UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 (Exact name of Registrant as specified in its charter) N/A (Translation of Registrant's name into English) Bermuda OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☑ 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 For the transition period from ______________ to______________. Commission File Number: 001-09383 WESTAMERICA BANCORPORATION (Exact name of the registrant as specified in its charter) CALIFORNIA ...

Financial Performance - Revenues for the year ended December 31, 2025, were $750.9 million, a decrease of 14% compared to $878.0 million in 2024, primarily due to decreased mergers and acquisition revenue [203]. - For the year ended December 31, 2025, the company reported a net income of $48.0 million, a significant improvement from a net loss of $89.3 million in 2024 [216]. - Non-operating income for 2025 was $3.5 million, down from $10.3 million in 2024, primarily due to lower interest income and a net loss from foreign exchange rate fluctuations [206]. - The company's income tax expense for 2025 was $3.5 million with an effective tax rate of 6.8%, compared to $21.1 million and an effective tax rate of (30.9)% in 2024 [207]. Client and Advisory Services - Total advisory clients decreased from 221 in 2024 to 187 in 2025, a decline of 34 clients [203]. Expenses - Total compensation and benefits expenses for 2025 were $535.4 million, down 32% from $784.2 million in 2024, largely due to a prior year Vesting Acceleration that resulted in $144.2 million of equity-based compensation expense not recurring [204]. - Non-compensation expenses for 2025 were $167.5 million, a decrease of 3% compared to $172.3 million in 2024, driven by lower general and administrative expenses [205]. Cash and Liquidity - Cash balances as of December 31, 2025, were $255.9 million, down from $331.6 million in 2024 [209]. - The company believes its current cash, net cash from operations, and available borrowing capacity will be sufficient to meet operating needs for the next twelve months [214]. - As of December 31, 2025, the company had $257.1 million in cash, cash equivalents, and restricted cash, down from $332.8 million at the end of 2024 [216]. - The company held cash balances of $86.9 million in non-U.S. dollar currencies as of December 31, 2025 [232]. Investments and Acquisitions - The company acquired Devon Park Advisors, LLC, for a purchase price of $49.2 million on October 1, 2025 [212]. - Investing activities resulted in a net cash inflow of $51.7 million in 2025, mainly due to the maturation of investments in U.S. Treasury securities, offset by cash paid for acquisitions [218]. Financing Activities - Financing activities led to a net cash outflow of $168.6 million in 2025, primarily due to withholding tax payments and share repurchases [218]. - The company repurchased 1,829,337 shares at an average price of $18.40 during the year ended December 31, 2025 [213]. - The company has a stock repurchase program authorized for up to $200.0 million, with $60.2 million remaining as of December 31, 2025 [223]. Liabilities - The company recorded a $93.5 million liability under the tax receivable agreement as of December 31, 2025 [226]. - The company had $186.1 million in operating lease liabilities as of December 31, 2025 [227]. Foreign Currency Transactions - The company experienced a $2.3 million loss from foreign currency transactions in 2025, compared to a $1.3 million gain in 2024 [232].

Financial Structure and Debt Management - As of December 31, 2025, PAA's publicly-traded senior notes comprised approximately 85% of its long-term debt[37] - PAA targets a leverage multiple averaging between 3.25x to 3.75x, with an average long-term debt-to-total capitalization ratio of approximately 50% or less[38] - The company has completed acquisitions totaling over $5.7 billion from 2016 to December 31, 2025, with approximately $2.8 billion completed in 2025[118] - Asset sales and partial interest sales to strategic joint venture partners have exceeded $5.0 billion, with a pending divestiture of the Canadian NGL Business expected to close by the end of Q1 2026[118] Crude Oil Segment Operations - The Crude Oil segment includes 20,405 miles of active crude oil transportation pipelines and gathering systems, with an average daily volume of 9,680 barrels per day for the year ended December 31, 2025[52] - The Crude Oil segment has a commercial crude oil storage capacity of 76 million barrels at terminalling and storage locations[51] - PAA operates over 5,600 miles of gathering pipelines in the Permian Basin, with a capacity of approximately 3.9 million barrels per day[57] - The intra-basin pipeline system in the Permian Basin has a capacity of approximately 3.1 million barrels per day, connecting gathering pipelines to mainline pipelines[58] - PAA's long-haul pipelines represent over 2.8 million barrels per day of currently operational takeaway capacity out of the Permian Basin[59] Transportation and Storage Capacity - The company has a condensate processing facility with an aggregate processing capacity of 120,000 barrels per day[51] - The Eagle Ford Pipeline has a total capacity of approximately 660,000 barrels per day, connecting production from the Permian