Beeline Holdings Inc. (NASDAQ: BLNE)

Beeline Holdings Inc. (NASDAQ: BLNE) is a technology-forward mortgage and title platform leveraging AI, automation, and intuitive user experiences to simplify home financing. Through wholly owned subsidiary Beeline Loans Inc., the company delivers fast and flexible loan solutions for both primary homebuyers and real estate investors. Beeline has built an end-to-end digital lending ecosystem designed to eliminate friction, reduce costs, and dramatically shorten closing timelines.

Since completing its October 2024 merger with Eastside Distilling, Beeline has solidified its position as a next generation fintech mortgage originator. Its core vision centers on digitizing the mortgage journey with tools like AI chatbot Bob, proprietary production engine Hive, and an expanding SaaS product suite. These innovations enable Beeline to close loans in just 14–21 days—less than half the industry average—while achieving a Net Promoter Score above 80, more than four times higher than the sector benchmark.

Beeline's mission is to make home loans effortless by giving users instant access to rate quotes, approvals, and document uploads—all online, 24/7. Having surpassed $1 billion in cumulative loan originations and achieved 38% year-over-year growth, Beeline is scaling its platform across the U.S. mortgage and real estate investing landscape.

The company is headquartered in Providence, Rhode Island.

Products

Beeline operates a fully digital, AI-enabled loan origination and title ecosystem. Key features include:

• Bob 2.0 – The industry's first AI mortgage agent, available 24/7/365 to quote rates and pre-approve borrowers; Bob has delivered 6x lead conversion and 8x full application volume compared to traditional loan officers.
• Hive – A task-based processing engine that replaces manual workflows with scalable automation, cutting loan closing times to as little as 14 days.
• BlinkQC – Beeline's proprietary AI quality control platform that replaces costly third-party reviews.
• Beeline Title – A fully diversified title services unit supporting digital collateral transfer, remote closings, and investor-focused solutions.
• MagicBlocks – A customizable AI sales agent platform developed by Beeline and spun out into its own entity; Beeline retains equity and licensing rights, positioning it to benefit from future growth and deployment of the technology.

The company also provides Debt Service Coverage Ratio (DSCR), bank statement, and conventional mortgage products tailored to investors, including short-term rental operators. Strategic partnerships with Rabbu and Red Awning streamline property analysis, financing, and management within a single ecosystem.

Market Opportunity

The U.S. mortgage market is poised for growth in 2025, with total mortgage origination volume expected to increase by 28% to $2.3 trillion, up from $1.79 trillion in 2024. This projection includes a 13% rise in purchase originations to $1.46 trillion.

Within this expanding market, investor lending, particularly through DSCR loans, represents a rapidly growing segment. DSCR loans, which are underwritten based on the income generated by the property rather than the borrower's personal income, are ideal for real estate investors, particularly those purchasing long-term or short-term rental properties. Beeline has strategically positioned itself in this niche, with over one-third of its volume derived from DSCR products. Through its affiliate referral network and integrations with platforms like Rabbu, the company is actively expanding its market reach in this high-margin category.

Non-agency mortgage issuance, which includes DSCR loans, is projected to reach $160 billion in 2025, a 16% increase from 2024.

Leadership Team

Nick Liuzza, Chief Executive Officer, co-founded Beeline Mortgage LLC in 2019 after selling Linear Title & Closing and Linear Settlement Services to Real Matters. He also previously built New Age Nurses into a national staffing firm. He currently serves as EVP of Real Matters (TSX: REAL).

Jess Kennedy, Chief Operating Officer, is a co-founder of Beeline with 15 years of legal and real estate experience. She previously served as General Counsel and Chief Compliance Officer at Beeline and held roles at Solidifi, LeClairRyan, and Edwards Wildman Palmer LLP, handling complex real estate finance and title transactions.

Chris Moe, Chief Financial Officer, joined Beeline in 2023 with over 40 years of finance and investment banking experience. He has held senior roles at Red Cat Holdings (NASDAQ: RCAT), IRIS Therapeutic Devices, and Yates Electrospace Corporation, bringing deep public company and defense sector expertise.

BluSky Ai Inc. (OTC: BSAI)

BluSky Ai Inc. (OTC: BSAI) is pioneering the next generation of AI infrastructure through modular, rapidly deployable data centers that meet the escalating compute demands of artificial intelligence, machine learning, and high-performance computing. The company's mission is to empower AI innovators by eliminating infrastructure bottlenecks and accelerating time-to-compute with energy-efficient, scalable solutions.

Rather than betting on individual AI applications, BluSky Ai addresses the universal need for compute power—positioning itself as a foundational layer in the AI revolution. Its infrastructure-first approach enables clients to focus on innovation while the company delivers the critical backbone powering tomorrow's breakthroughs.

BluSky Ai is headquartered in Salt Lake City, Utah.

Products

BluSky Ai's core offering is its SkyMod series of modular data centers—pre-assembled, scalable compute units designed specifically for AI workloads. The flagship SkyMod One delivers 1 MW of compute power in a compact 1,400-square-foot footprint, while the SkyMod XL offers 1.7 MW in 3,000 square feet. These units are fully assembled off-site, tested, and shipped ready for plug-and-play deployment either on BluSky-owned land or client facilities.

SkyMod modules integrate NVIDIA GPUs and are optimized for high-density AI applications such as generative AI, large language models, inference engines, and scientific computing. Built for rapid scaling and high efficiency, each system includes advanced cooling, secure infrastructure, and dynamic workload balancing to support evolving client needs.

The company's data centers are engineered for sustainability, incorporating renewable energy sources like solar, wind, and geothermal where available. By deploying on powered land assets, BluSky Ai shortens lead times and lowers costs, creating a fast, flexible alternative to traditional monolithic data centers.

Market Opportunity

The global data center market was valued at $347.6 billion in 2024 and is projected to reach $652.0 billion by 2030, growing at a CAGR of 11.2%, driven by the rapid expansion of AI, machine learning, and IoT adoption, according to Grand View Research. As enterprises demand faster, more scalable compute solutions, modular infrastructure like BluSky Ai's SkyMod series offers a compelling alternative to legacy data center models.

With North America accounting for over 40% of the global market and the U.S. expected to grow at a 10.7% CAGR from 2025 to 2030, BluSky Ai is well-positioned to capture demand for AI-optimized infrastructure that can be deployed rapidly and cost-effectively. By focusing on GPU-centric, modular deployments tied to energy infrastructure, the company addresses a growing gap between compute demand and deployment speed in the AI era.

Leadership Team

Trent D'Ambrosio, Chief Executive Officer, is a seasoned executive with a track record in telecommunications, hedge fund management, and natural resource development. He previously sold the first transatlantic fiber cable, built a successful gold mining company, and now leads BluSky Ai with a vision to revolutionize AI infrastructure through strategic energy integration and rapid deployment.

Julien Bedard, Chief Technology Officer, is a pioneering technologist known for launching the first Bitcoin escrow and anti-fraud service. At BluSky Ai, he oversees cloud architecture, cybersecurity, infrastructure automation, and the development of AI-native data center technology, ensuring scalability and resilience across deployments.

Dan Gay, Chief Operating Officer, has Fortune 500 executive leadership in telecom, technology, and energy, as well as start-up experience with finance and blockchain companies. At MCI and Qwest, he launched new service and sales centers, and directed National Account Sales. He has been a successful CMO in brand creation, product development, partnerships, and revenue generation programs to expand company awareness, sales, and revenue.

Co-Diagnostics Inc. (NASDAQ: CODX)

Co-Diagnostics Inc. (NASDAQ: CODX) is a molecular diagnostics company focused on developing and commercializing technologies designed to detect and analyze nucleic acid molecules, including DNA and RNA. The company's approach centers on building proprietary diagnostic platforms that aim to improve the accessibility, efficiency, and performance of molecular testing across a range of healthcare and research settings.

The company is advancing solutions designed to extend real-time polymerase chain reaction (PCR) testing beyond centralized laboratories and into decentralized environments, including point-of-care and at-home settings. By focusing on portability, usability, and speed, Co-Diagnostics is working to deliver timely diagnostic insights that can support medical decision-making and broader public health efforts.

Guided by a mission to expand access to high-quality molecular diagnostics, particularly in underserved regions, the company is focused on lowering barriers to testing while supporting global health initiatives through scalable technologies.

Co-Diagnostics is headquartered in Salt Lake City, Utah.

Products

Co-Diagnostics' product ecosystem is built around its proprietary PCR platform and Co-Primers™ technology, supporting diagnostic, research, and emerging point-of-care applications.

Co-Dx PCR Platform

The Co-Dx PCR platform is designed to deliver real-time PCR testing in decentralized environments through compact, user-friendly systems. Core components include the Co-Dx PCR Pro® and Co-Dx PCR Home® platforms, which are intended to enable testing at the point of care or in at-home settings using mobile connectivity and single-use test formats.

The platform supports multiplex testing, allowing multiple targets to be detected in a single reaction, which is intended to reduce testing time and improve diagnostic clarity. The platform and associated components remain subject to regulatory review and are not currently available for sale.

Co-Primers™ Technology

Co-Primers™ technology underpins the company's platform and is designed to enhance PCR performance through a novel primer structure that separates capture and priming functions. This design may reduce non-specific amplification and primer dimer formation, improving specificity and enabling more efficient multiplex testing across infectious disease applications.

Co-Dx Box™ qPCR Cycler

The Co-Dx Box™ is a portable qPCR instrument designed to deliver laboratory capabilities in a compact format. The system uses magnetic induction technology and is engineered for minimal calibration, ease of use, and efficient workflows, with results delivered in approximately two hours or less.

Diagnostic, Research, and Specialized Solutions

Co-Diagnostics offers a range of products designed for clinical, research, and field-based applications, including:

• Logix Smart® diagnostic solutions, compatible with most qPCR equipment and designed for in vitro diagnostic use where regulatory requirements are met
• Research-use-only (RUO) products, supporting non-clinical infectious disease detection and life sciences research
• Vector Smart™ solutions, enabling in-house PCR testing for mosquito-borne diseases such as Zika, dengue, and chikungunya
• Multiplex PCR test kits, designed to detect multiple targets in a single reaction across various applications

Across its portfolio, the company reports having sold more than 34 million real-time PCR tests.

Commercial Expansion and Intellectual Property

Co-Diagnostics continues to expand its platform through intellectual property development and international partnerships. The company has received patent protection for its PCR platform technologies in multiple jurisdictions, including a Japanese patent covering automated, self-contained biological analysis. It has also expanded its commercial footprint through its CoSara joint venture, increasing its addressable market in South Asia to approximately $13.0 billion, subject to regulatory approvals.

Market Opportunity

According to Grand View Research, the global molecular diagnostics market was valued at approximately $18.85 billion in 2025 and is projected to reach $25.59 billion by 2033, growing at a compound annual growth rate of 4.06% from 2026 to 2033. Growth is being driven by ongoing technological advancements, an aging global population, and increasing demand for precise and efficient genetic testing solutions.

Within the market, PCR-based technologies represent the largest segment, accounting for 62.16% of total share in 2025, while infectious disease applications also led all categories. North America held the largest regional share at 44.06%, with continued expansion expected in the United States. These trends reflect sustained demand for accurate, scalable diagnostic solutions, particularly those capable of delivering high-quality results across a range of clinical and decentralized settings.

Leadership Team

Dwight H. Egan, Chief Executive Officer, has been an officer and director since April 2013 and has been engaged in the private investment business since 1999, previously serving as a senior executive at Data Broadcasting Corporation and co-founding Broadcast International, Inc., which was later acquired and contributed to the creation of CBS MarketWatch.

Richard Abbott, President, has more than 25 years of experience in in vitro diagnostics, including developing systems for infectious disease diagnosis, biological threat detection, and genetics research, and previously served as Vice President of Engineering at BioFire Diagnostics where he led teams responsible for products generating billions in revenue.

Brian L. Brown, Chief Financial Officer, has served in the role since February 2021 and previously held senior finance positions including Chief Financial Officer of A-Core Concrete Cutting, Inc. and Vice President of Accounting, Treasury & Investor Relations at Sportsman's Warehouse Holdings, Inc., bringing extensive experience in accounting, finance, and public company operations.

D-Wave Quantum Inc. (NYSE: QBTS)

D-Wave Quantum Inc. (NYSE: QBTS) is a leader in quantum computing systems, software and services focused on delivering value to our customers via practical quantum applications for problems such as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, fault detection and financial modeling. As the only provider building both annealing and gate-model quantum computers, the company is unlocking commercial use cases in optimization today, while building the technologies that will enable new solutions tomorrow. Founded in 1999, D-Wave is the world's first commercial supplier of quantum computing solutions.

