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Release – Comstock Fuels Expands Renfuel Partnership

Posted on by aweinsoff@channelchek.com

Research News and Market Data on LODE

Expands Exclusive License Rights to Asia and Africa

OKLAHOMA CITY, OKLAHOMA – FEBRUARY 20, 2025 – Comstock Inc. (NYSE American: LODE) today announced that its subsidiary, Comstock Fuels Corporation (“Comstock Fuels”), executed an amendment to its exclusive license agreement with RenFuel K2B AB (“RenFuel”) for use of RenFuel’s patented catalytic esterification process to refine Comstock Fuels’ proprietary BioleumTM biointermediates.

The amendment expanded the territory from North America, Central America, South America, Australia, New Zealand, and Vietnam to include all of Asia and Africa to facilitate ongoing project development by licensees of Comstock Fuels’ broader lignocellulosic biomass refining process.

Johan Löchen, RenFuel’s chief executive officer, stated, “Comstock and its licensees are making great and rapid progress developing sites for construction of demonstration and commercial scale facilities based on Comstock’s Bioleum refining process, including RenFuel’s patent catalytic esterification process. Our partnership with Comstock has been productive in many ways and we are pleased with the rapid progress and the mutual benefits of expanding the scope of our collaboration and our license.”

David Winsness, Comstock Fuels’ president, added, “Our patented and patent-pending technologies integrate proven systems from multiple industries in new ways to create a new class of petroleum refinery – a Bioleum Refinery, to refine abundant woody biomass into renewable fuels at market-leading yields and profitability. The RenFuel process is a key enabling step in that integration and we continue to be excited to work with the RenFuel team on our combined commercialization efforts.”

About RenFuel K2B AB

RenFuel innovates technologies that contribute to decarbonization and circularity by effectively turning under-utilized biomass waste and residues into renewable fuels and materials. To learn more, please visit www.renfuel.se.

About Comstock Fuels Corporation

Comstock Fuels Corporation (“Comstock Fuels”) delivers advanced lignocellulosic biomass refining solutions that set industry benchmarks for production of cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel (“SAF”), and other renewable Bioleum™ fuels, with extremely low carbon intensity scores of 15 and market-leading yields of up to 140 gallons per dry metric ton of feedstock (on a gasoline gallon equivalent basis, or “GGE”), depending on feedstock, site conditions, and other process parameters. Comstock Fuels additionally holds the exclusive rights to intellectual properties developed by Hexas Biomass Inc. (“Hexas”) for production of purpose grown energy crops in liquid fuels applications with proven yields exceeding 25 to 30 dry metric tons per acre per year. The combination of Comstock Fuels’ high yield Bioleum refining platform and Hexas’ high yield energy crops allows for the production of enough feedstock to produce upwards of 100 barrels of fuel per acre per year, effectively transforming marginal agricultural lands with regenerative practices into perpetual “drop-in sedimentary oilfields” with the potential to dramatically boost regional energy security and rural economies.

Comstock Fuels plans to contribute to domestic energy dominance by directly building, owning, and operating a network of Bioleum Refineries in the U.S. to produce about 200 million barrels of renewable fuel per year by 2035, starting with its planned first 400,000 barrel per year commercial demonstration facility in Oklahoma. Comstock Fuels also licenses its advanced feedstock and refining solutions to third parties for additional production in the U.S. and global markets, including several recently announced and other pending projects. To learn more, please visit www.comstockfuels.com.

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that are deployable across entire industries to contribute to energy abundance by efficiently extracting and converting under-utilized natural resources, such as waste and other forms of woody biomass into renewable fuels, and end-of-life electronics into recovered electrification metals. Comstock’s innovations group is also developing and using artificial intelligence technologies for advanced materials development and mineral discovery for sustainable mining. To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its Twitter, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

For media inquiries or questions:
Colby Korsun
Comstock Fuels Corporation
contact@comstockfuels.com

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

Release – Steelcase Reports Third Quarter Fiscal 2025 Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on SCS

December 18, 2024

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  • Strong results compared to prior year including:
    • Revenue growth of 2% driven by 5% growth in the Americas
    • Gross margin improvement of 100 basis points
    • Total liquidity strengthened by $152 million
  • Americas posted order growth of 2% compared to prior year
  • Outlook for fiscal 2025 adjusted earnings per share exceeds company targets

GRAND RAPIDS, Mich., Dec. 18, 2024 (GLOBE NEWSWIRE) — Steelcase Inc. (NYSE: SCS) today reported third quarter revenue of $794.9 million, net income of $19.1 million, or $0.16 per share, and adjusted earnings per share of $0.30. In the prior year, Steelcase reported revenue of $777.9 million and net income of $30.8 million, or $0.26 per share, and had adjusted earnings per share of $0.29.

Revenue and order growth (decline) compared to the prior year were as follows:

Revenue grew 2 percent in the third quarter compared to the prior year, with 5 percent growth in the Americas and a 6 percent decline in International. On an organic basis, revenue grew 3 percent, with 7 percent growth in the Americas and an 8 percent decline in International. The Americas growth benefited from a higher percentage of the beginning backlog shipping during the quarter compared to the prior year and included higher revenue from government, large corporate, healthcare and education customers, while the International decline was driven by most markets in Asia Pacific, except India, and France.

Orders (adjusted for the impact of a divestiture and currency translation effects) declined modestly in the third quarter compared to the prior year, and included 2 percent growth in the Americas and an 8 percent decline in International. The order growth in the Americas was driven by government customers. Orders from large corporate customers strengthened in the last month of the quarter, but modestly declined overall in the third quarter compared to the prior year. The order decline in International was driven by most markets in Asia Pacific and France, net of growth in Germany and some smaller markets in EMEA.

“Our Americas business posted 7% organic revenue growth this quarter driven by growth across many of our customer segments, and we delivered higher than expected adjusted earnings per share,” said Sara Armbruster, president and CEO. “As we continue to focus on serving our customers and supporting their workplace strategies, we posted another quarter of order growth in the Americas, and we are pleased with the improved trends we saw from our large corporate customers near the end of the quarter and into December.”

Operating income (loss) and adjusted operating income (loss) were as follows:

Operating income of $41.0 million in the third quarter represented a decrease of $2.8 million compared to the prior year. The prior year included a $9.5 million benefit from a decrease in the valuation of an acquisition earnout liability and $5.4 million of gains on the sale of fixed assets, including land, in the Americas. The current year included the benefits of higher revenue and gross margin in the Americas compared to the prior year. Adjusted operating income of $47.3 million in the third quarter represented a decrease of $2.0 million compared to the prior year.

“Our International results in the third quarter were below our expectations and were impacted by demand and some customer-driven shipment delays,” said Dave Sylvester, senior vice president and CFO. “We implemented additional restructuring actions and other cost reduction measures during the third quarter, which together are projected to drive approximately $5 million of annualized cost savings by the start of fiscal 2026. Also, we are encouraged by higher project activity levels from some of our global customers in our international markets and recent wins related to large opportunities with national accounts in France, Germany and the Middle East.”

Gross margin of 33.4 percent in the third quarter represented an improvement of 100 basis points compared to the prior year driven by the benefits of revenue growth in the Americas and cost reduction initiatives, including savings from our previously announced restructuring actions.

Operating expenses of $223.8 million in the third quarter represented an increase of $17.3 million compared to the prior year. The prior year included favorable impacts of a $9.5 million decrease in the valuation of an acquisition earnout liability and $5.4 million of gains on the sale of fixed assets, including land. The remaining increase was driven by $6.0 million of higher employee costs, partially offset by a $4.4 million decrease from a divestiture.

Other expense, net of $12.6 million in the third quarter included a $15.2 million non-cash charge related to the annuitization of a pension plan.

Total liquidity, which is comprised of cash and cash equivalents, short-term investments and the cash surrender value of company-owned life insurance, aggregated to $576.6 million at the end of the third quarter and represented an increase of $152.0 million compared to the prior year. Total debt was $446.9 million. Trailing four quarter adjusted EBITDA of $283.6 million (or 9.0 percent of revenue) represented an increase of 9 percent compared to the prior year.

