patent applications related to wireless communications, video coding, display technology, and other areas (as of December 31, 2025).
- The portfolio includes numerous patents and patent applications that are or may be essential to existing or future standards.

## Standards contributions and technology areas
- Contributions to cellular standards including 3G, 4G, 5G, and work toward 6G.
- Participation in IEEE 802.11 (Wi‑Fi) standards.
- Contributions to video standards through MPEG, ITU‑T VCEG, JCT‑VC, and JVET.
- Involvement in technologies for high dynamic range (HDR) production, distribution, and display.

## Video technology and acquisitions
- Video technology portfolio includes internal development and patents acquired from Technicolor SA (Technicolor Patent Acquisition), along with related patents and applications.

## Revenue
- Total revenue in 2025: $834.0 million
- Total revenue in 2024: $868.5 million

## Customers and market role
- Licenses innovations to companies across wireless devices, consumer electronics, IoT, automotive (cars and other motor vehicles), and cloud/video streaming services.

Ocular Therapeutix is an integrated biopharmaceutical company developing and commercializing ophthalmic therapies using its ELUTYX bioresorbable hydrogel platform, with a marketed product (DEXTENZA) and late-stage programs including AXPAXLI for retinal disease and OTX-TIC for glaucoma.

# Ocular Therapeutix

## Company overview
- Integrated biopharmaceutical company focused on retina and other ophthalmic indications.
- Core platform: ELUTYX bioresorbable hydrogel technology for local, programmed-release drug delivery to the eye.
- Lead clinical asset: AXPAXLI (OTX-TKI), an axitinib-embedded intravitreal hydrogel for retinal diseases.
- Commercial product: DEXTENZA, a preservative-free dexamethasone intracanalicular insert for post-surgical ocular inflammation and pain and for ocular itching in allergic conjunctivitis in patients aged 2 and older.
- Additional program: OTX-TIC, a travoprost intracameral hydrogel for lowering intraocular pressure in open-angle glaucoma or ocular hypertension (Phase 2 completed).
- Global collaboration with AffaMed Therapeutics Limited for DEXTENZA and OTX-TIC in parts of Asia, including China, with upfront and milestone payments plus tiered royalties.

## Technology and approach
- ELUTYX hydrogel platform
  - PEG-based, bioresorbable hydrogels with ester linkages that hydrolyze in the eye to release embedded drug over extended periods (months to a year or more).
  - Hydrogels are soft, lack a rigid shell, and fully bioresorb after drug release without leaving harmful byproducts.
  - Platform benefits include programmed local release, reduced treatment burden, fewer injections for some indications, and avoidance of preservative-related side effects.
- Delivery modalities enabled by ELUTYX
  - Intravitreal hydrogels (e.g., AXPAXLI) for sustained anti-angiogenic therapy.
  - Intracameral hydrogels (e.g., OTX-TIC) for sustained prostaglandin analog delivery to lower IOP.
  - Intracanalicular inserts (DEXTENZA) for surface-eye drug delivery without patient self-administration.
- Criteria for selecting active ingredients
  - Prior FDA approval for the indication, scientific rationale, patentability and freedom-to-operate, high potency, supplier availability, and compatibility with the hydrogel delivery system.

## Products and lead programs

- AXPAXLI (axitinib intravitreal hydrogel)
  - Indications: wet age-related macular degeneration (wet AMD) and diabetic retinal diseases (NPDR, DME, PDR, RVO).
  - Phase 3 registrational program:
    - SOL program for wet AMD
      - SOL-1: repeat-dosing Phase 3 comparing AXPAXLI 450 µg to aflibercept 2 mg; Week 36 primary endpoint; Week 52 and Week 76 re-dosing; Week 104 safety follow-up; SPA with FDA in place.
      - SOL-R: repeat-dosing Phase 3 non-inferiority trial vs aflibercept 2 mg Q8W; primary endpoint at Week 56.
      - SOL-X: long-term open-label safety extension planned to start in Q2 2026 with a three-year follow-up for long-term safety and durability.
  - Program status and data timelines
    - SOL-1 enrolled 344 randomized, treatment-naïve subjects; topline Week 52 data expected at the Macula Society meeting (Feb 25–28, 2026). All subjects re-dosed at Week 52 and Week 76; safety follow-up continues to Week 104.
    - SOL-R targeted 555 randomized; 631 subjects were ultimately randomized; topline data expected Q1 2027.
  - Regulatory path
    - Plan to pursue an NDA under 505(b)(2) using axitinib’s prior approvals. The program includes a superiority trial (SOL-1) and a non-inferiority trial (SOL-R) as potential bases for submission.
  - Supporting data
    - Phase 1 Australia and Phase 1 US data support durability and activity, with long-term PK/PD and real-world durability discussed.

