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Release – Snail, Inc. Reports Bellwright Surpassed 1 Million Units Sold Ahead of Full 1.0 Launch

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Research News and Market Data on SNAL

March 6, 2026 at 9:23 AM EST

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CULVER CITY, Calif., March 06, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today announced that its medieval survival title, Bellwright, has officially surpassed 1 million units sold on Steam in Early Access. The achievement highlights the title’s strong Early Access performance and positions Bellwright for additional commercial upside as it advances toward the full 1.0 launch and console port to Xbox and PlayStation.

Bellwright combines open-world survival mechanics with town-building systems, strategic combat, and progression-driven gameplay set within a dynamic medieval world. Its consistent content updates and active player base have driven durable sales performance and reinforced the Company’s confidence in scaling the title. The upcoming Xbox and PlayStation launch aims to further support the title’s accelerating growth and capture incremental demand from player bases beyond the PC community.

Surpassing one million units sold ahead of its 1.0 release highlights the title’s thoughtful development, strong community engagement, and long-term franchise potential for Bellwright. Bringing development fully in-house through the previous acquisition and integration of Donkey Crew, the title’s independent development studio based in Poland, further aligns the creative vision, operational execution, and long-term IP strategy to support the game’s continued evolution. As Bellwright approaches full launch, this milestone reflects a solid foundation and meaningful momentum heading into its next phase.

“We’re incredibly grateful to the players who believed in Bellwright early and helped shape it into what it is today,” said Florian “Chadz” Hofreither, Creative Director and Project Lead from Donkey Crew. “The community’s feedback, passion, and patience throughout development have been instrumental in reaching this milestone. As we move toward 1.0 and beyond, we’re excited to continue building alongside our players and expanding the world of Bellwright.”

Florian “Chadz” Hofreither, Creative Director and Project Lead from Donkey Crew will be available for interviews at GDC 2026 from March 9-13 at Booth #1238. For press interested in scheduling an interview, please reach out to [email protected].

For creators interested in collaborating please reach out to [email protected]

About Snail, Inc.
Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/

Forward-Looking Statements:

This press release contains statements that constitute forward-looking statements within the meaning of the U.S. federal securities laws. Such statements are based upon various facts and derived utilizing numerous important assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. The forward-looking statements include statements regarding positioning Bellwright for additional commercial upside as it transitions into full launch, the long-term franchise potential for Bellwright, aligning creative vision and operational execution to support the game’s continued evolution, Bellwright having a solid foundation and meaningful momentum heading into its next phase, moving toward 1.0 and beyond and continuing to build alongside our players and to expand the world of Bellwright. Any forward-looking statements included herein reflect our current views, and they involve certain risks and uncertainties, including, among others, our ability to transition Bellwright into full launch as planned, our ability to support the game’s continued evolution, acceptance of our titles in the marketplace and the successful development, marketing or sale of our titles and our ability to retain our key employees or maintain our Nasdaq listing. These risks should not be construed as exhaustive and should be read together with the other cautionary statement included in our Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

Investor Contact:
John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
[email protected]

Release – Information Services Group Announces Fourth-Quarter and Full-Year 2025 Results

Posted on by [email protected]

Research News and Market Data on ISG

3/5/2026

  • Reports fourth-quarter GAAP revenues of $61.2 million, at the top end of guidance and up 6% versus prior year
  • Reports fourth-quarter GAAP net income of $2.6 million, GAAP EPS of $0.05 and adjusted EPS of $0.08; Prior year GAAP results reflect a fourth-quarter net gain of $2.3 million from the previously disclosed sale of the firm’s automation unit on October 1, 2024
  • Reports fourth-quarter adjusted EBITDA of $8.1 million, up 24% versus prior year
  • Generates $5.1 million of cash from operations in fourth quarter
  • Delivers full-year GAAP revenues of $245 million; GAAP operating income of $17.8 million; GAAP net income of $9.3 million and GAAP EPS of $0.19; adjusted EBITDA of $32.2 million, adjusted net income of $16.5 million and adjusted EPS of $0.33
  • Declares first-quarter dividend of $0.045 per share, payable March 26, 2026, to shareholders of record as of March 20, 2026
  • Acquires AI readiness benchmarking and intelligence platform, the AI Maturity Index, in January 2026, part of broader AI acceleration strategy
  • Sets first-quarter guidance: revenues between $60.5 million and $61.5 million and adjusted EBITDA between $7.5 million and $8.5 million

STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm, today announced financial results for the fourth quarter and full year ended December 31, 2025.

“ISG had a strong Q4 and an outstanding year, fueled by continuing client interest in our AI-powered transformation services,” said Michael P. Connors, chairman and CEO. “Fourth-quarter revenue growth was led by Europe, up 28 percent, and by recurring revenues, up 13 percent. From a profitability standpoint, adjusted EBITDA was up 24 percent, with adjusted EBITDA margins expanding nearly 200 basis points. For the full year, revenue growth was led by the Americas, up 11 percent, excluding 2024 automation results, and our adjusted EBITDA was up 28 percent, while cash from operations rose 46 percent, to $29 million, all versus prior year.”

Commenting on AI demand, Connors said, “Clients overall remain cautious in a still-uncertain macro environment but continue to invest in AI-related business transformation, cost optimization and insights to plan the journey ahead. In 2025, we served more than 350 clients with AI-focused research and advisory services, three times more than the prior year.”

More broadly speaking, Connors said, “Clients are demanding business outcomes, a reshaping of their partner ecosystems and broader capability. This plays to our strengths. ISG is well positioned with our proprietary data, research, platforms and on-the-ground expertise to continue delivering great ROI for our clients.”

AI Maturity Index Acquisition and AI Acceleration Strategy

In January 2026, ISG announced the acquisition of the AI Maturity Index, an AI readiness benchmarking and intelligence platform that allows clients to assess and track the AI readiness of their workforces on an individual and enterprise level and improve their employees’ ability to leverage AI technology. The ISG AI Maturity platform is already generating strong interest, ISG said, with an early pipeline of more than 30 clients.

The move is part of ISG’s broader AI acceleration strategy that includes the formation of an AI Acceleration Unit that brings an integrated, expert-led approach to helping clients rapidly scale AI.

ISG also is leveraging AI to improve the speed and efficiency of its proprietary client platforms, most notably ISG Tango™, the firm’s groundbreaking sourcing platform. More than $25 billion of sourcing contract value now flows through ISG Tango™, up more than three times from 2024.

Fourth-Quarter 2025 Results

Reported revenues for the fourth quarter were $61.2 million, up 6 percent from $57.8 million in the prior year. Currency translation positively impacted reported revenues by $1.3 million versus the prior year.

Revenues were $38.3 million in the Americas, up 1 percent on a reported basis. Revenues in Europe were $19.1 million, up 28 percent on a reported basis, and Asia Pacific revenues were $3.9 million, down 22 percent on a reported basis, all versus the prior year.

ISG reported fourth-quarter operating income of $5.1 million, compared with operating income of $0.2 million in the prior year. Reported fourth-quarter net income was $2.6 million, compared with net income of $3.0 million in the prior year. Fully diluted earnings per share were $0.05, compared with fully diluted earnings per share of $0.06 in the prior year.

During the fourth quarter of 2024, ISG recorded a $2.3 million net gain on the sale of its automation unit. Excluding this gain, net income and GAAP EPS would have been $0.7 million and $0.01 per share, respectively.

Adjusted net income (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) for the fourth quarter of 2025 was $4.0 million, or $0.08 per share on a fully diluted basis, compared with adjusted net income of $3.0 million, or $0.06 per share on a fully diluted basis, in the prior year’s fourth quarter.

Fourth-quarter adjusted EBITDA (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) was $8.1 million, up 24 percent from the prior-year fourth quarter. Adjusted EBITDA margin (a non-GAAP measure calculated by dividing adjusted EBITDA by reported revenues) was 13.2 percent, compared with 11.3 percent in the prior year.

Full-Year 2025 Results

Reported revenues for the full year were $244.7 million, down 1 percent versus the prior year. Excluding 2024 results from ISG’s automation unit, which the firm divested on October 1, 2024, revenues were up 7 percent for the full year of 2025.

Excluding 2024 automation results, revenues were $160.9 million in the Americas, up 11 percent, and up 1 percent on a reported basis. Revenues in Europe were $65.5 million, up 3 percent, excluding automation, and down 3 percent on a reported basis, and in Asia Pacific, revenues were $18.3 million, down 13 percent, all versus the prior year.

ISG reported full-year operating income of $17.8 million, compared with $5.8 million in the prior year. The firm also reported net income and fully diluted earnings per share of $9.3 million and $0.19, respectively, versus net income of $2.8 million and fully diluted earnings per share of $0.06 in the prior year. For the full year, ISG recorded a $1.7 million net gain on the sale of its automation unit. Excluding the gain on this sale, 2024 net income and GAAP EPS would have been $1.2 million and $0.02 per share, respectively.

Adjusted net income (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) for the full year was $16.5 million, or $0.33 per share on a fully diluted basis, compared with adjusted net income of $10.0 million, or $0.20 per share on a fully diluted basis, in the prior year.

Full-year adjusted EBITDA (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) was $32.2 million, up 28 percent from the prior year. Adjusted EBITDA margin (a non-GAAP measure calculated by dividing adjusted EBITDA by reported revenues) was 13.2 percent, compared with 10.2 percent in the prior year.

Other Financial and Operating Highlights

ISG generated $5.1 million of cash from operations in the fourth quarter and $29.0 million for the full year. The firm’s cash balance totaled $28.7 million at December 31, 2025, up 24 percent from the prior year.

During the fourth quarter, ISG paid dividends of $2.2 million and repurchased $2.3 million of shares.

2026 First-Quarter Revenue and Adjusted EBITDA Guidance

“As clients absorb the latest tariff and geopolitical news, and as the U.S. economy, in particular, continues to evolve during the first half, we expect clients to adjust and then accelerate their spending as the year progresses. For the first quarter, ISG is targeting revenues between $60.5 million and $61.5 million and adjusted EBITDA of between $7.5 million and $8.5 million, which will continue our year-over-year growth. We will continue to monitor the macroeconomic environment, including the impact of FX, inflation and other factors, and adjust our business plans accordingly,” Connors said.

Quarterly Dividend

The ISG Board of Directors declared a first-quarter dividend of $0.045 per share, payable on March 26, 2026, to shareholders of record as of March 20, 2026.

Conference Call

ISG has scheduled a call for 9 a.m., U.S. Eastern Time, March 6, 2026, to discuss the company’s fourth-quarter results. The call can be accessed by dialing +1 (800) 715-9871; or, for international callers, by dialing +1 (646) 307-1963. The access code is 6145572. A recording of the conference call will be accessible on ISG’s investor relations page for approximately four weeks following the call.

