December 2025 - Page 5 of 13

Release – GeoVax Announces Publication of Study Demonstrating Cross-Variant Protection Using the Multi-Antigen GEO-CM04S1 Vaccine

Posted on December 18, 2025December 18, 2025 by aweinsoff@channelchek.com

Animal Models Show Full Protection Against Omicron Variant Despite Absence of Neutralizing Antibodies, Highlighting Critical Importance of T-cell Immunity for Next-generation COVID-19 Vaccines

ATLANTA, GA – December 18, 2025 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies against infectious diseases and cancer, today announced the publication of a peer-reviewed article in Frontiers in Immunology titled: “Multi-antigen MVA-vectored SARS-CoV-2 vaccine, GEO-CM04S1, induces cross-protective immune responses to ancestral and Omicron variants.”

The study provides definitive preclinical evidence that GeoVax’s multi-antigen COVID-19 vaccine candidate, GEO-CM04S1, delivers full cross-variant protection, driven predominantly by robust T-cell responses, even in the absence of neutralizing antibodies.

The findings reinforce the design philosophy behind GeoVax’s MVA-based, multi-antigen platform and provide mechanistic insight that is increasingly relevant for immunocompromised individuals, who often fail to respond optimally to the first-generation COVID-19 vaccines.

Study Highlights: Multi-Antigen Breadth and T-Cell Immunity Drive Protection

The study evaluated GEO-CM04S1 in the K18-hACE2 lethal mouse model, comparing immune responses and efficacy to experimental MVA-vectored vaccine constructs expressing spike alone (S) or nucleocapsid alone (N). Key findings include:

Full protection against both ancestral B.1 and Omicron XBB.1.5: Only GEO-CM04S1 (S+N) maintained 100% survival, preventing weight loss, severe lung inflammation, and virus replication in both upper and lower airways.
Protection against XBB.1.5 occurred despite no detectable neutralizing antibodies: Neutralization assays showed zero detectable neutralizing activity against XBB.1.5 in any group – yet GEO-CM04S1-vaccinated animals were fully protected. This indicates immunity was not antibody-dependent.
CD4+ T cells were identified as the critical effector of protection: Antibody-mediated depletion studies showed:
- Loss of CD4+ T cells eliminated vaccine protection, leading to high viral loads and severe lung pathology.
- Depletion of CD8+ T cells or B cells had minimal impact on vaccine efficacy.
- These results confirm T cell responses as the critical component of vaccine-induced immune responses capable of providing cross-variant protection.
Multi-antigen design (Spike + Nucleocapsid) outperformed spike-only vaccines: GEO-CM04S1 delivered broader and more durable immunity than spike-only MVA vaccines – especially when spike was mismatched to circulating variants.

“This publication provides significant evidence supporting the unique value of a multi-antigen designed to induce high levels of T-cell responses and validates the core design principles that differentiate our vaccine from first-generation, spike-only approaches,” said Mark Newman, PhD, Chief Scientific Officer of GeoVax.

Dr. Newman added: “These findings support the belief that the GEO-CM04S1 vaccine could be a highly relevant product for use in immunocompromised patients, because of the ability to protect through strong, multi-antigen T-cell immunity.”

“This peer-reviewed study provides a compelling scientific foundation for the ongoing clinical advancement of GEO-CM04S1,” stated David Dodd, Chairman & CEO of GeoVax. “As SARS-CoV-2 continues to evolve, it is increasingly clear that next-generation vaccines must move beyond spike-only strategies. GEO-CM04S1 demonstrates the breadth, durability, and variant-proof characteristics that global public-health leaders have been calling for.”

Dodd continued: “More than 40 million immunocompromised individuals in the U.S. alone remain underserved by existing vaccines. The results published in Frontiers in Immunology strengthen the rationale behind our multiple ongoing Phase 2 studies in immunocompromised patient populations.”

About GEO-CM04S1

GEO-CM04S1 is an MVA-vectored vaccine encoding both the Spike (S) and Nucleocapsid (N) proteins from SARS-CoV-2, designed to induce:

Strong CD4+ and CD8+ T-cell responses
Durable immunity supported by conserved N-protein recognition
Multi-antigen breadth that mitigates loss of protection as the virus mutates

GEO-CM04S1 is currently being evaluated in multiple Phase 2 clinical trials in immunocompromised patients, including individuals with hematologic cancers and chronic lymphocytic leukemia.

About GeoVax

GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel vaccines against infectious diseases and therapies for solid tumor cancers. The Company’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine currently in three Phase 2 clinical trials, being evaluated as (1) 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, (2) a booster vaccine in patients with chronic lymphocytic leukemia (CLL) and (3) a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. In oncology the lead clinical program is evaluating a novel oncolytic solid tumor gene-directed therapy, Gedeptin^®, having recently completed a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax is also developing a vaccine targeting Mpox and smallpox and, based on recent EMA regulatory guidance, anticipates progressing directly to a Phase 3 clinical evaluation, omitting Phase 1 and Phase 2 trials. GeoVax has a strong IP portfolio in support of its technologies and product candidates, holding worldwide rights for its technologies and products. For more information about the current status of our clinical trials and other updates, visit our website: www.geovax.com.

