ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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Q425. Operating performance in 4Q25 was solid and came in at the upper end of management’s guidance. Revenue came in at $61.2 million, up 6% y-o-y. Adjusted EBITDA grew 24% to $8.1 million, and adjusted EBITDA margin expanded 189 basis points to 13.2%. ISG reported GAAP net income of $2.6 million, or EPS of $0.05/sh, compared to $3.0 million, or EPS of $0.06/sh, last year, which included a $2.3 million gain from the sale of the automation unit. Adjusted EPS was $0.08 versus $0.06 last year.
AI and Recurring Revenue. Management noted AI-related activities represented nearly 35% of quarterly revenue, up from approximately 10% a year ago. For the full year, AI-related revenue accounted for nearly 30% of total revenue, roughly three times last year’s proportion. Recurring revenue totaled $112 million, representing 46% of annual revenue, while recurring revenues grew 13% year-over-year in the fourth quarter. We expect both AI-related and recurring revenue to increase going forward.
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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.
The Federal Reserve faces a complicated policy backdrop after a surprisingly weak February jobs report collided with rising oil prices tied to geopolitical tensions in the Middle East. The conflicting signals highlight the challenge policymakers face as they balance slowing labor market momentum with renewed inflation risks.
The Bureau of Labor Statistics reported that the U.S. economy lost 92,000 jobs in February, while the unemployment rate rose to 4.4% from 4.3% in January. Economists had expected modest job growth, making the decline a notable miss that suggests hiring momentum may be softening.
Despite the negative headline figure, policymakers appear unlikely to move quickly toward rate cuts. Higher oil prices linked to the conflict involving Iran could feed into broader inflation pressures, complicating the outlook for monetary policy.
Federal Reserve officials have indicated that the current environment presents risks on both sides of the economic outlook. Weak labor data could argue for easing policy, but persistent energy price increases could make inflation more difficult to contain.
Some economists believe February’s employment figures were distorted by temporary factors. Healthcare payrolls, one of the most consistent sources of job growth in recent years, were affected by a large Kaiser Permanente worker strike that temporarily removed roughly 30,000 employees from payroll counts. Those positions are widely expected to return in March once the strike activity ends.
Severe winter storms across parts of the country also likely disrupted hiring and payroll reporting during the survey period, potentially exaggerating the weakness in the data.
Even with those temporary disruptions, revisions to prior months suggest hiring momentum had already been slowing. Employment figures for December and January were revised lower by a combined 69,000 jobs, reinforcing the view that labor market growth has cooled compared with the stronger pace seen through much of 2024 and early 2025.
Recent employment gains have also fallen below what economists consider the break-even level needed to keep the unemployment rate stable. With slower population growth tied to declining birth rates and tighter immigration policies, that break-even threshold is now estimated around 30,000 jobs per month, significantly lower than historical levels.
At the same time, structural changes may be shaping hiring behavior across industries. Demographic shifts are gradually reducing labor force participation as older workers retire, while many companies are reassessing workforce needs as artificial intelligence and automation expand into more job functions.
Employers in some sectors appear to be slowing hiring decisions while evaluating how new technologies could fill skill gaps or improve productivity.
These dynamics leave the Federal Reserve navigating a narrow path. A sustained deterioration in labor market conditions could strengthen the case for rate cuts, but rising energy prices could revive inflation concerns just as policymakers believed price pressures were easing.
For now, the central bank may prefer to remain patient and wait for additional economic data before adjusting interest rates.
The February report underscores how quickly the economic narrative can shift. With labor market trends softening, geopolitical tensions influencing energy prices, and structural changes reshaping employment patterns, the Fed may remain in a holding pattern as it evaluates the evolving risks to growth and inflation.
Commercially launched in the U.S. in November 2025, TONMYA (cyclobenzaprine HCl sublingual tablets) for long-term daily dosing at bedtime is the first new FDA-approved treatment for fibromyalgia in adults in more than 15 years
The sublingual TONMYA tablet containing a basifying agent achieved the design objectives of rapid transmucosal absorption and bypassing first-pass liver metabolism
TONMYA was designed to decrease production of the active metabolite norcyclobenzaprine, which is believed to improve the durability of analgesic response in fibromyalgia relative to the transient (~1 month) effects of oral, swallowed cyclobenzaprine
BERKELEY HEIGHTS, N.J., March 05, 2026 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated, commercial biotechnology company, today announced the publication of a paper, “Single-Dose Pharmacokinetic Assessment of TNX-102 SL (Cyclobenzaprine HCl Sublingual Tablets): Results From Randomized, Open-Label Studies in Healthy Volunteers,” in Clinical Pharmacology in Drug Development, the peer-reviewed journal of the American College of Clinical Pharmacology (ACCP). TONMYA™ was investigated as TNX-102 SL (cyclobenzaprine HCl sublingual tablets) and approved by the U.S. Food and Drug Administration (FDA) on August 15, 2025, for the treatment of fibromyalgia in adults. The manuscript can be accessed at: https://accp1.onlinelibrary.wiley.com/doi/10.1002/cpdd.70034.
“These data demonstrate the importance of the proprietary basifying agent in TONMYA’s sublingual formulation,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “An earlier study conducted by Tonix showed that transmucosal delivery cannot be achieved by simply applying a liquid cyclobenzaprine HCl formulation under the tongue. Due to the basifying agent ingredient, sublingual TONMYA achieves rapid transmucosal absorption that bypasses first-pass hepatic metabolism. This pharmacokinetic profile underpins TONMYA’s unique sublingual formulation, which is designed to increase parent drug exposure during sleep while reducing exposure and side effects to the long half-life, active metabolite.”
