Florida’s cannabis market is about to get a new heavyweight. Vireo Growth Inc. (OTCQX: VREOF) announced Wednesday it has entered into a definitive agreement to acquire Tampa-based FLUENT Corp. (OTCQB: CNTMF) in an all-stock transaction, a deal that would combine two multi-state operators into one of the larger vertically-integrated platforms in the Sunshine State.
Under the terms of the arrangement, FLUENT shareholders will receive 0.0705359 Vireo shares for each FLUENT share held. No cash changes hands. Instead, the deal’s logic is built entirely on scale — and in Florida’s limited-license cannabis market, scale is the competitive moat.
Why Florida, Why Now
Florida operates under a limited-license structure, meaning the state caps the number of operators allowed to participate. That dynamic rewards companies that can achieve density across retail, cultivation, and production — and punishes those that can’t. The combined entity would control approximately 74 dispensary locations across the state and roughly 144,000 square feet of combined cultivation and production canopy, creating one of the more formidable footprints in the market.
FLUENT generated approximately $71.5 million in Florida revenue in 2025, giving Vireo a tangible revenue base to build from before applying any operational synergies. That detail matters. It signals this isn’t a speculative bet on future growth — there’s an existing, functioning business with real cash flow potential already in place.
Vireo currently operates across 10 states, and this acquisition deepens its commitment to one of the most strategically valuable markets among them.
Cleaning Up Before Closing
One of the more notable structural elements of this deal is what FLUENT is doing ahead of closing. The company’s board approved an operating budget designed to streamline operations, divest non-core assets, and reduce costs — essentially delivering a leaner, more efficient business to Vireo at the finish line rather than a fixer-upper.
Alongside that, FLUENT has entered into an equitization agreement with its lenders to convert $30 million of outstanding senior secured debt into FLUENT shares, which will then convert into Vireo shares at closing. That debt-to-equity conversion meaningfully de-risks the balance sheet of the combined company and removes a significant overhang that could otherwise have complicated integration.
The Approval Path
The FLUENT board voted unanimously in favor of the transaction, following a recommendation from a special committee of independent directors. ATB Cormark Capital Markets provided a fairness opinion confirming the terms are fair to FLUENT shareholders. Vireo’s board also unanimously approved the deal.
Holders representing approximately 38.3% of outstanding FLUENT shares have already signed voting support agreements. The deal still requires at least two-thirds approval from FLUENT shareholders at a special meeting expected in the second quarter of 2026. Court approvals and regulatory sign-offs are also required. Assuming all conditions are met, closing is targeted for the fourth quarter of 2026. A $2 million termination fee is payable by FLUENT to Vireo if FLUENT walks away for a superior proposal.
Upon completion, FLUENT shares will be delisted from the Canadian Securities Exchange and the OTCQB Venture Market.
Today is the day. As of the close of U.S. equity markets on April 30, FTSE Russell will lock in the market capitalizations that determine index membership eligibility for the 2026 Russell Reconstitution. Every eligible U.S. stock gets ranked. The clock starts now.
Here’s what’s new and why this year’s event carries more weight than usual — and why you’ll want to be positioned before tomorrow’s close.
The Semi-Annual Shift Changes Everything
2026 marks the first year FTSE Russell transitions from an annual reconstitution to a semi-annual one. That means the Russell U.S. Indexes — the Russell 1000, Russell 2000, Russell 3000, and Russell Microcap — will now be fully rebalanced twice a year instead of once.
The June reconstitution proceeds on the familiar timeline, with newly reconstituted indexes taking effect after the close on June 26. But starting this year, a second reconstitution will follow in December, effective after the close on December 11, with rank day falling on the last business day of October.
For small and microcap companies sitting on the edge of index eligibility, this is a structural game-changer. Previously, a company that missed inclusion in June had to wait a full year for another shot. Under the new semi-annual framework, that wait is cut in half. That accelerates the timeline for index-driven institutional buying and changes how active investors should be modeling the reconstitution trade going forward.
Why 2026 May See More Movement Than Usual
The past twelve months have been anything but stable for small-cap valuations. Sector rotations, rate sensitivity, and broad market volatility have reshuffled market caps across the small and microcap universe significantly since last year’s reconstitution. That means a higher-than-normal number of companies are expected to move in, out, or between indexes this cycle — and with that comes amplified price action in both directions.
Stocks being added to a Russell index attract mandatory buying from passive funds benchmarked to those indexes. Stocks being removed face the opposite — forced selling and reduced institutional visibility. With more than $12 trillion benchmarked to Russell U.S. Equity indexes, these flows are not trivial.
