Month: November 2025

NN (NNBR) – Mid-Quarter Business Update

Posted on by slightbourne@noblecapitalmarkets.com


Monday, November 17, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Update. NN provided a mid-quarter business update. NN continues to see the benefits from its multi-year transformation efforts, which are delivering record adjusted EBITDA, record new sales wins, positive free cash flow, and setting a firm foundation for continued results. Notably, fourth quarter adjusted EBITDA and adjusted gross margins are expected to hit at least 14% and 20%, results which are more than two years ahead of plan.

New Business. Full-year 2025 new business wins are expected to meet the Company’s original guidance. NN remains on track to achieve its three-year new business wins target of $200 million, a Company record. The new business launches are expected to support solid year-over-year net sales growth, margin expansion, operating income advancement, and continued adjusted EBITDA growth. NN now has its biggest ever sales growth team and opportunity pipeline of more than 800 new programs, worth more than $800 million in annual value.


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Bitcoin Slides Below $93,000 as Four-Year Cycle Fears Reignite Market Uncertainty

Posted on by slightbourne@noblecapitalmarkets.com

Bitcoin began the week under heavy pressure, slipping below $93,000 on Monday and deepening a pullback that has now erased roughly 25% from October’s all-time high above $126,000. The sharp decline is forcing investors to reassess whether the recent weakness is merely a corrective pause—or the early stages of the crypto market’s historically familiar four-year cycle downturn.

The latest slide follows last month’s massive liquidation event, when roughly $19 billion in leveraged long positions were wiped out. That flush triggered a wave of forced selling and marked a turning point after months of aggressive bullish positioning. Long-term holders have also taken profits into strength, adding to downward pressure.

This correction arrives at a time that closely overlaps with Bitcoin’s typical post-halving peak window. Historically, new cycle highs occur between 400 and 600 days after the halving event. With the latest halving taking place in April 2024, Bitcoin is now within the same timeframe that preceded major tops in past cycles. This pattern has fueled what analysts describe as a “self-fulfilling prophecy”—investors expect weakness based on the timing alone, and their behavior creates selling pressure that brings it to life.

Still, several research groups argue that this drawdown does not resemble the steep 60–70% collapses seen during prior cycle peaks. Analysts point to structural differences in today’s market, including far deeper institutional participation and the rapid growth of Bitcoin ETFs. Large asset managers have continued adding exposure even as prices fall, a sign of what they describe as “higher-quality and more consistent ownership.”

Supportive regulatory developments may also help cushion the decline. The Trump administration’s pro-Bitcoin stance, along with ongoing progress on the Clarity Act in Congress, is widely viewed as a net positive for long-term market maturation. Some analysts believe this framework is helping shift Bitcoin closer to a mainstream institutional asset class, with corrections becoming less extreme than in past cycles.

MicroStrategy continues to reinforce that thesis. The company revealed another significant purchase on Monday—8,178 additional Bitcoin at an average price of $102,171 each, totaling $835 million. The firm’s steady accumulation, even during periods of weakness, remains a confidence anchor for parts of the market.

But short-term risks remain elevated. Research firm 10X noted that new buyer momentum stalled around October 10, leaving the market vulnerable as macro conditions deteriorate. A more hawkish tone from the Federal Reserve has pressured risk assets broadly, tightening financial conditions and raising the threshold for speculative flows into crypto.

Analysts have flagged $93,000 as a critical support zone. A decisive breakdown could spark another wave of liquidations, adding volatility to an already fragile environment. Some believe Bitcoin could retest support near the $80,000 level—last seen shortly after the U.S. election—before finding a durable bottom.

Even so, many long-term investors view the current weakness as a potential entry point rather than the start of a prolonged bear cycle. With institutional adoption rising and ETF inflows broadening the asset’s investor base, the coming weeks will determine whether Bitcoin stabilizes—or whether the deeper mechanics of the four-year cycle will reassert themselves.

Merck to Acquire Cidara Therapeutics in $9.2 Billion Deal, Strengthening Its Antiviral Pipeline

Posted on by slightbourne@noblecapitalmarkets.com

Merck has announced a major expansion of its infectious disease portfolio with a definitive agreement to acquire Cidara Therapeutics, Inc. for approximately $9.2 billion. The all-cash transaction, valued at $221.50 per share, brings Cidara’s late-stage antiviral candidate CD388 directly into Merck’s pipeline as the company seeks to diversify its portfolio with innovative, long-acting preventative treatments.

The acquisition represents a strategic move for Merck, aligning with its long-standing approach of targeting high-impact scientific assets backed by strong development data. CD388, Cidara’s lead candidate, is considered one of the most promising antiviral innovations currently in development. Designed as a long-acting, strain-agnostic agent, CD388 aims to prevent infection from both influenza A and B, a significant advantage over seasonal vaccines that must be reformulated each year to match circulating strains.

CD388 combines a small-molecule neuraminidase inhibitor with Cidara’s proprietary drug-Fc conjugate (DFC) platform. This design is intended to provide durable protection against symptomatic influenza, particularly in groups most vulnerable to severe complications, such as older adults, cancer patients, and individuals with compromised immune systems.

The therapy is currently in the Phase 3 ANCHOR trial, following strong Phase 2b data in the NAVIGATE study, which demonstrated its effectiveness in preventing symptomatic, laboratory-confirmed influenza among unvaccinated adults. The U.S. Food and Drug Administration has recognized its potential through both Fast Track and Breakthrough Therapy designations, signaling the agency’s acknowledgment of the urgent need for more effective flu-prevention options.