Forward-Looking Statements

This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “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 and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.

Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. 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.

Company Contact:

info@geovax.com

678-384-7220

Media Contact:

Jessica Starman

media@geovax.com

Release – SKYX Announces Launch at U.S Leading Retailer Target of its Ceiling Plug & Play SKYFAN & TURBO HEATER

Posted on December 18, 2025December 18, 2025 by aweinsoff@channelchek.com

Research News and Market Data on SKYX

December 18, 2025 09:00 ET | Source: SKYX Platforms Corp.

Management Anticipates Significant Growth in Target Channel During 2026

Driven by Strong Demand, SKYX Expects Additional Winter Launches at Several Other Leading U.S. Retailers and Big-Box Chains

Management Expects the Turbo Heater & Ceiling Fan to Generate Significant Revenue Beginning this Winter and Continuing throughout Fiscal Year 2026

The Company Anticipates that the Winter Launch Will Advance its Path to Cash-Flow Positivity

The Ceiling Fan and Space Heater Categories Represent a Multi-Billion-Dollar Annual Market, with Tens of Millions of Units Sold Each Year in North America

MIAMI, Dec. 18, 2025 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive platform technology company with over 100 pending and issued patents globally and over 60 lighting and home décor websites, with a mission to make homes and buildings become safe and smart as the new standard, today announced it will launch its newly patented all-in-one ceiling plug & play SKYFAN & TURBO HEATER at U.S. leading retailer Target. Management anticipates significant growth in its Target business during 2026.

Link to SKYFAN & Turbo Heater in Target :https://www.target.com/b/skyx/-/N-q643lekuybt

The innovative product—combining a ceiling fan with a built-in turbo heater—offers a safer, more efficient alternative to traditional space heaters and addresses a large year-round market opportunity across both winter and summer seasons. The combined ceiling fan and portable heater category is a multi-billion-dollar market, with tens of millions of units sold annually in North America.

In response to strong demand, SKYX intends to offer the product in six colors to serve both residential and commercial markets. Production is now underway with the Company’s manufacturing partners, and SKYX expects to continue its broad rollout in Q4 2025 and Q1 2026 to align with the winter season.

To view a video of SKYX’s turbo heater ceiling fan Click here

Rani Kohen, Founder and Executive Chairman of SKYX Platforms Corp., stated;
“We are excited to begin launching our ceiling SKYFAN and Turbo Heater at a leading retailer such as Target, and we expect to continue expanding our presence across additional leading retailers and big-box chains. This product exemplifies our commitment to innovation, safety, and scalable global solutions. We believe this all-in-one offering will drive meaningful value for customers, partners, and shareholders.”

About SKYX Platforms Corp.

As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 100 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.

Forward-Looking Statements

Certain statements made in this press release are not based on historical facts but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target,” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.

Investor Relations Contact:
Jeff Ramson
PCG Advisory
jramson@pcgadvisory.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/4f56ec5f-6048-4639-a4e3-c2604e3fecb9

https://www.globenewswire.com/NewsRoom/AttachmentNg/d28c7717-198e-482e-9b67-93e3f692b358

https://www.globenewswire.com/NewsRoom/AttachmentNg/6cb538cc-1acf-4f9a-8518-eb37416cb390

Release – Cocrystal Pharma Receives IRB Approval from Emory University School of Medicine for Phase 1b Human Challenge Study with CDI-988 for Prevention and Treatment of Norovirus

Posted on December 18, 2025December 18, 2025 by aweinsoff@channelchek.com

Research News and Market Data on COCP

December 18, 2025

Download as PDF

Subject enrollment expected to begin in Q1 2026
CDI-988 is the first oral broad-spectrum antiviral drug candidate for potential prevention of norovirus outbreaks and treatment of acute viral gastroenteritis caused by norovirus infection
There are no approved treatments or vaccines currently available for norovirus infection

BOTHELL, Wash., Dec. 18, 2025 (GLOBE NEWSWIRE) — Cocrystal Pharma, Inc. (Nasdaq: COCP) (“Cocrystal” or the “Company”) announces the approval from the Institutional Review Board (IRB) at Emory University School of Medicine to initiate a Phase 1b human challenge study with CDI-988. This study aims to evaluate CDI-988 as both a preventive and treatment for norovirus infections. Initial screening of study subjects is currently underway, with enrollment expected to begin in the first quarter of 2026. The IRB approval from Emory University School of Medicine follows Cocrystal’s prior regulatory milestones, including U.S. Food and Drug Administration (FDA) clearance of its investigational New Drug (IND) application.