Forward-Looking Statements

This communication contains “forward-looking statements” which represent the current expectations and beliefs of management of ISG concerning future events and their potential effects. Statements contained herein including words such as “anticipate,” “believe,” “contemplate,” “plan,” “estimate,” “target,” “expect,” “intend,” “will,” “continue,” “should,” “may,” and other similar expressions, are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those risks relate to inherent business, economic and competitive uncertainties and contingencies relating to the businesses of ISG and its subsidiaries including without limitation: (1) failure to secure new engagements or loss of important clients; (2) ability to hire and retain enough qualified employees to support operations; (3) ability to maintain or increase billing and utilization rates; (4) management of growth; (5) success of expansion internationally; (6) competition; (7) ability to move the product mix into higher margin businesses; (8) general political and social conditions such as war, political unrest and terrorism; (9) healthcare and benefit cost management; (10) ability to protect ISG and its subsidiaries’ intellectual property or data and the intellectual property or data of others; (11) currency fluctuations and exchange rate adjustments; (12) ability to successfully consummate or integrate strategic acquisitions; (13) outbreaks of diseases, including coronavirus, or similar public health threats or fear of such an event; (14) engagements may be terminated, delayed or reduced in scope by clients; (15) the effect of the divestiture of the automation unit on ISG’s relationships with its customers and suppliers and on its retained business generally; (16) the success of ISG’s focus on AI advisory and AI-powered platforms; (17) changes to trade policy, including new or increased tariffs and changing import/export regulations, and (18) potential employment-related claims. Certain of these and other applicable risks, cautionary statements and factors that could cause actual results to differ from ISG’s forward-looking statements are included in ISG’s filings with the U.S. Securities and Exchange Commission. ISG undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

Non-GAAP Financial Measures

ISG reports all financial information required in accordance with U.S. generally accepted accounting principles (GAAP). In this release, ISG has presented both GAAP financial results as well as non-GAAP information for the three and twelve months ended December 31, 2025, and December 31, 2024. ISG believes that evaluating its ongoing operating results will be enhanced if it discloses certain non-GAAP information. These non-GAAP financial measures exclude non-cash and certain other special charges that many investors believe may obscure the user’s overall understanding of ISG’s current financial performance and ISG’s prospects for the future. ISG believes that these non-GAAP measures provide useful information to investors because they improve the comparability of the financial results between periods and provide for greater transparency of key measures used to evaluate the Company’s performance.

ISG provides adjusted EBITDA (defined as net income, plus interest, taxes, depreciation and amortization, foreign currency transaction gains/losses, non-cash stock compensation, interest accretion associated with contingent consideration, acquisition- and disposition-related costs, loss on disposal of assets, gain on sale of business, change in contingent consideration, and severance, integration and other expense), adjusted net income (defined as net income, plus amortization of intangible assets, non-cash stock compensation, foreign currency transaction gains/losses, interest accretion associated with contingent consideration, acquisition- and disposition-related costs, loss on disposal of assets, gain on sale of business, change in contingent consideration, and severance, integration and other expense on a tax-adjusted basis), adjusted net income per diluted share, adjusted EBITDA margin, and selected financial data on a constant currency basis which are non-GAAP measures that ISG believes provide useful information to both management and investors by excluding certain expenses and financial implications of foreign currency translations, which management believes are not indicative of ISG’s core operations. These non-GAAP measures are used by ISG to evaluate the Company’s business strategies and management’s performance.

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP financial measure, excludes the impact of year-over-year fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current and prior-periods local currency financial results using the same point in time exchange rates and then compare the adjusted current and prior period results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to be a substitution for recorded amounts presented in conformity with GAAP, nor should such amounts be considered in isolation.

Management believes this information facilitates comparison of underlying results over time. Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure. Non-GAAP measures are provided as additional information and should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the forward-looking non-GAAP estimates contained herein to the corresponding GAAP measures is not being provided, due to the unreasonable efforts required to prepare it.

About ISG

ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data and research, in-depth knowledge and governance of provider ecosystems, and the expertise of its 1,500 professionals worldwide working together to help clients maximize the value of their technology investments.

View full release here.

Source: Information Services Group, Inc.

Release – Tonix Pharmaceuticals Announces Publication of Clinical Pharmacokinetic Studies of TONMYA™ and Prototype Formulations in the Journal Clinical Pharmacology in Drug Development

Posted on by [email protected]

Research News and Market Data on TNXP

March 05, 2026 4:15pm EST Download as PDF

Commercially launched in the U.S. in November 2025, TONMYA (cyclobenzaprine HCl sublingual tablets) for long-term daily dosing at bedtime is the first new FDA-approved treatment for fibromyalgia in adults in more than 15 years

The sublingual TONMYA tablet containing a basifying agent achieved the design objectives of rapid transmucosal absorption and bypassing first-pass liver metabolism

TONMYA was designed to decrease production of the active metabolite norcyclobenzaprine, which is believed to improve the durability of analgesic response in fibromyalgia relative to the transient (~1 month) effects of oral, swallowed cyclobenzaprine

BERKELEY HEIGHTS, N.J., March 05, 2026 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated, commercial biotechnology company, today announced the publication of a paper, “Single-Dose Pharmacokinetic Assessment of TNX-102 SL (Cyclobenzaprine HCl Sublingual Tablets): Results From Randomized, Open-Label Studies in Healthy Volunteers,” in Clinical Pharmacology in Drug Development, the peer-reviewed journal of the American College of Clinical Pharmacology (ACCP). TONMYA™ was investigated as TNX-102 SL (cyclobenzaprine HCl sublingual tablets) and approved by the U.S. Food and Drug Administration (FDA) on August 15, 2025, for the treatment of fibromyalgia in adults. The manuscript can be accessed at: https://accp1.onlinelibrary.wiley.com/doi/10.1002/cpdd.70034.

“These data demonstrate the importance of the proprietary basifying agent in TONMYA’s sublingual formulation,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “An earlier study conducted by Tonix showed that transmucosal delivery cannot be achieved by simply applying a liquid cyclobenzaprine HCl formulation under the tongue. Due to the basifying agent ingredient, sublingual TONMYA achieves rapid transmucosal absorption that bypasses first-pass hepatic metabolism. This pharmacokinetic profile underpins TONMYA’s unique sublingual formulation, which is designed to increase parent drug exposure during sleep while reducing exposure and side effects to the long half-life, active metabolite.”

Dr. Lederman continued, “Bedtime oral swallowed cyclobenzaprine was one of the first drugs studied as a treatment for fibromyalgia, but it failed because the benefits were only transient (~1 month) and fibromyalgia is a chronic condition requiring durable responses.1 Our design objective for TONMYA was to improve the durability of cyclobenzaprine’s treatment effect by decreasing liver production of the major active metabolite norcyclobenzaprine, which we believe counteracted the benefits of swallowed cyclobenzaprine over time. We believe the clinical pharmacology studies published in Clinical Pharmacology in Drug Development, show that TONMYA achieved this design objective. Later studies2,3 confirmed that TONMYA as a daily bedtime medicine provides a durable analgesic benefit to fibromyalgia patients and is generally well tolerated.”

The publication reports findings from two Phase 1 single-dose, open-label studies conducted in healthy adult volunteers.

In Study 1 (n=24), three sublingual formulations of cyclobenzaprine HCl 2.8 mg, each containing a different basifying agent, were compared with oral immediate-release (IR) cyclobenzaprine HCl 5 mg under fasting conditions. All sublingual formulations showed rapid absorption and increased relative bioavailability compared with oral IR cyclobenzaprine HCl. The potassium phosphate dibasic formulation (designated TNX-102 SL) demonstrated the most favorable pharmacokinetic profile, with a 154% relative bioavailability compared to oral IR, an absorption lag of approximately 3 minutes versus approximately 37 minutes for oral IR, and a 783% higher dose-normalized AUC during the first hour post-dose. Based on these results, the potassium phosphate dibasic formulation was selected for further clinical development.

In Study 2 (n=16), TNX-102 SL 2.8 mg and 5.6 mg were evaluated in a crossover design under fasting and fed conditions. The formulation exhibited dose proportionality between the two dose levels, and pharmacokinetic parameters were not affected by a high-calorie, high-fat meal, confirming the absence of a food effect. This study also provided a full clinical characterization of the active metabolite norcyclobenzaprine, demonstrating an elimination half-life of approximately 60 hours. Reduced exposure to norcyclobenzaprine following sublingual administration, as compared with oral delivery, is believed to contribute to the improved durability of efficacy and favorable tolerability profile observed with TONMYA in Phase 3 fibromyalgia studies.2,3

Across both studies, single-dose sublingual cyclobenzaprine HCl was generally well tolerated. All treatment-emergent adverse events were mild or moderate in severity. The most commonly reported adverse events were oral hypoesthesia and abnormal taste. No serious adverse events were reported, and no clinically meaningful changes were observed in laboratory parameters, vital signs, or electrocardiogram findings.

Citations

1Carette S, et al. Arthritis Rheum. 1994. 37(1):32-40. doi: 10.1002/art.1780370106.
2Lederman S, et al. Arthritis Care Res (Hoboken). 2023. 75(11):2359-2368. doi: 10.1002/acr.25142.
3Lederman S, et al. Pain Med. 2026. 27(1):86-94. doi: 10.1093/pm/pnaf089.

About Fibromyalgia

Fibromyalgia is a chronic pain disorder that is understood to result from amplified sensory and pain signaling within the central nervous system. Fibromyalgia afflicts an estimated 6-12 million adults in the U.S., approximately 90% of whom are women. Symptoms of fibromyalgia include chronic widespread pain, nonrestorative sleep, fatigue, and morning stiffness. Other associated symptoms include cognitive dysfunction and mood disturbances, including anxiety and depression. Individuals suffering from fibromyalgia struggle with their daily activities, have impaired quality of life, and frequently are disabled. Physicians and patients report common dissatisfaction with currently marketed products.

About TONMYA™ (cyclobenzaprine HCl sublingual tablets)

TONMYA (cyclobenzaprine HCl sublingual tablets) is a patented sublingual tablet formulation of cyclobenzaprine hydrochloride which provides rapid transmucosal absorption and reduced production of a long half-life active metabolite, norcyclobenzaprine, due to bypass of first-pass hepatic metabolism. As a multifunctional agent with potent binding and antagonist activities at the 5-HT2A serotonergic, α1-adrenergic, H1-histaminergic, and M1-muscarinic receptors, TONMYA was approved on August 15, 2025, by the FDA for the treatment of fibromyalgia in adults. TONMYA is the first new prescription medicine approved for fibromyalgia in more than 15 years. TONMYA was investigated as TNX-102 SL. TNX-102 SL is also being developed to treat acute stress reaction (ASR)/acute stress disorder (ASD), and major depressive disorder (MDD). The United States Patent and Trademark Office (USPTO) issued United States Patent No. 9636408 in May 2017, Patent No. 9956188 in May 2018, Patent No. 10117936 in November 2018, Patent No. 10,357,465 in July 2019, and Patent No. 10736859 in August 2020. The Protectic™ protective eutectic and Angstro-Technology™ formulation claimed in the patent are important elements of Tonix’s proprietary TONMYA composition. These patents are expected to provide TONMYA with U.S. market exclusivity until 2034/2035.

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 2.8mg), the Company’s recently approved flagship medicine, is the first new treatment for fibromyalgia in more than 15 years. Tonix’s CNS commercial infrastructure supports its marketed products, including its acute migraine products, Zembrace® SymTouch® and Tosymra®. Tonix is maximizing the science behind TNX-102 SL in Phase 2 clinical trials to evaluate its potential in major depressive disorder and acute stress disorder. In addition, the company’s CNS portfolio includes TNX-2900, which is Phase 2 ready for the treatment of Prader-Willi syndrome, a rare disease. Tonix is also advancing a pipeline of immunology programs, including monoclonal antibody TNX-4800 for Lyme disease prophylaxis and TNX-1500, a third-generation CD40 ligand inhibitor for the prevention of kidney transplant rejection. To learn more, visit www.tonixpharma.com and follow the Company on LinkedIn and X.

