March 2026 - Page 17 of 17

Release – First Phosphate Receives Conditional Approval for up to $16.7 Million Non-Repayable Contribution from the Government of Canada

Posted on March 2, 2026March 2, 2026 by aweinsoff@channelchek.com

March 02, 2026 2:03 PM EST | Source: First Phosphate Corp.

Saguenay, Québec–(Newsfile Corp. – March 2, 2026) – First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) (“First Phosphate” or the “Company“) has been conditionally approved for a non-repayable contribution agreement for up to C$16.7 million with the Government of Canada through Natural Resources Canada (“NRCan”) under the Global Partnerships Initiative (“GPI”).

This contribution funded by the Government of Canada will be deployed to assess the technical and engineering parameters – including processing circuits and equipment – needed to validate the ability to produce a phosphate concentrate that meets the quality requirements of the lithium iron phosphate (“LFP”) battery market. The work will be conducted based on the parameters established under the contract between First Phosphate and its definitive offtaker.

“Canada and our partners are putting real capital behind the secure and resilient critical mineral supply chains that our economies and defence industries rely on,” said The Honourable Tim Hodgson, Minister of Energy and Natural Resources. “By supporting companies like First Phosphate, we are helping deliver the minerals the world needs and the prosperity and security Canadians deserve.”

“This financial support of the Government of Canada represents an important lever for the continuation of our development work,” stated Armand MacKenzie, President of First Phosphate. “This contribution enables us to carry out detailed work aimed at validating LFP application requirements and the expectations of our offtakers and international partners.”

The development work will help strengthen Canada’s strategic positioning within the LFP battery value chain through the development of domestic capacity to process apatite (phosphate concentrate) into high-purity phosphoric acid (“PPA”) for battery applications.

The project will develop a scalable Canadian process for the production of battery-grade phosphate concentrate, reducing dependence on foreign supply chains.

The activities will contribute to significant economic benefits, including the creation of skilled jobs and the potential establishment of a Canadian phosphoric acid facility supported by local commercial production of phosphate concentrate.

The financial contribution is granted for the completion of a study of the Company’s integrated phosphate concentrate project in Saguenay-Lac-Saint-Jean and covers eligible activities planned through 2028, in accordance with the terms of the agreement. It forms part of an initiative to support industrial collaboration and the integration of Canadian projects into international supply chains for battery materials.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8917/285984_19c5995ee4b229ba_001full.jpg

Qualified Person

The scientific and technical disclosure for First Phosphate included in this news release has been reviewed and approved by Gilles Laverdière, P.Geo. Mr. Laverdière is Chief Geologist of First Phosphate and a Qualified Person under National Instrument 43-101 – Standards of Disclosure of Mineral Projects (“NI 43-101”).

About Natural Resources Canada

Natural Resources Canada (“NRCan”) is the federal department responsible for developing policies and programs to ensure the sustainable and responsible development of Canada’s natural resources. Through its initiatives and funding programs, including the International Partnerships Program, NRCan supports projects that contribute to strengthening supply chains, industrial innovation, and Canada’s competitiveness in the critical and strategic minerals sectors.

About First Phosphate Corp

First Phosphate (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) is a mineral exploration and development and clean technology company dedicated to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America. Target markets include energy storage, data centers, robotics, mobility, and national security.

First Phosphate’s flagship Bégin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Québec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.

For further information, please contact:

Armand MacKenzie
President
armand@firstphosphate.com
Tel: +1 (514) 618-5289

Investor Relations: investor@firstphosphate.com
Media Relations: media@firstphosphate.com
Website: www.FirstPhosphate.com

Follow First Phosphate:

X: https://x.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate

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Forward-Looking Information and Cautionary Statements

This release includes certain statements that may be deemed “forward-looking information”. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In particular, this press release contains forward-looking information relating to, among other things: the execution and final terms of a written contribution agreement to be entered into among the parties and the Company’s compliance with the terms thereof; the funding amount, anticipated benefits, timing, and potential outcomes of the GPI funding award under the contribution agreement with NRCan and the project funded thereby including, but not limited to, the strengthening of Canada’s strategic positioning within the LFP battery value chain, the development of domestic capacity to process apatite into high-purity PPA for battery applications, the development of a scalable Canadian process for the production of battery-grade phosphate concentrate, the reduction of dependence on foreign supply chains, and the contribution to significant economic benefits, including the creation of skilled jobs and the potential establishment of a Canadian phosphoric acid facility; and the Company’s plans for building and onshoring a vertically integrated mine-to-market LFP battery supply chain for North America. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions; there being no significant disruptions affecting the activities of the Company or inability to access required project inputs; permitting and development of the projects being consistent with the Company’s expectations; the accuracy of the current mineral resource estimates for the Company and results of metallurgical testing; certain price assumptions for P2O5 and Fe2O3; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the Company’s relationship with First Nations and other Indigenous parties remaining consistent with the Company’s expectations; the Company’s relationship with other third party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained in this release is qualified by these cautionary statements.

Source: First Phosphate Corp.

