Swiss pharmaceutical giant Novartis AG announced plans to acquire Avidity Biosciences for approximately $12 billion in cash, a move aimed at deepening its focus on rare and neuromuscular diseases while navigating an increasingly complex U.S. trade and regulatory landscape.
Under the terms of the agreement, Avidity shareholders will receive $72 per share, representing a 46% premium to the company’s most recent closing price. The acquisition, expected to close later this year pending regulatory approval, underscores Novartis’ aggressive strategy to expand its biotech capabilities and offset upcoming patent expirations on several of its blockbuster therapies.
The deal also includes the formation of a new spin-off company, Spinco, which will house Avidity’s early-stage precision cardiology programs. Spinco is expected to operate as an independent, publicly traded firm, led by Avidity’s current Chief Program Officer, Kathleen Gallagher.
Headquartered in San Diego, Avidity Biosciences has gained attention for pioneering a new class of RNA-based therapeutics that directly target muscle tissue. Its lead candidate, Del-zota, is being developed to treat a rare subtype of Duchenne muscular dystrophy (DMD), a debilitating genetic disorder that leads to progressive muscle weakness. Avidity is also advancing two other promising treatments for serious neuromuscular diseases, all of which leverage its proprietary antibody oligonucleotide conjugate (AOC) platform.
For Novartis, this acquisition offers a timely expansion into rare disease treatments — a sector experiencing growing investor interest due to high unmet medical needs and favorable regulatory incentives. The move is consistent with Novartis’ 2024 acquisition of Kate Therapeutics, another biotech developing gene therapies for muscle diseases, as well as its 2025 deals with Anthos Therapeutics and Regulus Therapeutics, collectively strengthening its position in genetic and cardiovascular medicine.
The rare disease market has become an increasingly competitive frontier for pharmaceutical innovation. Analysts note that Novartis’ acquisition spree is partly driven by its looming patent cliff, as flagship drugs such as Entresto, Xolair, and Cosentyx approach the end of their exclusivity periods. By acquiring companies like Avidity, Novartis not only diversifies its revenue base but also positions itself at the forefront of next-generation therapeutics that could define the next decade of biotech innovation.
The acquisition also carries strategic geopolitical undertones. With the Trump administration imposing 39% tariffs on Switzerland earlier this year, Swiss-based pharmaceutical companies face heightened uncertainty over U.S. trade policy. Expanding operations through American biotech acquisitions helps Novartis maintain a strong U.S. presence and mitigate risks tied to international tariffs.
For small-cap investors, the transaction reinforces an ongoing trend in the life sciences sector: large-cap pharma companies are increasingly looking to buy innovation rather than build it in-house. Early-stage biotech firms with validated technologies, particularly in RNA, gene therapy, and rare disease research, continue to attract premium valuations in acquisition deals.
Ultimately, Novartis’ acquisition of Avidity Biosciences is more than just a growth strategy — it’s a signal of where the pharmaceutical industry is heading. With advances in RNA therapeutics and genetic medicine accelerating, investors can expect more high-value takeovers in the months ahead as established players race to secure the next generation of life-changing treatments.
SAN DIEGO, Oct. 27, 2025 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a leading technology company in the defense, national security, and global markets, today announced the formation of a strategic partnership with Korea Aerospace Industries (KAI), a major Korean defense organization to advance Manned-Unmanned Teaming (MUM-T) technologies and capabilities.
The collaboration builds on Kratos’ deep experience in affordable, high-performance tactical unmanned aerial systems—including the XQ-58A Valkyrie, Mako, and Tactical Firejet—and KAI’s aerospace technologies. Together, the organizations will work to integrate complementary systems and expertise to accelerate the development of interoperable, next-generation MUM-T solutions that enhance joint force readiness and operational flexibility.
“This partnership represents the next step in evolving how crewed and uncrewed aircraft operate together in contested environments,” said Steve Fendley, President of Kratos’ Unmanned Systems Division. “By combining Kratos’ proven autonomous jet systems with KAI’s advanced technologies, we are expanding the boundaries of affordable mass and collaborative combat capability for U.S. and allied forces.”
“Kratos has long believed that strategic international partnerships are key to ensuring readiness and deterrence through innovation,” said Eric DeMarco, President and CEO of Kratos. “Our collaboration with KAI, a world-class Korean organization, underscores our shared commitment to developing advanced, interoperable defense technologies that strengthen allied capability, resilience, and industrial cooperation.”
The strategic partnership will focus on joint research, system integration, and evolution of scalable MUM-T applications, including autonomous loyal wingmen, distributed sensing, and collaborative strike missions, all focused on affordable mass. Kratos and KAI will also evaluate opportunities for technology co-development, production, and export in alignment with U.S. and allied defense requirements.
About Kratos Defense & Security Solutions, Inc. Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.
Notice Regarding Forward-Looking Statements Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 29, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
October 27, 2025 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (“Century Lithium” or “the Company”) is pleased to announce that the Company has begun moving its Lithium Extraction Facility (“Demonstration Plant”) to the Company’s facility at the Tonopah Airport, Nevada. This relocation will consolidate the Company’s operations, improve logistical efficiency, reduce costs and strengthen support for ongoing and future activities.
“The relocation of the Demonstration Plant will allow the Company to consolidate support for the development of Angel Island,” said Bill Willoughby, President and CEO of Century Lithium. “Thanks to the knowledge and efforts of our team, led by Senior Vice President Todd Fayram, Century’s process has undergone various configurations while performing a multitude of tests towards the development of Century Lithium’s patent-pending process for chloride leaching and Direct Lithium Extraction (DLE).”