The Board of Directors has declared a quarterly cash dividend of $0.10 per share, to be paid on or before January 13, 2025, to shareholders of record as of December 30, 2024.

Outlook

At the end of the third quarter, the company’s backlog was approximately $664 million, which was 5 percent lower than the prior year. Orders in the first three weeks of the fourth quarter grew 15 percent compared to the prior year and included a number of large projects scheduled to ship beyond the end of the quarter. The company expects fourth quarter fiscal 2025 revenue, which contains an additional week compared to the prior year, to be in the range of $770 to $795 million. The company reported revenue of $775.2 million in the fourth quarter of fiscal 2024. The projected revenue range translates to a decline of 1 percent to growth of 3 percent compared to the prior year, or a decline of 4 to 7 percent on an organic basis.

The company expects to report earnings per share of between $0.17 to $0.21 for the fourth quarter of fiscal 2025 and adjusted earnings per share of between $0.20 to $0.24. The company reported earnings per share of $0.18 and adjusted earnings per share of $0.23 in the fourth quarter of fiscal 2024.

The fourth quarter estimates include:

  • gross margin of approximately 33.5 percent,
  • projected operating expenses of between $230 to $235 million, which includes $4.3 million of amortization of purchased intangible assets,
  • projected interest expense, net of investment income and other income, net, of approximately $1 million and
  • a projected effective tax rate of approximately 27 percent.

“As work and work patterns continue to change, we remain focused on developing new solutions and evolving our capabilities to better serve our customers and dealers,” said Sara Armbruster. “Our teams have successfully driven higher levels of profitability all year and we are pleased that our fiscal 2025 adjusted earnings per share are projected to finish above our target.”

Business Segment Footnotes

  1. The Americas segment serves customers in the U.S., Canada, the Caribbean Islands and Latin America with a comprehensive portfolio of furniture, architectural, textile and surface imaging products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, AMQ, Coalesse, Designtex, HALCON, Orangebox, Smith System and Viccarbe brands.
  2. The International segment serves customers in EMEA and Asia Pacific with a comprehensive portfolio of furniture and architectural products that are marketed to corporate, government, healthcare, education and retail customers primarily through the Steelcase, Coalesse, Orangebox, Smith System and Viccarbe brands.

Webcast

Steelcase will discuss third quarter results and business outlook on a conference call at 8:30 a.m. Eastern time tomorrow. Listeners may access the conference call at http://ir.steelcase.com.

Non-GAAP Financial Measures

This earnings release contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the condensed consolidated statements of income, balance sheets or statements of cash flows of the company. The non-GAAP financial measures used are (1) organic revenue growth (decline), (2) adjusted operating income (loss), (3) adjusted earnings per share and (4) adjusted EBITDA. Pursuant to the requirements of Regulation G, the company has provided a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure in the tables above. These measures are supplemental to, and should be used in conjunction with, the most comparable GAAP measures. Management uses these non-GAAP financial measures to monitor and evaluate financial results and trends.

Organic Revenue Growth (Decline)

The company defines organic revenue growth (decline) as revenue growth (decline) excluding the impact of acquisitions and divestitures and foreign currency translation effects. Organic revenue growth (decline) is calculated by adjusting prior year revenue to include revenues of acquired companies prior to the date of the company’s acquisition, to exclude revenues of divested companies and to use current year average exchange rates in the calculation of foreign-denominated revenue. The company believes organic revenue growth (decline) is a meaningful metric to investors as it provides a more consistent comparison of the company’s revenue to prior periods as well as to industry peers.

Adjusted Operating Income (Loss) and Adjusted Earnings Per Share

The company defines adjusted operating income (loss) as operating income (loss) excluding amortization of purchased intangible assets, restructuring costs (benefits) and gains (losses) on the sale of land, net of variable compensation impacts. The company defines adjusted earnings per share as earnings per share excluding amortization of purchased intangible assets, restructuring costs (benefits), gains (losses) on the sale of land, net of variable compensation impacts, and gains (losses) on pension plan settlements, and the related income tax effects of these items.

Amortization of purchased intangible assets: The company may record intangible assets (such as backlog, dealer relationships, trademarks, know-how and designs and proprietary technology) when it acquires companies. The company allocates the fair value of purchase consideration to net tangible and intangible assets acquired based on their estimated fair values. The fair value estimates for these intangible assets require management to make significant estimates and assumptions, which include the useful lives of intangible assets. The company believes that adjusting for amortization of purchased intangible assets provides a more consistent comparison of its operating performance to prior periods as well as to industry peers.

Restructuring costs (benefits): Restructuring costs (benefits) may be recorded as the company’s business strategies change or in response to changing market trends and economic conditions. The company believes that adjusting for restructuring costs (benefits), which are primarily associated with business exit and workforce reduction costs, provides a more consistent comparison of its operating performance to prior periods as well as to industry peers.

Gains (losses) on the sale of land, net of variable compensation impacts: We may sell land when conditions are favorable. Gains and losses on the sale of land may increase or decrease, respectively, our variable compensation expense. We believe adjusting for these items provides a more consistent comparison of our operating performance to prior periods as well as to industry peers. In Q2 2025, we began adjusting for these items, as we realized a significant gain on the sale of land during the quarter which had a significant impact on our variable compensation expense, and we have adjusted the prior periods presented for consistency and comparability.

Gains (losses) on pension plan settlements: We realize gains or losses previously reported as unrealized in Accumulated other comprehensive income (loss) in Other income (expense), net, in connection with pension plan settlements when all risks related to the benefit obligations to plan participants and plan assets are transferred. We believe adjusting for the gains or losses on pension plan settlements provides a more consistent comparison of our operating performance to prior periods as well as to industry peers.

Adjusted EBITDA

The company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization (“EBITDA”) adjusted to exclude share-based compensation, restructuring costs (benefits), gains (losses) on the sale of land, net of variable compensation impacts, and gains (losses) on pension plan settlements. The company believes adjusted EBITDA provides investors with useful information regarding the operating profitability of the company as well as a useful comparison to other companies. EBITDA is a measurement commonly used in capital markets to value companies and is used by the company’s lenders and rating agencies to evaluate its performance. The company adjusts EBITDA for share-based compensation as it represents a significant non-cash item which impacts its earnings. The company also adjusts EBITDA for restructuring costs, gains (losses) on the sale of land, net of variable compensation impacts, and gains (losses) on pension plan settlements to provide a more consistent comparison of its earnings to prior periods as well as to industry peers.

Forward-looking Statements

From time to time, in written and oral statements, the company discusses its expectations regarding future events and its plans and objectives for future operations. These forward-looking statements discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to the company, based on current beliefs of management as well as assumptions made by, and information currently available to, the company. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “target” or other similar words, phrases or expressions. Although the company believes these forward-looking statements are reasonable, they are based upon a number of assumptions concerning future conditions, any or all of which may ultimately prove to be inaccurate. Forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements and vary from the company’s expectations because of factors such as, but not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; cyberattacks; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in the company’s most recent Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. Steelcase undertakes no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

About Steelcase Inc.

Established in 1912, Steelcase is a global design, research and thought leader in the world of work. We help people do their best work by creating places that work better. Along with more than 30 creative and technology partner brands, we design and manufacture furnishings and solutions for the many places where work happens – including learning, health and work from home. Our solutions come to life through our community of expert Steelcase dealers in approximately 770 locations, as well as our online Steelcase store and other retail partners. Founded in Grand Rapids, Michigan, Steelcase is a publicly traded company with fiscal year 2024 revenue of $3.2 billion. With approximately 11,300 global employees and our dealer community, we come together for people and the planet – using our business to help the world work better.

(1) These amounts include restricted cash of $7.3 and $6.8 as of February 23, 2024 and February 24, 2023, respectively.
 
(2) These amounts include restricted cash of $7.2 and $7.1 as of November 22, 2024 and November 24, 2023, respectively.
 
