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Release – Tonix Pharmaceuticals Reports Fourth Quarter and Full Year 2025 Financial Results and Operational Highlights

Posted on by aweinsoff@channelchek.com

Research News and Market Data on TNXP

March 12, 2026 5:30pm EDTDownload as PDF

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TONMYA™ (cyclobenzaprine HCl sublingual tablets) launched November 17, 2025, for the treatment of fibromyalgia; through February 27, 2026, more than 1,500 healthcare providers have prescribed TONMYA to patients, approximately 2,500 patients have initiated treatment with TONMYA, and cumulative prescriptions totaled approximately 4,200

Expect to initiate U.S. field study in 2027 for TNX-4800 for seasonal prevention of Lyme disease pending FDA clearance

Completed $20.0 million registered direct offering with Point72 on December 29, 2025

Approximately $207.6 million in cash and cash equivalents as of December 31, 2025

BERKELEY HEIGHTS, N.J., March 12, 2026 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated, commercial biotechnology company, today announced financial results for the fourth quarter and full year ended December 31, 2025, and provided an overview of recent operational highlights.

“2025 was transformational for Tonix as we achieved FDA approval and began the U.S. commercial launch of TONMYA, our first fully in-house developed product and the first new medicine approved for fibromyalgia in more than 15 years,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “TONMYA is a non-opioid analgesic designed for long-term, once-daily bedtime dosing. We believe TONMYA now provides an alternative medicine for the approximately 10 million adults in the U.S. who suffer from fibromyalgia. We have the capabilities to engage healthcare providers and patients, having launched the product and an approximately 90-member salesforce. Early prescription trends reflect favorable prescriber uptake and repeat utilization consistent with our internal launch expectations. Our experienced commercial team is committed to growing awareness and adoption, facilitating patient access, and obtaining payer coverage as we strive to improve the fibromyalgia journey for patients and healthcare providers.”

Dr. Lederman continued, “We also meaningfully advanced our robust clinical pipeline in 2025. Tonix in-licensed TNX-4800, a long-acting human monoclonal antibody for the seasonal prevention of Lyme disease, for which there are no FDA-approved vaccines or prophylactics. This program, developed by researchers at UMass Chan Medical School, anchors our clinical-stage infectious disease pipeline, and we plan to discuss Phase 2/3 development with the FDA this year. An additional highlight includes FDA clearance of the Investigational New Drug application (IND) for HORIZON, a potentially pivotal Phase 2 study of TNX-102 SL (cyclobenzaprine HCl sublingual tablets) in major depressive disorder, which is expected to initiate enrollment in mid-2026. Looking ahead, our priorities are clear. We are driven to continue our momentum in 2026 as we focus on the successful commercialization of TONMYA, pipeline progress, and sustainable long-term value for patients and shareholders.”

Commercial Updates

TONMYA (cyclobenzaprine HCl sublingual tablets): a centrally acting, non-opioid analgesic for the treatment of fibromyalgia in adults

  • In August 2025, the U.S. FDA approved TONMYA for the treatment of fibromyalgia in adults, making it the first new prescription medicine approved for this indication in more than 15 years. The approval was based on two double-blind, randomized, placebo-controlled Phase 3 clinical trials of nearly 1,000 patients that demonstrated statistically significant reduction in daily pain scores compared to placebo.
  • On November 17, 2025, TONMYA became commercially available at pharmacies by prescription in the U.S. Approximately 90 sales representatives were deployed in the field in advance of the launch. Early prescription trends reflect favorable adoption rates by prescribers and patients, with prescription volumes increasing each full month post launch. Launch metrics for the period November 17, 2025–February 27, 2026 (launch-to-date), are as follows:
    • More than 1,500 healthcare providers have prescribed TONMYA to patients.
    • Approximately 2,500 patients have initiated treatment with TONMYA.
    • Cumulative prescriptions totaled approximately 4,200. This includes bridge prescriptions that are facilitated through the Company’s specialty pharmacy channel. Bridge prescriptions represent initial patient fills provided while coverage determinations are pending and do not immediately generate net product revenue.
  • The Company has contracted with existing wholesalers and specialty pharmacies for distribution and with companies to assist with prescription fulfillment and patient access. Tonix also has a robust patient access program and support services in place, including TONMYA savings card, copay assistance, and prior authorization support, intended to reduce access barriers during early commercialization.
  • The Company is prioritizing expanding payer engagement and establishing contracts with commercial payers, while also progressing discussions with Medicare and Medicaid.

Key Product Pipeline Candidates: Recent Highlights

Infectious Disease Pipeline
TNX-4800 (anti-OspA mAb): long-acting human monoclonal antibody in development for the seasonal prevention of Lyme disease, which has no FDA-approved vaccines or prophylactics

  • In December 2025, Tonix announced plans to meet with the FDA in 2026 to explore Phase 2/3 development options, including a Phase 2 field study and a Phase 2 controlled human infection model (CHIM) study, which is also called a human challenge study. The Company expects to have GMP investigational product available for clinical testing in early 2027. Pending FDA clearances, the field study is expected to initiate enrollment in 2027 and the CHIM study in 2028.

Central Nervous System (CNS) Pipeline
TNX-102 SL (cyclobenzaprine HCl sublingual tablets): in development for major depressive disorder (MDD)

  • In November 2025, the FDA cleared the IND for TNX-102 SL 5.6 mg for the treatment of MDD in adults. The IND clearance enables Tonix to proceed with the HORIZON study, a potentially pivotal Phase 2, 6-week, randomized, double-blind, placebo-controlled study of TNX-102 SL as a first-line monotherapy in adults with MDD. About 360 patients will be enrolled at approximately 30 U.S. sites, with the primary endpoint being the MADRS total score change from baseline at Week 6. Tonix plans to initiate enrollment in mid-2026.
  • Prior studies of TNX-102 SL in fibromyalgia and post-traumatic stress disorder (PTSD) showed promising signals for improvement of depressive symptoms. TNX-102 SL treatment has been associated with a low incidence of side effects common with traditional antidepressants, including weight gain, blood pressure changes, sexual dysfunction, and cognitive issues.

TNX-102 SL for the treatment of acute stress reaction (ASR) and acute stress disorder (ASD), and prophylaxis against development of PTSD

  • The U.S. Department of Defense-funded Optimizing Acute Stress Reaction Interventions (OASIS) trial is being conducted by the University of North Carolina under an investigator-initiated IND application. The OASIS trial examines the safety and efficacy of TNX-102 SL to reduce adverse posttraumatic neuropsychiatric sequelae among patients in the emergency department after a motor vehicle collision. Topline data is expected to be reported in the second half of 2026.

Immunology Pipeline
TNX-1500 (dimeric Fc modified anti-CD40L, humanized monoclonal antibody): third generation anti-CD40L for prophylaxis of kidney transplant rejection and treatment of autoimmune disorders

  • In November 2025, Tonix announced a collaboration with Massachusetts General Hospital to advance a Phase 2 open-label, investigator-initiated clinical trial of TNX-1500 in kidney transplant recipients, planned for initiation mid-year 2026 pending FDA clearance of the IND. The study is expected to enroll five adult kidney transplant recipients.
  • In October 2025, Tonix presented an update at the Japan Society for Transplantation annual congress, highlighting Phase 1 safety and pharmacokinetic and pharmacodynamic results and outlining next steps toward Phase 2 evaluation in allogenic kidney transplantation.