D-Wave is a pioneer in quantum computing, with a history of delivering the world's first commercial quantum computer; the first real-time quantum cloud service; countless hardware and software product and research milestones; and the planned first cross-platform quantum solution which will deliver both annealing and gate-model quantum computers to customers via an integrated platform. Its current commercial product offerings include: Advantage™ (fifth generation quantum computer), Leap™ (quantum cloud service), Launch™ (quantum computing onboarding service), Ocean™ (full suite of open-source programming tools) and Quantum QuickStart™ (quantum programming training).

D-Wave's relentless pursuit of practical quantum computing has resulted in the technology being used today by some of the world's most advanced enterprises – our customers include more than two dozen of the Forbes Global 2000 companies.

D-Wave's commercial customers include blue-chip industry leaders like Volkswagen, Mastercard, Deloitte, ArcelorMittal, Siemens Healthineers, Unisys, Accenture, BBVA, NEC Corporation, Pattison Food Group Ltd., DENSO and Lockheed Martin. The company owns one of the largest quantum computer intellectual property portfolios in the industry including more than 210 issued U.S. patents. In addition, it has published more than 100 peer-reviewed papers in leading scientific journals.

Advantage™ Quantum Computer

With the Advantage™ Quantum Computer, D-Wave has incorporated two decades of experience and over 10 years of customer feedback to create the first and only quantum computer designed for business applications. The platform features a new processor architecture with over 5,000 qubits and 15-way qubit connectivity. This is 2.5x more connections and more than double the number of qubits than the company's previous generation quantum computer.

D-Wave's quantum computers, first located at the company's facilities in British Columbia, Canada, have been available to North American users through its Leap™ quantum cloud service since 2018. Over the last two years, D-Wave has since introduced new Advantage systems located in Julich, Germany and Marina Del Rey, California, which marked the availability of the first Advantage quantum computer physically located in the United States. This system is part of the USC-Lockheed Martin Quantum Computing Center (QCC) hosted at USC's Information Sciences Institute (ISI), a unit of the University of Southern California's prestigious Viterbi School of Engineering.

Leap Quantum Cloud Service

D-Wave's customers interface with the Advantage quantum computer through the Leap™ quantum cloud service. Leap delivers immediate, real-time access to the company's Advantage quantum computer and quantum hybrid solver service, all with enterprise-class performance and scalability.

Leap allows developers proficient in Python to get started building and running quantum applications. Through a seamless and secure cloud-based connection, users can easily start solving complex problems of up to 1 million variables and 100,000 constraints.

Using Leap, D-Wave customers have developed quantum hybrid applications for use cases in manufacturing, logistics, financial services, life sciences, materials science, retail and transportation. By eliminating the need to wait hours, days, or even weeks, to get good answers to a broad array of problems, D-Wave is helping businesses accelerate solutions to their complex computing problems.

The Leap quantum cloud service is available directly from D-Wave and also in AWS Marketplace.

D-Wave Launch

D-Wave Launch™ is the company's onboarding platform aimed at helping businesses easily start their quantum journey. Through this program, D-Wave's team of experts and partners aid enterprises in identifying best use cases for quantum and work with them to develop a proof of concept and a production pilot.

From there, the team coordinates with customers to get their hybrid quantum applications up and running, providing ongoing Leap quantum cloud access to ensure the application is operating smoothly and delivering real business value.

Target Verticals

While the potential applications for quantum computing are essentially limitless, D-Wave has identified a number of industry verticals as key areas of focus for its quantum architecture, providing case studies for each. These include:

• Manufacturing – D-Wave worked with Volkswagen to identify a commercial optimization application, the binary paint shop problem, which was run on D-Wave's hybrid solver service. The solver outperformed four purely classical methods on problem sizes at commercial scale (N=3,000).
• Life Sciences – Menten AI makes use of D-Wave quantum computing to assist in the design of novel therapeutic peptides—short strings of amino acids that can act as potent drugs. With the rise of COVID-19, D-Wave's Advantage system made it possible to identify molecules that might be especially well-suited for binding and inhibiting the related spike protein, producing several promising peptide designs.
• Finance – Multiverse Computing, a leader in developing quantum solutions for the financial sector, leveraged D-Wave's hybrid solver service in a collaboration with BBVA, one of the world's largest financial institutions. Multiverse helped BBVA with financial portfolio optimization, using D-Wave's quantum technology to identify a portfolio with 15% risk that yielded a 60% return on investment.
• Logistics – SavantX is using the D-Wave Advantage system to optimize operations at the Port of Los Angeles. By using our quantum technology, SavantX improved cargo handling efficiency at Pier 300 with rubber tyred gantry (RTG) cranes by 60%, and the turnaround time for the trucks picking up those cargo containers by 12%

Market Opportunity

The quantum computing total addressable market is projected by the Boston Consulting Group to grow to between $450 billion and $850 billion over the next 15 to 30 years. For quantum hardware, software and service providers, the near-term TAM (3 to 5 years) is expected to be $400 million to $1 billion, growing to $90 billion to $170 billion over the long-term (15-30 years). Driving factors behind this growth include rising investments in quantum computing tech by governments and an increasing number of commercial use-cases.

Forward-thinking organizations see quantum as an opportunity to move ahead of the competition. From finding efficiencies and reducing waste to decreasing time to solution and solving problems abandoned due to complexity, the business value is real. According to data from Hyperion Research, 80% quantum early adopters are planning to increase their commitment to quantum in the next two to three years, and one-third are planning to invest at least $15M USD in quantum efforts.

D-Wave is strategically positioned – in an industry with significant barriers to entry – as evidenced by a decades-long track record serving a roster of blue-chip customers. The company is singularly focused on helping its customers achieve clear value by leveraging quantum computing in practical business applications. As one of very few quantum companies with a full stack of systems, software, developer tools and services, D-Wave is working to enable enterprises, governments, developers and researchers to access the power of quantum computing, thereby providing an intriguing opportunity for prospective investors.

Prior to listing on the NYSE in August 2022, D-Wave raised over $300 million as a private company with significant investors including PSP Investments, Goldman Sachs, BDC Capital, NEC Corporation, Aegis Group Partners and In-Q-Tel.

Leadership Team

Dr. Alan Baratz has served as the CEO of D-Wave since 2020. Previously, as Executive Vice President of R&D and Chief Product Officer, he drove the development, delivery, and support of all of D-Wave's products, technologies, and applications. Dr. Baratz has over 25 years of experience in product development and bringing new products to market at leading technology companies and software startups. As the first president of JavaSoft at Sun Microsystems, he oversaw the growth and adoption of the Java platform from its infancy to a robust platform supporting mission-critical applications in nearly 80 percent of Fortune 1000 companies. He has also held executive positions at Symphony, Avaya, Cisco, and IBM. Dr. Baratz holds a doctorate in computer science from the Massachusetts Institute of Technology.

John Markovich has served as D-Wave's CFO since 2021. He brings over 25 years of experience serving as CFO for rapidly growing private and public technology companies across all stages of development. Mr. Markovich has directed the finance, accounting, tax, treasury, M&A, legal, operations, customer service, IR, HR, and IT functions for companies ranging from privately held pre-revenue startups to an NYSE-listed Fortune 500 multi-national company with over $1.2 billion in annual revenue. During his career, he has negotiated and closed over 150 debt, equity, M&A, and joint venture transactions exceeding $2.5 billion in value. Mr. Markovich holds a BS in Business from Miami University and an MBA from the Michigan State Graduate School of Business.

Greenland Energy Company (NASDAQ: GLND)

Greenland Energy Company (NASDAQ: GLND) is an exploration-focused oil and gas company targeting development in Greenland's Jameson Land Basin, a large and historically underexplored hydrocarbon region in the Arctic. The company was formed through the completed business combination of Pelican Acquisition Corporation, Greenland Exploration Limited, and March GL Company, creating a publicly traded platform designed to pursue large-scale resource opportunities.

The company's vision is to responsibly unlock Greenland's energy potential, supporting both local development and global energy security through science-driven exploration and innovation.

The company is working to progress exploration across the Jameson Land Basin, which has been studied extensively but remains undrilled, combining historical geological work with modern seismic analysis and planned drilling programs. Its efforts are focused on unlocking the hydrocarbon potential identified through decades of prior research while progressing toward initial well development.

With a technical foundation supported by historical exploration and active operational planning, Greenland Energy is positioning itself to advance one of the largest undrilled onshore basins in the Arctic.

The company is headquartered in Denver, Colorado.

Projects

Greenland Energy Company is focused on the exploration and development of oil and gas resources in Greenland's Jameson Land Basin, which includes more than two million acres across three onshore licenses covering the entire petroleum basin.

Greenland Energy is committed to responsible resource development through close collaboration with local communities, strict adherence to Arctic environmental regulations, and the use of technologies designed to reduce exploration impact. The company aims to balance energy advancement with environmental and social integrity.

The basin has been the subject of extensive historical exploration conducted by Atlantic Richfield (ARCO) between the 1970s and 1990s, with more than $275 million (inflation adjusted) invested in seismic acquisition, field mapping, and evaluation programs. This work identified multiple large hydrocarbon targets but did not advance to drilling.

Greenland Energy has reprocessed approximately 1,800 kilometers of legacy seismic data using modern imaging technology identifying more than 50 oil and gas leads and prospects. The basin has been described as having geological similarities to major producing regions such as the North Sea and Alaska's Prudhoe Bay.

The company has secured rights through agreements with 80 Mile and its subsidiary White Flame Energy A/S to earn up to a 70% interest in the basin. These rights are tied to the drilling of two exploration wells designed to delineate the sedimentary structure and resource potential.

Operational planning is underway, including the mobilization of heavy equipment and the preparation of infrastructure to support drilling activities. The company has engaged Halliburton to support logistics planning and drilling services, retained IPT Well Solutions for project management oversight, and engaged Stampede Drilling for drilling operations, alongside additional logistics and service providers.

Market Opportunity

According to company materials, the Arctic region contains approximately 13% of the world's undiscovered conventional oil resources, representing about 90 billion barrels, and 30% of its undiscovered conventional natural gas resources.

Within this broader context, the Jameson Land Basin represents a large, historically underexplored region with identified hydrocarbon potential. Independent engineering analysis from Sproule ERCE indicates upside of approximately 13 billion barrels of recoverable oil within the basin, subject to exploration and development outcomes.

Leadership Team

Robert Price, Chief Executive Officer, has assembled and managed companies across the energy, real estate, and manufacturing sectors and founded Brooks Energy Company in 1991. He previously served as Vice President, Trust Officer, and Oil and Gas Trust Energy Department Manager at the First National Bank and Trust Company of Tulsa, now J.P. Morgan Chase Bank, and has overseen the reprocessing of approximately 1,800 kilometers of seismic data from the Jameson Land Basin.

Larry G. Swets Jr., Executive Chairman, has been involved in advancing the development of energy resources in Greenland's Jameson Land Basin through Greenland Exploration Limited and its combination with March GL Company and Pelican Acquisition Corporation.

LIXTE Biotechnology Holdings Inc. (NASDAQ: LIXT)

LIXTE Biotechnology Holdings Inc. (NASDAQ: LIXT) is a clinical-stage pharmaceutical company developing differentiated cancer therapies built around a novel biological target. Rather than introducing standalone treatments, the company is focused on advancing a first-in-class approach designed to enhance the effectiveness of established cancer therapies, addressing persistent challenges that continue to limit outcomes in oncology.

LIXTE's work centers on improving how chemotherapy and immunotherapy perform in difficult-to-treat cancers with significant unmet medical need. By translating a distinct scientific concept into therapies that can be integrated into existing treatment frameworks, the company aims to expand the reach and impact of current standards of care without requiring wholesale changes to clinical practice.

Alongside internal development, LIXTE has pursued selective strategic actions that extend its capabilities beyond drug development, supporting its evolution into a platform-oriented oncology company spanning both pharmaceutical and technology-driven approaches.

The company is headquartered in Boca Raton, Florida.

Portfolio

LB-100 (PP2A Inhibitor Platform)

LIXTE's lead clinical candidate, LB-100, is a proprietary small-molecule inhibitor of protein phosphatase 2A (PP2A) designed to enhance the activity of chemotherapy and immunotherapy. The compound has demonstrated a favorable safety profile in Phase 1 clinical trials and has been supported by more than 25 published preclinical and translational studies. LB-100 is currently being evaluated in multiple clinical programs targeting solid tumors with limited treatment options.