For Merck, adding CD388 to its pipeline complements its existing respiratory portfolio and fills a critical unmet need at a time when influenza continues to cause significant global health burdens. Seasonal influenza leads to millions of infections each year and disproportionately affects high-risk populations. As viral strains evolve and vaccine hesitancy persists, demand for alternative prevention strategies continues to grow.

Cidara leadership characterized the acquisition as a transformative milestone. The company has dedicated its efforts to advancing DFC therapeutics and redefining how influenza can be prevented beyond traditional vaccines. With Merck’s global scale, regulatory strength, and commercial infrastructure, CD388 is positioned to reach markets internationally once approved.

The transaction has been unanimously approved by the boards of both companies. It will be executed through a tender offer by a Merck subsidiary, followed by a merger to acquire all outstanding Cidara shares. Completion of the deal remains subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act. Merck expects the acquisition to close in the first quarter of 2026, accounting for it as an asset acquisition on its financial statements.

With this deal, Merck reinforces its commitment to science-driven expansion and long-term growth, while Cidara gains the resources necessary to bring its innovative antiviral approach to patients worldwide. If successful, CD388 could become one of the most significant advancements in influenza prevention in more than a decade.

Release – Bit Digital, Inc. Announces Financial Results for the Third quarter of Fiscal Year 2025

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTBT

NEW YORK, November 14, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a publicly traded digital asset company focused on Ethereum-native treasury and staking strategies headquartered in New York City, today announced its financial results for the third quarter of 2025. The Company will host a conference call on November 14, 2025 at 9:00 AM ET to discuss results (click here for registration information).

Financial Highlights for the Third Quarter of 2025

  • Total revenue for the third quarter of 2025 was $30.5 million, a 33% increase compared to $22.8 million in the third quarter of 2024. The increase was primarily driven by growth in WhiteFiber business lines and from increased revenue from ETH staking.
  • Revenue from digital asset mining was $7.4 million, a 27% decrease compared to $10.1 million in the prior year’s quarter. The decline was driven by increased network difficulty and a reduction in active hash rate. The Company is in the process of winding down this business line.
  • Revenue from cloud services was $18.0 million, a 48% increase compared to $12.2 million in the prior year’s quarter.
  • Revenue from colocation services was $1.7 million, compared to none in the prior-year quarter as the business was launched in the fourth quarter 2024.
  • Revenue from ETH staking was $2.9 million, a 542% increase compared to $0.4 million in the third quarter of 2024. The increase was driven by an increase in staking rewards and a higher realized ETH price during the quarter.
  • Results for the third quarter of 2025 include the consolidated financial performance of WhiteFiber Inc. (Nasdaq: WYFI), of which Bit Digital held approximately 70.7% of the outstanding shares as of September 30, 2025. WhiteFiber completed its initial public offering on August 8, 2025, and its results are fully consolidated within Bit Digital’s financial statements. As of September 30, 2025, Bit Digital’s ownership totaled 27,043,750 shares, valued at approximately $734.8 million based on the Nasdaq closing price of $27.17 per share on that date.
  • Net income for the third quarter of 2025 was $146.7 million, or $0.47 per diluted share, compared to a net loss of $38.8 million, or $(0.26) per diluted share, in the prior-year quarter.
  • Adjusted EBITDA for the third quarter of 2025 was $166.8 million, compared to $(19.7) million in the third quarter of 2024. Third quarter 2025 adjusted EBITDA includes $146.0 million in gains on digital assets.
  • Cash and cash equivalents totaled $179.1 million as of September 30, 2025, compared to $95.2 million as of December 31, 2024.
  • Total digital assets were $423.7 million as of September 30, 2025, compared to $161.4 million as of December 31, 2024.

Ethereum Treasury Strategy
In June 2025, Bit Digital initiated a strategic transition to become a pure-play Ethereum treasury and staking company. The Company is actively executing on this strategy through disciplined ETH accumulation and staking yield generation, rapidly scaling its holdings to become one of the leading public platforms for institutional Ethereum exposure.

The Company’s ETH position[1] has grown materially as a result of this initiative:

  • June 30, 2025: 30,663 ETH held.
  • September 30, 2025: 122,187 ETH held.
  • October 31, 2025: 153,547 ETH held, valued at approximately $590.5 million as of that date.

In October 2025, Bit Digital purchased approximately 31,057 ETH using the net proceeds from its $150 million convertible notes offering, which included the underwriters’ full exercise of their over-allotment option. The convertible notes have an initial conversion price of $4.16 per share, representing an 8.2% premium to the Company’s estimated mNAV at the time of deal pricing.

In the third quarter of 2025, Bit Digital earned approximately 644.3 ETH and 52.9 ETH from native staking and liquid staking, respectively. As of September 30, approximately 99,936 ETH were actively staked, generating an annualized effective yield of approximately 3.05% for the quarter. As of October 31, 2025, Bit Digital had 132,480 ETH actively staked.

Bitcoin Mining Update
Bit Digital continues to wind down its bitcoin mining operations as part of its transition to an Ethereum-focused strategy. During the third quarter, the Company mined 64.9 BTC, compared to 165.4 BTC in the prior-year period, reflecting lower production tied to the ongoing reduction in active hash rate. As of September 30, 2025, the Company’s active hash rate totaled approximately 1.9 EH/s, with an average efficiency of approximately 22 J/Th. The bitcoin mining segment generated a gross margin of approximately 32% for the quarter.