- HELIOS program (diabetic retinal disease)
  - HELIOS-3: Phase 3, approximately 930 NPDR without CI-DME subjects in a three-arm superiority trial evaluating two AXPAXLI 450 µg dosing regimens vs sham; primary endpoint is an ordinal 2-step DRSS change at Week 52.
  - HELIOS-2: potential Phase 3 trial comparing AXPAXLI 450 µg vs ranibizumab 0.3 mg (optional; not yet initiated) that could support a superiority label.
  - HELIOS-1: Phase 1 completed with data through Week 48 showing safety and DRSS improvements.

- OTX-TIC (travoprost intracameral hydrogel)
  - Status: Phase 2 completed for OAG/OHT; next steps under evaluation.
  - Phase 2 results showed sustained IOP reduction of roughly 24–30% from baseline over six months after a single implant.
  - AffaMed holds commercial rights for OTX-TIC in specified Asian territories.

- DEXTENZA (dexamethasone intracanalicular insert)
  - Commercial product since 2019 for post-surgical inflammation and pain; approved for ocular itching in allergic conjunctivitis in patients aged 2+ following a 2021 sNDA.
  - Commercial model: sold through specialty distributors for ambulatory surgery centers, hospital outpatient departments, and physician offices; supported by a dedicated reimbursement and sales force.
  - Usage and safety: nearly 750,000 eyes treated since launch; adverse events reported in approximately 2 per 10,000 patients.
  - AffaMed has rights to develop and commercialize DEXTENZA in specified markets in Asia.

## Commercial, manufacturing, and intellectual property
- Manufacturing footprint (Bedford, MA)
  - ~20,000 sq ft facility for manufacturing and packaging DEXTENZA.
  - ~71,000 sq ft facility (plus expansion) for drug products and manufacturing of AXPAXLI materials and associated devices.
  - Strategy emphasizes internal manufacturing control to support commercial scale and to inform potential second-source outsourcing decisions.
- Market context
  - AXPAXLI targets large addressable markets in exudative retinal diseases, including wet AMD and diabetic retinal diseases.
  - DEXTENZA has an established commercial footprint and a defined safety profile.
- Intellectual property
  - Over 300 issued or pending U.S. and foreign patents and applications related to DEXTENZA, OTX-TIC, AXPAXLI, and the hydrogel technology.
  - Licensing and IP governance with Incept, LLC under original and amended agreements, with joint and controlled prosecution arrangements in defined areas.

## Partnerships and licensing economics
- AffaMed License Agreement for DEXTENZA and OTX-TIC in Asia
  - Upfront payment: $12.0 million.
  - Development, regulatory, and commercial milestone payments: up to $91.0 million aggregate.
  - Royalties: tiered, in the low-teens to low-twenties percent on net sales, per product and jurisdiction.
  - Cost-sharing: sponsor generally bears development costs; AffaMed covers certain territory-specific and regulatory costs and may reimburse some global study data or local studies per the agreement.
  - Earlier payments and milestones:
    - $1.0 million milestone tied to FDA sNDA approval for DEXTENZA allergic conjunctivitis (Q4 2021).
    - $2.0 million clinical support payment related to OTX-TIC Asia development (Q2 2022).
    - $1.0 million milestone upon NMPA approval of AffaMed’s Phase 3 registrational study in China (Q2 2023).
- Incept license arrangements
  - Exclusive worldwide rights in a broad ophthalmic field with royalties on net sales in the low- to mid-single-digit range, and possible upfront payments in exchange for royalty adjustments.
  - Joint IP arrangements around shape-changing and Incept-related IP, with prosecution responsibilities allocated by agreement.

## Regulatory and clinical development framework
- FDA engagement includes SPA agreements for SOL-1 and HELIOS-3.
- A 505(b)(2) NDA pathway is planned for AXPAXLI.
- Trial designs include long-term safety extensions (SOL-X) and consideration of combination approaches with existing anti-VEGF therapies.
- Pricing and reimbursement considerations, including PDUFA user fees and post-approval requirements, are part of regulatory planning.

## Other program and platform context
- DEXTENZA is the first FDA-approved drug-eluting intracanalicular insert delivering dexamethasone for up to 30 days.
- ELUTYX-based materials have clinical use history in the human body since 1992, with safety data across more than five million patients in multiple FDA-approved treatments.