Ongoing trials include combinations of LB-100 with immunotherapy in ovarian clear cell carcinoma and metastatic MSI-low colon cancer, as well as combination therapy with chemotherapy in advanced soft tissue sarcoma. These studies are being conducted in collaboration with leading academic cancer centers and industry partners, reflecting LIXTE's emphasis on externally validated clinical execution.

Radiotherapy Platform Expansion (Liora Technologies)

In November 2025, LIXTE expanded beyond pharmaceuticals with the acquisition of Liora Technologies Europe Ltd., adding an electronically controlled proton therapy platform known as the LiGHT System. This acquisition established LIXTE's entry into radiotherapy, complementing its drug development activities and creating optionality for future recurring revenue models tied to jointly operated treatment centers.

Market Opportunity

LIXTE is targeting cancers where existing therapies show limited durability due to resistance, toxicity constraints, or suboptimal patient response. Chemotherapy and immunotherapy are widely applicable across tumor types but remain constrained by these factors, creating an opportunity for approaches that improve efficacy without proportionally increasing toxicity.

The company's clinical programs focus on ovarian clear cell carcinoma, metastatic colon cancer, and advanced soft tissue sarcoma, indications characterized by high unmet need and limited effective treatment options. Rather than reshaping oncology care, LIXTE is developing LB-100 to augment existing therapies, an approach that could support wider clinical use within established treatment pathways.

Leadership Team

Geordan Pursglove, Chairman, President and Chief Executive Officer, is an accomplished executive and entrepreneur with more than a decade of experience spanning mergers and acquisitions, capital markets, strategic growth initiatives, and operational leadership across both public and private companies. His background includes leadership roles across technology, logistics, customer experience, sports, and marketing, with a focus on scaling organizations, raising capital, and executing transformative strategies.

Bas van der Baan, Chief Scientific Officer, has more than 20 years of experience in biotechnology with a concentration in oncology and diagnostics. He previously served as Chief Clinical and Business Development Officer at Agendia, where he played a key role in initiating and executing clinical trials that supported the commercialization of precision molecular oncology diagnostics in both the U.S. and Europe.

Peter Stazzone, Chief Financial Officer, brings over two decades of financial management experience across publicly traded and privately held companies. His background includes leading capital raises, mergers and acquisitions, financial controls, and public company reporting, with prior CFO roles at companies including Beyond Commerce, Strainz, and Voice Telecom.

Massimo Group (NASDAQ: MAMO)

Massimo Group (NASDAQ: MAMO) is a prominent manufacturer and distributor specializing in powersports vehicles and recreational watercraft. Established in 2009, the company has built a reputation for delivering value-packed utility terrain vehicles (UTVs), all-terrain vehicles (ATVs), and on-road vehicles to both recreational enthusiasts and professionals in the agricultural sector. In 2020, Massimo expanded its offerings by launching Massimo Marine, dedicated to crafting high-quality watercraft with advanced designs and exceptional customer service.

Massimo Group is focused on sustainability. Its recent initiatives, including the introduction of the MVR Series of electric carts, highlight the company's commitment to eco-friendly solutions that address growing consumer demand for sustainability in the powersports and marine industries.

The company's manufacturing capabilities have also evolved significantly. Its expanded 376,000-square-foot facility in Garland, Texas, now features advanced automation, including a vehicle assembly robot line. This addition is expected to significantly enhanced production capacity and efficiency, enabling Massimo to scale its operations and better meet market demand.

Product Portfolio

Massimo Group's product portfolio showcases its dedication to innovation and versatility. Its diverse lineup combines advanced features, sustainability, and value to meet the needs of a dynamic market.

• Massimo Motor: This category includes a wide range of UTVs, ATVs, go-karts, and mini-bikes designed for both recreational and practical applications. Notable recent additions include the T-Boss 1000 UTV, which combines rugged performance with advanced features, and the GKD 350 All-Terrain Go-Kart, a versatile two-seater ideal for various terrains. The Buck 550-6 Crew, a six-seater UTV, further expands this lineup, providing comfort and utility for families and light-duty users at an accessible price point.
• Massimo Marine: Specializing in pontoon and tritoon boats, this division emphasizes luxury and performance. A recent collaboration between Massimo and Vision Marine Technologies has introduced electric pontoon platforms, catering to consumers seeking eco-friendly watercraft for both commercial and recreational use.
• Massimo Electric: Reflecting the company's commitment to sustainability, Massimo Electric focuses on low-speed electric vehicles (LSVs) tailored for diverse applications. Recent launches include the MVR 2X Golf Cart and MVR Cargo Max Utility Cart, which deliver advanced features and versatility for recreational users and professionals in industries like farming and groundskeeping.

By combining practicality with cutting-edge design, Massimo Group seeks to set the standard in the powersports and marine industries.

Market Opportunity

The global ATV and UTV market is experiencing robust growth, with North America projected to reach approximately $9.18 billion in 2024 and expand at a compound annual growth rate (CAGR) of 7.8% to $13.37 billion by 2029, according to Mordor Intelligence. Likewise, the U.S. electric UTV and ATV powertrain market is rapidly expanding. It was valued at $2.46 billion in 2022 and is expected to grow at a CAGR of 10.2%, reaching $5.18 billion by 2030, as reported by Grand View Research.

The pontoon boat market complements this growth, driven by increased interest in leisure and marine tourism. The market size exceeded $7.9 billion in 2022 and is projected to grow at a CAGR of 8.3% through 2032, according to Global Market Insights. Massimo Marine's introduction of electric pontoon platforms through its Vision Marine partnership is expected to position the company to effectively address this growing market segment.

With strategic partnerships and an expanding dealer network, Massimo believes it is poised to penetrate deeper into domestic and international markets. The company's service coverage currently includes over 2,800 retail locations, 600 motor service centers, and 5,500 marine service centers, ensuring robust support and accessibility for customers. This extensive distribution network underpins Massimo's ability to capture market share and drive sustained growth.

Leadership Team

David Shan, Founder, Chairman, and CEO, established Massimo Motor in 2009 and Massimo Marine in 2020. He has led the company through significant growth phases, including the development of diverse product lines and its public listing. Shan holds a bachelor's degree in international trade from Qingdao Ocean University of China.

Dr. Yunhao Chen, CPA, serves as the company's Chief Financial Officer, bringing extensive experience in capital markets, financial reporting, and corporate governance since her appointment in May 2023. She holds a Ph.D. in Accounting and an MBA in Finance from the University of Minnesota.

Michael Smith, Vice President, joined Massimo in 2019 and played a pivotal role in launching Massimo Marine. With a strong background in powersports retail and product innovation, he is dedicated to driving new product development. Smith studied International Business and Marketing at the University of California, San Diego.

Micropolis Holding Co. (NYSE American: MCRP)

Micropolis Holding Co. (NYSE American: MCRP) is a robotics and AI technology company pioneering the development of unmanned ground vehicles (UGVs), autonomous mobility platforms, and smart infrastructure for security, industrial, and urban applications. Since its founding in 2014, the company has evolved from a software startup into a fully integrated robotics manufacturer with expertise spanning mechatronics, embedded systems, AI software, and high-level autonomy. Its core technology is centered on modularity and adaptability, enabling Micropolis to deploy scalable robotics solutions across a wide range of industries and environments.

The company's mission is rooted in a vision of harmonious human-machine collaboration, where intelligent automation drives sustainable progress. Through a growing portfolio of partnerships with public and private sector clients, including defense agencies, municipalities, and industrial operators, Micropolis aims to transform how the world approaches mobility, surveillance, and operational efficiency. These solutions are engineered not just to automate tasks, but to meaningfully enhance safety, sustainability, and strategic readiness in high-impact environments.

Following its initial public offering on the NYSE American in March 2025, Micropolis has accelerated the rollout of its autonomous platforms through regional pilots, strategic agreements, and ongoing R&D efforts.

The company is headquartered in Dubai, UAE.

Products

Micropolis offers a robust portfolio of autonomous robotics platforms, control systems, and AI software designed to meet the complex needs of security, industrial, and smart city applications.

M-Platform

Micropolis' core robotics architecture is built around the M-Platform, a modular autonomous system composed of two primary components: a Mobility-Specific Platform (MSP) and an Application-Specific Pod (ASP). The MSP includes drive-by-wire and steer-by-wire systems, a custom suspension framework, and integrated power storage, all designed for durability and maneuverability in both urban and off-road environments. These platforms are compatible with a wide range of ASPs, enabling the same robotic base to be rapidly reconfigured for use cases in law enforcement, logistics, environmental cleanup, or public safety.

Advanced features across the platform include autonomous driving software, centralized control units, and AI-enhanced power management. Supporting technologies such as the Micropolis Robotic Control Unit (MRCU) and Smart Power Distribution Unit (SPDU) ensure high reliability, energy efficiency, and seamless integration with third-party systems. A compact mechanical design, high-precision control, and in-house R&D allow for scalable customization to match industry-specific requirements.

M-Patrol

The M-Patrol series includes specialized autonomous security and policing robots developed in collaboration with Dubai Police and other governmental entities. The M01 Patrol Unit is designed for open-road deployment, with speeds of 40–47 km/h and features like 360-degree AI vision, license plate recognition, crowd monitoring, and autonomous navigation. It is suited for high-traffic environments where rapid mobility and broad coverage are required.

The M02 Patrol Unit is built for enclosed or pedestrian-rich settings such as gated communities, offering a top speed of 7–10 km/h. It delivers low-speed, high-precision surveillance while maintaining safety in public-facing operations. In August 2025, Micropolis launched the final testing phase of the M02 platform in partnership with Dubai Expo City, Transguard Group, and Dubai Police. This pilot focused on validating advanced features including facial recognition, suspect tracking, behavior analysis, and autonomous navigation. Like the M01, the M02 is compatible with Micropolis' proprietary command systems and can operate autonomously or under remote supervision.

Microspot

Microspot is Micropolis' proprietary AI surveillance and analytics engine integrated into its robotic platforms. Initially co-developed with Dubai Police, Microspot enables real-time behavior analysis, facial recognition, and license plate detection through edge computing and machine learning algorithms. It is optimized for public safety use cases where rapid threat identification and decentralized processing are critical.

Micropolis' recent agreement with AERXIO grants exclusive distribution rights of the company's "Patrol" system, powered by Microspot, across Egypt and North Africa. This variant is engineered for border and desert operations, featuring a top speed of 50 km/h, a 15-hour runtime, and rapid charging capabilities. The integration of Microspot technology into these units allows for scalable deployment in both civilian and defense-oriented surveillance infrastructure.

Market Opportunity

Micropolis is strategically positioned to serve the growing demand for autonomous robotics and AI-powered systems across the Gulf Cooperation Council (GCC) and beyond. The company's solutions address operational needs in urban security, logistics, defense, infrastructure, and environmental management—sectors that are undergoing rapid digital transformation in the Middle East.

Government initiatives in the UAE and Saudi Arabia have propelled the robotics and AI markets forward through funding, regulation, and institutional support. The UAE's Strategy for Artificial Intelligence and Saudi Arabia's Vision 2030 have created long-term national frameworks for automation and smart infrastructure adoption. Micropolis' collaboration with public-sector partners, such as Dubai Police and SEE Holding's Sustainable City 2.0, is aligned with these policy objectives and reflects growing national demand for autonomous technology.

Leadership Team

Fareed Aljawhari, Founder, Chief Executive Officer & Director, is a seasoned product designer and digital developer with over two decades of experience in Dubai's digital transformation landscape. He founded Micropolis in 2014 and has led its evolution into a robotics and AI enterprise. He has cultivated strong relationships with government and private entities across the UAE, helping to position the company at the forefront of the region's technology ecosystem.

Dzmitry Kastahorau, Chief Financial Officer, is a finance executive with international experience across the luxury retail, fashion, and automotive sectors. He holds a master's degree in international corporate finance from EADA Business School in Barcelona and has previously held senior finance roles at Chalhoub Group, PUIG Spain, and Motherson Automotive in Germany.

NRx Pharmaceuticals Inc. (NASDAQ: NRXP)

NRx Pharmaceuticals Inc. (NASDAQ: NRXP) is a clinical-stage biopharmaceutical company developing therapies for central nervous system disorders, particularly Suicidal Depression and PTSD. The company is leveraging its patented NMDA receptor modulation platform with two drugs, NRX-100 (preservative-free ketamine) and NRX-101 (D-cycloserine/lurasidone), that have received FDA Fast Track and Breakthrough Therapy Designations respectively. Both address acute unmet medical needs, in that there is no FDA-approved medication for suicidal depression and PTSD. The only approved treatment today is electroshock therapy.

