Nearly 70% of Served Population Face Limited Access to a Local Pharmacy
OVERLAND PARK, Kan.–(BUSINESS WIRE)– SelectQuote, Inc. (NYSE: SLQT) (the “Company”), a leading distributor of Medicare insurance policies and owner of a rapidly-growing healthcare services platform, today released a new research brief offering in-depth insights into the complex medical and social needs of the population it serves. The findings from tens of thousands of patient health needs assessments gathered by the Company’s Healthcare Select division highlight significant challenges across chronic care management, medication access, and financial security, underscoring the critical industry need for personalized, integrated healthcare solutions.
Key Research Findings:
Underserved Beneficiaries: Given that SelectQuote and Healthcare Select connect with beneficiaries telephonically, this population significantly over-indexes in historically-underserved areas lacking significant access to more traditional healthcare providers. 45% of Healthcare Select members reside in a rural zip code and 36% reside in an urban zip code, while only 11% reside in a suburban zip code.
Chronic Conditions: 74% of the population reported that they are dealing with two or more chronic conditions.
High Prescription Use: 75% of members regularly take 5 or more prescriptions.
Financial Headwinds: As 77% of SelectRx patients report annual household income of under $20,000, Social Determinants of Health often compound the treatment of health issues. 19% report having trouble accessing food on a regular basis. 36% indicate they are worried about being able to pay for bills if they were to face a serious illness.
Medication Delays: 16% of Healthcare Select members report having delayed taking medication for financial reasons.
Adherence Challenges: 40% of members have reported either forgetting to take their medications or failing to pick up prescriptions from a pharmacy. Independent studies indicate that failure to take medications consistently as prescribed (i.e., non-adherence) contributes to reduced treatment efficacy and poor disease control, higher rates of emergency department visits and hospitalizations, and increased morbidity and mortality.
Limited Pharmacy Access: Given their geographic concentration, approximately ⅔ of the population served by the Company’s SelectRx pharmacy reside in a “pharmacy desert” with limited access to local pharmacies.
Transportation: The headwinds to quality pharmacy access are exacerbated by the fact that 31% of Healthcare Select members report that they lack access to reliable transportation.
“This research provides a clear, data-driven look at the barriers to care faced by a large segment of the Medicare-eligible population,” said Bob Grant, SelectQuote President. “The high prevalence of chronic conditions, coupled with geographic and financial obstacles, illustrates why traditional one-size-fits-all healthcare is insufficient. We are committed to using this data to drive personalized solutions that effectively address these gaps.”
Mr. Grant continued, “We purpose-built Healthcare Select and our SelectRx pharmacy model to meet the needs of these underserved Medicare beneficiaries by combining telephonic outreach, personalized care coordination, direct prescription delivery, and packaging that improves adherence. By removing barriers like transportation and limited local pharmacy access, SelectRx helps patients manage complex medication regimens and improves adherence, ultimately driving better health outcomes.”
As Healthcare Select works to address members’ most pressing gaps in care — specifically in medication adherence, Social Determinants of Health, remote diagnostics and therapeutics, and chronic condition management — the Company actively seeks partners. SelectQuote invites innovative organizations and solution providers to connect with its Business Development team to collaboratively address these pressing issues impacting member care.
About SelectQuote:
Founded in 1985, SelectQuote (NYSE: SLQT) pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies, allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads. Today, the Company operates an ecosystem offering high touchpoints for consumers across insurance, pharmacy, and virtual care.
With an ecosystem offering engagement points for consumers across insurance, Medicare, pharmacy, and value-based care, the company now has three core business lines: SelectQuote Senior, SelectQuote Healthcare Services, and SelectQuote Life. SelectQuote Senior serves the needs of a demographic that sees around 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a Patient-Centered Pharmacy Home™ (PCPH) accredited pharmacy, SelectPatient Management, a provider of chronic care management services, and Healthcare Select, which proactively connects consumers with a wide breadth of healthcare services supporting their needs.
Commercial Metals Company (NYSE: CMC) announced it will acquire Foley Products Company, a leading supplier of precast concrete solutions in the southeastern United States, for $1.84 billion in cash. The move marks CMC’s formal entry into the precast industry and follows its recently announced acquisition of Concrete Pipe & Precast (CP&P).
CMC said the acquisitions of Foley and CP&P will establish the company as the third largest precast platform in the U.S., operating 35 facilities across 14 states, and a market leader in the Mid-Atlantic and Southeast regions.
“The acquisition of Foley presents a unique opportunity to create immediate scale for our precast platform while adding a best-in-class business with industry-leading margins to CMC’s portfolio,” said Peter Matt, President and Chief Executive Officer of Commercial Metals. “We believe precast has significant value creation potential for CMC, and the addition of Foley will help unlock further upside from our pending acquisition of CP&P.”
Foley Products is known for its industry-leading EBITDA margins and cash flow generation, supported by well-established best practices and a broad portfolio of precast solutions. The purchase price represents a 10.3x multiple of Foley’s forecasted 2025 EBITDA, or roughly 9.2x when factoring in expected cash tax benefits.
The transaction is expected to be immediately accretive to earnings per share and free cash flow, with $25 million to $30 million in annual run-rate synergies anticipated by the third year. Synergies will primarily stem from operational efficiencies, cost reductions, and cross-selling opportunities across complementary geographic markets.
Following the integration of Foley and CP&P, CMC expects its core EBITDA margin to increase by approximately 210 basis points, with about 32% of total pro forma segment adjusted EBITDA generated by its Emerging Businesses Group and precast platform — up from 15% in fiscal 2025. The company also expects strong free cash flow generation, targeting a reduction in net leverage from 2.7x to below 2.0x within 18 months.
CMC emphasized that the precast concrete market — estimated at $30 billion in annual U.S. revenue — provides a strong strategic fit, leveraging the company’s existing relationships in early-stage construction and expanding its reach into mission-critical infrastructure applications.
Precast components, such as concrete pipes and utility structures, are manufactured off-site in controlled environments, offering faster installation times, improved quality, and reduced labor needs compared to traditional pour-in-place methods.
Noble Capital Markets Research Report Thursday, October 16, 2025
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – Highlights from the Noble Emerging Growth Virtual Conference Comstock (LODE)/MARKET PERFORM – Strategic Acquisition Expands Nevada Mining Footprint Nicola Mining Inc. (HUSIF)/OUTPERFORM – Hitting All the Right Notes
Alliance Resource Partners (ARLP/$24.6 | Price Target: $32) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Highlights from the Noble Emerging Growth Virtual Conference Rating: OUTPERFORM
Noble virtual conference. Alliance recently participated in Noble Capital Markets’ Emerging Growth Virtual Conference. The fundamental outlook for ARLP’s coal operations and oil and gas royalty business, the two largest drivers of cash flow, remains favorable. The coal and electric power generation industries are expected to benefit from Trump Administration policies that seek to assure affordable, reliable, and secure energy sources to meet growing demand for electricity. Through 2Q 2025, Alliance has invested $758 million in its oil and gas royalty business that has generated cumulative segment adjusted EBITDA of $622 million. While they have grown the oil and gas royalty business without the use of leverage, they do have the ability to employ leverage for larger acquisitions. A link to the presentation is here.
Capital allocation. Management takes a long-term view when making capital allocation decisions, with balance sheet strength being the highest priority. The next priority is investing in its coal business to ensure it remains an efficient and low-cost producer. The third priority is reinvesting the cash flow generated by the oil and gas business to make accretive acquisitions. Lastly, the company intends to return capital to shareholders, including attractive cash distribution payments, while ensuring flexibility to fund growth opportunities.
Acquisition of Haywood Quarry. Comstock completed the acquisition of the Haywood Quarry industrial and mineral properties from Decommissioning Services LLC. The 190-acre property, located in Lyon County, Nevada, includes available power, water, and direct access to U.S. Highway 50. The site historically hosted gold mining and aggregate operations and is strategically contiguous to Comstock’s flagship Dayton gold and silver resource.
Transaction terms. Comstock acquired the property for a total of $2.2 million in cash and stock from Decommissioning Services LLC. The transaction provides Comstock with full ownership and control of the Haywood industrial and mineral properties, integrating them into its broader Lyon County mineral estate. The purchase also enhances Comstock’s strategic flexibility in advancing mine planning, resource development, and reclamation initiatives at the Dayton complex.
Nicola Mining Inc. (HUSIF/$0.77 | Price Target: $1.2) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hitting All the Right Notes Rating: OUTPERFORM
Treasure Mountain exploration. Nicola Mining Inc. (OTCQB: HUSIF, TSXV: NIM) provided an update on its plan for 2026 exploration drilling at the Treasure Mountain Silver Project. The area of exploration interest is northwest of the currently suspended mine and consists of several northeast to southwest trending and steeply dipping sulphide-rich veins. Results from previous exploration work confirmed the presence of vein-hosted silver, copper, lead, zinc, and gold, providing support for initial diamond drilling to establish the width of the trend and mineralization at depth.
Recent gold sales. Talisker Resources (OTCQB: TSKFF, TSX: TSK) has an agreement to process run-of-mine material from its Mustang Mine at Nicola’s Merritt Mill. For the quarter ending on September 30, a total of 1,569 ounces of gold were produced from Talisker’s Mustang Mine. Nicola receives a share of the gross profit from milling ore sourced from Talisker Resources Ltd. Blue Lagoon Resources Inc. (OTCQB: BLAGF, CSE: BLLG) recently announced an amended mining and milling partnership agreement with Nicola Mining, extending the partnership to a 10-year term. The agreement secures a long-term processing solution for mineralized material from Blue Lagoon’s high-grade Dome Mountain Gold Project.
Noble Capital Markets Research Report Tuesday, October 14, 2025
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Noble Virtual Conference Highlights EuroDry (EDRY)/MARKET PERFORM – Recovering Rates and Greater Liquidity Enhance Outlook NeuroSense Therapeutics Ltd. (NRSN)/OUTPERFORM – Novel Therapy for ALS and Neurodegenerative Diseases ONE Group Hospitality (STKS)/OUTPERFORM – Randian Adds Some Detail Saga Communications (SGA)/OUTPERFORM – Highlights From Noble’s Virtual Emerging Growth Conference Sky Harbour Group (SKYH)/OUTPERFORM – Noble Virtual Conference Highlights SKYX Platforms (SKYX)/OUTPERFORM – Noble Virtual Conference Highlights Snail (SNAL)/OUTPERFORM – Highlights From Noble’s Virtual Conference Superior Group of Companies (SGC)/OUTPERFORM – Highlights from Noble’s Virtual Conference Townsquare Media (TSQ)/OUTPERFORM – Highlights From Noble’s Virtual Conference Vince Holding Corp. (VNCE)/OUTPERFORM – Highlights From Noble’s Virtual Conference
Alliance Entertainment Holding (AENT/$6.42 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Noble Virtual Conference Highlights Rating: OUTPERFORM
Management appeared confident. Bruce Ogilvie, Executive Chairman, and Jeffrey Walker, CEO, presented at Noble’s October 8th & 9th Virtual Emerging Growth Conference. This report highlights the company’s presentation and fireside Q&A chat, which provided a sanguine outlook for improved margins into fiscal 2026. Investors may listen to the company’s presentation here.
Favorable margin expansion outlook. Operating margins are expected to expand in fiscal 2026, supported by a full year of the company’s high margin licensing deal with Paramount and development of its Handmade by Robots collectible line. In addition, management anticipates further operating efficiencies.
EuroDry (EDRY/$12.58) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Recovering Rates and Greater Liquidity Enhance Outlook Rating: MARKET PERFORM
Vessel sale enhances liquidity. EuroDry recently announced an agreement to sell the M/V Eirini P. to a third party for approximately $8.5 million, with the transaction expected to close in October 2025. The sale is projected to generate a gain of approximately $0.6 million, or roughly $0.21 per share. The proceeds will enhance near-term liquidity and strengthen EuroDry’s flexibility to pursue selective investments in more efficient vessels.