RadNet Buys Gleamer, Building a Global Radiology AI Powerhouse

Posted on March 2, 2026March 2, 2026 by slightbourne@noblecapitalmarkets.com

RadNet (NASDAQ: RDNT) is making a decisive move in healthcare AI. The Los Angeles-based outpatient imaging leader announced it has acquired Paris-based Gleamer SAS, integrating the business into its DeepHealth digital subsidiary. The all-cash deal, valued at up to €230 million including a post-closing milestone, positions DeepHealth as what the company describes as the largest provider of radiology clinical AI solutions worldwide.

For investors, the transaction underscores how artificial intelligence is shifting from pilot projects to scaled deployment across diagnostic imaging.

Gleamer brings more than 700 customer contracts across 44 countries and a cloud-first AI portfolio spanning musculoskeletal, breast, lung and neurologic applications. Its solutions include FDA-cleared and CE-marked products designed to support radiologists in screening, detection and workflow prioritization.

DeepHealth, RadNet’s digital health arm, already offers AI-enabled imaging tools across breast, chest, neuro, prostate and thyroid care. Combined, the companies report more than 2,700 customer contracts globally, a portfolio of 26 FDA-cleared and 22 CE-marked devices, and coverage across MR, CT, X-ray, mammography and ultrasound.

That breadth matters in a market where imaging volumes continue to rise while radiologist shortages persist worldwide.

RadNet CEO Dr. Howard Berger framed the deal around workflow automation—particularly in high-volume modalities like X-ray, ultrasound and mammography—where AI-enabled prioritization and draft reporting may help maintain access and efficiency.

Gleamer has operated under a SaaS model, generating annual recurring revenue (ARR) from subscription-based contracts. The company reported a compound annual ARR growth rate exceeding 90% from 2022 through 2025 and expects to reach approximately $30 million in ARR in 2026.

RadNet indicated that, on a combined basis, DeepHealth and Gleamer anticipate ARR approaching or exceeding $140 million by the end of 2026. ARR is a non-GAAP metric representing contracted recurring revenue and excludes one-time implementation and hardware sales.

For public market investors, recurring revenue visibility is increasingly central to valuation in health tech and AI-enabled platforms. The addition of Gleamer enhances DeepHealth’s cloud-native revenue base and expands its European footprint at a time when regulatory-cleared AI tools are gaining broader institutional adoption.

Beyond external sales, RadNet intends to deploy Gleamer’s AI capabilities across its own imaging network, which spans multiple U.S. states and performs millions of exams annually.

X-ray accounts for nearly 25% of RadNet’s imaging volume. The company expects AI-enabled triage and draft reporting tools to support productivity gains and workflow standardization, with deployment targeted by the third quarter of 2026.

Management has emphasized that benefits could include improved resource utilization and cost efficiencies. As with all integration efforts, realization of these outcomes depends on execution and adoption across clinical teams.

The acquisition arrives amid accelerating consolidation in healthcare AI, as imaging platforms seek both modality breadth and geographic reach. Hospitals and outpatient providers are increasingly evaluating enterprise-wide AI solutions rather than single-use tools.

By combining Gleamer’s automated reporting capabilities—already deployed in Europe—with DeepHealth’s imaging informatics platform, RadNet is aiming to deliver an integrated operating system approach across the radiology workflow.

Investors should view the transaction as part of a broader capital allocation strategy: pairing RadNet’s stable outpatient imaging cash flows with scalable digital health assets that carry higher growth profiles.

As AI moves from experimental deployments to embedded clinical infrastructure, scale, regulatory clearance and recurring revenue models are becoming competitive differentiators. RadNet’s latest acquisition suggests the next phase of radiology AI will be defined less by innovation alone—and more by integration at enterprise scale.

Release – InPlay Oil Corp. Confirms Monthly Dividend for March 2026

Posted on March 2, 2026March 2, 2026 by aweinsoff@channelchek.com

Research News and Market Data on IPOOF

Mar 02, 2026, 07:30 ET

CALGARY, AB, Feb. 26, 2026 /CNW/ – InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) is pleased to confirm that its Board of Directors has declared a monthly cash dividend of $0.09 per common share payable on March 31, 2026, to shareholders of record at the close of business on March 16, 2026. The monthly cash dividend is expected to be designated as an “eligible dividend” for Canadian federal and provincial income tax purposes.

About InPlay Oil Corp.
InPlay is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.

SOURCE InPlay Oil Corp.

For further information please contact:

Doug Bartole, President and Chief Executive Officer, InPlay Oil Corp.

Telephone: (587) 955-0632

| www.inplayoil.com|

|Darren Dittmer, Chief Financial Officer, InPlay Oil Corp.

Telephone: (587) 955-0634

Release – Gyre Therapeutics Enters into Agreement to Acquire Cullgen to Gain Targeted Protein Degradation Platform and Pipeline

Posted on March 2, 2026March 2, 2026 by aweinsoff@channelchek.com

Research News and Market Data on GYRE

March 2, 2026

PDF Version

Acquisition will create a U.S.- and China-based fully integrated biopharmaceutical company with revenue-producing commercial assets and a robust pipeline of degraders, targeting inflammatory diseases and cancers.
Access to degrader-antibody conjugates (DACs) platform technology for future discovery engine.
Strengthened leadership team designed to support future global growth.
Transaction is anticipated to close early in the second quarter of 2026.
An updated corporate presentation has been posted to the Gyre and Cullgen websites.