A New Drug Application (NDA) for its lead investigational drug, NRX-100 (preservative free intravenous ketamine), is being filed for use as treatment for suicidal depression, a condition for which existing treatments remain limited. FDA has approved the Company's Pediatric Study Plan and granted a $4.3 million filing fee waiver to support this application. Additionally, the company is working to bring NRX-101 (D-cycloserine/lurasidone) to the market; the product is positioned to be the first FDA-approved oral therapy for suicidal bipolar depression.

Both new drugs are part of the growing focus on neuroplastic therapies that treat life-threatening CNS diseases by stimulating the growth of new synaptic connections within the brain. Research has shown that suicidal depression is associated with high levels of NMDA receptor activity in the brain, with atrophy of brain cell connections. Administration of NMDA antagonist drugs such as NRX-100 and NRX-101 is associated in increased levels of brain glutamate, formation of new synapses, and documented clinical improvement in well controlled clinical trials.

NRx has also established HOPE Therapeutics, a wholly-owned subsidiary focused on delivering interventional psychiatric care through a nationwide clinic network. HOPE Therapeutics aims to become the first coordinated system of care for suicidal depression, treatment resistant depression and PTSD, combining ketamine therapies, Transcranial Magnetic Stimulation (TMS), digital therapeutics, and other precision psychiatry tools in a safe, professional clinical environment. NRx plans to spin HOPE out as an independent, publicly traded company in the near term.

NRx is headquartered in Wilmington, Delaware. HOPE is headquartered in Miami, Florida.

NRx Product Portfolio

NRx Pharmaceuticals' pipeline includes multiple late-stage therapeutic candidates targeting psychiatric and neurological disorders:

• NRX-100: A preservative free intravenous ketamine formulation (patent pending); an NDA for the product is being filed with the FDA for acute suicidal depression, backed by strong clinical trial data and Fast Track designation from the FDA.
• NRX-101 (oral D-cycloserine/lurasidone): A patent protected oral therapy with a dual mechanism targeting NMDA and 5-HT2A receptors, designed for patients with suicidal treatment-resistant bipolar depression. The drug has received Breakthrough Therapy designation from the FDA; an NDA for Accelerated Approval is planned for 2025.
• Expanded Research: The company is further evaluating NRX-101 as a potential non-opioid treatment for chronic pain and as a therapy for complicated urinary tract infections.

NRx's therapeutic pipeline is designed to address conditions with limited or no treatment options, with the potential to improve patient outcomes and expand the standard of care.

HOPE Therapeutics

HOPE Therapeutics, a wholly owned subsidiary of NRx Pharmaceuticals, is establishing a national network of psychiatry-led clinics focused on suicidal depression, treatment resistant depression, PTSD and related Central Nervous System (CNS) disorders. Its care model integrates ketamine therapy, TMS, digital therapeutics, and supervised psychiatric support to deliver rapid, measurable outcomes.

The company is targeting more than 30 clinic acquisitions by year-end 2025. Recent progress includes agreements to acquire Kadima Neuropsychiatric Institute and Dura Medical and a letter of intent with Neurospa TMS, strengthening HOPE's foundation in interventional psychiatry.

HOPE projects $100 million in forward looking annual revenue and profitability by year-end 2025. Positioned as a stand-alone care delivery company, HOPE offers NRx a potential future spinout opportunity to unlock additional shareholder value.

Market Opportunity

The need for innovative treatments in mental health and pain management is substantial. Suicide is a leading cause of death in the United States, claiming nearly 50,000 lives each year, with over 12 million adults seriously considering suicide annually, according to the CDC.

Suicidal depression, an acutely life-threatening condition, affects approximately 12 million Americans. Despite this prevalence, the only approved intervention remains electroconvulsive therapy (ECT), a treatment with significant side effects and limited access. NRx aims to address this urgent gap with NRX-100, a preservative-free intravenous ketamine formulation being developed as the first FDA-approved treatment for suicidal depression.

Additionally, approximately 7 million Americans suffer from bipolar depression, a condition where nearly half of patients will attempt suicide during their lifetime and one in five may die by suicide. NRX-101, NRx's oral drug candidate, targets this critical unmet need as a potential first-in-class therapy specifically for bipolar depression.

Beyond mood disorders, chronic pain affects over 50 million individuals in the U.S., and PTSD impacts more than 12 million people—conditions for which few non-opioid or fast-acting treatments are available. By addressing these high-risk, underserved populations, NRx Pharmaceuticals is positioned to enter multiple billion-dollar markets and reshape the standard of care for severe psychiatric and neurological illnesses.

Leadership Team

Jonathan C. Javitt, Founder, Chairman & Chief Executive Officer or NRx, and Co-CEO of HOPE, brings four decades of experience in pharmaceutical and medical device development. He has led blockbuster drug and device programs at major companies, including Allergan, Merck, and Novartis, and has served as an advisor to four U.S. presidential administrations.

Michael Abrams, Chief Financial Officer, has nearly 30 years of experience in finance, having served in executive roles as an SEC-licensed securities professional, followed by executive roles as a CFO including positions at Arch Therapeutics and FitLife Brands. His expertise spans investment banking, corporate finance, and business strategy.

Matthew Duffy, Chief Business Officer, NRx, Co-CEO of HOPE, has over 35 years of experience in healthcare commercialization, business development and investment banking. He has held leadership roles at Pfizer, MedImmune, and Lev Pharmaceuticals. He has also served as an SEC-licensed professional at Laidlaw Venture Partners, and several other financial institutions, specializing in corporate strategy and partnerships.

Rick Panicucci, Chief Technology Officer, has more than 25 years of leadership in pharmaceutical manufacturing and process development. He has held key positions at Novartis, WuXi AppTec, and other major companies, leading multiple approved New Drug Applications.

Nutriband Inc. (NASDAQ: NTRB)

Nutriband Inc. (NASDAQ: NTRB) is engaged in the development of a portfolio of transdermal pharmaceutical products. The company's AVERSA™ technology can be incorporated into any transdermal patch and includes aversive agents to prevent abuse, diversion, misuse and accidental exposure to drugs with abuse potential, specifically opioids.

AVERSA technology has the potential to improve the safety profile of transdermal drugs susceptible to abuse, such as fentanyl, while making sure that these drugs remain accessible to patients who need them. The technology is covered by a broad intellectual property portfolio with patents granted in the United States, Europe, Japan, Korea, Russia, Canada, Mexico, Australia, and China, with recent extensions into Macao.

The company's business model is to apply its transdermal technology to existing FDA-approved drugs with a goal of improving safety, efficacy and patient comfort while qualifying for a limited-development regulatory pathway that reduces the number of clinical trials required for approval of new drugs.

Nutriband has three subsidiaries, including 4P Therapeutics, its clinical and regulatory subsidiary; Pocono Pharmaceutical, a contract manufacturer for a wide range of clients; and Active Intelligence, a developer of sports recovery products. This ownership of manufacturing and clinical development capabilities drastically reduces costs for AVERSA and other technologies.

In April 2024, Nutriband announced that the company had been engaged by and received a first order from Fit For Life Group, a major brand license holder. A fully executed supplier agreement is expected to follow. Nutriband's wholly owned Active Intelligence subsidiary will act as manufacturer.

In February 2025, the company formalized its product development partnership with Kindeva Drug Delivery through a long-term exclusive agreement. The collaboration supports the commercial pathway for AVERSA Fentanyl by leveraging Kindeva's FDA-approved transdermal fentanyl patch system.

The company is headquartered in Orlando, Florida.

Products

Nutriband's lead product candidate is AVERSA Fentanyl, an abuse-deterrent fentanyl transdermal patch. The company announced in March 2024 that it will submit a New Drug Application to the U.S. Food and Drug Administration seeking approval to market AVERSA Fentanyl. In subsequent updates, Nutriband confirmed that the NDA submission remains the company's primary focus and is backed by a strong cash position.

Nutriband has partnered with Kindeva Drug Delivery, a leading global contract development and manufacturing organization, to incorporate Nutriband's AVERSA abuse-deterrent transdermal technology into Kindeva's FDA-approved transdermal fentanyl patch system. Because Nutriband's abuse-deterrent technology is incorporated into the fentanyl patch but is physically separate from and does not come in contact with the drug layer, the clinical trials typically needed to demonstrate safety and efficacy for a new drug formulation would not be required.

In support of this commercialization strategy, Nutriband closed an $8.4 million private placement in April 2024 to fund development activities related to AVERSA Fentanyl. The company also licensed Bitrex®, a widely used aversive agent, to enhance the deterrent profile of its patch formulation.

AVERSA Fentanyl has the potential to be the first and only abuse deterrent patch approved anywhere in the world. The company plans to seek an expedited review by the FDA, as has been granted for certain abuse-deterrent oral opioid products, which shortens the regulatory review period to six months from the conventional 10-month FDA review cycle for NDAs.

Nutriband's AVERSA product development pipeline also includes abuse deterrent versions of currently approved and marketed transdermal patches containing buprenorphine, an opioid used to treat opioid use disorder, and methylphenidate, a central nervous system stimulant used in the treatment of attention deficit hyperactivity disorder (ADHD). Both are labeled with FDA-required warnings for the risk of abuse and misuse, as well as warnings against accidental exposure.

Market Opportunity

Nutriband cites a market analysis report from Boston-based Health Advances, a healthcare and life sciences consulting firm. According to the report, upon FDA approval, AVERSA Fentanyl has the potential to reach peak annual sales of $200 million in the U.S.

The company further states that, should non-abuse-deterrent transdermal fentanyl products lose FDA marketing approval, AVERSA Fentanyl would have greater pricing flexibility and would have the potential to generate more than $500 million in annual revenue.

Management Team

Gareth Sheridan is Co-Founder and CEO of Nutriband. He was Ireland's 'Young Entrepreneur of the Year' in 2014 for establishing Nutriband. He has worked as a Business Mentor with 100 Minds, a social enterprise that brings together some of Ireland's top college students and connects them with a cause to achieve large charitable goals. He received a B.Sc. in Business and Management from Dublin Institute of Technology.

Serguei Melnik is Co-Founder and President of Nutriband. He has been involved in general business consulting for companies in the U.S. financial markets and setting up legal and financial frameworks for operations of foreign companies in the U.S. He previously was the COO of Florida-based Asconi Corporation. He also was a lawyer in the Department of Foreign Affairs, JSC Bank "Inteprinzbanca," in Chisinau, Moldova, and prior to that practiced law in Moldova. He is fluent in four languages.

Jeff Patrick, Pharm.D., is Chief Scientific Officer of Nutriband. He currently serves as Director of the Drug Development Institute at the Ohio State University Comprehensive Cancer Center. His prior roles included Global Vice President at Mallinckrodt Pharmaceuticals Inc.; and roles at Dyax, Myogen/Gilead, Actelion and Sanofi-Synthelabo Inc. He was a clinical pharmacist at the University of Tennessee Medical Center and a clinical assistant professor of pharmacy at the University of Tennessee College of Pharmacy.

Gerald Goodman is CFO of Nutriband. He is a certified public accountant with his own firm, Gerald Goodman CPA. He also practiced with Madsen & Associates, CPAs, and was a partner in the accounting firm of Wiener, Goodman & Company. He is also a director of Lifestyle Medical Network Inc., which provides management services to healthcare providers. He is a graduate of Pennsylvania State University, where he received a bachelor's degree in accounting.

Perpetuals.com Ltd. (NASDAQ: PDC)

Perpetuals.com Ltd. (NASDAQ: PDC) is a publicly traded digital market infrastructure company enabling derivatives trading through a compliant, API-driven platform. Built as infrastructure rather than a balance-sheet exchange, the company provides brokers, institutions, and trading venues with access to crypto and tokenized derivatives while avoiding custody, credit, and counterparty exposure by design.

The platform addresses a structural gap created as demand for leveraged digital asset exposure has outpaced the availability of compliant market infrastructure, particularly in Europe. Regulatory constraints limit how traditional brokers can legally offer crypto leverage, while many existing trading venues operate outside regulated frameworks. Perpetuals is designed to function within these constraints by combining institutional-grade execution, real-time settlement, and structured product capabilities through infrastructure intended for use by regulated market participants.

By operating as an infrastructure-first trading venue and provider, Perpetuals enables market participants to access derivatives through transparent and auditable systems rather than offshore alternatives.