Market environment improving. The dry-bulk market has shown signs of recovery as charter rates have recently rebounded from multi-year lows. The improvement reflects strengthening market sentiment, supported by limited fleet growth and rising expectations for Chinese demand. A historically low orderbook and modest fleet expansion provide a constructive foundation for rate stabilization heading into 2026.
NeuroSense Therapeutics Ltd. (NRSN/$1.22 | Price Target: $9) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Novel Therapy for ALS and Neurodegenerative Diseases Rating: OUTPERFORM
We Are Initiating Coverage of NeuroSense With An Outperform Rating. NeuroSense Therapeutics is developing therapies for degenerative neurological conditions. The lead product, PrimeC, has completed two Phase 2 trials for ALS (Amyotrophic Lateral Sclerosis) and has a Phase 3 trial planned for early 2026. Initial results from Phase 2 in Alzheimer’s disease has shown promising data. Our price target is $9 per share.
The Lead Indication For PrimeC Is in ALS. PrimeC is a novel formulation containing a combination of celecoxib and ciprofloxacin. These two drugs have been used separately for anti-inflammatory and anti-antimicrobial indications. After new data showed that each drug can affect pathways of degenerative disease, scientists at NeuroSense tested the two drugs together in models of ALS and found a synergistic effect. Two Phase 2 studies showed benefits on survival, disease progression, and biomarkers of ALS activity.
ONE Group Hospitality (STKS/$2.56 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Randian Adds Some Detail Rating: OUTPERFORM
Additional Detail. Randian Capital added another post on the social media platform X, providing additional details to its proposed turnaround plan for ONE Group Hospitality. Reportedly, the latest Randian X post was in response to STKS CEO Manny Hilario and CFO Nicole Thaung stating they had not engaged with Randian and were unaware if the firm held shares. The pair reiterated that ONE Group had no changes to guidance or plans for capital deployment being made.
The Driver. As we noted in our September 29th note, Randian believes there is tangible, underutilized value in this franchise—especially in Benihana, a legendary brand with global recognition and untapped potential. However, poor capital allocation, slipping operational execution, and marketing that is failing to drive engagement have resulted in a 60% decline in the share price since the 2024 Benihana acquisition, according to Randian.
Saga Communications (SGA/$12.6 | Price Target: $18) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Emerging Growth Conference Rating: OUTPERFORM
A blended growth opportunity. This report highlights a fireside chat with Christopher Forgy, CEO & President, and Samuel Bush, CFO, at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Management highlighted its attractive growth opportunities from its “blended” advertising strategy. The full presentation may be viewed here.
Blended advertising strategy. Saga’s approach integrates radio (“wanted”), search (“found”), and display (“chosen”) to capture the full consumer journey. Management targets disrupting 5% of local digital ad spend to double annual gross revenue, focusing on 27 small-to-medium-sized markets where the company has trusted community relationships.
Sky Harbour Group (SKYH/$10.07 | Price Target: $23) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Noble Virtual Conference Highlights Rating: OUTPERFORM
Noble virtual conference highlights. Tal Keinan (CEO) and Francisco Gonzalez (CFO) of Sky Harbour Group (NYSE: SKYH) presented at Noble’s Emerging Growth Virtual Conference on October 8–9, 2025. Management highlighted continued lease-up at Phoenix, Dallas, and Denver, steady pre-leasing at Dulles (IAD) and Bradley (BDL), and progress on capital efficiency. A rebroadcast can be found here.
Leasing and pipeline on pace. Operations at Phoenix, Dallas, and Denver are leasing at a good clip, and the company has secured one pre-lease tenant at both IAD and BDL ahead of construction. Sky Harbour now holds long-term ground leases at 18 airports (nine operating, nine in development) and reaffirmed plans to add five more by year-end, bringing the total to 23.
SKYX Platforms (SKYX/$1.26 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Noble Virtual Conference Highlights Rating: OUTPERFORM
Highlights from Noble’s Emerging Growth Virtual Conference. Lenny Sokolow, CEO of SKYX Platforms (NASDAQ: SKYX), presented at Noble’s Virtual Conference on October 8–9, 2025. He discussed growing developer adoption, the upcoming Smart Ceiling Heater / Fan launch, progress toward mandatory code standardization, and reaffirmed expectations for adj. EBITDA inflection in Q4. A rebroadcast can be found here.
Developer partnerships gaining momentum. SKYX continues to expand across the builder channel with projects from Landmark Companies (278-unit Austin apartments), Forte Developments (luxury towers in Miami, Clearwater Beach, and Jupiter), Cavco Homes (premium prefabricated models), and the $3 billion Miami Urban Smart City. These initiatives represent large-scale unit potential and underscore accelerating adoption among professional developers.
Snail (SNAL/$1.04 | Price Target: $3.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Prospects for Stablecoin. This report highlights key takeaways from the company’s presentation at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Heidy Chow, CFO, and Peter Lin, FP&A outlined the key growth attributes for the company, including its emerging interest in developing a stablecoin. The full presentation may be found here.
Solid 2024 Performance and Franchise Resilience. Snail delivered a strong year, with FY2024 revenue reaching $85 million, supported by its enduring ARK franchise, which has accumulated over 90 million players and 4.1 billion total playtime hours since launch.
Superior Group of Companies (SGC/$10.07 | Price Target: $16) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights from Noble’s Virtual Conference Rating: OUTPERFORM
Plowing through the trade fog. Michael Benstock, Chairman and CEO, and Michael Koempel, President and CFO, presented at Noble’s October 8th & 9th Virtual Emerging Growth Conference. This report highlights the company’s fireside Q&A chat, which provided a constructive revenue and earnings growth outlook in spite of trade policy turmoil. Investors may listen to the company’s presentation here.
Diversified operations. The company operates in three segments, healthcare apparel, branded products, and contact centers. Diversification across these three segments provides both growth potential and resilience against macroeconomic uncertainty, including tariffs and political volatility.
Townsquare Media (TSQ/$6.09 | Price Target: $21) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
A differentiated digital company. Bill Wilson, CEO, Stuart, Rosenstein, CFO, and Claire Yenicay, Executive Vice President, participated in a fireside chat at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. The discussion focused on the company’s differentiated digital growth opportunities and compelling total return potential. This report provides some of the highlights from the discussion, but the full discussion may be viewed here.
Townsquare Interactive turning towards growth. Townsquare Interactive provides subscription-based digital marketing solutions for SMBs at ~$300/month, offering website management, CRM, email/text marketing, and payment integration. After temporary disruption in 2023–2024 due to a service model overhaul and return-to-office mandate, 2025 is returning to strong profit growth (~$3 million), with revenue growth expected to resume in 2026.
Vince Holding Corp. (VNCE/$2.66 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Transformational progress. Brendan Hoffman, CEO, Yuji Okumura, CFO, and Akiko Okuma, Chief Administrative Officer, discussed the significant transformation of the company toward revenue and cash flow growth and profitability at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Highlights from the fireside chat are featured in this report, and the full discussion is available here.
Minimizing the China impact. The company significantly reduced sourcing concentration from roughly 60% of production in China to approximately 25% today, offsetting the impact of tariff rates as high as 158%. Management noted that long-standing manufacturing partners in China have established sister facilities in other Asian countries, helping preserve quality standards while lowering exposure risk.
Market Share. CoreCivic remains the largest non-government owner of correctional and detention real estate in the U.S., owning approximately 57% of all privately owned correctional and detention capacity. The Company manages approximately 41% of all privately managed correctional and detention capacity.
FAT Brands (FAT/$1.98 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Legal Resolution Rating: OUTPERFORM
Legal Resolution. In an 8-K filing, FAT Brands disclosed that the Company and certain current and former directors and officers have reached a settlement agreement with stockholders of the Company to resolve two lawsuits known as Harris I and Harris II. The Derivative Actions were filed in June 2021, relating to the Company’s December 2020 merger with Fog Cutter Capital Group, and in March 2022, relating to the Company’s June 2021 recapitalization.
Details. Under the terms of the settlement agreement, the Company’s Board of Directors agreed to adopt and implement certain corporate governance modifications. In addition, the Company’s insurers will pay to the Company $10 million, from which fees and expenses of plaintiffs’ counsel will be deducted, and Fog Cutter Holdings LLC will contribute 200,000 Class A shares of Twin Hospitality Group Inc. to the Company.
Phase 2. NN is entering Phase 2 of its transformation program. Phase 1 structurally rebuilt NN’s operating performance and efficiency through fixing unprofitable areas, improving margins, and entering new markets. Phase 2 is a growth and de-leverage focus, implementing new business programs, expanding the TAM, and addressing the preferred stock.
Resources Connection (RGP/$4.54 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Post Call Commentary Rating: OUTPERFORM
Some Positives. The Company continues on its transformation path and is seeing encouraging signs, in our opinion. For example, the Company saw a return to growth in revenue for both the Europe & Asia- Pac segment and the Outsourced Services segment, with 5% and 4% growth over the prior year quarter. Revenue from the top 10 clients also grew year-over-year, and the enterprise-wide average bill rate increased to $120 on a constant currency basis, up from $118 a year ago.
Ongoing Cost Focus. The other side of the transformation plan is a focus on cost control. RGP continues to make good progress on its SG&A, as reflected in the quarter’s numbers. Post quarter, on September 30, 2025, in the face of continued end market sluggishness, RGP commenced a global reduction in its management and administrative workforce intended to enhance efficiencies through reduced costs and streamlined operations. Management expects approximately $6 million to $8 million of annual cost savings associated with this effort.
Noble Capital Markets Research Report Friday, October 10, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – A Multi-Year Growth Story
AZZ (AZZ/$100.75 | Price Target: $120) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | A Multi-Year Growth Story Rating: OUTPERFORM
FY 2026 second-quarter results. AZZ reported adjusted net income of $46.9 million, or $1.55 per share, compared to $41.3 million, or $1.37 per share, during the prior year period. We projected adjusted net income of $46.7 million, or $1.54 per share. Compared to the second quarter of FY 2025, total sales increased 2.0% to $417.3 million. We had projected sales of $428.3 million. Gross margin of $101.3 million was modestly below our estimate of $104.7 million. Adjusted EBITDA declined modestly to $88.7 million compared to $91.9 million during the prior year period and our estimate of $93.4 million. Adjusted EBITDA margin as a percentage of sales declined to 21.3% compared to 22.5% during the prior year quarter.
Updating estimates. We have lowered our FY 2026 revenue, adjusted EBITDA, and adjusted EPS estimates to $1.642 billion, $369.2 million, and $5.98 per share, respectively, from $1.660 billion, $374.9 million, and $6.00 per share. Our revised forecasts reflect second-quarter results and more moderate sales growth in the second half of the year. Our longer-term estimates through FY 2031 reflect multi-year growth and are summarized at the end of this report. Our estimates could prove conservative if AZZ is successful in consummating acquisitions, which we do not reflect in our estimates until announced.
Noble Capital Markets Research Report Thursday, October 9, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Staying Focused on the Big Picture Bit Digital (BTBT)/OUTPERFORM – Monthly Ethereum Metrics Resources Connection (RGP)/OUTPERFORM – First Look at 1Q26
AZZ (AZZ/$105.94 | Price Target: $125) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Staying Focused on the Big Picture Rating: OUTPERFORM
FY 2026 second-quarter financial results. AZZ reported adjusted net income of $46.9 million, or $1.55 per share, compared to $41.3 million, or $1.37 per share, during the prior year period. We had forecast adjusted net income of $46.7 million, or $1.54 per share. Compared to the second quarter of FY 2025, total sales increased 2.0% to $417.3 million. We had projected sales of $428.3 million. Gross margin of $101.3 million was modestly below our estimate of $104.7 million. Sales and gross margins trailed our expectations for both segments. However, operating income of $68.5 million exceeded our estimate of $66.1 million due to lower selling, general, and administrative expenses. Adjusted EBITDA declined modestly to $88.7 million compared to $91.9 million during the prior year period and our estimate of $93.4 million. Adjusted EBITDA margin as a percentage of sales declined to 21.3% compared to 22.5% during the second quarter of FY 2025.