Dr. Lederman continued, “Bedtime oral swallowed cyclobenzaprine was one of the first drugs studied as a treatment for fibromyalgia, but it failed because the benefits were only transient (~1 month) and fibromyalgia is a chronic condition requiring durable responses.1 Our design objective for TONMYA was to improve the durability of cyclobenzaprine’s treatment effect by decreasing liver production of the major active metabolite norcyclobenzaprine, which we believe counteracted the benefits of swallowed cyclobenzaprine over time. We believe the clinical pharmacology studies published in Clinical Pharmacology in Drug Development, show that TONMYA achieved this design objective. Later studies2,3 confirmed that TONMYA as a daily bedtime medicine provides a durable analgesic benefit to fibromyalgia patients and is generally well tolerated.”
The publication reports findings from two Phase 1 single-dose, open-label studies conducted in healthy adult volunteers.
In Study 1 (n=24), three sublingual formulations of cyclobenzaprine HCl 2.8 mg, each containing a different basifying agent, were compared with oral immediate-release (IR) cyclobenzaprine HCl 5 mg under fasting conditions. All sublingual formulations showed rapid absorption and increased relative bioavailability compared with oral IR cyclobenzaprine HCl. The potassium phosphate dibasic formulation (designated TNX-102 SL) demonstrated the most favorable pharmacokinetic profile, with a 154% relative bioavailability compared to oral IR, an absorption lag of approximately 3 minutes versus approximately 37 minutes for oral IR, and a 783% higher dose-normalized AUC during the first hour post-dose. Based on these results, the potassium phosphate dibasic formulation was selected for further clinical development.
In Study 2 (n=16), TNX-102 SL 2.8 mg and 5.6 mg were evaluated in a crossover design under fasting and fed conditions. The formulation exhibited dose proportionality between the two dose levels, and pharmacokinetic parameters were not affected by a high-calorie, high-fat meal, confirming the absence of a food effect. This study also provided a full clinical characterization of the active metabolite norcyclobenzaprine, demonstrating an elimination half-life of approximately 60 hours. Reduced exposure to norcyclobenzaprine following sublingual administration, as compared with oral delivery, is believed to contribute to the improved durability of efficacy and favorable tolerability profile observed with TONMYA in Phase 3 fibromyalgia studies.2,3
Across both studies, single-dose sublingual cyclobenzaprine HCl was generally well tolerated. All treatment-emergent adverse events were mild or moderate in severity. The most commonly reported adverse events were oral hypoesthesia and abnormal taste. No serious adverse events were reported, and no clinically meaningful changes were observed in laboratory parameters, vital signs, or electrocardiogram findings.
Citations
1Carette S, et al. Arthritis Rheum. 1994. 37(1):32-40. doi: 10.1002/art.1780370106. 2Lederman S, et al. Arthritis Care Res (Hoboken). 2023. 75(11):2359-2368. doi: 10.1002/acr.25142. 3Lederman S, et al. Pain Med. 2026. 27(1):86-94. doi: 10.1093/pm/pnaf089.
About Fibromyalgia
Fibromyalgia is a chronic pain disorder that is understood to result from amplified sensory and pain signaling within the central nervous system. Fibromyalgia afflicts an estimated 6-12 million adults in the U.S., approximately 90% of whom are women. Symptoms of fibromyalgia include chronic widespread pain, nonrestorative sleep, fatigue, and morning stiffness. Other associated symptoms include cognitive dysfunction and mood disturbances, including anxiety and depression. Individuals suffering from fibromyalgia struggle with their daily activities, have impaired quality of life, and frequently are disabled. Physicians and patients report common dissatisfaction with currently marketed products.
About TONMYA™ (cyclobenzaprine HCl sublingual tablets)
TONMYA (cyclobenzaprine HCl sublingual tablets) is a patented sublingual tablet formulation of cyclobenzaprine hydrochloride which provides rapid transmucosal absorption and reduced production of a long half-life active metabolite, norcyclobenzaprine, due to bypass of first-pass hepatic metabolism. As a multifunctional agent with potent binding and antagonist activities at the 5-HT2A serotonergic, α1-adrenergic, H1-histaminergic, and M1-muscarinic receptors, TONMYA was approved on August 15, 2025, by the FDA for the treatment of fibromyalgia in adults. TONMYA is the first new prescription medicine approved for fibromyalgia in more than 15 years. TONMYA was investigated as TNX-102 SL. TNX-102 SL is also being developed to treat acute stress reaction (ASR)/acute stress disorder (ASD), and major depressive disorder (MDD). The United States Patent and Trademark Office (USPTO) issued United States Patent No. 9636408 in May 2017, Patent No. 9956188 in May 2018, Patent No. 10117936 in November 2018, Patent No. 10,357,465 in July 2019, and Patent No. 10736859 in August 2020. The Protectic™ protective eutectic and Angstro-Technology™ formulation claimed in the patent are important elements of Tonix’s proprietary TONMYA composition. These patents are expected to provide TONMYA with U.S. market exclusivity until 2034/2035.
Tonix Pharmaceuticals Holding Corp.*
Tonix Pharmaceuticals is a fully-integrated, commercial-stage biotechnology company focused on central nervous system (CNS) and immunology treatments in areas of high unmet medical need. TONMYA™ (cyclobenzaprine HCl sublingual tablets 2.8mg), the Company’s recently approved flagship medicine, is the first new treatment for fibromyalgia in more than 15 years. Tonix’s CNS commercial infrastructure supports its marketed products, including its acute migraine products, Zembrace® SymTouch® and Tosymra®. Tonix is maximizing the science behind TNX-102 SL in Phase 2 clinical trials to evaluate its potential in major depressive disorder and acute stress disorder. In addition, the company’s CNS portfolio includes TNX-2900, which is Phase 2 ready for the treatment of Prader-Willi syndrome, a rare disease. Tonix is also advancing a pipeline of immunology programs, including monoclonal antibody TNX-4800 for Lyme disease prophylaxis and TNX-1500, a third-generation CD40 ligand inhibitor for the prevention of kidney transplant rejection. To learn more, visit www.tonixpharma.com and follow the Company on LinkedIn and X.
* Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication.
Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. All other marks are property of their respective owners.
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 including those relating to the completion of the offering, the satisfaction of customary closing conditions, the intended use of proceeds from the offering and other statements that are predictive in nature. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially as a result of a number of factors, including the ability of the Company to satisfy the conditions to the closing of the offering and the timing thereof, as well as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 18, 2025, and periodic reports filed with the SEC on or after the date thereof. Tonix does not undertake an obligation to update or revise any forward-looking statement. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
INDICATION TONMYA is indicated for the treatment of fibromyalgia in adults.
CONTRAINDICATIONS TONMYA is contraindicated: In patients with hypersensitivity to cyclobenzaprine or any inactive ingredient in TONMYA. Hypersensitivity reactions may manifest as an anaphylactic reaction, urticaria, facial and/or tongue swelling, or pruritus. Discontinue TONMYA if a hypersensitivity reaction is suspected. With concomitant use of monoamine oxidase (MAO) inhibitors or within 14 days after discontinuation of an MAO inhibitor. Hyperpyretic crisis seizures and deaths have occurred in patients who received cyclobenzaprine (or structurally similar tricyclic antidepressants) concomitantly with MAO inhibitors drugs. During the acute recovery phase of myocardial infarction, and in patients with arrhythmias, heart block or conduction disturbances, or congestive heart failure. In patients with hyperthyroidism.
WARNINGS AND PRECAUTIONS Embryofetal toxicity: Based on animal data, TONMYA may cause neural tube defects when used two weeks prior to conception and during the first trimester of pregnancy. Advise females of reproductive potential of the potential risk and to use effective contraception during treatment and for two weeks after the final dose. Perform a pregnancy test prior to initiation of treatment with TONMYA to exclude use of TONMYA during the first trimester of pregnancy.
Serotonin syndrome: Concomitant use of TONMYA with selective serotonin reuptake inhibitors (SSRIs), serotonin norepinephrine reuptake inhibitors (SNRIs), tricyclic antidepressants, tramadol, bupropion, meperidine, verapamil, or MAO inhibitors increases the risk of serotonin syndrome, a potentially life-threatening condition. Serotonin syndrome symptoms may include mental status changes, autonomic instability, neuromuscular abnormalities, and/or gastrointestinal symptoms. Treatment with TONMYA and any concomitant serotonergic agent should be discontinued immediately if serotonin syndrome symptoms occur and supportive symptomatic treatment should be initiated. If concomitant treatment with TONMYA and other serotonergic drugs is clinically warranted, careful observation is advised, particularly during treatment initiation or dosage increases.
Tricyclic antidepressant-like adverse reactions: Cyclobenzaprine is structurally related to TCAs. TCAs have been reported to produce arrhythmias, sinus tachycardia, prolongation of the conduction time leading to myocardial infarction and stroke. If clinically significant central nervous system (CNS) symptoms develop, consider discontinuation of TONMYA. Caution should be used when TCAs are given to patients with a history of seizure disorder, because TCAs may lower the seizure threshold. Patients with a history of seizures should be monitored during TCA use to identify recurrence of seizures or an increase in the frequency of seizures.
Atropine-like effects: Use with caution in patients with a history of urinary retention, angle-closure glaucoma, increased intraocular pressure, and in patients taking anticholinergic drugs.
CNS depression and risk of operating a motor vehicle or hazardous machinery: TONMYA monotherapy may cause CNS depression. Concomitant use of TONMYA with alcohol, barbiturates, or other CNS depressants may increase the risk of CNS depression. Advise patients not to operate a motor vehicle or dangerous machinery until they are reasonably certain that TONMYA therapy will not adversely affect their ability to engage in such activities. Oral mucosal adverse reactions: In clinical studies with TONMYA, oral mucosal adverse reactions occurred more frequently in patients treated with TONMYA compared to placebo. Advise patients to moisten the mouth with sips of water before administration of TONMYA to reduce the risk of oral sensory changes (hypoesthesia). Consider discontinuation of TONMYA if severe reactions occur.
ADVERSE REACTIONS The most common adverse reactions (incidence ≥2% and at a higher incidence in TONMYA-treated patients compared to placebo-treated patients) were oral hypoesthesia, oral discomfort, abnormal product taste, somnolence, oral paresthesia, oral pain, fatigue, dry mouth, and aphthous ulcer.
DRUG INTERACTIONS MAO inhibitors: Life-threatening interactions may occur.
Other serotonergic drugs: Serotonin syndrome has been reported.
CNS depressants: CNS depressant effects of alcohol, barbiturates, and other CNS depressants may be enhanced.
Tramadol: Seizure risk may be enhanced. Guanethidine or other similar acting drugs: The antihypertensive action of these drugs may be blocked.
USE IN SPECIFIC POPULATIONS Pregnancy: Based on animal data, TONMYA may cause fetal harm when administered to a pregnant woman. The limited amount of available observational data on oral cyclobenzaprine use in pregnancy is of insufficient quality to inform a TONMYA-associated risk of major birth defects, miscarriage, or adverse maternal or fetal outcomes. Advise pregnant women about the potential risk to the fetus with maternal exposure to TONMYA and to avoid use of TONMYA two weeks prior to conception and through the first trimester of pregnancy. Report pregnancies to the Tonix Medicines, Inc., adverse-event reporting line at 1-888-869-7633 (1-888-TNXPMED).