Platform & Infrastructure

Perpetuals operates a hybrid exchange built on proprietary infrastructure designed to support integration with EU Multilateral Trading Facility (MTF)–regulated entities, subject to applicable regulatory approvals. The platform is designed as institutional trading infrastructure, incorporating a high-speed matching engine, real-time settlement, built-in compliance and surveillance, and a hybrid architecture that delivers centralized exchange performance with blockchain-based transparency.

The platform is API-native by design, enabling direct integration with CFD brokers, institutional counterparties, and trading venues. Through turnkey APIs, partners can integrate order routing, execution, structured product issuance, market data, settlement, risk management, and compliance reporting, while the platform is designed to avoid custody of client assets and balance-sheet exposure. This infrastructure-first model allows Perpetuals to function as a technology and infrastructure provider to trading venues rather than acting as a trading counterparty.

On top of this infrastructure, the platform is designed to support crypto spot trading, perpetual futures, futures, options, swaps, and tokenized structured products, including knock-out instruments intended to operate within European regulatory constraints. Perpetuals also incorporates a prediction and insight engine designed to reward accurate market signals while generating datasets used to refine pricing, risk parameters, and trading intelligence across its structured products.

Market Opportunity

Perpetuals operates at the intersection of several large and converging markets, including crypto derivatives, CFD brokerage technology, and tokenized financial products. The global crypto perpetual futures market processes approximately $2.18 trillion in monthly trading volume, while Europe's CFD market generates roughly $17.34 trillion in monthly notional volume from approximately 4.9 million active retail accounts.

European regulatory frameworks restrict CFD brokers from legally offering high-leverage crypto products, creating a significant gap between trader demand and compliant market access. As a result, demand for crypto leverage has outpaced the availability of regulated infrastructure capable of serving brokers and institutional participants. This dynamic has left a large segment of retail and professional trading activity without compliant, onshore solutions.

Perpetuals addresses this gap by enabling knock-out and structured products that allow leveraged crypto exposure without breaching leverage caps. In parallel, the emergence and adoption of tokenized financial instruments and real-world assets have increased demand for compliant, multi-asset trading venues. By providing infrastructure designed for use within MTF-regulated environments and supporting tokenized issuance and trading, Perpetuals enables participation in the ongoing institutional adoption of digital asset markets without reliance on offshore systems.

Leadership Team

Patrick Gruhn is an entrepreneur, lawyer, software engineer, and fintech innovator with more than two decades of experience across technology, law, and financial markets in Europe and the United States. He has founded and scaled multiple technology companies spanning tokenized securities, legal technology, and digital infrastructure, including businesses later acquired by major industry participants. His work focuses on the intersection of blockchain, regulation, and artificial intelligence. Gruhn is also actively involved in academic and institutional initiatives related to digital innovation.

Robin Matzke is a legal and regulatory specialist with deep expertise in digital securities, tokenization, and market structure. He has founded and advised companies operating at the intersection of law and financial technology and has contributed to the development of legal frameworks for digital assets in Europe. His background includes doctoral research on virtual stock structures and extensive academic teaching and publication. Matzke has also served as an advisor on digital securities regulation at the legislative level.

Nayia Ziourti is a regulatory lawyer with more than 15 years of experience in European financial services regulation, compliance strategy, and governance. She has held senior legal and regulatory roles across both public authorities and private financial institutions, including leadership positions within EU-regulated digital asset entities. Her experience includes direct involvement with EU policy development, ESMA initiatives, and MiFID-related regulatory frameworks. Ziourti brings deep institutional knowledge of compliance implementation across complex jurisdictions.

Sean Prescott is a technologist and financial infrastructure architect with over 20 years of experience spanning fintech, cybersecurity, encryption, and decentralized systems. His background includes designing institutional trading infrastructure, secure settlement systems, and large-scale financial platforms across Europe, the Middle East, and North America. He has developed proprietary transaction and custody architectures used by governments, enterprises, and digital asset platforms. Prescott's focus is on building secure, scalable infrastructure for regulated digital finance.

Stephen Stephens is a senior operations and technology executive with extensive experience scaling complex fintech, regtech, and enterprise platforms. His career includes leading global delivery teams, managing multimillion-dollar programs, and transitioning advanced technologies into stable operating environments. He brings expertise in operational execution, platform integration, and enterprise process management across regulated industries. Stephens has overseen large-scale implementations spanning trading systems, ERP platforms, and compliance-driven operations.

Aaron Rudder is a finance and economics professional focused on developing fairer and more efficient capital markets through regulated digital infrastructure. He brings experience across crypto finance, derivatives research, and tokenized market structures, including work within EU-regulated trading environments. Rudder has led research initiatives supporting compliant derivatives issuance and structured digital asset products. His background combines financial modeling, market analysis, and applied research at the intersection of regulation and emerging financial systems.

Rail Vision Ltd. (NASDAQ: RVSN)

Rail Vision Ltd. (NASDAQ: RVSN) is an early commercialization-stage technology company developing unique rail-specific detection systems designed to improve safety and operational performance across global railway networks. The company's products address visibility, hazard detection, and situational awareness challenges, which are critical for preventing collisions, reducing operational risks, and improving overall railway efficiency in diverse and demanding environments.

Rail Vision's technology combines electro-optical sensors with artificial intelligence to extend real-time awareness along and around rail tracks under a wide range of operating conditions. The company aims to support safer train movement, improve operational reliability, and enhance decision-making for both manned and increasingly automated rail systems.

Rail Vision aims to deliver measurable safety, efficiency, and cost benefits for passenger and freight operators, while contributing to the continued evolution of modern rail infrastructure.

The company is headquartered in Ra'anana, Israel.

Products

Rail Vision offers two primary rail-deployed systems, MainLine and ShuntingYard, designed for distinct operating environments, along with a cloud-based operational intelligence dashboard that extends system functionality through data analysis and reporting.

• The MainLine system provides extended forward-looking visibility of up to 1.2 miles along open rail corridors, enabling real-time detection and classification of obstacles, hazards, and track-related events across a wide range of weather and lighting conditions. Designed for continuous operation, the system delivers real-time alerts that enhance driver awareness, improve safety, and increase operational efficiency.
• The ShuntingYard system detects hazards and provides visibility of up to 200 yards under diverse weather and lighting conditions along rail yards. The system offers front-to-back visual coverage, wide-view coupling cameras, and path-finding capabilities to support safe maneuvering in dense, low-speed operational settings.

Both systems are complemented by visual and acoustic alerts intended to reduce collision risk, minimize operational downtime, and improve efficiency during complex operations.

Rail Vision also offers a cloud-based SaaS intelligence portal that aggregates and analyzes data generated by Rail Vision's products. This platform is designed to empower operators with the tools they need to efficiently manage their fleets, review historical data, and generate comprehensive reports, ultimately reducing downtime, lowering costs, and integrating Rail Vision's data outputs with existing or future big data environments.

Additional offerings include system software updates, parts and repairs, support services, and tailored integrations.

Market Opportunity

Rail Vision operates within a growing global market driven by increasing demand for railway safety, operational efficiency, and automation. According to Research and Markets, the train collision avoidance systems market was estimated at approximately $20.3 billion in 2024 and is projected to reach $57.8 billion by 2030, representing a compound annual growth rate of 19.0% over that period. This growth reflects heightened focus on accident prevention, infrastructure modernization, and regulatory emphasis on safety.

In parallel, the global autonomous train market was estimated at $9.82 billion in 2023 and is expected to reach $14.50 billion by 2030, growing at a CAGR of 5.9% from 2024 to 2030, according to Grand View Research. Market trends supporting these opportunities include expansion of global rail networks, rising adoption of artificial intelligence and cloud-based services in railway operations, and increased investment in research and innovation related to AI-enabled rail technologies. Together, these dynamics position Rail Vision within markets that are expanding in both scale and technological sophistication.

Leadership Team

David BenDavid, Chief Executive Officer, is a technology executive with more than 25 years of global experience driving innovation across artificial intelligence, cloud computing, and advanced engineering platforms. Prior to joining Rail Vision, he served as CEO and co-founder of Tensorleap, where he led the development of a deep learning analytics platform focused on transparency and performance in AI model deployment.

Ofer Naveh, Chief Financial Officer, brings more than 20 years of experience in accounting and financial management, including roles at KPMG's audit practice and in senior finance positions at publicly traded companies in Israel and the United States. He holds a B.A. in Accounting and Business and an M.A. in Law.

Noam Shloper, Chief Operating Officer, has more than 20 years of experience in executive compliance, quality management, and project management across military and commercial high-technology environments. He previously served in senior quality and operations roles at DRS Rada Technologies and Logic Industries and holds a degree in Industrial and Management Engineering.

Doron Cohadier, Vice President of Business Development and Marketing, has over two decades of managerial experience in business development and marketing within advanced technology sectors. His background includes senior leadership roles at Foresight Autonomous Holdings and Elbit Systems, supporting global commercialization of vision and defense technologies.

Amit Klir, Vice President of Research and Development, has extensive experience leading multidisciplinary engineering teams and managing the development of products combining video processing, signal processing, and advanced algorithms. He holds a B.Sc. in Electrical and Computer Engineering with a specialization in digital signal processing.

REalloys Inc. (NASDAQ: ALOY)

REalloys Inc. (NASDAQ: ALOY) is a U.S.-based rare earth company focused on establishing a fully domestic supply chain for rare earth metals and permanent magnets. The company's platform is designed to address long-standing structural gaps in North America's ability to process, refine, and manufacture critical materials used in defense systems, electrification technologies, and industrial applications.

Its approach centers on vertical integration, spanning feedstock sourcing, processing, metallization, alloying, and magnet production. By combining proprietary technologies with strategic partnerships, REalloys is building a coordinated system capable of producing high-purity rare earth materials and finished magnet products within allied jurisdictions.

Through this integrated model, the company aims to deliver a secure and traceable supply of critical materials while reducing reliance on foreign processing and manufacturing infrastructure.

Operations

Integrated Processing and Metallization Platform

REalloys' midstream capabilities are anchored by its partnership with the Saskatchewan Research Council ("SRC"), which operates the first fully integrated rare earth processing, separation, and metal-making facility in North America. REalloys has secured rights to acquire 80% of the oxides and metals produced at the facility, with a right of first refusal on the remaining 20%.

The SRC facility is designed to process approximately 3,000 tonnes per year of monazite concentrate and produce separated oxides and alloys, including neodymium, praseodymium, dysprosium, and terbium. It includes commercial-scale uranium and thorium removal capability, enabling compliant processing of monazite and addressing a key bottleneck in Western rare earth supply chains.

REalloys is advancing a heavy rare earth metallization facility expected to begin operations in 2027, designed to produce approximately 30 tonnes of dysprosium and 15 tonnes of terbium annually. The company is also developing a U.S.-based metallization facility with capacity of approximately 3,000 tonnes per year of high-purity metals, integrating upstream processing with downstream manufacturing.

Magnet Manufacturing and Downstream Operations

REalloys is building a NdFeB magnet manufacturing facility with initial capacity of 3,000 tonnes per year, scaling to 10,000 tonnes annually. At full capacity, the facility is expected to support production requirements equivalent to approximately 1.5 to 2.0 million electric vehicles per year and 7,000 to 10,000 wind turbines.

Through its Ohio operations, including PMT Critical Metals, the company has established capabilities in alloy design, engineered powders, and magnet production processes, with demonstrated production of high-purity rare earth metals and NdFeB magnets.

Feedstock and Resource Strategy

REalloys' upstream supply includes its Hoidas Lake project in Saskatchewan, which contains both light and heavy rare earth elements and is positioned to support approximately 3,000 to 5,000 tonnes per year of magnet manufacturing capacity.

Additional feedstock sources include monazite supply agreements, recycled magnets, e-waste, and other secondary resources, providing diversified and flexible inputs across the supply chain.

Technology and Strategic Positioning

REalloys has developed a proprietary metallization process that eliminates the use of hydrofluoric acid in the production of rare earth fluorides, enabling a safer and more compliant processing pathway while producing metallization-grade intermediates.

The company has also received support from the U.S. Defense Logistics Agency through a contract awarded to its subsidiary supporting the scaling of domestic production of critical rare earth metals and meets eligibility criteria for multiple U.S. strategic funding programs supporting domestic supply chain development.

Market Opportunity

According to Grand View Research, the global rare earth elements market was valued at $3.95 billion in 2024 and is projected to reach $6.28 billion by 2030, growing at a compound annual growth rate of 8.6%. Magnets represented approximately 41.0% of total market revenue in 2024, while neodymium accounted for 30.3% of the market by product.

