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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*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.
Noble Capital Markets Research Report Friday, October 24, 2025
Companies contained in today’s report:
MariMed Inc (MRMD)/OUTPERFORM – A Move Into New York
MariMed Inc (MRMD/$0.1426 | Price Target: $0.25) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Move Into New York Rating: OUTPERFORM
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.
Noble Capital Markets Research Report Thursday, October 23, 2025
Companies contained in today’s report:
Cocrystal Pharma (COCP)/OUTPERFORM – Highlights From Noble’s Virtual Conference Hemisphere Energy (HMENF)/OUTPERFORM – Adjusting Our Third Quarter and Full Year 2025 Estimates Nutriband (NTRB)/OUTPERFORM – Highlights From Noble’s Virtual Conference Superior Group of Companies (SGC)/OUTPERFORM – Looking Beyond The Third Quarter The Oncology Institute, Inc. (TOI)/OUTPERFORM – Highlights From Noble’s Virtual Conference
Cocrystal Pharma (COCP/$1.03 | Price Target: $10) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Proprietary Technology & Drug Design. James Wilson, Chief Financial Officer and Co-CEO, participated in Noble’s Virtual Emerging Growth Conference on October 8th & 9th. The discussion focused on the company’s core technology to design antiviral compounds that bind to highly conserved, essential areas of the viral replication machinery, as well as progress updates on the product pipeline.The full video may be viewed here.
Lead Program & Near-Term Catalyst In Norovirus. The company’s most advanced program is CDI-988, an oral drug for norovirus. This lead indication was chosen strategically because there are no approved vaccines or therapeutics for norovirus. The market is significant, with a stated $60 billion annual market opportunity.
Hemisphere Energy (HMENF/$1.45 | Price Target: $2.45) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Adjusting Our Third Quarter and Full Year 2025 Estimates Rating: OUTPERFORM
Third quarter estimate update. We have trimmed our third-quarter revenue and net income estimates to C$21.6 million and C$6.9 million, respectively, from C$23.5 million and C$7.5 million. Additionally, we have lowered our adjusted funds flow (AFF) and AFF per share estimates to C$10.0 million and C$0.10, respectively, from C$10.7 million and C$0.11.
Full-year estimate changes. For the full year 2025, we project revenues and net income of C$93.7 million and C$27.4 million, respectively, compared to our previous estimates of C$97.7 million and C$29.6 million. Moreover, we have lowered our AFF and AFF per share estimates to C$41.0 million and C$0.41, respectively, from C$43.3 million and C$0.43.
Nutriband (NTRB/$7.04 | Price Target: $15) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Nutriband Is Developing Transdermal Abuse-Deterrent Technologies. Nutriband has developed abuse-deterrent technology for dermal patch drug delivery. Serguei Melnik, Interim CEO, and Irina Gram, Director, highlighted the company’s platform, known as AVERSA, and its focus on patches containing FDA-approved drugs. The presentation may be viewed here.
Lead Product & Market Opportunity. The lead product, AVERSA Fentanyl, is an abuse-deterrent fentanyl patch. Upon approval, the FDA could mandate such technology for all fentanyl patches, the same way it required opioid pills to have abuse-deterrents. Market analysis by Advanced Health projects annual sales of $200 million for the branded AVERSA Fentanyl. If the abuse-resistant patch were mandated and replaced generic patches, sales could reach $800 million. A patch with improved safety and abuse-deterrence could reverse the decline in fentanyl prescriptions caused by reluctance to prescribe a drug with known abuse potential.
Superior Group of Companies (SGC/$10.19 | Price Target: $16) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Looking Beyond The Third Quarter Rating: OUTPERFORM
Q3 Preview. We expect that there will be some impact on the third quarter from the “pull forward” in Branded Product revenue into the second quarter as consumers reacted ahead of possible trade policy changes. As such, we are modestly lowering our Q3 revenue and earnings expectations, highlighted in Figure #1 Q3 Revisions.
Largest variance. The largest adjustment to our Q3 revenue estimate is in Branded Products, revised from $89.8 million to $85.0 million. In our view, this segment offers one of the largest upside surprise potential in Q4, which could benefit from an improving macro economy.
The Oncology Institute, Inc. (TOI/$4.39 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
TOI Is Addressing The Unsustainable Cost Trend In Oncology. The Oncology Institute manages medical clinics that have improved outcomes and patient satisfaction while reducing the cost of cancer treatment. Dr. Daniel Virnich, CEO, and Rob Carter, CFO, highlighted the benefits of the company’s hybrid model of employed physicians and contracted independent community oncologists. The video of the company’s presentation may be viewed here.
Differentiated Competitive Advantage. TOI distinguishes itself from competitors in the value-based oncology field through its ownership of clinical assets (employed physicians and clinics). This provides greater control over care delivery compared to pure utilization management firms (such as Evolent’s New Century Health) or care navigation models (such as Thyme Care). This control enables higher compliance with value-based prescribing pathways, better integration of ancillary services, and more predictable and significant cost savings for payers.
Noble Capital Markets Research Report Tuesday, October 21, 2025
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Angel Island’s Commercial Appeal Grows with Lithium Hydroxide Production Graham (GHM)/MARKET PERFORM – A Tuck In Acquisition Twin Hospitality (TWNP)/OUTPERFORM – A High-Growth, Asset Light Restaurant Franchisor
Century Lithium Corp. (CYDVF/$0.2 | Price Target: $2.3) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Angel Island’s Commercial Appeal Grows with Lithium Hydroxide Production Rating: OUTPERFORM
Century produces high-purity lithium hydroxide. Century Lithium produced its first samples of lithium hydroxide from lithium carbonate derived from Angel Island’s lithium claystone deposit and treated at its demonstration plant using the company’s patent-pending alkaline leach and direct lithium extraction (DLE) process. Century had previously focused on making lithium carbonate. By producing high-purity lithium hydroxide, Century has demonstrated an ability to produce another major lithium product for the domestic market.
Pursuing a direct lithium conversion process. Lithium hydroxide samples were produced onsite in a batch process using conventional liming conversion with calcium hydroxide to produce lithium hydroxide with a purity level of 99.5% or greater. Century is pursuing a direct lithium conversion (DLC) process to produce lithium hydroxide directly from lithium chloride solution, which would bypass producing lithium carbonate in an intermediate stage to simplify the process and reduce energy consumption and operating costs.
Graham (GHM/$61.81) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Tuck In Acquisition Rating: MARKET PERFORM
An Acquisition. Yesterday, after the market close, Graham announced the acquisition of certain specified assets of Xdot Bearing Technologies (“Xdot”), a specialized consulting, design, and engineering firm focused on foil bearing technology. While the acquisition price was not revealed, Graham noted Xdot has annual sales of approximately $1 million and is expected to be slightly accretive to the Company’s fiscal year 2026 GAAP net income.
Xdot. Xdot has developed and patented a breakthrough foil bearing design that delivers superior performance while lowering development and production costs. Xdot’s products are complementary to the existing product portfolio of Graham’s Barber-Nichols (BN) subsidiary and will expand capabilities within BN. Notably, Dr. Erik Swanson, Founder, President, and Chief Engineer of Xdot is a world renowned expert in foil bearing analysis, application, and fabrication and will join the BN team upon closing.
Twin Hospitality (TWNP/$3.89 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A High-Growth, Asset Light Restaurant Franchisor Rating: OUTPERFORM
Initiation. We are initiating equity research coverage on Twin Hospitality Group with an Outperform rating and $10 price target. Twin Hospitality is a franchisor and operator of two specialty casual dining restaurant concepts: Twin Peaks and Smokey Bones. The Company is a high-growth, asset light restaurant franchisor with a compelling franchisee value proposition, in our view. On January 29, 2025, parent company FAT Brands distributed approximately 5% of Twin Hospitality Class A shares to FAT Brands shareholders, bringing Twin Hospitality public.
A Premium Sports Bar Leader. Twin Hospitality currently operates approximately 115 Twin Peaks locations, consisting of 35 Company-owned and 80 franchised units. Twin Peaks offers a differentiated sports bar experience, from the lodge experience, to its signature 28-degree draft beer, a made-from-scratch menu, always-on wall-to-wall TVs, to the Twin Peaks Ambassadors, every customer receives an experience differentiated from the competition.
Noble Capital Markets Research Report Thursday, October 16, 2025
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – Highlights from the Noble Emerging Growth Virtual Conference Comstock (LODE)/MARKET PERFORM – Strategic Acquisition Expands Nevada Mining Footprint Nicola Mining Inc. (HUSIF)/OUTPERFORM – Hitting All the Right Notes
Alliance Resource Partners (ARLP/$24.6 | Price Target: $32) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Highlights from the Noble Emerging Growth Virtual Conference Rating: OUTPERFORM
Noble virtual conference. Alliance recently participated in Noble Capital Markets’ Emerging Growth Virtual Conference. The fundamental outlook for ARLP’s coal operations and oil and gas royalty business, the two largest drivers of cash flow, remains favorable. The coal and electric power generation industries are expected to benefit from Trump Administration policies that seek to assure affordable, reliable, and secure energy sources to meet growing demand for electricity. Through 2Q 2025, Alliance has invested $758 million in its oil and gas royalty business that has generated cumulative segment adjusted EBITDA of $622 million. While they have grown the oil and gas royalty business without the use of leverage, they do have the ability to employ leverage for larger acquisitions. A link to the presentation is here.
Capital allocation. Management takes a long-term view when making capital allocation decisions, with balance sheet strength being the highest priority. The next priority is investing in its coal business to ensure it remains an efficient and low-cost producer. The third priority is reinvesting the cash flow generated by the oil and gas business to make accretive acquisitions. Lastly, the company intends to return capital to shareholders, including attractive cash distribution payments, while ensuring flexibility to fund growth opportunities.