CDI-988 is the first oral antiviral drug candidate developed for the prevention and treatment of norovirus acute gastroenteritis. It was specifically designed as a broad-spectrum inhibitor by targeting a highly conserved region of the viral 3CL protease of all noroviruses, including GII.4 and recently re-emerging GII.17.

The randomized, double-blind, placebo-controlled Phase 1b study will be conducted at Emory University and involve up to 40 healthy subjects ages 18-49. Participants will be screened and infected with the norovirus GII.2 (Snow Mountain Virus). The study’s primary efficacy endpoint is to assess the reduction in incidence of clinical symptoms, while the secondary efficacy endpoint focuses on the reduction in viral shedding and disease severity. The study will also assess the safety and pharmacokinetic profile of CDI-988. Additional information is available on clinicaltrials.gov.

“This approval from the Emory IRB marks a significant milestone in advancing our Phase 1b norovirus challenge study,” said Sam Lee, Ph.D., Cocrystal’s President and co-CEO. “We are very excited about collaborating with the Emory team, given their exceptional expertise in norovirus and experience in human challenge studies.

“Cocrystal’s norovirus challenge study is a critical step in addressing the global burden of norovirus outbreaks, which account for an estimated 700 million cases each year worldwide. We are committed to delivering innovative medicine for norovirus outbreaks and chronic norovirus infection among immunocompromised patients,” added Dr. Lee.

“CDI-988 may revolutionize the management of the highly contagious norovirus, which is known for quickly spreading in hospitals, nursing homes, cruise ships, schools, disaster relief sites, military settings and other semi-closed environments,” said James Martin, CFO and co-CEO. “Used as a prophylaxis, oral CDI-988 could offer a potential solution and add a new layer of defense.”

CDI-988 was designed with Cocrystal’s proprietary structure-based drug discovery platform technology. In August 2025 Cocrystal announced favorable Phase 1 safety and tolerability data from all CDI-988 dose cohorts including the highest dose of 1200 mg. In September 2025 the Company received a Study May Proceed Letter from the FDA for the Phase 1b challenge study.

About Norovirus

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. This debilitating illness causes an estimated 200,000 deaths worldwide each year, with a societal cost of approximately $60 billion. In the U.S., norovirus is responsible for about 21 million cases of acute gastroenteritis annually, including 109,000 hospitalizations, 465,000 emergency department visits and nearly 900 deaths, with an estimated annual economic burden of $10.6 billion.

Cocrystal Pharma’s Structure-Based Drug Discovery Platform Technology

Cocrystal’s proprietary structural biology, along with its expertise in enzymology and medicinal chemistry, enable its development of novel antiviral agents. The Company’s platform provides a three-dimensional structure of inhibitor complexes at near-atomic resolution, providing immediate insight to guide Structure Activity Relationships. This helps identify novel binding sites and enables a rapid turnaround of structural information through highly automated X-ray data processing and refinement. The goal of this technology is to facilitate the development of novel broad-spectrum antivirals for the treatment of acute, chronic and potentially pandemic viral diseases.

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 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 initiation of the norovirus study in the first quarter of 2026 and the potential of CDI-988 for norovirus infections. 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 inflation, affordability, the possibility of a recession, the impact of future interest rate changes on the economy, tariffs and the resulting litigation, and geopolitical conflicts including those in Ukraine and Middle East on our Company, our collaboration partners, and on the U.S. 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 the planned norovirus study or subsequent studies as well as similar problems with our vendors and our current and any future clinical research organizations (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 and the Prospectus dated September 25, 2025. 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.

Contact:

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

# # #

Source: Cocrystal Pharma, Inc.

Released December 18, 2025

Trump Media Announces $6 Billion Fusion Merger With TAE Technologies as DJT Stock Surges

Posted on December 18, 2025December 18, 2025 by slightbourne@noblecapitalmarkets.com

Trump Media & Technology Group stunned markets Thursday after announcing a merger agreement with private fusion power company TAE Technologies in a deal valued at more than $6 billion, sending shares of Trump Media soaring more than 25% in early trading. The all-stock transaction represents a dramatic strategic shift for the company, positioning it at the intersection of media, finance, and next-generation energy.

Under the terms of the agreement, which is expected to close in mid-2026, shareholders of Trump Media and TAE Technologies will each own approximately 50% of the combined entity. The merger would result in one of the world’s first publicly traded fusion energy companies, a milestone for a technology that has long promised clean, abundant power but has yet to reach commercial deployment.

TAE Technologies is a privately held fusion company focused on developing advanced fusion reactors that aim to generate electricity without the radioactive waste or meltdown risks associated with traditional nuclear power. While no fusion power plants are currently producing electricity at scale, proponents argue the technology could be transformational if commercial viability is achieved. The announcement signals an ambitious bet by Trump Media on the long-term potential of fusion energy as part of America’s future energy and technology infrastructure.