* 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. 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. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially as a result of a number of factors, including the ability of the Company to satisfy the conditions to the closing of the offering and the timing thereof, as well as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 18, 2025, 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.

Investor Contacts
Jessica Morris
Tonix Pharmaceuticals 
(862) 799-8599 
[email protected] 

Brian Korb 
astr partners 
(917) 653-5122 
[email protected] 

Media Contacts
Deborah Elson
Tonix Pharmaceuticals 
[email protected]

Ray Jordan 
Putnam Insights 
[email protected] 

INDICATION
TONMYA is indicated for the treatment of fibromyalgia in adults.

CONTRAINDICATIONS
TONMYA is contraindicated:
In patients with hypersensitivity to cyclobenzaprine or any inactive ingredient in TONMYA. Hypersensitivity reactions may manifest as an anaphylactic reaction, urticaria, facial and/or tongue swelling, or pruritus. Discontinue TONMYA if a hypersensitivity reaction is suspected. With concomitant use of monoamine oxidase (MAO) inhibitors or within 14 days after discontinuation of an MAO inhibitor. Hyperpyretic crisis seizures and deaths have occurred in patients who received cyclobenzaprine (or structurally similar tricyclic antidepressants) concomitantly with MAO inhibitors drugs.
During the acute recovery phase of myocardial infarction, and in patients with arrhythmias, heart block or conduction disturbances, or congestive heart failure. In patients with hyperthyroidism.

WARNINGS AND PRECAUTIONS
Embryofetal toxicity: Based on animal data, TONMYA may cause neural tube defects when used two weeks prior to conception and during the first trimester of pregnancy. Advise females of reproductive potential of the potential risk and to use effective contraception during treatment and for two weeks after the final dose. Perform a pregnancy test prior to initiation of treatment with TONMYA to exclude use of TONMYA during the first trimester of pregnancy.

Serotonin syndrome: Concomitant use of TONMYA with selective serotonin reuptake inhibitors (SSRIs), serotonin norepinephrine reuptake inhibitors (SNRIs), tricyclic antidepressants, tramadol, bupropion, meperidine, verapamil, or MAO inhibitors increases the risk of serotonin syndrome, a potentially life-threatening condition. Serotonin syndrome symptoms may include mental status changes, autonomic instability, neuromuscular abnormalities, and/or gastrointestinal symptoms. Treatment with TONMYA and any concomitant serotonergic agent should be discontinued immediately if serotonin syndrome symptoms occur and supportive symptomatic treatment should be initiated. If concomitant treatment with TONMYA and other serotonergic drugs is clinically warranted, careful observation is advised, particularly during treatment initiation or dosage increases.

Tricyclic antidepressant-like adverse reactions: Cyclobenzaprine is structurally related to TCAs. TCAs have been reported to produce arrhythmias, sinus tachycardia, prolongation of the conduction time leading to myocardial infarction and stroke. If clinically significant central nervous system (CNS) symptoms develop, consider discontinuation of TONMYA. Caution should be used when TCAs are given to patients with a history of seizure disorder, because TCAs may lower the seizure threshold. Patients with a history of seizures should be monitored during TCA use to identify recurrence of seizures or an increase in the frequency of seizures.

Atropine-like effects: Use with caution in patients with a history of urinary retention, angle-closure glaucoma, increased intraocular pressure, and in patients taking anticholinergic drugs.

CNS depression and risk of operating a motor vehicle or hazardous machinery: TONMYA monotherapy may cause CNS depression. Concomitant use of TONMYA with alcohol, barbiturates, or other CNS depressants may increase the risk of CNS depression. Advise patients not to operate a motor vehicle or dangerous machinery until they are reasonably certain that TONMYA therapy will not adversely affect their ability to engage in such activities. Oral mucosal adverse reactions: In clinical studies with TONMYA, oral mucosal adverse reactions occurred more frequently in patients treated with TONMYA compared to placebo. Advise patients to moisten the mouth with sips of water before administration of TONMYA to reduce the risk of oral sensory changes (hypoesthesia). Consider discontinuation of TONMYA if severe reactions occur.

ADVERSE REACTIONS
The most common adverse reactions (incidence ≥2% and at a higher incidence in TONMYA-treated patients compared to placebo-treated patients) were oral hypoesthesia, oral discomfort, abnormal product taste, somnolence, oral paresthesia, oral pain, fatigue, dry mouth, and aphthous ulcer.

DRUG INTERACTIONS
MAO inhibitors: Life-threatening interactions may occur.

Other serotonergic drugs: Serotonin syndrome has been reported.

CNS depressants: CNS depressant effects of alcohol, barbiturates, and other CNS depressants may be enhanced.

Tramadol: Seizure risk may be enhanced.
Guanethidine or other similar acting drugs: The antihypertensive action of these drugs may be blocked.

USE IN SPECIFIC POPULATIONS
Pregnancy: Based on animal data, TONMYA may cause fetal harm when administered to a pregnant woman. The limited amount of available observational data on oral cyclobenzaprine use in pregnancy is of insufficient quality to inform a TONMYA-associated risk of major birth defects, miscarriage, or adverse maternal or fetal outcomes. Advise pregnant women about the potential risk to the fetus with maternal exposure to TONMYA and to avoid use of TONMYA two weeks prior to conception and through the first trimester of pregnancy. Report pregnancies to the Tonix Medicines, Inc., adverse-event reporting line at 1-888-869-7633 (1-888-TNXPMED).

Lactation: A small number of published cases report the transfer of cyclobenzaprine into human milk in low amounts, but these data cannot be confirmed. There are no data on the effects of cyclobenzaprine on a breastfed infant, or the effects on milk production. The developmental and health benefits of breastfeeding should be considered along with the mother’s clinical need for TONMYA and any potential adverse effects on the breastfed child from TONMYA or from the underlying maternal condition.

Pediatric use: The safety and effectiveness of TONMYA have not been established.

Geriatric patients: Of the total number of TONMYA-treated patients in the clinical trials in adult patients with fibromyalgia, none were 65 years of age and older. Clinical trials of TONMYA did not include sufficient numbers of patients 65 years of age and older to determine whether they respond differently from younger adult patients.

Hepatic impairment: The recommended dosage of TONMYA in patients with mild hepatic impairment (HI) (Child Pugh A) is 2.8 mg once daily at bedtime, lower than the recommended dosage in patients with normal hepatic function. The use of TONMYA is not recommended in patients with moderate HI (Child Pugh B) or severe HI (Child Pugh C). Cyclobenzaprine exposure (AUC) was increased in patients with mild HI and moderate HI compared to subjects with normal hepatic function, which may increase the risk of TONMYA-associated adverse reactions.

Please see additional safety information in the full Prescribing Information.
To report suspected adverse reactions, contact Tonix Medicines, Inc. at 1-888-869-7633, or the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

Primary Logo

Source: Tonix Pharmaceuticals Holding Corp.

Released March 5, 2026

Release – The GEO Group Announces Senior Management Changes

Posted on by [email protected]

Research News and Market Data on GEO

March 5, 2026

PDF Version

BOCA RATON, Fla.–(BUSINESS WIRE)–Mar. 5, 2026– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that GEO’s Chief Financial Officer, Mark Suchinski, has notified the Company of his decision to relocate out-of-state and leave his position effective March 31, 2026 to accept a position in another industry. Shayn March, GEO’s Executive Vice President, Finance and Treasurer, who has been with the Company for 17 years, has been appointed GEO’s Chief Financial Officer, effective April 1, 2026.

George C. Zoley, GEO’s Chairman, Chief Executive Officer, and Founder, said, “We welcome Shayn March to our Senior Management Team. His 17 years of GEO service in senior business management roles uniquely position him to serve as GEO’s Chief Financial Officer. I look forward to working with Shayn and the rest of our Senior Management Team as we pursue what we expect will be significant opportunities to grow our Company and enhance value for our shareholders.”

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 95 facilities totaling approximately 75,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 20,000 employees.

Use of forward-looking statements

This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.

Pablo E. Paez, (866) 301 4436
Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

Release – AZZ Inc. Announces Corporate Governance and Other Board Succession Changes

Posted on by [email protected]
AZZ Inc is the leading independent provider of hot-dip galvanizing and coil coating solutions in North America. (PRNewsfoto/AZZ, INC.)

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Mar 05, 2026, 06:30 ET

FORT WORTH, Texas, March 5, 2026 /PRNewswire/ — AZZ Inc. (NYSE: AZZ), the leading independent provider of hot-dip galvanizing and coil coating solutions, today announced the appointment of Aaron Schapper, age 52, and Charles “Chuck” Treadway, age 60, to serve as new members of AZZ’s Board of Directors, effective April 8, 2026 which is AZZ’s first Board meeting of fiscal year 2027.

Mr. Schapper currently serves as President, Chief Executive Officer and a member of the Board of Directors of Myers Industries Inc., a manufacturer of sustainable plastic and metal products that protect the world from the ground up for consumer, vehicle, food & beverage, industrial, infrastructure, and automotive end markets. Prior to joining Myers Industries, Mr. Schapper served in various executive level leadership roles with Valmont Industries, Inc., including Group President, Agriculture and Chief Strategy Officer; Group President of Infrastructure; Group President of Utility Support Structures; Vice President and General Manager, International Irrigation and Global Engineering. Prior to joining Valmont Industries, Mr. Schapper served as General Manager, Asia for Orbit Irrigation Products LLC. Mr. Schapper holds a B.S. in Mechanical Engineering and a B.A. in Mandarin Chinese from the University of Utah. He also holds an Executive M.B.A. from Northwestern University’s Kellogg School of Management at Hong Kong University of Science and Technology.

Mr. Treadway currently serves as President, Chief Executive Officer and a member of the Board of Directors of Vistance Networks, Inc., formerly known as CommScope Holding Company, Inc., a global provider of intelligent network solutions for access networks and purpose-driven enterprise networks. Prior to joining Vistance, Mr. Treadway served as Chief Executive Officer of Accudyne Industries. Prior to Accudyne Industries, Mr. Treadway held a number of executive level leadership positions with Thomas & Betts Corporation, including President and Chief Executive Officer, President and Chief Operating Officer, and Group President of Electrical. Mr. Treadway has also served in various senior leadership roles with ABB, Schneider Electric S.A., Prettl International and Yale Security. Mr. Treadway holds a B.S. in Electrical Engineering from the University of Louisiana, a M.S. in Electrical Engineering from Clemson University and an M.B.A. from Harvard University.

Additionally, on February 28, 2026, Mr. Dan Feehan announced his retirement from his position as Chairman of AZZ’s Board of Directors and was succeeded by Mr. Dan Berce. Mr. Feehan will continue to serve as a Board member of AZZ and as a member of the Compensation Committee and Nominating and Corporate Governance Committee until the expiration of his current term in July 2026.

With the appointments of Messrs. Schapper and Treadway, and Mr. Feehan announcing his retirement at the end of his term in July 2026, the Company’s Board will be comprised of eight members, with seven being independent, and four being added to the Board within the last five years.

Mr. Berce commented, “Dan has served the shareholders of AZZ with honor and distinction throughout his 26-year tenure on the Board, including seven years as Chairman. We thank him for his exemplary Board leadership and dedicated service to the Company and its shareholders.” 