Acquisition of Haywood Quarry. Comstock completed the acquisition of the Haywood Quarry industrial and mineral properties from Decommissioning Services LLC. The 190-acre property, located in Lyon County, Nevada, includes available power, water, and direct access to U.S. Highway 50. The site historically hosted gold mining and aggregate operations and is strategically contiguous to Comstock’s flagship Dayton gold and silver resource.
Transaction terms. Comstock acquired the property for a total of $2.2 million in cash and stock from Decommissioning Services LLC. The transaction provides Comstock with full ownership and control of the Haywood industrial and mineral properties, integrating them into its broader Lyon County mineral estate. The purchase also enhances Comstock’s strategic flexibility in advancing mine planning, resource development, and reclamation initiatives at the Dayton complex.
Nicola Mining Inc. (HUSIF/$0.77 | Price Target: $1.2) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hitting All the Right Notes Rating: OUTPERFORM
Treasure Mountain exploration. Nicola Mining Inc. (OTCQB: HUSIF, TSXV: NIM) provided an update on its plan for 2026 exploration drilling at the Treasure Mountain Silver Project. The area of exploration interest is northwest of the currently suspended mine and consists of several northeast to southwest trending and steeply dipping sulphide-rich veins. Results from previous exploration work confirmed the presence of vein-hosted silver, copper, lead, zinc, and gold, providing support for initial diamond drilling to establish the width of the trend and mineralization at depth.
Recent gold sales. Talisker Resources (OTCQB: TSKFF, TSX: TSK) has an agreement to process run-of-mine material from its Mustang Mine at Nicola’s Merritt Mill. For the quarter ending on September 30, a total of 1,569 ounces of gold were produced from Talisker’s Mustang Mine. Nicola receives a share of the gross profit from milling ore sourced from Talisker Resources Ltd. Blue Lagoon Resources Inc. (OTCQB: BLAGF, CSE: BLLG) recently announced an amended mining and milling partnership agreement with Nicola Mining, extending the partnership to a 10-year term. The agreement secures a long-term processing solution for mineralized material from Blue Lagoon’s high-grade Dome Mountain Gold Project.
Noble Capital Markets Research Report Tuesday, October 14, 2025
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Noble Virtual Conference Highlights EuroDry (EDRY)/MARKET PERFORM – Recovering Rates and Greater Liquidity Enhance Outlook NeuroSense Therapeutics Ltd. (NRSN)/OUTPERFORM – Novel Therapy for ALS and Neurodegenerative Diseases ONE Group Hospitality (STKS)/OUTPERFORM – Randian Adds Some Detail Saga Communications (SGA)/OUTPERFORM – Highlights From Noble’s Virtual Emerging Growth Conference Sky Harbour Group (SKYH)/OUTPERFORM – Noble Virtual Conference Highlights SKYX Platforms (SKYX)/OUTPERFORM – Noble Virtual Conference Highlights Snail (SNAL)/OUTPERFORM – Highlights From Noble’s Virtual Conference Superior Group of Companies (SGC)/OUTPERFORM – Highlights from Noble’s Virtual Conference Townsquare Media (TSQ)/OUTPERFORM – Highlights From Noble’s Virtual Conference Vince Holding Corp. (VNCE)/OUTPERFORM – Highlights From Noble’s Virtual Conference
Alliance Entertainment Holding (AENT/$6.42 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Noble Virtual Conference Highlights Rating: OUTPERFORM
Management appeared confident. Bruce Ogilvie, Executive Chairman, and Jeffrey Walker, CEO, presented at Noble’s October 8th & 9th Virtual Emerging Growth Conference. This report highlights the company’s presentation and fireside Q&A chat, which provided a sanguine outlook for improved margins into fiscal 2026. Investors may listen to the company’s presentation here.
Favorable margin expansion outlook. Operating margins are expected to expand in fiscal 2026, supported by a full year of the company’s high margin licensing deal with Paramount and development of its Handmade by Robots collectible line. In addition, management anticipates further operating efficiencies.
EuroDry (EDRY/$12.58) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Recovering Rates and Greater Liquidity Enhance Outlook Rating: MARKET PERFORM
Vessel sale enhances liquidity. EuroDry recently announced an agreement to sell the M/V Eirini P. to a third party for approximately $8.5 million, with the transaction expected to close in October 2025. The sale is projected to generate a gain of approximately $0.6 million, or roughly $0.21 per share. The proceeds will enhance near-term liquidity and strengthen EuroDry’s flexibility to pursue selective investments in more efficient vessels.
Market environment improving. The dry-bulk market has shown signs of recovery as charter rates have recently rebounded from multi-year lows. The improvement reflects strengthening market sentiment, supported by limited fleet growth and rising expectations for Chinese demand. A historically low orderbook and modest fleet expansion provide a constructive foundation for rate stabilization heading into 2026.
NeuroSense Therapeutics Ltd. (NRSN/$1.22 | Price Target: $9) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Novel Therapy for ALS and Neurodegenerative Diseases Rating: OUTPERFORM
We Are Initiating Coverage of NeuroSense With An Outperform Rating. NeuroSense Therapeutics is developing therapies for degenerative neurological conditions. The lead product, PrimeC, has completed two Phase 2 trials for ALS (Amyotrophic Lateral Sclerosis) and has a Phase 3 trial planned for early 2026. Initial results from Phase 2 in Alzheimer’s disease has shown promising data. Our price target is $9 per share.
The Lead Indication For PrimeC Is in ALS. PrimeC is a novel formulation containing a combination of celecoxib and ciprofloxacin. These two drugs have been used separately for anti-inflammatory and anti-antimicrobial indications. After new data showed that each drug can affect pathways of degenerative disease, scientists at NeuroSense tested the two drugs together in models of ALS and found a synergistic effect. Two Phase 2 studies showed benefits on survival, disease progression, and biomarkers of ALS activity.
ONE Group Hospitality (STKS/$2.56 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Randian Adds Some Detail Rating: OUTPERFORM
Additional Detail. Randian Capital added another post on the social media platform X, providing additional details to its proposed turnaround plan for ONE Group Hospitality. Reportedly, the latest Randian X post was in response to STKS CEO Manny Hilario and CFO Nicole Thaung stating they had not engaged with Randian and were unaware if the firm held shares. The pair reiterated that ONE Group had no changes to guidance or plans for capital deployment being made.
The Driver. As we noted in our September 29th note, Randian believes there is tangible, underutilized value in this franchise—especially in Benihana, a legendary brand with global recognition and untapped potential. However, poor capital allocation, slipping operational execution, and marketing that is failing to drive engagement have resulted in a 60% decline in the share price since the 2024 Benihana acquisition, according to Randian.
Saga Communications (SGA/$12.6 | Price Target: $18) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Emerging Growth Conference Rating: OUTPERFORM
A blended growth opportunity. This report highlights a fireside chat with Christopher Forgy, CEO & President, and Samuel Bush, CFO, at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Management highlighted its attractive growth opportunities from its “blended” advertising strategy. The full presentation may be viewed here.
Blended advertising strategy. Saga’s approach integrates radio (“wanted”), search (“found”), and display (“chosen”) to capture the full consumer journey. Management targets disrupting 5% of local digital ad spend to double annual gross revenue, focusing on 27 small-to-medium-sized markets where the company has trusted community relationships.
Sky Harbour Group (SKYH/$10.07 | Price Target: $23) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Noble Virtual Conference Highlights Rating: OUTPERFORM
Noble virtual conference highlights. Tal Keinan (CEO) and Francisco Gonzalez (CFO) of Sky Harbour Group (NYSE: SKYH) presented at Noble’s Emerging Growth Virtual Conference on October 8–9, 2025. Management highlighted continued lease-up at Phoenix, Dallas, and Denver, steady pre-leasing at Dulles (IAD) and Bradley (BDL), and progress on capital efficiency. A rebroadcast can be found here.
Leasing and pipeline on pace. Operations at Phoenix, Dallas, and Denver are leasing at a good clip, and the company has secured one pre-lease tenant at both IAD and BDL ahead of construction. Sky Harbour now holds long-term ground leases at 18 airports (nine operating, nine in development) and reaffirmed plans to add five more by year-end, bringing the total to 23.
SKYX Platforms (SKYX/$1.26 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Noble Virtual Conference Highlights Rating: OUTPERFORM
Highlights from Noble’s Emerging Growth Virtual Conference. Lenny Sokolow, CEO of SKYX Platforms (NASDAQ: SKYX), presented at Noble’s Virtual Conference on October 8–9, 2025. He discussed growing developer adoption, the upcoming Smart Ceiling Heater / Fan launch, progress toward mandatory code standardization, and reaffirmed expectations for adj. EBITDA inflection in Q4. A rebroadcast can be found here.
Developer partnerships gaining momentum. SKYX continues to expand across the builder channel with projects from Landmark Companies (278-unit Austin apartments), Forte Developments (luxury towers in Miami, Clearwater Beach, and Jupiter), Cavco Homes (premium prefabricated models), and the $3 billion Miami Urban Smart City. These initiatives represent large-scale unit potential and underscore accelerating adoption among professional developers.
Snail (SNAL/$1.04 | Price Target: $3.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Prospects for Stablecoin. This report highlights key takeaways from the company’s presentation at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Heidy Chow, CFO, and Peter Lin, FP&A outlined the key growth attributes for the company, including its emerging interest in developing a stablecoin. The full presentation may be found here.
Solid 2024 Performance and Franchise Resilience. Snail delivered a strong year, with FY2024 revenue reaching $85 million, supported by its enduring ARK franchise, which has accumulated over 90 million players and 4.1 billion total playtime hours since launch.
Superior Group of Companies (SGC/$10.07 | Price Target: $16) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights from Noble’s Virtual Conference Rating: OUTPERFORM
Plowing through the trade fog. Michael Benstock, Chairman and CEO, and Michael Koempel, President and CFO, presented at Noble’s October 8th & 9th Virtual Emerging Growth Conference. This report highlights the company’s fireside Q&A chat, which provided a constructive revenue and earnings growth outlook in spite of trade policy turmoil. Investors may listen to the company’s presentation here.