Lactation: A small number of published cases report the transfer of cyclobenzaprine into human milk in low amounts, but these data cannot be confirmed. There are no data on the effects of cyclobenzaprine on a breastfed infant, or the effects on milk production. The developmental and health benefits of breastfeeding should be considered along with the mother’s clinical need for TONMYA and any potential adverse effects on the breastfed child from TONMYA or from the underlying maternal condition.
Pediatric use: The safety and effectiveness of TONMYA have not been established.
Geriatric patients: Of the total number of TONMYA-treated patients in the clinical trials in adult patients with fibromyalgia, none were 65 years of age and older. Clinical trials of TONMYA did not include sufficient numbers of patients 65 years of age and older to determine whether they respond differently from younger adult patients.
Hepatic impairment: The recommended dosage of TONMYA in patients with mild hepatic impairment (HI) (Child Pugh A) is 2.8 mg once daily at bedtime, lower than the recommended dosage in patients with normal hepatic function. The use of TONMYA is not recommended in patients with moderate HI (Child Pugh B) or severe HI (Child Pugh C). Cyclobenzaprine exposure (AUC) was increased in patients with mild HI and moderate HI compared to subjects with normal hepatic function, which may increase the risk of TONMYA-associated adverse reactions.
Please see additional safety information in the full Prescribing Information. To report suspected adverse reactions, contact Tonix Medicines, Inc. at 1-888-869-7633, or the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.
BERKELEY HEIGHTS, N.J., March 03, 2026 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated, commercial biotechnology company, today announced that it has received approval from Nasdaq to transfer the listing of its common stock from the Nasdaq Capital Market to the Nasdaq Global Select Market. Trading on the Nasdaq Global Select Market is expected to commence at the open of market on March 3, 2026, under the Company’s existing ticker symbol “TNXP.”
The uplisting to the Nasdaq Global Select Market reflects the Company’s compliance with the Nasdaq Global Select Market’s higher financial and corporate governance standards. The transition to this higher tier of the Nasdaq market may enhance the Company’s visibility among institutional investors, improve liquidity and broaden market recognition.
“Uplisting to the Nasdaq Global Select Market is an important milestone for Tonix,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “We look forward to leveraging this enhanced platform to drive growth and create value for our shareholders. We’re grateful for the support that has brought us here and excited about what’s ahead.”
The Nasdaq Global Select Market is the highest of the three Nasdaq market tiers and is designed for companies that meet higher financial, liquidity and corporate governance requirements than those of the Nasdaq Capital Market and the Nasdaq Global Market. The Company believes that trading on this tier will further enhance its reputation with customers, partners and investors. Companies at this level may experience increased trading volumes and greater access to institutional investors. Meeting the Global Select Market’s higher financial and corporate governance standards may also signal to the market that a company has achieved financial and operational growth.
Tonix Pharmaceuticals Holding Corp.* Tonix Pharmaceuticals is a fully-integrated, commercial-stage biotechnology company focused on central nervous system (CNS) and immunology treatments in areas of high unmet medical need. TONMYA™ (cyclobenzaprine HCl sublingual tablets 2.8mg), the Company’s recently approved flagship medicine, is the first new treatment for fibromyalgia in more than 15 years. Tonix’s CNS commercial infrastructure supports its marketed products, including its acute migraine products, Zembrace® SymTouch® and Tosymra®. Tonix is maximizing the science behind TONMYA in Phase 2 clinical trials to evaluate its potential in major depressive disorder and acute stress disorder. In addition, the company’s CNS portfolio includes TNX-2900, which is Phase 2 ready for the treatment of Prader-Willi syndrome, a rare disease. Tonix is also advancing a pipeline of immunology programs, including monoclonal antibody TNX-4800 for Lyme disease prophylaxis and TNX-1500, a third-generation CD40 ligand inhibitor for the prevention of kidney transplant rejection.
* Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication.
This press release and further information about Tonix can be found at www.tonixpharma.com.
Forward Looking Statements Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially as a result of a number of factors, including the ability of the Company to satisfy the conditions to the closing of the offering and the timing thereof, as well as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 18, 2025, and periodic reports filed with the SEC on or after the date thereof. Tonix does not undertake an obligation to update or revise any forward-looking statement. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
The US and Israeli strikes on Iran have rattled global markets, triggering sharp swings in oil, gold, and equities. Brent crude surged, gold climbed, and the S&P 500 whipsawed as investors grappled with the possibility of a prolonged conflict.
Whenever geopolitical tensions erupt, the first market reaction is often dramatic. Energy prices spike on supply fears. Gold rallies as investors seek safety. Stocks wobble amid uncertainty.
But history suggests that the first move is rarely the lasting one.
A review of past geopolitical shocks — including Iraq’s invasion of Kuwait in 1990, the Sept. 11 attacks, the 2003 Iraq War, US intervention in Libya, and Russia’s invasion of Ukraine — shows a consistent pattern. Markets tend to react sharply in the opening days, only to moderate or reverse course within weeks.
Consider the 12-day conflict between Israel and Iran in June 2025. When hostilities began on June 13, oil and gold jumped immediately while stocks fell.
Brent crude rose roughly 7% in the first trading session following the outbreak of fighting. Yet 30 trading days later, oil prices were slightly below where they had started.
Gold followed a similar trajectory. An initial pop of about 1.5% gave way to a modest decline over the next month.
Equities moved in the opposite direction. The S&P 500 fell just over 1% on the first day of trading after the conflict began but was up nearly 6% a month later.
The lesson: initial fear-driven moves do not necessarily define the medium-term trend.
The same dynamic appeared after other major events. Gold surged nearly 7% in the first trading session after the Sept. 11, 2001 attacks, reflecting a rush into safe-haven assets. But over the subsequent 30 trading days, gains were far more moderate.