Rare Disease Pipeline
TNX-2900 (intranasal potentiated oxytocin): in development for Prader-Willi syndrome, with Orphan Drug designation as well as Rare Pediatric Disease designation that could make Tonix eligible for a Priority Review Voucher upon approval

  • In September 2025, Tonix announced plans to initiate a Phase 2, randomized, double-blind, placebo-controlled trial in children and adolescents with Prader-Willi syndrome. The study is expected to initiate in the first quarter of 2027.

Financial: Recent Highlights

Tonix had approximately $207.6 million of cash and cash equivalents as of December 31, 2025, compared to approximately $98.8 million as of December 31, 2024. Net cash used in operations was approximately $99.8 million for the full year ended December 31, 2025, compared to $60.9 million for the same period in 2024. Cash paid for capital expenditures for the full year ended December 31, 2025, were approximately $3.4 million compared to $0.1 million for the same period in 2024.

In December 2025, Tonix completed a $20.0 million registered direct offering with Point72 Asset Management. The net proceeds are being used to fund commercialization of marketed products, pipeline development, and general working capital. TD Cowen acted as sole placement agent for the offering. A.G.P./Alliance Global Partners acted as a financial advisor.

Subsequent to year-end, the Company has raised $8.6 million proceeds using its at-the-market (ATM) facility.

The Company believes that its cash resources at December 31, 2025, will meet its planned operating and capital expenditure requirements into the first quarter of 2027.

As of March 11, 2026, the Company had 13,405,401 shares of common stock outstanding.

Full Year 2025 Financial Results

Net product revenue for the full year 2025 was approximately $13.1 million, compared to $10.1 million in 2024. Net revenue from sales of Zembrace®, SymTouch®, and Tosymra® for the full year 2025 was approximately $11.7 million, compared to $10.1 million in 2024. Net revenue from sales of TONMYA for the period from launch on November 17, 2025, to December 31, 2025, was approximately $1.4 million. Cost of sales for the full year 2025 was approximately $6.6 million, compared to $7.8 million in 2024.

Research and development expenses for the full year 2025 were approximately $44.5 million, compared to $40.0 million in 2024. This increase is predominately due to pipeline prioritization period over period, and increased headcount.

Selling, general, and administrative expenses for the full year 2025 were $87.7 million, compared to $40.1 million in 2024. The increase is predominately due to spending on sales and marketing related to TONMYA as well as increased headcount.

Net loss available to common stockholders was approximately $124.0 million, or $14.57 per basic and diluted share, for the full year 2025, compared to net loss available to common stockholders of $130.0 million, or $176.60 per basic and diluted share, in 2024. The basic and diluted weighted average common shares outstanding for the full year 2025 was 8,511,318 compared to 736,339 shares for 2024.

Fourth Quarter 2025 Financial Results

Net product revenue for the fourth quarter 2025 was approximately $5.4 million, compared to $2.6 million for the same period in 2024, and consisted of combined net sales of TONMYA™, Zembrace® SymTouch®, and Tosymra®. Cost of sales for the fourth quarter 2025 was approximately $1.1 million, compared to $1.2 million for the same period in 2024.

Research and development expenses for the fourth quarter 2025 were approximately $16.9 million, compared to $8.3 million for the same period in 2024. This increase is predominately due to pipeline prioritization period over period and increased headcount.

Selling, general, and administrative expenses for the fourth quarter 2025 were $35.7 million, compared to $15.6 million for the same period in 2024. The increase is predominately due to spending on sales and marketing related to TONMYA and increased headcount.

Net loss available to common stockholders was $46.9 million, or $3.98 per basic and diluted share, for the fourth quarter 2025, compared to net loss available to common stockholders of $22.1 million, or $9.77 per basic and diluted share, for the same period in 2024. The basic and diluted weighted average common shares outstanding for the fourth quarter 2025 was 11,798,945 compared to 2,263,535 shares for the same period in 2024.

Tonix Pharmaceuticals Holding Corp.
Tonix Pharmaceuticals* is a fully-integrated, commercial-stage biotechnology company focused on central nervous system (CNS) and immunology treatments in areas of high unmet medical need. TONMYATM (cyclobenzaprine HCl sublingual tablets 2.8mg), the Company’s recently approved flagship medicine, is the first new treatment for fibromyalgia in more than 15 years. Tonix’s CNS commercial infrastructure supports its marketed products, including its acute migraine products, Zembrace® SymTouch® and Tosymra®. Tonix is maximizing the science behind TONMYA in Phase 2 clinical trials to evaluate its potential in major depressive disorder and acute stress disorder. In addition, the Company’s CNS portfolio includes TNX-2900, which is Phase 2 ready for the treatment of Prader-Willi syndrome, a rare disease. Tonix is also advancing a pipeline of immunology programs, including monoclonal antibody TNX-4800 for Lyme disease prophylaxis and TNX-1500, a third-generation CD40 ligand inhibitor for the prevention of kidney transplant rejection. To learn more, visit www.tonixpharma.com and follow the Company on LinkedIn and X.

*Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication.

Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. TONMYA is a trademark of Tonix Pharma Limited. All other marks are property of their respective owners.

Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 including those relating to the completion of the offering, the satisfaction of customary closing conditions, the intended use of proceeds from the offering and other statements that are predictive in nature. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially as a result of a number of factors, including the ability of the Company to satisfy the conditions to the closing of the offering and the timing thereof, as well as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 12, 2026, and periodic reports filed with the SEC on or after the date thereof. Tonix does not undertake an obligation to update or revise any forward-looking statement. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Investor Contacts
Jessica Morris
Tonix Pharmaceuticals 
(862) 799-8599 
investor.relations@tonixpharma.com  

Brian Korb 
astr partners 
(917) 653-5122 
brian.korb@astrpartners.com 

Media Contacts
Deborah Elson
Tonix Pharmaceuticals 
deborah.elson@tonixpharma.com

Ray Jordan 
Putnam Insights 
ray@putnaminsights.com 

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.

Indication and Usage
Zembrace® SymTouch® (sumatriptan succinate) injection (Zembrace) and Tosymra® (sumatriptan) nasal spray are prescription medicines used to treat acute migraine headaches with or without aura in adults who have been diagnosed with migraine.

Zembrace and Tosymra are not used to prevent migraines. It is not known if Zembrace or Tosymra are safe and effective in children under 18 years of age.

Important Safety Information
Zembrace and Tosymra can cause serious side effects, including heart attack and other heart problems, which may lead to death. Stop use and get emergency help if you have any signs of a heart attack:

  • discomfort in the center of your chest that lasts for more than a few minutes or goes away and comes back
  • severe tightness, pain, pressure, or heaviness in your chest, throat, neck, or jaw
  • pain or discomfort in your arms, back, neck, jaw or stomach
  • shortness of breath with or without chest discomfort
  • breaking out in a cold sweat
  • nausea or vomiting
  • feeling lightheaded

Zembrace and Tosymra are not for people with risk factors for heart disease (high blood pressure or cholesterol, smoking, overweight, diabetes, family history of heart disease) unless a heart exam shows no problem.