What to Watch From Here
The first preliminary additions and deletions list drops after 6 PM ET on May 22. That’s when the real positioning begins. The lockdown period — when membership is considered final — starts June 8, and the reconstitution takes full effect after the close on June 26.
Channelchek will be tracking the preliminary lists as they’re released and flagging names in the small and microcap space worth watching as this process plays out. Stay tuned.
Madrid, Spain and Tel Aviv, Israel, April 29, 2026 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the “Company” or “Codere Online”) a leading online gaming operator in Spain and Latin America, today announced that it will release its first quarter 2026 results prior to 8:30AM US Eastern Time on May 7, 2026.
At 8:30AM US Eastern Time on the same day, Codere Online’s management will host a conference call to discuss the results and provide a business update.
The Company’s earnings press release and related materials will be available on Codere Online’s website at www.codereonline.com. Dial-in details for the conference call as well as the audio webcast registration link are accessible in the Events & Presentations section of the same website. A recording of the webcast will be available following the conference call.
About Codere Online
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 applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and 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.
About Codere Group Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).
Contacts:
Investors and Media Guillermo Lancha Director, Investor Relations and Communications [email protected] (+34)-628-928-152
Near-Term Clinical Milestones and Combination Strategy Position Program for Next Stage of Value Creation
ATLANTA, GA – April 29, 2026 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing immunotherapies and vaccines against cancers and infectious diseases, today outlined near-term development milestones and strategic priorities for its oncology program, Gedeptin®, as the Company advances toward Phase 2 clinical initiation and potential partnership opportunities.
With oncology treatment increasingly defined by combination regimens, the ability to integrate into established therapeutic backbones is becoming a key factor in clinical and commercial success. GeoVax believes the convergence of upcoming clinical milestones and increasing industry focus on combination approaches creates a timely opportunity to advance Gedeptin’s development and strategic positioning.
Advancing Toward Phase 2 Clinical Execution
GeoVax is advancing Gedeptin with a focus on integration into combination treatment regimens, particularly alongside immune checkpoint inhibitors (ICIs) and other established oncology backbones. The Company believes this approach aligns with the evolving treatment landscape and may support broader applicability across multiple tumor types. GeoVax is preparing to initiate a Phase 2 clinical trial evaluating Gedeptin, in combination with an ICI, as a first-line neoadjuvant treatment in patients with resectable locally advanced head and neck cancer, with trial initiation targeted for 2027.
The study is designed to evaluate:
Tumor response in the neoadjuvant setting
Biomarker-driven immune activation
Event-free survival outcomes
This trial is expected to represent a key step in establishing clinical validation for Gedeptin in combination immuno-oncology strategies.
Expanding Development Across Additional Solid Tumors
In parallel with its lead clinical program, GeoVax is planning to advance preclinical and translational work evaluating Gedeptin across additional solid tumor indications. These efforts are intended to (a) identify tumor settings where combination approaches may provide the greatest clinical benefit, (b) support expansion beyond head and neck cancer and, (c) inform future clinical development strategies.
Positioned for Strategic Collaboration
GeoVax is actively pursuing opportunities to advance Gedeptin through clinical development partnerships, combination-focused collaborations and potential licensing or co-development arrangements.
“We are entering an important phase of development for Gedeptin, with a focus on clinical execution and advancing discussions around potential partnerships,” said David A. Dodd, Chairman and Chief Executive Officer of GeoVax. “As combination therapy becomes more common across oncology, we believe Gedeptin is well positioned to be integrated into these regimens and contribute to improved treatment outcomes.”
Supported by an Established Clinical and Scientific Foundation
GeoVax has established a clinical and scientific foundation to support Gedeptin’s advancement into its next stage of development, including:
Completed Phase 1/2 clinical experience in advanced head and neck cancer
Engagement of an Oncology Advisory Board with deep immuno-oncology expertise
Expanded intellectual property supporting combination use with checkpoint inhibitors
This foundation is intended to support both continued clinical progression and engagement with potential partners.
About Gedeptin®
Gedeptin® is a gene-directed enzyme prodrug therapy (GDEPT) delivered intratumorally using a non-replicating viral vector encoding purine nucleoside phosphorylase (PNP). Following administration of a systemically delivered prodrug, the encoded enzyme converts the prodrug into a cytotoxic agent directly within the tumor microenvironment.