Restricted cash primarily represents funds held in escrow for potential future workers’ compensation and product liability claims. The restricted cash balance is included as part ofOther assetson the Condensed Consolidated Balance Sheets.
CONTACT:Investor Contact:
 Mike O’Meara
 Investor Relations
 ir@steelcase.com
  
 Media Contact:
 Brodie Bertrand
 Corporate Communications
 communications@steelcase.com
  
Source: Steelcase 

Microsoft Enters Quantum Hardware Race

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Microsoft’s entry into quantum hardware could reshape competitive dynamics in the quantum computing market
– Integration potential with AI suggests broader implications for tech sector valuations
– Early-stage quantum companies may face increased pressure as tech giants advance their capabilities

The tech investment landscape is witnessing a seismic shift as Microsoft unveils its Majorana 1 quantum chip, marking a crucial moment that could reshape investment strategies across both quantum-specific and broader technology portfolios. This development signals a potential acceleration in the commercialization timeline for quantum computing, challenging current market valuations and investment theses.

While quantum computing stocks like IonQ (+237% in 2024) and Rigetti (+1,500%) have seen spectacular gains, Microsoft’s entry into quantum hardware manufacturing raises important questions about the sustainability of pure-play quantum investments. The tech giant’s decision to manufacture its quantum chips in-house, rather than relying on traditional semiconductor fabrication partners, suggests a potential restructuring of the quantum supply chain that investors need to consider.

The market implications of this development extend far beyond the quantum computing sector. Microsoft’s strategic positioning of quantum computing as an AI enhancement tool points to a broader technology ecosystem play. This convergence could significantly impact valuations across the tech sector, particularly for companies involved in AI infrastructure and development.

Traditional tech investors should pay particular attention to Microsoft’s timeline projection. The company’s assertion that practical quantum applications are “years, not decades” away could accelerate investment in quantum-ready infrastructure and security solutions. This shift could benefit companies developing quantum-resistant cryptography and quantum software development tools.

The ripple effects are already visible in the venture capital space, with increased investment flowing into quantum-adjacent technologies. Startups working on quantum software, error correction, and control systems are attracting significant attention, even as the hardware segment becomes more competitive with major tech players entering the field.

For institutional investors, Microsoft’s advancement suggests a potential restructuring of quantum investment strategies. Rather than focusing solely on pure-play quantum companies, a more nuanced approach considering the entire quantum value chain – from basic research to commercial applications – may be prudent.

The development also raises questions about the future of quantum cloud services. While Microsoft plans to keep Majorana 1 focused on research partnerships, the company’s hints at future cloud integration through Azure could pressure current quantum-as-a-service providers. This dynamic might force investors to reassess the valuation metrics for companies whose business models rely heavily on quantum cloud service revenue.

Looking ahead, investors should monitor several key indicators: the pace of quantum patent filings, quantum-ready cybersecurity adoption rates, and strategic partnerships between quantum hardware providers and traditional tech companies. These metrics could provide early signals of quantum technology’s transition from research to commercial applications.

Release – Mpox Clade 1 in the U.S. Highlights the Need for Vaccine Supply Diversification

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GOVX

    GeoVax Advances GEO-MVA to Strengthen U.S. and Global Readiness

    ATLANTA, GA, February 19, 2025 – The confirmation of a fourth case of Clade 1 Mpox in New York underscores the urgent need for a stronger and more diversified vaccine supply chain. GeoVax Labs, Inc. (Nasdaq: GOVX), a leader in developing vaccines and immunotherapies for infectious diseases and cancer, is calling for immediate action to expand vaccine production and ensure timely distribution.

    The spread of Clade 1 Mpox, a highly virulent and transmissible strain with a fatality rate ranging from 3% – 10%, is raising alarms across the public health community. While the virus has been a persistent threat in Africa, its increasing presence in Europe and the United States signals a critical moment in the fight against the disease. Over the last 4 months, confirmed cases of Clade 1 Mpox have been reported in California, Georgia, New Hampshire, and New York. However, the nation remains heavily dependent on a single non-U.S. vaccine manufacturer of the preferred Mpox vaccine, based on Modified Vaccinia Ankara (MVA), leaving the U.S. and global markets vulnerable to supply chain disruptions, limited accessibility, and potential vaccine shortages at a time when demand is surging.

    Current Supply Chain Inadequate for Global Mpox Response

    The current reliance on a single supplier for the preferred Mpox vaccine presents numerous challenges, particularly as the outbreak grows:

    • Supply chain instability – Depending on a single foreign manufacturer introduces geopolitical and logistical risks that could delay vaccine availability during critical outbreaks.
    • Insufficient production capacity – African health agencies have requested 20 million doses in 2025 to curb the spread of the virus, yet only 2–5 million doses are expected to be available.
    • High costs and limited access – At as much as $270 per dose in the U.S., the preferred product for vaccination against Mpox can be prohibitively expensive for many, creating a barrier to widespread vaccination efforts.
    • Inability to respond swiftly to emerging strains – Current stockpiles, which were depleted during the 2022 outbreak, are likely inadequate to combat the increasing spread of Clade 1, leaving public health officials struggling to contain the outbreak.

    GeoVax’s GEO-MVA: A Critical Additional-Source Solution

    In response to these pressing concerns, GeoVax is advancing development of GEO-MVA, an alternative MVA based vaccine in the fight against Mpox. GeoVax is also further addressing vaccine availability with plans to transition manufacturing of GEO-MVA, once authorized, to an advanced MVA manufacturing platform with the potential to offer significant advantages over the currently utilized Chicken Embryo Fibroblast (CEF) manufacturing platform, a complicated manufacturing process highly dependent on the availability of Specific Pathogen Free (SPF) chicken eggs. GEO-MVA’s innovative MVA production process, once implemented, should enable:

    • Scalability for global demand – Rapid, high-volume manufacturing to meet urgent vaccination needs.
    • Flexibility to utilize existing vaccine manufacturing facilities vs need to construct new ones.
    • Lower cost and increased accessibility – The advanced technology behind GeoVax’s MVA manufacturing platform should help reduce production costs, making vaccination programs more affordable worldwide.
    • Eliminate the need for SPF eggs whose availability can be negatively impacted by supply disruptions such as those related to avian flu outbreaks.
    • Strengthening U.S. biosecurity – Unlike the current MVA vaccine, which is produced overseas, GEO-MVA can be manufactured within the U.S., reducing reliance on foreign supply chains.
    • Enhanced pandemic preparedness – A diversified vaccine supply ensures greater resilience in response to future outbreaks, preventing disruptions in availability.

    GeoVax has established strategic partnerships with OXB (France) and ProBioGen (Berlin) to support production scale up, while also actively engaging with U.S. and international health agencies to potentially expedite regulatory approvals and secure funding to bring GEO-MVA to market and eventually transition production to the next generation MVA manufacturing process. GeoVax recently completed cGMP (current Good Manufacturing Practice) manufacturing of the GEO-MVA drug substance and is currently in the process of fill-finish, with anticipated availability of clinical vialed material by mid-year.

    A Call to Action: Strengthening the Global Response

    With the growing threat of Clade 1 Mpox, it is imperative to diversify vaccine manufacturing capabilities and ensure the U.S. and global health agencies have access to multiple suppliers. GeoVax urges policymakers and regulators to take decisive action:

    • Increase federal funding and policy support to expedite the availability of GEO-MVA as an alternative Mpox vaccine.
    • Expedite regulatory approvals to bring GEO-MVA to market as quickly as possible.
    • Enhance collaboration with global health organizations to ensure equitable vaccine distribution, particularly in underserved regions.

    “We cannot afford to wait for another pandemic-level crisis before addressing vaccine shortages and supply chain vulnerabilities,” said David Dodd, Chairman & CEO of GeoVax. “The emergence of Clade 1 Mpox in the U.S. is a clear warning sign. Immediate action is needed to strengthen vaccine supply and access.  GEO-MVA, along with our efforts towards establishing our next generation MVA manufacturing platform, represents critical solutions to ensure we are better prepared for future outbreaks.”