Do not use Zembrace or Tosymra if you have:

  • history of heart problems
  • narrowing of blood vessels to your legs, arms, stomach, or kidney (peripheral vascular disease)
  • uncontrolled high blood pressure
  • hemiplegic or basilar migraines. If you are not sure if you have these, ask your provider.
  • had a stroke, transient ischemic attacks (TIAs), or problems with blood circulation
  • severe liver problems
  • taken any of the following medicines in the last 24 hours: almotriptan, eletriptan, frovatriptan, naratriptan, rizatriptan, ergotamines, or dihydroergotamine. Ask your provider for a list of these medicines if you are not sure.
  • are taking certain antidepressants, known as monoamine oxidase (MAO)-A inhibitors or it has been 2 weeks or less since you stopped taking a MAO-A inhibitor. Ask your provider for a list of these medicines if you are not sure.
  • an allergy to sumatriptan or any of the components of Zembrace or Tosymra

Tell your provider about all of your medical conditions and medicines you take, including vitamins and supplements.

Zembrace and Tosymra can cause dizziness, weakness, or drowsiness. If so, do not drive a car, use machinery, or do anything where you need to be alert.

Zembrace and Tosymra may cause serious side effects including:

  • changes in color or sensation in your fingers and toes
  • sudden or severe stomach pain, stomach pain after meals, weight loss, nausea or vomiting, constipation or diarrhea, bloody diarrhea, fever
  • cramping and pain in your legs or hips; feeling of heaviness or tightness in your leg muscles; burning or aching pain in your feet or toes while resting; numbness, tingling, or weakness in your legs; cold feeling or color changes in one or both legs or feet
  • increased blood pressure including a sudden severe increase even if you have no history of high blood pressure
  • medication overuse headaches from using migraine medicine for 10 or more days each month. If your headaches get worse, call your provider.
  • serotonin syndrome, a rare but serious problem that can happen in people using Zembrace or Tosymra, especially when used with anti-depressant medicines called SSRIs or SNRIs. Call your provider right away if you have: mental changes such as seeing things that are not there (hallucinations), agitation, or coma; fast heartbeat; changes in blood pressure; high body temperature; tight muscles; or trouble walking.
  • hives (itchy bumps); swelling of your tongue, mouth, or throat
  • seizures even in people who have never had seizures before

The most common side effects of Zembrace and Tosymra include: pain and redness at injection site (Zembrace only); tingling or numbness in your fingers or toes; dizziness; warm, hot, burning feeling to your face (flushing); discomfort or stiffness in your neck; feeling weak, drowsy, or tired; application site (nasal) reactions (Tosymra only) and throat irritation (Tosymra only).

Tell your provider if you have any side effect that bothers you or does not go away. These are not all the possible side effects of Zembrace and Tosymra. For more information, ask your provider.

This is the most important information to know about Zembrace and Tosymra but is not comprehensive. For more information, talk to your provider and read the Patient Information and Instructions for Use. You can also visit https://www.tonixpharma.com or call 1-888-869-7633.

You are encouraged to report adverse effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.

Primary Logo

Source: Tonix Pharmaceuticals Holding Corp.

Released March 12, 2026

Iran, Stagflation, and a Frozen Fed: The Triple Threat Driving the S&P 500’s Worst Streak in a Year

Posted on by slightbourne@noblecapitalmarkets.com

The S&P 500 is closing out its third consecutive losing week — the longest such streak in nearly a year — and the forces behind the selloff are not the kind that resolve quickly. A geopolitical shock, deteriorating economic data, and a Federal Reserve with no room to maneuver have converged into a triple threat that is reshaping how investors should be positioning right now.

The index hit an all-time high of 7,002 on January 27, 2026. It has since fallen approximately 4.5%, trading near 6,684 as of Thursday’s close — its lowest level since mid-December. The Dow Jones Industrial Average is tracking for a 1.8% weekly loss, and the Nasdaq Composite has declined roughly 0.9% week-to-date. The S&P 500 is now down 1.54% on the year.

Threat #1: Iran and the Oil Shock

The U.S.-Israeli military conflict with Iran has disrupted Persian Gulf shipping lanes, sending Brent crude above $100 per barrel for the first time since August 2022 and pushing WTI crude near $96. With Iran’s new Supreme Leader signaling the Strait of Hormuz closure should continue as leverage against the West, there is no near-term resolution in sight. Energy costs at these levels feed directly into consumer prices, complicating an inflation fight the Fed had not yet won.

Threat #2: Stagflation Is No Longer a Tail Risk

This morning’s Q4 2025 GDP revision delivered a gut punch to the soft-landing narrative. Economic growth came in at just 0.7% annualized — down sharply from the prior estimate of 1.4% and well below the consensus forecast of 1.5%. That is the weakest quarterly growth reading in years, outside of the pandemic. Meanwhile, core PCE rose 0.4% month-over-month and February CPI held at 2.4% year-over-year. Slow growth paired with rising prices is the textbook definition of stagflation — historically one of the most punishing environments for equity markets. The 1973 OPEC oil crisis offers an uncomfortable parallel, when the S&P 500 fell more than 40% as recession and energy shock collided.

Threat #3: The Fed Has No Good Options

The Federal Open Market Committee meets March 17–18, and futures markets are pricing in just a 4.7% probability of a rate cut, according to CME FedWatch data. The Fed cannot cut into rising inflation driven by an oil shock, and it cannot hike into slowing growth. The result is policy paralysis — and markets hate uncertainty more than bad news. Rate-sensitive equities, particularly high-multiple tech names, are absorbing the most damage.

What the Headline Number Isn’t Telling You

While the cap-weighted S&P 500 is down 1.54% year-to-date, the S&P 500 Equal Weight Index is up 3.16% over the same period. That divergence reveals the selloff for what it is — a concentrated repricing of mega-cap technology, not a broad market collapse. The Russell 2000 small cap index outperformed Thursday, climbing over 1% on a day the Nasdaq posted losses. Energy, defense, financials, and domestically focused small cap names are holding ground while Big Tech reprices.

The macro environment is undeniably difficult. But for investors willing to look past the headline index, the rotation already underway may prove to be one of 2026’s most important opportunities.

The Oncology Institute, Inc. (TOI) – Strong Results Driven By Covered Population Growth With Improving Margins

Posted on by slightbourne@noblecapitalmarkets.com


Friday, March 13, 2026

TOI is an oncology practice management company that provides administrative services to oncology clinics. These clinics provide cancer care to a population of approximately 1.9 million patients. Services include cancer care, pharmacy and dispensary services, clinical trials, and services associated with oncology care. The company employs nearly 120 clinicians and over 700 teammates at over 70 clinic locations.

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.

4Q25 Had Strong Revenue Growth. The Oncology Institute reported a 4Q25 loss of $7.5 million or $(0.06) per share and a FY2026 loss of $60.6 million or $(0.54) per share. Importantly, 4Q25 Revenues of $142.0 million were up 41.6% over 4Q24, close to our estimate of $142.4 million, with a slightly different mix from Patient Services and Dispensary Revenues. EBITDA in 4Q25 was $0.15 million, turning positive for the first time, and compares with $(7.8) million in 4Q24. Cash balance on December 31, 2025 was $33.6 million.