Diversified operations. The company operates in three segments, healthcare apparel, branded products, and contact centers. Diversification across these three segments provides both growth potential and resilience against macroeconomic uncertainty, including tariffs and political volatility.
Townsquare Media (TSQ/$6.09 | Price Target: $21) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
A differentiated digital company. Bill Wilson, CEO, Stuart, Rosenstein, CFO, and Claire Yenicay, Executive Vice President, participated in a fireside chat at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. The discussion focused on the company’s differentiated digital growth opportunities and compelling total return potential. This report provides some of the highlights from the discussion, but the full discussion may be viewed here.
Townsquare Interactive turning towards growth. Townsquare Interactive provides subscription-based digital marketing solutions for SMBs at ~$300/month, offering website management, CRM, email/text marketing, and payment integration. After temporary disruption in 2023–2024 due to a service model overhaul and return-to-office mandate, 2025 is returning to strong profit growth (~$3 million), with revenue growth expected to resume in 2026.
Vince Holding Corp. (VNCE/$2.66 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Highlights From Noble’s Virtual Conference Rating: OUTPERFORM
Transformational progress. Brendan Hoffman, CEO, Yuji Okumura, CFO, and Akiko Okuma, Chief Administrative Officer, discussed the significant transformation of the company toward revenue and cash flow growth and profitability at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Highlights from the fireside chat are featured in this report, and the full discussion is available here.
Minimizing the China impact. The company significantly reduced sourcing concentration from roughly 60% of production in China to approximately 25% today, offsetting the impact of tariff rates as high as 158%. Management noted that long-standing manufacturing partners in China have established sister facilities in other Asian countries, helping preserve quality standards while lowering exposure risk.
Market Share. CoreCivic remains the largest non-government owner of correctional and detention real estate in the U.S., owning approximately 57% of all privately owned correctional and detention capacity. The Company manages approximately 41% of all privately managed correctional and detention capacity.
FAT Brands (FAT/$1.98 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some Legal Resolution Rating: OUTPERFORM
Legal Resolution. In an 8-K filing, FAT Brands disclosed that the Company and certain current and former directors and officers have reached a settlement agreement with stockholders of the Company to resolve two lawsuits known as Harris I and Harris II. The Derivative Actions were filed in June 2021, relating to the Company’s December 2020 merger with Fog Cutter Capital Group, and in March 2022, relating to the Company’s June 2021 recapitalization.
Details. Under the terms of the settlement agreement, the Company’s Board of Directors agreed to adopt and implement certain corporate governance modifications. In addition, the Company’s insurers will pay to the Company $10 million, from which fees and expenses of plaintiffs’ counsel will be deducted, and Fog Cutter Holdings LLC will contribute 200,000 Class A shares of Twin Hospitality Group Inc. to the Company.
Phase 2. NN is entering Phase 2 of its transformation program. Phase 1 structurally rebuilt NN’s operating performance and efficiency through fixing unprofitable areas, improving margins, and entering new markets. Phase 2 is a growth and de-leverage focus, implementing new business programs, expanding the TAM, and addressing the preferred stock.
Resources Connection (RGP/$4.54 | Price Target: $10) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Post Call Commentary Rating: OUTPERFORM
Some Positives. The Company continues on its transformation path and is seeing encouraging signs, in our opinion. For example, the Company saw a return to growth in revenue for both the Europe & Asia- Pac segment and the Outsourced Services segment, with 5% and 4% growth over the prior year quarter. Revenue from the top 10 clients also grew year-over-year, and the enterprise-wide average bill rate increased to $120 on a constant currency basis, up from $118 a year ago.
Ongoing Cost Focus. The other side of the transformation plan is a focus on cost control. RGP continues to make good progress on its SG&A, as reflected in the quarter’s numbers. Post quarter, on September 30, 2025, in the face of continued end market sluggishness, RGP commenced a global reduction in its management and administrative workforce intended to enhance efficiencies through reduced costs and streamlined operations. Management expects approximately $6 million to $8 million of annual cost savings associated with this effort.
Noble Capital Markets Research Report Friday, October 10, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – A Multi-Year Growth Story
AZZ (AZZ/$100.75 | Price Target: $120) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | A Multi-Year Growth Story Rating: OUTPERFORM
FY 2026 second-quarter results. AZZ reported adjusted net income of $46.9 million, or $1.55 per share, compared to $41.3 million, or $1.37 per share, during the prior year period. We projected adjusted net income of $46.7 million, or $1.54 per share. Compared to the second quarter of FY 2025, total sales increased 2.0% to $417.3 million. We had projected sales of $428.3 million. Gross margin of $101.3 million was modestly below our estimate of $104.7 million. Adjusted EBITDA declined modestly to $88.7 million compared to $91.9 million during the prior year period and our estimate of $93.4 million. Adjusted EBITDA margin as a percentage of sales declined to 21.3% compared to 22.5% during the prior year quarter.
Updating estimates. We have lowered our FY 2026 revenue, adjusted EBITDA, and adjusted EPS estimates to $1.642 billion, $369.2 million, and $5.98 per share, respectively, from $1.660 billion, $374.9 million, and $6.00 per share. Our revised forecasts reflect second-quarter results and more moderate sales growth in the second half of the year. Our longer-term estimates through FY 2031 reflect multi-year growth and are summarized at the end of this report. Our estimates could prove conservative if AZZ is successful in consummating acquisitions, which we do not reflect in our estimates until announced.
Noble Capital Markets Research Report Thursday, October 9, 2025
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Staying Focused on the Big Picture Bit Digital (BTBT)/OUTPERFORM – Monthly Ethereum Metrics Resources Connection (RGP)/OUTPERFORM – First Look at 1Q26
AZZ (AZZ/$105.94 | Price Target: $125) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Staying Focused on the Big Picture Rating: OUTPERFORM
FY 2026 second-quarter financial results. AZZ reported adjusted net income of $46.9 million, or $1.55 per share, compared to $41.3 million, or $1.37 per share, during the prior year period. We had forecast adjusted net income of $46.7 million, or $1.54 per share. Compared to the second quarter of FY 2025, total sales increased 2.0% to $417.3 million. We had projected sales of $428.3 million. Gross margin of $101.3 million was modestly below our estimate of $104.7 million. Sales and gross margins trailed our expectations for both segments. However, operating income of $68.5 million exceeded our estimate of $66.1 million due to lower selling, general, and administrative expenses. Adjusted EBITDA declined modestly to $88.7 million compared to $91.9 million during the prior year period and our estimate of $93.4 million. Adjusted EBITDA margin as a percentage of sales declined to 21.3% compared to 22.5% during the second quarter of FY 2025.
Results were mixed. While Metal Coatings sales were up 10.8% compared to the prior year quarter, Precoat Metals sales were down 4.3%. Metal Coatings delivered higher sales due to increased volume driven by infrastructure-related projects in several end markets. Precoat Metals experienced lower sales due to weaker end markets, including building construction, HVAC, and appliance.
Bit Digital (BTBT/$4.04 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Monthly Ethereum Metrics Rating: OUTPERFORM
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of September 2025. As of September 30, 2025, the Company held approximately 121,187 ETH, versus 121,252 ETH at the end of August. Included in the ETH holdings were approximately 15,075 ETH and ETH-equivalents held in an externally managed fund, and approximately 5,142 ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate as of 9/30/25. The Company’s total staked ETH was approximately 99,936 as of September 30th.
Yield and Value. Staking operations generated approximately 291 ETH in rewards during September, representing an annualized yield of approximately 3.37%. Based on a closing ETH price of $4,145.99, as of September 30, 2025, the market value of the Company’s ETH holdings was approximately $506.6 million.
Resources Connection (RGP/$4.95 | Price Target: $15) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 First Look at 1Q26 Rating: OUTPERFORM
A Beat. Resources Connection reported first quarter revenue, gross margin, and SG&A expenses better than expected, although the top line continued to decline y-o-y, as expected. RGP is engaging with clients on more consulting opportunities, which have higher bill rates, larger deal size, and often create more extension and cross selling. However, the macro environment remains unpredictable, which makes clients hesitant to begin new projects.
Details. 1Q26 revenue came in at $120.2 million, down from $136.9 million in 1Q25, but above the $120 million high-end of management’s guidance. Gross margin came in at 39.5%, a significant y-o-y improvement from 36.5% in 1Q25 and above the 36-37% guidance range. SG&A expense of $47.9 million improved from $48.9 million in 1Q25. RGP recorded a GAAP net loss of $2.4 million, or $0.07/sh, compared to a $5.7 million, or $0.17/sh, net loss, in 1Q25. Adjusted EPS was $0.03/sh versus breakeven last year.
Noble Capital Markets Research Report Monday, October 6, 2025
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Delivering Music To Our Ears: Cash Flow And Earnings Growth SKYX Platforms (SKYX)/OUTPERFORM – Strengthening Position Among Residential Developers Xcel Brands (XELB)/OUTPERFORM – Exiting A Successful Run
Alliance Entertainment Holding (AENT/$6.73 | Price Target: $11) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Delivering Music To Our Ears: Cash Flow And Earnings Growth Rating: OUTPERFORM
Initiating coverage with Outperform rating. Alliance Entertainment is a leading distributor of physical products, including vinyl records, music CDs, Blu-ray and 4K Movies, Video Games and Electronics, and Collectibles. While some of its business lines are mature, there are attractive growth opportunities in developing revenue streams that carry higher margins. As such, we believe that the company is on the cusp of generating significant cash flow and earnings growth.
Expanding margin outlook. In spite of anticipated modest revenue growth of 2.4% in fiscal 2026, we anticipate a nearly 140 basis point improvement in adj. EBITDA margins in fiscal 2026, given our expectation of higher margin, developing revenue streams and the company’s focus on efficiencies. We expect an acceleration in revenue in fiscal 2027 to 3.1% with another 60 basis point improvement in margins.