SAN DIEGO, March 02, 2026 (GLOBE NEWSWIRE) — Gyre Therapeutics, Inc. (Gyre or the Company) (Nasdaq: GYRE), an innovative, commercial-stage biopharmaceutical company dedicated to advancing fibrosis-first therapies across organ systems affected by chronic diseases, today announced its agreement to acquire Cullgen Inc. (Cullgen), a privately-held, clinical-stage biopharmaceutical company focused on the discovery and development of targeted protein degrader (TPD) and degrader antibody conjugate (DAC) therapies, in an all-stock transaction valued at approximately $300 million. Following the closure of the acquisition, the new combined entity will be a fully integrated biopharmaceutical company with U.S.- and China-based capabilities spanning from discovery to manufacturing and commercialization and covering multiple therapeutic areas including inflammatory diseases, cancers, and pain.

Under the terms of the definitive agreement, Cullgen will become a wholly owned subsidiary of Gyre. Upon the completion of the acquisition, the interim Chief Executive Officer and Executive Chairman of Gyre, Ping Zhang, will remain as the Executive Chairman. The current Chief Executive Officer of Cullgen, Dr. Ying Luo, is expected to become the President and Chief Executive Officer and a member of the board of directors of Gyre.

Dr. Luo, the expected President and Chief Executive Officer of Gyre, commented, “We are thrilled about the synergistic coalescing of our companies. Cullgen brings strong drug discovery capabilities and a solid preclinical and clinical pipeline to complement Gyre’s existing and highly efficient China-based manufacturing capabilities and sales team. Gyre is already a commercial-stage company with ETUARY® on the market in China for the treatment of lung fibrosis and a second product for liver fibrosis, Hydronidone (F351), nearing New Drug Application (NDA), submission in China. Gyre is also exploring the expansion of F351’s development in ex-China territories. Following the acquisition, we will have a fully integrated biopharmaceutical company that will be capable of leveraging emerging drug discovery capabilities in China and strong clinical development in the United States to address unmet medical needs worldwide. I am excited for the potential of TPDs and DACs to drive this Company’s future growth globally.”

Mr. Zhang, Chairman of Gyre, commented, “Recently, Gyre, through its majority owned subsidiary, Gyre Pharmaceuticals, had a pre-NDA meeting with the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA) which supported a conditional approval and priority review eligibility filing for Gyre Pharmaceuticals’ first-in-class anti-liver fibrosis candidate, Hydronidone, subject to formal approval. As a result, Gyre Pharmaceuticals plans to submit an NDA for Hydronidone for conditional approval in the first half of 2026 and conduct a Phase 3c confirmatory trial to support full approval in China. The addition of Cullgen’s TPD/DAC platform and pipeline is expected to enhance our long-term growth prospects. We are excited to have Cullgen colleagues join our team in both the United States and China.”

The transaction is expected to close early in the second quarter of 2026, subject to customary closing conditions, including necessary regulatory approvals in the United States.

Prior to entering into this transaction, Cullgen’s proposed merger with Pulmatrix was terminated.

Updated Corporate Presentation

In connection with this announcement, a new presentation has been posted on each company’s respective website. Visit http://www.cullgen.com or http://www.gyretx.com.

About Cullgen Inc.

Cullgen is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted protein degrader and DAC therapies designed to improve the lives of patients suffering from critical conditions such as pain, cancer and inflammatory diseases. Cullgen has created a portfolio of highly selective targeted protein degrader product candidates designed to potently and efficiently eliminate therapeutically relevant proteins in patients. By leveraging its expertise in targeted protein degraders, Cullgen believes its product candidates have many distinct advantages over other therapeutic modalities, including higher selectivity, improved therapeutic profile and avoidance of known toxicities.

Cullgen’s lead product candidate, CG001419, is an oral pan-tropomyosin receptor kinase (TRK) degrader that previously completed a Phase 1 trial for the treatment of acute post-operative pain and Cullgen released positive top-line results from the study in late 2025. Cullgen recently submitted an IND for the molecule, and pending FDA allowance, expects to initiate a Phase 2 trial in acute pain in bunionectomy patients in the United States. The molecule is also being studied in a Phase 1 trial for the treatment of solid tumors. Cullgen’s second product candidate, CG009301, is a GSPT1 degrader being studied in a Phase 1 trial for the treatment of blood cancers, including relapsed/refractory acute myeloid leukemia, higher-risk myelodysplastic syndrome and acute lymphoblastic leukemia. In addition to CG001419 and CG009301, Cullgen is also progressing a number of preclinical programs including next-generation degrader-antibody conjugates.

For more information, please visit www.cullgen.com.