    About GeoVax

    GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel vaccines for many of the world’s most threatening infectious diseases and therapies for solid tumor cancers. The company’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine for which GeoVax was recently awarded a BARDA-funded contract to sponsor a 10,000-participant Phase 2b clinical trial to evaluate the efficacy of GEO-CM04S1 versus an approved COVID-19 vaccine. In addition, GEO-CM04S1 is currently in three Phase 2 clinical trials, being evaluated as (1) a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, (2) a booster vaccine in patients with chronic lymphocytic leukemia (CLL) and (3) a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. In oncology the lead clinical program is evaluating a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, having recently completed a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. A Phase 2 clinical trial in first recurrent head and neck cancer, evaluating Gedeptin® combined with an immune checkpoint inhibitor is planned. GeoVax has a strong IP portfolio in support of its technologies and product candidates, holding worldwide rights for its technologies and products. The Company has a leadership team who have driven significant value creation across multiple life science companies over the past several decades. For more information about the current status of our clinical trials and other updates, visit our website: www.geovax.com.

    Forward-Looking Statements

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

    Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. 

    Company Contact:                                                                              

    info@geovax.com                     

    678-384-7220                            

    Investor Relations Contact:

    austin.murtagh@precisionaq.com

    212-698-8696

    Media Contact:

    sr@roberts-communications.com

    202-779-0929

    Great Lakes Dredge & Dock (GLDD) – Strong End to the Year

    Posted on by cpereira@noblefcm.com


    Wednesday, February 19, 2025

    Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

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

    Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

    4Q24. Revenue of $202.8 million was up from $181.7 million a year ago but modestly below our $215 million estimate. Gross margin came in at 24.1%, up from 21.3% in 4Q23 and above our 20.9% estimate. Adjusted EBITDA improved to $40.2 million, flat with $40.8 million a year ago. We had forecasted $37 million. Net income was $19.7 million, or $0.29/sh, versus $21.6 million, or $0.32/sh, last year, which benefitted from a one time $7.4 million gain. We were at $15 million and $0.22/sh.

    Backlog. Great Lakes ended the year with $1.19 billion of dredging backlog and $1.24 billion of total backlog. The Company had an additional $282.1 million of low bids and options pending award at year’s end. Approximately 94% of the backlog was in higher margin capital and coastal protection work. This provides solid visibility into 2026.


    Get the Full Report

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

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

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

    FreightCar America (RAIL) – New $35 Million ABL Credit Facility; Adjusting Our Forward Estimates

    Posted on by cpereira@noblefcm.com


    Wednesday, February 19, 2025

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

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

    New asset-based lending credit facility. FreightCar America executed a new $35 million asset-based lending (ABL) credit agreement with Bank of America consisting of revolving loans and a sub-facility for letters of credit. Compared to the company’s previous ABL credit agreement, the new revolving credit facility offers a lower interest rate that is based on the secured overnight financing rate (SOFR) plus 175 basis points with a term ending on February 12, 2030.

    Greater financial flexibility. The new facility is expected to provide the company with greater financial flexibility to support its growth and strategic objectives. Because the borrowing base requirements include eligible parts inventory and railcar inventory, we think the ability to borrow against its inventory could also provide the company with greater flexibility with respect to how it manages its production schedule.


    Get the Full Report

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

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

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

    Trump Proposes 25% Tariffs on Autos, Pharmaceuticals, and Semiconductors, with Potential for Further Increases

    Posted on by slightbourne@noblecapitalmarkets.com
    Key Points:
    – Proposed 25% tariffs target automotive, pharmaceutical, and semiconductor imports
    – Implementation could begin as early as April 2, following March steel and aluminum tariffs
    – Multiple sectors face supply chain disruption and potential cost increase

    Global markets are adjusting to President Trump’s unexpected announcement of 25% tariffs on imported automobiles, pharmaceuticals, and semiconductors, with futures markets showing increased volatility. The proposal, announced Tuesday from Mar-a-Lago, represents a significant expansion of the administration’s trade policies and could reshape multiple industry sectors.

    The automotive sector, which accounts for approximately 3% of U.S. GDP, faces potentially substantial restructuring. Major automakers with significant foreign manufacturing operations saw their stocks decline in after-hours trading. Companies like Toyota (TM) fell 3.2%, while General Motors (GM) and Ford (F) showed mixed reactions as investors weighed potential domestic manufacturing advantages against supply chain disruptions.

    The pharmaceutical sector, already dealing with pricing pressures and supply chain challenges, could see significant market adjustments. Major pharmaceutical ETFs declined following the announcement, with the iShares U.S. Pharmaceuticals ETF (IHE) dropping 2.1%. Indian pharmaceutical ADRs were particularly affected, with Dr. Reddy’s Laboratories (RDY) and Sun Pharmaceutical Industries experiencing notable declines.

    Semiconductor stocks faced immediate pressure, with the Philadelphia Semiconductor Index (SOX) declining 2.8%. Taiwan Semiconductor Manufacturing Company (TSM), a crucial supplier to U.S. tech giants, saw its ADRs fall 4.1%. The potential tariffs add another layer of complexity to an industry already managing global chip shortages and supply chain constraints.

    Market data suggests significant sector rotation as investors reassess positions. Defense stocks and domestic manufacturers showed strength, while companies heavily dependent on global supply chains experienced selling pressure. The CBOE Volatility Index (VIX) jumped 15%, reflecting increased market uncertainty.

    From an investment perspective, the proposed tariffs create both opportunities and risks. Domestic manufacturers could benefit from reduced competition and increased demand, while companies reliant on global supply chains may face margin pressure. The financial sector is also monitoring the situation, as trade policy shifts could impact currency markets and international banking operations.

    Bond markets reflected the uncertainty, with Treasury yields declining as investors sought safe-haven assets. The 10-year Treasury yield fell 7 basis points, while gold futures rose 1.2%, indicating defensive positioning among institutional investors.

    The implementation timeline, potentially beginning April 2, gives markets limited adjustment time. This compressed schedule could lead to increased volatility as companies rush to adapt supply chains and adjust pricing strategies. The speed of implementation may also affect Q2 earnings forecasts across multiple sectors.

    Looking ahead, investors are focusing on several key metrics: changes in manufacturing capacity utilization, supplier cost indices, and consumer price impacts. These indicators could provide early signals of the tariffs’ economic effects and guide investment strategies in affected sectors.

    The market response suggests a period of adjustment ahead as companies and investors navigate this significant shift in trade policy. With implementation potentially weeks away, sector rotation and volatility may continue as markets price in the full implications of these sweeping trade measures.

    Intel Shares Surge 12% on Potential Breakup by Broadcom and Taiwan Semiconductor

    Posted on by slightbourne@noblecapitalmarkets.com
    Key Points:
    – Broadcom and Taiwan Semiconductor Manufacturing Co. (TSMC) are reportedly considering independent deals that could split Intel.
    – Intel has lost billions in market value after falling behind in the AI-driven semiconductor boom.
    – Despite a 60% slump in 2024, Intel shares have climbed 29% this year, with a 12% rally on Tuesday.

    Intel shares surged 12% on Tuesday following a report from The Wall Street Journal that Broadcom and Taiwan Semiconductor Manufacturing Co. (TSMC) are contemplating bids that could potentially split the struggling chip giant. This marked Intel’s best single-day performance since March 2020, fueling renewed investor interest in the company’s future.

    According to sources cited by The Wall Street Journal, Broadcom is evaluating a deal to acquire Intel’s chip design and marketing unit, while TSMC is considering a stake or full control of Intel’s manufacturing facilities. These discussions are still in their early stages, with no official bids filed and negotiations remaining largely informal.

    Intel, once a dominant force in the semiconductor industry, has faced significant challenges in recent years. As the artificial intelligence boom propelled competitors such as Nvidia and AMD to new heights, Intel struggled to keep pace. The company has shed billions in market value, unable to capitalize on the AI-driven demand that has reshaped the sector.

    In August 2024, Intel suffered its worst stock market day in five decades, with shares plummeting to their lowest level since 2013 following disappointing quarterly results. The company’s struggles prompted major cost-cutting measures, including a 15% reduction in its workforce. Amid these difficulties, Intel’s board ousted CEO Pat Gelsinger in December, citing waning investor confidence in his ability to steer the company back to profitability.

    The prospect of Broadcom and TSMC acquiring different segments of Intel signals a possible strategic shift for the embattled chipmaker. Broadcom, known for its aggressive acquisition strategy, could benefit from Intel’s chip design expertise and established market presence. Meanwhile, TSMC, the world’s largest contract chipmaker, would strengthen its global semiconductor manufacturing footprint by securing Intel’s production facilities.