Mr. Berce further noted, “We are pleased Aaron and Chuck have agreed to join AZZ’s Board of Directors, both candidates bring significant experience and diverse backgrounds that will add additional depth and diversity to the Board’s broad scope of professional expertise, including strategic revenue growth, M&A and ESG. Their appointments represent another meaningful step in our ongoing board refreshment initiatives. These two appointments were the result of a comprehensive search conducted by the Board, with the assistance of a leading independent search firm, as part of the Board’s commitment to regular and smooth board succession planning.”

About AZZ Inc.

AZZ Inc. is the leading independent provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets. Collectively, our business segments provide sustainable, unmatched metal coating solutions that enhance the longevity and appearance of buildings, products and infrastructure that are essential to everyday life.

Safe Harbor Statement

Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as “may,” “could,” “should,” “expects,” “plans,” “will,” “might,” “would,” “projects,” “currently,” “intends,” “outlook,” “forecasts,” “targets,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction markets, the industrial markets, and the metal coatings markets. We could also experience additional increases in production costs,, due to inflation, in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process and the paint used in our coil coating process; customer requested delays of our manufactured solutions; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ’s growth strategy; a downturn in market conditions in any industry relating to the manufactured solutions that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as more inflation or changes in the political stability in the United States and other foreign markets in which we operate; tariffs, acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 28, 2025, and other filings with the SEC, available for viewing on AZZ’s website at www.azz.com and on the SEC’s website at www.sec.gov. You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Company Contact:    
David Nark, Chief Marketing, Communications, and Investor Relations Officer
AZZ Inc.
(817) 810-0095
www.azz.com

Investor Contact:
Sandy Martin, Phillip Kupper
Three Part Advisors
(214) 616-2207
www.threepa.com

SOURCE AZZ, Inc.

Release – InPlay Oil Corp. Announces 2025 Financial, Operating and Reserves Results Highlighted by Light Oil Production Growth of 131% and Total Proved and Probable Reserve Replacement of 1,084%

Posted on by [email protected]
InPlay Oil logo (CNW Group/InPlay Oil Corp.)

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InPlay Oil Corp. 

Mar 05, 2026, 07:30 ET

CALGARY, AB, March 5, 2026 /CNW/ – InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) is pleased to announce its financial and operating results for the three and twelve months ended December 31, 2025, along with the results of its independent oil and gas reserves evaluation effective December 31, 2025 (the “Reserve Report”) prepared by GLJ Ltd. (“GLJ”). InPlay’s audited annual financial statements and notes, and Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2025 will be available at “www.sedarplus.ca” and the Company’s website at “www.inplayoil.com“. An updated corporate presentation will be available on our website in due course.

Message to Shareholders:

InPlay’s 2025 fiscal year marked a truly transformational chapter in the Company’s history, highlighted by the successful completion of the highly accretive April 2025 acquisition of Pembina assets in our core focus area. This strategic transaction significantly strengthened our already robust drilling inventory, expanded our operational scale, increased our ability to generate meaningful free adjusted funds flow (“FAFF”)(4) and enhanced the long-term sustainability and depth of our asset base.

InPlay’s long-term strategy is anchored in disciplined capital allocation, driving sustainable organic growth while pursuing strategic, accretive acquisitions; an approach supported by the Company’s proven track record of execution. InPlay has never been better positioned to advance this two-pronged growth strategy. The Company’s foundation was further strengthened in 2025 with the addition of Delek Group Ltd. (“Delek”) as a strategically aligned 32.7% shareholder. Delek has a strong history of value creation in the international energy markets with significant investments in the North Sea (Ithaca Energy plc) and the Mediterranean (NewMed Energy). Delek identified Canada as a stable and attractive jurisdiction with compelling return potential, positioning InPlay as a natural extension of its global energy investment strategy. Delek’s investment enhances InPlay’s financial strength and strategic flexibility, providing access to additional capital and alternative funding sources to support the Company’s growth strategy. Delek played a pivotal role in introducing InPlay to the Israeli capital markets and supporting the successful completion of the Company’s oversubscribed senior unsecured bond offering in February 2026. The offering was completed at an attractive cost of capital of 6.23%, further strengthening InPlay’s balance sheet and liquidity profile. InPlay looks forward to working closely with Delek to execute its long-term strategy of building a sustainable, growth-oriented Canadian oil and gas company focused on delivering top tier returns to shareholders.

During 2025, InPlay remained focused on operational execution, disciplined capital allocation and prioritizing FAFF while continuing to return capital to shareholders and pay down debt. Adjusted Funds Flow(2) (“AFF”) increased by 67% in 2025, delivering FAFF of $62 million. These results were achieved despite a 14% decline in WTI pricing, demonstrating the resilience and capital efficient nature of our light oil asset base. FAFF yield at year end was 18% (one of the highest in our peer group), dividends paid to shareholders were $27.1 million and debt repayment of $36 million post-acquisition close on April 7, 2025. The Company capitalized on its operational excellence to generate strong capital efficiencies during our 2025 capital program. Our team delivered some of the strongest-performing Cardium wells in 2025 with payouts averaging approximately seven months, underscoring the quality of our inventory and technical execution capabilities. This strong operational performance enabled us to increase production guidance over the course of the year while simultaneously reducing capital expenditures.

The Company’s exceptional 2025 reserve results reflect both the impact of the acquisition and strong operating results achieved during the year. Proved Developed Producing (“PDP”) reserves increased 179%, while a long reserve life index continues to underpin a low decline, high FAFF generating asset base. Despite a material year-over-year decrease in the benchmark Edmonton light oil price used in the Reserve Report (20% in 2026, 14% in 2027, 9% thereafter), the Company increased its Total Proved (“TP”) and Total Proved plus Probable (“TPP”) net asset value to $30.16/share and $44.02/share respectively, underscoring the significant intrinsic value embedded in our assets relative to current market levels.

Looking forward, InPlay is exceptionally well positioned to continue to execute key operational priorities, disciplined capital allocation and maximizing FAFF while continuing to return capital to shareholders. As announced on February 24, 2026, InPlay’s Board of Directors approved a 2026 capital budget of $66 – $74 million to drill 12 – 14 net horizontal Cardium wells. This program is forecast to result in annual average production of 18,600 – 19,200 boe/d(1) (60% – 62% light crude oil and NGLs), an 11% increase over 2025, resulting in a FAFF yield(4) of 11% – 15% (expected to be top tier amongst peers). The capital program is designed to be flexible and responsibly manage the pace of development, maintain operational and financial strength while remaining focused on delivering return of capital to shareholders.

2025 Financial and Operating Highlights:

  • Closed a transformational acquisition of Cardium-focused light oil assets in Pembina at highly accretive acquisition metrics (+45% AFF/share(3), +65% FAFF/share(3)), improving the Company’s sustainability through a lower decline rate, strong reserve life index and increased tier one drilling locations.
  • Achieved average annual production of 17,043 boe/d(1) (61% light crude oil and NGLs), a 96% increase from 2024.
  • Improved light oil production to 8,143 bbl/d, a 131% increase from 2024 and a 160% increase Q4 2025 over Q4 2024. Light crude oil weighting improved 20% from 2024.
  • Realized strong operating income of $144.1 million, a 75% increase from 2024, which resulted in an operating income profit margin(4) of 49%.
  • Generated AFF(2) of $114.4 million ($4.68 per weighted average basic share(3)), a 67% increase from 2024 despite a 14% decrease in WTI prices. Fourth quarter AFF totaled $30.7 million ($1.10 per weighted average basic share(3)), a 64% increase from 2024 even as WTI prices declined 16%. Fourth quarter AFF also increased 15% over Q3 2025.
  • Delivered FAFF of $62 million and distributed $27.1 million in dividends, equating to a 18% FAFF yield(4) and 8.7% dividend yield relative to year-end market capitalization. Since November 2022, total dividends distributed amounted to $69.7 million ($3.69 per share, including dividends declared to date in 2026).
  • Invested $52 million in development capital which was $1 million below the lower end of our May post-acquisition 2025 capital budget of $53 – $60 million and 17% less than 2024. Due to capital efficiencies, disciplined spending, and well outperformance, capital was 35% lower than our original capital forecast of $80 million on announcement on February 2025 to achieve production guidance.
  • Repaid $35 million of net debt from closing of the Pembina acquisition on April 7, 2025.

2025 Reserves Highlights(1):

  • InPlay’s capital efficient 2025 drilling program and accretive Pembina asset acquisition resulted in strong reserve results for 2025:
    • PDP reserves of 48,002 mboe (60% light and medium crude oil & NGLs), 179% increase from 2024.
    • TP reserves of 90,987 mboe (64% light and medium crude oil & NGLs), 107% increase from 2024.
    • TPP reserves of 119,937 mboe (64% light and medium crude oil & NGLs), 104% increase from 2024.
  • Achieved NPV BT10 reserve values(1) and Net Asset Value (“NAV”) per share of:
    • PDP: $594 million; $14.69/share
    • TP: $1,025 million; $30.16/share
    • TPP: $1,411 million; $44.02/share
  • Reserves life index (“RLI”)(2) of:
    • PDP: 7.0 years
    • TP: 13.2 years
    • TPP: 17.4 years
  • Delivered Finding, Development and Acquisition (“FD&A”) costs (including changes in future development costs) and recycle ratios(3) of:
    • PDP: $9.22/boe; 2.5x
    • TP: $12.96/boe; 1.8x
    • TPP: $10.65/boe; 2.2x
  • Replaced reserves(4) by:
    • PDP: 595%
    • TP: 857%
    • TPP: 1,084%
  • 2025 development capital program (excluding acquisitions) added new light oil weighted production at a capital efficiency of $21,333 per boe/d

2026 Subsequent Event:

In February, InPlay closed an oversubscribed offering of senior unsecured bonds for total gross proceeds of C$242 million maturing on December 15, 2030 at an attractive interest rate of 6.23%. This bond is expected to reduce our cost of capital while diversifying the Company’s financing sources.  Following the bond issuance, InPlay repaid and retired its term loan. The Company is now positioned with $190 million of available capacity on its fully undrawn revolving credit facility. Additionally, InPlay successfully mitigated exposure to fluctuations in the CAD/NIS exchange rate associated with the NIS-denominated senior unsecured bonds through the execution of foreign exchange hedging arrangements that fully cover all projected cash outflows, including principal repayments, over the next four years.

Financial and Operating Results:

2025 Financial & Operations Overview: 

Our 2025 results are highlighted by our accretive acquisition of Pembina assets in April 2025, disciplined capital allocation and delivery of strong returns to shareholders. The acquisition was financed with an increase to our credit facilities, issuance of common shares and an oversubscribed $33.8 million bought deal equity financing.

We executed our capital program under budget, generated meaningful adjusted funds flow, returned $27.1 million to shareholders and paid down $35 million of net debt from closing of the Pembina acquisition on April 7, 2025. Production averaged 17,043 boe/d(1) (61% light crude oil & NGLs) in 2025 and 19,589 boe/d (61% light crude oil & NGLs) in the fourth quarter of 2025.

InPlay’s capital program for 2025 consisted of $52 million of exploration and development capital. Efficient operational execution in 2025 led to capital expenditures coming in $1 million below the low end of our May post-acquisition budget of $53 – $60 million and approximately 17% less than 2024 when production averaged 8,712 boe/d. The Company drilled, completed and brought on production ten (8.2 net) extended reach horizontal (“ERH”) Cardium wells during the year and completed a significant operated gas plant expansion and other facility projects. InPlay also spent $4.2 million on the successful abandonment of 31 wellbores, 90 pipelines and the reclamation of 32 well sites.