SKYX Platforms (SKYX/$1.13 | Price Target: $5) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Strengthening Position Among Residential Developers Rating: OUTPERFORM
Landmark partnership expands builder channel. SKYX announced it will supply more than 10,000 smart plug-and-play lighting and safety products to a 278-apartment project in Austin, Texas led by Landmark Companies. We believe this marks another important step in the company’s efforts to penetrate the builder channel, signaling traction with traditional residential developers.
Potential for broader builder relationships. By establishing a relationship with a large developer like Landmark, SKYX positions itself for additional project opportunities if early deployments prove successful. This deal highlights the potential for SKYX to extend its platform into the broader residential developer market, with initial supply expected to begin as early as within the next quarter or two.
Xcel Brands (XELB/$2.38 | Price Target: $7) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Exiting A Successful Run Rating: OUTPERFORM
Exits its Mizrahi interest. The company transferred its remaining 17.5% interest in Isaac Mizrahi to IM Topco, effectively exiting its interest in the brand. The exit of the Mizrahi relationship with Xcel caps a storied and successful run with the company since 2011. Under Xcel, Mizrahi expanded its categories and collections on QVC and into such retailers as Bloomingdale’s and Nordstrom.
Financial upside. Xcel has a participation right should IM Topco sell the company above $46.0 million, coincidentally, the price that Xcel sold its 60% interest. Xcel would receive 15% of the net consideration in excess of the $46 million. In addition, we believe that the company will benefit from the absent of costs related to the brand, particularly employee costs.
Noble Capital Markets Research Report Friday, October 3, 2025
Companies contained in today’s report:
Bitcoin Depot (BTM)/OUTPERFORM – Favorable Preliminary Results and Tuck-in Acquisition
Bitcoin Depot (BTM/$3.83 | Price Target: $9) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Favorable Preliminary Results and Tuck-in Acquisition Rating: OUTPERFORM
Strong preliminary results. Bitcoin Depot announced preliminary Q3 results of approximately $160M in revenue (+18% Y/Y) and roughly 50% growth in adj. EBITDA versus the prior year. Both topline and profitability are tracking well ahead of management’s prior Q2 guidance of high-single-digit revenue and 20–30% adj. EBITDA growth.
Beating expectations. In light of these results, the company is expected to exceed our Q3 forecast of $146.5M in revenue and $11.0M in adj. EBITDA. Preliminary figures imply approximately $13.8M in adj. EBITDA, meaning profitability should surpass our expectations by nearly 25%.
Noble Capital Markets Research Report Thursday, October 2, 2025
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Progress on the Permitting Front CoreCivic, Inc. (CXW)/OUTPERFORM – An Award for Diamondback Seanergy Maritime (SHIP)/OUTPERFORM – Strategic Vessel Sale and Improving Capesize Fundamentals V2X (VVX)/OUTPERFORM – Some More Awards
Century Lithium Corp. (CYDVF/$0.29 | Price Target: $2.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Progress on the Permitting Front Rating: OUTPERFORM
Moving through the permitting process. Century has completed all required environmental baseline studies to begin Angel Island’s National Environmental Policy Act (NEPA) permitting process, which is expected to take up to two years before reaching a record of decision. The studies will be used by the Bureau of Land Management (BLM) to support the company’s upcoming Plan of Operations submission and subsequent NEPA analysis.
FAST-41 designation. In August 2025, Angel Island was formally designated as a FAST-41 Transparency project under a federal initiative designed to improve the transparency, coordination, and timeliness of the federal environmental review and permitting process. The designation reflects Angel Island’s strategic importance in supporting the U.S. critical minerals supply chain. We think the Angel Island project is well-positioned for a timely progression through the permitting process.
CoreCivic, Inc. (CXW/$20.55 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 An Award for Diamondback Rating: OUTPERFORM
Diamondback. Yesterday, CoreCivic announced it was awarded a new contract under an Intergovernmental Services Agreement between the Oklahoma Department of Corrections and U.S. Immigration and Customs Enforcement (“ICE”) to resume operations at the Company’s 2,160-bed Diamondback Correctional Facility, a facility that has been idle since 2010.
Details. The new contract commenced on September 30, 2025, for a term of five years and may be extended through bilateral modification. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Total annual revenue once the facility is fully activated is expected to be approximately $100 million. The facility should begin receiving detainees in the first quarter of 2026, with the full ramp estimated to be complete in the second quarter of 2026.
Seanergy Maritime (SHIP/$8.58 | Price Target: $11) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Strategic Vessel Sale and Improving Capesize Fundamentals Rating: OUTPERFORM
Sale of M/V Geniuship. Seanergy announced the sale of the M/V Geniuship, a 170,057 dwt Capesize vessel, for approximately $21.6 million, generating net cash proceeds of $12.0 million and a profit of about $2.5 million. The sale was timed to take advantage of improved vessel valuations while avoiding the costs of the vessel’s scheduled dry-docking. The transaction enhances liquidity, improves near-term earnings, and aligns with the company’s ongoing fleet renewal strategy.
Capesize market gains momentum. The Capesize market has strengthened in recent months, supported by iron ore and bauxite projects in the Atlantic basin and West Africa, while volatility due to tariffs has moderated. The orderbook remains limited, with shipyard slots not available until 2029. Rising vessel values, together with higher construction costs, have further restricted orders. Overall, we expect market conditions to remain favorable, with 2026 showing improvement over 2025.
V2X (VVX/$58.08 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Some More Awards Rating: OUTPERFORM
Awards. V2X has been the recipient of new awards, including one focused on extending the life-cycle of existing platforms and another driving connectivity and communications. In total, the three new awards total over $580 million of contract value, assuming all funds are spent. We view the recent wins as further confirmation of V2X’s ability to provide full mission lifecycle solutions.
Center Display Units. V2X’s Vertex Modernization and Sustainment unit was awarded by the Air Force a five-year ID/IQ contract with a single five-year option (10 years total) with a contract ceiling of $425 million for center display units (CDU), according to the Department of War’s daily contract awards. V2X will supply the Air Force with the following hardware during this period: CDU full kits, CDU line replaceable units, CDU shop replaceable units, and various other support hardware as required.
Noble Capital Markets Research Report Wednesday, October 1, 2025
Companies contained in today’s report:
Bit Digital (BTBT)/OUTPERFORM – A Convertible Note Offering The GEO Group (GEO)/OUTPERFORM – Retains ISAP Contract
Bit Digital (BTBT/$3 | Price Target: $5.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Convertible Note Offering Rating: OUTPERFORM
An Offering. Bit Digital is offering $135 million of convertible notes. The deal is upsized from an original $100 million. Net proceeds from the offering will be used primarily to purchase Ethereum, and may be used for general corporate purposes, including potential investments, acquisitions, and other business opportunities. The capital raise continues management’s goal of becoming a major Ethereum treasury company, in our view.
Details. The Notes will be senior, unsecured obligations of the Company and will accrue interest at a rate of 4.00% per year, payable semiannually in arrears. The Notes will mature on October 1, 2030. The initial conversion rate will be 240.3846 shares per $1,000 principal amount of Notes (equivalent to an initial conversion price of $4.16 per ordinary share and represents a conversion premium of 30% above the last reported sale price of the ordinary shares on September 29, 2025, which was $3.20).
The GEO Group (GEO/$20.49 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Retains ISAP Contract Rating: OUTPERFORM
ISAP Award. As we had expected, The GEO Group has retained the Intensive Supervision Appearance Program (“ISAP”) contract. U.S. Immigration and Customs Enforcement (“ICE”) awarded the contract to GEO’s BI subsidiary for the continued provision of electronic monitoring, case management, and supervision services. It is a two-year contract, which will have an initial term of one year, effective October 1, 2025, with an additional one-year option period.
Long-time Services Provider. BI has provided technology solutions, holistic case management, supervision, monitoring, and compliance services under the ISAP contract for over 21 years and has achieved high levels of compliance using a wide range of technologies and case management services over that time.
Noble Capital Markets Research Report Tuesday, September 30, 2025
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – U.S. Coal as a Strategic and Competitive Advantage CoreCivic, Inc. (CXW)/OUTPERFORM – Letter Contracts to Contract Awards ONE Group Hospitality (STKS)/OUTPERFORM – Activist Investor Sees $10+ Stock in 12-18 Months
Alliance Resource Partners (ARLP/$25.02 | Price Target: $32) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | U.S. Coal as a Strategic and Competitive Advantage Rating: OUTPERFORM
Investments to reinvigorate the U.S. coal industry. The U.S. Department of Energy announced a $625 million program to expand and reinvigorate the U.S. coal industry. This includes $350 million to recommission or modernize coal power units, $175 million for coal power projects directly benefiting rural communities, $50 million to support advanced wastewater management systems to enable coal plants to extend their service life and reduce operational costs, $25 million for dual-firing retrofits, and $25 million for development and testing of natural gas cofiring systems.
Expanded coal leasing on federal lands. Moreover, the U.S. Department of the Interior announced it is making up to 13.1 million acres of federal land available for coal leasing and streamlining approvals for projects. The Department is accelerating efforts to fast-track projects that can recover strategic minerals from mine waste and abandoned sites. The One Big Beautiful Bill, passed on July 4, established lower coal leasing royalty rates of not more than 7% for both surface and underground mines for the period July 4, 2025, to September 30, 2034.
CoreCivic, Inc. (CXW/$21.54 | Price Target: $28) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Letter Contracts to Contract Awards Rating: OUTPERFORM
Contract Awards. As anticipated, U.S. Immigration and Customs Enforcement (ICE) awarded CoreCivic two new contracts, which, once fully activated, would generate total annual revenue of approximately $200 million. The two facilities, California City and Midwest Regional, had been operating under Letter Contracts with ICE, which enable CoreCivic to begin operations at a facility while negotiating a longer-term contract. Both facilities were idle at the beginning of the year.