## Summary
Ocular Therapeutix develops and commercializes ophthalmic therapies using the ELUTYX hydrogel platform to provide long-acting, local drug delivery to the eye. The company’s portfolio includes a marketed product (DEXTENZA) and development-stage assets (AXPAXLI for retinal disease and OTX-TIC for glaucoma), supported by strategic licensing partnerships in Asia and a broad IP estate. Key program milestones include active Phase 3 registrational programs for AXPAXLI (SOL-1, SOL-R, SOL-X) and ongoing clinical work for HELIOS-3 in diabetic retinal disease. Financial highlights from licensing arrangements include an AffaMed upfront of $12.0 million and potential milestone payments up to $91.0 million, plus tiered royalties.

Byrna Technologies is a less-lethal self-defense company that designs, manufactures, and sells CO2-powered launchers, projectile rounds, aerosols, and accessories for consumers, security professionals, and law enforcement while emphasizing non-lethal alternatives, consumable-driven recurring revenue, and U.S.-based manufacturing.

# Byrna Technologies Inc.

## What the company does
- Less-lethal self-defense technology company focused on easy-to-use devices and consumables for personal safety, security professionals, and law enforcement/private security customers.
- Designs, manufactures, and sells CO2-powered launchers, projectile rounds (chemical irritants, kinetic, inert), self-defense aerosols, and accessories under the Byrna brand, and professional-grade defensive sprays under the Fox Labs International brand.
- Positions products as non-lethal alternatives to firearms, emphasizing stand-off range (up to about 60 feet or more, depending on platform and projectile) and modular platform expansion through accessories and new projectiles.
- Sells through consumer channels (e-commerce, Side Hustle program, Amazon, 1,300+ retailers) and professional channels (law enforcement, private security) with training programs and a de-escalation focus.

## Notable products and platforms
- Handheld and shoulder-fired launchers:
  - Byrna SD (flagship handheld), Byrna LE, Byrna CL (Compact Launcher launched in 2025), Byrna LE PRO (professional grade).
  - Tactical launchers: Byrna TCR (compact rifle) and Byrna M-4 (full-size platform).
- Projectiles and ammunition:
  - Eco-Kinetic (biodegradable), Byrna Max (pepper/tear gas blend), Byrna Pepper (pepper/PAVA blend), Byrna Kinetic (hard-plastic impact rounds), Byrna Pro Training (inert powder).
  - .61-caliber projectiles developed for the CL platform; 12-gauge less-lethal kinetic rounds with fin-stabilized design (powered by primer, not gunpowder).
- Accessories and ancillary products:
  - Premium holsters, optics attachments, magazines, CO2 cartridges, sighting systems, and Byrna Shield ballistic backpack (armor panels and deployment system).
- Brand and channels:
  - Byrna is marketed directly to consumers and professional users; Fox Labs line of professional defenses is sold under the Byrna brand in consumer channels.
  - Marketing includes AI-assisted advertising, influencer networks, broadcast campaigns (Banana campaign in 2024), and traditional media (TV, radio).

## Global and corporate footprint
- U.S. manufacturing: Two Fort Wayne, Indiana facilities (30,000 sq ft and 10,000 sq ft) supporting domestic production; a dedicated ammunition production facility in Fort Wayne for faster iteration and quality control.
- South Africa: Manufacturing operations previously in Pretoria were discontinued in 2025; all manufacturing consolidated in the U.S.
- Canada: Byrna Technologies Canada, a wholly owned subsidiary established in 2025 to support regulatory compliance, warehousing, marketing, and sales.
- LATAM: Acquired a 51% stake in Byrna LATAM in January 2023; sold that stake to Fusady S.A. in August 2024 for $1 and executed a separate LATAM Licensing Agreement with Byrna LATAM.

## Revenue model and customers
- Revenue mix includes consumer and professional sales; international sales represented 10.0% of total revenue in fiscal 2025 and 8.0% in fiscal 2024.
- International revenue is fulfilled primarily through distribution partners; efforts to expand international sales continue.
- Consumer and retail distribution includes the company e-commerce site, Side Hustle program, Amazon, and more than 1,300 local, regional, and national outdoor and sporting-goods retailers; national retail partnership with Sportsman’s Warehouse; multiple Byrna-branded stores opened in Nevada, Florida, and Texas.
- Recurring consumable revenue is driven by projectiles and CO2 canisters that generate ongoing purchases by Byrna owners.