The Company expects minimal to no growth or maintenance capital expenditures in this segment moving forward, as operations primarily support the orderly settlement of remaining hosting contracts. Proceeds from ongoing activity are typically converted into ETH to support the Company’s Ethereum treasury strategy.

Management Commentary
“This quarter further solidified Bit Digital’s position at the intersection of what we believe are the two most powerful secular trends of our time: Ethereum and artificial intelligence,” said Sam Tabar, CEO of Bit Digital. “Our strategy is centered on building one of the largest and most efficient Ethereum treasuries in the public markets while maintaining exposure to the rapidly expanding AI infrastructure economy through our majority stake in WhiteFiber. Together, we believe that these two pillars create a durable and diversified foundation for long-term growth.”

“We remain highly constructive on Ethereum’s future. The network continues to demonstrate expanding utility, deepening institutional adoption, and a maturing staking economy that provides sustainable on-chain yield. Our focus is on increasing ETH density in a thoughtful and cost-effective way, deploying capital with discipline, maintaining balance sheet strength, and compounding value per share rather than chasing scale for its own sake.”

“Bit Digital has operated through multiple crypto cycles. Volatility and drawdowns are nothing new to us. We have built the Company to withstand them and view dislocations as opportunities. With our experience, strong treasury, and continued exposure to both ETH and AI, we believe we are well positioned to create durable value for shareholders.”

About Bit Digital
Bit Digital is a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies. The Company began accumulating and staking ETH in 2022 and now operates one of the largest institutional Ethereum staking infrastructures globally. Bit Digital’s platform includes advanced validator operations, institutional-grade custody, active protocol governance, and yield optimization. Through strategic partnerships across the Ethereum ecosystem, Bit Digital aims to deliver exposure to secure, scalable, and compliant access to onchain yield.  Bit Digital also holds a majority equity stake in WhiteFiber (Nasdaq:WYFI), a leading AI infrastructure provider and HPC solutions. For additional information, please contact ir@bit-digital.com or follow us on  LinkedIn or X.

Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report) and any subsequently filed quarterly reports on Form 10-Q and any Current Reports on Form 8-K.  If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Safe Harbor Statement” below.

Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

[1] Includes approximately 6,062 ETH and ETH-equivalents held in an externally managed fund as of June 30, 2025; approximately 15,075 (September 30, 2025) and 15,139.6 (October 31, 2025) ETH and ETH-equivalents held in an externally managed fund; and approximately 5,142 (September 30, 2025) and 5,131.6 (October 31, 2025) ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate on each respective date.

Release – Cocrystal Pharma Reports Third Quarter 2025 Financial Results and Provides Updates on its Antiviral Drug-Development Programs

Posted on by aweinsoff@channelchek.com

Research News and Market Data on COCP

November 14, 2025

  • Received FDA IND clearance to evaluate CDI-988 as both norovirus preventive and treatment
  • Expects to initiate CDI-988 Phase 1b norovirus challenge study in Q1 2026
  • Granted NIH SBIR award to advance influenza A/B replication inhibitor program

BOTHELL, Wash., Nov. 14, 2025 (GLOBE NEWSWIRE) — Cocrystal Pharma, Inc. (Nasdaq: COCP) (“Cocrystal” or the “Company”) reports financial results for the three and nine months ended September 30, 2025, and provides updates on its antiviral product pipeline, upcoming milestones and business activities.

“We expect to begin enrolling participants in the first quarter of 2026 for our norovirus challenge study evaluating CDI-988, our oral broad-spectrum protease inhibitor,” said Sam Lee, Ph.D., President and co-CEO of Cocrystal. “This study will provide an initial assessment of CDI-988 for both prevention and treatment of norovirus infection. Norovirus is a major cause of acute gastroenteritis and is highly contagious. It spreads rapidly in enclosed environments such as cruise ships, military bases, nursing homes, and hospitals. At present, there is no FDA-approved treatment or prevention for norovirus infection.

“We were honored to receive a Small Business Innovation (SBIR) award from the National Institutes of Health (NIH) to advance our work in developing a novel, broad-spectrum lead candidate targeting the influenza A/B polymerase complex,” added Dr. Lee. “This recognition further validates the strength of our structure-based drug discovery platform technology and its capability to develop innovative antiviral therapies for addressing unmet medical needs.”

“Together with the non-dilutive SBIR award, we strengthened our balance sheet through two recent at-the-market financings under Nasdaq rules,” said James Martin, Cocrystal’s CFO and co-CEO. “This enhanced cash position supports the continued development of our product pipeline, including our potentially groundbreaking norovirus program.”

In September 2025 Cocrystal raised gross proceeds of $4.7 million from a registered direct offering along with a private placement of warrants that, if fully exercised on a cash basis, will raise an additional $8.3 million. In October 2025, the Company completed a private placement with directors and management for gross proceeds of $1.03 million with warrants that, if fully exercised on a cash basis, will raise an additional $1.83 million.

Antiviral Product Pipeline Overview

We harness our revolutionary, structure-based drug discovery platform technology to engineer next-generation, broad-spectrum antivirals that precisely disrupt viral replication mechanisms. Unlike traditional approaches, our technology identifies compounds that bind to highly conserved regions of viral enzymes, thereby creating a formidable defense against current viral threats as well as their mutations. By specifically targeting these evolutionary-constrained viral regions, our drug candidates maintain efficacy even as viruses mutate, while simultaneously minimizing off-target interactions that typically lead to adverse side effects. This dual advantage represents a significant breakthrough in antiviral drug development. In addition, our innovative methodology fundamentally transforms the conventional drug discovery paradigm by eliminating the inefficient, resource-intensive cycles of high-throughput compound screening and prolonged hit-to-lead optimization. The result is faster identification of promising candidates with superior resistance profiles and safety characteristics.