Century Lithium’s end-to-end process begins by treating Angel Island claystone under optimized conditions using hydrochloric acid, followed by neutralization using sodium hydroxide, with both the acid and base components sustainably produced on-site through the electrolysis of salt water. Following filtration, the resulting lithium chloride solution is treated by DLE to selectively recover lithium and refined to produce high-purity, battery-grade lithium carbonate suitable for electric vehicle and energy storage applications.
By relocating the Demonstration Plant, Century Lithium will gain more space to conduct research and development on battery materials, including lithium metal and lithium iron phosphate. The new location will also allow the construction of a larger assay and metallurgical laboratory at Tonopah to support Angel Island’s current and future laboratory needs.
Century Lithium’s 20-acre site at the Tonopah Airport is home to Century Lithium’s field office for Angel Island. It was integral for the preparation and handling of the bulk sample material treated in the 3-year-long pilot plant program at Amargosa Valley. Going forward, Century Lithium’s Tonopah Airport facility will be used for research and development for Angel Island, project support and administration.
ABOUT CENTURY LITHIUM CORP.
Century Lithium Corp. is an advanced-stage lithium company, focused on developing its 100%-owned lithium project Angel Island in Esmeralda County, Nevada, which hosts one of the largest sedimentary lithium deposits in the United States. The Company has utilized its patent-pending process for chloride leaching combined with direct lithium extraction to make battery-grade lithium carbonate product samples from Angel Island’s lithium-bearing claystone at its Demonstration Plant in Amargosa Valley, Nevada.
Angel Island is one of the few advanced lithium projects in development in the United States to provide an end-to-end process to produce battery-grade lithium carbonate for the growing electric vehicle and battery storage market. Angel Island is currently in the permitting stage for a three-phase feasibility-level production plan, expected to yield an estimated life-of-mine average of 34,000 tonnes per year of lithium carbonate over a 40-year mine-life.
Century Lithium trades on both the TSX Venture Exchange under the symbol “LCE” and the OTCQX under the symbol “CYDVF”, and on the Frankfurt Stock Exchange under the symbol “C1Z”.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” and similar expressions suggesting future outcomes or statements regarding an outlook.
Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the potential development and value of the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, lithium prices, production and recoveries, capital and operating costs, IRR, NPV and cash flows, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and the Company’s future development plans.
These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein.These risks include those described under the heading “Risk Factors” in the Company’s most recent annual information form and its other public filings, copies of which can be under the Company’s profile at www.sedarplus.com. The Company expressly disclaims any obligation to update-forward-looking information except as required by applicable law. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
BOTHELL, Wash., Oct. 27, 2025 (GLOBE NEWSWIRE) — Cocrystal Pharma, Inc. (Nasdaq: COCP) (“Cocrystal” or the “Company”) announces it has received a Small Business Innovation Research (SBIR) Phase I award from the National Institutes of Health (NIH) National Institute of Allergy and Infectious Diseases (NIAID). This approximately $500,000 award will support the Company’s development of a novel, oral, broad-spectrum antiviral candidate for the treatment of influenza A and B infections. Cocrystal plans to utilize these funds to characterize lead candidate molecules that inhibit the target of the essential function of the influenza polymerase complex.
“This award provides non-dilutive funding to advance our influenza A/B program targeting potent, broad-spectrum drugs toward the path of clinical development,” said Sam Lee, PhD, Cocrystal President and co-CEO. “We appreciate the funding and confidence from NIH, which further validates our structure-based drug discovery platform technology in developing new antiviral treatments.”
The NIH/NIAID Phase I award is designed to assess the scientific, technical and commercial potential of early-stage programs. Successful completion of Phase I may qualify the recipient eligible to apply for a larger Phase II award, which provides additional substantial funding to continue development.
“We have prioritized the pursuit of government and military funding to advance our antiviral pipeline while building shareholder value,” said James Martin, Cocrystal CFO and co-CEO. “This is an important milestone as we continue our work to secure additional non-dilutive capital.”
The research is supported by the National Institute of Allergy and Infectious Diseases of the NIH under award number 75N93025C00038. The content of this news release is solely the responsibility of Cocrystal and does not necessarily represent the official views of the NIH.
Cocrystal Pharma’s Structure-Based Drug Discovery Platform Technology
Cocrystal’s proprietary structural biology, along with its expertise in enzymology and medicinal chemistry, enable its development of novel antiviral agents. The Company’s platform provides a three-dimensional structure of inhibitor complexes at near-atomic resolution, providing immediate insight to guide Structure Activity Relationships. This helps identify novel binding sites and enables a rapid turnaround of structural information through highly automated X-ray data processing and refinement. The goal of this technology is to facilitate the development of novel broad-spectrum antivirals for the treatment of acute, chronic and potentially pandemic viral diseases.
About Cocrystal Pharma, Inc.
Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), noroviruses and hepatitis C viruses. Cocrystal employs unique structure-based technologies to create viable antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the advancement of Cocrystal’s influenza A/B development program. The words “believe,” “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. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include, the risks and uncertainties arising from the U.S. government shutdown in October 2025 which may delay or prevent us from receiving funds described in this press release, potential manufacturing and research delays arising from raw materials and labor shortages and labor shortages, supply chain disruptions and other business interruptions including any adverse impacts on our ability to obtain raw materials and test animals as well as similar problems with our vendors and our current and any future contract research organizations (CROs) and contract manufacturing organizations (CMOs), the ability of our CROs to recruit volunteers for, and to proceed with, clinical studies, and our collaboration partners’ technology and software performing as expected, financial difficulties experienced by certain partners, the results of the studies we undertake including any adverse findings or delays, general risks arising from clinical trials, receipt of regulatory approvals, regulatory changes, development of effective treatments and/or vaccines by competitors, including as part of the programs financed by governmental authorities and potential mutations in a virus we are targeting which may result in variants that are resistant to a product candidate we develop and our liquidity needs. Further information on our risk factors is contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024. 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.
Tonmya demonstrated significant reduction in fibromyalgia pain compared with placebo in the Phase 3 RESILIENT study
Treatment was well tolerated with minimal effects on weight or blood pressure and discontinuation rate of 19% vs. placebo of 20.8%
Data support the potential of Tonmya as a well-tolerated, centrally acting, non-opioid analgesic and therapeutic option for adults with fibromyalgia
CHATHAM, N.J., Oct. 27, 2025 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated commercial biotechnology company presented data on Tonmya™, which was investigated as TNX-102 SL, at the 2025 American College of Rheumatology (ACR) Convergence, held October 24–29, 2025, in Chicago, Illinois. A copy of the Company’s presentation, titled “TNX-102 SL, Cyclobenzaprine HCl Sublingual Tablets, Demonstrates Pain Reduction and Favorable Tolerability in Participants With Fibromyalgia,” is available under the Scientific Presentations tab of the Tonix website at www.tonixpharma.com.
“Fibromyalgia is a debilitating condition that impacts more than 10 million adults in the U.S., and existing treatments are limited by tolerability and side effects,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “The data presented at ACR highlight Tonmya’s ability to provide clinically meaningful pain reduction while remaining well-tolerated, reinforcing its value as a differentiated, centrally-acting non-opioid treatment for fibromyalgia.”
The data presented at ACR come from RESILIENT, a 14-week randomized, double blind, placebo controlled trial at 34 U.S. sites, with 456 intent-to-treat participants who met the 2016 American College of Rheumatology criteria for fibromyalgia. Treatment with Tonmya resulted in a statistically significant reduction in weekly average pain scores at Week 14 (p<0.0001) versus placebo, along with significant improvements in sleep quality and fatigue as well as the symptoms and function domains of the Fibromyalgia Impact Questionnaire. In an exploratory analysis, among female participants, Tonmya was associated with improvements in sexual function in total score and across multiple subscales of the Changes in Sexual Functioning Questionnaire (CSFQ-14) versus placebo. Tonmya was well tolerated, with minimal impact on weight and blood pressure, no adverse sexual side effects and a low rate of adverse event-related discontinuations (6.1% on Tonmya, 3.5% on placebo). The most common adverse events were mild and self-limited oral cavity reactions that rarely led to study withdrawal.
“The results from RESILIENT further support Tonmya’s role as an innovative treatment option that addresses chronic and widespread pain, one of the most burdensome symptoms of fibromyalgia,” added Gregory M. Sullivan, M.D., Chief Medical Officer of Tonix Pharmaceuticals. “Tonmya’s favorable tolerability profile and unique formulation designed for bedtime sublingual administration offer patients and clinicians an important advancement in care.”
Tonmya was approved on August 15, 2025, by the FDA for the treatment of fibromyalgia in adults.
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 oxytocin potentiated 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.
Third quarter 2025 revenue of $571.4 million, net income of $95.1 million, and Adjusted EBITDA of $185.8 million, up sequentially 4.4%, 60.1%, and 14.8%, respectively
Coal sales and production volumes increased to 8.7 million tons sold and 8.4 million tons produced, representing year-over-year and sequential improvements, respectively
Appalachia Segment Adjusted EBITDA Expense per ton improved 11.7% year-over-year and 12.1% sequentially
Invested $22.1 million as part of a $25.0 million commitment in a limited partnership that indirectly owns and operates a 2.7 gigawatt coal-fired power plant
Declares quarterly cash distribution of $0.60 per unit, or $2.40 per unit annualized
TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) (“ARLP” or the “Partnership”) today reported financial and operating results for the three and nine months ended September 30, 2025 (the “2025 Quarter” and “2025 Period,” respectively). This release includes comparisons of results to the three and nine months ended September 30, 2024 (the “2024 Quarter” and “2024 Period,” respectively) and to the quarter ended June 30, 2025 (the “Sequential Quarter”). All references in the text of this release to “net income” refer to “net income attributable to ARLP.” For a definition of Adjusted EBITDA and Segment Adjusted EBITDA Expense and related reconciliations to comparable GAAP financial measures, please see the end of this release.
For the 2025 Quarter net income increased 10.2% to $95.1 million, or $0.73 per basic and diluted limited partner unit, compared to $86.3 million, or $0.66 per basic and diluted limited partner unit for the 2024 Quarter as a result of reduced operating expenses and higher investment income, partially offset by lower revenues. Total revenues decreased 6.9% to $571.4 million in the 2025 Quarter compared to $613.6 million for the 2024 Quarter primarily due to lower coal sales price per ton, which declined 7.5%, and reduced transportation revenues, partially offset by increased coal sales volumes, which rose 3.9% to 8.7 million tons sold in the 2025 Quarter compared to 8.4 million tons sold in the 2024 Quarter. Adjusted EBITDA increased 9.0% to $185.8 million in the 2025 Quarter compared to $170.4 million in the 2024 Quarter.