Margins Improved During 4Q and For FY2025. Overall Gross Margin for 4Q2025 improved to 16.0% of revenues compared with 14.6% in 4Q2024. This reflects margins improvements in Patient Services of 11.9% compared with 8.9% in 4Q24, and Dispensary margins of 18.1% compared with 16.9% in 4Q24. FY2025 Overall Gross Margin was 15.2% compared with 13.7% for FY2024.


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Summit Midstream Corp (SMC) – Summit to Host FY2025 Earnings Call on March 17

Posted on by slightbourne@noblecapitalmarkets.com


Friday, March 13, 2026

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

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

Fourth quarter and FY2025 financial results. Summit will report operating and financial results after the market close on Monday, March 16. Management will host a teleconference at 10 am ET on Tuesday, March 17. We anticipate management will provide its outlook and corporate guidance for 2026.

Noble estimates. We forecasted fourth quarter and FY2025 EBITDA of $62.5 million and $246.6 million, respectively, and net losses of $0.4 million, or $(0.00) per share, and $11.5 million, or $(0.95) per share. Our fourth quarter and full year revenue estimates are $146.7 million and $566.5 million, respectively. Recall management previously communicated that it expected adjusted EBITDA to be at the low end of its $245 million to $280 million 2025 guidance range. For 2026, we are projecting revenue, EBITDA, net income and EPS of $591.3 million, $265.7 million, $12.7 million, and $1.03, respectively. 


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

Seanergy Maritime (SHIP) – Fleet Expansion Continues; Squireship Sale

Posted on by slightbourne@noblecapitalmarkets.com


Friday, March 13, 2026

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

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

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

Newbuild program expands to five vessels. Seanergy announced the acquisition of two Japanese newbuild scrubber-fitted 181,500 dwt Capesize vessels, expanding the total newbuild program to five vessels, including four Capesize vessels and one Newcastlemax, with a combined contract value of approximately $384 million. The first Japanese vessel is a direct purchase with delivery expected between Q2 and Q3 2027, while the second is structured as a 10-year bareboat-in contract with a Q1 2029 delivery and a purchase option beginning at year five. The combined cost of both Japanese vessels is approximately $158 million.

Sale of M/V Squireship. Seanergyagreed to sell the 2010-built, 170,018 dwt M/V Squireship  to a related party for $29.5 million with delivery expected between late April and early June 2026. The transaction is expected to generate net proceeds of approximately $13.5 million after debt repayment and produce an accounting gain of roughly $4 million. The sale is consistent with management’s capital recycling strategy, monetizing an older vessel at an attractive valuation while funding the newbuilding program and reducing average fleet age.


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

Saga Communications (SGA) – Stepping Up Digital Investments

Posted on by slightbourne@noblecapitalmarkets.com


Friday, March 13, 2026

Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations. Saga currently owns or operates broadcast properties in 27 markets, including 79 FM and 33 AM radio stations. Saga’s strategy is to operate top billing radio stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Active Rock, Adult Album Alternative, Adult Contemporary, Country, Classic Country, Classic Hits, Classic Rock, Contemporary Hits Radio, News/Talk, Oldies and Urban Contemporary. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on NASDAQ under the ticker symbol “SGA”.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Q4 Results. The company reported Q4 revenue and adj. EBITDA of $26.5 million and $0.8 million, respectively, modestly below our estimates of $27.7 million and $2.0 million, as illustrated in Figure #1 Q4 Results. Results were impacted by softness in traditional broadcast revenue, while digital Interactive revenue remained a bright spot, increasing 25.8% y-o-y.

Strong digital results. The company continued to implement its blended digital-radio strategy, integrating broadcast and digital solutions to enhance advertiser engagement and retention. Total Interactive revenue reached $4.3 million, an increase of 25.8% year over year, with full year growth reaching 19.1%. Furthermore, the growth was driven by several verticals, including search advertising, targeted display, and e-commerce platforms, reflecting growing adoption of integrated radio and digital advertising campaigns.


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

Gyre Therapeutics, Inc (GYRE) – 4Q25 Report Meets Expectations As A Transition Year Begins

Posted on by slightbourne@noblecapitalmarkets.com


Friday, March 13, 2026

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

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

4Q25 Revenues Showed Modest Increase. Gyre reported a 4Q loss of $1.7 million or $(0.02) per share and profit of $5.0 million or $0.06 per basic share and $0.02 per fully diluted share. Revenues of $116.6 million increased 10.2% over the $105.8 million in FY2024. These results are consistent with our view that FY2026 is a transition year, as the company focuses on approval and launch of Hydronidone plus the acquisition of Cullgen, Inc, adding its degrading protein technology platform (discussed in our Research Note on March 3).

Product Sales and Financials. FY2025 revenue of $116.6 million was driven by continued sales of Etuary and new product launches. Etuary sales of $106.1 million for FY2026 compare with $105.0 million in 4Q25. During the year, Gyre launched Contiva (avatrombopag maleate tablet) in March 2025 and Etorel (nintedanib ethanesulfonate capsules) in June 2025. Contiva sales were $5.5 million and Etorel sales were $4.6 million for the full year. The company expects the National Drug Procurement Program in China and market conditions to lower sales of $100.5 million to $111.0 million.


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

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400 Million Barrels Couldn’t Stop Oil’s Surge — Now What?

Posted on by slightbourne@noblecapitalmarkets.com

In the most significant emergency energy intervention since the IEA was founded in 1974, the world’s wealthiest nations just deployed their biggest weapon against soaring oil prices — and crude kept climbing anyway. For investors tracking energy markets and small cap stocks in 2026, the implications are impossible to ignore.

On Wednesday, the International Energy Agency announced that all 32 of its member countries unanimously agreed to release 400 million barrels of oil from emergency reserves, the largest coordinated strategic petroleum reserve release in history. The move more than doubles the 182 million barrels deployed in 2022 following Russia’s invasion of Ukraine. The United States committed 172 million barrels from its Strategic Petroleum Reserve alone. Oil prices briefly dipped — then climbed straight back above $90 a barrel before the day was out.

Why the IEA’s Record Oil Reserve Release Failed to Move Markets

The math exposes the problem quickly. Macquarie analysts estimated the 400 million barrel release equates to roughly four days of global oil production and about 16 days of the volume that normally transits through the Strait of Hormuz. As the analysts noted — if that doesn’t sound like much, it isn’t.

Export volumes through the Strait of Hormuz are currently at less than 10% of pre-conflict levels, as shippers continue to avoid the waterway amid active threats and confirmed vessel attacks. The reserve release addresses the symptom. The Strait of Hormuz closure is the disease — and no amount of barrels from emergency stockpiles fixes a shipping lane that remains effectively shut.

There is also a delivery gap that markets priced in immediately. Once a presidential order is issued to deploy oil from the U.S. Strategic Petroleum Reserve, deliveries typically don’t begin for about 13 days, with additional shipping time before volumes reach end consumers. The supply disruption is happening in real time. The relief is weeks away at best. JPMorgan Chase analysts noted that policy measures may have limited impact on oil prices unless safe passage through the Strait of Hormuz is assured.