The merger news sparked an immediate market reaction. Trump Media shares, which trade on the Nasdaq under the ticker DJT, jumped sharply in premarket trading after having fallen more than 75% from their highs earlier this year. The rally highlights how headline-driven and speculative the stock remains, with investor sentiment often shifting rapidly based on strategic announcements rather than near-term fundamentals.

Trump Media, best known for operating the Truth Social platform, has already begun expanding beyond social media. Earlier this year, the company entered the financial services space, and the TAE merger further accelerates its diversification strategy. Following the deal, Trump Media is expected to operate as a holding company overseeing Truth Social, Truth+, Truth.Fi, and TAE’s various subsidiaries, including its power solutions and life sciences units.

Former President Donald Trump indirectly owns more than 114 million shares of Trump Media. Prior to taking office in January, he transferred his majority stake into a revocable trust managed by his eldest son, Donald Trump Jr. While Trump is not directly managing the company, his association continues to play a significant role in public perception and market interest surrounding the stock.

Looking ahead, the combined company has stated its ambition to develop the world’s first utility-scale fusion power plant, subject to regulatory approvals. Executives argue that fusion energy could provide reliable, cost-effective electricity at a time when demand is expected to surge due to artificial intelligence, data centers, and electrification trends.

For investors, the deal represents both opportunity and risk. While fusion energy carries enormous long-term promise, commercialization timelines remain uncertain, and the merger blends a highly speculative energy technology with an already volatile media stock. The sharp rally in DJT reflects optimism around the announcement, but sustained performance will ultimately depend on execution, regulatory progress, and broader market conditions.

Summit Midstream Corp (SMC) – A Multi-Year Reset Positions Summit for Growth

Posted on December 18, 2025December 18, 2025 by slightbourne@noblecapitalmarkets.com

Thursday, December 18, 2025

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.

Initiating coverage with an Outperform rating. We are initiating coverage of Summit Midstream Corporation with an Outperform rating and a price target of $47 per share. Summit is a diversified midstream operator headquartered in Houston, Texas, focused on developing, owning, and operating strategically located natural gas, crude oil, and produced water infrastructure across several key U.S. unconventional resource basins.

Strategically positioned. Summit owns and operates midstream infrastructure in major U.S. unconventional resource basins, including: 1) the Williston Basin in North Dakota, 2) the Denver-Julesburg (DJ) Basin in Colorado and Wyoming, 3) the Fort Worth Basin in Texas, 4) the Piceance Basin in Colorado, and 5) the Arkoma Basin in Oklahoma. The company also holds a 70% majority interest in and operates the Double E Pipeline, a natural gas transmission system connecting the Delaware Basin to the Waha Hub in Texas. The diversified footprint provides Summit with exposure to multiple producing regions.

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*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.

Anfield Energy Acquires BRS Engineering to Boost In-House Uranium and Vanadium Expertise

Posted on December 18, 2025December 18, 2025 by slightbourne@noblecapitalmarkets.com

Anfield Energy Inc. (TSX.V: AEC; NASDAQ: AEC; FRANKFURT: 0AD) announced it has entered into a definitive agreement to acquire BRS Inc., a Wyoming-based engineering and consulting firm specializing in uranium and vanadium projects. The transaction represents a strategic step toward strengthening Anfield’s internal technical capabilities as the company advances its portfolio toward near-term production.

BRS has served as a long-standing technical partner to Anfield since 2014, providing engineering, geology, mine development, and construction management services across multiple assets. The firm has authored numerous technical reports, Preliminary Economic Assessments (PEAs), and resource updates for projects including Slick Rock, the West Slope Projects, and the Velvet-Wood Mine. By integrating BRS directly into its operations, Anfield aims to streamline project execution while reducing reliance on third-party consultants.

The acquisition brings decades of specialized expertise in uranium exploration, in-situ recovery (ISR), conventional mining, and mill reactivation directly under Anfield’s corporate umbrella. Douglas L. Beahm, founder of BRS and Anfield’s Chief Operating Officer, will continue in his executive role while serving as principal engineer. Beahm is a Qualified Person under NI 43-101 with more than 50 years of experience in uranium resource development, mine operations, and regulatory permitting seen as critical to Anfield’s growth strategy.

From an operational standpoint, the transaction is expected to improve cost efficiency and shorten development timelines across Anfield’s asset base. Internalizing engineering and technical functions allows the company to move more quickly on resource updates, economic studies, permitting applications, and mine planning activities. This is particularly relevant as Anfield continues efforts toward restarting the Shootaring Canyon mill, which anchors its hub-and-spoke development strategy in the U.S.