InPlay generated AFF of $114.4 million ($4.68 per basic share) during 2025 a 67% increase from 2024. These results were achieved despite a 14% decline in WTI pricing and lower than forecasted natural gas prices. Approximately $62 million in FAFF was generated resulting in a FAFF yield of 18%, evidencing our strong ability to generate meaningful FAFF.

Low crude oil prices during the year impacted the Company’s financial results with WTI decreasing 14% compared to 2024. This resulted in a 16% decrease from 2024 to our realized oil sales price, which was partially offset by realized hedging gains in the later part of the year. Significantly lower natural gas prices also impacted financial results offset with meaningful hedging gains realized throughout the year.

Operations Update:

In 2025, InPlay had one of our strongest drilling campaigns in the Company’s history. In the fourth quarter of 2025, InPlay continued its operational momentum by bringing on production five (5.0 net) operated wells. On average, the five wells delivered initial production (“IP”) rates of 429 boe/d (72% light crude oil and NGLs) per well over their first 90 days of production, approximately 66% above internal forecasts. The Company’s 2025 drilling program for the second half of 2025 continues to generate substantial returns for the Company through strong IP rates.

InPlay’s capital program for 2026 is underway with two (2.0 net) ERH wells being drilled to date which have recently come on production and are in the early cleanup stage. InPlay has also started drilling operations on a three (3.0 net) ERH well-pad which is expected to come on-line at the end of March. Approximately 7 – 9 net horizontal wells are planned for the remainder of the year, with most of the capital spend and production coming on-line from these wells in the second half of 2026.

Corporate Reserves Information:

The following summarizes certain information contained in the Reserve Report. The Reserve Report was prepared in accordance with the definitions, standards and procedures contained in the COGE Handbook and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). Additional reserve information as required under NI 51-101 will be included in the Company’s Annual Information Form (“AIF”) which will be filed on SEDAR+ by the end of March 2026.

Net Present Values of Reserves:

InPlay achieved strong before tax estimated net present values (“NPV”) of future net revenues associated with our 2025 year-end reserves discounted at 10% (“NPV BT10”), although impacted by weaker future commodity prices in comparison to December 31, 2024 (refer to table below). The Company achieved NPV BT10 reserve values of $594 million (PDP), $1,025 million (TP) and $1,411 million (TPP) based on the three independent reserve evaluator average pricing, cost forecast and foreign exchange rates as at December 31, 2025 used in the Reserve Report. Commodity price decreases in the 2025 year-end reserve report compared to 2024 were as follows:

Future Development Costs (“FDCs”):

The following FDCs are included in the 2025 Reserve Report:

The $862 million of total FDC in the Total Proved and Probable Reserve Report generates approximately $710 million in future net present value discounted at 10%.

Performance Measures:

Pricing Assumptions:

The following tables set forth the benchmark reference prices, as at December 31, 2025, reflected in the Reserve Report. These price and cost assumptions were an arithmetic average of the price forecasts of three independent reserve evaluator’s (Sproule, McDaniel & Associates Consultants Ltd. and GLJ Ltd.) then current forecast and GLJ’s foreign exchange rate forecast at the effective date of the Reserve Report.

SUMMARY OF PRICING AND INFLATION RATE ASSUMPTIONS (1)
as of December 31, 2025
FORECAST PRICES AND COSTS

For further information please contact:

Doug Bartole
President and Chief Executive Officer
InPlay Oil Corp.
Telephone: (587) 955-0632		Kevin Leonard
Vice President Corporate & Business Development
InPlay Oil Corp.
Telephone: (587) 955-0635

View full release here.

Release – GDEV announces preliminary, unaudited results for the fourth quarter and twelve months of 2025

Posted on by [email protected]

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March 5, 2026 – Limassol, Cyprus – GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”) released its preliminary, unaudited financial and operational results for the fourth quarter and twelve months ended December 31, 2025.

Fourth quarter 2025 financial highlights:

  • Revenue of $90 million decreased by 8% year-over-year.
  • Selling and marketing expenses of $35 million decreased by 25% year-over-year.
  • Profit for the period, net of tax, of $14 million in Q4 2025 increased vs. $2 million in Q4 2024.
  • Adjusted EBITDA¹ of $15 million in Q4 2025 increased vs. $9 million in Q4 2024.

Fourth quarter and twelve months 2025 financial performance in comparison 

US$ millionQ4 2025Q4 2024Change (%)12M 202512M 2024Change (%)
Revenue9098(8%)404421(4%)
Platform commissions(18)(21)(13%)(85)(91)(7%)
Game operation cost(15)(13)13%(57)(51)12%
Selling and marketing expenses(35)(47)(25%)(159)(209)(24%)
General and administrative expenses(9)(8)14%(35)(32)10%
Profit/loss for the period, net of tax142N/M69    26N/M
Adjusted EBITDA²15966%794287%
Cash flows (used in)/generated from operating activities185N/M29293%

¹ For more information, see section titled “Presentation of Non-IFRS Financial Measures” on the last two pages of this report, including the reconciliation of the profit for the period, net of tax to the Adjusted EBITDA.


² The financial information presented for the comparative periods of 2024 may not reconcile exactly with the amounts previously published for those periods. This is due to the reclassification of the Impairment loss on loan receivables from Royal Ark to the Share of loss of equity-accounted associates line.

Fourth quarter 2025 financial performance

In the fourth quarter of 2025 our revenue decreased by $8 million (or 8%) year-over-year and amounted to $90 million, reflecting a decline in recognition of revenue from both current-period and prior-period bookings. This was mainly due to declining consumer spending levels in the current and preceding years, which reduced the amount of revenue recognized during the quarter. The decrease is consistent with our strategy to pursue more disciplined marketing spending and focus on attracting higher-quality, better-paying users rather than maximizing short-term volume.

Platform commissions decreased by $3 million (or 13%) in the fourth quarter of 2025 to reach $18 million, generally proportionate to the decrease in revenues.

Game operation cost increased by $2 million in the fourth quarter of 2025 and amounted to $15 million, mainly driven by an increase in investments in our IT infrastructure.

Selling and marketing expenses decreased by $12 million in the fourth quarter of 2025, amounting to $35 million. This decrease was driven by our continued focus on improving the efficiency of user acquisition activities. The decrease reflects a more selective approach to performance marketing, prioritizing channels that attract players with higher long-term value over broadscale campaigns aimed at short-term growth.

General and administrative expenses remained relatively stable at $9 million in the fourth quarter of 2025 vs. $8 million in the fourth quarter of 2024.

We recorded a profit for the period, net of tax, of $14 million in the fourth quarter of 2025 compared with $2 million in the same period of 2024, driven primarily by the factors above and i.) decrease of net financial expenses in Q4 2025 vs Q4 2024 in the amount of $3 million and ii.) decrease of share of loss of equity accounted associates by $6 million in Q4 2025 as compared with the same period of prior year. Adjusted EBITDA amounted to $15 million in the fourth quarter of 2025, an increase of $6 million compared with the same period in 2024 driven primarily by the same factors as those affecting the profit, except for the decrease of share of loss of equity accounted associates, which does not impact Adjusted EBITDA.

Cash flows generated from operating activities were positive $18 million in the fourth quarter of 2025 compared with positive $5 million in the same period in 2024.

Twelve months 2025 financial performance

In the year ended December 31, 2025, our revenue decreased by $17 million (or 4%) year-over-year and amounted to $404 million, reflecting a decline in recognition of revenue from both current-period and prior-period bookings. This was mainly due to declining consumer spending levels in the current and preceding years, which reduced the amount of revenue recognized during the year. The decrease is consistent with our strategy to pursue more disciplined marketing spending and focus on attracting higher-quality, better-paying users rather than maximizing short-term volume.

Platform commissions decreased by $7 million (or 7%) in the year ended December 31, 2025 to reach $85 million, generally proportionate to the decrease in revenues.

Game operation cost increased by $6 million in the year ended December 31, 2025 and amounted to $57 million, mainly driven by an increase in investments in our IT infrastructure.

Selling and marketing expenses decreased by $50 million in the year ended December 31, 2025, amounting to $159 million. This decrease was driven by our continued focus on improving the efficiency of user acquisition activities. The decrease reflects a more selective approach to performance marketing, prioritizing channels that attract players with higher long-term value over broadscale campaigns aimed at short-term growth.

General and administrative expenses increased by $3 million in the year ended December 31, 2025 and amounted to $35 million vs. $32 million in the year ended December 31, 2024. The increase was primarily driven by higher salary and related personnel expenses, reflecting the expansion of development activities and increased scale of operations across our game development studios.

We recorded a profit for the period, net of tax, of $69 million in the year ended December 31, 2025 compared with $26 million in the same period of 2024, driven primarily by the factors above and i.) decrease of net financial expenses in the year ended December 31 2025 vs the same period in 2024 in the amount of $7 million, ii.) increase in gain resulted from the change in fair value of share warrant obligation and other financial instruments by $3 million in the year ended December 31 2025 as compared with the same period of prior year and iii.) decrease of share of loss of equity accounted associates by $4 million in the year ended December 31, 2025 as compared with the same period of prior year. Adjusted EBITDA amounted to $79 million in the year ended December 31, 2025, an increase $37 million compared with the same period in 2024 driven primarily by the same factors as those affecting the profit, except for the increase in gain resulted from the change in fair value of share warrant obligation and other financial instruments and the decrease of share of loss of equity accounted associates, which do not impact Adjusted EBITDA.

Cash flows generated from operating activities remained the same, at $29 million, in the year ended December 31, 2025 vs. the same period of 2024. The divergence in earnings and cash flow dynamics reflects the significant impact of deferred revenue recognition on current-period income, which did not have a material effect on current-period cash flows.

Fourth quarter and twelve months 2025 operational performance comparison

 Q4 2025Q4 2024Change (%)12M 202512M 2024Change (%)
Bookings ($ million)8894(7%)351404(13%)
Bookings from in-app purchases8389(6%)331377(12%)
Bookings from advertising45(18%)2027(25%)
Share of advertising5.1%5.8%(0.7) p.p5.7%6.7%(1.0) p.p.
MPU (thousand)262292(10%)281342(18%)
ABPPU ($)1061024%98927%

Bookings declined in the fourth quarter and twelve months of 2025 to reach $88 million and $351 million, respectively, compared with $94 million and $404 million in the same period in 2024. The decline is primarily due to a decline in monthly paying users by 10% in the fourth quarter of 2025 vs. the same period in 2024 and by 18% in the year ended December 31, 2025 vs. the same period in 2024, which we attribute to the decrease of the user acquisition investments throughout 2024 and 2025, partially offset by an increase in ABPPU.

The share of advertisement sales as a percentage of total bookings decreased in the fourth quarter of 2025 to reach 5.1% compared to 5.8% in the same respective period in 2024 and decreased in the year ended December 31, 2025 to reach 5.7% compared to 6.7% in the same period in 2024. This decline was primarily driven by a global trend of declining CPM rates for advertising throughout 2024 and 2025.