Norovirus Program
Norovirus is a common and highly contagious virus that afflicts people of all ages and causes symptoms of acute gastroenteritis including nausea, vomiting, stomach pain and diarrhea, as well as fatigue, fever and dehydration. There is currently no effective treatment or effective vaccine for norovirus, and the ability to curtail outbreaks is limited.

With 685 million global cases annually and a $60 billion worldwide economic impact, norovirus represents one of healthcare’s most pressing unmet needs. In the U.S., noroviruses are responsible for an estimated 21 million infections annually, including 109,000 hospitalizations, 465,000 emergency department visits and an estimated 900 deaths. The annual burden of norovirus to the U.S. is estimated at $10.6 billion. Noroviruses are responsible for up to 1.1 million hospitalizations and 218,000 deaths annually in children in the developing world.

  • Oral protease inhibitor CDI-988 for the treatment of noroviruses and coronaviruses
    • Our novel, broad-spectrum protease inhibitor CDI-988 is being evaluated as a potential treatment for noroviruses and coronaviruses.
    • CDI-988 has shown in vitro activity against multiple norovirus strains.
    • In May 2023 we announced approval of our application to the Australian regulatory agency for a randomized, double-blind, placebo-controlled Phase 1 study to evaluate the safety, tolerability and pharmacokinetics (PK) of CDI-988 in healthy subjects.
    • In August 2023 we announced our selection of CDI-988 as our lead compound for the treatment for noroviruses, in addition to coronaviruses.
    • In July 2024 we reported favorable safety and tolerability results from the single-ascending dose cohorts in the Phase 1 study.
    • In December 2024 we reported favorable safety and tolerability results from the multiple-ascending dose cohorts of the Phase 1 study and the addition of a high-dose cohort.
    • In April 2025 we announced that CDI-988 showed superior broad-spectrum antiviral activity against GII.17 strains, the most prevalent strain in the U.S. and Europe in 2024-2025.
    • In August 2025 we presented favorable safety and tolerability Phase 1 data from all CDI-988 doses, including the high-dose 1200 mg cohort, at the 2025 Military Health System Research Symposium (MHSRS).
    • In September 2025 we received a Study May Proceed Letter from the FDA to conduct a Phase 1b challenge study in the U.S. evaluating CDI-988 as a norovirus preventive and treatment.
    • Preparations are underway for the challenge study, with subject enrollment expected to begin in the first quarter of 2026.

Influenza Programs
Influenza is a major global health threat that may become more challenging to treat due to the emergence of highly pathogenic avian influenza viruses and resistance to approved influenza antivirals. Currently approved antiviral treatments for influenza are effective but are burdened with significant viral resistance.

Each year approximately 1 billion cases of seasonal influenza, 3-5 million severe illnesses and up to 650,000 deaths are reported worldwide. About 8 percent of the U.S. population gets sick from flu each season. In addition to the health risk, influenza is responsible for an estimated $10.4 billion in direct medical costs in the U.S. each year.

  • Oral CC-42344 for the treatment of pandemic and seasonal influenza A
    • Our novel PB2 inhibitor CC-42344 showed excellent in vitro activity against pandemic and seasonal influenza A strains, as well as strains that are resistant to Tamiflu® and Xofluza®.
    • In December 2022 we reported favorable safety and tolerability results from the CC-42344 Phase 1 study.
    • In December 2023 we began a randomized, double-blind, placebo-controlled Phase 2a human challenge study to evaluate the safety, tolerability, viral and clinical measurements of CC-42344 in influenza A-infected subjects in the United Kingdom, following authorization from the UK Medicines and Healthcare Products Regulatory Agency (MHRA).
    • In May 2024 we completed enrollment in the Phase 2a human challenge study.
    • In June 2024 we reported that in vitro studies demonstrated CC-42344 inhibits the activity of the highly pathogenic avian influenza A (H5N1) PB2 protein identified in humans exposed to infected dairy cows.
    • In December 2024 we announced a plan to extend the CC-42344 Phase 2a human challenge study due to unexpectedly low influenza infection among study participants.
    • In May 2025 we reported that CC-42344 was shown to be active against the highly pathogenic 2024 Texas H5N1 avian influenza strain.
    • In November 2025 our Phase 2a study was completed, with CC-42344 showing a favorable safety and tolerability profile with no serious adverse events (SAEs) and no drug-related discontinuations by study participants. Efficacy analyses were not reported due to issues in trial conduct.
    • We plan to continue development of oral CC-42344 as a treatment for pandemic and seasonal influenza A.
  • Inhaled CC-42344 as prophylaxis and treatment for pandemic and seasonal influenza A
    • Our preclinical testing showed superior pulmonary pharmacology with CC-42344, including high exposure to drug and a long half-life.
    • We have developed a dry powder inhalation formulation and have completed toxicology studies.
  • Influenza A/B program
    • In October 2025 we received a $500,000 SBIR Phase I award from the NIH’s National Institute of Allergy and Infectious Diseases (NIAID) to support the development of a novel, broad-spectrum lead candidate targeting the influenza A/B polymerase complex.

SARS-CoV-2 and Other Coronavirus Program
By targeting viral replication enzymes and proteases, we believe it is possible to develop effective treatments for all diseases caused by coronaviruses including SARS-CoV-2 and its variants, Severe Acute Respiratory Syndrome (SARS) and Middle East Respiratory Syndrome (MERS). CDI-988 showed potent in vitro pan-viral activity against common human coronaviruses, rhinoviruses and respiratory enteroviruses, as well as against noroviruses. The global COVID-19 therapeutics market is estimated to exceed $16 billion annually by the end of 2031.