About Gyre Pharmaceuticals

Gyre Pharmaceuticals is a commercial-stage biopharmaceutical company committed to the research, development, manufacturing and commercialization of innovative drugs for organ fibrosis. Its flagship product, ETUARY^® (pirfenidone capsule), was the first approved treatment for IPF in the PRC in 2011 and has maintained a prominent market share (2024 net sales of $105.8 million). In addition, Gyre Pharmaceuticals’ pipeline includes Hydronidone, a structural analogue of pirfenidone, which demonstrated statistically significant fibrosis regression after 52 weeks of treatment in a pivotal Phase 3 clinical trial in CHB-associated liver fibrosis in the PRC. Hydronidone received Breakthrough Therapy designation by the CDE of the NMPA in March 2021. Gyre Pharmaceuticals is also developing treatments for PD, RILI with or without immune-related pneumonitis, COPD, PAH and ALF/ACLF. As of the third quarter of 2025, Gyre Therapeutics owns a 69.7% equity interest in Gyre Pharmaceuticals.

About Gyre Therapeutics

Gyre Therapeutics is a biopharmaceutical company headquartered in San Diego, CA, primarily focused on the development and commercialization of Hydronidone for liver fibrosis including MASH in the U.S. Gyre’s strategy builds on its experience in mechanistic studies using MASH rodent models and clinical studies in CHB-induced liver fibrosis. In the PRC, Gyre is advancing a broad pipeline through its controlling interest in Gyre Pharmaceuticals, including therapeutic expansions of ETUARY, and development programs for F573, F528, and F230.

Advisory and Legal Counsel

Moelis & Company LLC is acting as financial advisor to the special committee to Gyre’s Board of Directors, and Gyre’s legal counsel is Gibson, Dunn & Crutcher LLP.

Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C. is serving as legal counsel to Cullgen.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts included in this press release, are forward-looking statements, including statements concerning: the structure, timing and completion of the proposed acquisition; the anticipated timing of closing; the expected executive officers and directors of the combined entity; the future operations of the combined entity; the nature, strategy and focus of the combined entity; the development and commercial potential and potential benefits of any product candidates of the combined entity; and anticipated clinical drug development activities and related timelines, including the anticipated timing of the filing of Gyre’s NDA with the NMPA for the conditional approval of Hydronidone and the initiation of the confirmatory Phase 3c clinical trial of Hydronidone to support full approval in China and the anticipated timing of Cullgen’s Phase 2 trial of its TRK degrader in acute pain. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements reflect our plans, estimates, and expectations, as of the date of this press release. These statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements expressed or implied in this press release. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: the risk that the conditions to the closing of the acquisition are not satisfied; uncertainties as to the timing of the consummation of the acquisition and the ability of each of Gyre and Cullgen to consummate the acquisition; risks related to the failure or delay in obtaining required approvals from any governmental or quasi-governmental entity necessary to consummate the acquisition; unexpected costs, charges or expenses resulting from the acquisition; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the acquisition; the uncertainties associated with Gyre’s and Cullgen’s product candidates, as well as risks associated with the clinical development and regulatory approval of product candidates, including potential delays in the commencement, enrollment and completion of clinical trials; risks related to the inability of the combined entity to obtain sufficient additional capital to continue to advance these product candidates and its preclinical programs; uncertainties in obtaining successful clinical results for product candidates and unexpected costs that may result therefrom; risks related to the failure to realize any value from product candidates and preclinical programs being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; risks associated with the possible failure to realize certain anticipated benefits of the acquisition, including with respect to future financial and operating results. Additional risks and factors are identified under “Risk Factors” in Gyre’s Annual Report on Form 10-K for the year ended December 31, 2024 filed on March 17, 2025, and in other filings with the Securities and Exchange Commission.

Gyre expressly disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

CONTACTS:

Gyre Therapeutics, Inc.
Ping Zhang, interim CEO and executive chairman
ping.zhang@gyretx.com

Cullgen Inc.
Thomas Eastling, CFO
ir@cullgen.com

Investors
Chuck Padala
Managing Director, LifeSci Advisors
chuck@lifesciadvisors.com

Release – Cadrenal Therapeutics Highlights Recent 12-LOX Inhibitor Platform Expansion

Posted on March 2, 2026March 2, 2026 by aweinsoff@channelchek.com

Research News and Market Data on CVKD

Encouraging data for CAD-1005 in Phase 2 HIT Study

EOP2 scheduled for Q1 for top-priority indication

Additional acute and chronic opportunities for 12-LOX inhibition beyond HIT

PONTE VEDRA, Fla., March 02, 2026 (GLOBE NEWSWIRE) — Cadrenal Therapeutics, Inc. (Nasdaq: CVKD), a late-stage biopharmaceutical company developing therapies for life-threatening immune and thrombotic disorders, today provided additional perspectives on development opportunities following its recent pipeline expansion with the addition of 12-LOX inhibitors.

As previously announced, Cadrenal recently acquired a portfolio of selective 12-LOX inhibitors, including oral candidates. Encouraging recent data from a blinded, placebo-controlled Phase 2 study of CAD-1005, a parenteral 12-LOX inhibitor, in heparin-induced thrombocytopenia (HIT) demonstrated a reduction in thrombotic events on a background of standard anticoagulants, with an End-of-Phase 2 (EOP-2) meeting scheduled for later this month.

While HIT remains Cadrenal’s near-term regulatory priority with CAD-1005, an ever-growing body of scientific research supports the central role that 12-LOX also plays in inflammatory signaling across multiple high-impact disease areas. Published studies have highlighted its role in atherosclerosis and vascular inflammation, microvascular thrombosis, ischemia-reperfusion injury, and immune-mediated metabolic conditions, including beta-cell stress pathways associated with type 1 diabetes and obesity.

