The 10-Year Treasury Just Hit Its Highest Level Since 2023

The 10-year Treasury yield touched 4.814% Wednesday, its highest level since November 2023, before easing slightly to 4.77%. The 30-year yield sat at 5.26%, still hovering near the multi-decade highs that rattled markets last month. This is not a new, isolated story. It is the direct convergence of three separate threads that have each been building independently over recent weeks.

The first is oil. Crude prices pushed toward $95 a barrel this week after fresh US strikes on Iran, extending the renewed escalation we covered when fighting resumed after the earlier ceasefire lapsed. Elevated energy prices continue feeding directly into inflation expectations, and rising inflation expectations are one of the most reliable drivers of higher long-term bond yields.

The second is the Fed itself. Chair Kevin Warsh’s hawkish tone at his debut Jackson Hole speech last week set the stage, and Fed Governor Michelle Barr reinforced that posture Tuesday, stating the central bank should raise rates in September if inflation does not show sufficient signs of moderating. Prediction markets responded accordingly, with odds of a September rate hike on Polymarket climbing to 56% following Warsh’s initial remarks, up meaningfully from where they stood before Jackson Hole.

The third thread is less obvious but genuinely important. Rising yields are not only about oil and Fed policy, they also reflect growing investor concern over government debt levels and expanding fiscal deficits, alongside a separate but related dynamic in corporate debt markets. Technology companies building out AI infrastructure are increasingly turning to bond markets to fund that buildout, since the scale of spending required has outpaced what free cash flow alone can cover, a dynamic we detailed closely when BlackRock priced its $12.3 billion data center bond offering for Meta and when CoreWeave raised its own capital expenditure guidance earlier this summer. That wave of new corporate debt issuance adds further supply pressure to long-term bond markets at the exact moment government borrowing is already elevated, a combination that tends to push yields higher independent of any single catalyst.

The market reaction Wednesday reflected this convergence clearly. Rate-sensitive technology and growth stocks sold off sharply, with several names in the AI infrastructure and networking space falling double digits on the day, a pattern consistent with what happens whenever long-term borrowing costs move decisively higher.

For companies operating below the $2 billion market cap threshold, this is precisely the kind of environment worth watching closely. Small and microcap companies carry disproportionately more variable-rate debt than large cap peers, and when oil, Fed policy expectations, and corporate debt supply are all pushing in the same direction simultaneously, the resulting pressure on borrowing costs tends to be more durable and harder to reverse with any single piece of good news. The individual pieces of this story are all familiar. What matters now is that they are no longer moving independently, they are compounding.

T3 Defense (DFNS) – Update With Management


Wednesday, September 02, 2026

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

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

Overview. We had an opportunity to speak with T3 management about second quarter results. In brief, results were mostly in-line with management’s expectations. Opportunities remain abundant; we are particularly interested to see how the licensing of Tiltan’s Majestic.ai software unfolds. We view this as a major opportunity.

2H26. Management noted improving backlogs at certain subsidiaries, which should help drive second-half 2026 results. In addition, management continues to integrate and optimize the acquisitions completed earlier this year. The M&A pipeline remains robust and, in spite of the Project 35 outcome (see below), we believe the Company will complete one or more acquisitions before the end of 2026.


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

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

Kratos Defense & Security (KTOS) – Award Momentum Continuing


Wednesday, September 02, 2026

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

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

Award Momentum Continues. Recent data points to continued award momentum for Kratos across the Company’s business segments. While the possibility of another Continuing Resolution remains, we remain convinced Kratos is on the right path to achieve its business targets.

SATCOM Order. Yesterday, the Company announced a contract valued at more than $20 million to deliver mobile satellite communication (SATCOM) gateways for a defense customer in Asia. This award strengthens Kratos’ position as a leader in transportable antennas and ground system technologies as well as expands Kratos’ presence in the Asia-Pacific region.


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 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. 