Basin and Eagle Ford area to Corpus Christi, Texas refiners and terminals[67] - The Eagle Ford Corpus Christi terminal has a commercial storage capacity of approximately 1 million barrels, while the Cactus III terminal provides over 3 million barrels of commercial storage capacity[68] - The Cactus II Pipeline has a capacity of approximately 670,000 barrels per day, enhancing access to the Corpus Christi market[69] - The Cushing terminal has a commercial storage capacity of 27 million barrels and is connected to long-haul pipelines from the Permian Basin and Rocky Mountain regions[74] - The Capline Pipeline, in which the company holds a 54% interest, extends from Patoka, Illinois to various terminals in St. James, Louisiana, supported by long-term shipper commitments[76] - The Diamond Pipeline has a total capacity of approximately 200,000 barrels per day, connecting the Cushing Terminal to Valero's refinery in Memphis, Tennessee[77] NGL Business Operations - The Canadian NGL Business includes four natural gas processing plants and six fractionation plants with an aggregate usable capacity of approximately 180,000 barrels per day[92] - The NGL segment revenues are primarily derived from providing storage and/or terminalling services to third-party customers and the transport, storage, and sale of specification NGL products[87] - NGL storage facilities have a total capacity of approximately 24 million barrels[96] - The Empress facility processes up to 5.7 Bcf of natural gas per day, producing approximately 65,000 to 100,000 barrels per day of ethane and 40,000 to 60,000 barrels per day of NGL mix[99] - The Fort Saskatchewan facility has an inlet design capacity of 112,000 barrels per day, with 57,000 barrels per day of full C3+ fractionation capability[101] - The Sarnia fractionator can process an average of approximately 100,000 barrels per day of NGL products[102] - The Co-Ed NGL pipeline system has a transportation capacity of approximately 70,000 barrels per day[100] Revenue and Market Exposure - ExxonMobil Corporation accounted for approximately 31% of revenues for the years ended December 31, 2025, 2024, and 27% for 2023[110] - The prompt month NYMEX light, sweet futures contract price ranged from a low of approximately $55 per barrel to a high of approximately $80 per barrel in 2025[103] - The company is engaged in over 25 joint venture and UJI arrangements across multiple North American basins[116] Compliance and Regulatory Environment - The company is subject to extensive legal requirements and regulations that could result in substantial fines and penalties, impacting profitability[121] - Canada requires large emitters of GHG to report emissions, with a threshold lowered from 50 kt/y to 10 kt/y, affecting four facilities[142] - The U.S. Clean Water Act imposes strict controls on pollutant discharge, with potential penalties for non-compliance[143] - The U.S. Oil Pollution Act subjects facility owners to significant liability for oil spill consequences, impacting operational costs[144] - The U.S. Army Corps of Engineers has authorized pipeline construction under Nationwide Permit 12, which may face legal challenges[145] - The Corps proposed to renew its nationwide permits program in June 2025, with potential for increased costs and project delays due to legal challenges[146] - Uncertainty exists regarding the federal jurisdiction under the Clean Water Act, which could delay project permitting and increase compliance costs[147] - The Endangered Species Act may restrict development activities affecting endangered species, leading to increased project costs[148] - The Energy Policy Act of 2005 allows FERC to impose civil penalties for violations, with fines up to approximately $17,000 per day[155] - The indexing methodology for pipeline rates may hinder cost recovery, affecting cash flows due to regulatory challenges[154] - Compliance with cybersecurity directives from the Transportation Security Administration may significantly impact operations[162] Employee and Workforce Management - As of December 31, 2025, GP LLC and PMC ULC employed approximately 3,900 people in North America, with about 2,800 in the U.S. and 1,100 in Canada[169] - Approximately 70% of the workforce, or about 2,750 employees, are field employees, including around 550 in the trucking division[169] - The company prioritizes employee health and safety, investing in training, equipment, and wellness programs, including free mental and behavioral support[170] - The compensation and benefits programs include competitive salaries, health insurance, retirement savings plans, and education reimbursement[172] - The company has a comprehensive training program covering field operations, health and safety, regulatory compliance, and leadership skills[171] - Approximately 200 employees in Canada are covered by collective bargaining agreements, which are open for renegotiation from 2026 to 2028[169] Taxation and Financial Reporting - Distributions on Class A shares will be treated as dividends for U.S. federal income tax purposes to the extent paid from current or accumulated earnings and profits[186] - Non-U.S. holders may be subject to a 30% U.S. withholding tax on distributions unless a lower rate is provided by an