Collectively, these therapeutic areas represent multi-billion-dollar potential global markets and opportunities to address novel pathways and potentially improve otherwise poor patient outcomes. Cadrenal’s new 12-LOX inhibitor portfolio is a differentiated platform approach across a range of thrombotic and inflammatory conditions, with both acute and chronic potential applications.

“We are very excited to have the only selective 12-LOX inhibitor currently in clinical-stage development and continue to move forward with HIT as our lead indication and regulatory priority,” said Quang X. Pham, Chief Executive Officer of Cadrenal Therapeutics. “We also appreciate that 12-LOX inhibition represents an entirely new – and exciting – therapeutic approach and are optimistic that safely and selectively targeting 12-LOX can have far-reaching therapeutic implications in multiple disease areas.”

About 12-LOX

Lipoxygenases are a family of enzymes involved in lipid metabolism that stimulate the incorporation of oxygen into polyunsaturated fatty acids. The enzymatic action of 12-LOX ultimately leads to the formation of 12-HETE, a lipid molecule that easily crosses cell membranes. Intracellularly, 12-HETE promotes oxidative stress, while extracellularly, 12-HETE modulates a variety of signaling pathways to regulate inflammatory activity and elicit pro-inflammatory effects. In human blood, 12-LOX is found primarily in platelets and leukocytes; it is also found within the pancreas of diabetics and in certain cancer cells. In HIT, 12-LOX is a critical link in platelet activation via the IgG receptor. Early attempts to develop 12-LOX inhibitors failed because they were not 12-LOX specific. CAD-1005 is the first successful selective 12-LOX inhibitor and the only one to advance to clinical-stage development.

About CAD-1005

CAD-1005 is an investigational therapy being evaluated for the treatment of suspected HIT. CAD-1005 is designed to selectively inhibit 12-LOX, a pathway integral to the primary immune mechanisms driving HIT. Unlike existing therapies for HIT, which are only directed at preventing thrombotic complications, this approach addresses the primary underlying cause of HIT. In preclinical models of HIT, CAD-1005 has been shown to prevent or treat HIT and halt the development of both thrombocytopenia and blood clots. The drug has not been associated with increased bleeding in animals or healthy human volunteers. CAD-1005 has received Orphan Drug Designation (ODD) and Fast Track designation from the U.S. Food and Drug Administration and orphan drug status from the European Medicines Agency.

About Cadrenal Therapeutics, Inc.

Cadrenal Therapeutics, Inc. (Nasdaq: CVKD) is a late-stage biopharmaceutical company advancing novel therapies for life-threatening immune and thrombotic conditions. Its lead program, CAD-1005, is a first-in-class 12-LOX inhibitor for the treatment of heparin-induced thrombocytopenia (HIT), a deadly immune-mediated thrombotic disorder. CAD-1005 has received Orphan Drug and Fast Track designations from the U.S. Food and Drug Administration and orphan drug status from the European Medicines Agency. Second-generation 12-LOX oral therapeutics are also under development for chronic indications.

The Company’s broader pipeline includes tecarfarin, a Phase 3-ready oral vitamin K antagonist for patients with end-stage kidney diseases and left ventricular assist devices, and frunexian, a parenteral Factor XIa inhibitor designed for use in acute hospital settings.

For more information, visit https://www.cadrenal.com/ and connect with the Company on LinkedIn.

Safe Harbor

Any statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include Cadrenal’s development opportunities following its acquisition of a 12-LOX inhibitor portfolio; the EOP-2 meeting being scheduled with the FDA for later this month; HIT remaining Cadrenal’s near-term regulatory priority with CAD-1005; the therapeutic areas for Cadrenal’s 12-LOX inhibitor portfolio representing multi-billion-dollar potential global markets and opportunities to address novel pathways and potentially improve otherwise poor patient outcomes; and being optimistic that safely and selectively targeting 12-LOX can have far-reaching therapeutic implications in multiple disease areas. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including Cadrenal’s ability to successfully complete clinical trials on time and achieve desired results and benefits as expected; Cadrenal’s ability to obtain regulatory approvals for commercialization of product candidates or to comply with ongoing regulatory requirements; Cadrenal’s ability to obtain or maintain the capital or grants necessary to fund its research and development activities; regulatory limitations relating to Cadrenal’s ability to promote or commercialize its product candidates for specific indications; acceptance of Cadrenal’s product candidates in the marketplace and the successful development, marketing or sale of its products; Cadrenal’s ability to maintain its license agreements; Cadrenal’s ability to retain its key employees or maintain its Nasdaq listing and the other risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and the Company’s subsequent filings with the Securities and Exchange Commission, including subsequent periodic reports on Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statements contained in this press release speak only as of the date hereof and, except as required by federal securities laws, the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

For more information, please contact:

Cadrenal Therapeutics:

Matthew Szot, CFO

press@cadrenal.com

Investors:

Lytham Partners, LLC

Robert Blum, Managing Partner

602-889-9700

CVKD@lythampartners.com

Release – Bitcoin Depot Expands Product Portfolio with Acquisition of Social Betting Platform, Kutt

Posted on March 2, 2026March 2, 2026 by aweinsoff@channelchek.com

Research News and Market Data on BTM

March 02, 2026 8:00 AM ESTDownload as PDF

Company Enters Peer-to-Peer Social Betting Market as Part of Broader Product Diversification Strategy

ATLANTA, March 02, 2026 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced that it has acquired Kutt, a peer-to-peer (“P2P”) social betting platform that enables users to wager directly against each other on both private and publicly verifiable events.