Beyond operational efficiencies, the acquisition also creates new growth avenues. BRS is expected to expand its external consulting services with the support of a publicly traded platform, potentially offering turnkey development solutions to third-party toll-mill partners. The expanded technical team may also help Anfield identify and evaluate acquisition opportunities more rapidly, supporting resource expansion and portfolio optimization.

The deal terms include total cash consideration of US$5 million paid to Beahm over a two-year period. An initial payment of US$1.5 million will be made at closing, followed by US$1.5 million after the first anniversary and a final US$2 million payment after the second anniversary. No securities will be issued as part of the transaction, and no finder’s fees are payable. Completion of the acquisition remains subject to customary closing conditions and regulatory approvals.

As a related-party transaction under Multilateral Instrument 61-101, the acquisition qualifies for exemptions from formal valuation and minority shareholder approval requirements, as the total consideration does not exceed 25% of Anfield’s market capitalization.

Anfield Energy is a uranium and vanadium development company focused on building a vertically integrated domestic energy fuels platform. The acquisition of BRS marks a meaningful step toward that goal, enhancing internal technical depth while positioning the company to advance its projects more efficiently amid rising demand for U.S.-based uranium supply.

Release – Xcel Brands Announces $2.05 Million Private Placement

Posted on December 17, 2025December 17, 2025 by aweinsoff@channelchek.com

Research News and Market Data on XELB

PDF Version

NEW YORK, Dec. 17, 2025 (GLOBE NEWSWIRE) — Xcel Brands, Inc. (NASDAQ: XELB) (“Xcel” or the “Company”), announces today that it has entered into a securities purchase agreement for a private investment in public equity (“PIPE”) financing that is expected to result in gross proceeds to the Company of approximately $2.05 million, before deducting placement agent fees and offering expenses.

The Company intends to use the net proceeds from the offering for general corporate purposes and working capital.

Pursuant to the terms of the securities purchase agreement, the Company is selling an aggregate of 1,670,055 shares of common stock (or pre-funded warrants in lieu thereof) and common stock purchase warrants to purchase up to 835,023 shares of common stock at a purchase price of $1.2275 per share (or pre-funded warrants in lieu thereof) and one-half common stock purchase warrant, subject to certain beneficial ownership limitations set by each holder. The warrants issued in the offering are exercisable at an exercise price of $3.00 per share, subject to adjustment as provided therein, and will expire five years from the date of issuance.

Wellington Shields & Co. LLC acted as the sole placement agent for the PIPE financing.

The unregistered shares of common stock, pre-funded warrants and warrants sold in the PIPE financing described above were offered under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”) and Regulation D promulgated thereunder and, along with the shares of common stock underlying the pre-funded warrants and warrants, have not been registered under the Act or applicable state securities laws. Accordingly, the shares of common stock, the pre-funded warrants, the warrants and the shares of common stock underlying the pre-funded warrants and warrants may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (“SEC”) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to the terms of the securities purchase agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the unregistered shares of common stock and the shares issuable upon exercise of the unregistered pre-funded warrants and warrants.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Xcel Brands

Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Xcel owns the Halston, Judith Ripka, and C. Wonder brands, as well as the co-branded collaboration brands TowerHill by Christie Brinkley, Trust. Respect. Love by Cesar Millan, and GemmaMade by Gemma Stafford, and also holds noncontrolling interests or long-term license agreements in Orme Live, and Mesa Mia Live by Jenny Martinez. Xcel also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing, LLC. Xcel is pioneering a modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retailers, and e-commerce channels to be everywhere its customers shop. The company’s previously owned and current brands have generated in excess of $5 billion in retail sales via livestreaming in interactive television and digital channels alone, and over 20,000 hours of content production time in live-stream and social commerce. The brand portfolio reaches in excess of 46 million social media followers with broadcast reach into 200 million households. Headquartered in New York City, Xcel Brands is led by an executive team with significant live streaming, production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies. For more information, visit www.xcelbrands.com.

For further information please contact:
Seth Burroughs
Xcel Brands, Inc.
sburroughs@xcelbrands.com

Source: Xcel Brands, Inc

Release – GeoVax Announces Completion of GEO-MVA Fill-Finish, Supporting Phase 3 Immunobridging Clinical Trial Start-Up in Early 2026

Posted on December 17, 2025December 17, 2025 by aweinsoff@channelchek.com

Research News and Market Data on GOVX

Milestone Advances Clinical Readiness and Reinforces Urgent U.S. Need for Domestic MVA Vaccine Capacity

ATLANTA, GA – December 17, 2025 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies against infectious diseases and cancer, today announced the successful completion of fill-finish for the initial clinical batch of GEO-MVA, its next-generation Mpox/smallpox vaccine. The product has now entered final release evaluation, the concluding quality-control and compliance process required before shipment for clinical use, positioning the Company for Phase 3 immunobridging trial start-up activities in Q1 2026.