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company focused on the development of vaccines and immunotherapies addressing high-consequence infectious diseases and solid tumor cancers. GeoVax’s priority program is GEO-MVA, a Modified Vaccinia Ankara (MVA)–based vaccine targeting mpox and smallpox. The program is advancing under an expedited regulatory pathway, with plans to initiate a pivotal Phase 3 clinical trial in the second half of 2026, to address critical global needs for expanded orthopoxvirus vaccine supply and biodefense preparedness. In oncology, GeoVax is developing Gedeptin®, a gene-directed enzyme prodrug therapy (GDEPT) designed to enhance immune checkpoint inhibitor activity. Gedeptin has completed a multicenter Phase 1/2 clinical trial in advanced head and neck cancer and is being advanced into combination strategies, including planned neoadjuvant and first-line settings. GeoVax’s broader pipeline includes the development of GEO-CM04S1, a next-generation COVID-19 vaccine candidate being evaluated in immunocompromised and other patient populations. GeoVax maintains a global intellectual property portfolio supporting its infectious disease and oncology programs and continues to evaluate strategic partnerships and funding opportunities aligned with its development priorities. For more information, visit 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.
Repositioning transforms Movies Unlimited from a transactional retailer into an extendable UNLIMITED platform designed to increase lifetime value, improve profitability, and enable category expansion
PLANTATION, Fla., April 29, 2026 (GLOBE NEWSWIRE) — Alliance Entertainment Holding Corporation (Nasdaq: AENT), a leading distributor and omnichannel fulfillment partner to the entertainment and pop-culture collectibles industry, today announced the strategic repositioning and relaunch of Movies Unlimited as a scalable, collector-led brand platform, with the newly redesigned Movies Unlimited website now live and operational, designed to support higher margins, stronger customer lifetime value, and durable long-term growth.
Strategic Repositioning: From Retailer to Platform
The transformation of Movies Unlimited from a transactional online retailer into a scalable, proprietary brand platform operating under the “UNLIMITED” identity represents a structural evolution. Beginning with movies and expanding into other collector-driven verticals, the platform is structured to drive higher-margin revenue growth, build durable brand equity, and scale efficiently without proportional increases in operating complexity or cost.
Collector-First Growth Model Focused on Value Creation
The repositioning is underpinned by a deliberate shift toward higher-value collector behaviors that historically generate stronger margins and repeat purchasing dynamics. These include preorders, limited and exclusive editions, 4K UHD formats, curated collections, and repeat purchasing through loyalty and discovery-driven engagement. By prioritizing these behaviors, Movies Unlimited is designed to increase average order value, improve repeat purchase rates, and expand gross margins relative to traditional mass-market retail models.
Movies Unlimited creates opportunities for fans to engage more deeply with the studio brands and iconic stories they love. The site presents human-curated, data-informed collections that span the breadth of film-from niche discoveries to mainstream icons-framed by filmmaker legacies and standout catalog titles.
The new Movies Unlimited experience integrates AI-enhanced discovery systems that make collecting more personal and intuitive:
Personalized discovery and recommendation systems aligned with collector preferences
Adaptive merchandising based on browsing behavior and engagement signals
AI-assisted customer support designed to improve service efficiency and responsiveness
Positioned for Expansion and Capital Efficiency
The Movies Unlimited platform provides a repeatable framework for launching proprietary exclusives, IP-focused fan destinations, and additional UNLIMITED-branded verticals within a unified operating model. By leveraging shared merchandising, technology, and fulfillment infrastructure, Alliance can introduce new collector categories with limited incremental fixed investment, strengthening return on invested capital as the ecosystem expands.
“We’re transforming Movies Unlimited from a traditional online retailer into a curated platform built for movie collectors. This is a big win for collectors-more to discover, more to choose from, and the best way to build a collection,” said Jeff Walker, CEO of Alliance Entertainment.
About Alliance Entertainment
Alliance Entertainment (NASDAQ: AENT) is a premier distributor and fulfillment partner for the entertainment and pop culture collectibles industry. With more than 340,000 unique in-stock SKUs – including over 57,300 exclusive titles across compact discs, vinyl LPs, DVDs, Blu-rays, and video games – Alliance offers the largest selection of physical media in the market. Our vast catalog also includes licensed merchandise, toys, retro gaming products, and collectibles, serving over 35,000 retail locations and powering e-commerce fulfillment for leading retailers. Alliance also owns and operates proprietary collectibles brands, including Handmade by Robots™, a stylized vinyl figure line featuring licensed characters from leading entertainment franchises, and Alliance Authentic™, a premium platform for authentic, certified, and individually numbered entertainment collectibles. In addition, Alliance operates Endstate Authentic, a dedicated NFC-enabled authentication and digital product identity platform supporting authenticated collectibles, resale, and brand protection. Leveraging decades of operational expertise, exclusive sourcing relationships, and a capital-light, scalable infrastructure, Alliance connects fans and collectors to the products, franchises, and experiences they value across formats and generations. For more information, visit www.aent.com.