    Investors responded positively to the news, with Intel shares soaring 12% on Tuesday. The rally extended the stock’s year-to-date gains to 29%, offering some relief after a brutal 2024 that saw a 60% decline in share value. Meanwhile, Broadcom shares fell 2%, while TSMC experienced a modest dip of less than 1%.

    The potential breakup of Intel comes amid broader geopolitical concerns surrounding semiconductor production. The U.S. government has intensified efforts to safeguard domestic chip manufacturing, with Vice President JD Vance recently affirming that AI chip production will be protected from foreign adversaries. This sentiment boosted Intel’s stock last week, as the company remains a key player in the U.S. semiconductor supply chain.

    As Intel navigates its uncertain future, the reported interest from Broadcom and TSMC could present an opportunity for the company to restructure and regain competitiveness in the rapidly evolving semiconductor industry.

    Release – Comtech Appoints David B. Kagan to its Board of Directors

    Posted on by aweinsoff@channelchek.com

    Research News and Market Data on CMTL

    By The Comtech Editorial Team – Feb 18, 2025 | 3 min read

    CHANDLER, Ariz. – February 18, 2025– Comtech Telecommunications Corp. (NASDAQ: CMTL) (“Comtech” or the “Company”), a global communications technology leader, today announced that the Comtech Board of Directors (the “Board”) has appointed David (Dave) B. Kagan as an independent director to the Board, effective February 13, 2025.

    Mr. Kagan has deep experience leading satellite communications companies over the course of his career, which spans more than 35 years. Most recently, he served as CEO of Globalstar, where he drove significant top and bottom line improvements. He also expanded Globalstar’s services beyond the legacy of one-way messaging and GPS to focus on satellite IoT and was a key contributor in securing the industry’s first service offering enabling direct-to-device satellite capability. Before that, he served in leadership roles at ITC Global, Globe Wireless and Spacenet, among others.

    “We are delighted to welcome Dave Kagan to the Comtech Board,” said Ken Traub, Chairman, President and CEO of Comtech. “Dave brings both deep experience in the satellite industry as well as strength in capital markets, turnarounds and strategic transactions which will be invaluable as we continue to execute on the comprehensive transformation of Comtech.”

    “I am thrilled to join the Comtech Board,” said Mr. Kagan. “I look forward to working with my fellow directors and this highly engaged leadership team as it continues to execute on the recently announced strategic transformation.”

    About David B. Kagan

    Mr. Kagan, 63, served as chief executive officer of Globalstar, Inc. (NASDAQ: GSAT), a leading provider of satellite solutions, from September 2018 to September 2023, where he also served as president and chief operating officer from December 2017 to September 2018 and from January 2016 to March 2017. From March 2017 to November 2017, he was the chief operating officer of SpeedCast International Limited. Mr. Kagan previously served as president of ITC Global LLC from August 2014 to September 2015, and president and chief executive officer of Globe Wireless LLC from June 2011 until it was sold to Inmarsat in August 2014. Prior to that, he served as president and chief executive officer of Maritime Telecommunications Network from January 1997 to December 2008. Mr. Kagan currently serves on the Boards of KVH Industries, Inc. (NASDAQ: KVHI) and AscendArc, Inc., and was inducted into the Satellite Hall of Fame in March 2023. He holds a master’s degree of Business Administration from Florida Atlantic University and a bachelor’s degree in both Finance and Marketing from the University of South Florida, Tampa.

    About Comtech

    Comtech Telecommunications Corp. is a leading provider of satellite and space communications technologies; terrestrial and wireless network solutions; Next Generation 911 (NG911) and emergency services; and cloud native capabilities to commercial and government customers around the world. Through its culture of innovation and employee empowerment, Comtech leverages its global presence and decades of technology leadership and experience to create some of the world’s most innovative solutions for mission-critical communications. For more information, please visit www.comtech.com.

    Cautionary Note Regarding Forward-Looking Statements

    Certain information in this press release contains, and oral statements made by our representative from time to time may contain, forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “goal,” “outlook,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and similar references to future periods. Forward-looking statements include, among others, statements regarding our expectations for our strategic alternatives process, our expectations for further portfolio-shaping opportunities, our expectations for other operational initiatives, future performance and financial condition, the plans and objectives of our management and our assumptions regarding such future performance, financial condition, and plans and objectives that involve certain significant known and unknown risks and uncertainties and other factors not under our control which may cause our actual results, future performance and financial condition to be materially different from the results, performance or other expectations implied by these forward-looking statements. Factors that could cause actual results to differ materially from current expectations are described in our filings with the Securities and Exchange Commission. We urge you to consider all of the risks, uncertainties and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements. The risks described above are not the only risks that we face. We do not intend to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise, except as required by law.

    Investor Relations Contact

    Maria Ceriello

    631-962-7102

    investors@comtech.com

    Media Contact

    Jamie Clegg

    480-532-2523

    jamie.clegg@comtech.com

    Release – MAIA Biotechnology Announces Private Placement of $2,715,000

    Posted on by aweinsoff@channelchek.com

    Research News and Market Data on MAIA

    February 18, 2025 3:44pm EST Download as PDF

    CHICAGO–(BUSINESS WIRE)– MAIA Biotechnology, Inc., (NYSE American: MAIA) (“MAIA”, the “Company”), a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, today announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 1,810,000 shares of common stock at a purchase price of $1.50 per share, in a private placement to accredited investors and certain Company directors. Each share of common stock is being offered together with a warrant to purchase one share of common stock at an exercise price of $1.87 per share, which price represents the greater of the book or market value of the stock on the date the definitive agreements were executed (subject to customary adjustments as set forth in the warrants). The warrants are exercisable commencing one year following issuance and have a term of six years from the initial issuance date. The securities being sold to the Company director participating in the offering are being issued pursuant to the Company’s 2021 Equity Incentive Plan. The private placement is expected to close on or about February 20, 2025, subject to the satisfaction of customary closing conditions.

    The gross proceeds from the offering are expected to be $2,715,000, prior to offering expenses payable by the Company. The Company intends to use the net proceeds received from the private placement to fund the starting cost for Part C of the Phase II trial THIO -101 and for working capital.

    The securities described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

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

    About MAIA Biotechnology, Inc.

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

    Forward Looking Statements

    MAIA cautions that all statements, other than statements of historical facts contained in this press release, are forward-looking statements. 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; (viii) the completion of the offering and (ix) the satisfaction of customary closing conditions related to the offering, 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. 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
    ir@maiabiotech.com

    Source: MAIA Biotechnology, Inc.

    Released February 18, 2025

    Release – Great Lakes Reports Fourth Quarter and Full Year 2024 Results

    Posted on by aweinsoff@channelchek.com

    Research News and Market Data on GLDD

    Feb 18, 2025

    PDF Version

    Fourth quarter net income of $19.7 million
    Fourth quarter Adjusted EBITDA of $40.2 million
    Full year net income of $57.3 million
    Full year Adjusted EBITDA of $136.0 million
    Dredging backlog of $1.2 billion at December 31, 2024

    HOUSTON, Feb. 18, 2025 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (Nasdaq: GLDD), the largest provider of dredging services in the United States, today reported financial results for the fourth quarter and year ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Revenue was $202.8 million
    • Total operating income was $30.0 million
    • Net income was $19.7 million
    • Adjusted EBITDA was $40.2 million

    Full Year 2024 Highlights

    • Revenue was $762.7 million
    • Total operating income was $92.8 million
    • Net income was $57.3 million
    • Adjusted EBITDA was $136.0 million

    Management Commentary

    Lasse Petterson, President and Chief Executive Officer, commented, “Great Lakes had an outstanding 2024, with strong project performance and exceptional financial results. We capped off the year with another strong quarter and ended 2024 with revenue of $762.7 million, net income of $57.3 million, and Adjusted EBITDA of $136.0 million, the latter two metrics being the second-highest in Great Lakes’ history. The bid market for 2024 hit a historic level of $2.9 billion of which Great Lakes won 33%. This further added to our substantial dredging backlog which as of the end of 2024 stood at $1.2 billion, with an additional $282.1 million in low bids and options pending award, providing expected revenue visibility well into 2026. At the end of the year, capital and coastal protection projects accounted for 94% of our backlog, which typically yield higher margins. The largest capital project bid in the year was the Sabine-Neches Contract 6 Deepening project, won by Great Lakes, with awarded base and open options totaling $235 million.