  • Oral protease inhibitor CDI-988 for the treatment of coronaviruses and noroviruses
    • CDI-988 exhibited superior in vitro potency against SARS-CoV-2 and demonstrated a favorable safety profile and PK properties.
    • In September 2023 we dosed the first healthy subject in our norovirus/coronavirus CDI-988 study, which is expected to serve as a Phase 1 study for both indications.
    • In July 2024 we reported favorable safety and tolerability results from the single-ascending dose cohorts in the Phase 1 study.
    • In December 2024 we reported favorable safety and tolerability results from the multiple-ascending dose cohorts of the Phase 1 study and the addition of a high-dose cohort.
    • In August 2025 we presented favorable safety and tolerability Phase 1 data from all CDI-988 doses, including the high-dose 1200 mg cohort, at the MHSRS.

Third Quarter Financial Results

Research and development (R&D) expenses for the third quarter of 2025 were $954,000, compared with $3.2 million for the third quarter of 2024, with the decrease primarily due to the timing of clinical study costs as the trials started in 2024 were winding down in 2025. General and administrative (G&A) expenses for the third quarter of 2025 were $1.1 million, compared with $1.8 million for the third quarter of 2024, with the decrease primarily due to a reduction in compensation expense.

Net loss for the third quarter of 2025 was $2.0 million, or $0.19 per share, compared with a net loss for the third quarter of 2024 of $4.9 million, or $0.49 per share.

Nine Months Financial Results

R&D expenses for the first nine months of 2025 were $3.4 million, compared with $10.5 million for the first nine months of 2024. G&A expenses for the first nine months of 2025 were $3.1 million, compared with $4.1 million for the first nine months of 2024.

Net loss for the first nine months of 2025 was $6.4 million, or $0.61 per share, compared with a net loss for the first nine months of 2024 of $14.2 million, or $1.40 per share.

Cocrystal reported unrestricted cash as of September 30, 2025 of $7.7 million, which included $4.7 million in gross proceeds from a registered direct financing completed in September 2025, compared with $9.9 million as of December 31, 2024. Net cash used in operating activities for the first nine months of 2025 was $6.5 million, compared with $13.3 million for the first nine months of 2024. The Company had working capital of $7.3 million and 13.0 million common shares outstanding as of September 30, 2025.

In October 2025 Cocrystal was granted an NIH SBIR award for $500,000 and completed a private placement for $1.03 million in gross proceeds.

About Cocrystal Pharma, Inc.

Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), noroviruses and hepatitis C viruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create viable antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our plans for the future development of preclinical and clinical product candidates including the potential of our norovirus product candidates, our plans to initiate a human Phase 1b challenge study for our norovirus product candidate CDI-988 in early 2026, and our plans with regard to continued development of CC-42344, the potential characteristics and benefits of and market for our product candidates, and potential future capital we may receive from warrant exercises for cash. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to, the risks and uncertainties arising from our need for additional capital to fund our operations and our ability to obtain such capital on favorable terms or at all, inflation, the possibility of a recession, interest rate increases, imposed and threated tariffs, and geopolitical conflicts including those in Ukraine and Israel on our Company, our collaboration partners, and on the U.S., UK, Australia and global economies, including manufacturing and research delays arising from raw materials and labor shortages, supply chain disruptions and other business interruptions including any adverse impacts on our ability to obtain raw materials for and otherwise proceed with studies as well as similar problems with our vendors and our current and any future clinical research organization (CROs) and contract manufacturing organizations (CMOs), the progress and results of the studies including any adverse findings or delays, the ability of us and our CROs to recruit volunteers for, and to otherwise proceed with, clinical studies, our and our collaboration partners’ technology and software performing as expected, financial difficulties experienced by certain partners, the results of any current and future preclinical and clinical studies, general risks arising from clinical studies, receipt of regulatory approvals, regulatory changes and any adverse developments which may arise therefrom, potential mutations in a virus we are targeting that may result in variants that are resistant to a product candidate we develop, the potential for the development of effective treatments by competitors which could reduce or eliminate a prospective future market share commercializing any product candidates we may develop in the future, and our ability to meet our future liquidity needs. Further information on our risk factors is contained in our filings with the SEC, including the “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Contact:
Alliance Advisors IR
Jody Cain
310-691-7100
jcain@allianceadvisors.com

Release – The Oncology Institute Reports Third Quarter 2025 Financial Results and Increases Full Year 2025 Guidance

Posted on by aweinsoff@channelchek.com

Research News and Market Data on TOI

Nov 13, 2025

PDF Version

CERRITOS, Calif., Nov. 13, 2025 (GLOBE NEWSWIRE) — The Oncology Institute, Inc. (NASDAQ: TOI) (“TOI” or the “Company”), one of the largest value-based community oncology groups in the United States, today reported financial results for its three months ended September 30, 2025 and updated its full year 2025 guidance.

Recent Operational Highlights

  • Fee-for-service revenue growth of 13% over Q3 2024, driven by continued organic growth performance in Florida and Oregon.
  • Retail Pharmacy and Dispensary set fill records, contributing $75.9 million in revenue and $12.8 million in gross profit in Q3. 
  • Signed several new in-network MSO providers in the Florida market and opened our new TOI pharmacy location in Florida.
  • Welcomed Kristin England as our new Chief Administrative Officer overseeing our Enterprise Central Business Operations, Technology Strategy and AI Enablement.