Eli Lilly Pays Up to $2.9 Billion for a Biotech That Deletes the Antibodies Making People Sick

Eli Lilly (NYSE: LLY) announced Monday it has agreed to acquire privately held Merida Biosciences in an all-cash deal worth up to $2.875 billion, adding a genuinely distinct approach to autoimmune and allergic disease treatment to its growing immunology pipeline. The transaction includes an upfront cash payment plus additional milestone payments tied to future development and regulatory progress, though Lilly has not disclosed the specific breakdown between the two. The deal is expected to close in the fourth quarter of 2026, subject to regulatory approval.

What makes Merida’s science genuinely interesting is the mechanism itself. Most existing treatments for autoimmune conditions work by broadly suppressing the immune system, which can control symptoms but often leaves patients more vulnerable to infection and other side effects. Merida is developing biologics engineered to do something more precise, selectively identifying and eliminating the specific malfunctioning antibodies, known as autoantibodies, that are actually causing a given disease, while leaving the rest of the immune system intact.

That broader shift toward precision, antibody-targeted immunology is playing out across the sector, not just at Lilly. Smaller clinical-stage companies like Eledon Pharmaceuticals are pursuing a related but distinct approach, targeting the CD40L signaling pathway that drives the immune system’s production of pathogenic antibodies in the first place, rather than eliminating those antibodies after they’ve formed. Eledon’s lead candidate is currently in development for organ transplant rejection and other immune-mediated conditions, illustrating how the industry is converging on more targeted immune intervention from multiple different angles simultaneously.

The company’s lead program, MER511, is currently in Phase 1 development for Graves’ disease and thyroid eye disease, two related conditions caused by autoantibodies that overactivate the thyroid-stimulating hormone receptor. Graves’ disease affects an estimated 3 million people in the United States alone, causing an overactive thyroid, while thyroid eye disease can lead to inflammation, eye bulging, double vision, and in severe cases, permanent vision impairment. Early data has reportedly shown the drug substantially lowering the specific antibodies driving both conditions, alongside a favorable initial safety profile.

Beyond its lead asset, Merida’s pipeline includes MER769, an earlier-stage program targeting the antibody responsible for food allergy, asthma, and chronic spontaneous urticaria, along with additional early research in kidney conditions such as membranous nephropathy. That breadth is part of the appeal for Lilly, since a single validated approach to eliminating disease-causing antibodies could theoretically be applied across a range of otherwise unrelated conditions, giving the acquisition multiple potential paths to commercial value rather than resting on one single drug candidate.

This acquisition continues a pattern that has defined Lilly’s strategy through much of 2026. Flush with cash from the success of its weight-loss and diabetes franchise, the company has been unusually active on the acquisition front this year, using that financial strength to diversify its pipeline well beyond obesity and metabolic disease and into other high-value therapeutic categories, immunology chief among them.

For investors tracking the small and microcap biotech space, this deal reinforces a theme that has run through nearly every major pharma acquisition this year. Large, well-capitalized companies continue to pay significant premiums for clinical-stage biotechs with a genuinely differentiated mechanism of action, even when that science is still in early-stage trials with no approved product or meaningful revenue yet. What matters most to these acquirers is a validated, novel approach to a disease category with real unmet need, precisely what Merida’s precision antibody-elimination platform represents here. That pattern is worth watching closely, since it continues to set the valuation benchmark for smaller, independent biotechs pursuing similarly differentiated science across immunology and beyond.

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

InPlay Oil logo

Research News and Market Data on IPOOF

Sep 01, 2026, 07:30 ET

CALGARY, AB, Sept. 1, 2026 /CNW/ — InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) is pleased to confirm that its Board of Directors has declared a monthly cash dividend of $0.09 per common share payable on September 29, 2026, to shareholders of record at the close of business on September 15, 2026. The monthly cash dividend is expected to be designated as an “eligible dividend” for Canadian federal and provincial income tax purposes.

About InPlay Oil Corp.

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

www.inplayoil.com 

SOURCE InPlay Oil Corp.

For further information please contact: Doug Bartole, President and Chief Executive Officer, InPlay Oil Corp., Telephone: (587) 955-0632; Darren Dittmer, Chief Financial Officer, InPlay Oil Corp., Telephone: (587) 955-0634

Release – Kratos Wins $20 Million Contract to Deliver Mobile SATCOM Gateways for Resilient Defense Network

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Research News and Market Data on KTOS

September 1, 2026

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SAN DIEGO, Sept. 01, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in defense, national security and global markets, announced today that it has been awarded a contract valued at more than $20 million to deliver mobile satellite communication (SATCOM) gateways for a defense customer in Asia.