Forward Looking Statements
Certain statements included in this Press Release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether identified in this Press Release, and on the current expectations of Alliance’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by an 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 the control of Alliance. These forward-looking statements are subject to a number of risks and uncertainties, including risks relating to the anticipated growth rates and market opportunities; changes in applicable laws or regulations; the ability of Alliance to execute its business model, including market acceptance of its systems and related services; Alliance’s reliance on a concentration of suppliers for its products and services; increases in Alliance’s costs, disruption of supply, or shortage of products and materials; Alliance’s dependence on a concentration of customers, and failure to add new customers or expand sales to Alliance’s existing customers; increased Alliance inventory and risk of obsolescence; Alliance’s significant amount of indebtedness; our ability to refinance our existing indebtedness; our ability to continue as a going concern absent access to sources of liquidity; risks that a breach of the revolving credit facility could result in the lender declaring a default and that the full outstanding amount under the revolving credit facility could be immediately due in full, which would have severe adverse consequences for the Company; known or future litigation and regulatory enforcement risks, including the diversion of time and attention and the additional costs and demands on Alliance’s resources; Alliance’s business being adversely affected by increased inflation, uncertainty regarding tariffs, higher interest rates and other adverse economic, business, and/or competitive factors; geopolitical risk and changes in applicable laws or regulations; as well as our financial condition and results of operations; substantial regulations, which are evolving, and unfavorable changes or failure by Alliance to comply with these regulations; product liability claims, which could harm Alliance’s financial condition and liquidity if Alliance is not able to successfully defend or insure against such claims; availability of additional capital to support business growth; and the inability of Alliance to develop and maintain effective internal controls.
For investor inquiries, please contact:
Dave Gentry RedChip Companies, Inc. 1-800-REDCHIP (733-2447) 1-407-644-4256 [email protected]
ATLANTA, April 29, 2026 (GLOBE NEWSWIRE) — DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of science research and development, systems engineering and integration, and digital transformation and cyber security solutions to federal agencies, will release financial results for the fiscal second quarter ended March 31, 2026 on May 6, 2026 after the market closes. DLH will then host a conference call for the investment community at 10:00 a.m. Eastern Time the following day, May 7, 2026, during which members of senior management will make a brief presentation focused on the financial results and operating trends. A question-and-answer session will follow.
Interested parties may listen to the conference call by dialing 888-347-5290 or 412-317-5256. Presentation materials will also be posted on the Investor Relations section of the DLH website prior to the commencement of the conference call. A digital recording of the conference call will be available for replay two hours after the completion of the call and can be accessed on the DLH Investor Relations website or by dialing 1-855-669-9658 and entering the conference ID 6965160.
About DLH DLH (NASDAQ: DLHC) enhances technology, public health, and cyber security readiness missions through science, technology, cyber, and engineering solutions and services. Our experts solve some of the most complex and critical missions faced by federal customers, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With a world-class workforce dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to innovative solutions to improve the lives of millions. For more information, visit www.DLHcorp.com.
INVESTOR RELATIONS Contact: Chris Witty Phone: 646-438-9385 Email: [email protected]
MALVERN, Pa., April 29, 2026 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, today announced that it will host a conference call and live webcast to discuss the Company’s first quarter 2026 financial results and provide a business update at 8:30 a.m. ET on Tuesday, May 5, 2026.
Ocugen will issue a pre-market earnings announcement on the same day. Attendees are invited to participate on the call using the following details:
Dial-in Numbers: (800) 715-9871 for U.S. callers and (646) 307-1963 for international callers Conference ID: 4973685 Webcast: Available on the events section of the Ocugen investor site
A replay of the call and archived webcast will be available on the Ocugen investor site.
About Ocugen, Inc. Ocugen, Inc. is a pioneering biotechnology leader in gene therapies for blindness diseases. Our breakthrough modifier gene therapy platform has the potential to address significant unmet medical need for large patient populations through our gene-agnostic approach. Unlike traditional gene therapies and gene editing, Ocugen’s modifier gene therapies address the entire disease—complex diseases that are potentially caused by imbalances in multiple gene networks. Currently we have programs in development for inherited retinal diseases and blindness diseases affecting millions across the globe, including retinitis pigmentosa, Stargardt disease, and geographic atrophy—late-stage dry age-related macular degeneration. 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, 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. 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 [email protected]
Company on track to initiate a randomized, double-blind, placebo-controlled, adaptive Phase 2 field study in the first half of 2027, pending FDA agreement
Phase 2 field study expected to test a two-dose regimen of TNX-4800 subcutaneous with an initial Spring dose followed by a Summer booster two months later; the primary endpoint is Lyme disease prevention for six months
TNX-4800 is expected to provide protection against Lyme disease within two days of the first dose for the peak of the U.S. Lyme season
BERKELEY HEIGHTS, N.J., April 29, 2026 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated, commercial biotechnology company, announced presentation of Phase 1 data and plans for an adaptive Phase 2 field study of TNX-4800 (formerly known as mAb 2217LS)1,2 for the prevention of Lyme disease in the U.S., at the 4th Annual Ticks and Tickborne Diseases Symposium. The Phase 2 study is expected to initiate in the first half of 2027, pending FDA agreement.