Split of bookings by platformQ4 2025Q4 202412M 202512M 2024
Mobile58%57%60%60%
PC42%43%40%40%

In the fourth quarter of 2025 we recorded an increase in share of mobile to reach 58% vs. 57% in the same period in 2024 and decrease in share of PC to reach 42% vs. 43% in the same period in 2024. In the year ended December 31, 2025 the share in mobile and PC remained the same compared to same period in 2024.

Split of bookings by geographyQ4 2025Q4 202412M 202512M 2024
US30%34%33%34%
Asia18%21%19%22%
Europe34%32%33%30%
Other18%13%15%14%

Our split of bookings by geography in the fourth quarter and twelve months of 2025 vs. the same respective periods in 2024 saw a decrease in the share of bookings derived from the US and Asia and an increase in bookings derived from Europe and Other. 

Note: 

Due to rounding, the numbers presented throughout this release may not precisely add up to the totals. The period-over-period percentage changes are based on the actual numbers and may therefore differ from the percentage changes if those were to be calculated based on the rounded numbers.

The figures in this release are preliminary and unaudited. The Company’s 2025 Annual Report on Form 20-F, which will include the Company’s audited financial statements as of for the year ended December 31, 2025, is expected to be published within the prescribed filing period.

About GDEV

GDEV is a gaming and entertainment holding company, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games, among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated over 550 million installs and more than $2.5 billion of bookings worldwide. For more information, please visit www.gdev.inc.

Contacts:

Investor Relations

Roman Safiyulin | Chief Corporate Development Officer
[email protected]

Cautionary statement regarding forward-looking statements

Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

The forward-looking statements contained in this press release are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s 2024 Annual Report on Form 20-F, filed by the Company on March 31, 2025, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Presentation of Non-IFRS Financial Measures

In addition to the results provided in accordance with IFRS throughout this press release, the Company has provided the non-IFRS financial measure “Adjusted EBITDA” (the “Non-IFRS Financial Measure”). The Company defines Adjusted EBITDA as the profit/loss for the period, net of tax as presented in the Company’s financial statements in accordance with IFRS, adjusted to exclude (i) goodwill and investments in equity-accounted associates’ impairment, (ii) loss on disposal of subsidiaries, (iii) income tax expense, (iv) other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, (v) change in fair value of share warrant obligations and other financial instruments, (vi) share of loss of equity-accounted associates, (vii) depreciation and amortization, (viii) share-based payments expense and (ix) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. The Company uses this Non-IFRS Financial Measure for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that this Non-IFRS Financial Measure is a useful financial metric to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. This Non-IFRS Financial Measure is not intended to replace, and should not be considered superior to, the presentation of the Company’s financial results in accordance with IFRS. The use of the Non-IFRS Financial Measure terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.

Reconciliation of the profit for the period, net of tax to the Adjusted EBITDA

US$ millionQ4 2025Q4 202412M 202512M 2024
Profit for the period, net of tax1426926
Adjust for:
Income tax expense0.9155
Adjusted finance income/expenses³(0.2)0.7(3)(2)
Share of loss of equity-accounted associates2(1)548
Change in fair value of share warrant obligations and other financial instruments(0.2)(0.6)(4)(0.9)
Depreciation and amortization2276
Share-based payments0.10.20.61
Adjusted EBITDA1597942

³ Adjusted finance income/expenses consist of finance income and expenses other than foreign exchange gains and losses and bank charges, net.

Release – Newsmax to Report Fourth Quarter and Fiscal Year 2025 Financial Results

Posted on by [email protected]

Research News and Market Data on NMAX

March 5, 2026

BOCA RATON, FL / ACCESS Newswire / March 5, 2026 / Newsmax Inc. (NYSE:NMAX) (“Newsmax” or the “Company”) today announced that the Company will report financial results for the fourth quarter and fiscal year ended December 31, 2025 on Thursday, March 26, 2026, after the U.S. stock market closes.

Management will host a conference call at 4:30 PM ET the same day to discuss the results. The live webcast and replay will be available on the Newsmax Investor Relations website at ir.newsmax.com.

About Newsmax

Newsmax Inc. is listed on the NYSE (NMAX) and operates, through Newsmax Broadcasting LLC, one of the nation’s leading news outlets, the Newsmax channel. The fourth highest-rated network is carried on all major pay TV providers. Newsmax’s media properties reach more than 58 million Americans regularly through Newsmax TV, the Newsmax App, its popular website Newsmax.com, and publications such as Newsmax Magazine. Through its social media accounts, Newsmax reaches over 24 million combined followers. Reuters Institute says Newsmax is one of the top U.S. news brands and Forbes has called Newsmax “a news powerhouse.”

For more information, please visit Investor Relations | Newsmax Inc.

Investor Contacts

Newsmax Investor Relations
[email protected]

SOURCE: Newsmax Inc.

Release – Bit Digital Inc. Reports Monthly Ethereum Treasury and Staking Metrics for February 2026

Posted on by [email protected]

Research News and Market Data on BTBT

NEW YORK, March 5, 2026 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”) today announced its monthly Ethereum (“ETH”) treasury and staking metrics for the month of February 2026:

Key Highlights for February 2026

  • As of February 28, 2026, the Company held approximately 155,434.4[1] ETH.
  • Based on a closing ETH price of approximately $1,965, as of February 28, 2026, the market value of the Company’s ETH holdings was approximately $305.4 million.
  • The Company’s total average ETH acquisition price for all holdings was approximately $3,045 as of February 28, 2026.
  • The Company’s total staked ETH was ~138,269, or ~89% of its total holdings, as of February 28, 2026.
  • Staking operations generated approximately 313.9 ETH in rewards during the period, representing an annualized yield of approximately 2.7%.
  • Bit Digital shares outstanding were 324,836,788 as of February 28, 2026.
  • The Company maintains ownership of approximately 27.0 million WhiteFiber (WYFI) shares with a market value of approximately $455.7 million as of February 28, 2026.

About Bit Digital
Bit Digital (NASDAQ: BTBT) is a Strategic Asset Company (SAC) focused on active participation in Ethereum infrastructure and controlling equity exposure to AI/HPC infrastructure through its majority ownership stake in WhiteFiber (NASDAQ: WYFI). The Company purchases and stakes ETH to generate protocol-native yield and participates directly in the Ethereum network. Bit Digital allocates capital with a focus on long-duration, foundational infrastructure and disciplined balance sheet management. For additional information, please contact [email protected] or follow us on LinkedIn or X.

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

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

[1] Includes approximately 15,283.5 ETH and ETH-equivalents held in an externally managed fund.

Release – NN, Inc. Reports Fourth Quarter and Full Year 2025 Results

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Research News and Market Data on NNBR

PDF Version

NN delivers third consecutive year of successful transformation; completes majority of heavy spending

NN forecasts fourth year of improvement, and a return to organic net sales growth in 2026

CHARLOTTE, N.C., March 04, 2026 (GLOBE NEWSWIRE) — NN, Inc. (NASDAQ: NNBR) (“NN” or the “Company”), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today reported its financial results for the fourth quarter and full-year ended December 31, 2025. Key results include:

Financial Highlights

  • Q4 2025 net sales of $104.7 million and full-year 2025 net sales $422.2 million
  • Q4 2025 gross margin of 9.2% and full-year 2025 gross margin of 14.1%
  • Q4 2025 adjusted gross margin of approximately 18.8%, up 120 bps and approaching the Company’s five-year target of 20%
  • Q4 2025 operating loss of $10.4 million, and full-year 2025 operating loss of $18.9 million, improving 38.3% and 31.3%, respectively
  • Q4 2025 adjusted operating income of $3.3 million and full-year 2025 adjusted operating income of $14.2 million, improving 34.2% and 180.0%, respectively
  • Q4 2025 GAAP net loss of $11.3 million or $0.35 per share and full year 2025 GAAP net loss of $24.4 million, or $1.07 per share
  • Q4 2025 adjusted earnings per share of $0.00 and adjusted loss per share of $0.03 for the full-year 2025
  • Q4 2025 adjusted EBITDA of $12.9 million (12.3% of net sales) and full year 2025 adjusted EBITDA of $49.0 million (11.6% of net sales), respectively

Commercial & Strategic Highlights

  • Third consecutive year of achieving or beating target rate of new business wins, with approximately $70 million secured in 2025, exceeding guidance range, and bringing the three-year cumulative total to more than $200 million
    • New wins are accretive to consolidated margin profile
    • NN is achieving a >20% hit rate on new business opportunities
  • NN has won more than 170 new sales program awards which have launched during 2025 or will launch in 2026
  • NN secured its first new business win in the data center market with expanded commercial plans in the data center and electrical/power infrastructure ecosystem
  • Sales pipeline of more than $800 million across more than 800 programs, concentrated in targeted areas.
    • During 2025, NN significantly upsized the business development team for electrical products
  • NN formed a Strategic Committee of the Board of Directors in December 2025 to evaluate a range of strategic and financing alternatives to enhance shareholder value.

“NN delivered a third consecutive year of improved financial performance in 2025, and we look ahead to 2026 with increased confidence in our trajectory for sales, margins, and adjusted EBITDA,” said Harold Bevis, Chief Executive Officer of NN, Inc. “In 2025 we drove adjusted EBITDA towards recent highs despite softness in automotive and commercial vehicle markets and record high precious metal prices. Importantly, we completed the most capital-intensive portion of our transformation plan that included plant closures, significant headcount realignment, and exiting dilutive business. As a result, NN enters 2026 as a healthier, leaner, and more focused company, performing on multiple fronts, while beginning our next chapter of net sales growth.”

Bevis continued, “We expect 2026 to be a meaningful inflection point, and we are guiding to a fourth consecutive year of improved adjusted EBITDA which we expect to range between $50 million to $60 million. Our forecasted sales growth is already underway in the first quarter of 2026, and we plan to launch approximately 100 new programs in 2026. These new programs carry accretive margins that will strengthen our EBITDA and cash flow profile as they ramp. Critically, the success of our new wins program, our planned launches, and more stable markets will return NN’s annual net sales growth. We expect real commercial momentum, and we are also increasing our goals for new business wins for the year to a range of $70 million to $80 million.”

Bevis concluded, “The progress we have made and the momentum we are carrying into 2026 and beyond gives us increasing confidence in NN’s forward net sales trajectory. Our business mix continues to shift toward higher-growth, higher-margin markets including data center power, electrical grid infrastructure, defense, and medical, and we recently secured our first direct data center win. We believe the combination of our operational transformation and accelerating sales growth positions NN to deliver meaningful and sustained value creation for shareholders both in 2026 and in the years ahead.”

Fourth Quarter Results

Net sales were $104.7 million, a decrease of 1.7% compared to the fourth quarter of 2024 net sales of $106.5 million, which was primarily due to rationalization of underperforming business and plants and lower volumes partially offset by favorable foreign exchange impact of $2.1 million.

Loss from operations for the fourth quarter was $10.4 million compared to a loss from operations of $16.9 million for the same period of 2024. The year-over-year improvement was due to rationalization of underperforming business and plants, impairment of machinery and equipment recorded in 2024 at a plant that closed in 2025, and lower compensation expense due to decreased headcount.

Net loss for the fourth quarter was $12.5 million compared to net loss of $21.0 million for the same period in 2024. The year-over-year improvement was due to rationalization of underperforming business and plants, impairment of machinery and equipment recorded in 2024 at a plant that closed in 2025, and lower compensation expense due to decreased headcount.