How the Iran War Oil Price Surge Is Reshaping the Fed’s Path in 2026

This morning’s February CPI report came in at 2.4% year-over-year, with core inflation cooling to 0.2% month-over-month — the softest monthly reading since last summer. Under normal conditions, that data would be a clear runway for continued Federal Reserve rate cuts in 2026. The Iran war has changed those conditions entirely.

February CPI captures none of the oil shock that began when the conflict escalated on February 28. The real inflation print — the one that reflects $87-plus crude flowing into gasoline, airfares, and freight costs — hasn’t landed yet. Futures markets now imply only one full rate cut in 2026 and roughly a 50% probability of a second, a dramatic collapse from the three or four cuts investors were pricing in just weeks ago. The Iran war oil price surge is doing what no economic data had managed to do — it is freezing the Fed.

What Rising Oil Prices Mean for Small Cap and Microcap Stocks

Energy is the only sector trading higher today, and that creates a direct opportunity set in the small and microcap universe. Domestic energy producers, oilfield services companies, and energy infrastructure plays are clear beneficiaries of sustained high crude prices and the global push to source supply outside the Middle East. These are precisely the kinds of under-the-radar names that populate the small cap space and rarely attract attention until a macro event forces investors to find them.

The rate picture is the countervailing risk. The small cap rotation thesis that pushed the Russell 2000 to nearly 9% year-to-date gains was built on continued Fed easing. A prolonged Iran war, sustained crude oil prices above $90, and a Fed on pause separates quality small cap companies from the leveraged names that were simply riding the rate-cut trade.

The IEA’s record oil reserve release in 2026 is not evidence that the crisis is under control. It is evidence of how severe the disruption actually is. When the largest emergency intervention in energy market history fails to bring prices down, the market is sending a signal — and the investors who act on it early are the ones who tend to come out ahead.

Why the Iran Conflict Hasn’t Derailed the Small Cap Rally — And May Actually Fuel It

Posted on by slightbourne@noblecapitalmarkets.com

For years, the market’s story was simple — go big or go home. Mega-cap tech dominated headlines, attracted institutional capital, and left small and microcap stocks largely in the dust. That story has been changing fast in 2026. The question now is whether a war in the Middle East derails it before it fully plays out— and for investors focused on small cap investing in 2026, the answer may be more encouraging than the headlines suggest..

As of this week, the Russell 2000 is up nearly 9% year-to-date, outpacing both the S&P 500 and Nasdaq 100, which have delivered near-flat performance over the same period. The drivers behind that move are real and structural. But so is the new risk sitting squarely on top of them.

Why the Russell 2000 Is Outperforming in 2026

Small and microcap companies carry a disproportionately high share of floating-rate debt — roughly 40% of Russell 2000 company debt is floating-rate, compared to under 10% for S&P 500 constituents. When the Federal Reserve delivered three rate cuts in late 2025, bringing the target rate to 3.50%–3.75%, the impact on smaller companies was immediate. Borrowing costs dropped, profit margins expanded, and balance sheets that had been under pressure for two years began to breathe again.

Layered on top of that was the One Big Beautiful Bill Act, which brought its most consequential provisions — 100% bonus depreciation and immediate domestic R&D expensing — online on January 1, 2026. These provisions disproportionately benefit the capital-intensive businesses that populate the small and microcap universe. Add a valuation gap that had stretched to near-historic levels, with the Russell 2000 trading below 19 times forward earnings against the S&P 500’s 24 times, and institutional money had every reason to rotate into small caps in 2026.

How Oil Prices Are Affecting Small Cap Stocks Right Now

The U.S.-Israeli strikes on Iran that began February 28 changed the calculus. Oil prices have surged past $100 per barrel for the first time since 2022, with Brent crude briefly trading near $120 before pulling back. Shipping through the Strait of Hormuz dropped 95% in the first week of March, effectively cutting off roughly one-fifth of global oil supply. U.S. gasoline prices have risen more than 17% since the strikes began, and stagflation fears — an economy slowing while prices rise — are back in the conversation.

For small cap investing in 2026, this is not a peripheral concern. The rotation thesis rests on the Fed continuing to ease. If an energy-driven inflation spike freezes the Fed in its tracks, the highly leveraged firms within the Russell 2000 face a double hit of higher borrowing costs and slowing consumer demand. That dynamic already showed up on March 5, when the Russell 2000 dropped 1.9% in a single session — its sharpest single-day decline of the year — as the conflict escalated.

Why the Small Cap Rotation Thesis in 2026 Still Has Legs

There is a meaningful counterargument, and it lives inside the small-cap universe itself. Domestic energy producers, onshoring plays, and infrastructure-adjacent companies are direct beneficiaries of elevated oil prices and supply chain disruption. The small cap industrials and energy names that helped fuel the early-year rotation are not going away — they may actually accelerate as capital seeks shelter in domestic, tangible-earnings businesses over global tech exposure.

The U.S. is a net exporter of energy, which positions it to weather the supply disruption better than Europe and Asia — a dynamic that benefits domestically focused small-cap energy producers more than it hurts them.

What This Means for Small Cap Investing in 2026

The structural case for small cap stocks in 2026 has not fundamentally changed. Lower rates, favorable tax treatment, and compressed valuations relative to large caps all remain intact. What has changed is the risk profile of getting there. A prolonged conflict, sustained triple-digit oil prices, and a Fed forced to pause its easing cycle could extend the timeline — but not reverse the direction.

The companies best positioned in this environment are those with domestic revenue exposure, manageable fixed-rate debt, and real earnings — not the leveraged, speculative names that hitched a ride on the rotation. In microcap investing, that distinction between quality and speculation has rarely mattered more than it does right now.

The great rotation into small cap stocks is still in play. Investors who understand what is driving it — and what the real risks are — are the ones best positioned to capitalize on it in 2026.

Release – GeoVax Announces European Society of Medicine Publication Highlighting GEO-CM04S1 as a Next-Generation COVID-19 Vaccine for Immunocompromised Patients

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GOVX

Peer-Reviewed Article Describes Clinical and Immunologic Rationale for Dual-Antigen MVA-Based Vaccine Designed to Address Limitations of First-Generation COVID-19 Vaccines in Highly Vulnerable Populations

ATLANTA, GA – March 12, 2026 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies for infectious diseases and solid tumors, today announced the publication of a peer-reviewed article describing its next-generation COVID-19 vaccine candidate, GEO-CM04S1, in Medical Research Archives, the journal of the European Society of Medicine.

The article, titled “GEO-CM04S1: A Dual-Antigen COVID-19 Vaccine for Immunocompromised Patients,” provides a comprehensive review of the vaccine’s scientific rationale, preclinical studies, and clinical findings supporting its development as a vaccine designed specifically to protect immunocompromised individuals who often respond poorly to currently authorized COVID-19 vaccines.

The publication highlights how GEO-CM04S1’s dual-antigen design (Spike + Nucleocapsid) delivered via a Modified Vaccinia Ankara (MVA) viral vector is intended to generate antibody and T-cell responses that are both broad and durable, addressing limitations in such vulnerable populations of single-antigen vaccines that primarily target the spike protein.