The market remains highly concentrated, with Asia Pacific accounting for more than 86% of global revenue, and China producing approximately 60% of global output while processing nearly 90%. This concentration reflects the limited availability of non-Chinese rare earth processing and magnet manufacturing capacity.

Demand for rare earth materials is driven by applications in electric vehicles, wind energy, and defense systems, all of which require high-performance permanent magnets. REalloys' planned production capacity of up to 10,000 tonnes per year of NdFeB magnets is aligned with demand from electric vehicles, wind energy, and defense applications.

Leadership Team

Lipi Sternheim, Chief Executive Officer, leads REalloys and has been responsible for advancing the company's vertically integrated rare earth platform, including the development of its proprietary metallization technologies and execution of strategic partnerships supporting North American supply chain buildout. He has played a central role in aligning the company's upstream, midstream, and downstream operations to support scalable production of rare earth metals and magnets.

Stephen duMont, Chairman, oversees the company's strategic direction and has been involved in positioning REalloys within the broader rare earth and defense supply chain landscape. His work includes guiding key partnerships, supporting capital formation initiatives, and advancing the company's facility development strategy across North America.

Mike Crabtree, President and CEO of the Saskatchewan Research Council, leads SRC and plays a central role in REalloys' access to commercial-scale rare earth processing, separation, and metal production capabilities. Under his leadership, SRC has developed the integrated processing platform that enables the partnership's midstream capabilities and supports the production of rare earth oxides and metals at commercial scale.

Safe Pro Group Inc. (NASDAQ: SPAI)

Safe Pro Group Inc. (NASDAQ: SPAI) is a mission-driven technology company delivering advanced AI-powered security and defense solutions. It is focused on serving customers in the defense, homeland security, humanitarian, law enforcement, and commercial markets where its AI, drone-based services and ballistic protective gear can synergistically deliver safety and operational efficiency.

At the heart of Safe Pro's mission is its patented artificial intelligence (AI), machine learning (ML), deep learning and applied computer vision software technology. These tools are currently being used to rapidly detect small objects in drone-based video and imagery such as landmines and unexploded ordnance (UXO), enabling safer and more efficient field operations across global conflict and post-conflict zones and supporting efforts to improve the reliability of critical infrastructure. The company's vision is to lead the evolution of security and threat detection through AI innovation, while its mission is to empower governments, enterprises, and humanitarian organizations with tools to respond to evolving threats at scale.

With a team of leaders and subject matter experts drawn from the defense, technology, and public safety sectors, Safe Pro Group delivers U.S.-developed next-generation AI and drone services through its Safe Pro AI and Airborne Response units and high-performance, American-made ballistic protective solutions through its Safe-Pro USA subsidiary.

The company is headquartered in Aventura, Florida.

Products

Safe Pro Group's three business units operate across software, hardware, and field services to deliver a comprehensive suite of solutions. Each division plays a distinct role in supporting defense, humanitarian and public safety missions around the world.

Safe Pro AI

Safe Pro AI's core AI-powered computer vision technology enables the rapid analysis of drone-based imagery to autonomously detect objects of interest. Its flagship product, SpotlightAI™ can detect and label over 150 types of explosive threats including landmines, cluster munitions, and unexploded ordnance (UXO). Built on more than two years of real-world usage in Ukraine and now including additional imagery being gathered from the Asian-Pacific region and Africa, SpotlightAI™ rapidly processes and creates high-resolution maps supported by the hyper scalability of the Amazon Web Services (AWS) cloud or detects threats in real-time locally on the edge through its OnSite Windows-based software application. Today, the platform boasts one of the world's largest datasets built on over 1.88 million real-world battlefield images from Ukraine, identifying 34,200+ threats across more than 8,119 hectares (over 20,000 acres).

Airborne Response

Airborne Response is a leading provider of mission critical drone services using U.S. Government-compliant small uncrewed aircraft systems (sUAS) (drones). It serves enterprises in utilities & telecom and insurance with a full-range of drone-based critical infrastructure inspection and monitoring solutions as well as Drone-as-a-First Responder (DFR) services for law enforcement and public safety. It provides customers with actionable intelligence though data capture, analytics and processing powered by AI.

Safe-Pro USA

Safe-Pro USA manufactures ultra-premium, American-made ballistic protection systems including advanced body armor and ballistic plates as well as complete Explosive Ordnance Disposal (EOD) suits, demining aprons, and bomb blankets. All products exceed U.S. and NATO standards and are designed, engineered, and produced in the U.S., supporting customers across military, humanitarian, and law enforcement sectors.

Market Opportunity

Harnessing its patented, real-time, AI-powered processing of drone-based imagery, Safe Pro is creating a uniquely powerful 'Next-Gen' approach to situational awareness supporting ground-based personnel in safely completing their defense/military, humanitarian, law enforcement & commercial missions.

The global threat posed by landmines and UXO spans nearly 60 countries, affecting millions of civilians and imposing significant economic burdens, particularly in agriculture and infrastructure. In Ukraine alone, the contamination of 17 million hectares has resulted in $50+ billion in agricultural losses, with World Bank estimates projecting $30 billion needed in demining costs. According to the Landmine Monitor 2024, regions in Asia, Africa, and Latin America continue to report high casualty rates.

Safe Pro is positioned to capture a portion of the $15 billion+ global defense tech market, especially in AI-driven battlefield intelligence, drone surveillance, and threat detection. As a U.S.-based AI and defense technology provider with a HUBZone-certified manufacturing arm, Safe Pro is eligible for federal and state procurement programs, public safety grants, and critical infrastructure contracts, as well as global humanitarian demining efforts.

Leadership Team

Dan Erdberg, Chairman and CEO, brings over 20 years of experience as a C-level technology executive. He has led multiple Nasdaq listings in the drone, 5G, and satellite communications sectors, raised over $50 million in growth capital, and spearheaded Safe Pro Group's corporate strategy and acquisitions.

Theresa Carlise, Chief Financial Officer, has more than 30 years of experience in financial leadership roles for public companies. Her expertise includes equity transactions, strategic planning, and financial restructuring. She served as Chief Financial Officer, Secretary, Treasurer and Director of various publicly traded companies within the retail, telecommunications, distribution, transportation, mortgage banking and construction sectors.

Pravin Borkar, CTO and Director (President, Safe-Pro USA), has over 30 years of experience in the engineering and manufacturing of ballistic protection systems for the U.S. Department of Defense. He has developed armor solutions for personnel and aircraft platforms including the CH-53 and Blackhawk.

Christopher Todd, President (Airborne Response), is a drone industry veteran and Certified Emergency Manager (CEM®) with more than 30 years of experience. He founded Airborne Response and is President of AUVSI Florida, with expertise in public safety drone deployment and emergency response.

ShelfieTech Ltd. (CSE: SHLF) (OTCQB: SHLFF)

Disseminated on behalf of ShelfieTech Ltd., may include paid advertisements.

ShelfieTech Ltd. (CSE: SHLF) (OTCQB: SHLFF) is a technology company dedicated to transforming retail inventory management through automation and modern engineering. The company's vision centers on simplifying the future of retail by reducing the friction between people, shelves and data, enabling retailers to operate with greater reliability and responsiveness. Its mission is to create technology that elevates store performance while supporting employees with tools that remove unnecessary manual tasks.

Built on values of consideration, collaboration and efficiency, ShelfieTech focuses on solutions that enhance both operational flow and the human–technology relationship. The company emphasizes user-friendly design and thoughtful automation, ensuring that store teams are empowered rather than replaced. This value-driven approach guides every product and workflow the company develops.

Through this philosophy, ShelfieTech aims to help retailers deliver consistently stocked shelves, smoother operations and improved customer experiences across major grocery and supermarket environments.

The company is headquartered in Vancouver, British Columbia.

Products

ShelfieTech offers a comprehensive retail-inventory management platform built around a robotic shelf-monitoring system powered by proprietary software. The system uses machine learning and computer-vision algorithms to capture high-resolution images across shelves, providing precise, real-time insights into product quantity, identification and placement. With scheduled or on-demand scanning, retailers can generate up-to-date shelf data whenever needed.

The company's technology supports flexible configuration, plug-and-play installation and seamless integration across store environments. Its AI-driven identification engine classifies products, monitors stock levels with accuracy and helps managers optimize both shelf organization and broader capacity planning. The solution enhances retail workflow efficiency by automating the most tedious and error-prone parts of inventory management.

To support in-store teams, ShelfieTech offers a dedicated mobile app for employees, enabling smarter task organization, daily planning and status updates. Managers can access the company's cloud-based dashboard for a remote, real-time overview of store conditions, empowering data-backed decision-making from any location. Additional features include dynamic advertising screens on the scanner and motion-sensing safety technology that pauses device movement when customers are nearby.

Market Opportunity

ShelfieTech addresses critical inefficiencies in traditional retail inventory management. Human-performed inventory counts average only 63% accuracy, contributing to operational inconsistencies and product shortages. Approximately 46% of inventory errors result directly from manual processes, and 25% of consumers respond negatively when items are out of stock — a factor that directly affects sales and customer loyalty.

These operational challenges create strong market demand for automated solutions that ensure real-time shelf visibility and maintain product availability. As retailers seek to streamline workflows, reduce labor burdens and improve inventory reliability, technologies that combine AI, robotics and automated scanning are becoming increasingly important. ShelfieTech's platform aligns directly with this industry shift by providing precise, continuous shelf monitoring that helps retailers avoid revenue loss tied to stockouts and inefficient processes.

Leadership Team

Bentsur Joseph, Founder, CEO and Chairman, is a serial entrepreneur with a strong track record in building and expanding successful corporations. He previously served as Chairman of Elad Hotels (part of the Tshuva Group, one of Israel's largest conglomerates) and held a director position at MARLAZ, a public holding company involved in industrial, real estate, communication, and high-tech sectors. Earlier in his career, he was Operations Manager at Comfy Interactive Movies, a leading publicly traded edutainment company.

Alan Rootenberg, CFO & Corporate Secretary, is a CPA, CA with more than 35 years of experience in business development, senior management, accounting, corporate finance and corporate administration. He oversees financial operations, reporting and corporate governance for the company.

Soligenix Inc. (NASDAQ: SNGX)

Soligenix Inc. (NASDAQ: SNGX) is a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need. The company operates through two business segments: Specialized BioTherapeutics and Public Health Solutions.

The Specialized BioTherapeutics segment includes HyBryte™ (SGX301 or synthetic hypericin sodium), which is being advanced toward potential commercialization for the treatment of early-stage cutaneous T-cell lymphoma (CTCL), as well as SGX302 for psoriasis and SGX945 (dusquetide) for Behçet's Disease. The Public Health Solutions segment includes vaccine development programs supported by government funding and incorporates the company's proprietary ThermoVax® heat stabilization platform.

Soligenix is headquartered in Princeton, New Jersey.

Specialized BioTherapeutics

HyBryte™ (SGX301) – Cutaneous T-Cell Lymphoma (CTCL)

HyBryte™ is a visible light-activated synthetic hypericin photodynamic therapy for early-stage CTCL. A pivotal Phase 3 study (FLASH) demonstrated statistically significant efficacy. The confirmatory Phase 3 trial (FLASH2) is actively enrolling 80 patients and shifts the primary endpoint assessment from 6 weeks to 18 weeks of continuous treatment, consistent with prior findings that response improves with longer treatment duration.

As of February 10, 2026, 66 patients had been enrolled. An interim analysis is expected in the second quarter of 2026, with top-line results anticipated in the second half of 2026. The company has reported that the overall blinded aggregate response rate remains consistent with what was previously reported and higher than the estimated overall response rate used to design the study. An earlier Data Monitoring Committee review identified no safety concerns.

An investigator-initiated study evaluating extended HyBryte™ treatment reported that, following 18 weeks of continuous treatment, 75% of patients achieved treatment success, with complete responses observed in certain patients. HyBryte™ has received orphan drug designation in both the United States and Europe, as well as Fast Track designation from the FDA. Upon successful completion of FLASH2, regulatory submissions are expected to support potential commercialization worldwide.

SGX302 – Mild-to-Moderate Psoriasis

SGX302 utilizes synthetic hypericin for the treatment of mild-to-moderate psoriasis. A Phase 2a exploratory study evaluated multiple cohorts, including a third cohort using an optimized gel formulation designed to improve ease of application. Across evaluable patients, improvements were observed in Investigator Global Assessment (IGA), Psoriasis Activity and Severity Index (PASI), simplified psoriasis index, Dermatology Life Quality Index and Skindex-29.