The Phase 1 study was conducted by a team at UMass Chan Medical School led by Mark S. Klempner, MD, Professor of Medicine at UMass Chan and an inventor of TNX-4800. The adaptive Phase 2 field study is being planned by Tonix, which licensed TNX-4800 from UMass Chan Medical School in 2025.
TNX-4800 is a long-acting bactericidal (or borreliacidal), human monoclonal antibody (mAb) that targets the outer surface protein A (OspA) of Borrelia burgdorferi, the spirochete bacteria that causes 99.9% of Lyme disease cases in the U.S.3,4 TNX-4800 was engineered to include a crystallizable fragment (Fc) domain that provides an extended half-life. Tonix is developing TNX-4800 for the prevention of Lyme disease during the U.S. tick season. There are currently no marketed U.S. Food and Drug Administration (FDA)-approved vaccines or prophylactics to protect against Lyme disease.
“We plan to initiate an adaptive Phase 2 field study in the first half of 2027 pending FDA agreement,” said Seth Lederman, MD, Chief Executive Officer of Tonix Pharmaceuticals. “We intend to test a two-dose regimen of TNX-4800, with the first dose administered in the Spring and a second dose administered two months later, for protection against Lyme disease for six months following the initial dose as the primary endpoint. We believe the Phase 1 pharmacokinetic (PK) data support this study design. Each fixed subcutaneous (SC) dose is expected to provide exposures comparable to the 5 mg/kg SC dose evaluated in Phase 1. We have scheduled a meeting with the FDA early in the third quarter of 2026. We look forward to advancing the clinical investigation of TNX-4800 as we strive to overcome the major public health challenges posed by Lyme disease.”
Dr. Lederman continued, “As a long-acting monoclonal antibody that offers passive immunity against the Lyme-causing bacteria within two days, we believe TNX-4800 offers significant advantages over the alum-based combination multi-OspA subunit vaccine in late-stage clinical development. Lyme disease vaccines that elicit antibodies to OspA take more than six months to offer protection and require complex immunization schedules which are obstacles to adherence. A previously approved alum-based OspA subunit vaccine was withdrawn due to poor uptake,6 potentially relating to its complex immunization schedule. We believe TNX-4800’s differentiating characteristics could offer meaningful improvements for people seeking protection from Lyme disease.”
A copy of the poster is available under the Scientific Presentations tab on the Tonix website at www.tonixpharma.com.
Adaptive Phase 2 Field Study Plans Pending FDA agreement, the Company plans to initiate an adaptive field study in the first half of 2027. The Company plans to study TNX-4800 in a randomized, double-blind, placebo-controlled, adaptive Phase 2 field study to evaluate the efficacy of a two-dose regimen of TNX-4800 SC, in preventing the first occurrence of confirmed Lyme disease during the primary efficacy surveillance period (Day 3 through Month 6 following administration). The two-dose regimen of TNX-4800 was selected for the Phase 2 field study based on the pharmacokinetic results of the Phase 1 study. Each fixed dose is expected to provide exposures comparable to the 5 mg/kg dose evaluated in Phase 1. The first dose will be administered in the Spring and the second booster dose will be administered two months later. Participants will include adolescents and adults 16 years of age and older in Lyme-endemic areas in the U.S. The primary endpoint will be the prevention of Lyme disease for six months (comparison of TNX-4800 group and placebo group) following the initial dose. The Company has scheduled a Type C meeting with the FDA early in the third quarter of 2026 to discuss the planned adaptive Phase 2 field study design.
The Company expects to have Good Manufacturing Practice (GMP) investigational product available for clinical testing in early 2027.