The acquisition marks Bitcoin Depot’s first entry into the P2P social betting market and reflects the Company’s broader strategy to diversify its product offerings beyond its core Bitcoin ATM business. Kutt’s platform is positioned within one of the fastest-growing segments of consumer fintech, as Americans wagered over $165 billion through U.S. sportsbooks in 2025, reflecting the continued expansion and normalization of legal, digital sports betting nationwide.

Founded in 2022, Kutt lets users set the terms of their bets across a range of markets, including sports, entertainment, and even user-generated events. Kutt provides a consumer-friendly platform for users to engage directly with one another in a social, gamified, and community-driven environment. Kutt is currently available in most U.S. states.

Traditional sportsbooks limit bettors to the markets, odds, and lines they choose to offer. Kutt removes the house from the equation, putting control in the user’s hands. Bettors agree on the terms of their wagers, making the experience more flexible and personalized. Through its many social features, Kutt offers friends, fans, and strangers an easy way to meaningfully connect with each other.

While Bitcoin Depot remains committed to serving its BTM customers and its crypto ATM network, the Company is increasingly investing in new digital product lines as it seeks to expand into adjacent fintech categories.

“The Kutt team has built a strong product with significant potential for growth,” said Scott Buchanan, CEO of Bitcoin Depot. “As we continue to grow beyond our core Bitcoin ATM business, we see a meaningful opportunity to support Kutt’s next phase through product innovation and expanded marketing reach.”

“Kutt has always been about bringing people together through friendly competition and making social betting simple and fun,” said Sim Harmon, founder and CEO of Kutt. “Becoming part of Bitcoin Depot gives us the opportunity to grow faster, reach new audiences, and build even better experiences for our community. We are grateful to everyone who has been part of our journey so far and excited to take this next step together.”

Kutt will continue to operate under its existing brand, with its leadership team remaining in place following the acquisition.

Since becoming the first U.S. Bitcoin ATM operator to go public in July 2023, Bitcoin Depot has demonstrated its ability to expand domestically and internationally while maintaining a focus on compliance, access, and customer experience.

For more information, visit https://bitcoindepot.com.

About Bitcoin Depot
Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America and operates over 9,000 kiosk locations globally as of August 2025. Learn more at www.bitcoindepot.com.

Cautionary Note Regarding Forward-Looking Statements
This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Agreement. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor 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 our control.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Contacts:

Investors & Media
Gateway Group, Inc.
949-574-3860 
BTM@gateway-grp.com

Source: Bitcoin Depot Inc.

Released March 2, 2026

Release – Ocugen Announces Phase 3 liMeliGhT Enrollment Completion for OCU400, a Novel Modifier Gene Therapy for Broad Retinitis Pigmentosa

Posted on March 2, 2026March 2, 2026 by aweinsoff@channelchek.com

Research News and Market Data on OCGN

March 2, 2026

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Enrollment for liMeliGhT, the first and largest gene therapy registrational trial for broad retinitis pigmentosa (RP) patients, was completed, reflecting strong interest from investigators and patients
Topline Phase 3 data expected in 1Q 2027, advancing OCU400 towards potential approval in 2027 as a treatment option for early- to late-stage RP
Positive long-term, 3-year Phase 1/2 durable, safety and tolerability data for OCU400 demonstrates sustained clinically meaningful, approximately 2-line LLVA gain, reinforcing durable gene-agnostic benefit

MALVERN, Pa., March 02, 2026 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, today announced that enrollment is now complete for the OCU400 Phase 3 liMeliGhT clinical trial for retinitis pigmentosa (RP). As a one-year clinical trial, topline data will be available in the first quarter of 2027. These data are anticipated to support the Biologics License Application (BLA) filing for OCU400 and potential approval in 2027. The European Medicines Agency (EMA) has also provided acceptability of the U.S.-based trial for submission of a Marketing Authorization Application (MAA).

“With enrollment complete for OCU400, we enter into a very significant time as a Company,” said Dr. Shankar Musunuri, Chairman, CEO, and Co-founder of Ocugen. “This milestone brings us even closer to potentially delivering our first novel modifier gene therapy candidate to market and providing a one-time treatment for life to hundreds of thousands of RP patients across the globe with unmet medical need.”

The liMeliGhT clinical trial enrolled 140 patients who were randomized 2:1 into the treatment group (2.5×¹⁰ vg per eye 250 µL) and untreated control group across mutations (RHO and gene-agnostic arms). The target population included patients with early- to late-stage disease among a broad RP population, including pediatrics (3+ years). The primary endpoint is 12-month change in visual function assessed by LDNA (luminance dependent navigation assessment) with improvement in Lux Level from baseline to 12 months. LDNA is a more sensitive and specific mobility test, proprietary to Ocugen.