    Also included in our backlog are two Liquified Natural Gas (“LNG”) projects that were awarded in 2023, the Port Arthur LNG Phase 1 project and the Brownsville Ship Channel project for Next Decade Corporation’s Rio Grande LNG project, which is the largest project undertaken in Great Lakes’ history. Dredging began on both capital projects in the third quarter of 2024. We continue to tender bids on several pending LNG projects in an effort to diversify and expand our client base.

    We remain steadfast in our commitment to executing a long-term strategy that maximizes growth opportunities for the Company. The Acadia, the first U.S.-flagged Jones Act compliant subsea rock installation (“SRI”) vessel, is currently under construction and has secured offshore wind rock placement contracts for Equinor’s Empire Wind 1 and Ørsted’s Sunrise Wind projects to protect foundations and cables. In addition, during the fourth quarter, we signed a vessel reservation agreement for the Acadia for another wind project in the United States. All three of these projects are fully permitted and we believe will not be directly impacted by the President’s Executive Order pausing issuance of new offshore wind leases and permits.

    The Acadia is also well suited for work outside of U.S. offshore wind and over the past year we have been broadening our target markets for the Acadia to include international offshore wind projects, as well as protecting critical subsea infrastructure such as oil and gas pipelines and telecommunication and power cables. These additional markets pave the way for the rebranding of our offshore wind division to Offshore Energy.

    In the second quarter, Great Lakes entered into a $150 million second-lien credit agreement which provides Great Lakes with additional liquidity which we expect will help us complete our new build program. In the third quarter, S&P Global Ratings upgraded Great Lakes’ credit rating to “B-” from “CCC+”, which further demonstrates the improvements we have made this past year to our balance sheet, cash flows and overall performance.

    The Company had an exceptional 2024, and with our enhanced fleet, strong project performance, sustainable cost savings initiatives and strategic growth initiatives, we believe we are well prepared for the future.” 

    Operational Update

    Fourth Quarter 2024

    • Revenue was $202.8 million, an increase of $21.1 million from the fourth quarter of 2023. The higher revenue in the fourth quarter of 2024 was due primarily to higher capital and coastal protection project revenues, offset partially by a decrease in rivers and lakes and maintenance project revenue.
    • Gross profit was $48.9 million, an improvement of $10.2 million compared to the gross profit from the fourth quarter of 2023. Gross margin percentage increased to 24.1% in the fourth quarter of 2024 from 21.3% in the fourth quarter of 2023 due to improved project performance and higher capital and coastal protection revenue in the current year quarter.
    • Operating income was $30.0 million, which is slightly down compared to operating income of $30.5 million in the prior year fourth quarter. The year over year decrease is primarily due to a $7.4 million gain from a terminated offshore wind contract in the fourth quarter of 2023 and higher incentive pay in the current year quarter as a result of improved operational performance. These were mostly offset by the $10.2 million improvement in gross profit in the current year quarter.
    • Net income for the quarter was $19.7 million, which is a $1.9 million decrease compared to net income of $21.6 million in the prior year fourth quarter. The decrease is mostly driven by an increase in net interest expense partially offset by a decrease in income tax provision.

    Full Year 2024

    • Revenue was $762.7 million, an increase of $173.1 million from 2023. The higher revenue in 2024 was due primarily to higher capital and coastal protection project revenues, offset partially by a decrease in rivers and lakes and maintenance project revenue.
    • Gross profit for the full year 2024 was $160.6 million, an improvement of $82.9 million compared to the prior year’s gross profit. Gross margin percentage increased to 21.1% for the full year 2024 from 13.2% for the full year 2023 partially due to improved project performance and more capital and coastal protection revenue, which typically yield higher margins.
    • Operating income for the full year 2024 was $92.8 million, which is a $64.6 million improvement from the prior year. The year-over-year increase is primarily a result of the $82.9 million increase in gross profit, which was partially offset by a $7.4 million gain from the terminated offshore wind contract in 2023 and by higher general and administrative expenses in the current year primarily due to higher incentive pay as a result of improved operational performance this year.
    • Net income for the full year 2024 was $57.3 million, which is a $43.4 million improvement compared to $13.9 million for the full year 2023. This increase is primarily a result of the improved operating income, partially offset by an increase in net interest expense and income tax provision.

    Balance Sheet, Dredging Backlog & Capital Expenditures

    • At December 31, 2024, the Company had $10.2 million in cash and cash equivalents and total long-term debt of $448.2 million including $35 million outstanding against our $300 million revolver.
    • At December 31, 2024, the Company had $1.2 billion in dredging backlog as compared to $1.04 billion at December 31, 2023. Dredging backlog does not include approximately $282.1 million of low bids and options pending award and approximately $44.9 million of performance obligations and $12.7 million in options pending award related to offshore energy.
    • Total capital expenditures for 2024 were $135.7 million compared to $144.8 million for 2023. The 2024 capital expenditures included $72.7 million for the construction of the subsea rock installation vessel, the Acadia, $41.0 million for the Amelia Island, $5.4 million for the completion of the Galveston Island, and $16.6 million for maintenance and growth.

    Market Update

    We continue to see strong support from the Administration for the dredging industry. The 2024 Energy and Water Appropriations Bill provided a record $8.7 billion to the U.S. Army Corps of Engineers (the “Corps”). Additionally, the 2023 Disaster Relief Supplemental Appropriations Act allocated $1.5 billion for infrastructure repairs and beach renourishment projects. The year ended with a record bid market of $2.9 billion, which included a robust beach renourishment market and 13 capital projects.

    The 2025 Corps’ budget is expected to be another record appropriation. On June 28, 2024, the U.S. House of Representatives Energy and Water Appropriations Subcommittee passed their 2025 Appropriations Bill providing the Corps with a budget of $9.96 billion, which is $2.7 billion above the President’s Budget request. The bill includes $5.7 billion for Operations and Maintenance projects, of which $3.1 billion is from the Harbor Maintenance Trust Fund. On August 1, 2024, the Senate Appropriations Committee approved its draft of the 2025 Energy and Water spending bill which provides $10.3 billion in total funding for the Corps. On December 20, 2024, U.S. Congress approved a continuing resolution through March 14, 2025, for the Corps’ Fiscal 2025 budget.

    The Water Resources Development Act (“WRDA”) is renewed every two years and authorizes funding for Corps’ projects related to flood protection, dredging, and ecosystem restoration. WRDA 2022 included funding for deepening New York and New Jersey shipping channels to 55 feet and the Coastal Texas Protection and Restoration Program, which aims to protect the Texas Gulf Coast from hurricanes. On January 4, 2025, President Biden signed WRDA 2024 into law which includes several capital projects and projects designed to enhance flood protection, improve coastal resilience, and support ecosystem restoration.

    We continue to be confident about our growth and diversification plans via our subsea rock installation initiative. As stated previously, we are broadening our targeted SRI markets to include oil and gas pipeline and telecommunications cable protection, and international offshore wind.

    We continue to pursue SRI vessel projects with work planned for 2026 and beyond. Included in the subsea rock installation opportunities are global offshore wind projects. The latest BloombergNEF offshore wind market outlook shows global offshore wind expected to grow tenfold by 2040 with a forecast exceeding 700GW. In addition, market expectations for telecommunication and oil and gas scour protection projects globally are estimated on average to require approximately 2,000 SRI vessel days annually. We believe there is an undersupply of rock placement vessels and we are pursuing opportunities in all the above mentioned markets which are expected to provide the Acadia with work planned for 2026 and beyond.

    Conference Call Information

    The Company will conduct a quarterly conference call, which will be held on Tuesday, February 18, 2025, at 9:00 a.m. C.S.T (10:00 a.m. E.S.T.). Investors and analysts are encouraged to pre-register for the conference call by using the link below. Participants who pre-register will be given a unique PIN to gain immediate access to the call. Pre-registration may be completed at any time up to the call start time.