applicable income tax treaty[186] - Future exchanges of AAP units and Class B shares for Class A shares will result in additional basis adjustments, potentially leading to further tax deductions[179] - The company has made elections under Section 754 of the Code, resulting in basis adjustments that may offset taxable income for an extended period[179] - The company expects to remain a U.S. Real Property Holding Corporation (USRPHC) for U.S. federal income tax purposes, impacting non-U.S. holders of Class A shares[192] - Non-U.S. holders may be subject to a 30% branch profits tax on gains connected to U.S. trade or business activities[196] - Backup withholding will not apply to distributions if non-U.S. holders certify their non-U.S. status using IRS Form W-8BEN or W-8BEN-E[194] Accounting and Financial Estimates - A hypothetical 5% variance in estimates for accruals and contingent liabilities could impact earnings by approximately $9 million[481] - The company did not record any charges related to inventory valuation adjustments for the years ended December 31, 2025, 2024, and 2023[489] - Changes in assumptions regarding inventory liquidation timing can materially impact net realizable value[489] - The company assesses property and equipment for impairment based on subjective assumptions regarding future cash flows[485] - A hypothetical 5% variance in retirement obligation estimates could impact earnings by approximately $6 million[483] - The company provides annual reports and other financial information on its website, which is not incorporated by reference into its filings with the SEC[199] - Recent accounting pronouncements may affect the company's consolidated financial statements[492]

Table of Contents 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 For the transition period from ________ to ________. (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 3020 Carrington Mill Blvd, Suite ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Securities registered or to be registered pursuant to Section 12(b) of the Act. | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | ...

FLAGSTAR BANK, NATIONAL ASSOCIATION (Exact name of registrant as specified in its charter) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ 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 Commission file number: 001-31565 | United States of America | | 38-2734984 | | --- | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ 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 Commission file number: 001-31565 FLAGSTAR BANK, NATIONAL ASSOCIATION (Exact name of registrant as specified in its charter) | United States of America | | 38-2734984 | | --- | ...

Product Development and Clinical Trials - Azitra, Inc. has developed a proprietary platform with a microbial library of approximately 1,500 unique bacterial strains for precision dermatology[22]. - The company is advancing its lead programs, ATR-12 and ATR-04, into clinical trials, with ATR-12 targeting Netherton syndrome and ATR-04 targeting EGFRi-associated rash[32]. - ATR-12 received Pediatric Rare Disease Designation from the FDA in 2019, and the Phase 1b clinical trial commenced in December 2023, with the first patient dosed in August 2024[23]. - ATR-04 obtained IND clearance from the FDA in August 2024 and Fast Track designation in September 2024, with the first patient dosed in the third quarter of 2025[23]. - The estimated incidence of ichthyosis vulgaris, targeted by ATR-01, is 1 in 250, suggesting a total patient population of approximately 1.3 million in the United States[24]. - ATR-12, a proprietary drug candidate for treating Netherton syndrome, contains a genetically modified strain of S. epidermidis that secretes a fragment of the LEKTI protein, addressing the underlying cause of the disease[45]. - ATR-12 is projected to represent a potential global sales opportunity of $250 million by mid-2030 based on market analysis[46]. - Preclinical studies indicate that SE351, the strain used in ATR-12, can colonize human skin and requires D-alanine for growth, confirming its controlled application[56]. - A single therapeutic dose of ATR-12-351 demonstrated approximately 2-fold higher LEKTI activity after 24 hours compared to 8 hours, indicating sustained production of functional rhLEKTI-D6[60]. - The company filed an IND for a Phase 1b clinical trial of ATR-12 in December 2022, with the first patient dosed in August 2024 and initial safety results expected in the first half of 2025[65]. - The Phase 1/2 clinical trial for ATR-04-484 began in Q3 2025, focusing on safety and quality of life as secondary endpoints[86]. - ATR-01 utilizes a novel engineering segment of human filaggrin to enhance skin delivery, targeting the underlying cause of ichthyosis vulgaris[87]. - ATR-01-616 is a novel topical formulation for treating ichthyosis vulgaris (IV), utilizing a genetically modified S. epidermidis strain to deliver recombinant human filaggrin[92]. - In preclinical studies, ATR-01-616 significantly reduced transepidermal water loss (TEWL) in a damaged pig skin model, achieving p-values <0.001 across all tested doses[94]. - The in vitro model demonstrated that ATR-01-616 restored keratohyalin granules and increased filaggrin levels in reconstructed