Results were mixed. While Metal Coatings sales were up 10.8% compared to the prior year quarter, Precoat Metals sales were down 4.3%. Metal Coatings delivered higher sales due to increased volume driven by infrastructure-related projects in several end markets. Precoat Metals experienced lower sales due to weaker end markets, including building construction, HVAC, and appliance.
Bit Digital (BTBT/$4.04 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Monthly Ethereum Metrics Rating: OUTPERFORM
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of September 2025. As of September 30, 2025, the Company held approximately 121,187 ETH, versus 121,252 ETH at the end of August. Included in the ETH holdings were approximately 15,075 ETH and ETH-equivalents held in an externally managed fund, and approximately 5,142 ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate as of 9/30/25. The Company’s total staked ETH was approximately 99,936 as of September 30th.
Yield and Value. Staking operations generated approximately 291 ETH in rewards during September, representing an annualized yield of approximately 3.37%. Based on a closing ETH price of $4,145.99, as of September 30, 2025, the market value of the Company’s ETH holdings was approximately $506.6 million.
Resources Connection (RGP/$4.95 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 First Look at 1Q26 Rating: OUTPERFORM
A Beat. Resources Connection reported first quarter revenue, gross margin, and SG&A expenses better than expected, although the top line continued to decline y-o-y, as expected. RGP is engaging with clients on more consulting opportunities, which have higher bill rates, larger deal size, and often create more extension and cross selling. However, the macro environment remains unpredictable, which makes clients hesitant to begin new projects.
Details. 1Q26 revenue came in at $120.2 million, down from $136.9 million in 1Q25, but above the $120 million high-end of management’s guidance. Gross margin came in at 39.5%, a significant y-o-y improvement from 36.5% in 1Q25 and above the 36-37% guidance range. SG&A expense of $47.9 million improved from $48.9 million in 1Q25. RGP recorded a GAAP net loss of $2.4 million, or $0.07/sh, compared to a $5.7 million, or $0.17/sh, net loss, in 1Q25. Adjusted EPS was $0.03/sh versus breakeven last year.
Noble Capital Markets Research Report Monday, October 6, 2025
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Delivering Music To Our Ears: Cash Flow And Earnings Growth SKYX Platforms (SKYX)/OUTPERFORM – Strengthening Position Among Residential Developers Xcel Brands (XELB)/OUTPERFORM – Exiting A Successful Run
Alliance Entertainment Holding (AENT/$6.73 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Delivering Music To Our Ears: Cash Flow And Earnings Growth Rating: OUTPERFORM
Initiating coverage with Outperform rating. Alliance Entertainment is a leading distributor of physical products, including vinyl records, music CDs, Blu-ray and 4K Movies, Video Games and Electronics, and Collectibles. While some of its business lines are mature, there are attractive growth opportunities in developing revenue streams that carry higher margins. As such, we believe that the company is on the cusp of generating significant cash flow and earnings growth.
Expanding margin outlook. In spite of anticipated modest revenue growth of 2.4% in fiscal 2026, we anticipate a nearly 140 basis point improvement in adj. EBITDA margins in fiscal 2026, given our expectation of higher margin, developing revenue streams and the company’s focus on efficiencies. We expect an acceleration in revenue in fiscal 2027 to 3.1% with another 60 basis point improvement in margins.
SKYX Platforms (SKYX/$1.13 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Strengthening Position Among Residential Developers Rating: OUTPERFORM
Landmark partnership expands builder channel. SKYX announced it will supply more than 10,000 smart plug-and-play lighting and safety products to a 278-apartment project in Austin, Texas led by Landmark Companies. We believe this marks another important step in the company’s efforts to penetrate the builder channel, signaling traction with traditional residential developers.
Potential for broader builder relationships. By establishing a relationship with a large developer like Landmark, SKYX positions itself for additional project opportunities if early deployments prove successful. This deal highlights the potential for SKYX to extend its platform into the broader residential developer market, with initial supply expected to begin as early as within the next quarter or two.
Xcel Brands (XELB/$2.38 | Price Target: $7) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Exiting A Successful Run Rating: OUTPERFORM
Exits its Mizrahi interest. The company transferred its remaining 17.5% interest in Isaac Mizrahi to IM Topco, effectively exiting its interest in the brand. The exit of the Mizrahi relationship with Xcel caps a storied and successful run with the company since 2011. Under Xcel, Mizrahi expanded its categories and collections on QVC and into such retailers as Bloomingdale’s and Nordstrom.
Financial upside. Xcel has a participation right should IM Topco sell the company above $46.0 million, coincidentally, the price that Xcel sold its 60% interest. Xcel would receive 15% of the net consideration in excess of the $46 million. In addition, we believe that the company will benefit from the absent of costs related to the brand, particularly employee costs.
Noble Capital Markets Research Report Friday, October 3, 2025
Companies contained in today’s report:
Bitcoin Depot (BTM)/OUTPERFORM – Favorable Preliminary Results and Tuck-in Acquisition
Bitcoin Depot (BTM/$3.83 | Price Target: $9) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Favorable Preliminary Results and Tuck-in Acquisition Rating: OUTPERFORM
Strong preliminary results. Bitcoin Depot announced preliminary Q3 results of approximately $160M in revenue (+18% Y/Y) and roughly 50% growth in adj. EBITDA versus the prior year. Both topline and profitability are tracking well ahead of management’s prior Q2 guidance of high-single-digit revenue and 20–30% adj. EBITDA growth.
Beating expectations. In light of these results, the company is expected to exceed our Q3 forecast of $146.5M in revenue and $11.0M in adj. EBITDA. Preliminary figures imply approximately $13.8M in adj. EBITDA, meaning profitability should surpass our expectations by nearly 25%.
Noble Capital Markets Research Report Thursday, October 2, 2025
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Progress on the Permitting Front CoreCivic, Inc. (CXW)/OUTPERFORM – An Award for Diamondback Seanergy Maritime (SHIP)/OUTPERFORM – Strategic Vessel Sale and Improving Capesize Fundamentals V2X (VVX)/OUTPERFORM – Some More Awards
Century Lithium Corp. (CYDVF/$0.29 | Price Target: $2.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Progress on the Permitting Front Rating: OUTPERFORM
Moving through the permitting process. Century has completed all required environmental baseline studies to begin Angel Island’s National Environmental Policy Act (NEPA) permitting process, which is expected to take up to two years before reaching a record of decision. The studies will be used by the Bureau of Land Management (BLM) to support the company’s upcoming Plan of Operations submission and subsequent NEPA analysis.
FAST-41 designation. In August 2025, Angel Island was formally designated as a FAST-41 Transparency project under a federal initiative designed to improve the transparency, coordination, and timeliness of the federal environmental review and permitting process. The designation reflects Angel Island’s strategic importance in supporting the U.S. critical minerals supply chain. We think the Angel Island project is well-positioned for a timely progression through the permitting process.
CoreCivic, Inc. (CXW/$20.55 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 An Award for Diamondback Rating: OUTPERFORM
Diamondback. Yesterday, CoreCivic announced it was awarded a new contract under an Intergovernmental Services Agreement between the Oklahoma Department of Corrections and U.S. Immigration and Customs Enforcement (“ICE”) to resume operations at the Company’s 2,160-bed Diamondback Correctional Facility, a facility that has been idle since 2010.
Details. The new contract commenced on September 30, 2025, for a term of five years and may be extended through bilateral modification. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Total annual revenue once the facility is fully activated is expected to be approximately $100 million. The facility should begin receiving detainees in the first quarter of 2026, with the full ramp estimated to be complete in the second quarter of 2026.
Seanergy Maritime (SHIP/$8.58 | Price Target: $11) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Strategic Vessel Sale and Improving Capesize Fundamentals Rating: OUTPERFORM
Sale of M/V Geniuship. Seanergy announced the sale of the M/V Geniuship, a 170,057 dwt Capesize vessel, for approximately $21.6 million, generating net cash proceeds of $12.0 million and a profit of about $2.5 million. The sale was timed to take advantage of improved vessel valuations while avoiding the costs of the vessel’s scheduled dry-docking. The transaction enhances liquidity, improves near-term earnings, and aligns with the company’s ongoing fleet renewal strategy.
Capesize market gains momentum. The Capesize market has strengthened in recent months, supported by iron ore and bauxite projects in the Atlantic basin and West Africa, while volatility due to tariffs has moderated. The orderbook remains limited, with shipyard slots not available until 2029. Rising vessel values, together with higher construction costs, have further restricted orders. Overall, we expect market conditions to remain favorable, with 2026 showing improvement over 2025.
V2X (VVX/$58.08 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some More Awards Rating: OUTPERFORM
Awards. V2X has been the recipient of new awards, including one focused on extending the life-cycle of existing platforms and another driving connectivity and communications. In total, the three new awards total over $580 million of contract value, assuming all funds are spent. We view the recent wins as further confirmation of V2X’s ability to provide full mission lifecycle solutions.
Center Display Units. V2X’s Vertex Modernization and Sustainment unit was awarded by the Air Force a five-year ID/IQ contract with a single five-year option (10 years total) with a contract ceiling of $425 million for center display units (CDU), according to the Department of War’s daily contract awards. V2X will supply the Air Force with the following hardware during this period: CDU full kits, CDU line replaceable units, CDU shop replaceable units, and various other support hardware as required.
Noble Capital Markets Research Report Wednesday, October 1, 2025
Companies contained in today’s report:
Bit Digital (BTBT)/OUTPERFORM – A Convertible Note Offering The GEO Group (GEO)/OUTPERFORM – Retains ISAP Contract
Bit Digital (BTBT/$3 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Convertible Note Offering Rating: OUTPERFORM
An Offering. Bit Digital is offering $135 million of convertible notes. The deal is upsized from an original $100 million. Net proceeds from the offering will be used primarily to purchase Ethereum, and may be used for general corporate purposes, including potential investments, acquisitions, and other business opportunities. The capital raise continues management’s goal of becoming a major Ethereum treasury company, in our view.
Details. The Notes will be senior, unsecured obligations of the Company and will accrue interest at a rate of 4.00% per year, payable semiannually in arrears. The Notes will mature on October 1, 2030. The initial conversion rate will be 240.3846 shares per $1,000 principal amount of Notes (equivalent to an initial conversion price of $4.16 per ordinary share and represents a conversion premium of 30% above the last reported sale price of the ordinary shares on September 29, 2025, which was $3.20).
The GEO Group (GEO/$20.49 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Retains ISAP Contract Rating: OUTPERFORM
ISAP Award. As we had expected, The GEO Group has retained the Intensive Supervision Appearance Program (“ISAP”) contract. U.S. Immigration and Customs Enforcement (“ICE”) awarded the contract to GEO’s BI subsidiary for the continued provision of electronic monitoring, case management, and supervision services. It is a two-year contract, which will have an initial term of one year, effective October 1, 2025, with an additional one-year option period.
Long-time Services Provider. BI has provided technology solutions, holistic case management, supervision, monitoring, and compliance services under the ISAP contract for over 21 years and has achieved high levels of compliance using a wide range of technologies and case management services over that time.
Noble Capital Markets Research Report Tuesday, September 30, 2025
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – U.S. Coal as a Strategic and Competitive Advantage CoreCivic, Inc. (CXW)/OUTPERFORM – Letter Contracts to Contract Awards ONE Group Hospitality (STKS)/OUTPERFORM – Activist Investor Sees $10+ Stock in 12-18 Months
Alliance Resource Partners (ARLP/$25.02 | Price Target: $32) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | U.S. Coal as a Strategic and Competitive Advantage Rating: OUTPERFORM
Investments to reinvigorate the U.S. coal industry. The U.S. Department of Energy announced a $625 million program to expand and reinvigorate the U.S. coal industry. This includes $350 million to recommission or modernize coal power units, $175 million for coal power projects directly benefiting rural communities, $50 million to support advanced wastewater management systems to enable coal plants to extend their service life and reduce operational costs, $25 million for dual-firing retrofits, and $25 million for development and testing of natural gas cofiring systems.