Compared to the Sequential Quarter, total revenues increased by 4.4% due to higher coal sales volumes and prices, which rose 3.8% and 1.5%, respectively. Net income jumped by 60.1% compared to the Sequential Quarter as a result of higher revenues, increased investment income and a $25.0 million impairment loss on an investment in the Sequential Quarter, partially offset by increased operating expenses and a lower increase in the fair value of our digital assets during the 2025 Quarter. Adjusted EBITDA for the 2025 Quarter increased by 14.8% compared to the Sequential Quarter.
Total revenues decreased 10.7% to $1.66 billion for the 2025 Period compared to $1.86 billion for the 2024 Period primarily due to lower coal sales and transportation revenues. Net income for the 2025 Period was $228.5 million, or $1.76 per basic and diluted limited partner unit, compared to $344.5 million, or $2.64 per basic and diluted limited partner unit, for the 2024 Period as a result of lower revenues, higher depreciation, and the $25.0 million impairment loss on an investment in the 2025 Period, partially offset by reduced operating expenses. Adjusted EBITDA for the 2025 Period was $507.7 million compared to $590.3 million for the 2024 Period.
CEO Commentary
“Alliance delivered strong operational and financial performance in the third quarter, with results tracking in-line with our expectations,” commented Joseph W. Craft III, Chairman, President and CEO. “Coal production of 8.4 million tons increased 8.5% year-over-year and 3.8% sequentially, while sales volumes of 8.7 million tons grew approximately 3.9% year-over-year and sequentially. The significant infrastructure investments we have made over the past three years are beginning to pay off. Our Illinois Basin operations’ improvements were led by Hamilton, which benefited from new equipment installed following a successful longwall move in early August. At our River View complex the Henderson County Mine achieved a key infrastructure milestone in late August with the opening of its new portal facility. Equipment and personnel transitions to better mining conditions are planned to be in place early next year when six units are expected to be operating at the Henderson County Mine with three units remaining at the River View mine. Our Appalachia operations’ improvements were led by Tunnel Ridge, which successfully transitioned to a new longwall district in the 2025 Quarter. As expected, the move has resulted in significantly improved mining conditions dropping the mine’s cost per ton sold by 8.8% compared to the 2024 Quarter and 19.3% to the Sequential Quarter. For the 2025 Quarter, Adjusted EBITDA of $185.8 million increased 9% year-over-year and 15% sequentially, reflecting higher sales volumes and lower costs per ton as our operations performed well across the board.”
Mr. Craft continued, “The domestic thermal coal market is continuing to experience strong fundamentals, supported by an unprecedented combination of federal energy and environmental policy support plus rapid demand growth. Year to date utility coal consumption escalated across MISO and PJM service areas by 15% and 16% respectively, compared to the prior year. This surge reflects not just favorable weather and natural gas pricing dynamics, but a realization of the dramatic load growth required by artificial intelligence.”
Mr. Craft concluded, “Market signals are validating the need to keep base-load power plants, including coal-fired power plants previously planned for decommissioning, online to meet this anticipated energy demand. The recent PJM capacity auction cleared at maximum allowable prices with every megawatt of coal capacity selected, while reserve margins fell below reliability targets, clearly demonstrating that the grid needs every available megawatt of dispatchable generation. During the quarter, to assist in extending the lives of coal plants in our marketing footprint, we invested $22.1 million as part of a $25.0 million commitment in a limited partnership that indirectly acquired a coal-fired plant in the PJM service area, positioning Alliance to directly benefit from the tightening power markets and growing demand for reliable baseload generation. This is a near-term, income-producing investment expected to generate attractive cash-on-cash returns in 2026 and beyond.”
Coal Operations
Tons sold increased by 10.8% in the Illinois Basin compared to the 2024 Quarter due primarily to increased volumes from our Hamilton and River View mines. In Appalachia, sales volumes decreased by 13.3% in the 2025 Quarter compared to the 2024 Quarter primarily as a result of timing of shipments from our Tunnel Ridge operation. Compared to the Sequential Quarter, tons sold increased by 21.8% in Appalachia due to increased sales performance across the region, particularly at Tunnel Ridge, which increased production through higher productivity and recoveries during the 2025 Quarter. Coal sales price per ton sold decreased by 9.9% in the Illinois Basin compared to the 2024 Quarter as a result of the expiration of higher priced legacy contracts across the region. In Appalachia, coal sales price per ton sold increased by 3.1% compared to the 2024 Quarter primarily due to higher domestic pricing from each operation and an increased sales mix of higher priced MC Mining and Mettiki sales volumes in the 2025 Quarter. ARLP ended the 2025 Quarter with total coal inventory of 0.9 million tons, representing decreases of 1.1 million tons and 0.2 million tons compared to the end of the 2024 Quarter and Sequential Quarter, respectively.
Segment Adjusted EBITDA Expense per ton in the Illinois Basin decreased by 6.4% compared to the 2024 Quarter due primarily to increased production in the region, improved recoveries at our River View and Hamilton mines and reduced longwall move days at Hamilton. In Appalachia, Segment Adjusted EBITDA Expense per ton for the 2025 Quarter decreased by 11.7% and 12.1% compared to the 2024 Quarter and Sequential Quarter, respectively, due to increased productivity at our Tunnel Ridge operation and higher recoveries during the 2025 Quarter. Compared to the 2024 Quarter, lower labor costs and improved mining conditions at each operation also contributed to lower per ton expenses in Appalachia.