Oil’s reaction to Russia’s invasion of Ukraine in 2022 was even more dramatic. Prices spiked more than 30% in the early days of the conflict amid fears of supply disruptions. Yet a month later, oil’s net gain had narrowed significantly.
Across multiple episodes, the direction of prices after the first day matched the direction one month later only slightly more than half the time. In other words, a sharp spike — or drop — offers limited predictive power.
There is, however, at least one important exception.
When Iraq invaded Kuwait in August 1990, oil prices jumped more than 11% on the first day and continued climbing, rising nearly 57% over the following month. Stocks also continued their downward trajectory, with the S&P 500 falling more than 10% over 30 trading days.
Even in that case, however, markets eventually recovered after allied forces expelled Iraqi troops from Kuwait.
The current conflict may ultimately chart its own course. The scale of military action, potential energy supply disruptions, and broader geopolitical consequences all remain fluid. Analysts have cautioned that it is simply too early to project where prices will settle in the weeks ahead.
Still, history offers a measured perspective. Markets often overshoot in moments of crisis, pricing in worst-case scenarios before recalibrating as new information emerges.
For investors, that pattern underscores a familiar reality: volatility may dominate the headlines in the first days of a global shock, but longer-term outcomes are rarely determined by the opening move alone.
For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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Updates it corporate presentation. Management recently updated its corporate presentation to provide more detail around the company’s four pillar initiative to transform it toward a more profitable, scalable, growth oriented company. The four key pillars: achieving cost savings and operational efficiency, strengthening customer focus, expanding reach beyond e-commerce, and enhancing talent alignment and accountability.
Omnichannel Expansion. The company is expanding distribution channels beyond its owned e-commerce platforms. The Company is meeting customers where they already shop by leveraging leading third-party marketplaces to lower acquisition friction and expand reach. These marketplace channels are intended to complement owned platforms, while selective physical retail testing will occur under strict ROI thresholds.
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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.
Gilead Sciences (Nasdaq: GILD) is doubling down on cell therapy. The Foster City–based biopharma announced it will acquire Arcellx (Nasdaq: ACLX) in a transaction valued at approximately $7.8 billion in equity value, giving Gilead full control of anitocabtagene autoleucel (anito-cel), an investigational BCMA-directed CAR T-cell therapy for multiple myeloma.
Kite, a Gilead company, has partnered with Arcellx since 2022 to co-develop and co-commercialize anito-cel. Under the new agreement, Gilead will acquire all outstanding shares of Arcellx it does not already own for $115 per share in cash, plus one non-transferable contingent value right (CVR) worth $5 per share if cumulative global net sales of anito-cel reach $6.0 billion from launch through year-end 2029.
The $115 cash component represents a 68% premium to Arcellx’s 30-day volume-weighted average share price as of February 20, 2026. Gilead already owns approximately 11.5% of Arcellx’s outstanding common stock. The transaction, approved by both companies’ boards, is expected to close in the second quarter of 2026, subject to customary conditions including the tender of a majority of outstanding shares, regulatory approvals and other standard closing requirements.
If completed, the acquisition would eliminate profit-sharing, milestone payments and royalty obligations tied to the existing collaboration, streamlining economics as Gilead prepares for potential commercialization.
The timing is notable. The U.S. Food and Drug Administration has accepted the Biologics License Application (BLA) for anito-cel as a fourth-line treatment for adult patients with relapsed or refractory multiple myeloma. The application is supported by results from a Phase 1 study and the pivotal Phase 2 iMMagine1 trial. The FDA has set a Prescription Drug User Fee Act (PDUFA) target action date of December 23, 2026.
In clinical studies to date, anito-cel has demonstrated deep and durable responses with a predictable and manageable safety profile, according to company disclosures. Multiple myeloma remains an area of high unmet need, particularly among heavily pretreated patients who often face diminishing responses, increasing toxicity and fewer therapeutic options over time.
Full ownership provides Gilead with greater flexibility to align development strategy, scale manufacturing through Kite, and potentially explore expansion into earlier lines of therapy, subject to clinical outcomes and regulatory review.
Beyond anito-cel, Gilead is also acquiring Arcellx’s D-Domain CAR platform, which has generated proprietary target-binding domains designed to improve specificity and binding affinity. The platform may support future CAR T-cell programs, bispecific constructs and in vivo cell therapy approaches, further strengthening Gilead’s oncology pipeline.
Management indicated that, upon FDA approval of anito-cel, the proposed transaction is expected to be accretive to earnings per share in 2028 and thereafter.
For investors, the acquisition highlights a broader trend in large-cap biotech capital deployment. Established companies are increasingly seeking full ownership of late-stage oncology assets to simplify economics, reduce long-term partnership obligations and consolidate strategic control ahead of potential commercialization milestones.
Cell therapy remains one of the most capital-intensive areas of oncology, requiring specialized manufacturing, logistics and commercial infrastructure. Gilead’s move signals confidence in both the asset and its ability to integrate development and commercialization within its existing cell therapy platform.
The next key inflection point will be the FDA’s review decision later this year, which will shape the commercial trajectory of anito-cel and the long-term impact of the acquisition.
The US economy ended 2025 on a weaker-than-expected note.
New data from the Bureau of Economic Analysis showed GDP grew at an annualized rate of just 1.4% in the fourth quarter, well below economist expectations for 2.9% growth. The miss marks a notable slowdown from earlier in the year and caps full-year 2025 growth at 2.2%, down from 2.8% in 2024.
A key culprit: government spending.
Federal outlays fell sharply during the quarter, reflecting the impact of the 43-day government shutdown that spanned October and November. Overall government spending declined at a 5.1% annualized rate, subtracting 0.9 percentage points from headline GDP. Federal spending alone plunged 16.6%, shaving 1.15 percentage points off growth.