Clinical and Regulatory Milestone

Fill-finish – the sterile, cGMP-regulated process of filling, sealing, and packaging vaccine vials – marks the last manufacturing step before a vaccine may enter clinical study supply channels. With fill-finish complete and GEO-MVA now undergoing final release evaluation, GeoVax has moved into the final pre-clinical-deployment phase of its EMA-aligned clinical program.

In June 2025, the European Medicines Agency (EMA) Scientific Advice confirmed that a single Phase 3 immunobridging study demonstrating immune comparability to the approved MVA vaccine, Imvanex®, would be sufficient to evaluate GEO-MVA’s efficacy. This provides a clear, accelerated regulatory path to licensure.

Strengthening U.S. and Global Pandemic Preparedness

This milestone coincides with increasing Mpox activity globally – including expanding Clade I outbreaks in Africa and emerging cases in the United States – exposing vulnerabilities associated with global dependence on a sole foreign MVA vaccine supplier. GEO-MVA is designed to expand supply, diversify sources, and strengthen biodefense infrastructure.

David Dodd, Chairman & CEO of GeoVax, commented: “Completion of fill-finish for GEO-MVA and progression into final release evaluation represent critical steps toward Phase 3 initiation and a pivotal advancement in our mission to support U.S. and global health security. America cannot remain dependent on a single foreign manufacturer for MVA-based biodefense vaccines. GEO-MVA provides a clear path toward a diversified and domestically controlled second-source supply – an essential component of modern pandemic preparedness. This milestone also underscores the strong operational progress we are delivering for our shareholders and partners.”

About GEO-MVA

GEO-MVA is a Modified Vaccinia Ankara (MVA)-based Mpox/smallpox vaccine designed to expand global vaccine availability at a time of constrained stockpiles and growing demand for resilient, scalable, and geographically diversified manufacturing capacity. GEO-MVA is a core asset within GeoVax’s broader MVA platform, which also includes next-generation COVID-19 and other infectious disease programs.

About GeoVax

Forward-Looking Statements

Company Contact:

info@geovax.com

678-384-7220

Media Contact:

Jessica Starman

media@geovax.com

Release – V2X Wins $72 Million Contract to Enhance Battlefield Connectivity and Situational Awareness for the Army

Posted on December 17, 2025December 17, 2025 by aweinsoff@channelchek.com

Research News and Market Data on VVX

December 17, 2025

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RESTON, Va., Dec. 17, 2025 /PRNewswire/ — V2X, Inc. (NYSE: VVX) announced it has been awarded a $72 million contract to provide support and engineering services for the Gateway Mission Router (GMR).

The GMR is a cyber-hardened solution that enhances air-to-ground operations and adapts to evolving mission needs through open-standard interfaces. By intelligently routing datalinks and platform capabilities, the GMR enables a unified common operating picture that merges situational awareness and command-and-control data across multiple formats.

The system’s versatility supports the Department of War, also known as the Department of Defense’s, Combined Joint All Domain Command and Control initiative, which aims to connect systems across domains into a unified network for faster, data-driven decision-making.

“This award represents an important milestone as we continue to advance and expand the Gateway Mission Router and our C6ISR work,” said Richard Caputo, Senior Vice President of Aerospace Systems at V2X. “The GMR has broad applicability across numerous aviation and ground platforms, and we see strong potential for growth beyond this award. We remain committed to investing in the solution to deliver greater processing capability at reduced size, weight, and power for critical missions.”

This award builds upon a previous $49 million contract as V2X continues to advance the GMR program and expand its use across the U.S. military’s mission systems. The contract has an estimated completion date of June 25, 2030.

About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Media Contact
Angelica Spanos Deoudes
Director, Corporate Communications
Angelica.Deoudes@goV2X.com
571-338-5195

Investor Contact
Mike Smith, CFA
Vice President, Treasury, Corporate Development and Investor Relations
IR@goV2X.com
719-637-5773

View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-wins-72-million-contract-to-enhance-battlefield-connectivity-and-situational-awareness-for-the-army-302644697.html

SOURCE V2X, Inc.

Tonix Pharmaceuticals (TNXP) – Tonix Acquires Another Pipeline Product For Neuropathic Pain

Posted on December 17, 2025December 17, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, December 17, 2025

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-15001 which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s rare disease portfolio includes TNX-29002 for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox and monkeypox called TNX-8013, next-generation vaccines to prevent COVID-19, and an antiviral to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-18504, which are live virus vaccines based on Tonix’s recombinant pox vaccine (RPV) platform. TNX-35005 (sangivamycin, i.v. solution) is a small molecule antiviral drug to treat acute COVID-19 and is in the pre-IND stage of development. TNX-102 SL6, (cyclobenzaprine HCl sublingual tablets), is a small molecule drug being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the second quarter of 2022. The Company’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL, is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022. Finally, TNX-13007 is a biologic designed to treat cocaine intoxication that is expected to start a Phase 2 trial in the second quarter of 2022. TNX-1300 has been granted Breakthrough Therapy Designation by the FDA.