Expanded coal leasing on federal lands. Moreover, the U.S. Department of the Interior announced it is making up to 13.1 million acres of federal land available for coal leasing and streamlining approvals for projects. The Department is accelerating efforts to fast-track projects that can recover strategic minerals from mine waste and abandoned sites. The One Big Beautiful Bill, passed on July 4, established lower coal leasing royalty rates of not more than 7% for both surface and underground mines for the period July 4, 2025, to September 30, 2034.
CoreCivic, Inc. (CXW/$21.54 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Letter Contracts to Contract Awards Rating: OUTPERFORM
Contract Awards. As anticipated, U.S. Immigration and Customs Enforcement (ICE) awarded CoreCivic two new contracts, which, once fully activated, would generate total annual revenue of approximately $200 million. The two facilities, California City and Midwest Regional, had been operating under Letter Contracts with ICE, which enable CoreCivic to begin operations at a facility while negotiating a longer-term contract. Both facilities were idle at the beginning of the year.
California City. CoreCivic has been preparing to accept detainees at the 2,560-bed California City facility since April 1, 2025. The Company began receiving detainees at the facility on August 27, 2025. Management currently expects the activation to be complete in 1Q26, achieving a normalized run-rate in 2Q26. Total annual revenue, once the activation is complete, is expected to be approximately $130 million. The new contract expires in August 2027.
ONE Group Hospitality (STKS/$3.12 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Activist Investor Sees $10+ Stock in 12-18 Months Rating: OUTPERFORM
Activist Investor. Randian Capital, part of the “retail activist” group behind the sharp rise in Opendoor Technologies (OPEN) stock from less than a $1 mid-summer to around $8.20 today, released on social media platform X a turnaround proposal for The ONE Group. In a nutshell, the plan consists of Refocus the Portfolio, Revitalize the Brand, Strengthen Operations, and Capital Discipline & Growth. Radian sees a path to a $10+ stock over the next 12-18 months. STKS shares rose over 26% yesterday on the news.
Refocus & Revitalize. Randian calls for ONE Group to refocus solely on its Benihana concept, selling off all other concepts. The activist investor believes the STK concept alone could be worth more than the current market cap. Randian suggests rebranding as Benihana Group and changing the stock symbol. Revitalization by elevating the dining experience and engaging with cultural icons, among other changes.
Noble Capital Markets Research Report Friday, September 26, 2025
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – Heightened Risk in Ecuador AZZ (AZZ)/OUTPERFORM – Revising Estimates; Growth Outlook Remains Favorable Steelcase (SCS)/MARKET PERFORM – A Better Than Expected 2Q26
Aurania Resources (AUIAF/$0.1 | Price Target: $0.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Heightened Risk in Ecuador Rating: OUTPERFORM
Second quarter financial results. As an exploration company, Aurania does not generate revenue and has expenses to advance its projects. During the second quarter of 2025, the company generated a net loss of C$1,610,843 or C$0.01 per share. We had projected a loss of C$1,432,419 or C$0.01 per share. The variance to our estimate was mostly due to higher exploration expenditures, along with higher stock-based compensation. We project a full-year 2025 net loss of C$11.1 million, or C$(0.10) per share, compared to our prior loss estimate of C$10.5 million, or C$(0.09) per share.
Mining service fee. Ecuador recently implemented a new mining service fee on the resource sector (refer to our note dated July 29, 2025). The Ecuadorian Control and Regulation Agency (ARCOM) requested payment from Aurania of US$2,012,618 by July 31, 2025, representing one month of the total annual fee of US$24,151,420. While the penalty for non-payment is unclear, we think Aurania is withholding payment until it becomes clear whether TASA will stand in its current form due to multiple constitutional challenges.
AZZ (AZZ/$110.64 | Price Target: $125) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Revising Estimates; Growth Outlook Remains Favorable Rating: OUTPERFORM
Updating estimates. We are lowering our second-quarter revenue, adjusted EBITDA, and adjusted EPS estimates to $428.3 million, $93.4 million, and $1.54, respectively, from $433.5 million, $101.1 million, and $1.59. While we have increased our revenue estimate for the Metal Coatings segment, we lowered expectations for Precoat Metals due to anticipated weakness in building construction. Our FY 2026 revenue, adjusted EBITDA, and adjusted EPS estimates are $1.660 billion, $374.9 million, and $6.00, respectively, compared to our prior estimates of $1.680 billion, $388.3 million, and $6.00. Our revised estimates reflect lower interest expense, along with modestly lower depreciation and amortization expense.
Organic and acquired growth. AZZ’s three-year goals include generating sales of two billion dollars or more in fiscal year 2028, compared to its trailing twelve-month sales of $1.6 billion. Organic growth is expected to exceed GDP growth, and AZZ is targeting acquisitions that strengthen both of its business segments. While we do not forecast sales of $2.0 billion until 2031, our model does not reflect acquisitions until they are announced.
Steelcase (SCS/$16.7) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Better Than Expected 2Q26 Rating: MARKET PERFORM
2Q26. In what is likely the Company’s final quarterly report as a public company, Steelcase reported better than expected results. Results benefitted from continued strengthening of demand from large corporate customers and International growth driven by India, China, and the United Kingdom. Improved International volume drove a $5 million reduction in y-o-y adjusted operating loss in the International segment. These were Steelcase’s highest quarterly results over the past five years.
Financials. Revenue of $897.1 million rose 4.8% y-o-y and exceeded the $890 million high end of management’s guidance. We were at $875 million. Gross margin of 34.4% was flat y-o-y and exceeded the 33.5% high end of guidance. Adjusted EBITDA totaled $99.6 million, or 11.1% of revenue, up from $89.5 million and 10.5% in 2Q25. Adjusted EPS was $0.45, versus $0.39 last year and above management’s $0.40 high end guide. We were at $0.36.
Noble Capital Markets Research Report Wednesday, September 24, 2025
Companies contained in today’s report:
SelectQuote (SLQT)/OUTPERFORM – Reaches Milestone in Helping Medicare-Eligible Seniors
SelectQuote (SLQT/$2.08 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Reaches Milestone in Helping Medicare-Eligible Seniors Rating: OUTPERFORM
Milestone in Findhelp partnership. SelectQuote announced that it has referred more than 200,000 low-income seniors to Findhelp, with nearly 50,000 of those individuals accessing free or reduced-cost services. The milestone demonstrates SelectQuote’s role in addressing the needs of Medicare-eligible consumers.
Partnership connects consumers to critical support. Findhelp is a closed-loop referral management software platform that connects individuals with community resources such as food, housing, transportation, and financial aid. SelectQuote has partnered with Findhelp for several years, directing seniors to assistance programs. The initiative does not generate revenue, but it extends SelectQuote’s Medicare distribution model by providing tangible value to consumers.
Noble Capital Markets Research Report Tuesday, September 23, 2025
Companies contained in today’s report:
The ODP Corporation (ODP)/MARKET PERFORM – To Be Acquired for $28/sh
The ODP Corporation (ODP/$27.68) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 To Be Acquired for $28/sh Rating: MARKET PERFORM
An Acquisition. Yesterday morning, The ODP Corporation announced it entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings for $28/sh. The purchase price represents a premium of 34% to Friday’s closing price. ODP’s Board is supporting the transaction, which is expected to close by the end of 2025.
Who Is Atlas Holdings? Founded in 2002 by Andrew Bursky and Tim Fazio, Greenwich, CT-based Atlas Holdings owns and operates a global family of manufacturing and distribution businesses that together generate more than $20 billion in annual revenue. Atlas has experience in the office supplies sector through its LSC Communications unit, a leader in organizational solutions through brands such as Pendaflex.
Noble Capital Markets Research Report Monday, September 22, 2025
Companies contained in today’s report:
Information Services Group (III)/OUTPERFORM – Raising Price Target
Information Services Group (III/$5.38 | Price Target: $6.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Raising Price Target Rating: OUTPERFORM
Raising Price Target. We are raising our price target on III shares to $6.50 from a prior $5, as III shares have exceeded our price target. The recent and expected future interest rate cuts, ongoing cost optimization efforts from clients, and the increasing pace of AI adoption will continue to drive ISG’s operating performance, in our view.
Valuation. At our $6.50 price target, III shares would trade at 1.4x our 2026 revenue estimate on an EV/sales basis, 10.7x on an EV/projected 2026 adjusted EBITDA basis, and 19.1x adjusted 2026 earnings. This compares to a peer group that trades at 1.3x, 10x, and 15.8x, respectively, consensus 2026 estimates.
Noble Capital Markets Research Report Friday, September 19, 2025
Companies contained in today’s report:
Ocugen (OCGN)/OUTPERFORM – OCU400 Licensing Agreement For Korea Completed
Ocugen (OCGN/$1.4 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 OCU400 Licensing Agreement For Korea Completed Rating: OUTPERFORM
OCU400 Licensing Completed. Ocugen has announced the completion of a licensing agreement for Korea with Kwangdong Pharmaceutical, Co., Ltd., a diversified pharmaceutical company in the Republic of South Korea. This finalizes the term sheet announced in August with the 2Q25 business update. We have based our revenue expectations on US and Europe, with the Korea agreement adding additional cash upon the signing and downstream royalties.
Agreement Provides Cash, Milestones, and Royalties. The terms provide Ocugen with signing and near-term milestones of $7.5 million. Under the agreement, Ocugen will manufacture and supply OCU400 in exchange for a royalty of 25% of Net Sales plus sales milestones of $1 million for every $15 million in Net Sales, or roughly 32% per $15 million in sales. There are an estimated 7,000 retinitis pigmentosa (RP) patients in Korea, with an estimated market of about $180 million over the first 10 years of sales. We estimate these potential payments at about $65 million to Ocugen.
Noble Capital Markets Research Report Thursday, September 18, 2025
Companies contained in today’s report:
FreightCar America (RAIL)/OUTPERFORM – RAIL Adopts Stockholder Rights Plan Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – A Month of Awards Nicola Mining Inc. (HUSIF)/OUTPERFORM – Updating Our Sum-of-the-Parts Valuation; Increasing PT to US$1.05 or C$1.45
FreightCar America (RAIL/$8.71 | Price Target: $17) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | RAIL Adopts Stockholder Rights Plan Rating: OUTPERFORM
Protecting the interests of all shareholders. Following a review of the company’s current ownership structure, FreightCar America announced that its Board of Directors adopted a limited-duration stockholder rights plan.The rights plan will expire on August 5, 2026, unless terminated earlier by the Board. The Rights Plan is intended to reduce the likelihood that any person or group gains control of the company through open-market accumulation or other tactics without paying an appropriate control premium. The plan also ensures the Board has sufficient time to make informed decisions that protect the interests of the company and all RAIL shareholders.
Increasing 2026 estimates. We have increased our 2026 EBITDA and EPS estimates to $53.6 million and $0.65, respectively, from $53.2 million and $0.64. Our estimate update reflects stronger deliveries in the second half of the year, with a full-year estimate of 4,850 compared with our previous estimate of 4,800. We now expect quarterly deliveries of: 1Q: 982, 2Q: 1,200, 3Q: 1,284, and 4Q: 1,384. Previously we had assumed: 1Q: 1,346, 2Q: 1,275, 3Q: 1,058, and 4Q: 1,121.
Great Lakes Dredge & Dock (GLDD/$11.97 | Price Target: $14) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Month of Awards Rating: OUTPERFORM
More Business. Over the past month, Great Lakes continued to be awarded additional business, according to the Department of War’s daily contract awards release. In total, the announced awards (and recall not all awards are included in the daily notice), totaled approximately $80 million, demonstrating Great Lakes’ operating capabilities as well as the ongoing demand from the government.
September. Most recently, Great Lakes was awarded a $27.9 million firm-fixed-price contract for the removal and disposal of hopper dredge material. Work will be performed in Venice, Louisiana, with an estimated completion date of April 7, 2026. Fiscal 2025 civil operation and maintenance funds in the amount of $27.9 million were obligated at the time of the award.