President Trump, posting on Truth Social ahead of the release, argued the shutdown cost the economy “at least two points in GDP” and renewed calls for lower interest rates.
Under the Surface: Not All Weakness
Despite the headline disappointment, underlying private-sector demand remained more resilient.
Real final sales to private domestic purchasers — a key gauge of core demand — rose 2.4%, only slightly below the prior quarter’s 2.9% pace. Private fixed investment increased 2.6%, supported by continued spending on intellectual property and information processing equipment.
The AI build-out remains a meaningful contributor to growth. Spending on information processing equipment added 0.65 percentage points to GDP in the quarter, while investment in intellectual property products rose at a 7.4% pace.
However, consumer behavior showed signs of divergence. Services spending grew 3.4%, while goods spending fell 0.1%, underscoring a continued rotation away from physical goods.
What This Means for Small-Cap Stocks
For small- and micro-cap investors, the implications are layered.
First, government spending volatility tends to disproportionately impact smaller companies with federal exposure. Contractors, niche defense suppliers, and specialized service providers may have felt the brunt of delayed payments or paused contracts during the shutdown.
Second, slower headline GDP growth can pressure investor sentiment toward riskier asset classes — and small caps often sit at the front of that risk spectrum. The Russell 2000 historically reacts more sharply to growth scares than large-cap indices.
But there’s another side.
If economists are correct that shutdown-related drag reverses in the first quarter — with some forecasts calling for 3% growth in early 2026 — small caps could benefit from a rebound narrative. Lower rates, which the administration continues to push for, would also ease capital constraints for smaller companies that rely more heavily on credit markets.
And the ongoing AI investment cycle may continue to support smaller industrial, semiconductor-adjacent, and specialty tech names tied to infrastructure build-outs.
Bottom Line
The Q4 GDP miss highlights how policy disruptions can ripple through the broader economy. While headline growth slowed, core private demand and investment remain intact.
For small-cap investors, volatility may persist in the near term — but a rebound in government activity and continued capital investment could shift the narrative quickly in early 2026.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q4 results. Q4 revenue of $770 million was modestly below our estimate of $778 million, driven by ongoing softness in the Commercial segment, while adj. EBITDA of $50 million exceeded our estimate of $41 million as cost performance improved, resulting in a 6.5% adj. EBITDA margin.
New CEO outlines action plan. CEO Harsha V. Agadi outlined a framework centered on faster decision-making, reduced organizational complexity, and a “fix, sell, or grow” review of every business unit, with emphasis on financial discipline, cost reduction, and converting the pipeline into sustainable organic revenue and EBITDA growth.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. Kelly’s fourth quarter continued to be impacted by many of the same trends evident in previous quarters, most notably discrete impacts associated with reduced demand for U.S. federal government contractors and from three large commercial customers. Employers continue to take a cautious approach to hiring amid a mixed labor market. However, the Company was able to capitalize on positive trends in each of the segments.
4Q25 Results. Revenue was $1.05 billion, down 11.9% y-o-y, but down only 3.9% excluding the discrete impacts associated with reduced demand for U.S. federal government contractors and from three large commercial customers. Gross margin declined 150 bps to 18.8%. Adjusted EBITDA totaled $12 million, or a 2.0% margin, compared to $43.5 million, or 3.7% margin, last year. Adjusted EPS was $0.16 versus $0.79 in 4Q24.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
American consumers received welcome news to start 2026 as inflation slowed more than anticipated in January, offering fresh optimism about the economy’s trajectory and easing concerns about rising prices that have plagued households for years.
The Bureau of Labor Statistics reported Friday that the Consumer Price Index rose just 0.2% in January from the previous month, with annual inflation declining to 2.4% from December’s 2.7%. The figures came in below economist expectations of a 0.3% monthly increase and 2.5% annual rise, marking encouraging progress in the ongoing battle against elevated prices.
Core Inflation Hits Multi-Year Low
Perhaps most significantly, core inflation—which strips out volatile food and energy costs to reveal underlying price trends—registered its slowest annual increase since March 2021. Core prices climbed 2.5% over the past year while rising 0.3% month-over-month, both meeting expectations but signaling sustained moderation in inflationary pressures.
The positive inflation data represented the second encouraging economic report this week. Wednesday’s employment figures showed unemployment ticking downward while payrolls expanded at double the anticipated pace, suggesting the economy remains resilient even as price pressures ease.
Economic analysts noted that the softer-than-expected reading was particularly noteworthy given historical patterns. Recent years have typically seen inflation spike unexpectedly in January due to residual seasonal factors and delayed price adjustments stemming from pandemic-era disruptions. The absence of these typical January surprises suggests that tariff-induced price increases on goods may be largely complete, offering hope for more stable pricing ahead.
Despite the overall positive trends, certain categories continue challenging household budgets. Food prices climbed 2.9% annually, with cereals and bakery products jumping 1.2% in January alone. Coffee and beef prices remained especially elevated throughout the past year, though beef and veal saw a modest 0.4% monthly decline. Egg prices, another closely watched staple, dropped 7% after surging in recent months.
Energy costs provided significant relief, falling 1.5% in January as fuel oil plunged 5.7% and gasoline decreased 3.2%. The national average for regular gasoline now sits at $2.94, down from $3.16 a year ago, according to AAA data.
Housing costs, the largest component of most household budgets, rose 0.2% monthly and 3% annually. While still elevated, the shelter index increased at half December’s pace, potentially signaling improvement ahead for renters and homeowners alike.
Analysts had closely watched January’s data for signs of tariff-related price increases following President Trump’s sweeping levies implemented last year. While some tariff-sensitive categories showed increases—apparel rose 0.3%, video and audio products jumped 2.2%, and computers climbed 3.1%—the overall impact appeared muted.