The publication discusses how next-generation vaccines designed to stimulate more robust and durable cellular immunity may offer improved protection for these high-risk populations.

Scientific Highlights from the Publication

Key findings summarized in the publication include:

1. Dual-Antigen Design to Enhance Immune Breadth: GEO-CM04S1 expresses both the spike (S) and nucleocapsid (N) proteins of SARS-CoV-2, allowing the vaccine to stimulate immune responses against conserved viral targets that are less susceptible to mutation and immune escape.

2. Robust T-Cell Responses: Preclinical and clinical data show the vaccine induces strong CD4+ and CD8+ T-cell responses, which are critical for controlling viral infection and reducing progression to severe disease.

3. Favorable Safety and Immunogenicity: Early clinical studies demonstrated a benign safety profile and strong immunologic responses, including seroconversion and cellular immune activation across multiple dose levels.

4. Encouraging Results in Immunocompromised Patients: Early readouts from ongoing Phase 2 clinical trials in patients with hematologic malignancies receiving cell transplants, and individuals with chronic lymphocytic leukemia, indicate the vaccine can generate durable immune responses even in patients with impaired immune systems.

David Dodd, Chairman and Chief Executive Officer of GeoVax, stated: “This publication reinforces the scientific rationale for GEO-CM04S1 as a purpose-built vaccine for immunocompromised populations that remain inadequately protected by current COVID-19 vaccines. An estimated 40+ million patients in the U.S. are considered immunocompromised, including patients with cancer, transplant recipients, individuals receiving immunosuppressive therapies, and those with chronic diseases. These individuals may fail to mount adequate immune responses following vaccination and remain at higher risk of severe COVID-19 outcomes.  Worldwide, an estimated 400 million patients have such weakened immune systems, rendering them at risk of severe infection, hospitalization and potential death.”

Mark J. Newman, PhD, Chief Scientific Officer of GeoVax and co-author of the publication, added: “A growing body of evidence demonstrates that strong and early T-cell responses play a critical role in controlling SARS-CoV-2 infection and preventing severe disease. GEO-CM04S1 was designed specifically to stimulate these responses, which may be particularly important for immunocompromised individuals who often fail to generate adequate antibody responses to existing vaccines.  The MVA vector platform provides an ideal backbone for next-generation vaccines due to its ability to safely induce durable humoral and cellular immunity. Our dual-antigen strategy also expands immune recognition beyond the spike protein, and data from small animal studies indicates efficacy against variants is induced, reducing the need to continually update vaccines.”

About GEO-CM04S1

GEO-CM04S1 is a dual-antigen Modified Vaccinia Ankara (MVA)-vectored COVID-19 vaccine designed to induce durable T-cell and antibody responses against SARS-CoV-2.

The vaccine is currently being evaluated in multiple Phase 2 clinical trials, including:

  • Primary vaccination in immunocompromised individuals
  • Booster vaccination in patients with chronic lymphocytic leukemia (CLL)

The vaccine’s multi-antigen design and viral vector platform are intended to provide broader, more durable immune protection and improved efficacy in populations where first-generation vaccines have demonstrated reduced effectiveness.

About GeoVax

GeoVax Labs, Inc. is a clinical-stage biotechnology company focused on the development of vaccines and immunotherapies addressing high-consequence infectious diseases and solid tumor cancers. GeoVax’s priority program is GEO-MVA, a Modified Vaccinia Ankara (MVA)–based vaccine targeting mpox and smallpox. The program is advancing under an expedited regulatory pathway, with plans to initiate a pivotal Phase 3 clinical trial in the second half of 2026, to address critical global needs for expanded orthopoxvirus vaccine supply and biodefense preparedness. In oncology, GeoVax is developing Gedeptin®, a gene-directed enzyme prodrug therapy (GDEPT) designed to enhance immune checkpoint inhibitor activity. Gedeptin has completed a multicenter Phase 1/2 clinical trial in advanced head and neck cancer and is being advanced into combination strategies, including planned neoadjuvant and first-line settings. GeoVax’s broader pipeline includes the development of GEO-CM04S1, a next-generation COVID-19 vaccine candidate being evaluated in immunocompromised and other patient populations. GeoVax maintains a global intellectual property portfolio supporting its infectious disease and oncology programs and continues to evaluate strategic partnerships and funding opportunities aligned with its development priorities. For more information, visit www.geovax.com.

Forward-Looking Statements

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

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

Company Contact:

info@geovax.com

678-384-7220

Media Contact:

Jessica Starman

media@geovax.com 

Release – Saga Communications, Inc. Reports 4th Quarter and Year-End 2025 Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on SAGA

Mar 12, 2026

PDF Version

GROSSE POINTE FARMS, Mich., March 12, 2026 (GLOBE NEWSWIRE) — Saga Communications, Inc. (Nasdaq – SGA) (the “Company” or “Saga”) today reported that net revenue decreased 9.3% to $26.5 million for the quarter ended December 31, 2025 compared to $29.2 million for the same period last year. Digital revenue increased 25.8% to $4.3 million for the quarter ended December 31, 2025 compared to $3.5 million for the same period last year. Station operating expense decreased 1.9% for the quarter to $22.9 million compared to the same period last year. For the quarter, we had an operating loss of $9.5 million compared to operating income of $1.0 million for the same quarter last year and station operating income (a non-GAAP financial measure) decreased 38.7% to $3.6 million for the quarter ended December 31, 2025. Capital expenditures were $400 thousand for the quarter compared to $600 thousand for the same period last year. We had a net loss of $6.9 million for the quarter compared to net income of $1.3 million for the fourth quarter last year primarily as the result of an impairment charge disclosed below. Diluted loss per share was $1.07 in the fourth quarter of 2025 compared to income per share of $0.20 for the same period last year.

For the quarter, the Company recorded an impairment charge of $20.4 million based on an evaluation of goodwill and FCC license values. Without the impairment charge, operating income would have been $10.9 million for the quarter and net income would have been $8.2 million or $1.27 per share. The impairment was driven by lower than expected revenue growth seen in the fourth quarter of 2025 in our radio advertising and the industry as a whole which resulted in less than favorable market projections used in our annual impairment calculations performed in the fourth quarter. Following the impairment charge, no goodwill remains.

Net revenue decreased 5.1% to $107.1 million for the twelve-month period ended December 31, 2025 compared to $112.9 million for the same period last year. Digital revenue increased 19.1% to $16.9 million for the twelve-month period ended December 31, 2025 compared to $14.2 million for the same period last year. Station operating expense remained flat for the twelve-month period at $91.8 million compared to the same period last year. For the twelve-month period, we had an operating loss of $11.0 million compared to operating income of $2.4 million for the same period last year and station operating income (a non-GAAP financial measure) decreased 27.3% to $15.3 million. Capital expenditures for the twelve months were $3.0 million compared to $3.8 million for the same period last year. We had a net loss of $7.9 million for the twelve-month period ended December 31, 2025, compared to net income of $3.5 million for the same period last year primarily as the result of the impairment charge and the previously disclosed retroactive industry wide settlement with two music licensing organizations. Diluted loss per share was $1.22 for the twelve-months ended December 31, 2025 compared to income per share of $0.55 per share for the same period last year.