## Intellectual property and compliance
- Portfolio of issued utility and design patents, trademarks, and trade secrets; patent expirations range from 2032 to 2038.
- Two Federal Firearms Licenses acquired in June 2025 (effective June 1, 2025; expiring July 1, 2028) to support regulated firearms-related activities for product development, testing, and compliance.
- Compliance with applicable export controls (EAR and ITAR considerations) and other trade controls; product lines include items regulated differently by states and countries.

## R&D and product development
- Primary R&D conducted in Andover, Massachusetts; ongoing development of launcher platforms (SD → LE → CL), new calibers (.61 cal for CL), and high-velocity kinetic rounds.
- Investments in AI-enabled training, simulation, and smart projectile concepts, with emphasis on reliability, concealability, ergonomic improvements, and platform integration.
- CL launch in 2025: ~400 ft/sec muzzle velocity and size reductions of 38% vs. SD and 44% vs. LE; approximately 90% U.S.-sourced components for CL.

## People and corporate characteristics
- 159 employees as of February 1, 2026.
- No collective bargaining agreements; leadership transitions include a COO departure announced in January 2026, the CEO’s employment agreement expiring in 2026, and leadership succession planning in progress.

## Financial snapshot
- International revenue: 10.0% of total revenue in fiscal 2025; 8.0% in fiscal 2024.
- Accumulated deficit: $47.1 million as of November 30, 2025.
- The company reports it recorded net income for the years ended November 30, 2025 and November 30, 2024.
- Revenue-driving events: CL launch (2025), expansion of Sportsman’s Warehouse distribution (2024), new retail stores, and LATAM arrangement changes in 2024–2025.
- Capital licensing and manufacturing: Acquisition of two FFLs (2025) and consolidation of manufacturing to the Fort Wayne facilities.

## Key strategic themes
- Growth through product expansion (SD → LE → CL), new calibers and projectiles, expansion into professional/LE markets, and increasing international footprint.
- Omnichannel strategy combining direct-to-consumer, national retailers, dealers, and Byrna-operated stores; growing the consumables ecosystem to drive repeat purchases.
- Brand positioning around safety and de-escalation (Live Safe®) with wide media campaigns and influencer partnerships while navigating platform advertising restrictions for personal-security products.

Bassett Furniture Industries, Inc. is a U.S.-based designer, manufacturer and marketer of branded home furnishings that operates vertically integrated wholesale and company-owned retail (Bassett Home Furnishings) businesses across domestic manufacturing and international sourcing.

# Bassett Furniture Industries, Inc.

## Company at a glance
Bassett Furniture Industries, Inc. is a U.S.-based designer, manufacturer, and marketer of branded home furnishings with a 123-year history (founded 1902; incorporated in Virginia 1930). The company operates two primary reportable segments: Wholesale and Retail (company-owned stores). A reconciling Corporate and Other category includes activities such as Noa Home, which was acquired in Q4 2022 and ceased operations with liquidation completed by the end of 2024. Non-cash impairment and other charges were recognized in 2024 related to Noa Home’s assets, remaining inventory, and translation losses.

## Segments and primary activities

### Wholesale
- Design, manufacture, and sourcing of furniture distributed through Bassett Home Furnishings (BHF) stores (company-owned and licensee-owned) and independent retailers.
- Product mix: Bassett Custom Upholstery, Bassett Leather, Bassett Custom Wood, Bassett Casegoods, and other items.
- Distribution channels:
  - 86 Bassett-branded stores (company-owned and licensee-owned) plus a network of over 1,000 open market accounts
  - Lane Venture outdoor brand
  - More than 30 independent sales representatives
- Sourcing and production:
  - Approximately 23% of wholesale sales were imported in 2025 (20% in 2024; 22% in 2023).
  - About 75% of wholesale revenue is from products manufactured in the United States, with a mix of domestic and globally sourced components.
- Backlog (orders received but not yet shipped):
  - $19,519 thousand as of November 29, 2025
  - $21,750 thousand as of November 30, 2024

### Retail — Company-owned stores
- 57 company-owned Bassett Home Furnishings stores and 29 licensee-owned stores, for a total of 86 Bassett-branded locations.
- The store network ranks in the top 40 in U.S. retail furniture sales.
- Store count by state includes locations in AZ, CA, CO, and others.
- Net sales by major product category for company-owned stores (in thousands):
  - 2025:
    - Bassett Custom Upholstery: 117,231 (54.1% of total)
    - Bassett Leather: 9,121 (4.2%)
    - Bassett Custom Wood: 31,885 (14.7%)
    - Bassett Casegoods: 29,218 (13.5%)
    - Accessories/Mattresses/Other: 29,226 (13.5%)
    - Total: 216,681
  - 2024: Total net sales 204,563 (category details provided in company disclosures)
  - 2023: Total net sales 235,940 (category details provided in company disclosures)
- Fiscal year reporting has included 53–52 week differences affecting totals.