Around the world, fixed communications infrastructure is becoming increasingly vulnerable to emerging threats. Recent conflicts and contested environments have shown that stationary SATCOM facilities can be easily targeted or disrupted, and modern operations often face denied spectrum and damaged public networks. These conditions highlight a critical need for defense organizations to deploy mobile SATCOM gateways that can maintain secure, reliable connectivity when traditional systems fail. With this capability, warfighters gain access to real‑time situational awareness and mission‑critical data where and when it matters most.

As part of the system, Kratos will deliver its rapid‑deployable, truck‑mounted Trifold® transportable antennas that can be deployed without any special tools and ready to discretely transport at a moment’s notice. These Trifold® antennas are integrated into the mobile SATCOM hub that provides high‑throughput, dependable communications in dynamic field environments.

The turnkey system also incorporates a shelter containing baseband platforms and advanced monitoring software, including Kratos’ Compass® product for complete monitor‑and‑control (M&C) of mission‑critical networks, and Kratos’ Monics® product for spectrum monitoring and interference detection, forming a cohesive and resilient mobile gateway tailored for defense operations.

This award strengthens Kratos’ position as a leader in transportable antennas and ground system technologies. The program also expands Kratos’ presence in the Asia-Pacific region and reinforces the company’s role as a trusted provider of advanced, resilient communications systems for defense applications worldwide.

“This capability is ultimately about giving operators on the ground what they need most: dependable communications they can count on in the middle of fast-moving missions,” said John Chay, Vice President of Business Development in Asia, at Kratos. “When fixed infrastructure is compromised, this mobile gateway lets warfighters stay connected, aware, and supported wherever the mission takes them.”

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control and telemetry, tracking and control, jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter unmanned aircraft systems, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com and follow Kratos on LinkedIn and X.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether because of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 28, 2025, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the Security and Exchange Commission by Kratos.

Press Contact: 
Claire Cantrell
[email protected]

Investor Relations: 
877-934-4687
[email protected]

Release – Snail Games Announces Conditional Decision by Nasdaq to Continue Listing Class A Common Stock

Snail, Inc logo

Research News and Market Data on SNAL

September 1, 2026 at 9:00 AM EDT

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CULVER CITY, Calif., Sept. 01, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading independent global developer and publisher of interactive digital entertainment, today announced that it has received a written decision from the Nasdaq Hearings Panel (the “Panel”) of The Nasdaq Stock Market LLC (“Nasdaq”) granting the Company’s request to continue listing its Class A Common Stock, par value $0.0001 per share (the “Class A Common Stock”) on The Nasdaq Capital Market, subject to the Company demonstrating compliance with Nasdaq Listing Rule 5550(b) by obtaining a minimum stockholders’ equity of at least $2,500,000 (the “Equity Rule”) within a prescribed time period and filing timely public disclosure (i) describing the transactions undertaken by the Company to achieve such compliance and demonstrate long long-term compliance with the Equity Rule and (ii) providing an indication of its equity following those transactions.

The Panel’s decision also requires the Company to provide prompt notification of any significant events occurring during the prescribed time period that may affect the Company’s compliance with Nasdaq requirements, including any event that may call into question the Company’s ability to meet the terms of the Panel’s decision. The Panel has reserved the right to reconsider the terms of its decision based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing of the Company’s securities on Nasdaq inadvisable or unwarranted. The foregoing summarizes certain terms of the Panel’s decision and does not describe all of the terms and conditions of the decision.

The Company’s Class A Common Stock will continue to be listed and traded on The Nasdaq Capital Market under the symbol “SNAL” during the prescribed time period, subject to the Company’s satisfaction of the conditions set forth in the Panel’s decision. The Company is working to regain compliance with the Equity Rule. Any compliance submission by the Company will be subject to review by the Panel. There can be no assurance that the Company will satisfy the conditions of the Panel’s decision or otherwise regain compliance with the applicable listing requirements, and a failure to do so would result in the delisting of the Company’s securities from Nasdaq.