Economic forecasters had anticipated that core goods prices would accelerate from December levels due to increased tariff pass-through effects and typical seasonal patterns that push January inflation higher. However, the fact that core goods prices remained unchanged in January suggests that tariffs and unseasonably large price hikes were not significant drivers of the monthly inflation reading.
One notable exception: airline fares surged 6.5% monthly, meaning travelers may want to consider road trips over flights in the near term. Used car prices, meanwhile, slid 1.8%, offering potential savings for vehicle shoppers.
The cooler-than-expected inflation data strengthens the case for continued economic stability as 2026 unfolds, though Federal Reserve policymakers will carefully monitor upcoming reports before making decisions about interest rates.
The US government posted a $95 billion budget deficit in January, marking a sharp improvement from the same month a year earlier as revenue gains — including a surge in customs duties — outpaced modest growth in federal spending.
According to data released by the Treasury Department, January’s deficit was $34 billion lower than in January 2025, a decline of 26%. After adjusting for routine calendar-related payment shifts, including benefit disbursements affected by weekends and holidays, the deficit would have been just $30 billion — a 63% drop from the comparable period last year.
Government receipts totaled $560 billion in January, an increase of $47 billion, or 9%, compared with a year earlier. Meanwhile, federal outlays reached $655 billion, up $13 billion, or 2%. Both receipts and spending set records for the month of January, reflecting the continued expansion of the federal government’s revenue base and spending obligations. Despite the record figures, the deficit itself was not a record for the month.
The narrowing gap reflects stronger revenue performance relative to spending growth, a dynamic that has also carried into the broader fiscal year. Through the first four months of fiscal 2026, which began October 1, the deficit totaled $697 billion — down $143 billion, or 17%, from the same period in fiscal 2025.
Year-to-date receipts have climbed to $1.785 trillion, up 12% from the prior year period, while outlays have increased more modestly, rising 2% to $2.482 trillion. Both figures represent records for the first four months of a fiscal year, though the cumulative deficit is not historically unprecedented.
A significant driver of the revenue increase has been a surge in customs duties tied to tariffs implemented under President Donald Trump. Net customs receipts totaled $27.7 billion in January, roughly in line with December levels and only slightly below the approximately $30 billion monthly pace recorded late last year. By comparison, customs duties in January 2025 — before the administration’s tariff measures were announced — stood at just $7.3 billion.
On a fiscal year-to-date basis, net customs duties have reached $117.7 billion, a dramatic rise from $28.2 billion during the same period last year. The sharp increase underscores the growing role tariffs are playing in federal revenue collection.
Another factor contributing to January’s improved deficit figure was a rare decline in Treasury interest payments. Interest outlays on the public debt fell by $12 billion to $72 billion for the month. Treasury officials attributed the drop to technical adjustments related to inflation-linked securities, with some payments affected by last year’s government shutdown and delayed consumer price index data.
However, despite the January dip, interest costs remain elevated overall. Through the first four months of fiscal 2026, interest payments on the national debt have totaled $426 billion — a record for that period and up 9% from a year earlier.
While January’s improved deficit provides a measure of fiscal relief, the broader picture remains complex. Revenues are rising at a healthy pace, aided in part by tariffs, but interest costs continue to consume a growing share of federal spending. Whether the current trend of revenue outpacing spending can be sustained will depend on economic growth, inflation trends, and future policy decisions in Washington.
The strategic allure of the U.S. Healthcare and Life Sciences (HCLS) market—as detailed in our previous installments—is undeniable. However, for a European acquirer, the transition from “Strategic Intent” to “Value Realization” requires successfully navigating a regulatory landscape that is currently undergoing its most significant shift in decades. In 2026, the complexity of this “maze” has intensified, driven by a post-shutdown FDA backlog, a new era of “relative” data privacy standards, and aggressive national security oversight.
To preserve deal value, European buyers must move beyond traditional check-the-box compliance and adopt a multidisciplinary approach to regulatory due diligence.
The “Regulatory Velocity” Hurdle: Navigating the Post-Shutdown FDA
The 43-day U.S. federal government shutdown from October 1 to November 12, 2025, created a significant “bow wave” of administrative delays that continues to impact 2026 product launch timelines. While the FDA has resumed full operations, the “review clock” for many pending 510(k) and PMA submissions was effectively frozen for over a month, as the agency lacked the legal authority to accept new user-fee-bearing applications during the lapse.
For an investment banker or operational expert, this isn’t just a compliance issue—it’s a valuation variable. European buyers must now conduct “Regulatory Velocity Diligence.” It is no longer enough to confirm that a target has a clean filing; you must assess where that filing sits in the current backlog. It is critical to differentiate between submissions funded by “Carryover User Fees”—which may have continued to move—and those reliant on “New Appropriations” that stalled. A delayed 510(k) or PMA approval can shift a valuation model by six to twelve months, fundamentally altering the deal’s ROI.
Data Governance: The New “Relative” Standard (GDPR vs. HIPAA)
Transatlantic data transfers have long been the “third rail” of HCLS M&A. However, a landmark September 4, 2025, ruling by the Court of Justice of the European Union (CJEU) in EDPS v. SRB has introduced a strategic “middle path” for European acquirers.
The court confirmed the concept of “Relative Personal Data.” In practice, this means that sufficiently pseudonymized data may be considered “personal data” for the U.S. seller (who holds the key) but not for the European recipient, provided the recipient cannot reasonably re-identify the individuals.
This is a massive win for M&A efficiency. European firms can now conduct more granular R&D and clinical trial diligence on U.S. assets without immediately triggering full GDPR liability, provided that strict technical and contractual “anti-identification” measures are in place. This “Privacy by Design” approach allows for faster integration of R&D pipelines while remaining compliant with both the EU’s strict privacy mandates and the U.S. HIPAA framework.