About TNX-4800 TNX-4800 (formerly known as mAb 2217LS) is a long-acting bactericidal, human monoclonal antibody with an engineered extended half-life that targets the outer-surface protein A (OspA) on Lyme-causing Borrelia bacteria. When TNX-4800-containing blood is ingested by the tick, TNX-4800 either kills or blocks the maturation of Borrelia burgdorferi in the mid-gut of infected deer ticks. The Company in-licensed TNX-4800 from UMass Chan Medical School in 2025. Published work in animals showed that TNX-4800 serum levels of at least 21 μg/ml, were approximately 95% effective at preventing infection of non-human primates after six days of exposure to ticks infected with Borrelia burgdorferi.1,2 TNX-4800 was derived from mAb 2217 by amino acid substitutions in its Fc domain, which serve to prolong the serum half-life. As a monoclonal antibody, TNX-4800 is designed to provide passive immunity against Lyme disease within two days without relying on the recipient’s immune system to generate antibodies. TNX-4800 also avoids the complex immunization schedules required for an alum-based combination multi-OspA subunit vaccine in development7 and the FDA-approved alum-based OspA subunit vaccine that was withdrawn from the market.8 TNX-4800 is protected by Issued US Patent US 10,457,721, which is licensed from UMass Chan with expiry in January 2036, excluding any possible Patent Term Extension based on the duration of the clinical trials and the FDA approval process.
TNX-4800 Phase 1 Study Results TNX-4800 was studied in a randomized, double-blind, sequential dose-escalation study (NCT04863287) that evaluated safety, tolerability, PK, and immunogenicity of TNX-4800 in healthy adults. 44 subjects were randomized, and 41 completed the study. Subjects received a single SC dose of placebo or TNX-4800 at 0.5, 1.5, 5, or 10 mg/kg. Safety was assessed via clinical and lab evaluations. Results showed no significant clinical or laboratory safety signals. All drug-related adverse events were mild or moderate, except for a single severe adverse event that was deemed not drug-related. Drug exposure increased by approximately 25 times for a 20-times increase in dose. Serum TNX-4800 was measurable at the earliest sampling time of two days, indicating rapid systemic absorption. TNX-4800 concentrations remained quantifiable up to 12 months in the majority of participants. At the highest dose of TNX-4800 tested in rats with 1.5-fold higher exposure compared to 10 mg/kg cohort, no adverse toxicity was observed, thus the highest dose tested was considered No Observed Adverse Effect Level (NOAEL). Confirmed anti-drug antibodies (ADSs) were observed transiently in <10% of treated participants, with no impact on PK. TNX-4800 was determined to be generally safe and well tolerated.
About Lyme Disease In the U.S., Lyme disease is caused by the spirochete bacteria Borrelia burgdorferi. Lyme disease remains the most common vector-borne infection in the United States, and its incidence is climbing each year, due to the expanding the habitat range for ticks.8 Approximately 87 million people in the United States live, work, or vacation in a tick-endemic area placing them at risk of contracting the disease.9 It occurs most commonly in the Northeast, mid-Atlantic, and upper-Midwest regions. Lyme disease bacteria are transmitted through the bite of infected Ixodes ticks. Typical symptoms include fever, headache, fatigue, and a characteristic skin rash called erythema migrans. If left untreated, infection can spread to joints, heart, and nervous system. Laboratory testing is helpful if used correctly and performed with FDA-cleared tests. Although many cases of Lyme disease can be treated successfully with antibiotics, diagnosis and treatment are often delayed or missed. Chronic Lyme is considered an Infection Associated Chronic Illness (IACI), and is a chronic, debilitating disease state characterized by joint and muscle pain, fatigue, and other symptoms.10
Citations 1Schiller ZA, et al. J Clin Invest. 2021 131(11):e144843. 2Wang Y, et al. J Infect Dis. 2016. 214(2):205-11. 3Marques AR, et al. Emerg Infect Dis. 2021. 27(8):2017-2024. 4Pritt BS, et al. Lancet Infect Dis. 2016. 6(5):556-564. 5 Nigrovic LE, et al. Epidemiol Infect. 2006. Aug 8;135(1):1-8. 6Comstedt P, et al. Vaccine. 2015 33(44):5982-8. 7Connaught’s (ImuLyme™) and SmithKline Beecham’s (LYMErix™) Lyme disease vaccines were withdrawn. Nigrovic LE, et al. Epidemiol Infect. 2007 135(1):1-8. 8Gomes-Solecki M, et. al. Clin Infect Dis. 2020 70(8):1768-1773. 9Kugeler KJ, et al. Emerg Infect Dis. 2021. 27(2):616-619. 10National Academies of Sciences, Engineering, and Medicine. 2025. Charting a Path Toward New Treatments for Lyme Infection-Associated Chronic Illnesses. Washington, DC: The National Academies Press. https://doi.org/10.17226/28578.