About Snail, Inc.

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

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. These forward-looking statements include information about possible or assumed future results of Snail Games’ business, financial condition, results of operations, liquidity, plans and objectives. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding the Company’s satisfaction of the conditions set forth in the Panel’s decision and demonstrating compliance with the Nasdaq Listing Rules, including Nasdaq Listing Rule 5550(b), and filing any related public disclosures; the Company providing notifications to Nasdaq of any significant events occurring in the future and such events’ effect on the Company’s compliance with Nasdaq requirements; the Panel’s potential reconsideration of the terms of its decision; the Company’s Class A Common Stock continuing to be listed and traded on The Nasdaq Capital Market; and the consequences of any failure to regain compliance with applicable listing requirements; and assumptions underlying any of the foregoing. Further information on risks, uncertainties and other factors that could affect Snail Games’ financial results and business is included in its filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its ability to demonstrate compliance with Nasdaq Listing Rule 5550(b) within the prescribed time period and the other risk factors set forth in its most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management’s beliefs and assumptions and on information currently available to Snail Games, and Snail Games does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Contact:

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

Release – First Phosphate Reports Annual Meeting Results, Substantial Increase in Shareholder Base and Adoption of Advance Notice Policy

First Phosphate Corp.

Research News and Market Data on PHOS

September 01, 2026 8:10 AM EDT | Source: First Phosphate Corp.

Saguenay, Québec–(Newsfile Corp. – September 1, 2026) – First Phosphate Corp (NASDAQ: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to report the voting results for the Company’s Annual General and Special Meeting of Shareholders (the “Meeting“) held on August 28, 2026.

Voting Results

Detailed voting results of the election of the Company’s board of directors (the “Board“) are set out below:

NomineeVotes For% ForVotes Withheld% Withheld
John Passalacqua65,681,59399.52%317,5150.48%
Laurence W. Zeifman63,839,04996.73%2,160,0593.27%
Bennett Kurtz65,673,95899.51%325,1500.49%
Peter Nicholson65,691,48999.53%307,6190.47%
Peter Kent64,335,30197.48%1,663,8072.52%

All nominees, as set forth in the Company’s Management Information Circular dated July 29, 2026 (the “Circular“), were elected as directors of First Phosphate at the Meeting.

At the Meeting, shareholders also approved: (1) the number of directors to be fixed at five, (2) the appointment of Davidson & Company LLP as auditor of the Company for the ensuing year and authorizing the Board to fix the remuneration of the auditor, (3) the Company’s advance notice policy (the “Policy“); and (4) the re-approval of the Company’s omnibus equity incentive plan, all as more particularly described in the Circular.

MatterVotes For% ForVotes Against – Withheld% Against – Withheld
Number of directors65,594,44699.39%404,6620.61%
Appointment of auditors64,206,06197.28%1,793,0472.72%
Advance Notice Policy64,112,94297.14%1,886,1662.86%
Re-Approve Equity Incentive Plan63,654,83196.45%2,344,2773.55%

For further information regarding the matters considered at the Meeting, readers are encouraged to review the Circular, a copy of which is available under the profile for the Company on SEDAR+ (www.sedarplus.ca).

Increase in Shareholder Base

The Company is pleased to announce that its shareholders on record for the 2026 Meeting increased by 861% over the 2025 Meeting. The total registered shareholders reported are based on the registrar of the Company’s transfer agent plus beneficial shareholders reported by Broadridge.

AGM Record DateShareholders
202612,501
20251,301
2024861
2023800
2022307

The Company believes that this increase in shareholders represents a positive sign of maturation in the Company’s corporate development, one that can be attributed to successful financings, management’s commitment to results, and a broader understanding and appreciation of the Company’s vision, initiatives and opportunities, among both retail and institutional investors.

Advance Notice Policy

The Board has, effective immediately, adopted the Policy which, among other things, and subject to certain exceptions, sets forth a procedure requiring advance notice to the Company by any shareholder who intends to nominate any person for election as director of the Company at a meeting of shareholders at which directors are to be elected. For additional details, please consult the full text of the Policy included in the Circular.