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, 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.

Tonix Announced Acquisition of A Non-Opioid Pain Reliever. Tonix continues to build its neurological pain pipeline with the licensing of a Sigma-1 receptor antagonist for development in neuropathic pain relief. Published studies on the Sigma-1 receptor’s mechanism of action have shown activity in pain and several neurological diseases. We see this as an extension of the company’s product line in neurology, including products for fibromyalgia/pain, acute stress disorder, major depressive disorder, and migraine headache.

TNX-4900 Is Highly Selective For The Sigma-1 Receptor. The new molecule, known as TNX-4900, is a small molecule developed to be highly selective for the Sigma-1 receptor, avoiding the Sigma-2 and other Sigma receptor-family members. It has been tested in multiple models of pain and selected for its efficacy and safety profile. TNX-4900 has also shown ability to cross the blood-brain barrier, with favorable adsorption, distribution, metabolism and elimination (ADME) properties.

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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).

Biotech M&A Activity Signals a Potential Turnaround for the Sector

Posted on December 17, 2025December 17, 2025 by slightbourne@noblecapitalmarkets.com

After several challenging years marked by higher interest rates, tighter capital markets, and depressed valuations, signs are emerging that the biotech sector may be on the cusp of a meaningful turnaround. One of the clearest indicators is the renewed pickup in mergers and acquisitions activity across biotech and pharmaceutical companies. Historically, periods of rising M&A have often preceded broader recoveries in biotech equities, particularly among small- and mid-cap names that have been trading at discounted valuations.

Large pharmaceutical companies are once again stepping up as active acquirers. Many face looming patent expirations that threaten billions of dollars in revenue over the next several years, creating urgency to replenish drug pipelines. Rather than relying solely on in-house research and development, big pharma is increasingly turning to acquisitions and strategic partnerships with innovative biotech firms that already have promising assets in development. This dynamic disproportionately benefits smaller biotech companies, which often lack the capital to fully commercialize therapies on their own but possess highly valuable intellectual property.

The macroeconomic backdrop is also becoming more supportive. Expectations around interest rate cuts play a critical role in driving this renewed activity. Biotech companies are capital-intensive by nature, frequently operating for years without meaningful revenue while funding clinical trials and regulatory processes. When interest rates are high, the cost of capital rises, making financing more difficult and suppressing valuations. As rates begin to fall—or even as markets anticipate easing—capital becomes cheaper and more accessible, enabling both buyers and sellers to transact more confidently.

Lower interest rates also have a powerful effect on biotech valuations. Because many biotech companies derive much of their value from future potential cash flows rather than current earnings, they are particularly sensitive to discount rates used in valuation models. When rates decline, the present value of future earnings increases, supporting higher valuations across the sector. This dynamic can help reverse the multiple compression biotech stocks experienced during the tightening cycle.

In addition, rate cuts tend to shift investor behavior toward a more “risk-on” environment. As yields on safer assets like bonds decline, investors are more inclined to seek growth opportunities in sectors such as biotech, where innovation and breakthrough therapies can drive outsized returns. Rising equity prices and improved sentiment, in turn, make biotech companies more attractive acquisition targets, reinforcing the M&A cycle.

For small-cap biotech investors, this combination of increased deal activity and improving macro conditions is particularly significant. M&A announcements often come with substantial acquisition premiums, providing immediate upside for shareholders and helping reprice comparable companies across the sector. Even firms that are not direct acquisition targets can benefit as investors reassess the strategic value of underappreciated pipelines and platforms.

While risks remain and selectivity is still critical, the resurgence of biotech M&A alongside a more favorable interest rate environment suggests that the sector’s prolonged downturn may be nearing its end. If rate cuts materialize and deal momentum continues, biotech—especially at the small-cap level—could be positioned for a sustained recovery rather than just a short-term bounce.

Take a moment to take a look at some emerging growth biotech companies by taking a look at Noble Capital Markets’ Research Analyst Robert LeBoyer’s coverage list.

Inflation Expected to Remain Above Fed Target as Economic Data Normalizes

Posted on December 17, 2025December 17, 2025 by slightbourne@noblecapitalmarkets.com

U.S. inflation is expected to remain above the Federal Reserve’s 2% target in November, reinforcing the central bank’s cautious stance as the economic data calendar finally returns to normal following this year’s prolonged government shutdown. The upcoming Consumer Price Index (CPI) report, scheduled for release Thursday morning, will be the final major inflation update published on a disrupted schedule, marking a key moment for markets assessing the trajectory of monetary policy into 2026.