SGX302 gel therapy was well tolerated with no drug-related adverse events identified. With completion of the pilot study, the company has stated that "the table has been set for a more detailed evaluation" of SGX302 in this indication.

SGX945 (Dusquetide) – Behçet's Disease

SGX945, which contains dusquetide, is being developed for the treatment of aphthous ulcers associated with Behçet's Disease. Results from the Phase 2a proof-of-concept study were published in Rheumatology (Oxford) in December 2025. In the study, 7 of 8 patients experienced beneficial effects during the four-week treatment period, with improvements sustained during the four-week follow-up period.

Using the area under the curve (AUC) endpoint comparable to the Phase 3 apremilast study, the SGX945 treated group demonstrated a 40% improvement relative to placebo at four weeks. Improvement was sustained at Week 8, with a 32% improvement evaluated despite treatment having stopped at Week 4. SGX945 was well tolerated with no treatment-related adverse events reported.

In February 2026, the European Medicines Agency Committee for Orphan Medicinal Products (COMP) issued a positive opinion recommending orphan drug designation for dusquetide for the treatment of Behçet's Disease, with ratification by the European Commission pending. SGX945 has previously received orphan drug and Fast Track designations from the U.S. FDA. The company has stated its intention to pursue reformulation to enable home-based administration and to interact with regulatory authorities regarding a follow-on placebo-controlled Phase 2b study.

Public Health Solutions

Soligenix's Public Health Solutions segment focuses on vaccine candidates and biodefense medical countermeasures supported by non-dilutive government funding. Key programs include:

• RiVax®, a ricin toxin vaccine candidate that has demonstrated statistically significant survival in non-human primate models and positive Phase 1 safety results.
• MarVax™ and SuVax™, vaccine candidates targeting Marburg and Ebola viruses, supported by published data demonstrating thermostability and protective efficacy.
• CiVax™, a COVID-19 vaccine candidate utilizing the company's ThermoVax® platform.
• ThermoVax®, a proprietary heat stabilization technology designed to eliminate cold-chain storage requirements, with published data supporting stability at 40°C for up to two years.

This segment has received substantial funding support from the National Institute of Allergy and Infectious Diseases (NIAID), the Defense Threat Reduction Agency (DTRA), and the Biomedical Advanced Research and Development Authority (BARDA).

Market Opportunity

HyBryte™ targets the global CTCL market, which the company estimates exceeds $250 million annually. The company projects peak annual U.S. net sales in excess of $90 million. CTCL is a chronic orphan oncology indication with limited well-tolerated therapeutic options, and HyBryte's visible-light mechanism is designed to avoid the long-term risks associated with ultraviolet-based therapies and systemic immunosuppressants.

SGX302 addresses the global psoriasis market, which was valued at approximately $15 billion in 2020 and is projected to reach as much as $40 billion by 2027. Psoriasis affects an estimated 60 to 125 million people worldwide, with approximately 80% classified as mild-to-moderate disease. The company estimates the addressable opportunity for SGX302 exceeds $1 billion annually.

SGX945 targets Behçet's Disease, an orphan inflammatory condition affecting approximately 18,000 individuals in the U.S., more than 50,000 in Europe and up to one million worldwide. The company estimates the global market opportunity at approximately $200 million annually.

Collectively, Soligenix estimates its rare disease portfolio represents potential global annual sales opportunities approaching $2 billion.

Leadership Team

Christopher J. Schaber, PhD, Chairman, President & CEO, brings to the company more than 35 years of experience in the biopharmaceutical industry. Before joining Soligenix, he held senior and operational leadership roles at Discovery Laboratories, Acute Therapeutics, Ohmeda Pharmaceuticals, The Liposome Company, and Wyeth Ayerst Laboratories. He has extensive expertise in drug development, regulatory affairs, and corporate strategy, positioning him to drive Soligenix's growth and advancement toward commercialization.

Richard Straube, MD, Chief Medical Officer, has more than 35 years of experience in drug development and clinical research. Prior to joining Soligenix, he held key leadership roles at Stealth Peptides, INO Therapeutics, Ohmeda Pharmaceuticals, and Centocor. Throughout his career, he has played a crucial role in bringing innovative therapies to market, particularly in inflammatory diseases and immunology, making him a valuable asset in advancing Soligenix's late-stage clinical programs.

Oreola Donini, PhD, Chief Scientific Officer, has more than 20 years of experience in pharmaceutical research and development, with expertise in immunology, inflammation, and rare diseases. Before joining Soligenix, she held leadership positions at Inimex Pharmaceuticals, ESSA Pharma, and Kinetek Pharmaceuticals, where she worked on novel drug discovery and translational medicine. Her experience in preclinical research and product development supports Soligenix's continued innovation in biopharmaceuticals.

Jonathan Guarino, CPA, CGMA, Chief Financial Officer, has over 25 years of experience in corporate finance and strategic financial planning. Before joining Soligenix, he held financial leadership positions at Hepion Pharmaceuticals, Covance, BlackRock, and Barnes & Noble. His expertise in financial management, accounting, and capital markets plays a critical role in Soligenix's financial strategy and operational efficiency.

SPARC AI Inc. (CSE: SPAI) (OTCQB: SPAIF)

Disseminated on behalf of SPARC AI Inc., may include paid advertisements.

SPARC AI Inc. (CSE: SPAI) (OTCQB: SPAIF) develops next-generation, GPS-free target acquisition system and autonomous navigation software for drones and edge devices. Its zero-signature technology delivers real-time detection, tracking, and behavioral insights without reliance on radar, lidar, or heavy sensors. The company's platform transforms unmanned systems into autonomous tools capable of identifying and engaging targets in GPS-denied environments.

The company's vision is to redefine situational awareness by merging advanced mathematics, AI modeling, and edge computing into a unified intelligence architecture. SPARC AI aims to empower defense, rescue, and commercial organizations to operate safely and effectively in signal-contested environments where traditional navigation systems fail.

Its mission is to build the world's most trusted geolocation intelligence platform that operates without GPS, enabling seamless interoperability across air, land, and sea devices.

SPARC AI is headquartered in Toronto, Canada.

Technology

SPARC AI's technology suite delivers precision target acquisition, navigation, and autonomous intelligence in environments where GPS and traditional sensors fail. At its core is the Target Acquisition System, a software-only solution that determines the geolocation of any visible object using camera telemetry data. By removing the need for specialized hardware like lasers, radar, or lidar, the platform reduces weight, power use, and cost. Built on advanced mathematical modeling, it constructs a 3D understanding of terrain and position, achieving GPS-level accuracy in a zero-signature configuration suited for defense, rescue, and commercial operations.

SPARC AI Mobile extends this capability to handheld and field-issued devices, allowing operators to mark and transmit target coordinates directly from smartphones or rugged tablets. Once a target is identified, the device relays the coordinates to a connected drone, which autonomously navigates to the location for reconnaissance or engagement. The mobile system maintains accuracy even in GPS-jammed or degraded environments, turning each device into a connected node within a broader distributed network.

The company's GPS-Denied Navigation engine enables mission planning and execution without satellite signals. Operators can design flight paths, define perimeters, and simulate routes to identify optimal vantage points and minimize resource use. Counter-surveillance and threat-prediction tools model adversarial visibility, helping users avoid detection and maximize ground coverage. Together, these capabilities form the foundation of SPARC AI's software architecture, providing the intelligence backbone for its integrated command platform.

Overwatch Target Intelligence

Overwatch unifies all SPARC AI technologies, including its Target Acquisition, Mobile, and Navigation systems, into a single mission-ready platform that fuses detection, classification, tracking, and navigation in real time. It transforms drones and robotic systems into fully autonomous intelligence assets by synchronizing data across connected devices. The platform's zero-signature design ensures complete operational security, allowing defense and rescue teams to conduct surveillance, reconnaissance, and engagement without GPS or active sensors.

Within Overwatch, the ATLAS Visibility Intelligence Engine enhances mission planning and reconnaissance through 2D and 3D visualization. Users can simulate line-of-sight coverage from any altitude, identify unseen or occluded areas, and optimize routes for surveillance or search and rescue. Operating entirely through software, ATLAS produces high-fidelity visibility data without mapping drones or additional power consumption, providing a lightweight, silent, and sensor-free alternative to lidar-based systems.

The SPARC AI SDK and open API framework extend Overwatch's interoperability. Developers can embed SPARC AI's intelligence into third-party systems such as PX4- and ArduPilot-powered drones, the world's most widely used open-source flight platforms. The SDK provides REST APIs with bindings for Python, C++, and JavaScript and supports hardware including NVIDIA Jetson, Qualcomm Robotics RB5, and Raspberry Pi. Through these integrations, Overwatch serves as the command and intelligence layer of SPARC AI's ecosystem, linking distributed drones, sensors, and edge devices into a coordinated autonomous network that operates entirely without GPS.

Market Opportunity

SPARC AI operates within the rapidly expanding defense, security, and commercial drone markets projected to exceed $100 billion over the next decade. The company's software-defined approach addresses the global demand for autonomous systems capable of performing in denied, degraded, intermittent, and limited (DDIL) environments, positioning SPARC AI at the forefront of next-generation geolocation and targeting solutions.

Fortune Business Insights projects the global commercial drone market will reach approximately $65.25 billion by 2032, while Grand View Research estimates the combined drone hardware and services market will grow to $163.6 billion by 2030. With its per-device subscription model and integration across drones and robotic systems, SPARC AI is structured to capture recurring revenue from this accelerating adoption of GPS-denied intelligence technologies.

Leadership Team

Anoosh Manzoori, CEO, brings extensive experience as a technology entrepreneur, investor, and director, having founded, scaled, and exited multiple high-tech companies. He has taken five companies public, served on seven public company boards, and invested in innovations spanning cloud, fintech, biotech, IoT, defense, and AI.

Justin Hanka, Director, is an investment banking professional with 25 years of experience in mergers and acquisitions and capital markets. He has held executive roles at high-growth companies including iSelect.com.au and Helpmechoose, achieving multiple successful exits.

Anthony Haberfield, Director, is an international financial services executive with 30 years of experience across the Asia Pacific region, specializing in strategy, transformation, procurement, and emerging technology.

Stewards Inc. (OTC: SWRD)

Stewards Inc. (OTC: SWRD) is redefining the private credit and alternative lending industry through a strategic redevelopment of its operations and offerings. With a focus on leveraging financial technology and a client-centric approach, Stewards empowers small to medium-sized businesses with fast, flexible, and reliable access to capital, bridging the gap left by traditional financial institutions.

As part of its strategy to uplist to Nasdaq, Stewards is enhancing its technology platform, operational scalability, and market positioning to meet higher regulatory standards and attract institutional investors. Headquartered in Fort Lauderdale, Florida, Stewards employs over 120 professionals across five global offices, delivering sustainable growth and value for clients and shareholders alike.

Products and Services

• Proprietary Lending Platform and Mobile App (In Development): Stewards is in the early stages of developing an advanced digital platform designed to enhance client engagement and streamline funding processes. This platform will eventually allow businesses to apply for funding products, track progress, and manage repayment efficiencies. A complementary mobile app is also being planned to provide real-time insights and tailored recommendations, laying the groundwork for an improved borrower experience.
• Fintech-Driven Lending Solutions: Stewards is exploring proprietary and third-party technology tools, including advanced analytics and algorithms, to enhance decision-making speed and reliability in the lending process.
• Flexible Financing Options: Stewards specializes in structuring customized capital solutions tailored to the diverse needs of small business owners, offering scalable and adaptable products that evolve with changing market conditions.

Market Opportunity

The private credit market is experiencing exponential growth as traditional banks reduce their focus on small business lending. According to industry reports, the global private credit market is projected to surpass $1.5 trillion by 2025, driven by increasing demand for alternative financing options.

Stewards is uniquely positioned to capture market share within this booming sector by leveraging fintech innovation to meet the needs of underserved small businesses. With a focus on efficiency, speed, and client satisfaction, Stewards addresses critical gaps in the financial ecosystem while building a platform for long-term growth.

Recent Highlights

• Fintech Innovation: Initial investments in app development and analytics lay the groundwork for future operational efficiency and improved borrower experience.
• Operational Scale: A global footprint with over 120 employees combines the agility of a local lender with the reach of an international financial institution.
• Proven Growth: Stewards' technology-driven approach has enabled consistent expansion, solidifying its reputation as a trusted partner for small businesses.

