What Lightbridge Corp. told the SEC could break it.

Lightbridge primarily relies on a single government facility, Idaho National Laboratory, for developing, testing and evaluating its nuclear fuel (~31% of total R&D spend); disruption from policy changes, facility downtime or regulatory constraints would impede the program.

“For the year ended December 31, 2025, R&D expenses associated with activities conducted at INL accounted for approximately 31 % of the Company's total R&D expenditure. The Company currently primarily relies on INL for developing, testing and evaluating its nuclear fuel.”

Commercial fabrication of its metallic fuel rods requires significant quantities of enriched uranium (up to 19.75% U-235, HALEU) and zirconium; HALEU availability is currently limited to small research/testing quantities, a known industry-wide bottleneck.

“During the commercial phase of our operations, we will ultimately need to procure significant quantities of enriched uranium and zirconium materials necessary for fabrication of our metallic fuel rods. The availability of uranium metal enriched to 19.75% in the isotope uranium-235 is currently limited to small quantities sufficient only for research and testing purposes.”

As a pre-revenue developer, the Company's existing capital is insufficient to fund operations and commercialization beyond the next several years, leaving it dependent on raising additional financing (primarily equity ATM offerings).

“Our longer-term liquidity will depend on our ability to obtain additional financing, as our existing capital resources are not expected to be sufficient to fund our operations, research and development activities, and commercialization efforts beyond the next several years.”

U.S. sanctions on payments to Russia (post-Ukraine invasion) could impair the Company's ability to maintain patent protection in certain foreign jurisdictions where its IP is held via the Eurasian Patent Organization.

“Additionally, sanctions or other restrictions on payments made to Russia imposed by the United States government in response to Russia's invasion of Ukraine may make it more difficult for us to maintain patent protection in certain foreign jurisdictions.”