Third Quarter 2025 Financial Highlights

All comparisons are to the quarter ended September 30, 2024 unless otherwise noted

  • Consolidated revenue of $136.6 million increased 36.7% from $99.9 million
  • Gross profit of $18.9 million, increased 31.7%
  • Net loss of $16.5 million compared to net loss of $16.1 million
  • Basic and diluted (loss) earnings per share of $(0.14) compared to $(0.18)
  • Adjusted EBITDA of $(3.5) million compared to $(8.2) million
  • Cash and cash equivalents of $27.7 million as of September 30, 2025

Outlook for Fiscal Year 2025

TOI uses Adjusted EBITDA and Free Cash flow, each a non-GAAP metric, as an additional tool to assess its operational and financial performance. See “Financial Information: Non-GAAP Financial Measures” below. In reliance on the unreasonable efforts exception provided under Regulation S-K, TOI is not reasonably able to provide a quantitative reconciliation for forward-looking information of Adjusted EBITDA and Free Cash Flow to net (loss) income and net cash provided by operations, respectively, the most directly comparable GAAP financial measures, without unreasonable efforts due to uncertainties regarding taxes, capital expenditures, operating activities, share-based compensation, goodwill impairment charges, change in fair value of liabilities, unrealized (gains) losses on investments, practice acquisition-related costs, consulting and legal fees, transaction costs and other non-cash items. The variability of these items could have an unpredictable, and potentially significant, impact on TOI’s future GAAP financial results. The Company, given the revenue and profitability growth in the first three quarters, is updating its full year revenue and Adjusted EBITDA guidance as follows:

 2025 Guidance – Previous2025 Guidance – Updated
Revenue$460 to $480 million$495 to $505 million
Gross Profit$73 to $82 million$73 to $82 million
Adjusted EBITDA$(8) to $(17) million$(11) to $(13) million
Free Cash Flow$(12) to $(21) million$(12) to $(21) million


Additionally, the Company expects Adjusted EBITDA of approximately $0 to $2 million in the fourth quarter of 2025. TOI’s achievement of the anticipated results is subject to risks and uncertainties, including those disclosed in its filings with the U.S. Securities and Exchange Commission. The outlook does not take into account the impact of any unanticipated developments in the business or changes in the operating environment, nor does it take into account the impact of TOI’s acquisitions, dispositions or financings. TOI’s outlook assumes a largely stable global market, which would likely be negatively impacted if recent tariff rate increases and exchange rate changes persist and adversely affect world trade.

Management Commentary

Daniel Virnich, CEO of TOI, commented, “We had a solid third quarter across all lines of our business. Our Pharmacy business continues to set records, and our new delegated lives in Florida are ramping nicely with strong MLR performance. During the quarter, we made meaningful progress in leveraging AI to drive efficiencies in our operations and improve the patient experience. These were just some of the factors that allowed us to increase our full-year guidance and reaffirm our positive outlook for Q4 adjusted EBITDA. As a leader in oncology value-based care, it is important for us to not only raise the quality of care but also lower that cost of care. We believe we are well-positioned to achieve this goal, while simultaneously driving durable and sustainable growth.”

Webcast and Conference Call

TOI will host a conference call on Thursday, November 13, 2025 at 5:00 p.m. (Eastern Time) to discuss third quarter results and management’s outlook for future financial and operational performance.

The conference call can be accessed live over the phone by dialing 1-877-407-0789, or for international callers, 1-201-689-8562. A replay will be available two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the replay is 13756737. The replay will be available until Thursday, November 20, 2025.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of TOI’s website at https://investors.theoncologyinstitute.com.

About The Oncology Institute, Inc.

Founded in 2007, The Oncology Institute, Inc. (NASDAQ: TOI) is advancing oncology by delivering highly specialized, value-based cancer care in the community setting. TOI offers cutting-edge, evidence-based cancer care to a population of approximately 1.9 million patients including clinical trials, transfusions, and other care delivery models traditionally associated with the most advanced care delivery organizations. With over 180 employed and affiliate clinicians and over 100 clinics and affiliate locations of care across five states and growing, TOI is changing oncology for the better. For more information visit www.theoncologyinstitute.com.

Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “preliminary,” “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “predict,” “potential,” “guidance,” “approximately,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, anticipated financial results, estimates and forecasts of revenue and other financial and performance metrics and projections of market opportunity and expectations. These statements are based on various assumptions and on the current expectations of TOI and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by anyone as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of TOI. These forward-looking statements are subject to a number of risks and uncertainties, including the accuracy of the assumptions underlying the 2025 full fiscal year outlook and the Q4 2025 outlook with respect to Adjusted EBITDA discussed herein, the outcome of judicial and administrative proceedings to which TOI may become a party or investigations to which TOI may become or is subject that could interrupt or limit TOI’s operations, result in adverse judgments, settlements or fines and create negative publicity; changes in TOI’s patient or payors’ preferences, prospects and the competitive conditions prevailing in the healthcare sector; failure to continue to meet stock exchange listing standards; the impact of a cybersecurity incident affecting a software provider on TOI’s business; those factors discussed in the documents of TOI filed, or to be filed, with the SEC, including the Item 1A. “Risk Factors” section of TOI’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 26, 2025 and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that TOI currently is evaluating or does not presently know or that TOI currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect TOI’s plans or forecasts of future events and views as of the date of this press release. TOI anticipates that subsequent events and developments will cause TOI’s assessments to change. TOI does not undertake any obligation to update any of these forward-looking statements. These forward-looking statements should not be relied upon as representing TOI’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

View full release here.