Nicola Mining Inc. (HUSIF/$0.78 | Price Target: $1.05) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Updating Our Sum-of-the-Parts Valuation; Increasing PT to US$1.05 or C$1.45 Rating: OUTPERFORM
New Craigmont mining lease extensions. Nicola Mining Inc. (OTCQB: HUSIF, TSX.V: NIM) secured a five-year extension for six mining leases at its New Craigmont Property from the Ministry of Mining and Critical Minerals. The New Craigmont property encompasses over 10,800 hectares and is adjacent to Teck Resources Limited’s (NYSE: TECK, TSX: TECK.A and TECK.B) Highland Valley Copper Mine, the largest copper mine in Canada. On June 1, Nicola commenced a 4,000-to-5,000-meter diamond drill program at the New Craigmont project. The mining lease extension ensures continuity through the project’s lifecycle.
Shipments of gold concentrate. Earlier this month, Nicola announced that it had commenced shipping gold concentrate via a partnership with Talisker Resources Ltd. (TSX: TSK, OTCQX: TSKFF). Under a Mining, Milling, and Smelting Agreement, the parties sold 707 ounces of gold in August, generating gross proceeds of approximately US$2.3 million. Production benefited from upgrades to the Merritt Mill, including the installation of a large concentrator that optimized free gold recovery.
Noble Capital Markets Research Report Wednesday, September 17, 2025
Companies contained in today’s report:
Commercial Vehicle Group (CVGI)/OUTPERFORM – Activist Shareholder Calls for Strategic Review The GEO Group (GEO)/OUTPERFORM – A Renewal and Two New Contracts V2X (VVX)/OUTPERFORM – Continuing to Lighten Vince Holding Corp. (VNCE)/OUTPERFORM – A Closer Look Supports Our Favorable Outlook
Commercial Vehicle Group (CVGI/$1.94 | Price Target: $4) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Activist Shareholder Calls for Strategic Review Rating: OUTPERFORM
Call For A Review. In an amended Schedule 13D filing, investor Lakeview Opportunity Fund has communicated its views on the Company to the CVG management and Board on opportunities for value creation, including through a review process that explores strategic alternatives, including a sale of the Company.
Who Is Lakeview? With Managing Partner Ari Levy, Lakeview is a concentrated and opportunistic multi-strategy fund. The Fund focuses on underfollowed or ignored market areas, such as small and mid-cap value equities, niche Wall Street vehicles, options, and selective shareholder activism, where Lakeview helps companies, generally trading at significant discounts to private market value, unlock shareholder value.
The GEO Group (GEO/$22.04 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Renewal and Two New Contracts Rating: OUTPERFORM
Contracts. The Florida Department of Corrections has issued Notices of Intent to Award three managed-only contracts to GEO for the assumption of management and support services at the 985-bed Bay Correctional and Rehabilitation Facility and the 1,884-bed Graceville Correctional and Rehabilitation Facility and for the continuation of management and support services at the 985-bed Moore Haven Correctional and Rehabilitation Facility.
Details. The three contracts are expected to have an initial term of three years, effective July 1, 2026, with unlimited two-year renewal option periods. On a combined basis, the three contracts are expected to generate approximately $130 million in annualized revenues, including approximately $100 million in new incremental annualized revenues for GEO. While the new contracts will not begin until next year, the new awards reflect GEO’s ability to provide the services demanded by its government partners, in our view.
V2X (VVX/$56.62 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Continuing to Lighten Rating: OUTPERFORM
Another Sale. Private-equity firm American Industrial Partners (AIP), through its Vertex Aerospace subsidiary, sold another 1.7 million VVX shares on September 11th. According to the amended 13D filing, the shares were sold at a price of $52.203 per share through a Rule 144 sale. As we have stated in the past, we continue to expect AIP to sell off its V2X holding over time.
Ownership. Following the most recent share sale, AIP’s ownership is now 8,467,286 VVX shares, representing 26.9% of the outstanding common of V2X. This is down from the 18,591,866 VVX shares, or 61.1% of the then outstanding common, held by AIP just after the Vectrus/Vertex merger in July 2022.
Vince Holding Corp. (VNCE/$2.63 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | A Closer Look Supports Our Favorable Outlook Rating: OUTPERFORM
Solid Q2 Results. The company reported Q2 revenue of $73.2 million, modestly beating our estimate of $72.0 million, and adj. EBITDA of $6.7 million, which strongly outperformed our estimate of $0.85 million by 685%. The strong adj. EBITDA was largely driven by management’s ability to execute on its tariff mitigation strategies, resulting in an improved gross profit margin.
Mitigating tariff impacts. Importantly, the company’s gross profit margin increased 300 basis points over the prior year period. The improvement was driven by lower product costing and higher pricing, contributing a 340 basis point improvement, as well as less discounting, which resulted in a 210 basis point improvement. However, the positive margin contributions were softened by tariff and freight impacts of 170 basis points and 100 basis points, respectively.
Noble Capital Markets Research Report Tuesday, September 16, 2025
Companies contained in today’s report:
Cadrenal Therapeutics (CVKD)/OUTPERFORM – Acquisition Builds The Pipeline With Anticoagulants In Development
Cadrenal Therapeutics (CVKD/$13.37 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Acquisition Builds The Pipeline With Anticoagulants In Development Rating: OUTPERFORM
Cadrenal Acquires Complimentary Cardiovascular Products. Cadrenal announced that it has acquired the anti-coagulant assets of eXlthera Pharmaceuticals. The products include frunexian, a Pre-Phase-2 anti-coagulant drug that inhibits a different step in the coagulation cascade from tecarfarin. Frunexian is in development for different indications and could extend Cadrenal’s product line to additional indications that are not served by current drugs. The acquisition also includes an oral formulation and other research-stage molecules.
Frunexian Has Several Distinguishing Features. The lead product from eXlthera is frunexian, a Factor XIa inhibitor. Most of the DOAC (direct-acting oral anticoagulant) class target Factor Xa and have been developed for long-term use on an outpatient basis. In contrast, frunexian targets Factor XIa, a different component of the coagulation cascade.
Noble Capital Markets Research Report Monday, September 15, 2025
Companies contained in today’s report:
Euroseas (ESEA)/OUTPERFORM – Favorable Time Charter Contract for the M/V Jonathan P Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – Fast Track Designation Gives Benefits Now And In The Future Metals & Mining (Metals & Mining) – Insights from the Precious Metals Summit
Euroseas (ESEA/$63.97 | Price Target: $71) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Favorable Time Charter Contract for the M/V Jonathan P Rating: OUTPERFORM
New time charter contract. Euroseas Ltd. announced a new time charter for the M/V Jonathan P at a gross daily rate of $25,000 for a minimum of 11 months, with an option to extend to a maximum of 12 months at the charterer’s option. The charter will commence on November 17th.
Attractive rate and improved charter coverage. The new contract is in direct continuation of the current charter and represents a $5,000 per day increase. It is expected to contribute approximately $5.7 million in EBITDA over the minimum contract period and raise Euroseas’ charter coverage to 100% for the remainder of 2025 and 70% for 2026.
Greenwich LifeSciences, Inc. (GLSI/$11.23 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Fast Track Designation Gives Benefits Now And In The Future Rating: OUTPERFORM
GLSI-100 Received Fast Track Designation. Greenwich LifeSciences announced that GLSI-100 has received Fast Track designation from the FDA. In the near term, this designation allows GLSI increased communications and more FDA meetings regarding regulatory requirements for its clinical trial data and use of biomarkers. Once the FLAMINGO-01 trial is completed, GLSI will be eligible to apply for Accelerated Approval and Priority Review, potentially shortening the time to market.
The Designation Mirrors The Trial Entry Criteria. GLSI-100 has received Fast Track Designation from the FDA for the treatment of “patients with HLA-A*02 genotype and HER2-positive breast cancer who have completed treatment with standard of care HER2/neu targeted therapy to improve invasive breast cancer free survival…” This includes the clinical trial entry criteria and endpoints for the current double-blind arms of the trial.
Metals & Mining Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Insights from the Precious Metals Summit
Precious Metals Summit. Noble Capital Markets was well represented at The Precious Metals Summit on September 9-12at the Beaver Creek Resort in Colorado. The conference attracted 1,700 registrants compared to approximately 1,200 in 2024 and included a broad spectrum of mining companies and institutional investors. Collectively, Noble had private meetings with over 70 company management teams during the invitation-only event.
Relative performance. Year-to-date through September 12,mining companies (as measured by the XME) appreciated 51.2% compared to a gain of 11.9% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 105.7% and 110.6%, respectively. Platinum, silver, and gold futures prices have gained 55.0%, 46.5%, and 39.6%, respectively, while copper, lead, and nickel increased 15.5%, 3.4% and 0.4%. Zinc declined 1.0%. Precious metals have led the charge as Central Banks around the world have added to global gold reserves, along with greater portfolio allocations among investors to precious metals as a hedge against rising inflation, a depreciating U.S. dollar, concerns about government debt, and increased geopolitical uncertainty. Moreover, there has been a desire among some nations to diversify away from the U.S. dollar as the benchmark reserve currency. Gold has become the global asset of choice to preserve value amid declining confidence in fiat currencies and an era of global monetary, geopolitical, and fiscal uncertainty.
Noble Capital Markets Research Report Friday, September 12, 2025
Companies contained in today’s report:
Nutriband (NTRB)/OUTPERFORM – Nutriband Reports 2Q26 With Product Progress SEGG Media Corporation (SEGG)/OUTPERFORM – Leveraging Strong Brands As A Foundation For Growth
Nutriband (NTRB/$6.93 | Price Target: $15) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Nutriband Reports 2Q26 With Product Progress Rating: OUTPERFORM
AVERSA Fentanyl Is Moving Forward. Nutriband reported results from 2Q26, ended July 31, 2025, with a loss of $2.12 per share. Revenues for 2Q26 were $0.6 million compared with $0.4 million in 2Q25. The increase was attributed to the expansion of contract manufacturing services in the Pocono Pharma division that produces kinesiology tape. Net loss was $2.0 million before Preferred Dividends of $21.8 million, bringing Net Loss Available To Shareholders to $23.8 million. Cash at the end of the quarter was $6.9 million.
Meeting With The FDA Later In September. The company has scheduled a meeting with the FDA on September 18, 2025, to discuss the upcoming Phase 1 clinical trial for AVERSA Fentanyl. This is a Type C Meeting, requested by the company to discuss product development. The meeting agenda includes the CMC (Chemistry, Manufacturing, and Controls) and other aspects of the Investigational New Drug Application (IND) using the 505(b)(2) route of regulatory approval.
SEGG Media Corporation (SEGG/$5.63 | Price Target: $20) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Leveraging Strong Brands As A Foundation For Growth Rating: OUTPERFORM
Initiation of coverage with Outperform rating and $20 price target. We are initiating coverage on SEGG Media (NASDAQ: SEGG) with an Outperform rating and $20 target. The company is a development-stage operator of international sports and gaming businesses, anchored by valuable brand assets including Sports.com, Lottery.com, TicketStub.com, and Concerts.com.
Developmental stage. Formed out of Lottery.com’s collapse, SEGG has been reconstituted under new leadership with a defined focus on leveraging globally recognized brands. Management is pursuing an asset-light model combining digital platforms, sports media rights, and consumer venues. We believe this strategy positions SEGG to re-establish credibility and execute a compelling growth plan.
Noble Capital Markets Research Report Thursday, September 11, 2025
Companies contained in today’s report:
Lucky Strike Entertainment (LUCK)/OUTPERFORM – Initiated Debt Refinancing Vince Holding Corp. (VNCE)/OUTPERFORM – Delivered A Strong Quarter
Lucky Strike Entertainment (LUCK/$9.6 | Price Target: $17.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Initiated Debt Refinancing Rating: OUTPERFORM
Strategic update. On September 10, the company announced that its wholly-owned subsidiary Kingpin Intermediate Holdings LLC initiated a private offering of $700 million in new senior secured notes, due in 2032. Concurrently, the company launched a refinancing of its corporate term loan and revolving credit facility. The company expects the initial amount of the refinanced term loan and revolving credit facility to be $1 billion and $400 million, respectively.
Use of capital. Importantly, the net proceeds from the new debt offering and the refinanced credit facilities are earmarked for retiring the company’s existing term loan, revolving credit facility, and bridge loan, which was used to acquire 58 real estate assets in July. Furthermore, the remaining proceeds will be used to fund the company’s strategic initiatives.