The Board believes that the Policy provides a clear and transparent process for all shareholders to follow, if they intend to nominate directors, by providing a reasonable time frame for shareholders to notify the Company of their intention to nominate directors and requiring shareholders to disclose information concerning proposed nominees that is mandated by applicable securities laws.

The Policy enables the Board to evaluate the proposed nominees’ qualifications and suitability as directors and respond as appropriate in the best interests of the Company.

About First Phosphate Corp

First Phosphate (NASDAQ: PHOS) (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) is a mineral exploration and development and clean technology company dedicated to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America. Target markets include energy storage, data centers, robotics, mobility, and national security. First Phosphate’s flagship Bégin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Québec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.

For additional information, please contact:

Bennett Kurtz
Chief Financial Officer
Tel: +1 (416) 200-0657

Investor Relations: https://firstphosphate.com/investors
General Inquiries: https://firstphosphate.com/contact
Website: www.FirstPhosphate.com

Follow First Phosphate:

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

-30-

Forward-Looking Information and Cautionary Statements

This news release contains certain statements and information that may be considered “forward-looking statements” and “forward looking information” within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things: that engineering and construction timetables and capital costs for the Company’s, exploration, development and expansion projects are correctly estimated and not affected by unforeseen circumstances; the ability to obtain financing for its proposed operations on acceptable terms; no material deterioration in general business and economic conditions; no material delays in obtaining permits and other approvals; no significant disruptions affecting the activities of the Company or its ability to access required project equipment and services, and operating supplies in sufficient quantities and on a timely basis; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the ability to complete the exploration and development programs consistent with the Company’s expectations; commodity price expectations including assumptions for P2O5; the Company’s relationship with local municipalities and First Nations remaining consistent with the Company’s expectations; the Company’s relationship with other third-party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained in this release is qualified by these cautionary statements.

info

Source: First Phosphate Corp.

Release – Ocugen Announces First Patient Dosed in Phase 3 Registrational Trial of OCU410 Modifier Gene Therapy for Geographic Atrophy Secondary to Dry Age-Related Macular Degeneration

Research News and Market Data on OCGN

September 1, 2026

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  • The single global Phase 3 trial, ArMaDa3 (NCT07770828), is the first pivotal gene therapy trial in geographic atrophy (GA)
  • U.S. Food and Drug Administration (FDA) granted OCU410 Regenerative Medicine Advanced Therapy (RMAT) designation, providing enhanced agency engagement throughout development and eligibility for accelerated approval and priority review
  • Phase 3 design fully aligned with FDA; Biologics License Application (BLA) filing anticipated in 2028
  • OCU410 is designed as a one-time subretinal gene therapy that addresses multiple disease pathways, offering a differentiated approach from approved complement inhibitors in the U.S. which address individual disease pathways and require ongoing intravitreal injections

MALVERN, Pa., Sept. 01, 2026 (GLOBE NEWSWIRE) — OcugenInc. (“Ocugen” or the “Company”) (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, today announced that the first patient was dosed in the global Phase 3 registrational trial of OCU410 (AAV5-hRORA), its first-in-class modifier gene therapy candidate for GA secondary to dry age-related macular degeneration (dAMD). The Company also highlighted the recent FDA RMAT designation for OCU410, which supports a potential accelerated development and review pathway for the program.

“Dosing the first patient in our global Phase 3 trial, just weeks after receiving RMAT designation, marks a defining moment for the OCU410 program – and for the millions of people living with geographic atrophy. Outside the U.S., there are currently no approved treatments for GA, while in the U.S., available treatment options address only one of the four disease pathways and require ongoing, repeated eye injections,” said Dr. Shankar Musunuri, Chairman, Chief Executive Officer, and Co-Founder of Ocugen. “This is our third modifier gene therapy program to advance into late-stage development, demonstrating the strength of our platform and our vision for potentially delivering a one-time treatment for life.”

The initiation of dosing follows the successful completion of a Type B End-of-Phase 2 (EOP2) meeting with FDA’s Center for Biologics Evaluation and Research (CBER) in July 2026, resulting in alignment on all critical Phase 3 design elements, including primary and secondary endpoints, dose, adaptive design, and a single pivotal trial pathway to support a BLA.