“The Phase 3 liMeliGhT clinical trial includes representation of a wide range of gene mutations associated with early to advanced stages of RP and we believe the patient response will support the gene-agnostic mechanism of action of our novel modifier gene therapy platform,” said Dr. Huma Qamar, Chief Medical Officer of Ocugen. “I want to thank the investigators and clinical research teams for their tireless recruitment efforts and coordination among the trial sites to achieve the enrollment milestone. This dedication has the potential to shift the treatment paradigm for RP by targeting multiple genetic mutations with a single therapeutic approach.”

The OCU400 Phase 3 liMeliGhT clinical trial is the only broad RP gene-agnostic trial and the largest known Phase 3 orphan gene therapy trial.

“It is critical to work towards FDA-approved treatment options that address the significant gap that remains for the approximately 98% of people living with RP who are not candidates for the approved gene therapy for RP,” said Victor H. Gonzalez, Valley Retina Institute, McAllen, Texas, Faculty at University of Texas Rio Grande Valley and the Primary Investigator for the liMeliGhT clinical trial. “I am enthusiastic about the possibility of offering my patients with RP a safe, effective and durable treatment option that could potentially stabilize vision loss or improve vision.”

Positive long-term, 3-year Phase 1/2 data for OCU400 was recently assessed in evaluable subjects and builds on prior 2-year results showing consistent clinically meaningful, approximately 2-line LLVA gain across mutations. OCU400 maintained a favorable durability, safety and tolerability profile with no new treatment-related serious adverse events or adverse events of interest emerged. Additional data include:

Visual function benefits were consistently observed over 3 years, with 88% (7/8) of evaluable treated subjects showing improvement or preservation versus untreated fellow eyes
Approximately 2-line gain (N=8) observed across multiple mutation types in treated eyes compared to untreated eyes at 3 years

Enrollment completion in the OCU400 Phase 3 clinical trial combined with positive 3-year data from the Phase 1/2 study are important accomplishments in the Company’s plan to begin bringing this potential gene therapy to patients in 2027. Ocugen remains on track to file the rolling BLA in the third quarter of 2026.

About OCU400
OCU400 is the Company’s modifier gene therapy candidate based on a nuclear hormone receptor gene called NR2E3. This gene regulates diverse physiological functions within the retina, such as photoreceptor development and maintenance, metabolism, phototransduction, inflammation, and cell survival. Retinal cells in RP patients have a dysfunctional gene network, and OCU400 is designed to reset this network to reestablish a healthy cellular homeostasis—which has the potential to improve vision in patients with RP.

About RP
RP is a group of rare genetic disorders that cause a breakdown in the cells of the retina, leading to vision loss and blindness. RP is associated with mutations in more than 100 genes.

There are no approved treatment options that slow or stop the progression of multiple forms of RP. Proposed treatments for RP include gene replacement therapy, retinal implant devices, retinal transplantation, stem cells, vitamin therapy, and other pharmacological treatments. Current gene replacement therapies are promising but are limited to treating just a single mutation. In addition, while gene therapies may provide a new functional gene, they do not necessarily eliminate the underlying genetic defect, which may still cause stress and toxic effects leading to retinal degeneration. Therefore, the development of gene-specific replacement therapy will not address all forms of RP, especially when multiple and unknown genes are involved. Thus, novel therapeutic approaches targeting the broader RP disease in a gene-agnostic manner offer additional hope for patients.

About Ocugen, Inc.
Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene therapies to address major blindness diseases and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to address significant unmet medical need for large patient populations through our gene-agnostic approach. Discover more at www.ocugen.com and follow us on X and LinkedIn.

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations, including, but not limited to, the risks that preliminary, interim and top-line clinical trial results may not be indicative of, and may differ from, final clinical data; the ability of OCU400 to perform in humans in a manner consistent with nonclinical, preclinical or previous clinical study data; that unfavorable new clinical trial data may emerge in ongoing clinical trials or through further analyses of existing clinical trial data; that earlier non-clinical and clinical data and testing of may not be predictive of the results or success of later clinical trials; and that that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.

Contact:
Tiffany Hamilton
AVP, Head of Communications
Tiffany.Hamilton@ocugen.com

Titan International (TWI) – Reports Fourth Quarter Results

Posted on March 2, 2026March 2, 2026 by slightbourne@noblecapitalmarkets.com

Monday, March 02, 2026

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.

Overview. Titan ended 2025 with another positive quarter as fourth quarter revenue, gross margin, and adjusted EBITDA exceeded fourth quarter 2024 results. These results are ahead of management’s revenue guidance and also better than adjusted EBITDA expectations. The EMC segment was the standout performer, with revenue growth of 21% and gross margin expansion of 3.4 percentage points.

4Q25 Results. Revenue grew 7.0% to $410.4 million. Ex foreign exchange, the Ag segment was flat, EMC up nicely, and Consumer down modestly. Adjusted EBITDA came in at $11 million, up 18% y-o-y. Due to non-cash valuation allowances, Titan recorded a GAAP net loss of $56 million in the quarter, compared to net income of $1.3 million in 4Q24. Adjusted net loss was $17.4 million, or $0.27/sh, compared to net income of $5.8 million, or $0.09/sh, in 4Q24.