Tonix Pharmaceuticals Holding Corp. Tonix Pharmaceuticals* is a fully integrated, commercial-stage biotechnology company focused on central nervous system (CNS) and immunology treatments in areas of high unmet medical need. TONMYA® (cyclobenzaprine HCl sublingual tablets 2.8 mg) is the first new treatment for fibromyalgia in adults in more than 15 years. Tonix’s CNS commercial infrastructure supports its marketed products, including its acute migraine products, Zembrace® Symtouch® (sumatriptan injection 3 mg) and Tosymra® (sumatriptan nasal spray 10 mg). Tonix is investigating TONMYA in Phase 2 clinical trials to evaluate its potential in major depressive disorder and acute stress disorder/acute stress reaction. Tonix is also advancing a pipeline of immunology programs, including TNX-4800, a Phase 2 ready long-acting human anti-Borrelia OspA monoclonal antibody (mAb) for the prevention of Lyme disease in the U.S., and TNX-1500, a Phase 2 ready third-generation CD154/CD40 ligand (CD40L) inhibitor for the prevention of kidney transplant rejection. In addition, Tonix is progressing TNX-2900 (intranasal potentiated oxytocin), which is Phase 2 ready for the treatment of Prader-Willi syndrome, a rare disease. To learn more, visit www.tonixpharma.com.
*Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication.
Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. TONMYA is a registered trademark of Tonix Pharma Limited. All other marks are property of their respective owners.
Forward Looking Statements Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 including those relating to the completion of the offering, the satisfaction of customary closing conditions, the intended use of proceeds from the offering and other statements that are predictive in nature. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to successfully launch and commercialize TONMYA® and any of our approved products; risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 12, 2026, and periodic reports filed with the SEC on or after the date thereof. Tonix does not undertake an obligation to update or revise any forward-looking statement. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
Italian biopharmaceutical group Chiesi has agreed to acquire Nasdaq-listed KalVista Pharmaceuticals (KALV) for $27.00 per share in an all-cash deal valued at approximately $1.9 billion — the company’s largest acquisition in its 90-year history and a major bet on the rare disease space.
For small-cap investors, this is the kind of exit story worth paying attention to. KalVista entered 2026 trading around $15, carried a market cap under $1 billion, and was viewed by many on the Street as an under-the-radar rare disease play. Today, shareholders are looking at a 36% premium to the stock’s 30-day volume-weighted average price — a meaningful payday for those who did their homework on this one early.
What Chiesi Is Really Buying
At the center of the deal is EKTERLY (sebetralstat), a novel plasma kallikrein inhibitor and the first-ever oral, on-demand treatment for hereditary angioedema (HAE) — a rare and potentially life-threatening genetic condition that causes unpredictable episodes of severe tissue swelling. Prior to sebetralstat, patients were largely dependent on injectable therapies to treat attacks, making the oral option a meaningful advancement in disease management.
Since its U.S. launch in July 2025, EKTERLY generated $49 million in global net product revenue through year-end — a strong showing for a first-year rare disease drug in a market that typically takes time to penetrate. The drug is already approved in the U.S., EU, UK, Japan, and several other markets, with a pediatric NDA filing targeting children aged 2-11 planned for Q3 2026.
Strategic Fit and Commercial Ambition
For Chiesi, this isn’t simply a product acquisition — it’s infrastructure. The Italian company has been methodically building out its rare disease unit, Chiesi Global Rare Diseases, and EKTERLY fits squarely into its rare immunology focus. More practically, the deal significantly expands Chiesi’s commercial footprint in the United States, where rare disease market penetration requires both strong science and boots on the ground.
Chiesi has pegged sebetralstat as a meaningful contributor toward its 2030 strategic revenue target of €6 billion — a signal that this asset is expected to carry real commercial weight within the combined organization, not just serve as a pipeline placeholder.
Deal Terms and Timeline
Chiesi will launch a tender offer for all outstanding KALV shares at $27.00 per share. The transaction carries no financing condition and is expected to close in Q3 2026, pending regulatory approvals and at least a majority of shares being tendered. Lazard is advising Chiesi while Centerview Partners is in KalVista’s corner.
The Bigger Picture
The KalVista deal is a reminder of what the small and microcap space consistently delivers — asymmetric outcomes. A company that spent years building a single, differentiated asset in a rare disease niche is now commanding nearly $2 billion from one of Europe’s more acquisitive biopharma groups. As rare disease M&A continues to accelerate driven by major players looking to diversify away from primary care blockbusters, investors with conviction in well-positioned small-cap biotechs may want to keep watching the HAE and broader rare immunology landscape for the next opportunity.
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.
Mesa Mia Launch Validates Creator-Led Model. XCEL’s partner brand, Mesa Mia by Jenny Martinez, debuted on HSN, showcasing the company’s ability to translate authentic cultural authority and a large social following into a fully commercialized kitchenware and food platform anchored in storytelling and engagement. We believe that the debut represents a milestone for the company’s 2026 growth initiative.