“We are entering a global single Phase 3 with a well-defined program: a dose validated in a randomized, controlled Phase 2 study; an FDA-endorsed primary endpoint measuring the rate of lesion growth; and a secondary endpoint assessing functional vision,” said Mohamed Genead, MD, Chief Medical Officer of Ocugen. “The Phase 3 program builds on compelling 12-month Phase 2 data, which demonstrated a statistically significant 31% reduction in lesion growth with the optimal dose compared with control following a single subretinal injection, along with concordant preservation of the ellipsoid zone and no drug-related serious adverse events (SAEs) or adverse events of special interest (AESIs).”

OCU410 delivers the human retinoid-related orphan receptor alpha (RORA) modifier gene via a single subretinal injection of an AAV5 vector. Unlike therapies targeting a single pathway, OCU410 is designed to simultaneously address multiple pathophysiological drivers of GA-complement overactivation, chronic inflammation, oxidative stress, and lipid dysregulation. GA affects approximately 2–3 million people in the U.S. and Europe and is a leading cause of irreversible central vision loss in older adults, with prevalence expected to rise as the population ages.

According to study investigator Victor Gonzalez, MD, “Patients with geographic atrophy continue to face irreversible structural and functional loss of the retina, along with limited treatment options. The OCU410 Phase 3 study provides an important opportunity to evaluate a novel, potential one-time gene therapy approach that could lessen the burden of current treatments in the U.S., which require patients to undergo multiple injections every year.”

Global Phase 3 Registrational Trial Design
The Phase 3 trial is a global, multicenter, randomized, controlled study enrolling 237 subjects with GA secondary to dAMD, randomized 2:1 to a single 200 µL subretinal injection of OCU410 (5×1010 vg/mL) or an untreated control arm, with sites in the United States, Canada, Europe, and Latin America.

  • Primary endpoint: Rate of change of square root-transformed GA lesion area (√mm²/year) by fundus autofluorescence (FAF) at baseline, Month 4, Month 8, and Month 12, analyzed by MMRM.
  • Secondary endpoints: Proportion of subjects with Low-Luminance Visual Acuity (LLVA) loss ≥15 ETDRS letters at two consecutive visits through Month 12, providing a functional vision anchor to the primary anatomic endpoint; and rate of change of ellipsoid zone (EZ) area loss by SD-OCT.
  • Regulatory path: A single, adequate and well-controlled Phase 3 trial, aligned with FDA feedback, is intended to support a BLA filing anticipated in 2028. Discussions are ongoing with the European Medicines Agency (EMA) regarding alignment to potentially support a marketing authorization application (MAA) in Europe with this single Phase 3 trial.

RMAT Designation: Regulatory and Strategic Significance
On July 29, 2026, FDA granted RMAT designation to OCU410 based on Phase 2 clinical data demonstrating clinically meaningful efficacy and a favorable safety profile, with no serious adverse events related to OCU410 reported. RMAT designation is granted to regenerative medicine therapies intended to treat serious or life-threatening conditions where preliminary clinical evidence indicates the potential to address an unmet medical need.

For the OCU410 program, RMAT designation provides:

  • Eligibility for accelerated approval and priority review, which may compress the time from BLA submission to potential market entry.
  • All benefits of Breakthrough Therapy designation, including intensive FDA guidance on efficient development and organizational commitment involving senior FDA leadership.
  • Early and frequent FDA interactions on the use of surrogate and intermediate clinical endpoints reasonably likely to predict long-term clinical benefit-directly relevant to OCU410’s FAF-based anatomic primary endpoint.
  • Potential flexibility in satisfying post-approval requirements, including through expanded patient registries or real-world evidence.

Taken together with FDA alignment on the Phase 3 design and the initiation of dosing, RMAT designation further de-risks the regulatory pathway for OCU410 and reinforces the differentiation of a one-time, multi-pathway gene therapy in a GA market currently served only by chronically administered intravitreal complement inhibitors.