Royalties
Segment Adjusted EBITDA for the Oil & Gas Royalties segment decreased slightly to $27.7 million in the 2025 Quarter compared to $28.7 million and $29.9 million in the 2024 Quarter and Sequential Quarter, respectively, due to lower average sales price per MBOE, which decreased 10.5% and 11.5%, respectively, partially offset by higher volumes. Oil & Gas Royalty volumes increased to 899 MBOE in the 2025 Quarter compared to 864 MBOE and 880 MBOE in the 2024 Quarter and Sequential Quarter, respectively.
Segment Adjusted EBITDA for the Coal Royalties segment increased to $17.1 million in the 2025 Quarter compared to $11.1 million and $11.8 million in the 2024 Quarter and Sequential Quarter, respectively, due to higher royalty tons sold, primarily from Tunnel Ridge and average royalty rates per ton received from the Partnership’s mining subsidiaries.
Growth Investments
During the 2025 Quarter, ARLP invested approximately $22.1 million of a $25.0 million commitment in a limited partnership that indirectly owns and operates a coal-fired power plant. This investment aligns with the Partnership’s strategy to allocate a portion of excess cash flows into investments that support the growth and development of energy and related infrastructure.
Also, during the 2025 Quarter, our other investments generated $4.5 million in investment income primarily due to an increase in the value of our share of the net assets of the companies in which we hold interests.
Balance Sheet and Liquidity
As of September 30, 2025, total debt and finance leases were outstanding in the amount of $470.6 million. The Partnership’s total and net leverage ratios were 0.75 times and 0.60 times debt to trailing twelve months Adjusted EBITDA, respectively, as of September 30, 2025. ARLP ended the 2025 Quarter with total liquidity of $541.8 million, which included $94.5 million of cash and cash equivalents and $447.3 million of borrowings available under its revolving credit and accounts receivable securitization facilities. ARLP also held 568 bitcoins valued at $64.8 million as of September 30, 2025.
Distributions
ARLP also announced today that the Board of Directors of its general partner (the “Board”) approved a cash distribution to unitholders for the 2025 Quarter of $0.60 per unit (an annualized rate of $2.40 per unit), payable on November 14, 2025, to all unitholders of record as of the close of trading on November 7, 2025.
Concurrent with this announcement we are providing qualified notice to brokers and nominees that hold ARLP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of ARLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, ARLP’s distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the highest applicable effective tax rate plus ten percent (10%). Nominees, and not ARLP, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors.
Outlook
“We expect the operating and financial results for the fourth quarter to equal our outstanding 2025 Quarter results. Therefore, we are tightening our guidance ranges for coal sales volumes and per ton expenses, reflecting steady operational execution and continued cost improvements across our mines,” commented Mr. Craft. “In our Oil & Gas Royalties segment, we are adjusting our BOE volume guidance to reflect the timing of a multi-well pad in the Delaware Basin of the Permian, which is now expected to come online in early 2026.”
Mr. Craft continued, “Our contracting momentum continues to strengthen, with our 2026 book now including 29.1 million tons committed and priced, up 9% from last quarter. Domestic customer engagement on multi-year agreements has intensified as utilities seek reliable supply from financially strong counterparties. This environment, combined with utility stockpiles normalizing at approximately 78 days of burn coverage, supports robust term contracting activity and greater demand visibility than we’ve experienced in several years. Looking to the export markets, we have 1.6 million tons committed and priced for 2026 and anticipate approximately 0.3-0.6 million additional tons of metallurgical coal to be sold in 2026 that is currently uncommitted.”
Mr. Craft concluded, “We believe the combination of improving fundamentals, our completed capital program driving cost reductions, and our strong balance sheet puts Alliance in a favorable position to meet market demand. While declining oil prices may impact volumes and oil and gas royalty revenue in the short term, improved natural gas forward curves supported by growing LNG export capacity and increased utility demand are expected to partially offset the decline in oil revenue and benefit coal demand next year. Due to normalized utility inventories, and unprecedented demand growth from data centers, analysts we follow are projecting 4-6% annual growth in electricity demand in PJM and other markets we serve. As a result, we believe Alliance has the opportunity and is well-positioned to increase production at Tunnel Ridge and the Illinois Basin operations in 2026.”
Conference Call
A conference call regarding ARLP’s 2025 Quarter financial results and updated 2025 guidance is scheduled for today at 10:00 a.m. Eastern. To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “Investors” section of ARLP’s website at www.arlp.com.
An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13756408.
About Alliance Resource Partners, L.P.
ARLP is a diversified energy company that is currently the second largest coal producer in the eastern United States, supplying reliable, affordable energy domestically and internationally to major utilities, metallurgical and industrial users. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as a reliable energy partner for the future by pursuing opportunities that support the growth and development of energy and related infrastructure.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7673 or via e-mail at investorrelations@arlp.com.
The statements and projections used throughout this release are based on current expectations. These statements and projections are forward-looking, and actual results may differ materially. These projections do not include the potential impact of any mergers, acquisitions or other business combinations that may occur after the date of this release. We have included more information below regarding business risks that could affect our results.