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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.

MAIA Biotechnology (MAIA) – Ateganosine Moves Forward With A Pivotal Year Ahead

Posted on March 2, 2026March 2, 2026 by slightbourne@noblecapitalmarkets.com

Monday, March 02, 2026

MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.

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.

Building On Success In 2025, Ateganosine Continues Moving Forward. MAIA has been conducting the Phase 2 THIO-101 trial, testing ateganosine (also known as THIO) in combination with cemiplimab, a checkpoint inhibitor. The trial is now in its third stage after the data showed meaningful improvements in median survival, overall response rates, and disease control rate. Separately, a Phase 3 trial has begun. Based on the reported results, we believe both trials have a high probability of success and could lead to FDA approvals.

Phase 2 THIO-101 Could Support Early Approval. The THIO-101 trial was designed with three stages. Part A confirmed safety and tolerabity, while Part B tested three doses to determine the optimal dosing regimen. In December 2025, the Part C Expansion/Registration stage began. This is an open-label arm designed to determine the Overall Response Rate (ORR). Positive data could lead to an application for Early Approval from the FDA.

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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).

Codere Online (CDRO) – Favorable Operating Momentum

Posted on March 2, 2026March 2, 2026 by slightbourne@noblecapitalmarkets.com

Monday, March 02, 2026

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

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 Q4 Results. The company reported Q4 revenue of €60.7 million and adj. EBITDA of €6.7 million, both of which surpassed our estimates of €57.0 million and €3.0 million, respectively. Notably, the company benefited from strong user activity in the quarter, both in monthly active users and first time deposits (FTD), as well as an improved cost per acquisition (CPA).

Favorable fundamentals. Notably, in Q4, the company benefited from strong activity in Mexico, which generated revenue of €32.8 million, up 31% YoY. The favorable performance in Mexico was supported by 99,000 average monthly users, up 43% YoY. On a consolidated basis, the company averaged 177,000 monthly active users, up 20% YoY. Furthermore, the company benefited from efficient CPA spend of €166, with 89,000 FTD recorded in Q4, which is up 22% over the prior year period.

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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).

Wholesale Inflation Heats Up: Producer Prices Jump 0.5% in January, Complicating Fed Outlook

Posted on March 2, 2026March 2, 2026 by slightbourne@noblecapitalmarkets.com

U.S. wholesale inflation came in hotter than expected in January, adding a fresh wrinkle to the Federal Reserve’s already delicate balancing act on interest rates.

The Labor Department reported Friday that its Producer Price Index (PPI) — which measures price changes before they reach consumers — rose 0.5% from December and 2.9% from a year earlier. Economists surveyed by FactSet had forecast a 0.3% monthly increase and a 1.6% annual gain.

The upside surprise didn’t stop there.

Excluding volatile food and energy prices, so-called core wholesale prices climbed 0.8% month over month and 3.6% from a year ago — both well above expectations. The annual core increase was the largest since March of last year.

Services Drive the Upside

Much of January’s acceleration came from services, particularly higher profit margins for retailers and wholesalers.

That detail is significant.

It suggests companies may be maintaining — or expanding — pricing power, even as tariff costs shift and input prices fluctuate. Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics, noted that while retailers’ tariff bills have edged down in recent months, selling prices have continued to rise.

Core goods prices also strengthened, rising 0.7% from December and 4.2% year over year. Hefty increases were reported in categories including cosmetics, pet food, certain metals, and metal-cutting machinery.

In contrast, energy prices provided some relief. Gasoline prices dropped 5.5% from December and were down 15.7% from a year earlier. Wholesale food prices also declined.

A Mixed Inflation Picture

The hotter PPI report comes just two weeks after consumer price data showed more moderation. The Consumer Price Index (CPI) rose 2.4% year over year in January — moving closer to the Federal Reserve’s 2% target.

But wholesale inflation can act as an early indicator of future consumer price pressures. Some PPI components — particularly health care and financial services — also feed directly into the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index.

In December, PCE inflation rose 2.9% year over year, marking its fastest pace since March 2024.

For policymakers, that backdrop complicates the rate outlook.

The Fed cut its benchmark rate three times last year in response to a cooling labor market. However, it has since adopted a more cautious stance, signaling it wants clearer evidence that inflation is sustainably moving toward 2%.

Following Friday’s report, Nationwide economist Ben Ayers said he expects the Fed to remain on pause at its upcoming March meeting.

Why It Matters for Investors

Markets have been wrestling with two competing narratives in 2026: moderating consumer inflation versus persistent underlying price pressures.

The stronger-than-expected wholesale reading reinforces the idea that inflation may prove stickier than hoped — especially in services and core goods. For equities, that could mean renewed volatility if bond yields rise on expectations of prolonged higher rates.

For fixed-income investors, it underscores that the path to further rate cuts may not be straightforward.

In short, January’s data doesn’t signal a resurgence of runaway inflation. But it does suggest the Fed’s job isn’t finished — and markets may need to recalibrate expectations for how quickly monetary easing resumes.