Vince Holding Corp. (VNCE/$1.66 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Delivered A Strong Quarter Rating: OUTPERFORM
Solid Q2 Results. The company reported Q2 revenue of $73.2 million, modestly beating our estimate of $72.0 million, and adj. EBITDA of $6.7 million, which strongly outperformed our estimate of $0.85 million by 685%, as illustrated in Figure #1 Q2 Results. The strong adj. EBITDA was largely driven by management’s ability to execute on its tariff mitigation strategies, resulting in an improved gross profit margin.
Mitigating tariff impacts. Importantly, the company’s gross profit margin increased 300 basis points over the prior year period. The improvement was driven by lower product costing and higher pricing, contributing a 340 basis point improvement, as well as less discounting, which resulted in a 210 basis point improvement. However, the positive margin contributions were softened by tariff and freight impacts of 170 basis points and 100 basis points, respectively.
Noble Capital Markets Research Report Tuesday, September 9, 2025
Companies contained in today’s report:
Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – Positioned To End YE2025 With Strong Products and Pipeline Development
Gyre Therapeutics, Inc (GYRE/$7.89 | Price Target: $20) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Positioned To End YE2025 With Strong Products and Pipeline Development Rating: OUTPERFORM
Gyre Has Made Strong YTD Progress. Gyre has made significant progress during the first three quarters of FY2025 that we believe positions the company for a strong year-end. These developments include continued sales growth from two products introduced in 1H25, an application for Hydronidone approval in China, and the start of a Phase 2 clinical trial for Hydronidone in the US. The company also announced the appointment of Dr. Han Ying as the new CEO, a member of the Board of Directors since January 2025.
Hydronidone Data Showed Efficacy and Proof of Concept. The pivotal Phase 3 trial testing Hydronidone in Chronic Hepatitis B-associated fibrosis has met its primary endpoint of fibrosis regression. The study was conducted in China, and an application for approval by the NMPA (the Chinese regulatory authority) is planned for 3Q2025. Hydronidone has received Breakthrough Therapy Designation, allowing for accelerated review. We expect approval in 2H2026, followed by launch in FY2027.
Praxis Precision Medicines, Inc. (NASDAQ: PRAX) announced positive topline results from its Essential3 Phase 3 program evaluating ulixacaltamide HCl for the treatment of essential tremor (ET). The company reported that both pivotal studies met their pre-specified primary endpoints, with all key secondary endpoints also achieved, and ulixacaltamide was generally well tolerated with no drug-related serious adverse events.
In the parallel-group study (Study 1), patients treated with ulixacaltamide demonstrated a mean improvement of 4.3 points from baseline in the Modified Activities of Daily Living 11 (mADL11) at Week 8 (p<0.0001). All key secondary endpoints, including rate of disease improvement over 12 weeks, Patient Global Impression of Change (PGI-C), and Clinical Global Impression of Severity (CGI-S), were statistically significant (p<0.001).
In Study 2, a randomized-withdrawal design, patients maintained superior treatment effects on ulixacaltamide versus placebo (p=0.0369), with the first key secondary endpoint — rate of disease improvement — also demonstrating a statistically significant benefit (p=0.0042).
“Patients in the Essential3 program had been living with essential tremor for an average of 30 years, with worsening symptoms and no effective treatment options,” said Marcio Souza, President and CEO of Praxis Precision Medicines. “The strong results underscore the large unmet need for a therapy like ulixacaltamide. We look forward to discussing a potential NDA with the FDA in the near term.”
The Essential3 program enrolled over 700 patients across two studies using a decentralized design in the United States. Study 1 was a 12-week, double-blind, placebo-controlled trial evaluating change in mADL11 at Week 8. Study 2 enrolled stable responders to ulixacaltamide and assessed maintenance of effect during a four-week randomized-withdrawal phase.
Ulixacaltamide is a selective T-type calcium channel inhibitor designed to block abnormal neuronal burst firing in the Cerebello-Thalamo-Cortical circuit, which is associated with tremor activity. The therapy is the most advanced program in Praxis’ Cerebrum™ small molecule platform.
Essential tremor is the most common movement disorder in the U.S., affecting roughly 7 million people, and currently has limited treatment options. Propranolol is the only approved therapy, with limited efficacy and tolerability, leaving a substantial patient population untreated.
Following the announcement, PRAX shares surged more than 200% in early trading, with roughly 2.8 million shares traded, far exceeding the three-month daily average of 449,000 shares. Praxis has submitted a pre-NDA meeting request to the FDA and plans to continue advancing ulixacaltamide toward regulatory submission.
Vancouver, British Columbia–(Newsfile Corp. – October 15, 2025) – Nicola Mining Inc. (TSXV: NIM) (OTCQB: HUSIF) (FSE: HLIA) (the “Company” or “Nicola“) is pleased to provide an update on preparation work conducted during 2025 on the Treasure Mountain Silver Project (“Treasure Mountain“) and its plan for 2026 exploration drilling program (“2026 TM Program“). The 2026 TM Program is the culmination of an airborne magnetic geophysical survey (conducted by Scott Hogg & Associates Ltd. in 2012), extensive soil sampling programs over multiple years, and 2025 field reconnaissance. Treasure Mountain is a permitted silver mine located 30 km northeast of Hope and about a 3-hour drive from Vancouver, British Columbia. Treasure Mountain was an operating mine but was put into care and maintenance in 2013[1], due to depressed silver prices and has always been a core asset to Nicola, which has been strategically waiting for higher silver prices.
As previously announced in the Company’s June 9, 2025 news release, Nicola received a multi-year area-based exploration permit (the “MYAB Permit“), allowing the Company to conduct diamond drilling and trenching at Treasure Mountain. In addition to receipt of MYAB Permit, the Company received a ten year mine lease extension (through April 26, 2032; announced on August 30, 2024), further bolstering the attractiveness of re-opening Treasure Mountain.
The area of exploration interest is northwest of the currently suspended mine (Fig. 1) and consists of several northeast-southwest trending and steeply dipping sulphide-rich veins (Fig. 2). Photos exhibited in Figure 2 are associated with 2025 field reconnaissance focused on establishing the 2026 TM Program drill targets.
Figure 1. Geological map of Treasure Mountain showing trend of mineralized veins northeast of the mine.
Initial interest in this area was driven by Coeur Mining’s (“Coeur“)[2] (NYSE: CDE) (TSX: CDM) 2012 investment into the Company giving it a 12.7% ownership at time of investment. Coeur purchased shares at a price of $1.08 ($20.6 when considering subsequent rollbacks)[3].
Previous exploration work along this trend is limited to six percussion holes totaling 274m in 1994 and 14 “backpack drill” holes totaling 25m in 2020. Widespread soil sampling was also conducted in 2019 and 2020. Limited rock samples were collected in 2020 and 2021. The most recent exploration along this trend (sampling conducted by Nicola in 2021) is described in Assessment Report #39721 (available on ARIS[4]). Results from these programs are encouraging and demonstrate the presence of vein-hosted silver, copper, lead, zinc and gold. This provides support for initial diamond drilling to establish the width of the trend and mineralization at depth. Currently mineralization is present on surface and open in all directions.
Figure 2. 2025 Field Reconnaissance Photos: (a) and (b) 10-20 cm wide quartz-sulphide veins steeply dipping and trending northeast-southwest. Close-ups of quartz veins show (c) mainly sphalerite with pyrite and chalcopyrite and (d) pyrite, chalcopyrite and sphalerite.
Peter Espig, Chief Executive Officer, commented, “Recently we have garnered accelerated interest from both investors and strategics that have become increasingly excited about Treasure Mountain. At Nicola, we have always been aware of its significant potential, as highlighted by Coeur’s investment in the Company at a time prior to Nicola securing ownership of New Craigmont Copper Project and commencing gold production and pre-investment in Dominion Gold Project. In addition to these other projects, for the past decade we have continued to review, maintain and explore Treasure Mountain, which is more than an exploration project but is a fully permitted mine that can be reopened. We continue to review all possibilities and are excited for the 2026 TM Program.”
Qualified Person
The scientific and technical disclosures included in this news release have been reviewed and approved by Will Whitty, P.Geo., who is the Qualified Person as defined by NI 43-101. Mr. Whitty is Vice President of Exploration for the Company.
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the TSX.V Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.
The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
[1] Silver prices dropped below US$20 in 2013 and reached a low of US$13.80 in December of 2015. Link [2] At the time of investment Coeur Mining was called Coeur d’Alene Mines Corporation [3] July 17, 2014 (2 for 1), June 1, 2015, (5 for 1) and November 17, 2023 (2 for 1). The first 2 rollbacks were related to a successful CCAA process. [4] British Columbia Geological Survey’s (BCGS) Assessment Report Indexing System
SAN DIEGO, Oct. 15, 2025 (GLOBE NEWSWIRE) — Gyre Therapeutics (Nasdaq: GYRE), an innovative, commercial-stage biopharmaceutical company dedicated to advancing fibrosis-first therapies across organ systems affected by chronic disease, today announced that its indirect, majority-owned subsidiary, Gyre Pharmaceuticals Co., Ltd. (Gyre Pharmaceuticals), has completed patient enrollment in the 52-week Phase 3 clinical trial of its Class 1 drug, Pirfenidone capsules, for the treatment of pneumoconiosis.
A total of 272 patients have been enrolled in this multicenter, randomized, double-blind, placebo-controlled trial being conducted at 18 clinical research centers across China. The trial is designed to evaluate the efficacy and safety of 52 weeks of Pirfenidone capsule treatment in patients with pneumoconiosis, a chronic occupational lung disease characterized by progressive pulmonary fibrosis.
Unmet Medical Need in Pneumoconiosis
Pneumoconiosis remains the most common and severe occupational disease in China, with more than 450,000 surviving patients and thousands of new cases reported each year. It results from long-term inhalation of mineral dusts such as silica or coal, which triggers persistent inflammation and progressive fibrosis of the lung tissue. Over time, this excessive scar formation causes diffuse fibrosis and irreversible loss of lung function. Despite its prevalence and severity, there is currently no approved therapy in China that specifically targets the fibrotic mechanisms underlying pneumoconiosis.
Based on recent expert consensus, China’s pneumoconiosis treatment landscape represents a significant unmet medical need, underscoring the importance of developing therapies specifically designed to slow or halt the progression of fibrosis and improve long-term outcomes for affected patients.
About the 52-Week Phase 3 Trial
The ongoing trial compares Pirfenidone 1,800 mg/day (600 mg tid) with placebo over a 52-week double-blind treatment period.
Primary Endpoint: Change from baseline in forced vital capacity (FVC) % predicted at Week 52.
Key Secondary Endpoints: Changes in diffusing capacity of the lungs for carbon monoxide (DLCO), 6-minute walk distance, St. George’s Respiratory Questionnaire (SGRQ) score, and Modified Medical Research Council (mMRC) dyspnea scale, as well as rates of acute exacerbations, hospitalizations, and deaths.
Safety Monitoring: Follows Gyre’s Development Safety Update Report (DSUR Dec 2023–Dec 2024). Most adverse events reported to date are mild to moderate, with no unexpected safety signals.
Interim Analysis: None planned.
About Pirfenidone (ETUARY®)
Pirfenidone is an oral antifibrotic small molecule that received its original approval in China in 2011 by Gyre Pharmaceuticals for the treatment of idiopathic pulmonary fibrosis (IPF). It works by inhibiting TGF-β signaling and fibroblast proliferation. Gyre continues to advance Pirfenidone beyond IPF through multiple clinical programs, including the Phase 3 pneumoconiosis trial and the recently approved Phase 2/3 trial for oncology-related pulmonary complications such as radiation-induced lung injury (RILI) and checkpoint inhibitor pneumonitis (CIP).