For the year ended December 31, 2025, the Company recorded an impairment charge of $20.4 million as reported above. Without the impairment charge, operating income would have been $9.4 million for the year and net income would have been $7.2 million or $1.11 per share.

For the year ended December 31, 2025, the Company recorded approximately $2.2 million in operating expenses that was the result of a settlement with two music licensing organizations (ASCAP and BMI) as a part of a retroactive industry wide rate adjustment from January 1, 2022 to December 31, 2025. Station operating expense would have decreased 2.0% for the year without this settlement. The impact to the quarter ended December 31, 2025 was approximately $135 thousand. Station operating income (a non-GAAP financial measure) would have been $3.7 million for the quarter and $17.6 million for the year ended December 31, 2025.

The Company had $254 thousand and $650 thousand in gross political revenue for the quarter and year ended December 31, 2025, respectively, compared to $2.0 million and $3.3 million, respectively, for the same periods last year, as is typical in non-election years. Excluding political revenue, gross revenue decreased 4.7% for the quarter and 3.6% for the year.

The Company closed on the sale of telecommunications towers and related property on October 17, 2025, recognizing a gain of $11.6 million. The total proceeds including both cash and non-cash was $15.1 million. The non-cash proceeds are the recognized value of the long-term, nominal cost leases we entered into as a part of the transaction as we continue to operate at each of the sites we sold. The net cash proceeds from the sale after expenses was $9.8 million. This does not include the approximately $400 thousand being held in an escrow account pending finalizing the landlord’s consent to the transfer of one final tower. We anticipate this transfer will take place in the second quarter of 2026. This transaction allowed the Company to monetize 24 owned towers that were not reaching the full potential of tower space leased to external tower space users. Additionally, the towers were monetized at a significantly higher valuation than was being recognized in the Company’s overall market valuation.

The Company paid a quarterly dividend of $0.25 per share on December 12, 2025. The aggregate value of the quarterly dividend was approximately $1.6 million. The Company declared a quarterly dividend of $0.25 per share on February 12, 2026 with a record date of February 26, 2026 and a payable date of March 20, 2026. With the most recent declared dividend, Saga will have paid over $143 million in dividends to shareholders since the first special dividend was paid in 2012.

The Company also repurchased 219,326 shares of its Class A Common Stock for $2.5 million during the year ended December 31, 2025.

The Company intends to pay regular quarterly cash dividends in the future. Consistent with its strategic objective of maintaining a strong balance sheet and with returning value to our shareholders, the Board of Directors will also continue to consider declaring special cash dividends, variable dividends and stock buybacks in the future.

The Company’s balance sheet reflects $31.8 million in cash and short-term investments as of December 31, 2025 and $31.5 million as of March 9, 2026. The Company expects to spend approximately $3.5 million to $4.5 million for capital expenditures during 2026.

Saga’s 2025 Fourth Quarter and Year-End conference call will be held on Thursday, March 12, 2026 at 11:00 a.m. Eastern Time. The dial-in number for the call is (973) 528-0008. Enter conference code 809825. A recording and transcript of the call will be posted to the Company’s website as soon as it is available after the call.

The Company requests that all parties that have a question that they would like to submit to the Company please email the inquiry by 10:00 a.m. on March 12, 2026 to SagaIR@sagacom.com. The Company will discuss, during the limited period of the conference call, those inquiries it deems of general relevance and interest. Only inquiries made in compliance with the foregoing directions will be discussed during the call.

Saga utilizes certain financial measures that are not calculated in accordance with generally accepted accounting principles (GAAP) to assess its financial performance. The attached Selected Supplemental Financial Data tables disclose the Company’s reconciliation of non-GAAP measures: GAAP operating income (loss) to station operating income and GAAP net income (loss) to trailing twelve-month consolidated EBITDA as well as other financial data. Such non-GAAP measures include same station financial information, pro forma financial information, station operating income, trailing 12-month consolidated EBITDA, and leverage ratio. These non-GAAP measures are generally recognized by the broadcasting industry as measures of performance and are used by Saga to assess its financial performance including, but not limited to, evaluating individual station and market-level performance, evaluating overall operations, as a primary measure for incentive-based compensation of executives and other members of management and as a measure of financial position. Saga’s management believes these non-GAAP measures are used by analysts who report on the industry and by investors to provide meaningful comparisons between broadcasting groups, as well as an indicator of their market value. These measures are not measures of liquidity or of performance in accordance with GAAP and should be viewed as a supplement to and not as a substitute for the results of operations presented on a GAAP basis including net operating revenue, operating income, and net income. Reconciliations for all the non-GAAP financial measures to the most directly comparable GAAP measure are attached in the Selected Supplemental Financial Data tables.

This press release contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that are based upon current expectations and involve certain risks and uncertainties. Words such as “will,” “may,” “believes,” “intends,” “expects,” “anticipates,” “guidance,” and similar expressions are intended to identify forward-looking statements. The material risks facing our business are described in the reports Saga periodically files with the U.S. Securities and Exchange Commission, including, in particular, Item 1A of our Annual Report on Form 10-K. Readers should note that forward-looking statements may be impacted by several factors, including global, national, and local economic changes and changes in the radio broadcast industry in general as well as Saga’s actual performance. Actual results may vary materially from those described herein and Saga undertakes no obligation to update any information contained herein that constitutes a forward-looking statement.

Saga is a media company whose business provides radio, digital, e-commerce, on-line news and non-traditional revenue initiatives. We provide services to national, regional and local advertisers to help them meet their growing advertising needs. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacom.com

Contact:
Samuel D. Bush
(313) 886-7070

View full release here.

Release – Seanergy Maritime Announces the Acquisition of Two Japanese Capesize Newbuildings and Sale of Older Vessel; Provides Corporate Updates

Posted on by aweinsoff@channelchek.com

Research News and Market Data on SHIP

Expansion of Newbuilding Program to Five Capesize and Newcastlemax Vessels Further Advances Fleet Renewal Strategy

March 12, 2026 08:45 ET  | Source: Seanergy Maritime Holdings Corp.

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GLYFADA, Greece, March 12, 2026 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that it has agreed to acquire two scrubber-fitted 181,500 dwt Capesize vessels to be constructed at a first-class shipyard in Japan and has entered into an agreement for the sale of the 2010-built M/V Squireship.

The transactions expand the Company’s newbuilding program to five vessels (four Capesizes and one Newcastlemax) totaling approximately $384.0 million and underscore its disciplined fleet renewal strategy, which focuses on reallocating capital from older vessels into modern, fuel-efficient tonnage with attractive delivery positions.

Acquisition of Two Japanese Newbuilding Capesizes

The Company entered into an agreement with an unaffiliated third party in Japan for the acquisition of a 181,500 dwt scrubber fitted Capesize newbuilding vessel with prompt delivery, constructed at a first-class Japanese Shipyard. The delivery is expected between the second and the third quarter of 2027.