California City. CoreCivic has been preparing to accept detainees at the 2,560-bed California City facility since April 1, 2025. The Company began receiving detainees at the facility on August 27, 2025. Management currently expects the activation to be complete in 1Q26, achieving a normalized run-rate in 2Q26. Total annual revenue, once the activation is complete, is expected to be approximately $130 million. The new contract expires in August 2027.
ONE Group Hospitality (STKS/$3.12 | Price Target: $5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Activist Investor Sees $10+ Stock in 12-18 Months Rating: OUTPERFORM
Activist Investor. Randian Capital, part of the “retail activist” group behind the sharp rise in Opendoor Technologies (OPEN) stock from less than a $1 mid-summer to around $8.20 today, released on social media platform X a turnaround proposal for The ONE Group. In a nutshell, the plan consists of Refocus the Portfolio, Revitalize the Brand, Strengthen Operations, and Capital Discipline & Growth. Radian sees a path to a $10+ stock over the next 12-18 months. STKS shares rose over 26% yesterday on the news.
Refocus & Revitalize. Randian calls for ONE Group to refocus solely on its Benihana concept, selling off all other concepts. The activist investor believes the STK concept alone could be worth more than the current market cap. Randian suggests rebranding as Benihana Group and changing the stock symbol. Revitalization by elevating the dining experience and engaging with cultural icons, among other changes.
Noble Capital Markets Research Report Friday, September 26, 2025
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – Heightened Risk in Ecuador AZZ (AZZ)/OUTPERFORM – Revising Estimates; Growth Outlook Remains Favorable Steelcase (SCS)/MARKET PERFORM – A Better Than Expected 2Q26
Aurania Resources (AUIAF/$0.1 | Price Target: $0.35) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Heightened Risk in Ecuador Rating: OUTPERFORM
Second quarter financial results. As an exploration company, Aurania does not generate revenue and has expenses to advance its projects. During the second quarter of 2025, the company generated a net loss of C$1,610,843 or C$0.01 per share. We had projected a loss of C$1,432,419 or C$0.01 per share. The variance to our estimate was mostly due to higher exploration expenditures, along with higher stock-based compensation. We project a full-year 2025 net loss of C$11.1 million, or C$(0.10) per share, compared to our prior loss estimate of C$10.5 million, or C$(0.09) per share.
Mining service fee. Ecuador recently implemented a new mining service fee on the resource sector (refer to our note dated July 29, 2025). The Ecuadorian Control and Regulation Agency (ARCOM) requested payment from Aurania of US$2,012,618 by July 31, 2025, representing one month of the total annual fee of US$24,151,420. While the penalty for non-payment is unclear, we think Aurania is withholding payment until it becomes clear whether TASA will stand in its current form due to multiple constitutional challenges.
AZZ (AZZ/$110.64 | Price Target: $125) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Revising Estimates; Growth Outlook Remains Favorable Rating: OUTPERFORM
Updating estimates. We are lowering our second-quarter revenue, adjusted EBITDA, and adjusted EPS estimates to $428.3 million, $93.4 million, and $1.54, respectively, from $433.5 million, $101.1 million, and $1.59. While we have increased our revenue estimate for the Metal Coatings segment, we lowered expectations for Precoat Metals due to anticipated weakness in building construction. Our FY 2026 revenue, adjusted EBITDA, and adjusted EPS estimates are $1.660 billion, $374.9 million, and $6.00, respectively, compared to our prior estimates of $1.680 billion, $388.3 million, and $6.00. Our revised estimates reflect lower interest expense, along with modestly lower depreciation and amortization expense.
Organic and acquired growth. AZZ’s three-year goals include generating sales of two billion dollars or more in fiscal year 2028, compared to its trailing twelve-month sales of $1.6 billion. Organic growth is expected to exceed GDP growth, and AZZ is targeting acquisitions that strengthen both of its business segments. While we do not forecast sales of $2.0 billion until 2031, our model does not reflect acquisitions until they are announced.
Steelcase (SCS/$16.7) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Better Than Expected 2Q26 Rating: MARKET PERFORM
2Q26. In what is likely the Company’s final quarterly report as a public company, Steelcase reported better than expected results. Results benefitted from continued strengthening of demand from large corporate customers and International growth driven by India, China, and the United Kingdom. Improved International volume drove a $5 million reduction in y-o-y adjusted operating loss in the International segment. These were Steelcase’s highest quarterly results over the past five years.
Financials. Revenue of $897.1 million rose 4.8% y-o-y and exceeded the $890 million high end of management’s guidance. We were at $875 million. Gross margin of 34.4% was flat y-o-y and exceeded the 33.5% high end of guidance. Adjusted EBITDA totaled $99.6 million, or 11.1% of revenue, up from $89.5 million and 10.5% in 2Q25. Adjusted EPS was $0.45, versus $0.39 last year and above management’s $0.40 high end guide. We were at $0.36.
Noble Capital Markets Research Report Wednesday, September 24, 2025
Companies contained in today’s report:
SelectQuote (SLQT)/OUTPERFORM – Reaches Milestone in Helping Medicare-Eligible Seniors
SelectQuote (SLQT/$2.08 | Price Target: $7) Patrick McCann, CFA pmccann@noblefcm.com | (314) 724-6266 Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Reaches Milestone in Helping Medicare-Eligible Seniors Rating: OUTPERFORM
Milestone in Findhelp partnership. SelectQuote announced that it has referred more than 200,000 low-income seniors to Findhelp, with nearly 50,000 of those individuals accessing free or reduced-cost services. The milestone demonstrates SelectQuote’s role in addressing the needs of Medicare-eligible consumers.
Partnership connects consumers to critical support. Findhelp is a closed-loop referral management software platform that connects individuals with community resources such as food, housing, transportation, and financial aid. SelectQuote has partnered with Findhelp for several years, directing seniors to assistance programs. The initiative does not generate revenue, but it extends SelectQuote’s Medicare distribution model by providing tangible value to consumers.
Noble Capital Markets Research Report Tuesday, September 23, 2025
Companies contained in today’s report:
The ODP Corporation (ODP)/MARKET PERFORM – To Be Acquired for $28/sh
The ODP Corporation (ODP/$27.68) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 To Be Acquired for $28/sh Rating: MARKET PERFORM
An Acquisition. Yesterday morning, The ODP Corporation announced it entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings for $28/sh. The purchase price represents a premium of 34% to Friday’s closing price. ODP’s Board is supporting the transaction, which is expected to close by the end of 2025.
Who Is Atlas Holdings? Founded in 2002 by Andrew Bursky and Tim Fazio, Greenwich, CT-based Atlas Holdings owns and operates a global family of manufacturing and distribution businesses that together generate more than $20 billion in annual revenue. Atlas has experience in the office supplies sector through its LSC Communications unit, a leader in organizational solutions through brands such as Pendaflex.
Noble Capital Markets Research Report Monday, September 22, 2025
Companies contained in today’s report:
Information Services Group (III)/OUTPERFORM – Raising Price Target
Information Services Group (III/$5.38 | Price Target: $6.5) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Raising Price Target Rating: OUTPERFORM
Raising Price Target. We are raising our price target on III shares to $6.50 from a prior $5, as III shares have exceeded our price target. The recent and expected future interest rate cuts, ongoing cost optimization efforts from clients, and the increasing pace of AI adoption will continue to drive ISG’s operating performance, in our view.
Valuation. At our $6.50 price target, III shares would trade at 1.4x our 2026 revenue estimate on an EV/sales basis, 10.7x on an EV/projected 2026 adjusted EBITDA basis, and 19.1x adjusted 2026 earnings. This compares to a peer group that trades at 1.3x, 10x, and 15.8x, respectively, consensus 2026 estimates.
Noble Capital Markets Research Report Friday, September 19, 2025
Companies contained in today’s report:
Ocugen (OCGN)/OUTPERFORM – OCU400 Licensing Agreement For Korea Completed
Ocugen (OCGN/$1.4 | Price Target: $8) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 OCU400 Licensing Agreement For Korea Completed Rating: OUTPERFORM
OCU400 Licensing Completed. Ocugen has announced the completion of a licensing agreement for Korea with Kwangdong Pharmaceutical, Co., Ltd., a diversified pharmaceutical company in the Republic of South Korea. This finalizes the term sheet announced in August with the 2Q25 business update. We have based our revenue expectations on US and Europe, with the Korea agreement adding additional cash upon the signing and downstream royalties.
Agreement Provides Cash, Milestones, and Royalties. The terms provide Ocugen with signing and near-term milestones of $7.5 million. Under the agreement, Ocugen will manufacture and supply OCU400 in exchange for a royalty of 25% of Net Sales plus sales milestones of $1 million for every $15 million in Net Sales, or roughly 32% per $15 million in sales. There are an estimated 7,000 retinitis pigmentosa (RP) patients in Korea, with an estimated market of about $180 million over the first 10 years of sales. We estimate these potential payments at about $65 million to Ocugen.
Noble Capital Markets Research Report Thursday, September 18, 2025
Companies contained in today’s report:
FreightCar America (RAIL)/OUTPERFORM – RAIL Adopts Stockholder Rights Plan Great Lakes Dredge & Dock (GLDD)/OUTPERFORM – A Month of Awards Nicola Mining Inc. (HUSIF)/OUTPERFORM – Updating Our Sum-of-the-Parts Valuation; Increasing PT to US$1.05 or C$1.45
FreightCar America (RAIL/$8.71 | Price Target: $17) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | RAIL Adopts Stockholder Rights Plan Rating: OUTPERFORM
Protecting the interests of all shareholders. Following a review of the company’s current ownership structure, FreightCar America announced that its Board of Directors adopted a limited-duration stockholder rights plan.The rights plan will expire on August 5, 2026, unless terminated earlier by the Board. The Rights Plan is intended to reduce the likelihood that any person or group gains control of the company through open-market accumulation or other tactics without paying an appropriate control premium. The plan also ensures the Board has sufficient time to make informed decisions that protect the interests of the company and all RAIL shareholders.