Beyond HIPAA: The State-Level Patchwork
While HIPAA provides a federal floor for data protection, European buyers often underestimate the complexity of state-level privacy laws. States like Texas have increasingly utilized their own statutory frameworks—such as the Texas Data Privacy and Security Act—to enforce standards that can overlap or even conflict with federal guidance.
For an Attorney, the risk lies in the “most restrictive” standard. If a target operates in multiple states, the integration team must ensure that data governance policies satisfy the most aggressive state regulator, not just the federal baseline. In the current 2026 climate, state-level enforcement is a primary driver of post-close litigation risk.
Safeguarding the Pipeline: The “Small Biotech” Exception
The 2026 Medicare drug price negotiations represent a seismic shift in U.S. reimbursement. However, the Inflation Reduction Act (IRA) includes a critical “Safe Harbor” for mid-market innovators: the Small Biotech Exception.
For European firms acquiring U.S. targets, verifying this status is paramount. If a drug’s Medicare Part D expenditure is less than or equal to 1% of total Part D expenditures, and the drug accounts for at least 80% of the manufacturer’s total sales, it may be exempt from negotiations until 2029. This provides a vital “valuation shield” for R&D pipelines, ensuring that the expected “Maximum Fair Price” (MFP) does not erode the deal’s long-term ROI.
The New CFIUS: National Security in Healthcare
The Committee on Foreign Investment in the United States (CFIUS) has significantly expanded its footprint throughout 2025 and 2026. While European allies often benefit from “excepted investor” status, HCLS deals involving large-scale U.S. patient data, biotech IP, or critical medical supply chain manufacturing are increasingly being flagged for national security reviews.
The strategy for 2026 is “Pre-emptive Transparency.” Buyers should evaluate whether a voluntary “Declaration” is safer than a full “Notice” to achieve deal-close certainty. In an era of heightened geopolitical sensitivity, the “health” of the target’s IP is as much a matter of national security as it is of clinical success.
Conclusion
Navigating the U.S. regulatory maze in 2026 requires a shift from defensive compliance to offensive strategy. By mastering the nuances of “Relative Data,” factoring in “Regulatory Velocity,” and identifying “Small Biotech” safe harbors, European acquirers can turn regulatory complexity into a competitive advantage.
In our next installment, we move from the ‘Legal Maze’ to the ‘Financial Truth,’ exploring the unique hurdles of U.S. GAAP vs. IFRS reconciliation and the art of the HCLS Quality of Earnings report.
About the Authors:
Nathan Caliis a Managing Partner atNoble Capital Marketswith more than 18 years of Capital Markets experience. He has been a lead Managing Director/Head of the Healthcare and Life Sciences Investment Banking and Advisory franchise at NOBLE since 2017 and was previously a sell-side equity analyst for 9 years. Nathan is a Board Member of Precise Bio, a tissue engineering, biomaterials, and cell technologies company, including cardiology, orthopedics, and dermatology. He was previously a board observer of Eledon Pharmaceuticals (ELDN:NASDAQ, f.k.n.a. Anelixis Therapeutics, Inc.), a phase II biotechnology company. Prior to joining NOBLE, Nathan gained investment experience as a portfolio account analyst/manager at Franklin Templeton Investments. Nathan also currently holds series 7, 79, 86, and 87 FINRA designations.
Hinesh Patel, MCMI ChMCis a Partner in CNM LLP’sLos Angeles Office with over 20 years of experience in accounting. He leads and oversees the firm’s Accounting and Transaction Advisory practice. He brings a vast knowledge of US GAAP, technical accounting, and International Financial Reporting Standards (IFRS) reporting requirements to his role at CNM. Hinesh primarily focuses on technical accounting, IPO readiness, SEC reporting, and mergers and acquisitions. Prior to joining CNM, Hinesh worked as a Senior Manager at Deloitte with a primary focus in the technology, manufacturing, consumer business and entertainment industries for both public and private companies. He has assisted various companies through the IPO process and advised on a range of accounting services including technical accounting, financial reporting, and new business processes requirements.
Matthew (Matt) Podowitzis the founder and Principal Consultant ofPathfinder Advisors LLC, bringing experience on 400+ global M&A engagements to his clients. He specializes in the critical operational and technology aspects of M&A transactions, providing due diligence, carve-out, integration, and value creation services. Known for practical, actionable advice derived from extensive hands-on experience with healthcare and life sciences transactions, Matt helps companies, investment banks, and private equity firms navigate complex cross-border HCLS M&A through every step of the transaction lifecycle. Leveraging his perspective as a dual US/EU citizen, he provides seamless support for transactions in both markets. His background includes leadership roles at firms like Ernst & Young, Grant Thornton, and CFGI.
Chris Raphaelyis the Co-Chair ofCozen O’Connor’sHealth Care & Life Sciences Practice where he provides sophisticated transactional and regulatory counsel to an array of health care providers and investors in the health care industry. His practice focuses on mergers, acquisitions, and divestiture transactions for health care clients and the comprehensive regulatory schemes requisite to doing business in the health care space. Chris routinely handles matters involving payer negotiations, payment disputes and contract enforcement, accountable care organizations, management services organization, clinically integrated networks, value based payment arrangements, pharmacy benefit management and third party administrator contracts for self-insured employers, digital health, organizational and governance structures, HIPAA, information privacy and security, tax exemption, Stark Law, fraud and abuse matters, clinical integration, medical staff relations, facility and professional licensing, Pennsylvania’s Medical Marijuana Act, and general compliance. Prior to joining the firm, Chris served as the deputy general counsel to Jefferson Health System and general counsel to the system’s accountable care organization and captive professional liability insurance companies.