Full-Year Results

Net sales for the year ended December 31, 2025, were $422.2 million compared to $464.3 million for the same period of 2024, a decrease of $42.1 million, or 9.1%. This was primarily due to the rationalization of underperforming business and plants, the sale of our Lubbock operations, lower volumes, and unfavorable foreign exchange effects of $0.6 million. These decreases were partially offset by the contribution of new business launches and higher precious metals pass-through pricing. Power Solutions sales were up while Mobile Solutions sales were down primarily due to a decline in low-margin auto parts business.

Loss from operations for the year ended December 31, 2025, was $18.9 million compared to a loss from operations of $27.5 million for the same period of 2024. The year-over-year improvement was due to rationalization of underperforming business and plants, impairment of machinery and equipment recorded in 2024 at a plant that closed in 2025, decrease in depreciation due to the impact of historical purchase accounting step-up basis being fully depreciated in the second half of 2024, and lower compensation expense due to decreased headcount. The improvement is partially offset by lower volumes.

Net loss for the year ended December 31, 2025, was $34.0 million compared to net loss of $38.3 million for the same period of 2024. The year-over-year improvement was primarily due to our improvement in loss from operations. The improvement is partially offset by loss on extinguishment of debt in 2025.

Fourth Quarter Adjusted Results

Adjusted EBITDA for the fourth quarter of 2025 was $12.9 million, or 12.3% of sales, compared to $12.1 million, or 11.3% of sales, for the same period of 2024. Adjusted income from operations for the fourth quarter of 2025 was $3.3 million compared to adjusted income from operations of $2.4 million for the same period of 2024.

Adjusted net loss for the fourth quarter of 2025 was $0.1 million, or $0.00 per diluted share, compared to adjusted net loss of $0.9 million, or $0.02 per diluted share, for the same period of 2024.

Power Solutions

Net sales for the fourth quarter of 2025 were $45.5 million compared to $39.2 million in the same period in 2024, an increase of 16.1%. The increase was primarily due to steady volumes, higher precious metals pass-through pricing and favorable foreign exchange effects.

Loss from operations for the fourth quarter was $3.9 million compared to income from operations of $1.3 million for the same period of 2024.

Adjusted income from operations for the fourth quarter was $4.9 million compared to adjusted income from operations of $4.6 million for the same period of 2024. The increase in adjusted income from operations was primarily due to lower administrative costs.

Net sales for the year ended December 31, 2025, were $178.6 million compared to $180.5 million for the same period of 2024, a decrease of $1.9 million, or 1.1%. This was primarily due to the sale of our Lubbock operations, lower volumes and unfavorable foreign exchange effects of $0.8 million. These decreases were partially offset by higher precious metals pass-through pricing.

Income from operations for the year ended December 31, 2025 was $10.3 million compared to income from operations of $13.1 million for the same period of 2024, a decrease of $2.8 million. This was primarily due to the sale of our Lubbock operations and lower volumes. The decrease is partially offset by lower administrative costs and lower depreciation and amortization expense due to sold or fully utilized assets.

Adjusted income from operations for the year ended December 31, 2025 was $26.9 million compared to adjusted income from operations of $24.7 million for the same period in 2024.

Mobile Solutions

Net sales for the fourth quarter of 2025 were $59.3 million compared to $67.4 million in the fourth quarter of 2024, a decrease of 12.0%. The decrease was primarily driven by rationalization of underperforming business and plants and lower volumes and partially offset by favorable foreign exchange impact.

Loss from operations for the fourth quarter was $1.4 million compared to loss from operations of $12.9 million for the same period of 2024. The improvement was primarily driven by rationalization of underperforming business and plants, impairment of machinery and equipment recorded in 2024 at a plant that closed in 2025, and lower compensation expense due to decreased headcount.

Adjusted income from operations for the fourth quarter was $3.1 million compared to adjusted income from operations of $2.5 million for the same period of 2024. The increase in adjusted income from operations was primarily due to the rationalization of underperforming business and plants.

Net sales for the year ended December 31, 2025, were $244.0 million compared to $283.9 million for the same period of 2024, a decrease of $39.9 million, or 14.1%. This was primarily due to rationalization of underperforming business and plants, lower volume in North America, and partially offset by favorable foreign exchange effects.

Loss from operations for the year ended December 31, 2025, was $8.0 million compared to loss from operations of $18.1 million for the same period of 2024. The improvement was primarily driven by rationalization of underperforming business and plants, impairment of machinery and equipment recorded in 2024 at a plant that closed in 2025, lower depreciation expense due to the impact of historical purchase accounting step-up becoming fully depreciated in the second half of 2024, and lower compensation expense due to decreased headcount.

Adjusted income from operations for the year ended December 31, 2025, was $7.3 million compared to adjusted income from operations of $1.5 million for the same period of 2024. The increase was primarily due to rationalization of underperforming business and plants and lower depreciation expense due to the impact of historical purchase accounting step-up becoming fully depreciated in the second half of 2024.

2026 Outlook

  • Revenues are expected to range between $445 to $465 million with modest organic growth coupled with new business launches, values may vary based on metals cost
  • Adjusted EBITDA expected to range between $50 and $60 million with modest operating leverage
  • New business wins are expected to increase to $70 to $80 million

Chris Bohnert, Senior Vice President and Chief Financial Officer commented, “For fiscal 2026, we are guiding net sales in the range of $445 million to $465 million and adjusted EBITDA in the range of $50 million to $60 million, reflecting a return to year-over-year net sales growth, and a notable expansion versus prior year. Importantly, this top-line growth will flow through a cost structure that has been fundamentally improved over the course of our transformation. The resulting operating performance is expected to drive adjusted EBITDA growth and margin expansion.”

Conference Call

NN will discuss its results during its quarterly investor conference call on March 5, 2026, at 9 a.m. ET. The call and supplemental presentation may be accessed via NN’s website, www.nninc.com. The conference call can also be accessed by dialing 1-877-255-4315 or 1-412-317-6579. For those who are unavailable to listen to the live broadcast, a replay will be available shortly after the call until March 6, 2027.

NN discloses in this press release the non-GAAP financial measures of adjusted income (loss) from operations, adjusted EBITDA, adjusted net income (loss), adjusted net income (loss) per diluted common share, and free cash flow. Each of these non-GAAP financial measures provides supplementary information about the impacts of restructuring and integration expense, acquisition and transition expenses, foreign exchange impacts on inter-company loans, amortization of intangibles and deferred financing costs, and other non-operating impacts on our business.

The financial tables found later in this press release include a reconciliation of adjusted income (loss) from operations, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, free cash flow to the U.S. GAAP financial measures of income (loss) from operations, net income (loss), net income (loss) per diluted common share, and cash provided (used) by operating activities.

The Company is unable to include a reconciliation of forward-looking Adjusted EBITDA to net loss, the most directly comparable GAAP measure, without unreasonable effort due to the high variability with respect to the impact of items such as income taxes, depreciation and amortization, stock-based compensation expense and other items that are excluded from this non-GAAP measure.

About NN, Inc.

NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Europe, South America, and Asia. For more information about the company and its products, please visit www.nninc.com.

This press release contains express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for full year 2026, the impact of, and our ability to execute, our corporate strategies and business initiatives, the potential impact tariffs, high interest rates, high metal costs and additional economic uncertainties may have on our financial condition and results of operations, and the results and timing of our strategic review process. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project”, “achieve”, “growth”, “enable”, “improve”, or the negative of those terms, and similar words, phrases or expressions that convey uncertainty of future events or outcomes. Forward-looking statements involve a number of risks and uncertainties that are outside of management’s control and that may cause actual results to be materially different from such forward-looking statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector; the impacts of pandemics, epidemics, disease outbreaks and other public health crises on our financial condition, business operations and liquidity; competitive influences; risks that current customers will commence or increase captive production; risks of capacity underutilization; quality issues; material changes in the costs and availability of raw materials; economic, social, political and geopolitical instability, military conflict, currency fluctuation, and other risks of doing business outside of the United States; inflationary pressures and changes in the cost or availability of materials, supply chain shortages and disruptions, the availability of labor and labor disruptions along the supply chain; our dependence on certain major customers, some of whom are not parties to long-term agreements (and/or are terminable on short notice); the impact of acquisitions and divestitures, as well as expansion of end markets and product offerings; our ability to hire or retain key personnel; the level of our indebtedness; the restrictions contained in our debt agreements; our ability to obtain financing at favorable rates, if at all, and to refinance existing debt as it matures; our ability to secure, maintain or enforce patents or other appropriate protections for our intellectual property; new laws and governmental regulations; the impact of climate change on our operations; uncertainty of government policies and actions after recent U.S. elections in respect to global trade, tariffs and international trade agreements; and cyber liability or potential liability for breaches of our or our service providers’ information technology systems or business operations disruptions. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s filings made with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.

With respect to any non-GAAP financial measures included in the following document, the accompanying information required by SEC Regulation G can be found in the back of this document or in the “Investors” section of the Company’s web site, www.nninc.com, under the heading “News & Events” and subheading “Presentations.”
With respect to any non-GAAP financial measures included in the following document, the accompanying information required by SEC Regulation G can be found in the back of this document or in the “Investors” section of the Company’s web site, www.nninc.com, under the heading “News & Events” and subheading “Presentations.”

Investor & Media Contacts:
Joe Caminiti or Abe Plimpton
[email protected]
312-445-2870

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Release – FreightCar America, Inc. Announces Its 2026 Annual General Meeting and Record Date

Posted on by [email protected]

Research News and Market Data on RAIL

03/04/2026

CHICAGO, March 04, 2026 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL) (the “Company” or “FreightCar”) announced today that it will hold its annual general meeting of shareholders (the “AGM”) at 10:00 am (Central Time) on April 10, 2026. The AGM will be held in virtual format only, via live webcast on the Internet, with no physical, in-person meeting. The record date for determining shareholders entitled to notice of, and to vote at, the AGM will be the close of business on February 10, 2026.

About FreightCar America

FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.

Forward-Looking Statements

This press release contains statements relating to our expected financial performance, financial condition, and/or future business prospects, events and/or plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These risks and uncertainties relate to, among other things, the cyclical nature of our business; adverse geopolitical, economic and market conditions, including inflation; material disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials, including steel and aluminum; delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion; delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings; potential unexpected changes in laws, rules, and regulatory requirements, including tariffs and trade barriers (including recent United States tariffs imposed or threatened to be imposed on China, Canada, Mexico and other countries and any retaliatory actions taken by such countries); and other competitive factors. The factors listed above are not exhaustive. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

For more information, please contact:

[email protected]

Release – MAIA Biotechnology Announces Closing of $30 Million Underwritten Public Offering of Common Stock

Posted on by [email protected]

Research News and Market Data on MAIA

March 04, 2026 4:00pm EST Download as PDF

Financing included participation by healthcare-dedicated investors alongside
existing shareholders

CHICAGO, IL, March 04, 2026 (GLOBE NEWSWIRE) — MAIA Biotechnology, Inc., (NYSE American: MAIA) (“MAIA”, the “Company”), a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, today announced the closing of its previously announced underwritten public offering of 20,000,000 shares of its common stock at a public offering price of $1.50 per share for aggregate gross proceeds of $30 million, prior to deducting underwriting discounts and other offering expenses. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of common stock at the public offering price per share, less the underwriting discounts to cover over-allotments, if any.