### Corporate and Other
- Includes Noa Home activities prior to liquidation; all sales shown in Corporate and Other were attributable to Noa Home before liquidation.

## Financial highlights
- Wholesale shipments (in thousands, excluding intercompany sales to retail):
  - 2025: Total 214,614 (external 118,599; intercompany 96,015)
  - 2024: Total 207,462 (external 120,441; intercompany 87,021)
  - 2023: Total 248,911 (external 145,392; intercompany 103,519)
- Retail — Company-owned stores net sales (in thousands):
  - 2025: 216,681
  - 2024: 204,563
  - 2023: 235,940
- Backlog:
  - November 29, 2025: $19,519 thousand
  - November 30, 2024: $21,750 thousand
- Employees (as of November 29, 2025):
  - Total: 1,194
  - Wholesale: 615
  - Retail: 444
  - Corporate: 135
- Number of stores:
  - Company-owned Bassett stores: 57
  - Licensee-owned Bassett stores: 29
  - Total Bassett Home Furnishings stores: 86
- Major customers and exposure:
  - Risk related to customers (trade accounts receivable and related guarantees) was approximately $18,528 thousand at November 29, 2025 and $18,281 thousand at November 30, 2024.
  - Approximately 41% of aggregate risk exposure (net of reserves) in 2025 and 43% in 2024 was attributable to the five largest customers.
  - No single customer accounted for more than 10% of total consolidated net sales in fiscal 2025, 2024, or 2023.

## Sourcing, production, and manufacturing footprint
- Domestic production accounts for over 75% of wholesale revenue; remaining production is sourced from international suppliers, including Vietnam for certain casegoods and leather upholstery.
- Key materials: wood, foam, fabric, leather, and other components. Foam prices can be volatile due to oil market dynamics.
- Domestic facilities:
  - Bassett Wood Division — Martinsville, VA
  - Bassett Upholstery Division — Newton, NC
  - Bassett Upholstery Division — Haleyville, AL
  - Two warehouses in Bassett, VA
  - Corporate activities and some manufacturing/warehousing in Newton, NC for upholstery and outdoor furniture
- Foreign sourcing: primary production of certain casegoods and leather upholstery from Vietnam

## E-commerce and digital
- Website (www.bassettfurniture.com) serves as the primary brand experience; customers can research products, buy online, or engage with an in-store design consultant.
- New web platform introduced in 2023 with improved customer research and navigation; this has driven higher page views, longer time on site, and higher average order value.
- 2025: website traffic declined 8%, while total web sales increased 25% due to higher conversion rates.
- The company plans to continue investing in website aesthetics and user experience while maintaining in-store design makeovers and in-home services.

## Environmental and community initiatives
- Emphasis on sustainably sourced hardwoods and participation in Arbor Day planting efforts since 2021.
- Recycling programs for wood dust, fabric scraps, paper/cardboard, pallets, metal/electronics, finishing materials, foam, and other materials.
- Community and charitable involvement, including design contributions for veterans and partnerships with organizations such as Military Makeover.

## Strategic notes
- The company plans ongoing refinement of its store footprint: one store closure in 2025, two new store openings in 2026, and one store relocation in 2026–2027.
- Emphasis on a blended channel strategy combining digital outreach with direct mail and television advertising in 2026.
- The company faces competitive pressures in the retail furniture market, including rising online competition, market fragmentation, and a mature risk environment around supply chain, tariffs, and changes in consumer demand.

## Summary
Bassett operates as a vertically integrated home furnishings company with U.S. manufacturing facilities and overseas sourcing. It reports segment-specific revenue (wholesale shipments and retail net sales) for 2025, 2024, and 2023, maintains a network of 86 Bassett-branded stores (57 company-owned, 29 licensee-owned), and employs about 1,194 people as of late 2025. The business combines domestic production with imported components, monitors concentration in customer exposure, and continues investments in digital and store-based customer experiences.

Medici List

InterDigital, Inc.

Filed: 2026-02-05

OCULAR THERAPEUTIX, INC

Filed: 2026-02-05

Byrna Technologies Inc.

Filed: 2026-02-05

BASSETT FURNITURE INDUSTRIES INC

Filed: 2026-02-05