FORWARD-LOOKING STATEMENTS: With the exception of historical matters, any matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projected results. Those forward-looking statements include expectations with respect to our future financial and operational performance, coal and oil & gas consumption and expected future prices, our ability to increase or maintain unitholder distributions in future quarters, business plans and potential growth with respect to our energy and infrastructure transition investments, optimizing cash flows, reducing operating and capital expenditures, infrastructure projects at our existing properties, growth in domestic electricity demand, preserving liquidity and maintaining financial flexibility, our future repurchases of units, and the impact of recently announced tax legislation. These risks to our ability to achieve these outcomes include, but are not limited to, the following: decline in the coal industry’s share of electricity generation, including as a result of environmental concerns related to coal mining and combustion, the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels and the planned retirement of coal-fired power plants in the U.S.; our ability to provide fuel for growth in domestic energy demand, should it materialize; changes in macroeconomic and market conditions and market volatility, and the impact of such changes and volatility on our financial position; changes in global economic and geo-political conditions or changes in industries in which our customers operate; changes in commodity prices, demand and availability which could affect our operating results and cash flows; impacts of geopolitical events, including the conflicts in Ukraine and in the Middle East; the severity, magnitude and duration of any future pandemics and impacts of such pandemics and of businesses’ and governments’ responses to such pandemics on our operations and personnel, and on demand for coal, oil, and natural gas, the financial condition of our customers and suppliers and operators, available liquidity and capital sources and broader economic disruptions; actions of the major oil-producing countries with respect to oil production volumes and prices and the direct and indirect impacts over the near and long term on oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in competition in domestic and international coal markets and our ability to respond to such changes; potential shut-ins of production by the operators of the properties in which we hold oil & gas mineral interests due to low commodity prices or the lack of downstream demand or storage capacity; risks associated with the expansion of and investments into the infrastructure of our operations and properties, including the timing of such investments coming online; our ability to identify and complete acquisitions and to successfully integrate such acquisitions into our business and achieve the anticipated benefits therefrom; our ability to identify and invest in new energy and infrastructure transition ventures; the success of our development plans for our wholly owned subsidiary, Matrix Design Group, LLC, and our investments in emerging and other infrastructure and technology companies; dependence on significant customer contracts, including renewing existing contracts upon expiration; adjustments made in price, volume, or terms to existing coal supply agreements; the effects of and changes in trade, monetary and fiscal policies and laws, and the results of central bank policy actions including interest rates, bank failures, and associated liquidity risks; the effects of and changes in taxes or tariffs and other trade measures adopted by the United States and foreign governments, including the imposition of or increase in tariffs on steel and/or other raw materials; legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, such as the Environmental Protection Agency’s emissions regulations for coal-fired power plants, and state legislation seeking to impose liability on a wide range of energy companies under greenhouse gas “superfund” laws, mining, miner health and safety, hydraulic fracturing, and health care; deregulation of the electric utility industry or the effects of any adverse change in the coal industry, electric utility industry, or general economic conditions; investors’ and other stakeholders’ attention to environmental, social, and governance matters; liquidity constraints, including those resulting from any future unavailability of financing; customer bankruptcies, cancellations or breaches to existing contracts, or other failures to perform; customer delays, failure to take coal under contracts or defaults in making payments; our productivity levels and margins earned on our coal sales; disruptions to oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in equipment, raw material, service or labor costs or availability, including due to inflationary pressures; changes in our ability to recruit, hire and maintain labor; our ability to maintain satisfactory relations with our employees; increases in labor costs, adverse changes in work rules, or cash payments or projections associated with workers’ compensation claims; increases in transportation costs and risk of transportation delays or interruptions; operational interruptions due to geologic, permitting, labor, weather, supply chain shortage of equipment or mine supplies, or other factors; risks associated with major mine-related accidents, mine fires, mine floods or other interruptions; results of litigation, including claims not yet asserted; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; difficulty maintaining our surety bonds for mine reclamation as well as workers’ compensation and black lung benefits; difficulty in making accurate assumptions and projections regarding post-mine reclamation as well as pension, black lung benefits, and other post-retirement benefit liabilities; uncertainties in estimating and replacing our coal mineral reserves and resources; uncertainties in estimating and replacing our oil & gas reserves; uncertainties in the amount of oil & gas production due to the level of drilling and completion activity by the operators of our oil & gas properties; uncertainties in the future of the electric vehicle industry and the market for EV charging stations; the impact of current and potential changes to federal or state tax rules and regulations, including a loss or reduction of benefits from certain tax deductions and credits; difficulty obtaining commercial property insurance, and risks associated with our participation in the commercial insurance property program; evolving cybersecurity risks, such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing attacks, ransomware, malware, social engineering, physical breaches, or other actions; and difficulty in making accurate assumptions and projections regarding future revenues and costs associated with equity investments in companies we do not control.
Additional information concerning these, and other factors can be found in ARLP’s public periodic filings with the SEC, including ARLP’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 27, 2025, and ARLP’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025, filed on May 9, 2025 and August 7, 2025, respectively. Except as required by applicable securities laws, ARLP does not intend to update its forward-looking statements.
Rebel Engine achieves 72× surge in daily Steam wishlists, signaling accelerating demand and strong pre-launch traction
CULVER CITY, Calif., Oct. 24, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, shared highlights from a series of successful game showcases and updates across its growing publishing portfolio, underscoring continued engagement and visibility.