Increasing 2026 estimates. We have increased our 2026 EBITDA and EPS estimates to $53.6 million and $0.65, respectively, from $53.2 million and $0.64. Our estimate update reflects stronger deliveries in the second half of the year, with a full-year estimate of 4,850 compared with our previous estimate of 4,800. We now expect quarterly deliveries of: 1Q: 982, 2Q: 1,200, 3Q: 1,284, and 4Q: 1,384. Previously we had assumed: 1Q: 1,346, 2Q: 1,275, 3Q: 1,058, and 4Q: 1,121.
Great Lakes Dredge & Dock (GLDD/$11.97 | Price Target: $14) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Month of Awards Rating: OUTPERFORM
More Business. Over the past month, Great Lakes continued to be awarded additional business, according to the Department of War’s daily contract awards release. In total, the announced awards (and recall not all awards are included in the daily notice), totaled approximately $80 million, demonstrating Great Lakes’ operating capabilities as well as the ongoing demand from the government.
September. Most recently, Great Lakes was awarded a $27.9 million firm-fixed-price contract for the removal and disposal of hopper dredge material. Work will be performed in Venice, Louisiana, with an estimated completion date of April 7, 2026. Fiscal 2025 civil operation and maintenance funds in the amount of $27.9 million were obligated at the time of the award.
Nicola Mining Inc. (HUSIF/$0.78 | Price Target: $1.05) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Updating Our Sum-of-the-Parts Valuation; Increasing PT to US$1.05 or C$1.45 Rating: OUTPERFORM
New Craigmont mining lease extensions. Nicola Mining Inc. (OTCQB: HUSIF, TSX.V: NIM) secured a five-year extension for six mining leases at its New Craigmont Property from the Ministry of Mining and Critical Minerals. The New Craigmont property encompasses over 10,800 hectares and is adjacent to Teck Resources Limited’s (NYSE: TECK, TSX: TECK.A and TECK.B) Highland Valley Copper Mine, the largest copper mine in Canada. On June 1, Nicola commenced a 4,000-to-5,000-meter diamond drill program at the New Craigmont project. The mining lease extension ensures continuity through the project’s lifecycle.
Shipments of gold concentrate. Earlier this month, Nicola announced that it had commenced shipping gold concentrate via a partnership with Talisker Resources Ltd. (TSX: TSK, OTCQX: TSKFF). Under a Mining, Milling, and Smelting Agreement, the parties sold 707 ounces of gold in August, generating gross proceeds of approximately US$2.3 million. Production benefited from upgrades to the Merritt Mill, including the installation of a large concentrator that optimized free gold recovery.
Noble Capital Markets Research Report Wednesday, September 17, 2025
Companies contained in today’s report:
Commercial Vehicle Group (CVGI)/OUTPERFORM – Activist Shareholder Calls for Strategic Review The GEO Group (GEO)/OUTPERFORM – A Renewal and Two New Contracts V2X (VVX)/OUTPERFORM – Continuing to Lighten Vince Holding Corp. (VNCE)/OUTPERFORM – A Closer Look Supports Our Favorable Outlook
Commercial Vehicle Group (CVGI/$1.94 | Price Target: $4) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Activist Shareholder Calls for Strategic Review Rating: OUTPERFORM
Call For A Review. In an amended Schedule 13D filing, investor Lakeview Opportunity Fund has communicated its views on the Company to the CVG management and Board on opportunities for value creation, including through a review process that explores strategic alternatives, including a sale of the Company.
Who Is Lakeview? With Managing Partner Ari Levy, Lakeview is a concentrated and opportunistic multi-strategy fund. The Fund focuses on underfollowed or ignored market areas, such as small and mid-cap value equities, niche Wall Street vehicles, options, and selective shareholder activism, where Lakeview helps companies, generally trading at significant discounts to private market value, unlock shareholder value.
The GEO Group (GEO/$22.04 | Price Target: $35) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 A Renewal and Two New Contracts Rating: OUTPERFORM
Contracts. The Florida Department of Corrections has issued Notices of Intent to Award three managed-only contracts to GEO for the assumption of management and support services at the 985-bed Bay Correctional and Rehabilitation Facility and the 1,884-bed Graceville Correctional and Rehabilitation Facility and for the continuation of management and support services at the 985-bed Moore Haven Correctional and Rehabilitation Facility.
Details. The three contracts are expected to have an initial term of three years, effective July 1, 2026, with unlimited two-year renewal option periods. On a combined basis, the three contracts are expected to generate approximately $130 million in annualized revenues, including approximately $100 million in new incremental annualized revenues for GEO. While the new contracts will not begin until next year, the new awards reflect GEO’s ability to provide the services demanded by its government partners, in our view.
V2X (VVX/$56.62 | Price Target: $72) Joe Gomes, CFA jgomes@noblefcm.com | 561-999-2262 Continuing to Lighten Rating: OUTPERFORM
Another Sale. Private-equity firm American Industrial Partners (AIP), through its Vertex Aerospace subsidiary, sold another 1.7 million VVX shares on September 11th. According to the amended 13D filing, the shares were sold at a price of $52.203 per share through a Rule 144 sale. As we have stated in the past, we continue to expect AIP to sell off its V2X holding over time.
Ownership. Following the most recent share sale, AIP’s ownership is now 8,467,286 VVX shares, representing 26.9% of the outstanding common of V2X. This is down from the 18,591,866 VVX shares, or 61.1% of the then outstanding common, held by AIP just after the Vectrus/Vertex merger in July 2022.
Vince Holding Corp. (VNCE/$2.63 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | A Closer Look Supports Our Favorable Outlook Rating: OUTPERFORM
Solid Q2 Results. The company reported Q2 revenue of $73.2 million, modestly beating our estimate of $72.0 million, and adj. EBITDA of $6.7 million, which strongly outperformed our estimate of $0.85 million by 685%. The strong adj. EBITDA was largely driven by management’s ability to execute on its tariff mitigation strategies, resulting in an improved gross profit margin.
Mitigating tariff impacts. Importantly, the company’s gross profit margin increased 300 basis points over the prior year period. The improvement was driven by lower product costing and higher pricing, contributing a 340 basis point improvement, as well as less discounting, which resulted in a 210 basis point improvement. However, the positive margin contributions were softened by tariff and freight impacts of 170 basis points and 100 basis points, respectively.
Noble Capital Markets Research Report Tuesday, September 16, 2025
Companies contained in today’s report:
Cadrenal Therapeutics (CVKD)/OUTPERFORM – Acquisition Builds The Pipeline With Anticoagulants In Development
Cadrenal Therapeutics (CVKD/$13.37 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Acquisition Builds The Pipeline With Anticoagulants In Development Rating: OUTPERFORM
Cadrenal Acquires Complimentary Cardiovascular Products. Cadrenal announced that it has acquired the anti-coagulant assets of eXlthera Pharmaceuticals. The products include frunexian, a Pre-Phase-2 anti-coagulant drug that inhibits a different step in the coagulation cascade from tecarfarin. Frunexian is in development for different indications and could extend Cadrenal’s product line to additional indications that are not served by current drugs. The acquisition also includes an oral formulation and other research-stage molecules.
Frunexian Has Several Distinguishing Features. The lead product from eXlthera is frunexian, a Factor XIa inhibitor. Most of the DOAC (direct-acting oral anticoagulant) class target Factor Xa and have been developed for long-term use on an outpatient basis. In contrast, frunexian targets Factor XIa, a different component of the coagulation cascade.
Noble Capital Markets Research Report Monday, September 15, 2025
Companies contained in today’s report:
Euroseas (ESEA)/OUTPERFORM – Favorable Time Charter Contract for the M/V Jonathan P Greenwich LifeSciences, Inc. (GLSI)/OUTPERFORM – Fast Track Designation Gives Benefits Now And In The Future Metals & Mining (Metals & Mining) – Insights from the Precious Metals Summit
Euroseas (ESEA/$63.97 | Price Target: $71) Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Hans Baldau hbaldau@noblefcm.com | Favorable Time Charter Contract for the M/V Jonathan P Rating: OUTPERFORM
New time charter contract. Euroseas Ltd. announced a new time charter for the M/V Jonathan P at a gross daily rate of $25,000 for a minimum of 11 months, with an option to extend to a maximum of 12 months at the charterer’s option. The charter will commence on November 17th.
Attractive rate and improved charter coverage. The new contract is in direct continuation of the current charter and represents a $5,000 per day increase. It is expected to contribute approximately $5.7 million in EBITDA over the minimum contract period and raise Euroseas’ charter coverage to 100% for the remainder of 2025 and 70% for 2026.
Greenwich LifeSciences, Inc. (GLSI/$11.23 | Price Target: $45) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Fast Track Designation Gives Benefits Now And In The Future Rating: OUTPERFORM
GLSI-100 Received Fast Track Designation. Greenwich LifeSciences announced that GLSI-100 has received Fast Track designation from the FDA. In the near term, this designation allows GLSI increased communications and more FDA meetings regarding regulatory requirements for its clinical trial data and use of biomarkers. Once the FLAMINGO-01 trial is completed, GLSI will be eligible to apply for Accelerated Approval and Priority Review, potentially shortening the time to market.
The Designation Mirrors The Trial Entry Criteria. GLSI-100 has received Fast Track Designation from the FDA for the treatment of “patients with HLA-A*02 genotype and HER2-positive breast cancer who have completed treatment with standard of care HER2/neu targeted therapy to improve invasive breast cancer free survival…” This includes the clinical trial entry criteria and endpoints for the current double-blind arms of the trial.