About Gyre Therapeutics
Gyre Therapeutics is a biopharmaceutical company headquartered in San Diego, CA, primarily focused on the development and commercialization of Hydronidone for liver fibrosis, including MASH, in the United States. Gyre’s strategy builds on its experience in mechanistic studies using MASH rodent models and clinical studies in CHB-induced liver fibrosis. In the People’s Republic of China, Gyre is advancing a broad pipeline through its indirect controlling interest in Gyre Pharmaceuticals, including therapeutic expansions of ETUARY®, and development programs for F573, F528, and F230.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts included in this press release, are forward-looking statements, including statements concerning: the expectations regarding Gyre’s research and development efforts, including Gyre’s advancement of its Phase 3 trial in China for Pirfenidone capsules for the treatment of pneumoconiosis and the initiation of Gyre’s Phase 2/3 trial in China for Pirfenidone capsules for the treatment of RILI and CIP; and trial design of Gyre’s Phase 3 trial in China for Pirfenidone capsules for the treatment of pneumoconiosis. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements reflect our plans, estimates, and expectations, as of the date of this press release. These statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements expressed or implied in this press release. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: Gyre’s ability to execute on its clinical development strategies; positive results from a clinical trial may not necessarily be predictive of the results of future or ongoing clinical trials; the timing or likelihood of regulatory filings and approvals; competition from competing products; the impact of general economic, health, industrial or political conditions in the United States or internationally; the sufficiency of Gyre’s capital resources and its ability to raise additional capital. Additional risks and factors are identified under “Risk Factors” in Gyre’s Annual Report on Form 10-K for the year ended December 31, 2024 filed on March 17, 2025 and in other filings with the Securities and Exchange Commission.
Gyre expressly disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Deal to Form Second-Largest U.S. Public Timber and Wood Company Amid Tariff Tailwinds and Industry Consolidation
Rayonier Inc. (NYSE: RYN) and PotlatchDeltic Corporation (Nasdaq: PCH) announced they have entered into a definitive all-stock merger of equals valued at approximately $8.2 billion, including $1.1 billion of net debt. The combined company will become the second-largest publicly traded timber and wood products enterprise in the United States, with roughly 4.2 million acres of timberland across 11 states and significant manufacturing and real estate operations.
Under the terms of the agreement, PotlatchDeltic shareholders will receive 1.7339 shares of Rayonier common stock for each PotlatchDeltic share — an implied value of $44.11 per share and an 8.25% premium to PotlatchDeltic’s October 10 closing price. Rayonier shareholders will own approximately 54% of the combined company, while PotlatchDeltic investors will hold 46%. The merger, unanimously approved by both boards, is expected to close in late Q1 or early Q2 2026.
The announcement coincided with the Trump administration’s implementation of 10% tariffs on imported timber and lumber — a policy shift expected to benefit U.S. producers. The companies cited improving long-term demand for housing and construction materials, despite recent headwinds from elevated mortgage rates and weaker housing activity.
“Combining two exceptional land resources companies creates enhanced value for our shareholders and other stakeholders,” said Mark McHugh, President and CEO of Rayonier, who will continue in that role post-merger. “Rayonier and PotlatchDeltic share a commitment to sustainability and a legacy of excellence in delivering land resources to their highest and best use.”
Eric Cremers, President and CEO of PotlatchDeltic, added, “This merger is a watershed moment for both companies. Our complementary assets and shared vision will unlock opportunities to create significant strategic and financial benefits beyond what either could achieve independently.”
The combined company will operate under a new name to be announced prior to closing. It will have an estimated pro forma equity market capitalization of $7.1 billion and be positioned to capitalize on multiple growth avenues — from timber harvesting and lumber manufacturing to higher-and-better-use (HBU) real estate development and natural climate solutions.
Operationally, the merger brings together approximately 3.2 million acres of timberland in the U.S. South and 931,000 acres in the Pacific Northwest. The company will operate seven wood products facilities, including six lumber mills with annual capacity of 1.2 billion board feet and one plywood mill producing 150 million square feet. It also expects to realize $40 million in annual run-rate synergies within two years of closing, driven by overhead and operational efficiencies.
In addition to its timber and manufacturing assets, the combined company will have an established real estate development platform with ongoing projects in Arkansas, Florida, and Georgia. Both firms highlighted strong prospects in land-based and natural climate solutions, including solar, carbon capture, and voluntary carbon markets.
Financially, the new company will have a pro forma net debt-to-EBITDA ratio of roughly 2.5x and maintain investment-grade credit ratings. It plans to sustain regular dividend payments through completion of the merger and target long-term dividend growth as synergies are realized.
Upon closing, the leadership team will draw from both organizations. McHugh will serve as President and CEO, with Wayne Wasechek (PotlatchDeltic) as CFO, Rhett Rogers (Rayonier) as EVP of Land Resources, and Ashlee Cribb (PotlatchDeltic) as EVP of Wood Products. Cremers will become Executive Chair of the Board for 24 months following the merger, with board representation split evenly between both companies.
Transaction Delivers Immediate Value to Shareholders and Takes Industrial Equipment Maker Private
Hillenbrand, Inc. (NYSE: HI) announced it has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds in an all-cash transaction valued at $32.00 per share, representing an enterprise value of approximately $3.8 billion. The offer price reflects a significant premium to Hillenbrand’s recent trading levels and will provide immediate liquidity to shareholders.
Upon completion, expected by the end of the first quarter of 2026, Hillenbrand will become a privately held company and its shares will cease trading on the New York Stock Exchange. The transaction remains subject to customary closing conditions, including shareholder and regulatory approvals.
Hillenbrand is a global industrial company that designs and manufactures highly engineered processing equipment and solutions through its Advanced Process Solutions and Molding Technology Solutions segments. Over the past three years, the company has transformed its portfolio through acquisitions and divestitures, building a stronger position in the durable plastics, food, and recycling end markets.
“We are pleased to reach this agreement with Lone Star, which delivers immediate and certain cash value to our shareholders at a substantial premium to recent trading,” said Helen Cornell, Chairperson of Hillenbrand’s Board of Directors. “The Board carefully reviewed a range of potential strategic alternatives, including interest from multiple parties, and determined this transaction is in the best interest of Hillenbrand and its shareholders.”
Kim Ryan, President and CEO of Hillenbrand, added, “Over the past several years, we have made tremendous progress transforming into a pure-play industrial company and investing in innovation. Lone Star recognizes this progress and sees a bright future given our strong teams and leading businesses. We look forward to working with Lone Star to enhance our scale and continue driving growth and innovation.”
Lone Star Funds, a Dallas-based private investment firm with over $95 billion in capital commitments across 25 private equity funds since 1995, focuses on complex transactions across private equity, credit, and real estate. The firm cited Hillenbrand’s successful transformation and diversified market presence as key drivers of the acquisition.
The deal follows Hillenbrand’s recent portfolio streamlining efforts, including the sale of its majority interest in the Milacron injection molding and extrusion business to Bain Capital for $287 million and the divestiture of its minority stake in TerraSource Holdings to Astec Industries for approximately $245 million.
Following the transaction, Hillenbrand will continue operating under its existing structure, guided by its purpose to Shape What Matters For Tomorrow™, while leveraging Lone Star’s financial and operational support to expand within high-growth industrial markets.
Distribution Deal Grows U.S. Retail Footprint and Opens Path to International Expansion Through IGA’s Global Network
ATLANTA, Oct. 14, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced a distribution partnership with the Independent Grocers Alliance (“IGA”), the world’s largest network of independent grocery retailers, to expand access to Bitcoin Depot kiosks through neighborhood grocery stores across the country.
With this partnership, IGA stores across the United States will gain the opportunity to offer in-store Bitcoin access through the Bitcoin Depot kiosks, where permitted, extending Bitcoin Depot’s national footprint and allowing more consumers the opportunity to buy Bitcoin in a familiar retail setting.
“This partnership with IGA helps us increase our reach to provide easy and secure access to Bitcoin for consumers across diverse communities,” said Scott Buchanan, President & COO of Bitcoin Depot. “By leveraging IGA’s robust network of independent retailers, we are extending the reach of our kiosks while also opening the door to future international expansion.”
With IGA’s presence in over 25 countries, this engagement positions Bitcoin Depot to evaluate expansion into new international markets as demand for Bitcoin access continues to rise.
“Partnering with Bitcoin Depot, a trusted leader in the crypto ATM space, allows us to offer our retailers a proven, secure way to meet growing consumer demand for digital assets,” said IGA VP of Brand Development Michael La Kier. “This relationship will further help independent grocers stay competitive by bringing in new foot traffic and offering a service that’s increasingly relevant to the communities they serve.”
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America with over 9,000 kiosk locations as of August 2025. Learn more at www.bitcoindepot.com.
About The Independent Grocers Alliance The Independent Grocers Alliance (IGA) was founded in 1926, bringing together independent grocers across the United States to ensure that the trusted, family-owned local grocery store remained strong in the face of growing chain competition. IGA is the world’s largest voluntary supermarket network with aggregate worldwide retail sales of over $43 billion per year. The Alliance includes more than 7,500 stores globally, with operations in 46 of the United States and over 25 countries.
Cautionary Note Regarding Forward-Looking Statements This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.
We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
SAN DIEGO, Oct. 14, 2025 (GLOBE NEWSWIRE) — Gyre Therapeutics (“Gyre”) (Nasdaq: GYRE), an innovative, commercial-stage biopharmaceutical company dedicated to advancing fibrosis-first therapies across organ systems affected by chronic disease, today announced that it will be presenting results from its positive Phase 3 clinical trial evaluating Hydronidone, a novel anti-fibrotic agent that inhibits hepatic stellate cell (HSC) activation and promotes HSC apoptosis, for the treatment of liver fibrosis in chronic hepatitis B, at The Liver Meeting® 2025, the annual meeting of the American Association for the Study of Liver Diseases (AASLD). The Liver Meeting® 2025 is being held November 7-10, 2025, in Washington D.C.
This abstract has been selected as a Poster of Distinction, and the details are below:
Title: Phase 3 Trial of Hydronidone for Liver Fibrosis in Chronic Hepatitis B
Presenting Author: Prof. Lungen Lu, M.D., Shanghai General Hospital, Shanghai Jiao Tong University School of Medicine
Session: Hepatitis B (“1187-1367”)
Date/Time: Friday, November 7, 2025, 8:00 a.m. – 5:00 p.m. Eastern Time
Publication Number: 1121
About Gyre Therapeutics
Gyre Therapeutics is a biopharmaceutical company headquartered in San Diego, CA, primarily focused on the development and commercialization of Hydronidone for liver fibrosis, including MASH, in the United States. Gyre’s strategy builds on its experience in mechanistic studies using MASH rodent models and clinical studies in CHB-induced liver fibrosis. In the People’s Republic of China, Gyre is advancing a broad pipeline through its indirect controlling interest in Gyre Pharmaceuticals, including therapeutic expansions of ETUARY®, and development programs for F573, F528, and F230.
For Investors:
David Zhang Gyre Therapeutics david.zhang@gyretx.com
CHATHAM, N.J., Oct. 14, 2025 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated biotechnology company with marketed products and a pipeline of development candidates, today announced that Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals, delivered a presentation titled “The History and Promise of anti-CD154 Monoclonal Antibody Immunomodulation for Transplantation,” at the 61st Annual Congress of the Japan Society for Transplantation, which took place October 9–11, 2025, in Nagoya, Japan. The CD40-ligand (CD40L) is also known as CD154. A copy of the Company’s presentation is available under the Presentations tab of the Tonix website at https://ir.tonixpharma.com/presentations.
“We are encouraged by the favorable safety and biomarker data from the Phase 1 study, which support the continued development of TNX-1500 as a novel immunomodulatory approach in transplantation and autoimmune diseases,” said Dr. Seth Lederman, Chief Executive Officer of Tonix Pharmaceuticals. “Dimeric TNX-1500 was designed to target cell-associated CD40L, which we believe plays important roles in organ rejection. We look forward to engaging further with the transplantation and immunology communities as we move into next-stage studies.”
Dr. Lederman added, “Several studies have shown that anti-CD40L treatment of animals with transplanted organs is associated with an increase in the number and activity of T-regulatory cells (“T regs”). We are excited that Mary Brunkow, Fred Ramsdell and Shimon Sakaguchi were awarded the Nobel Prize in Physiology or Medicine 2025 for the discovery and characterization of these T regs and their role in peripheral immune tolerance just a few days before the conference. The growing recognition of the significance of T regs in the immune response has driven our interest in pursuing anti-CD40L treatment to prevent organ transplant rejection.”