Contacts

Media

The Oncology Institute, Inc.
Daniel Virnich, MD
danielvirnich@theoncologyinstitute.com
(562) 735-3226 x 81125

Investors

ICR Strategic Communications
investors@icrinc.com

Release – Ascertain and The Oncology Institute Co-Develop ‘Touchless’ AI Automation for Oncology Administration

Posted on by aweinsoff@channelchek.com

Research News and Market Data on TOI

Nov 13, 2025

PDF Version

Partnership deployed touchless prior authorization system in eight weeks, achieving 95% reduction in authorization workload

CERRITOS, Calif. and NEW YORK, Nov. 13, 2025 (GLOBE NEWSWIRE) — Ascertain, a healthcare technology company pioneering agentic AI to automate administrative workflows, and The Oncology Institute, Inc. (NASDAQ: TOI), a leading value-based oncology care provider, today announced a co-development partnership to create “near-touchless” administrative workflows that reduce manual interactions between providers and payers.

The collaboration centers on Ascertain’s Unified Payer Portal (UPP) — an AI-powered automation module that streamlines payer-related tasks required ahead of outpatient oncology visits. The system enables near-touchless workflows by automating manual data entry, documentation submission, and payer portal navigation, significantly reducing the administrative effort required to prepare for each patient encounter.

The joint team achieved rapid implementation, going from a signed statement of work to a live early-stage deployment in just eight weeks. That pace demonstrates both the adaptability of Ascertain’s technology and the strength of the operational partnership between the two organizations.

Since going live in September 2025, the automation has reduced TOI’s office visit authorization submission time at pilot sites by over 80 percent, freeing hundreds of staff hours each week. As TOI scales this solution across all authorization types, the initiative is expected to generate significant efficiencies that could yield up to an estimated $2 million in operating expense savings in 2026. The system now processes prior authorizations across TOI’s 100+ clinics and affiliate locations, allowing staff to focus more time on direct patient care.

Mark Michalski, MD, CEO of Ascertain, said:

“The Oncology Institute has been a national leader in bringing value-based cancer care to scale, and we are proud to co-develop automation tools that help sustain that mission. This first deployment of our Unified Payer Portal represents just the beginning. Together, we’re proving that administrative work between providers and payers can become truly touchless — faster, more accurate, and far less burdensome for clinical teams.”

Daniel Virnich, CEO of The Oncology Institute, said:

“Our partnership with Ascertain reflects TOI’s ongoing focus on operational excellence and efficiency. We’ve seen how thoughtfully applied automation can simplify complex tasks and allow our staff to focus more of their time on supporting patients. This first implementation went live in only eight weeks, and we look forward to continuing to build on that progress with Ascertain’s team.”

About Ascertain

Ascertain is a healthcare technology company using agentic AI to automate complex, forms-heavy administrative workflows in healthcare. The company’s platform replaces manual tasks — such as payer communications, documentation assembly, and eligibility verification — with touchless, intelligent automation. Ascertain was founded in partnership with Northwell Health and Aegis Ventures and is backed by Deerfield Management. For more information, visit www.ascertain.com.

About The Oncology Institute

Founded in 2007, The Oncology Institute (NASDAQ: TOI) is advancing oncology by delivering highly specialized, value-based cancer care in the community setting. TOI offers cutting-edge, evidence-based cancer care to a population of approximately 1.9 million patients, including clinical trials, transfusions, and other care delivery models traditionally associated with the most advanced care delivery organizations. With over 180 employed and affiliate clinicians and over 100 clinics and affiliate locations of care across five states and growing, TOI is changing oncology for the better. For more information, visit www.theoncologyinstitute.com.

Media Contact:
Marisol Sanders
Ascertain
201-228-0693
media@ascertain.com

The Oncology Institute, Inc. (TOI) – Guidance Raised After 3Q25 Revenues Beat Expectations

Posted on by slightbourne@noblecapitalmarkets.com


Friday, November 14, 2025

TOI is an oncology practice management company that provides administrative services to oncology clinics. These clinics provide cancer care to a population of approximately 1.9 million patients. Services include cancer care, pharmacy and dispensary services, clinical trials, and services associated with oncology care. The company employs nearly 120 clinicians and over 700 teammates at over 70 clinic locations.

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q25 Was A Strong Quarter. The Oncology Institute reported a loss of $16.5 million or $(0.14) per share, with revenues from Patient Services and Dispensary both ahead of our estimates. Adjusted EBITDA turned positive for the first time at the end of the quarter. Management raised guidance for Full-Year Revenues, and confirmed the ranges for Adjusted EBITDA, and Free Cash Flow. On September 30, the company had $27.7 million in cash.

Total Revenues Beat Our Estimates. Total Revenue of $136.6 million easily beat our estimate of $122.5 million. This was an increase from $119.8 million in 2Q25 (up 14%) and $99.9 million (up 37%) in 4Q24. Adjusted EBITDA of $(3.5) million was also better than the $(3.8) million we had estimated. COGS included a new reserve of $8.1 million for bad debts, lowering gross margin from 19.8% to 13.9% compared with the 15.2% we estimated.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Seanergy Maritime (SHIP) – Third Quarter Results Exceed Expectations; Increasing Estimates

Posted on by slightbourne@noblecapitalmarkets.com


Friday, November 14, 2025

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Third quarter results. Seanergy generated third quarter net revenue of $47.0 million compared to $44.4 million during the prior year period and above our $45.1 million estimate. Relative to the third quarter of 2024, revenue growth was driven by an expanded fleet, an increase in operating days, and higher fleet utilization. Third quarter time charter equivalent (TCE) rates and fees from related parties were above our estimates. Operating expenses were in line with expectations, resulting in adjusted EBITDA of $26.6 million and EPS of $0.67, respectively, both ahead of our $25.0 million and $0.50 estimates, respectively.