    To pre-register, go to https://register.vevent.com/register/BI3ee71908023c466fb83abf345f36e0ca

    The live call and replay can also be heard at https://edge.media-server.com/mmc/p/oqt4ireo or on the Company’s website, www.gldd.com, under Events on the Investor Relations page. A copy of the press release will be available on the Company’s website.

     Use of Non-GAAP measures

    Adjusted EBITDA, as provided herein, represents net income from continuing operations, adjusted for net interest expense, income taxes, depreciation and amortization expense, debt extinguishment, accelerated maintenance expense for new international deployments, goodwill or asset impairments and gains on bargain purchase acquisitions. Adjusted EBITDA is not a measure derived in accordance with GAAP. The Company presents Adjusted EBITDA as an additional measure by which to evaluate the Company’s operating trends. The Company believes that Adjusted EBITDA is a measure frequently used to evaluate performance of companies with substantial leverage and that the Company’s primary stakeholders (i.e., its stockholders, bondholders and banks) use Adjusted EBITDA to evaluate the Company’s period to period performance. Additionally, management believes that Adjusted EBITDA provides a transparent measure of the Company’s recurring operating performance and allows management and investors to readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance. For this reason, the Company uses a measure based upon Adjusted EBITDA to assess performance for purposes of determining compensation under the Company’s incentive plan. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, amounts determined in accordance with GAAP including: (a) operating income as an indicator of operating performance or (b) cash flows from operations as a measure of liquidity. As such, the Company’s use of Adjusted EBITDA, instead of a GAAP measure, has limitations as an analytical tool, including the inability to determine profitability or liquidity due to the exclusion of accelerated maintenance expense for new international deployments, goodwill or asset impairments, gains on bargain purchase acquisitions, net interest and income tax expense and the associated significant cash requirements and the exclusion of depreciation and amortization, which represent significant and unavoidable operating costs given the level of indebtedness and capital expenditures needed to maintain the Company’s business. For these reasons, the Company uses operating income to measure the Company’s operating performance and uses Adjusted EBITDA only as a supplement. Adjusted EBITDA is reconciled to net income in the table of financial results. For further explanation, please refer to the Company’s SEC filings.

    The Company

    Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, which is complemented with a long history of performing significant international projects. In addition, Great Lakes is fully engaged in expanding its core business into the offshore energy industry. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 135-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements in this press release may constitute “forward-looking” statements, as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “may,” “would,” “could,” “should,” “seeks,” “are optimistic,” “commitment to” or “scheduled to,” or other similar words, or the negative of these terms or other variations are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements have the benefit of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements with respect to Great Lakes include, but are not limited to: a reduction in government funding for dredging and other contracts, or government cancellation of such contracts, or the inability of the Corps to let bids to market; our ability to qualify as an eligible bidder under government contract criteria and to compete successfully against other qualified bidders in order to obtain government dredging and other contracts; our business and operating results could be adversely affected by the political environment and governmental fiscal and monetary policies; cost over-runs, operating cost inflation and potential claims for liquidated damages, particularly with respect to our fixed cost contracts; the timing of our performance on contracts and new contracts being awarded to us; significant liabilities that could be imposed were we to fail to comply with government contracting regulations; project delays related to the increasingly negative impacts of climate change or other unusual, non-historical weather patterns; costs necessary to operate and maintain our existing vessels and the construction of new vessels; equipment or mechanical failures; pandemic, epidemic or outbreak of an infectious disease; disruptions to our supply chain for procurement of new vessel build materials or maintenance on our existing vessels; capital and operational costs due to environmental regulations; market and regulatory responses to climate change, including proposed regulations concerning emissions reporting and future emissions reduction goals; contract penalties for any projects that are completed late; force majeure events, including natural disasters, war and terrorists’ actions; changes in the amount of our estimated backlog; significant negative changes attributable to large, single customer contracts; our ability to obtain financing for the construction of new vessels, including our new offshore energy vessel; our ability to secure contracts to utilize our new offshore energy vessel; unforeseen delays and cost overruns related to the construction of our new vessels; any failure to comply with the Jones Act provisions on coastwise trade, or if those provisions were modified or repealed; our ability to comply with anti-discrimination laws, including those pertaining to diversity, equity and inclusion programs; fluctuations in fuel prices, particularly given our dependence on petroleum-based products; impacts of nationwide inflation on procurement of new build and vessel maintenance materials; our ability to obtain bonding or letters of credit and risks associated with draws by the surety on outstanding bonds or calls by the beneficiary on outstanding letters of credit; acquisition integration and consolidation, including transaction expenses, unexpected liabilities and operational challenges and risks; divestitures and discontinued operations, including retained liabilities from businesses that we sell or discontinue; potential penalties and reputational damage as a result of legal and regulatory proceedings; any liabilities imposed on us for the obligations of joint ventures, partners and subcontractors; increased costs of certain material used in our operations due to newly imposed tariffs; unionized labor force work stoppages; any liabilities for job-related claims under federal law, which does not provide for the liability limitations typically present under state law; operational hazards, including any liabilities or losses relating to personal or property damage resulting from our operations; our substantial amount of indebtedness, which makes us more vulnerable to adverse economic and competitive conditions; restrictions on the operation of our business imposed by financing terms and covenants; impacts of adverse capital and credit market conditions on our ability to meet liquidity needs and access capital; limitations on our hedging strategy imposed by statutory and regulatory requirements for derivative transactions; foreign exchange risks, in particular, as it relates to the new offshore energy vessel build; losses attributable to our investments in privately financed projects; restrictions on foreign ownership of our common stock; restrictions imposed by Delaware law and our charter on takeover transactions that stockholders may consider to be favorable; restrictions on our ability to declare dividends imposed by our financing agreements or Delaware law; significant fluctuations in the market price of our common stock, which may make it difficult for holders to resell our common stock when they want or at prices that they find attractive; changes in previously recorded net revenue and profit as a result of the significant estimates made in connection with our methods of accounting for recognized revenue; maintaining an adequate level of insurance coverage; our ability to find, attract and retain key personnel and skilled labor; disruptions, failures, data corruptions, cyber-based attacks or security breaches of the information technology systems on which we rely to conduct our business; and impairments of our goodwill or other intangible assets. For additional information on these and other risks and uncertainties, please see Item 1A. “Risk Factors” of Great Lakes’ Annual Report on our most recent Form 10-K, Item 1A. “Risk Factors” of Great Lakes’ Quarterly Report on Form 10-Q, and in other securities filings by Great Lakes with the SEC.

    Although Great Lakes believes that its plans, intentions and expectations reflected in or suggested by such forward looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Great Lakes’ future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

    For further information contact:
    Tina Baginskis
    Director, Investor Relations
    630-574-3024

    Homebuyer and Homebuilder Confidence Dips Amid Economic Pressures

    Posted on by slightbourne@noblecapitalmarkets.com
    Key Points:
    – New tariffs on building materials and sustained high mortgage rates are dampening homebuilder confidence.
    – Delinquency on government-backed loans is increasing, signaling strain among lower-income homeowners.
    – Inflation and interest rates continue to influence housing affordability, with potential broader market implications.

    In a troubling sign for the U.S. housing market, homebuilder confidence has plummeted to its lowest level in five months, primarily due to rising costs from new tariffs and high mortgage rates. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index dropped to 42 in February, down from expectations of 46, indicating more builders view current conditions as poor. This downturn comes at a time when President Trump’s new tariffs on steel and aluminum, set to impact construction costs, are causing significant concern among builders.

    Simultaneously, the mortgage landscape is growing more challenging for homeowners, particularly those with government-backed loans. Delinquency rates on Federal Housing Administration (FHA) and Veterans Affairs (VA) loans have surged past pre-pandemic levels, reaching 11.03% and 4.7% respectively. This rise underscores the financial strain felt by lower-income brackets amidst persistent inflation and elevated borrowing costs. Despite a slight decrease in interest rates in late 2024, the current economic climate has left many homeowners struggling to keep up with their mortgage payments, with job loss and excessive debt cited as major reasons for delinquency.

