American Shared Hospital Services 2025年度报告

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 1934For The Transition Period From _______________To_______________. Commission file number 1-08789 American Shared Hospital Services(Exact name of registrant as specified in its charter)California94-2918118(State or other jurisdiction ofincorporation or organization)(IRS EmployerIdentification No.) Registrant’s telephone number, including area code: (415) 788-5300 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act: Large Accelerated Filer☐Accelerated Filer☐Non-Accelerated Filer☒Smaller reporting company☒Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Table of Contents Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by registered public accountingfirm that prepared or issued its audit report. Yes☐No☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ As of June 30, 2025, the aggregate market value of the common stock held by non-affiliates of the registrant was approximately $11,889,000. Number of shares of common stock of the registrant outstanding as of March 25, 2026: 6,602,000. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for the2026Annual Meeting of Shareholders are incorporated by reference into Part II,Item 5 and Part III of this report. Table of Contents TABLE OF CONTENTS FORWARD-LOOKING STATEMENTS PART I: Item 1Business4Item 1ARisk Factors11Item 1BUnresolved Staff Comments18Item 1CCybersecurity18Item 2Properties19Item 3Legal Proceedings19Item 4Mine Safety Disclosures19 PART II: Item 5Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities20Item 6[Reserved]20Item 7Management’s Discussion and Analysis of Financial Condition and Results of Operations20Item 7AQuantitative And Qualitative Disclosures About Market Risk29Item 8Financial Statements and Supplementary Data29Item 9Changes in and Disagreements with Accountants on Accounting and Financial Disclosure29Item 9AControls and Procedures29Item 9BOther Information31Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections31 PART III: Item 10Directors, Executive Officers and Corporate Governance31Item 11Executive Compensation31Item 12Security Ownership of Certain Beneficial Owners and Managementand Related Stockholder Matters31Item 13Certain Relationships and Related Transactions, and Director Independence31Item 14Principal Accountant Fees and Services31 PART IV: Item 15Exhibits and Financial Statement Schedules32Item 16Form 10-K Summary38