Market outlook. During the investor call, management highlighted favorable Capesize market supply and demand fundamentals that are expected to support charter rates, including increasing Atlantic-based trade, a historically low order book, and limited shipyard availability. With a 20-vessel fleet consisting purely of Capesize and Newcastlemax vessels and a conservative capital structure, Seanergy is well positioned to benefit from strong Capesize market fundamentals. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Newsmax (NMAX) – Executing On Its Growth Strategy

Posted on by slightbourne@noblecapitalmarkets.com


Friday, November 14, 2025

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q3 Results. The company reported Q3 revenue of $45.3 million and an adj. EBITDA loss of $1.8 million, both of which were in line with our estimates of $43.8 million and a loss of $1.7 million, respectively, as illustrated in Figure #1 Q3 Results. Notably, Q3 results benefited from a 10.1% increase in broadcasting revenue and a 22.3% increase in affiliate fee revenue, a development we view favorably, given that 2024 was an election year.

Expanded distribution. Notably, the company expanded its reach in the hospitality industry, adding more than 900 hotels and over 300,000 rooms. Additionally, its partnership with Curb extended programming across 15,000 taxi screens, with over 2.3 billion annual impressions. Furthermore, the company continues to gain traction internationally through licensing deals in the Balkans and the rollout of Newsmax en Español. In our view, the company is well positioned to continue expanding distribution both domestically and internationally. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

GoHealth (GOCO) – Reset in Progress as Carriers Recalibrate

Posted on by slightbourne@noblecapitalmarkets.com


Friday, November 14, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q3 results below expectations. GoHealth reported Q3 revenue of $34.2 million versus our estimate of $100.0 million and an adj. EBITDA loss of $47.1 million, compared with our projected loss of $11.6 million. The variance reflected an intentional pullback in Medicare Advantage policy volume as management prioritized persistency and unit economics over near-term growth.

Health plans facing headwinds. Carriers are contending with lower reimbursement under the new CMS V28 risk model and heightened difficulty maintaining high STAR ratings. These dynamics have shifted industry priorities toward member retention, stability, and margin integrity rather than volume growth, reducing pre-funded marketing and broker commissions across the sector.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

GeoVax Labs (GOVX) – 3Q25 Reported With Clinical Trial Updates and Plans To Move Products Forward

Posted on by slightbourne@noblecapitalmarkets.com


Friday, November 14, 2025

GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel therapies and vaccines for solid tumor cancers and many of the world’s most threatening infectious diseases. The company’s lead program in oncology is a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, presently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax’s lead infectious disease candidate is GEO-CM04S1, a next-generation COVID-19 vaccine targeting high-risk immunocompromised patient populations. Currently in three Phase 2 clinical trials, GEO-CM04S1 is being evaluated as a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, and as a booster vaccine in patients with chronic lymphocytic leukemia (CLL). In addition, GEO-CM04S1 is in a Phase 2 clinical trial evaluating the vaccine as a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. GeoVax has a leadership team who have driven significant value creation across multiple life science companies over the past several decades.

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Plans For MVA Vaccine and Gedeptin Trial Expectations Confirmed. GeoVax reported a 3Q25 loss of $6.3 million or $(0.31) per share, a smaller loss than the $8.0 million loss we had projected. The company reviewed several developments related to the Geo-MVA vaccine for smallpox/Mpox, Gedeptin, and CM04S1. Discussions for possible marketing collaborations continue. The cash balance on September 30, 2025 was $5.0 million.

Moving Forward With Geo-MVA. As discussed in our Research Note on June 17, the Geo-MVA vaccine for smallpox/Mpox is moving forward toward a Phase 3 trial. This follows receipt of Scientific Advice EMA (European Medicines Agency) stating that a marketing approval application can be submitted after a single, Phase 3 immuno-bridging study against the approved MVA vaccine. Phase 1 and Phase 2 would not be required. This saves several years and many millions dollars, allowing the company to sell the vaccine sooner.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

EuroDry (EDRY) – Momentum Building into Q4 and 2026

Posted on by slightbourne@noblecapitalmarkets.com


Friday, November 14, 2025

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Third quarter financial results. EuroDry reported third quarter 2025 revenues of $15.3 million, in line with expectations of $15.1 million and down slightly from $15.8 million last year due to a smaller fleet. Adjusted EBITDA improved sharply to $4.1 million, up from $0.5 million in Q3 2024, due to lower expenses and stronger utilization. The company operated an average of 12 vessels at a TCE of $13,232/day, modestly above $13,105/day in the prior-year period. Adjusted net loss narrowed to $0.6 million, or $(0.23)/share, compared to a loss of $3.9 million, or $(1.42)/share, last year.

Market outlook. Management indicated that dry-bulk fundamentals continued to strengthen through Q3, supported by improving Chinese import activity, firmer demand across key cargo segments, and increased ton-mile requirements. Limited fleet growth and a historically low orderbook continue to support a tightening supply backdrop as the market moves into 2026. We expect Q4 results to capture more of the recent improvement as earlier charters roll off, though geopolitical uncertainty remains a risk to global trade flows.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.