Supporting Phase 2 ArMaDa Data
The Phase 3 trial and the RMAT designation are supported by 12-month data from the Phase 2 ArMaDa trial (NCT06018558), a multicenter, randomized, controlled study of 51 subjects with GA secondary to dAMD.

  • Lesion growth (FAF): 31% reduction in GA lesion area growth rate in the medium dose group versus control at 12 months (p < 0.05) in the pivotal phase 3 population (lesion size of ≥2.5 mm2 and ≤17.5 mm2), a potential 2× treatment benefit relative to the 15% and 22% reductions reported for currently approved therapies in the U.S. at 12 and 24 months, respectively.
  • EZ preservation (SD-OCT): 27% reduction in ellipsoid zone area loss in the medium dose group versus control, a structural correlate of visual function.
  • Responder analysis: In the medium dose group, approximately 20% of treated subjects showed no disease progression; 75% demonstrated >30% reduction in lesion growth at 12 months.
  • Safety: No OCU410-related serious adverse events (SAEs) or adverse events of special interest (AESIs) reported to date.

About OCU410
OCU410 (AAV5-hRORA) is Ocugen’s investigational first-in-class modifier gene therapy, delivering the RORA gene via a single unilateral subretinal injection to regulate complement activation, neuroinflammation, oxidative stress, and lipid metabolism – multiple pathways implicated in the pathogenesis of GA. OCU410 has received RMAT designation from the FDA and Advanced Therapy Medicinal Product classification from the European Medicines Agency’s Committee for Advanced Therapies.

About Ocugen, Inc.
Ocugen, Inc. is a pioneering biotechnology company developing gene therapies for blindness diseases. The Company’s breakthrough modifier gene therapy platform has the potential to address significant unmet medical needs across large patient populations through a gene-agnostic approach. Unlike traditional gene therapies and gene-editing technologies that target a single gene mutation, Ocugen’s modifier gene therapies are designed to address the underlying disease biology by restoring balance across multiple gene networks. The Company is currently advancing programs for inherited retinal diseases and other causes of blindness that affect millions worldwide, including retinitis pigmentosa, Stargardt disease, and geographic atrophy, an advanced form of dry age-related macular degeneration. Discover more at www.ocugen.com and follow us on LinkedIn and X.

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

Contacts
Investors:
Candice Masse
astr partners
[email protected]

Media:
Chris Clark
[email protected]

Summit Midstream Corp (SMC) – Double E Expansion Reaches Final Investment Decision


Tuesday, September 01, 2026

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.

Double E Compression Expansion Project. Summit Midstream reached a final investment decision (FID) on the Double E Pipeline mainline compression expansion following a successful open season that secured 550 million cubic feet per day (MMcf/d) of new long-term take-or-pay commitments. The project will add approximately 900 MMcf/d of forward haul capacity to the Waha Hub through a new bi-directional compressor station, plant connections, and related infrastructure. The expansion is expected to cost approximately $100 million net to Summit’s 70% interest and enter service in the fourth quarter of 2028, subject to regulatory approvals.

Commercial Momentum. A new 200 MMcf/d agreement with an investment-grade shipper brings total contracted firm capacity on Double E to approximately 2.2 billion cubic feet per day (Bcf/d), supported primarily by investment-grade customers. Summit is pursuing contracts for the remaining 450 MMcf/d of incremental expansion capacity and expects strong Delaware Basin production growth to support further commitments. If the project becomes fully subscribed, management expects Permian Segment Adjusted EBITDA to increase from approximately $37 million in 2026 to more than $100 million by 2030.


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

Cadrenal Therapeutics (CVKD) – Alignment Reached With FDA On Phase 3 Design For CAD-1005 in HIT


Tuesday, September 01, 2026

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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

Phase 3 Design Can Move Forward With Expected Endpoints. Cadrenal announced that it held a Type D meeting with the FDA and has reached agreement on the design of the Phase 3 trial to test CAD-1005 in HIT (heparin-induced thrombocytopenia). This includes the primary endpoint, the protocol, and the statistical analysis plan (SAP). We see this as a significant step for the product and for the company’s plan to pursue collaboration to develop CAD-1005.