Dr. Lederman’s presentation highlighted his discovery of CD40L as a therapeutic target, the evolution of anti-CD40L therapeutic monoclonal antibodies and featured data from the completed Phase 1 study of TNX-1500, Tonix’s third-generation Fc-modified dimeric anti-CD40L monoclonal antibody. The talk reviewed the molecule’s design to minimize thromboembolic risk while maintaining immunomodulatory activity, presented Phase 1 safety and pharmacodynamic results, and outlined next steps toward Phase 2 development for the prevention of kidney transplant rejection and the treatment of autoimmune indications.
Dr. Lederman’s presentation was part of a morning breakfast seminar sponsored by Tonix and chaired by Professor Takaaki Kobayashi, from Aichi Medical University School of Medicine, that included presentations by two academic Tonix collaborators: a presentation by Harvard Professor and Massachusetts General Hospital (MGH) surgeon Richard Pierson III titled, “CD154/CD40 blockade with Fc-modified anti-CD154 mAb for heart transplantation” and a presentation by Harvard Professor and MGH surgeon Tatsuo Kawai titled, “CD154/CD40 blockade with Fc-modified anti-CD154 for kidney transplantation.”
About TNX-1500 TNX-1500 (Fc-modified humanized anti-CD40L mAb) is a humanized monoclonal antibody that binds and functionally inhibits the CD40-ligand (CD40L), also known as CD154. TNX-1500 is being developed for the prevention of allograft and xenograft rejection, for the prevention of graft-versus-host disease (GvHD) after hematopoietic stem cell transplantation (HCT) and for the treatment of autoimmune diseases. Two published articles in the American Journal of Transplantation demonstrate TNX-1500 prevents rejection, prolongs survival and preserves graft function as a single agent or in combination with other drugs in non-human primate renal and heart allografts.
*TNX-1500 is an investigational new biologic and is not approved for any indication
Tonix Pharmaceuticals Holding Corp.*
Tonix Pharmaceuticals is a fully-integrated biotechnology company with marketed products and a pipeline of development candidates. Tonix has received FDA approval for Tonmya™, a first-in-class, non-opioid analgesic medicine for the treatment of fibromyalgia, a chronic pain condition that affects millions of adults. This marks the first approval for a new prescription medicine for fibromyalgia in more than 15 years. Tonix also markets two treatments for acute migraine in adults. Tonix’s development portfolio is focused on central nervous system (CNS) disorders, immunology, immuno-oncology, rare disease and infectious disease. TNX-102 SL is being developed to treat acute stress reaction and acute stress disorder under a Physician-Initiated IND at the University of North Carolina in the OASIS study funded by the U.S. Department of Defense (DoD). TNX-102 SL is also in development for major depressive disorder. Tonix’s immunology development portfolio consists of biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is an Fc-modified humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of allograft rejection and for the treatment of autoimmune diseases. Tonix’s rare disease portfolio includes TNX-2900, intranasal potentiated oxytocin with magnesium, in development for Prader-Willi syndrome. Tonix’s infectious disease portfolio includes TNX-801, a vaccine in development for mpox and smallpox, as well as TNX-4800, a monoclonal antibody for the seasonal prevention of Lyme Disease. Finally, TNX-4200 for which Tonix has a contract with the U.S. DoD’s Defense Threat Reduction Agency (DTRA) for up to $34 million over five years, is a small molecule broad-spectrum antiviral agent targeting CD45 for the prevention or treatment of infections to improve the medical readiness of military personnel in biological threat environments. Tonix owns and operates a state-of-the art infectious disease research facility in Frederick, Md.
* Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication.
This press release and further information about Tonix can be found at www.tonixpharma.com.
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to successfully launch and commercialize Tonmya and any of our approved products; risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2025, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
INDICATION TONMYA is indicated for the treatment of fibromyalgia in adults. CONTRAINDICATIONS TONMYA is contraindicated: In patients with hypersensitivity to cyclobenzaprine or any inactive ingredient in TONMYA. Hypersensitivity reactions may manifest as an anaphylactic reaction, urticaria, facial and/or tongue swelling, or pruritus. Discontinue TONMYA if a hypersensitivity reaction is suspected. With concomitant use of monoamine oxidase (MAO) inhibitors or within 14 days after discontinuation of an MAO inhibitor. Hyperpyretic crisis seizures and deaths have occurred in patients who received cyclobenzaprine (or structurally similar tricyclic antidepressants) concomitantly with MAO inhibitors drugs. During the acute recovery phase of myocardial infarction, and in patients with arrhythmias, heart block or conduction disturbances, or congestive heart failure. In patients with hyperthyroidism. WARNINGS AND PRECAUTIONS Embryofetal toxicity: Based on animal data, TONMYA may cause neural tube defects when used two weeks prior to conception and during the first trimester of pregnancy. Advise females of reproductive potential of the potential risk and to use effective contraception during treatment and for two weeks after the final dose. Perform a pregnancy test prior to initiation of treatment with TONMYA to exclude use of TONMYA during the first trimester of pregnancy. Serotonin syndrome: Concomitant use of TONMYA with selective serotonin reuptake inhibitors (SSRIs), serotonin norepinephrine reuptake inhibitors (SNRIs), tricyclic antidepressants, tramadol, bupropion, meperidine, verapamil, or MAO inhibitors increases the risk of serotonin syndrome, a potentially life-threatening condition. Serotonin syndrome symptoms may include mental status changes, autonomic instability, neuromuscular abnormalities, and/or gastrointestinal symptoms. Treatment with TONMYA and any concomitant serotonergic agent should be discontinued immediately if serotonin syndrome symptoms occur and supportive symptomatic treatment should be initiated. If concomitant treatment with TONMYA and other serotonergic drugs is clinically warranted, careful observation is advised, particularly during treatment initiation or dosage increases. Tricyclic antidepressant-like adverse reactions: Cyclobenzaprine is structurally related to TCAs. TCAs have been reported to produce arrhythmias, sinus tachycardia, prolongation of the conduction time leading to myocardial infarction and stroke. If clinically significant central nervous system (CNS) symptoms develop, consider discontinuation of TONMYA. Caution should be used when TCAs are given to patients with a history of seizure disorder, because TCAs may lower the seizure threshold. Patients with a history of seizures should be monitored during TCA use to identify recurrence of seizures or an increase in the frequency of seizures. Atropine-like effects: Use with caution in patients with a history of urinary retention, angle-closure glaucoma, increased intraocular pressure, and in patients taking anticholinergic drugs. CNS depression and risk of operating a motor vehicle or hazardous machinery: TONMYA monotherapy may cause CNS depression. Concomitant use of TONMYA with alcohol, barbiturates, or other CNS depressants may increase the risk of CNS depression. Advise patients not to operate a motor vehicle or dangerous machinery until they are reasonably certain that TONMYA therapy will not adversely affect their ability to engage in such activities. Oral mucosal adverse reactions: In clinical studies with TONMYA, oral mucosal adverse reactions occurred more frequently in patients treated with TONMYA compared to placebo. Advise patients to moisten the mouth with sips of water before administration of TONMYA to reduce the risk of oral sensory changes (hypoesthesia). Consider discontinuation of TONMYA if severe reactions occur. ADVERSE REACTIONS The most common adverse reactions (incidence ≥2% and at a higher incidence in TONMYA-treated patients compared to placebo-treated patients) were oral hypoesthesia, oral discomfort, abnormal product taste, somnolence, oral paresthesia, oral pain, fatigue, dry mouth, and aphthous ulcer.
DRUG INTERACTIONS MAO inhibitors: Life-threatening interactions may occur. Other serotonergic drugs: Serotonin syndrome has been reported. CNS depressants: CNS depressant effects of alcohol, barbiturates, and other CNS depressants may be enhanced. Tramadol: Seizure risk may be enhanced. Guanethidine or other similar acting drugs: The antihypertensive action of these drugs may be blocked. USE IN SPECIFIC POPULATIONS Pregnancy: Based on animal data, TONMYA may cause fetal harm when administered to a pregnant woman. The limited amount of available observational data on oral cyclobenzaprine use in pregnancy is of insufficient quality to inform a TONMYA-associated risk of major birth defects, miscarriage, or adverse maternal or fetal outcomes. Advise pregnant women about the potential risk to the fetus with maternal exposure to TONMYA and to avoid use of TONMYA two weeks prior to conception and through the first trimester of pregnancy. Report pregnancies to the Tonix Medicines, Inc., adverse-event reporting line at 1-888-869-7633 (1-888-TNXPMED). Lactation: A small number of published cases report the transfer of cyclobenzaprine into human milk in low amounts, but these data cannot be confirmed. There are no data on the effects of cyclobenzaprine on a breastfed infant, or the effects on milk production. The developmental and health benefits of breastfeeding should be considered along with the mother’s clinical need for TONMYA and any potential adverse effects on the breastfed child from TONMYA or from the underlying maternal condition. Pediatric use: The safety and effectiveness of TONMYA have not been established. Geriatric patients: Of the total number of TONMYA-treated patients in the clinical trials in adult patients with fibromyalgia, none were 65 years of age and older. Clinical trials of TONMYA did not include sufficient numbers of patients 65 years of age and older to determine whether they respond differently from younger adult patients. Hepatic impairment: The recommended dosage of TONMYA in patients with mild hepatic impairment (HI) (Child Pugh A) is 2.8 mg once daily at bedtime, lower than the recommended dosage in patients with normal hepatic function. The use of TONMYA is not recommended in patients with moderate HI (Child Pugh B) or severe HI (Child Pugh C). Cyclobenzaprine exposure (AUC) was increased in patients with mild HI and moderate HI compared to subjects with normal hepatic function, which may increase the risk of TONMYA-associated adverse reactions. Please see additional safety information in the full Prescribing Information. To report suspected adverse reactions, contact Tonix Medicines, Inc. at 1-888-869-7633, or the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.
CHICAGO, IL, Oct. 13, 2025 (GLOBE NEWSWIRE) — 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 603,769 shares of common stock at a purchase price of $1.22 per share, in a private placement to accredited investors. Each share of common stock is being offered together with a warrant to purchase one share of common stock at an exercise price of $1.52 per share, which price represents the “Minimum Price” as defined under NYSE American Rule 713 (subject to customary adjustments as set forth in the warrants). The warrants are exercisable commencing six-months following issuance and have a term of three years from the issuance date. The private placement is expected to close on or about October 15, 2025, subject to the satisfaction of customary closing conditions.
The gross proceeds from the offering are expected to be approximately $736,600, prior to offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund the execution of Step 1 of 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 ateganosine (THIO), a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.
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) completion of the private placement, (ii) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and development programs, (iii) our ability to advance product candidates into, and successfully complete, clinical studies, (iv) the timing or likelihood of regulatory filings and approvals, (v) our ability to develop, manufacture and commercialize our product candidates and to improve the manufacturing process, (vi) the rate and degree of market acceptance of our product candidates, (vii) the size and growth potential of the markets for our product candidates and our ability to serve those markets, and (viii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, 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
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.
We Are Initiating Coverage of NeuroSense With An Outperform Rating. NeuroSense Therapeutics is developing therapies for degenerative neurological conditions. The lead product, PrimeC, has completed two Phase 2 trials for ALS (Amyotrophic Lateral Sclerosis) and has a Phase 3 trial planned for early 2026. Initial results from Phase 2 in Alzheimer’s disease has shown promising data. Our price target is $9 per share.
The Lead Indication For PrimeC Is in ALS. PrimeC is a novel formulation containing a combination of celecoxib and ciprofloxacin. These two drugs have been used separately for anti-inflammatory and anti-antimicrobial indications. After new data showed that each drug can affect pathways of degenerative disease, scientists at NeuroSense tested the two drugs together in models of ALS and found a synergistic effect. Two Phase 2 studies showed benefits on survival, disease progression, and biomarkers of ALS activity.
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.