    The broader economic implications are significant. While conventional mortgage delinquencies remain near historical lows, the uptick in FHA and VA loan issues might foreshadow a wider trend if economic conditions do not improve. Analysts like James Knightley from ING point out that while higher-income households might have seen benefits from stock market gains, the lower-income segment is feeling the squeeze from both rising costs and stagnant or reduced real income.

    Moreover, recent data from ICE Mortgage Technology suggests that even high-income earners are beginning to show signs of financial stress, with delinquencies on various types of debt increasing. This could signal a more widespread economic downturn if not addressed. The housing market, often a bellwether for economic health, is thus at a critical juncture, with builders and buyers alike looking for signs of relief or further policy adjustments to navigate these turbulent times.

    The current scenario might lead to a more cautious approach from builders. With 26% of builders cutting home prices in February and 59% offering incentives, it’s clear the market is feeling the pressure. Additionally, the NAHB survey’s indicators for future sales and buyer traffic have seen significant declines, suggesting a potential slowdown in housing activity unless there are interventions to ease the financial burden on potential buyers and builders alike.

    As the market braces for these economic headwinds, stakeholders are watching closely for any policy shifts that could alleviate the pressures on the housing sector. Whether through regulatory reforms, adjustments in monetary policy, or international trade negotiations to mitigate tariff impacts, the path forward for housing will be shaped by how these challenges are met.

    The ripple effects of these economic pressures could extend beyond the housing market, potentially impacting related industries like construction materials, home furnishing, and real estate services. There’s a growing concern that if the housing market continues to struggle, it might pull down consumer spending, which constitutes a significant portion of U.S. GDP, leading to a broader economic slowdown.

    In response, some in the industry are calling for more robust support mechanisms, like expanded first-time buyer incentives or government-backed initiatives to stimulate construction activity. The hope is that such measures could help stabilize the market and protect the livelihoods of those dependent on the housing sector, while also ensuring that the American dream of homeownership remains within reach for the next generation.

    Release – GeoVax Pledges Continued Support for Vaccine Innovation, Transparency, and Public Health

    Posted on by aweinsoff@channelchek.com

    Research News and Market Data on GOVX

    GeoVax’s Vaccine Development Programs Align with Anticipated HHS Focus on Vaccine Safety, Diversification and Domestic Biosecurity

    ATLANTA, GA, February 18, 2025 – GeoVax Labs, Inc. (Nasdaq: GOVX), a leader in vaccine and immunotherapy development, congratulates Robert F. Kennedy, Jr. on his confirmation as Secretary of the U.S. Department of Health and Human Services (HHS). RFK Jr.’s appointment provides a significant opportunity for healthcare innovation, transparency, and public trust, reinforcing national priorities such as vaccine safety, diversified vaccine platforms, and strengthened domestic manufacturing. GeoVax stands ready to support these initiatives by delivering next-generation vaccines and advanced vaccine manufacturing technology that enhance biosecurity, public health resilience, and vaccine confidence.

    GeoVax’s Commitment to a Robust, Transparent and Secure Vaccine Future

    GeoVax’s mission aligns closely with the new administration’s policy priorities, particularly in reducing reliance on foreign pharmaceutical supply chains, increasing vaccine safety and durability, and ensuring access for underserved populations. The Company’s proprietary Modified Vaccinia Ankara (MVA) platform offers a promising alternative to other vaccine technologies such as mRNA, providing broad-spectrum, durable immunity across multiple infectious diseases via a recognized safe vaccine platform.

    Key initiatives supporting the goals for vaccine safety and transparency include:

    • Diversified Vaccine Development – GeoVax’s GEO-CM04S1, a next-generation COVID-19 vaccine, and GEO-MVA, a dual-purpose Mpox and smallpox vaccine, align with the advocacy for alternative vaccine platforms beyond mRNA. These vaccines are designed to offer long-term immunity with a well-documented safety profile.
    • Transparency as a Pillar of Public Trust – As David Dodd, Chairman and CEO of GeoVax, has emphasized, restoring trust in vaccines requires clear communication, open regulatory processes, and full transparency regarding safety, efficacy, and potential risks. GeoVax supports the call for greater industry accountability and public engagement, ensuring that vaccine development aligns with the highest standards of ethical science.
    • Strengthening U.S. Biosecurity – GeoVax’s anticipated domestic vaccine manufacturing capabilities reinforce the bipartisan legislative commitment to reducing dependence on foreign pharmaceutical supply chains, thereby enhancing national pandemic preparedness.
    • Ethical Vaccine Development & Public Confidence – GeoVax embraces open regulatory processes, rigorous safety standards, and public access to data, ensuring confidence in its vaccines. These principles align with the call for increased scrutiny and transparency in vaccine development and approval.
    • Equitable Access & Global Preparedness – With cost-effective, scalable technology that does not require ultra-cold storage, GeoVax’s vaccines are well-suited for domestic and global distribution, ensuring broad access to critical immunizations, particularly for immunocompromised and underserved communities.

    David Dodd: “Transparency is the Key to Restoring Vaccine Trust”

    Reflecting on the challenges of vaccine hesitancy, David Dodd has been a vocal advocate for transparency in vaccine development and regulatory processes. In a recent op-ed, he emphasized: “Trust in vaccines has become a critical battleground for public health. Addressing public concerns openly and honestly is the only way to bridge the growing divide between science and skepticism. Transparency is a necessity, not an option. GeoVax remains committed to clear communication, scientific integrity, and ensuring that public confidence in vaccines is based on facts, not fear.” (https://www.genengnews.com/topics/translational-medicine/a-call-to-action-building-vaccine-trust-through-transparency/)

    This perspective directly supports the stated goals of strengthening public trust, reducing regulatory opacity, and ensuring vaccine safety through independent oversight. GeoVax’s proactive approach to transparent vaccine development is a model for responsible biotech leadership.

    A New Era for U.S. Healthcare and Pandemic Preparedness

    RFK Jr.’s confirmation as HHS Secretary provides a renewed opportunity in support of vaccine diversification, transparency, and strategic biomanufacturing initiatives. GeoVax’s innovative vaccine pipeline supports these goals, positioning the Company as a vital partner in safeguarding national and global public health.

    GeoVax’s vaccine development strategy builds upon successful national initiatives, such as Operation Warp Speed and Project NextGen, by prioritizing pandemic preparedness and biosecurity resilience. Through continued engagement with federal agencies and global health organizations, the Company seeks to accelerate vaccine development, expand domestic manufacturing, and enhance pandemic response efforts.

    David Dodd, Chairman and CEO of GeoVax, stated: “Secretary Kennedy’s confirmation presents an opportunity to redefine public health with greater emphasis on safety, accessibility, and innovation. GeoVax proudly supports the commitment to reducing dependence on foreign pharmaceutical supply chains, diversifying vaccine technology, and restoring trust in public health solutions. We stand ready to collaborate with HHS and other healthcare stakeholders to advance a safer, more resilient healthcare future.”

    About GeoVax

    GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel vaccines for many of the world’s most threatening infectious diseases and therapies for solid tumor cancers. The company’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine for which GeoVax was recently awarded a BARDA-funded contract to sponsor a 10,000-participant Phase 2b clinical trial to evaluate the efficacy of GEO-CM04S1 versus an approved COVID-19 vaccine. In addition, GEO-CM04S1 is currently in three Phase 2 clinical trials, being evaluated as (1) a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, (2) a booster vaccine in patients with chronic lymphocytic leukemia (CLL) and (3) a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. In oncology the lead clinical program is evaluating a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, having recently completed a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. A Phase 2 clinical trial in first recurrent head and neck cancer, evaluating Gedeptin® combined with an immune checkpoint inhibitor is planned. GeoVax has a strong IP portfolio in support of its technologies and product candidates, holding worldwide rights for its technologies and products. The Company has a leadership team who have driven significant value creation across multiple life science companies over the past several decades. For more information about the current status of our clinical trials and other updates, visit our website: www.geovax.com.

    Forward-Looking Statements

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

    Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. 

    Company Contact: Investor Relations Contact: Media Contact:
    info@geovax.com                             austin.murtagh@precisionaq.com                         sr@roberts-communications.com 
    678-384-7220 212-698-8696 202-779-0929