Snail Games’ upcoming hybrid action title, Rebel Engine, demonstrated significant momentum during Steam Next Fest, with daily wishlist additions increasing more than 72 times compared to the pre-festival period. This surge contributed to a 46% overall increase in total wishlists, underscoring the game’s accelerating traction ahead of its official launch on November 6, 2025. The event also marked the debut of the game’s original music collaboration with Hakos Baelz, a core member of hololive English -Promise-, whose 1.09 million YouTube subscribers and global fanbase bring new audiences into the Rebel Engine orbit. The collaboration resulted in the release of a high-energy music video that has already begun resonating with fans worldwide.
Building on this momentum, Rebel Engine was showcased at the Noiz booth during TwitchCon this past weekend, one of the industry’s largest creator-focused events. The collaboration offered extended visibility alongside other Snail titles, including Echoes of Elysium, ARK: Lost Colony, Bellwright, and Honeycomb: The World Beyond. Exclusive demos were also available at Noiz’s Twitchcon afterparty showing influencers a firsthand exclusive peak into the future of the games. Through Noiz’s extensive network of streamers and gaming creators, the partnership reinforced various Snail titles’ positioning within the creator community, a key driver of audience perception and sustained engagement.
Meanwhile, Snail’s flagship franchise, ARK, continues to see strong engagement across platforms. Studio Wildcard recently released an update for ARK: Ultimate Survivor Edition, introducing full backward compatibility and enhanced support for Nintendo Switch 2. Nintendo is reportedly aiming to have 25 million Switch 2 consoles produced by the end of March 2026, highlighting the platform’s rapid growth and expanding potential player base. This update ensures a seamless experience for players across both current and next-generation hardware, reinforcing the franchise’s accessibility and appeal.
Beyond its established franchises, Snail’s indie publishing arm Wandering Wizard continues to expand into critically recognized territory; the upcoming Alps management simulator Above the Snow continues to gain critical recognition. Following a recent NYX Award win for best city builder, the title has been officially nominated for Best Narrative at the 2026 Indie Game Awards during the Taipei Game Show. This weekend, the studio will present Above the Snow at Poznań Game Arena, the largest gaming convention in Eastern Europe, and unveil strategic partnerships with Cortazu, Fjordfiesta, and Heywood, brands that align closely with the title’s Alps setting.
Across new titles, established franchises, and award-nominated releases, Snail’s publishing portfolio is capturing increasing attention from players, creators, and critics worldwide. The company’s cross-collaborations, global showcases, and expanding live-service ecosystem reflect a steady, deliberate approach to growth and long-term engagement within the interactive entertainment landscape.
For creators interested in covering any title in Snail Games’ portfolio, please reach out to creatordirect@noiz.gg
About Snail, Inc. Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/.
Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and in our public filings with the SEC and include, but are not limited to, statements regarding Snail’s publishing portfolio capturing increasing attention from players, creators, and critics worldwide and the Company’s cross-collaborations, global showcases, and expanding live-service ecosystem reflect a steady, deliberate approach to growth and long-term engagement within the interactive entertainment landscape. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Investor Contact: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 SNAL@gateway-grp.com
BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space industries, announced that it will release its second quarter fiscal year 2026 financial results before financial markets open on Friday, November 7, 2025.
The Company will host a conference call and webcast to review its financial and operating results, strategy, and outlook. A question-and-answer session will follow.
Second Quarter Fiscal Year 2026 Financial Results Conference Call
Friday, November 7, 2025 11:00 a.m. Eastern Time Phone: (201) 689-8560 Internet webcast link and accompanying slide presentation: ir.grahamcorp.com
A telephonic replay will be available from 3:00 p.m. ET on the day of the teleconference through Friday, November 14, 2025. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13756267 or access the webcast replay via the Company’s website at ir.grahamcorp.com, where a transcript will also be posted once available.
ABOUT GRAHAM CORPORATION Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the Defense, Energy & Process, and Space, industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.
LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) today announced that its board of directors has declared a quarterly cash dividend of $0.075 per share. The dividend will be paid on December 10, 2025, to stockholders of record as of the close of business on November 21, 2025.
About ACCO Brands Corporation
ACCO Brands is the leader in branded consumer products that enable productivity, confidence and enjoyment while working, when learning and while playing. Our widely recognized brands include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com.
For further information: Chris McGinnis Investor Relations (847) 796-4320
RICHMOND, Va.–(BUSINESS WIRE)– Lucky Strike Entertainment (NYSE: LUCK), one of the world’s premier operators of location-based entertainment, will report financial results for the first quarter of fiscal 2026 on Tuesday, November 4, 2025, after the U.S. stock market closes. Management will discuss the results via webcast at 5:00 PM ET on the same day.
The live webcast, replay, and results presentation will be available in the Events & Presentations section of the Lucky Strike Entertainment Investor Relations website at IR.LuckyStrikeEnt.com.
About Lucky Strike Entertainment
Lucky Strike Entertainment is one of the world’s premier location-based entertainment platforms. With over 360 locations across North America, Lucky Strike Entertainment provides experiential offerings in bowling, amusements, water parks, and family entertainment centers. The company also owns the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Lucky Strike Entertainment, please visit IR.LuckyStrikeEnt.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New York. Continuing its market expansion, MariMed announced a licensing agreement with Farm 2 Hand, LLC, a New York State cannabis license holder, that will introduce the Company’s top-selling portfolio of products throughout New York State. Terms of the agreement were not disclosed. This expansion follows on the heels of the earlier Pennsylvania and Maine expansions, significantly increasing MariMed’s total addressable market, in our view.