HSN Debut Demonstrates Omnichannel Execution. The launch highlights XCEL’s live-commerce engine in action, leveraging HSN’s broadcast reach alongside Martinez’s digital audience to drive immediate consumer awareness and sales, reinforcing the company’s integrated “content + commerce” distribution strategy.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Q1 2026 results showed solid execution. Perfect Corp. reported Q1 revenue of $17.9 million, which was up 12% over the prior year period and in line with our estimate of $18.0 million. Furthermore, gross profit was up 17.8%, and operating income was a positive $1.5 million, reflecting continued progress in the company’s transition to a higher-quality, subscription-driven AI revenue model. Notably, the company reported adj. EBITDA of $2.3 million, which was better than our estimate of $1.1 million.
Performance was driven by strength in AI subscriptions and monetization. The results reflected strong growth in mobile app and web subscriptions and a sharp increase in virtual points usage, partially offset by declines in legacy licensing revenue and some softness in subscriber and key customer counts.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strategic partnership. Aurania Resources Ltd. entered into a definitive earn-in agreement with St-Georges Eco-Mining Corp. (CSE: SX) and its subsidiary Iceland Resources to advance the Thormodsdalur gold project (Thor’s Valley) in Iceland. Located near Reykjavik, the project is considered a highly prospective epithermal gold system, and the partnership is intended to support a structured exploration program aimed at defining its resource potential.
Key agreement terms. Under the agreement, Aurania will issue shares valued at US$150.0 thousand and commit to USD $5.0 million in exploration spending over four years in order to earn a 70% interest in the project. St-Georges retains the option to hold a minority interest or a royalty, while Aurania may increase its ownership to full control through additional investment. We expect the transaction to close in early May pending the satisfaction of certain conditions, including approval by the TSX Venture Exchange. We will update our estimates to reflect planned expenditures once the transaction closes.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
The United Arab Emirates officially announced Tuesday it will exit OPEC and OPEC+ effective May 1, ending a nearly 60-year membership and dealing one of the most significant structural blows the cartel has ever absorbed. For small cap energy investors, the implications go well beyond a headline — they cut directly to the viability of smaller domestic producers in a post-OPEC world.
The UAE was OPEC’s third-largest producer, operating under a quota that capped output at 3.2 million barrels per day despite having the capacity to produce closer to 5 million barrels per day. That constraint is now gone. When the Strait of Hormuz — currently throttled by the ongoing Iran conflict — eventually reopens, the UAE will have every incentive and infrastructure in place to flood the market with uncapped supply. The question for small cap investors isn’t if that happens. It’s whether their holdings can survive the price environment that follows.
The Breakeven Problem for Small Producers
This is where it gets critical. According to Dallas Fed survey data, small E&P firms — those producing fewer than 10,000 barrels per day — need roughly $68 per barrel of WTI to profitably drill new wells. Large firms cross that threshold at $59. That $9 gap matters enormously when supply-side pressure starts pushing prices lower.
Current WTI price forecasts for 2026 range from approximately $49 to $57 per barrel under normal supply conditions — already below what most small producers need to justify new drilling. Add in an unconstrained UAE ramping toward 5 million barrels per day the moment the strait clears, and that pricing pressure compounds fast.
Right now, the Iran conflict is artificially inflating oil prices and masking this risk for small cap E&P names. WTI spot prices averaged $94.65 per barrel during a recent Dallas Fed survey period, creating a window of strong cash flow for smaller producers. But that window is not permanent — and the UAE’s exit from OPEC just made the post-conflict supply surge considerably larger than markets had previously priced in.
OPEC Loses Its Shock Absorber
Energy research firm Rystad Energy noted that losing a member with 4.8 million barrels per day of capacity removes a real tool from the group’s hands, leaving Saudi Arabia to shoulder more of the burden for price stability with a weakened coalition. Fewer members means less collective discipline, and less discipline means more downside risk for oil prices over time.
The UAE’s exit reduces the number of producers participating in coordinated output decisions, accelerating a trend that has been eroding OPEC’s market authority for years — first through the U.S. shale boom, then through Qatar’s 2019 departure, and now this.
What Small Cap Investors Should Be Doing Now
The current elevated price environment is a gift — not a guarantee. Small cap energy investors should be pressure-testing their holdings against a $55–$60 WTI scenario, scrutinizing balance sheets and hedging programs, and distinguishing between producers with low-cost existing production versus those dependent on new drilling economics to sustain output. Companies with high leverage and no hedges are the most exposed when the supply picture normalizes.
The UAE didn’t just leave a cartel. It signaled that the era of coordinated supply management as a reliable price floor is deteriorating — and for small cap energy names operating on thin margins, that structural shift demands a closer look at the portfolio today, not after the Strait reopens.