Metals & Mining Mark Reichman mreichman@noblefcm.com | (561) 999-2272 Insights from the Precious Metals Summit
Precious Metals Summit. Noble Capital Markets was well represented at The Precious Metals Summit on September 9-12at the Beaver Creek Resort in Colorado. The conference attracted 1,700 registrants compared to approximately 1,200 in 2024 and included a broad spectrum of mining companies and institutional investors. Collectively, Noble had private meetings with over 70 company management teams during the invitation-only event.
Relative performance. Year-to-date through September 12,mining companies (as measured by the XME) appreciated 51.2% compared to a gain of 11.9% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 105.7% and 110.6%, respectively. Platinum, silver, and gold futures prices have gained 55.0%, 46.5%, and 39.6%, respectively, while copper, lead, and nickel increased 15.5%, 3.4% and 0.4%. Zinc declined 1.0%. Precious metals have led the charge as Central Banks around the world have added to global gold reserves, along with greater portfolio allocations among investors to precious metals as a hedge against rising inflation, a depreciating U.S. dollar, concerns about government debt, and increased geopolitical uncertainty. Moreover, there has been a desire among some nations to diversify away from the U.S. dollar as the benchmark reserve currency. Gold has become the global asset of choice to preserve value amid declining confidence in fiat currencies and an era of global monetary, geopolitical, and fiscal uncertainty.
Noble Capital Markets Research Report Friday, September 12, 2025
Companies contained in today’s report:
Nutriband (NTRB)/OUTPERFORM – Nutriband Reports 2Q26 With Product Progress SEGG Media Corporation (SEGG)/OUTPERFORM – Leveraging Strong Brands As A Foundation For Growth
Nutriband (NTRB/$6.93 | Price Target: $15) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Nutriband Reports 2Q26 With Product Progress Rating: OUTPERFORM
AVERSA Fentanyl Is Moving Forward. Nutriband reported results from 2Q26, ended July 31, 2025, with a loss of $2.12 per share. Revenues for 2Q26 were $0.6 million compared with $0.4 million in 2Q25. The increase was attributed to the expansion of contract manufacturing services in the Pocono Pharma division that produces kinesiology tape. Net loss was $2.0 million before Preferred Dividends of $21.8 million, bringing Net Loss Available To Shareholders to $23.8 million. Cash at the end of the quarter was $6.9 million.
Meeting With The FDA Later In September. The company has scheduled a meeting with the FDA on September 18, 2025, to discuss the upcoming Phase 1 clinical trial for AVERSA Fentanyl. This is a Type C Meeting, requested by the company to discuss product development. The meeting agenda includes the CMC (Chemistry, Manufacturing, and Controls) and other aspects of the Investigational New Drug Application (IND) using the 505(b)(2) route of regulatory approval.
SEGG Media Corporation (SEGG/$5.63 | Price Target: $20) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Leveraging Strong Brands As A Foundation For Growth Rating: OUTPERFORM
Initiation of coverage with Outperform rating and $20 price target. We are initiating coverage on SEGG Media (NASDAQ: SEGG) with an Outperform rating and $20 target. The company is a development-stage operator of international sports and gaming businesses, anchored by valuable brand assets including Sports.com, Lottery.com, TicketStub.com, and Concerts.com.
Developmental stage. Formed out of Lottery.com’s collapse, SEGG has been reconstituted under new leadership with a defined focus on leveraging globally recognized brands. Management is pursuing an asset-light model combining digital platforms, sports media rights, and consumer venues. We believe this strategy positions SEGG to re-establish credibility and execute a compelling growth plan.
Noble Capital Markets Research Report Thursday, September 11, 2025
Companies contained in today’s report:
Lucky Strike Entertainment (LUCK)/OUTPERFORM – Initiated Debt Refinancing Vince Holding Corp. (VNCE)/OUTPERFORM – Delivered A Strong Quarter
Lucky Strike Entertainment (LUCK/$9.6 | Price Target: $17.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Initiated Debt Refinancing Rating: OUTPERFORM
Strategic update. On September 10, the company announced that its wholly-owned subsidiary Kingpin Intermediate Holdings LLC initiated a private offering of $700 million in new senior secured notes, due in 2032. Concurrently, the company launched a refinancing of its corporate term loan and revolving credit facility. The company expects the initial amount of the refinanced term loan and revolving credit facility to be $1 billion and $400 million, respectively.
Use of capital. Importantly, the net proceeds from the new debt offering and the refinanced credit facilities are earmarked for retiring the company’s existing term loan, revolving credit facility, and bridge loan, which was used to acquire 58 real estate assets in July. Furthermore, the remaining proceeds will be used to fund the company’s strategic initiatives.
Vince Holding Corp. (VNCE/$1.66 | Price Target: $4.5) Michael Kupinski mkupinski@noblefcm.com | (561) 994-5734 Jacob Mutchler jmutchler@noblefcm.com | Delivered A Strong Quarter Rating: OUTPERFORM
Solid Q2 Results. The company reported Q2 revenue of $73.2 million, modestly beating our estimate of $72.0 million, and adj. EBITDA of $6.7 million, which strongly outperformed our estimate of $0.85 million by 685%, as illustrated in Figure #1 Q2 Results. The strong adj. EBITDA was largely driven by management’s ability to execute on its tariff mitigation strategies, resulting in an improved gross profit margin.
Mitigating tariff impacts. Importantly, the company’s gross profit margin increased 300 basis points over the prior year period. The improvement was driven by lower product costing and higher pricing, contributing a 340 basis point improvement, as well as less discounting, which resulted in a 210 basis point improvement. However, the positive margin contributions were softened by tariff and freight impacts of 170 basis points and 100 basis points, respectively.
Noble Capital Markets Research Report Tuesday, September 9, 2025
Companies contained in today’s report:
Gyre Therapeutics, Inc (GYRE)/OUTPERFORM – Positioned To End YE2025 With Strong Products and Pipeline Development
Gyre Therapeutics, Inc (GYRE/$7.89 | Price Target: $20) Robert LeBoyer rleboyer@noblefcm.com | (212) 896-4625 Positioned To End YE2025 With Strong Products and Pipeline Development Rating: OUTPERFORM
Gyre Has Made Strong YTD Progress. Gyre has made significant progress during the first three quarters of FY2025 that we believe positions the company for a strong year-end. These developments include continued sales growth from two products introduced in 1H25, an application for Hydronidone approval in China, and the start of a Phase 2 clinical trial for Hydronidone in the US. The company also announced the appointment of Dr. Han Ying as the new CEO, a member of the Board of Directors since January 2025.
Hydronidone Data Showed Efficacy and Proof of Concept. The pivotal Phase 3 trial testing Hydronidone in Chronic Hepatitis B-associated fibrosis has met its primary endpoint of fibrosis regression. The study was conducted in China, and an application for approval by the NMPA (the Chinese regulatory authority) is planned for 3Q2025. Hydronidone has received Breakthrough Therapy Designation, allowing for accelerated review. We expect approval in 2H2026, followed by launch in FY2027.
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.
Former President Donald Trump has issued a full pardon for Binance founder Changpeng “CZ” Zhao, closing one of the most closely watched cases in cryptocurrency history and sparking new debate over the direction of U.S. digital asset policy.
Zhao, who had pleaded guilty in 2023 to charges related to money laundering violations during his tenure as CEO of Binance, had been serving a short prison sentence following a landmark $4.3 billion settlement between the crypto exchange and the U.S. Department of Justice. Prosecutors had originally pushed for a multi-year sentence, arguing that Binance’s compliance failures allowed illicit transactions to move through its platform.
The White House described the decision as an effort to correct what it viewed as excessive enforcement against the cryptocurrency sector under the previous administration. Officials suggested that the case against Zhao reflected a broader pattern of hostility toward digital assets that, in their view, discouraged innovation and weakened the United States’ position as a global technology leader.
Zhao’s return to public life is expected to have wide-ranging implications for the crypto industry. Supporters see the pardon as a signal that Washington may adopt a more constructive stance toward blockchain and decentralized finance. Others view it as a politically charged move that raises questions about the growing influence of wealthy crypto figures in U.S. policymaking.
The timing of the pardon has drawn particular attention because of reports linking a Trump-affiliated cryptocurrency venture to trading infrastructure associated with Binance. The project, which reportedly generated billions of dollars in value after the 2024 election, has fueled speculation that Zhao’s reinstatement could strengthen ties between political and corporate crypto interests.
In financial markets, the decision was interpreted as a potential boost for sentiment across the digital asset sector. Traders and fund managers see the move as a possible preview of lighter regulation and renewed growth momentum in an industry that has faced years of uncertainty. Some analysts noted that restoring a high-profile figure like Zhao could accelerate investment in U.S.-based blockchain initiatives, particularly if the administration follows through with policies aimed at promoting innovation and capital formation.
Critics, however, argue that the pardon undermines confidence in fair and consistent regulation. Lawmakers who have long pressed for stricter oversight of cryptocurrency markets warned that leniency toward industry executives could set a troubling precedent, encouraging future violations by major exchanges.
Despite the controversy, the decision underscores the shifting balance of power in Washington as digital assets become a more prominent component of the economy. With Zhao now free to re-enter the industry, Binance and the broader crypto market may find new momentum — though questions about transparency, accountability, and influence are likely to persist.
The pardon not only revives one of crypto’s most influential figures but also signals that the United States may be entering a new era of engagement with digital finance — one defined as much by political calculation as by innovation.
PDF VersionOnce Complete, Kratos’ Arc Jet and Laser Facility’s Multi-Domain Test Capability is Expected to Accelerate Hypersonic Materials Development for Decades, Advancing U.S. Defense Infrastructure
SAN DIEGO, Oct. 23, 2025 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in defense, national security, and global markets, announced today that it has been awarded a contract through the Department of War’s Industrial Base Analysis and Sustainment Program to design and build a state-of-the-art mid-tier arc jet and coupled fiber laser facility for hypersonic materials evaluation. Known internally to Kratos as Project Helios, the contract to Kratos for the leading technology facility has a total projected value of $68.3 million.