Details. Farm 2 Hand intends to manufacture and distribute a variety of MariMed’s edible products as permitted under New York regulations. Those are initially expected to include Betty’s Eddies fruit chews, Bubby’s Baked goods, and InHouse gummies. The products will be produced in a new kitchen that MariMed will design and equip for Farm 2 Hand at Farm 2 Hand’s Bronx production facility.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Inflation eased slightly in September, coming in below economists’ expectations and offering fresh signs that price pressures may be gradually cooling. The latest Consumer Price Index (CPI) report showed prices rising 3% year-over-year, just below the 3.1% forecast, and up 0.3% from August. While inflation remains above the Federal Reserve’s 2% target, investors took the softer reading as confirmation that the Fed is likely to move forward with a quarter-point rate cut at its upcoming meeting.
For small-cap investors, this development could be particularly meaningful. Lower interest rates often translate to cheaper borrowing costs, which can provide a boost to smaller, growth-oriented companies that rely more heavily on credit to fund operations and expansion. In contrast to large-cap corporations with stronger balance sheets, small caps tend to feel monetary shifts more directly — both on the upside and downside.
The report also showed encouraging moderation in key components. Core inflation, which excludes volatile food and energy prices, rose 3% year-over-year, slightly cooler than August’s 3.1%. Meanwhile, shelter costs — one of the stickiest contributors to inflation — increased only 0.2% month-over-month, the smallest gain in over two years. Housing and rent data are often lagging indicators, so any sustained cooling there could accelerate broader disinflation trends heading into the new year.
Still, the data wasn’t uniformly positive. Gasoline prices spiked 4.1% in September, driven by higher crude costs and seasonal demand, while apparel and household furnishings also saw noticeable increases. Yet overall, the direction of inflation remains encouraging for equity markets, particularly for rate-sensitive sectors such as small caps, regional banks, and industrials.
Another notable element of this report is the timing. Released amid a prolonged government shutdown, this CPI print is expected to be one of the last reliable economic data points for several months. Economists warn that future readings may rely more heavily on estimates, increasing uncertainty. That backdrop could heighten market volatility — but for investors with a long-term focus, it may also create tactical opportunities in undervalued areas of the market.
Historically, periods of easing inflation paired with falling interest rates have favored small-cap performance relative to large-cap benchmarks. The Russell 2000, for example, has outperformed the S&P 500 during early-stage easing cycles in more than 70% of past Fed transitions. With inflation holding near 3% and rate cuts on the horizon, investors may soon see renewed rotation into smaller, domestically focused companies — especially those positioned to benefit from lower financing costs and rising consumer spending.
While it’s still too early to declare victory over inflation, September’s CPI data supports the narrative of a “soft landing” — an environment where growth slows without tipping into recession. If that holds, small caps could emerge as one of the biggest beneficiaries in the coming months, offering renewed potential for outsized returns as markets adjust to a lower-rate landscape.
Eli Lilly and Company’s agreement to acquire Adverum Biotechnologies marks another major move in the race to dominate the emerging field of genetic medicine. The deal, announced Friday, highlights the pharmaceutical giant’s commitment to expanding its gene therapy portfolio and targeting treatments that address chronic, age-related diseases — a market expected to grow rapidly over the next decade.
Under the terms of the agreement, Lilly will acquire all outstanding shares of Adverum for $3.56 per share in cash, plus a contingent value right (CVR) worth up to an additional $8.91 per share, depending on key regulatory and sales milestones. This brings the potential total value of the transaction to $12.47 per share. The deal is expected to close by the fourth quarter of 2025, pending shareholder and regulatory approval.
Adverum’s leading asset, Ixo-vec, is a one-time intravitreal gene therapy in Phase 3 development for wet age-related macular degeneration (wAMD) — a progressive retinal condition that affects millions of older adults worldwide. The therapy aims to reduce the need for repeated eye injections by delivering long-term aflibercept production directly within the eye. If successful, Ixo-vec could reshape the standard of care for patients who currently rely on frequent treatments to preserve vision.
The acquisition aligns with Lilly’s broader strategy of integrating genetic medicine technologies into its drug discovery pipeline. The company has already made significant investments in obesity, diabetes, and Alzheimer’s research, and sees gene therapy as a natural extension of that work. By adding Adverum’s proprietary intravitreal delivery platform and its promising ocular gene therapy programs, Lilly gains both innovation and market access in a field expected to see accelerating demand.
From a financial standpoint, the structure of the deal — combining upfront cash with milestone-based CVRs — reflects a balanced approach to managing risk while still rewarding Adverum shareholders if Ixo-vec achieves commercial success. The program’s FDA Fast Track and RMAT designations, as well as PRIME status from the European Medicines Agency, signal strong regulatory support and potential for expedited approval.
The move also underscores a broader trend across the biotech industry: large-cap pharmaceutical companies are increasingly acquiring smaller clinical-stage firms to secure access to cutting-edge gene therapy pipelines. For small-cap investors, this represents an important theme — as emerging biotech companies with late-stage assets become prime takeover targets in the current market cycle.
Gene therapy remains one of the most promising and competitive frontiers in modern medicine. While challenges such as manufacturing scale and long-term efficacy remain, the science continues to mature rapidly. Lilly’s acquisition of Adverum not only validates the commercial potential of ocular gene therapies but also signals continued confidence in the sector’s long-term growth trajectory.
If Ixo-vec succeeds, it could open the door to broader applications of gene therapy across multiple chronic conditions — reinforcing the idea that “one and done” treatments may soon become reality for millions of patients worldwide.