Primary and Secondary Endpoints Have Been Defined. The primary endpoint will be worsening HIT, defined as progression of thrombotic events through treatment day 14 or hospital discharge. A composite score composed of several aspects of thrombotic events will be used to measure progression. These include extension of an existing thrombus and the proportion of Serotonin Release Assay-positive (SRA+) patients with worsening composite thromboembolic events (CTEs) through Day 14 or hospital discharge.


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

Aurania Resources (AUIAF) – Near-Term Catalysts and Outlook


Tuesday, September 01, 2026

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

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

Strategic Shift to Europe. Aurania has repositioned its exploration strategy from Ecuador toward Europe, where it is advancing gold and critical metals opportunities in Iceland, Italy, and France. The company’s Lost Cities project in Ecuador remains geologically prospective, but exploration is suspended because of uncertainty surrounding Ecuador’s Mining Service Fee (TASA) and unpaid concession fees. Meanwhile, Aurania may earn up to a 70% interest in Iceland’s Thor’s Valley gold project, is evaluating nickel and cobalt recovery from the Balangero tailings project in Italy, and is advancing three exploration permits in Brittany, France.

Near-Term Catalysts. The most immediate catalyst is drilling at Thor’s Valley, where Aurania has commenced an initial six-hole, 770-meter program to verify historically high-grade gold mineralization and test extensions of the system. Additional catalysts include permitting for sonic drilling and bulk sampling at Balangero, advancement of exploration targets in France, and resolution of obligations associated with Ecuador’s Mining Service Fee. Confirmation that a TASA exemption applies retroactively to 2025 could materially reduce Aurania’s liabilities and influence whether it retains or restructures its Lost Cities concession portfolio.


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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.

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JOLTS Report July 2026: Job Openings Rise to 7.3 Million as Hiring and Layoffs Both Stay Low

The Labor Department’s July Job Openings and Labor Turnover Survey, known as the JOLTS report, showed job openings rose slightly to 7.3 million, up from a revised 7.2 million in June. Hiring and layoffs both stayed low, reinforcing what economists describe as a low hire, low fire labor market, a pattern that has now defined US employment conditions for most of 2026.

Hiring slowed slightly in July, with 5.1 million workers finding new positions compared to 5.3 million in June, driven partly by job losses in the professional business services sector. The July hiring rate came in at 3.2%. Layoffs also edged lower, dropping to 1.7 million with a layoff rate of 1.1%. The quits rate, a key measure of how confident workers feel about finding better opportunities elsewhere, held steady at just 1.9%.

Job openings, hiring, layoffs, and quits are the four core JOLTS metrics economists and the Federal Reserve use to gauge labor market health each month. This month’s data shows employers are not cutting staff aggressively, but they are not hiring aggressively either, and workers are staying in their current jobs rather than testing the market for new roles.

The July JOLTS report matters for interest rate expectations because it lands just days after Federal Reserve Chair Kevin Warsh’s debut Jackson Hole speech, where he focused almost entirely on inflation and gave no indication that a softening labor market might justify easing sooner. This report is a reminder that the labor side of the Fed’s dual mandate has not disappeared. July’s official jobs report already showed the economy unexpectedly shed 23,000 positions, with the unemployment rate falling only because discouraged workers stopped actively searching for jobs, not because underlying conditions genuinely improved.

The next major labor market data point arrives Friday, when the Bureau of Labor Statistics releases its August employment report. That release will offer a clearer read on whether the current stagnant hiring pattern is holding steady or beginning to deteriorate more meaningfully, and it will likely shape how markets price the odds of a Federal Reserve rate move at the September meeting.

For investors tracking small and microcap stocks, this labor market data carries direct implications for interest rates and borrowing costs. A genuinely weakening labor market would typically build pressure on the Federal Reserve to cut rates, which would benefit smaller, more leveraged companies through lower borrowing costs. But a labor market that is merely stagnant rather than clearly declining gives the Fed room to keep its primary focus on inflation, the exact posture Warsh signaled at Jackson Hole. That means the higher-cost-of-capital environment currently weighing on small cap stocks may persist longer than some investors expect. Friday’s jobs report, and how the Fed ultimately weighs it against still-elevated inflation, will be an important catalyst to watch heading into the September Federal Open Market Committee meeting.