In addition, the Company has entered into a 10-year bareboat-in contract for a second 181,500 dwt scrubber fitted Capesize dry bulk vessel to be constructed by the same first-class Japanese shipyard with delivery expected in the first quarter of 2029. Seanergy has the option to acquire the vessel starting at the end of year five until the end of the charter period.

The combined acquisition cost of the above vessels is estimated at approximately $158 million, assuming the exercise of the option to acquire the second vessel at the end of the 10-year period and excluding interest payments under the bareboat scheme.

The Company believes that securing a prompt 2027 delivery position from a top-tier Japanese yard represents a highly attractive strategic opportunity, given the limited availability of near-term construction slots and the strong expected demand for modern Capesize tonnage over the near and medium-term. In addition, the structure associated with the second Japanese Capesize vessel, provides Seanergy with advantageous fleet renewal optionality while maintaining capital flexibility.

Sale of M/V Squireship

Seanergy has agreed to sell the M/V Squireship, a 2010-built Capesize vessel constructed in South Korea with a cargo capacity of 170,018 dwt, to United Maritime Corporation, a related party, for a purchase price of $29.5 million, with delivery expected between end April to beginning of June 2026.

The transaction is expected to generate net cash proceeds of approximately $13.5 million after repayment of the associated debt, supporting the Company’s ongoing newbuilding program, while reducing Seanergy’s average fleet age. The vessel sale is expected to result in an accounting profit of around $4 million, which will be recorded in Seanergy’s second quarter financial results.

The transaction allows the Company to monetize the Squireship at an attractive market valuation. Following delivery, Seanergy will continue to provide technical and commercial management services to the vessel, facilitating the continuation of the vessel’s existing commercial employment.

Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“These transactions represent another step in the disciplined renewal of our fleet. By monetizing an older vessel at an attractive valuation and reinvesting in high-quality Japanese newbuildings with favorable delivery positions, we continue to enhance the long-term earnings capacity and efficiency of our fleet.

“Including our newbuilding orders in China, we expect to take delivery of five high-quality vessels with a total contract value of approximately $384 million, including three deliveries in mid-2027, one in mid-2028 and one in early-2029. We believe vessels delivering between 2027 and 2029 will be well positioned to benefit from strong Capesize fundamentals, an aging fleet and constrained vessel supply.

“Our strategy remains clear: reallocate capital from older assets into modern Capesize tonnage, maintain balance sheet discipline, and position the Company to capture long-term market upside. At the same time, we remain firmly committed to our capital return policy and expect to continue delivering meaningful returns to our shareholders.”

Commercial Performance Update

Further to the Company’s previous commercial updates provided in the FY 2025 Earnings Release, Seanergy has secured fixed rates for approximately 45% of its available operating days for the period Q2–Q4 2026, at an average gross daily rate of $29,300. These fixtures enhance forward earnings visibility while preserving meaningful exposure to market upside.

Sphinx – Economou Litigation Update

The Supreme Court of the Republic of the Marshall Islands affirmed the dismissal of the lawsuit brought by Sphinx Investment Corp., an affiliate of George Economou, upholding the prior decision of the High Court of the Republic of the Marshall Islands. The ruling brings this matter to a final resolution.

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize ship-owner publicly listed in the U.S. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company owns or finance leases 20 vessels (2 Newcastlemax and 18 Capesize) with an average age of approximately 14.7 years and an aggregate cargo carrying capacity of approximately 3,633,861 dwt. Following the sale of the M/V Squireship and the delivery of the newbuilding vessels, the Company will own or finance lease 24 vessels (3 Newcastlemax and 21 Capesize), with an aggregate cargo carrying capacity of approximately 4,400,343 dwt.

The Company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”. Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including with respect to declaration of dividends, market trends and shareholder returns. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks arising from trade disputes between the U.S. and China, including the re-imposition of reciprocal port fees; broader market impacts arising from trade disputes or war (or threatened war) or international hostilities, such as between the U.S. and Venezuela, Israel and Hamas or Iran, China and Taiwan and Russia and Ukraine; risks associated with the length and severity of pandemics; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr

Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com 

Release – The ONE Group Hospitality, Inc. to Host Fourth Quarter and Fiscal Year 2025 Earnings Conference Call and Webcast at 8:30 AM ET on March 13, 2026

Posted on by aweinsoff@channelchek.com

Research News and Market Data on STKS

 Download as PDF March 12, 2026

DENVER–(BUSINESS WIRE)– The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today announced that Emanuel “Manny” Hilario, President and Chief Executive Officer, and Nicole Thaung, Chief Financial Officer, will host a conference call and webcast to discuss fourth quarter and fiscal year 2025 financial results on Friday, March 13, 2026, at 8:30 AM ET. A press release containing the fourth quarter and fiscal year 2025 financial results will be issued before market open that same morning.

The conference call can be accessed live over the phone by dialing 412-542-4186. A replay will be available after the call and can be accessed by dialing 412-317-6671; the passcode is 10206228. The replay will be available until Friday, March 27, 2026.

The webcast can be accessed from the Investor Relations tab of The ONE Group’s website at http://www.togrp.com/ under “News / Events”.

About The ONE Group

The ONE Group Hospitality, Inc. (Nasdaq: STKS) is an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both in the U.S. and internationally. The ONE Group is recognized as one of “America’s Greatest Companies” (NEWSWEEK, 2025) and Benihana honored as Forbes Best Brands for Value . The ONE Group’s focus is to be the global leader in Vibe Dining, and its primary restaurant brands and operations are:

  • STK, a modern twist on the American steakhouse concept with restaurants in major metropolitan cities in the U.S., Europe and the Middle East, featuring premium steaks, seafood and specialty cocktails in an energetic upscale atmosphere.
  • Benihana, an interactive dining destination with highly skilled chefs preparing food right in front of guests and served in an energetic atmosphere alongside fresh sushi and innovative cocktails. The Company franchises Benihanas in the U.S., Caribbean, Central America, and South America.
  • Samurai, an interactive dining experience located in sunny Miami, FL, provides a distinctive dining experience where skilled personal chefs masterfully perform the ancient art of teppanyaki right before your eyes.
  • Kona Grill, a polished casual, bar-centric grill concept with restaurants in the U.S., featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere.
  • Salt Water Social is your gateway to the seven seas, featuring an array of signature and unique fresh seafood items, complemented by the highest quality beef dishes and elegant, delicious cocktails.
  • Benihana Express, a small footprint casual concept showcasing the best of Benihana but without teppanyaki tables or bar.
  • RA Sushi, a Japanese cuisine concept that offers a fun-filled, bar-forward, upbeat, and vibrant dining atmosphere with restaurants in the U.S. anchored by creative sushi, inventive drinks, and outstanding service.
  • ONE Hospitality, The ONE Group’s food and beverage hospitality services business develops, manages and operates premier restaurants and turnkey food and beverage services within high-end hotels and casinos currently operating venues in the U.S. and Europe.

Additional information about The ONE Group can be found at www.togrp.com.

Investors:
ICR
Michelle Michalski or Raphael Gross
Michelle.Michalski@icrinc.com

Media:
ICR
Judy Lee
judy.lee@icrinc.com

Source: The ONE Group Hospitality, Inc.

Released March 12, 2026