human epidermis compared to untreated controls[96]. Partnerships and Collaborations - Azitra has established partnerships with Carnegie Mellon University and Fred Hutchinson Cancer Center to enhance its research capabilities and product development[25]. - The company holds an exclusive, worldwide license from Fred Hutch for the use of patented SyMPL technologies in genetic engineering[25]. - The SyMPL technology platform acquired from Fred Hutch allows for the genetic modification of previously intractable bacterial species, expanding the potential for future product candidates[41]. - The exclusive license agreement with Fred Hutchinson Cancer Center allows the company to develop and commercialize products related to SyMPL technologies, with patent rights expiring in 2037 and 2040[121][122]. Financial Performance and Projections - For the fiscal years ended December 31, 2025 and 2024, the company incurred a net loss of $11.0 million and $9.0 million, respectively, with an accumulated deficit of $68.5 million as of December 31, 2025[217]. - The company expects to continue incurring substantial expenses without any meaningful revenues until regulatory approval and successful commercialization of at least one product candidate[218]. - As of December 31, 2025, the company had total assets of $5.0 million and working capital of $2.0 million[220]. - In January 2025, the company completed a public offering of 729,381 shares at an offering price of $2.00 per share, receiving net proceeds of approximately $1.2 million[220]. - In February 2025, the company completed a registered direct offering of 374,696 shares at an offering price of $1.85 per share, receiving net proceeds of approximately $695 thousand[220]. - The company anticipates significant research, regulatory, and development expenses as it advances product candidates towards commercialization[218]. - The report from the independent registered public accounting firm indicates substantial doubt about the company's ability to continue as a going concern due to accumulated deficit and negative cash flow from operations[219]. - The company has a limited operating history and has not commenced revenue-producing operations apart from limited grant and service revenue[215]. Regulatory Environment - The biopharmaceutical industry presents intense competition, with potential competitors having greater financial resources and expertise[102]. - No FDA-approved drug exists for treating EGFRi-associated rash, affecting up to 90% of patients on anti-EGFR therapies[107]. - Pharmaceutical companies face extensive regulations from agencies like the U.S. FDA, impacting research, development, and marketing processes[125]. - The FDA approval process for new biologics includes multiple phases, with significant costs and time requirements, often extending over many years[126][129]. - The company must comply with Good Manufacturing Practices (cGMP) and other regulatory requirements to avoid fines or refusal of marketing applications[125][128]. - The FDA requires compliance with cGMP regulations for the manufacturing of product candidates, which involves significant investment in personnel, facilities, and quality control[138]. - A BLA submission must include comprehensive data from clinical studies, and the FDA aims to complete its initial review within ten months, or six months for serious conditions[141]. - The FDA may approve a BLA with conditions such as post-marketing studies or risk mitigation strategies, which could include REMS plans[142]. - The FDA can designate products for expedited review under Fast Track, Breakthrough Therapy, or Priority Review if they address unmet medical needs[146][149]. - Orphan Drug Designation provides seven years of market exclusivity for drugs treating rare diseases affecting fewer than 200,000 individuals in the U.S.[158]. - The FDA may withdraw approval if compliance with regulatory standards is not maintained, leading to potential fines or product recalls[157]. - Manufacturers must continue to comply with cGMPs post-approval, with periodic inspections by the FDA to ensure ongoing compliance[143]. - The FDA strictly regulates marketing and promotion, allowing products to be promoted only for approved indications[156]. Market and Competitive Landscape - The company aims to build a sustainable pipeline of product candidates while exploring strategic partnerships to accelerate development and expand into new treatment areas[32]. - The company plans to establish a commercial organization in the U.S. to promote live biotherapeutic products and recombinant proteins for skin diseases[100]. - The company expects additional state and federal healthcare reform measures that could limit government payments for healthcare products and services, potentially reducing demand for its product candidates[209]. - Heightened scrutiny over drug pricing practices may lead to increased transparency and potential regulatory changes affecting profitability[203].

Table of Contents Index to Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ 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 Commission file number 1-14569 PLAINS ALL AMERICAN PIPELINE, L.P. (Exact name of registrant as specified in its charter) (State or other jurisdict ...