Once complete, the facility will address current critical gaps in U.S. Defense Industrial Base capabilities by providing essential testing infrastructure for thermal protection systems used in hypersonic vehicles. This capability will complement and enhance the national testing infrastructure, supporting all branches of the U.S. Armed Forces and Department of War and bridging the gap between low-fidelity screening solutions available across both industry and academia and the exquisite, large-scale arc jet facilities at government testing sites. Combining a 20-25 MW arc jet capability with a 200 kW fiber laser system, this innovative facility is expected to dramatically increase opportunities for material evaluation in support of both hypersonic and strategic national defense efforts.
“This new facility will provide a vital capability for advancing hypersonic technology development while alleviating the current testing bottleneck at existing facilities,” said Eric DeMarco, President and CEO of Kratos. “Once the facility is complete, Kratos will offer more cost-effective and readily available testing options, with Kratos also helping accelerate the development of critical defense technologies. Project Helios is a recent example of Kratos’ strategy to make the internal investment and rapidly bring a mission critical capability to the warfighter, while generating multi- year, long term value for all of our stakeholders. The demand for these unique testing capabilities is expected to continue for decades with the need for developing and advancing hypersonic related materials.”
“We are excited to initiate the development of this cutting-edge facility that bridges current testing infrastructure gaps across the nation,” said Dave Carter, President of Kratos Defense and Rocket Support Services Division. “Kratos continues to serve as a cornerstone of affordability, low cost, innovation and readiness in the national defense community. This facility underscores our dedication to proactively address high-priority defense requirements and meeting the technology development needs of each program.”
“The team at Kratos SRE has a history of evaluating high-temperature materials that spans over 80 years,” said Ben Dempsey, Kratos SRE Vice President of Programs. “Our experienced materials experts are excited to collaborate with the highly skilled facility design teams at North Wind and New Horizon 5 to make this new capability available to the defense sector for the evaluation and development of materials in extreme environments.”
Key benefits include:
Material Development: Serve as a natural bridge for material development, transitioning materials from laboratory experiments to fielded system applications more efficiently.
Advancement of National Defense: Support critical needs for national defense through a comprehensive testing infrastructure.
Cost Reduction: Increase throughput while significantly reducing overall program costs.
Collaboration & Innovation: Demonstrates Kratos’ commitment to addressing high-priority defense requirements and providing long-term value.
About Kratos Defense & Security Solutions 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.
Outstanding measure of efficacy relative to high-risk cancers with limited treatment options
CHICAGO, Oct. 23, 2025 (GLOBE NEWSWIRE) — MAIA Biotechnology, Inc. (NYSE American: MAIA) (“MAIA”, the “Company”), a clinical-stage biopharmaceutical company focused on developing targeted immunotherapies for cancer, today announced highlights from a recent presentation at the European Society for Medical Oncology (ESMO) Congress 2025 held in Berlin, Germany. Starting October 19, 2025, MAIA showcased two e-posters at ESMO detailing its ongoing Phase 2 and Phase 3 clinical trials of ateganosine in non-small cell lung cancer (NSCLC).
“The posters showcased at ESMO 2025 featured exceptional extended survival in third-line NSCLC patients. In addition, as of September 17, 2025, a patient that began therapy in March 2023 has shown survival of 30 months, or 912 days, an outstanding measure relative to many of the high-risk cancers,” said MAIA CEO Vlad Vitoc, M.D. “Very few options exist for patients who are refractory or resistant to immune checkpoint inhibitors (ICI). We believe that a survival of over two years is a clear signal of ateganosine’s role in effectively targeting and eliminating NSCLC tumor cells.”
The THIO-101 patient with 30-month survival received therapy every three weeks, and concluded treatment upon reaching the maximum treatment duration of 2 years based on protocol requirements.
Presentation 1: A Phase 2 Study of Ateganosine (THIO; 6-thio-2′-deoxyguanosine) in Combination with Immune Checkpoint Inhibitor (ICI) in Patients with Advanced Non-Small Cell Lung Cancer (NSCLC) Resistant to Prior ICI and Chemotherapy: THIO-101 Trial in Progress
Presentation 2: A Phase 3 Study of Ateganosine (THIO) Sequenced with Immune Checkpoint Inhibitor (ICI) versus Standard of Care Chemotherapy in ICI-Resistant Advanced NSCLC: THIO-104 Trial in Progress
About Ateganosine Ateganosine (THIO, 6-thio-dG or 6-thio-2’-deoxyguanosine) is a first-in-class investigational telomere-targeting agent currently in clinical development to evaluate its activity in non-small cell lung cancer (NSCLC). Telomeres, along with the enzyme telomerase, play a fundamental role in the survival of cancer cells and their resistance to current therapies. The modified nucleotide 6-thio-2’-deoxyguanosine induces telomerase-dependent telomeric DNA modification, DNA damage responses, and selective cancer cell death. Ateganosine-damaged telomeric fragments accumulate in cytosolic micronuclei and activates both innate (cGAS/STING) and adaptive (T-cell) immune responses. The sequential treatment of ateganosine followed by PD-(L)1 inhibitors resulted in profound and persistent tumor regression in advanced, in vivo cancer models by induction of cancer type–specific immune memory. Ateganosine is presently developed as a second or later line of treatment for NSCLC for patients that have progressed beyond the standard-of-care regimen of existing checkpoint inhibitors.
About THIO-101 Phase 2 Clinical Trial THIO-101 is a multicenter, open-label, dose finding Phase 2 clinical trial. It is the first trial designed to evaluate ateganosine’s anti-tumor activity when followed by PD-(L)1 inhibition. The trial is testing the hypothesis that low doses of ateganosine administered prior to cemiplimab (Libtayo®) will enhance and prolong immune response in patients with advanced NSCLC who previously did not respond or developed resistance and progressed after first-line treatment regimen containing another checkpoint inhibitor. The trial design has two primary objectives: (1) to evaluate the safety and tolerability of ateganosine administered as an anticancer compound and a priming immune activator (2) to assess the clinical efficacy of ateganosine using Overall Response Rate (ORR) as the primary clinical endpoint. The expansion of the study will assess overall response rates (ORR) in advanced NSCLC patients receiving third line (3L) therapy who were resistant to previous checkpoint inhibitor treatments (CPI) and chemotherapy. Treatment with ateganosine followed by cemiplimab (Libtayo®) has shown an acceptable safety profile to date in a heavily pre-treated population. For more information on this Phase II trial, please visit ClinicalTrials.gov using the identifier NCT05208944.
About MAIA Biotechnology, Inc. MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is ateganosine (THIO), a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.
Forward Looking Statements MAIA cautions that all statements, other than statements of historical facts contained in this press release, are forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels or activity, performance or achievements to be materially different from those anticipated by such statements. The use of words such as “may,” “might,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify forward looking statements. However, the absence of these words does not mean that statements are not forward-looking. For example, all statements we make regarding (i) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and development programs, (ii) our ability to advance product candidates into, and successfully complete, clinical studies, (iii) the timing or likelihood of regulatory filings and approvals, (iv) our ability to develop, manufacture and commercialize our product candidates and to improve the manufacturing process, (v) the rate and degree of market acceptance of our product candidates, (vi) the size and growth potential of the markets for our product candidates and our ability to serve those markets, and (vii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, are forward looking. All forward-looking statements are based on current estimates, assumptions and expectations by our management that, although we believe to be reasonable, are inherently uncertain. Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and are subject to risks and uncertainties and other factors beyond our control that may cause actual results to differ materially from those expressed in any forward-looking statement. Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In this release, unless the context requires otherwise, “MAIA,” “Company,” “we,” “our,” and “us” refers to MAIA Biotechnology, Inc. and its subsidiaries.
MALVERN, Pa., Oct. 23, 2025 (GLOBE NEWSWIRE) — Ocugen, Inc. (“Ocugen” or the “Company”) (NASDAQ: OCGN), a pioneering biotechnology leader in gene therapies for blindness diseases, today announced that it will host a conference call and live webcast to discuss the Company’s third quarter 2025 financial results and provide a business update at 8:30 a.m. ET on Wednesday, November 5, 2025.
Ocugen will issue a pre-market earnings announcement on the same day. Attendees are invited to participate on the call using the following details:
Dial-in Numbers: (800) 715-9871 for U.S. callers and (646) 307-1963 for international callers Conference ID: 3029428 Webcast: Available on the events section of the Ocugen investor site
A replay of the call and archived webcast will be available for approximately 45 days following the event on the Ocugen investor site.
About Ocugen, Inc. Ocugen, Inc. is a pioneering biotechnology leader in gene therapies for blindness diseases. Our breakthrough modifier gene therapy platform has the potential to address significant unmet medical need for large patient populations through our gene-agnostic approach. Unlike traditional gene therapies and gene editing, Ocugen’s modifier gene therapies address the entire disease—complex diseases that are potentially caused by imbalances in multiple gene networks. Currently we have programs in development for inherited retinal diseases and blindness diseases affecting millions across the globe, including retinitis pigmentosa, Stargardt disease, and geographic atrophy—late stage dry age-related macular degeneration. Discover more at www.ocugen.com and follow us on X and LinkedIn.
Cautionary Note on Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.
TROY, Mich., Oct. 23, 2025 (GLOBE NEWSWIRE) — Kelly, a leading global specialty talent solutions provider, will release its third-quarter earnings before the market opens on Thursday, November 6, 2025. In conjunction with its earnings release, Kelly will publish a financial presentation and host a live webcast of a conference call with financial analysts at 9 a.m. ET on November 6 to review the results from the quarter and answer questions.
The presentation and a link to the live webcast will be accessible through the Company’s public website on the Investor Relations page under Events & Presentations. The webcast will be recorded, and a replay will be available within one hour of completion of the event through the same link as the live webcast.
About Kelly
Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 400,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2024 was $4.3 billion. Learn more at kellyservices.com.