The offering was structured as a straightforward common stock only investment with no warrant coverage and was led by healthcare-dedicated investors alongside existing shareholders.

Konik Capital Partners, LLC, a division of T.R. Winston & Company acted as the sole book-running manager for the offering.

MAIA intends to use the net proceeds from the offering to conduct clinical trials and for working capital and general corporate purposes.

The securities described above were offered and sold pursuant to a “shelf” registration statement on Form S-3 (File No. 333-273984), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 15, 2023, and declared effective on August 23, 2023.

The offering was made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A prospectus supplement describing the terms of the public offering has been filed with the SEC and forms a part of the effective registration statement.

Copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained, on the SEC’s website at http://www.sec.gov or by contacting Konik Capital Partners LLC, a division of T.R. Winston & Company, at 7 World Trade Center, 46th Floor, New York, NY 10007, Attention: Capital Markets Team, Email: [email protected].

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

About MAIA Biotechnology

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 ateganosine (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.

Cautionary Note Regarding Forward-Looking Statements

MAIA cautions that all statements, other than statements of historical facts contained in this press release, are forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels or activity, performance or achievements to be materially different from those anticipated by such statements. The use of words such as “may,” “might,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify forward looking statements. However, the absence of these words does not mean that statements are not forward-looking. For example, all statements we make regarding (i) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and development programs, (ii) our ability to advance product candidates into, and successfully complete, clinical studies, (iii) the timing or likelihood of regulatory filings and approvals, (iv) our ability to develop, manufacture and commercialize our product candidates and to improve the manufacturing process, (v) the rate and degree of market acceptance of our product candidates, (vi) the size and growth potential of the markets for our product candidates and our ability to serve those markets, (vii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, and (viii) the use of proceeds of our underwritten public offering of common stock, are forward looking. All forward-looking statements are based on current estimates, assumptions and expectations by our management that, although we believe to be reasonable, are inherently uncertain. Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and are subject to risks and uncertainties and other factors beyond our control that may cause actual results to differ materially from those expressed in any forward-looking statement. A detailed discussion of these uncertainties and risks that affect our business is contained in our SEC filings, including our reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In this release, unless the context requires otherwise, “MAIA,” “Company,” “we,” “our,” and “us” refers to MAIA Biotechnology, Inc. and its subsidiaries.

Investor Relations Contact
+1 (872) 270-3518
[email protected]

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Source: MAIA Biotechnology, Inc.

Released March 4, 2026

Release – Ocugen Provides Business Update with Fourth Quarter and Full Year 2025 Financial Results

Posted on by [email protected]

Research News and Market Data on OCGN

March 4, 2026

PDF Version

Conference Call and Webcast Today at 8:30 a.m. ET

  • Enrollment for the OCU400 Phase 3 liMeliGhT clinical trial—the first and largest gene therapy registrational trial for broad retinitis pigmentosa patients—was completed. Topline Phase 3 data expected in the first quarter 2027, advancing OCU400 towards potential approval in 2027.
  • OCU410ST Phase 2/3 pivotal confirmatory trial nearing enrollment completion. Interim data expected in the third quarter 2026, followed by topline Phase 2/3 data in the second quarter 2027 in advance of the BLA submission.
  • OCU410 positive preliminary Phase 2 data announced in January. Full Phase 2 data expected in March 2026.
  • First regional licensing agreement for OCU400 in 2025 initiates strategic partnership strategy ahead of commercialization
  • Rounded out executive leadership team with top talent in business development, commercial, finance, and operations to encompass all required expertise for upcoming growth

MALVERN, Pa., March 04, 2026 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, today reported fourth quarter and full year 2025 financial results along with a general business update.

“Considerable development across all our modifier gene therapy programs, notable licensing and financing agreements to strengthen our financial position, and meaningful appointments to our leadership team made 2025 a transformative year for Ocugen,” said Dr. Shankar Musunuri, Chairman, CEO, Co-founder of Ocugen. “We are poised to leverage upcoming catalysts and advance the business as we near the first of our three BLA filings.”

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 liMeliGhT clinical trial enrolled 140 patients who were randomized 2:1 into the treatment group (2.5× 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. 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.

The OCU410ST Phase 2/3 GARDian clinical trial for Stargardt disease (ST) remains ahead of schedule in preparation for the 2027 BLA filing. In January, the Company announced publication of Phase 1 GARDian1 trial results for OCU410ST in EYE. The study supports the favorable safety, tolerability and efficacy profile of OCU410ST and its potential to provide clinically meaningful functional and structural benefits in ST patients.​ OCU410ST holds the potential to address the unmet medical need that remains for approximately 100,000 Stargardt patients in the U.S. and Europe who have no treatment option available.

Recently, Ocugen announced positive preliminary 12-month data (~50% of patients evaluated to date) from the Phase 2 ArMaDa clinical trial evaluating OCU410 (AAV5-RORA), its novel modifier gene therapy for geographic atrophy (GA) secondary to dry age-related macular degeneration (dAMD). Key findings from Phase 2 include 46% lesion growth reduction (medium + high dose vs. control; p=0.015; N=23) at 12 months and 50% responder rate with patients achieving >50% lesion size reduction vs. control. A subgroup analysis of patients with a baseline GA size ≥7.5 mm²—representing advanced atrophy—demonstrated a 57% reduction in lesion growth in treated eyes for medium dose and a 56% reduction in high dose compared with control eyes. This reduction in lesion size in medium and high doses suggests OCU410 may be more effective in patients with substantial disease burden.

The latest OCU410 data set also included encouraging 12-month Phase 1 findings where OCU410-treated eyes demonstrated 60% slower loss of the ellipsoid zone (a structural and functional exploratory endpoint) compared to untreated fellow eyes. The 60% reduction in ellipsoid zone (EZ) loss rate indicates that OCU410 treatment is substantially slowing the rate of photoreceptor degeneration compared to the natural history observed in the untreated fellow eye of the same patient.

“With approximately 2 to 3 million GA patients in the U.S. and Europe combined, OCU410 represents a significant market opportunity. Current therapies have notable limitations, and there are no treatments approved for GA in Europe, as existing FDA-approved options fail to demonstrate meaningful functional outcomes,” said Dr. Musunuri. “OCU410 is therefore well-positioned to address this critical unmet need, and we look forward to reporting full data from the OCU410 Phase 2 clinical trial this month and initiating Phase 3 in 2026.”

The licensing agreement with Kwangdong Pharmaceutical, Co., Ltd. for the exclusive Korean rights to OCU400—with upfront fees and near-term development milestone payments, along with royalties—was a critical step in Ocugen’s business development strategy, affirming a regional partnership approach for OCU400 that preserves the Company’s rights to larger geographies while also generating a potential return for shareholders.

To extend the cash runway into the fourth quarter of 2026, in January 2026 the Company secured $22.5 million in gross proceeds through an underwritten registered direct offering of common stock led by RTW Investments, with additional participation from new and existing investors. This raise follows the $20 million registered direct offering of common stock and warrants with Janus Henderson Investors in August 2025. The Company may receive up to $30 million of additional gross proceeds from the August 2025 registered direct offering if the warrants are exercised in full. 

“I am proud of our accomplishments in 2025, as they accelerate our drive to achieve even more significant clinical and pre-commercial objectives in 2026,” said Dr. Musunuri. “With a full bench of experienced leadership across the organization, I am confident that we have the resources and know-how to take Ocugen to the next level.”  

Business Updates

Novel Modifier Gene Therapy Platform—Targeting Three BLA Filings in the Next Three Years

  • OCU400 – Completed enrollment in the Phase 3 liMeliGhT clinical trial for OCU400 and are on track to file the rolling BLA in the third quarter of 2026. Subjects will be followed for a year after dosing for primary endpoint analyses. Positive long-term, 3-year Phase 1/2 durable, safety and tolerability data demonstrates sustained clinically meaningful, approximately 2-line LLVA gain, reinforcing durable gene-agnostic benefit.
  • OCU410ST – The Phase 2/3 GARDian3 pivotal confirmatory trial is progressing ahead of schedule with anticipated enrollment completion in the first quarter of 2026. Interim data is expected in the third quarter of 2026.
  • OCU410 – In January 2026, Ocugen announced positive preliminary 12-month data for Phase 2 subjects from the ArMaDa clinical trial for GA secondary to dAMD. The complete data set for the ArMaDa trial is expected to be available in March 2026.

Other Programs

  • OCU200 – No serious adverse events (SAEs) or adverse events (AEs) related to OCU200 reported to date across the dose-escalation cohorts and trial enrollment is expected to be completed by the first quarter of 2026.
  • OCU500 – NIAID intends to initiate the OCU500 Phase 1 clinical trial in the second quarter of 2026.
  • NeoCart – Created OrthoCellix as a wholly-owned subsidiary of Ocugen for the regenerative cell therapy assets with a goal of obtaining independent financing.

Financial Results

  • Fourth quarter — Research and development expenses for the three months ended December 31, 2025, were $10.7 million compared to $8.3 million for the three months ended December 31, 2024. General and administrative expenses for the three months ended December 31, 2025, were $6.1 million compared to $6.3 million for the three months ended December 31, 2024. Ocugen reported a $0.06 net loss per common share for the three months ended December 31, 2025, compared to a $0.05 net loss per common share for the three months ended December 31, 2024. 
  • Full year — Research and development expenses for the year ended December 31, 2025, were $39.8 million compared to $32.1 million for the year ended December 31, 2024. General and administrative expenses for the year ended December 31, 2025, were $27.6 million compared to $26.7 million for the year ended December 31, 2024. Ocugen reported a $0.23 net loss per common share for the year ended December 31, 2025, compared to a $0.20 net loss per common share for the year ended December 31, 2024.
  • Ocugen’s cash and restricted cash, totalled $18.9 million as of December 31, 2025, compared to $58.8 million as of December 31, 2024. The Company estimates that additional proceeds from the $22.5 million financing in January 2026 will enable it to fund its operations into the fourth quarter of 2026. If the Janus Henderson warrants are fully exercised this year, it is expected that cash runway will be extended into the second quarter of 2027. The Company had 312.4 million shares of common stock outstanding as of December 31, 2025.

Conference Call and Webcast Details

Ocugen has scheduled a conference call and webcast for 8:30 a.m. ET today to discuss the financial results and recent business highlights. Ocugen’s leadership team will host the call, which will be open to all listeners. There will also be a question-and-answer session following the prepared remarks.

Attendees are invited to participate on the call or webcast using the following details:

Dial-in Numbers: (800) 715-9871 for U.S. callers and (646) 307-1963 for international callers
Conference ID: 3029428
Webcast: Available on the events section of the Ocugen investor site

A replay of the call and archived webcast will be available for approximately 45 days following the event 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, including, but not limited to, strategy, business plans and objectives for Ocugen’s clinical programs, plans and timelines for the preclinical and clinical development of Ocugen’s product candidates, including the therapeutic potential, clinical benefits and safety thereof, expectations regarding timing, success and data announcements of current ongoing preclinical and clinical trials, including the timing of enrollment and data readouts, the ability to initiate new clinical programs, Ocugen’s financial condition and expected cash runway into the fourth quarter of 2026, statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, statements regarding potential market size and commercial possibilities of Ocugen’s product candidates, and Ocugen’s projections under its license agreement with Kwangdong Pharmaceutical Co., Ltd., 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; 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 annual and 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]

View full release here.