Consensus estimates suggest headline CPI rose 3.1% year over year in November, while core inflation—which excludes food and energy—is also expected to come in at 3.1%. That would represent a modest increase from the 3.0% readings recorded in September, the most recent inflation data available after October’s report was canceled during the shutdown. With no October data to provide a month-to-month comparison, investors will be forced to rely on broader trend signals rather than short-term momentum.

Despite inflation remaining elevated, economists generally view current price pressures as part of a gradual cooling process rather than a renewed acceleration. Demand across the economy has shown signs of moderation, particularly as higher borrowing costs continue to weigh on discretionary spending and business investment. However, progress toward the Fed’s target remains uneven, and several factors continue to complicate the inflation outlook.

One key source of persistence is goods inflation, which analysts say remains sticky due to tariffs and supply chain adjustments. While global logistics have improved compared to prior years, trade policy and cost pressures continue to filter through consumer prices. At the same time, services inflation—long viewed as a more stubborn component—has shown tentative signs of easing, helped in part by softer health insurance costs and slower wage growth in some sectors.

Recent labor market data adds another layer of complexity. The November jobs report, released earlier this week, showed stronger-than-expected job creation alongside an unemployment rate that rose to a four-year high. This combination suggests a labor market that is cooling, but not collapsing—an outcome that supports the Fed’s view that inflation can ease without triggering a sharp economic downturn.

As a result, markets increasingly expect the Federal Reserve to remain on hold at its January meeting. Futures pricing currently implies a relatively low probability of a rate cut in the near term, as policymakers wait for clearer evidence that inflation is moving sustainably toward target. The Fed’s most recent projections point to only one additional rate cut in 2026, following a series of quarter-point reductions late in 2025.

For investors, the message is one of patience rather than panic. Inflation remains above target, but the direction of travel appears constructive. As economic data resumes its regular cadence in the months ahead, policymakers and markets alike will gain a clearer picture of whether pricing pressures are continuing to fade or becoming entrenched once again. Until then, the Fed is likely to err on the side of caution, prioritizing long-term stability over short-term market expectations.

Oil Slides to Four-Year Lows as Oversupply Floods the Market

Posted on December 17, 2025December 17, 2025 by slightbourne@noblecapitalmarkets.com

Crude oil prices sank to their lowest levels in nearly four years this week, underscoring how deeply oversupplied the global energy market has become. Both major benchmarks—Brent and West Texas Intermediate (WTI)—fell below key psychological thresholds, with WTI briefly dipping under $55 a barrel and Brent sliding into the high $50s. The move marks a dramatic reversal from the tight energy markets of recent years and signals mounting pressure across the oil industry.

The selloff reflects what many analysts have been warning about for months: supply has simply outpaced demand. Production growth from OPEC+ and non-OPEC producers alike has overwhelmed consumption, even as global demand remains relatively steady. Since the spring, OPEC+ members have steadily unwound earlier production cuts, adding millions of barrels per day back into the market. Saudi Arabia, in particular, has prioritized regaining market share, even at the expense of lower prices.

Outside the cartel, output has also continued to climb. Producers across parts of the Middle East, Africa, and Asia have increased exports, while U.S. inventories are projected to keep building well into 2026. According to international energy agencies, the imbalance could widen further next year, with excess supply potentially approaching four million barrels per day—an extraordinary figure by historical standards.

One of the clearest signs of the glut is happening offshore. Oil tankers holding crude at sea have surpassed one billion barrels, as sellers struggle to find buyers willing to take delivery at current prices. Storage economics are also shifting, with parts of the oil futures curve slipping into contango. This market structure, where future prices trade above spot prices, typically signals oversupply and encourages traders to store oil rather than sell it immediately.

Pressure is spreading beyond crude itself. Refining margins have narrowed as prices for gasoline, diesel, and jet fuel soften alongside oil. Crack spreads—which measure the profitability of turning crude into refined products—have tightened, removing one of the last pillars of support for energy prices earlier this year.

Wall Street remains firmly bearish. Several major banks now expect oil prices to remain under pressure through 2026, with forecasts clustering in the low-to-mid $50 range and downside risks extending even further. Some analysts warn that if producers fail to curb output, prices could fall into the $40s, levels that would strain balance sheets across the exploration and production sector.

Geopolitics adds another layer of complexity. Sanctions on Russian producers could limit some supply, but discounted barrels often find their way to buyers willing to navigate restrictions. Meanwhile, any breakthrough in peace talks between Russia and Ukraine could ultimately bring more oil back onto the global market, worsening the surplus. Tensions involving Venezuela and U.S. policy decisions also remain wild cards, though none appear strong enough to offset the sheer volume of excess supply.

For energy companies, the implications are sobering. Lower prices threaten drilling activity, investment, and employment, particularly in high-cost regions. While central bank rate cuts and a weaker dollar typically support commodities, oil’s current trajectory is being driven less by macro policy and more by fundamentals. For now, the message from the market is clear: until supply comes back into balance, oil prices are likely to stay under pressure.