Leadership Team

Vincent Napolitano is a Founder and CEO of Stewards Inc. With over two decades of experience in finance and business development, Vincent has been instrumental in building Stewards into a trusted partner for businesses seeking innovative financial strategies. Prior to founding Stewards, Vincent spent 25 years on Wall Street, holding key positions at prominent firms and developing expertise in structuring complex financial deals. He also served as Chief Investment Officer for multiple special purpose vehicles (SPVs), acquiring private stock in pre-IPO unicorn companies such as Facebook and Twitter.

Shaun Quin is a Founding Member and President of Stewards Inc., overseeing the company's mission to deliver innovative and efficient private credit solutions to small and medium-sized businesses. With over 20 years of global experience as a partner, investor, and director, Shaun brings a strategic and customer-focused approach to his leadership. His expertise in fostering collaboration, building high-performance cultures, and empowering businesses has positioned Stewards as a trusted leader in private lending.

Vaughan Korte, CFO, brings over 15 years of global financial expertise to his role with Stewards Inc. His track record includes managing financial operations for Adidas across 60 countries with budgets exceeding $500 million. Vaughan's leadership ensures Stewards remains financially resilient, aligning financial strategy with organizational goals and fostering shareholder value.

Glen Steward, Chief Strategy Officer, is a seasoned entrepreneur with over 28 years of experience in the investment and trading industries. He drives Stewards' strategic initiatives, ensuring the company remains competitive and agile in a rapidly evolving market. Glen has held directorships and board memberships across Mauritius, South Africa, and the United States. His strategic acumen has been pivotal in integrating the FAVO Group of Companies into Stewards Inc., fueling growth and market leadership.

Advisory Board

Bilal Adam, Accounting & Financial Counsel, is a financial expert with over 20 years of experience, including roles as CEO of Stewards Investment Capital. His insights into bespoke investment solutions, including fixed income, equity, and digital assets, support Stewards' innovative approach to private credit.

Honorable Earnest Hart, Corporate Governance Counsel, brings decades of legal and governance experience, having served as a New York Supreme Court Judge and COO at Columbia University Medical Center. His guidance ensures Stewards maintains robust corporate governance standards.

Rocco Trotta, Business Leadership and Scalability Counsel, is the co-founder of LiRo-Hill and has decades of experience scaling businesses. His expertise in organizational efficiency and talent development strengthens Stewards' ability to attract excellence across all aspects of the business.

As Stewards redevelops its operations and prepares for an uplisting to Nasdaq, the company is laying the foundation to redefine private credit with emerging fintech solutions and exceptional leadership. Learn more by visiting investors.favocap.com.

Strawberry Fields REIT Inc. (NYSE American: STRW)

Strawberry Fields REIT Inc. (NYSE American: STRW) is a self-administered real estate investment trust engaged in the ownership, acquisition, and leasing of skilled nursing and other healthcare-related properties. Initially spun out in 2015 with a 33-property portfolio in Indiana and Illinois, the company has steadily expanded its footprint and now owns and leases across 10 states. Its facilities are leased to experienced third-party operators, primarily under long-term triple-net agreements.

The company's disciplined strategy emphasizes working with regional operators and experienced consultants, focusing on markets where demographic tailwinds and regulatory barriers support long-term demand. From 2020 through projected 2025, the company achieved compound annual growth rates of 13.6% in Adjusted Funds From Operations (AFFO) and 13.5% in Adjusted EBITDA (AEBITDA).

In August 2025, the board of directors approved a 14.3% increase in the company's quarterly dividend to $0.16 per share. Chairman and CEO Moishe Gubin stated that the dividend increase reflects the company's strong performance and sustainable outlook, while still keeping the payout ratio below 50%.

Strawberry Fields REIT is headquartered in South Bend, Indiana.

Portfolio

As of September 2025, Strawberry Fields REIT owns and holds long-term leasehold interests in 142 healthcare facilities totaling more than 15,500 licensed beds. The portfolio includes 130 skilled nursing facilities (SNFs), 10 assisted living facilities (ALFs), and two long-term acute care hospitals (LTACHs), with properties located in Arkansas, Illinois, Indiana, Kansas, Kentucky, Missouri, Ohio, Oklahoma, Tennessee, and Texas.

In recent months, Strawberry Fields REIT has expanded its portfolio through the following acquisitions:

• Nine skilled nursing facilities in Missouri totaling 686 beds for $59 million. Eight of the facilities were added to an existing master lease with the Tide Group, increasing annual base rent by $5.5 million, while the ninth facility was added to Reliant Care Group's lease, raising rent by an additional $0.6 million.
• An 80-bed skilled nursing facility near Oklahoma City, Oklahoma, for $4.25 million, which was leased to a current operator under a master lease with $425,000 of initial rents and 3% annual escalations.
• A 124-bed facility comprised of 108 skilled nursing beds and 16 assisted living beds near Poplar Bluff, Missouri, for $5.3 million, which was leased to a current operator under a master lease with $530,000of initial rents and 3% annual escalations.

Market Opportunity

Strawberry Fields REIT operates in the skilled nursing and post-acute healthcare real estate sector, which is supported by favorable demographic and regulatory trends. The U.S. population aged 65 and older is expected to exceed 72 million by 2030 and reach 88.5 million by 2050. According to the CDC, 83.5% of skilled nursing facility residents are 65 or older.

The sector benefits from high barriers to entry, including regulatory constraints, capital requirements, and operational complexity. At the same time, government programs such as Medicare and Medicaid provide a stable reimbursement base. The company noted that despite challenges, its operators have demonstrated consistent profitability in states that are traditionally considered difficult for SNF operators.

Spending on SNF care for the aging population is projected to grow from $181.6 billion in 2021 to $273 billion in 2030, reflecting a compound annual growth rate of 4.63%. Strawberry Fields REIT's geographic clustering strategy and long-term lease structure position it to benefit from this increasing demand and constrained supply.

Leadership Team

Moishe Gubin, Chairman, CEO, and Founder, has served as CEO since the company's inception and was involved in every acquisition. He previously served as CFO and manager of Infinity Healthcare Management and is a licensed CPA in New York.

Jeffrey Bajtner, Chief Investment Officer and Chief Operating Officer, joined the company in 2021. He oversees acquisitions, dispositions, and investor relations. Previously, he held leadership roles at BlitzLake Partners and NorthStar Realty Finance. He is a licensed CPA in Illinois.

Greg Flamion, Chief Financial Officer, joined in January 2024. He was formerly CFO at Zimmerman Advertising and has held senior finance roles at Diageo and Bristol Myers Squibb. He holds an MBA from the University of Florida and is a CPA licensed in Indiana.

Steven Greenfield, General Counsel, joined in April 2025. He previously served as Managing Attorney at HammondLaw and held executive and legal positions at Weil, Gotshal & Manges LLP and Mayer Brown LLP, focusing on tax and securities law.

Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ)

Disseminated on behalf of Trilogy Metals Inc., may include paid advertisements.

Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ) is a North American mineral exploration and development company focused on advancing high-grade copper and critical mineral assets in Alaska. The company operates through Ambler Metals LLC, a 50/50 joint venture with South32 Ltd., and is progressing one of the world's most prospective undeveloped polymetallic districts.

Trilogy is uniquely positioned with exposure to copper, zinc, lead, cobalt, silver, and gold—commodities vital to global electrification and energy transition. Its vision is to responsibly develop the Ambler Mining District into a premier domestic source of critical minerals while delivering long-term value to shareholders and local communities.

The company is guided by values of trust, respect, integrity, and partnership, and works closely with Alaska Native stakeholders to advance its strategy in a sustainable and inclusive manner.

Projects

Arctic Project

The Arctic project is Trilogy's flagship asset and one of the highest-grade known copper deposits in the world, with an average grade of approximately 5% copper equivalent. Located roughly 470 kilometers northwest of Fairbanks, Alaska, Arctic is a volcanogenic massive sulphide (VMS) deposit hosting copper, zinc, lead, gold, and silver. The project is at the feasibility stage and is currently undergoing permitting activities.

According to the 2023 Feasibility Study, Arctic will support a 10,000 tonne-per-day open-pit mining operation over a 13-year mine life. Based on long-term metal prices of $3.65/lb copper, $1.15/lb zinc, $1.00/lb lead, $1,650/oz gold, and $21.00/oz silver, the project demonstrates a pre-tax NPV8% of $1.5 billion and an IRR of 25.8%. After-tax, the NPV8% is $1.1 billion with a 22.8% IRR. At April 2025 spot metal prices, the after-tax NPV8% increases to $1.9 billion with a 31.1% IRR.

The project's metallurgy supports high recoveries: 92.1% for copper, 88.5% for zinc, and 61.3% for lead. Life-of-mine payable production is projected to total 1.9 billion pounds of copper, 2.2 billion pounds of zinc, 335 million pounds of lead, 423,000 ounces of gold, and 36 million ounces of silver. Cash costs are expected to average $0.72 per pound of payable copper, with all-in costs estimated at $1.61 per pound.

Bornite Project

Located approximately 25 kilometers southwest of Arctic, the Bornite project is a large-scale carbonate replacement copper deposit with significant upside. According to the 2025 Preliminary Economic Assessment (PEA), Bornite is expected to support a 6,000 tonne-per-day underground operation over a 17-year mine life, using re-purposed infrastructure from the Arctic Project.

Bornite contains an estimated 6.5 billion pounds of inferred copper. The PEA outlines pre-tax NPV8% of $552.1 million and IRR of 23.6%, with an after-tax NPV8% of $393.9 million and IRR of 20.0%, based on a copper price of $4.20/lb. Total payable copper production over the life of mine is projected at 1.9 billion pounds.

Bornite's mineralization occurs in stacked, stratabound zones rich in chalcopyrite, bornite, and chalcocite. A subset of the South Reef zone offers high-grade underground mining potential, further enhancing Bornite's future optionality.

Exploration Pipeline

The Upper Kobuk Mineral Projects span 471,796 acres and include more than 30 additional mineralized prospects beyond Arctic and Bornite. These lie along two geologically distinct and highly mineralized belts: the Ambler Schist Belt and the Bornite Carbonate Sequence.

The Ambler Schist Belt features multiple VMS-style prospects along its 100-kilometer strike length, including Sunshine, Snow, Nora, Shungnak, and BT. Neighboring deposits like Smucker (Teck) and Sun (Valhalla Metals) affirm the district's regional potential. Ten of Trilogy's VMS prospects have been drill tested with encouraging results.

Meanwhile, the Bornite Carbonate Sequence extends 16 kilometers along the Cosmos Hills and hosts additional targets such as Pardner Hill and Aurora Mountain. These zones show strong signs of copper and cobalt mineralization and were partially tested during the Kennecott era, suggesting significant room for expansion.

Together, these assets form the foundation of a multi-decade development and discovery platform in one of the most prospective undeveloped mining districts in North America.

Market Opportunity

Trilogy Metals is poised to benefit from long-term structural demand for copper and other critical minerals essential to electrification, energy infrastructure, and clean technologies. Copper, in particular, is expected to see major supply shortfalls due to underinvestment and accelerating demand from power grids, EVs, and data centers.

According to a Grand View Research report, the global copper market is projected to grow from $241.88 billion in 2024 to $339.95 billion by 2030, at a CAGR of 6.5%, driven by the energy transition and rising infrastructure investments.

Trilogy's Arctic and Bornite projects are strategically located in Alaska, a top-tier mining jurisdiction with strong permitting frameworks and growing federal and state-level support, including recent executive orders streamlining approvals for the Ambler Access Project. The company also maintains a $50 million shelf prospectus and an active $25 million ATM equity program to fund future development.

Leadership Team

Tony Giardini, President and Chief Executive Officer, leads Trilogy Metals with extensive executive experience in the mining industry. He previously served as President of Ivanhoe Mines Ltd., and as Executive Vice President and Chief Financial Officer at Kinross Gold Corporation. Earlier in his career, he held senior roles at Placer Dome Inc. and KPMG. Mr. Giardini is both a Chartered Professional Accountant and a Certified Public Accountant.

Elaine M. Sanders, Chief Financial Officer and Corporate Secretary, brings over 25 years of financial and accounting experience to Trilogy. She is responsible for the company's financial reporting, compliance, and governance functions. Ms. Sanders has overseen multiple financings and exchange listings throughout her career. She holds a Bachelor of Commerce from the University of Alberta and is both a Chartered Professional Accountant and Certified Public Accountant.

Richard Gosse, Vice President, Exploration, is a veteran geologist with 35 years of global exploration experience. He previously led exploration initiatives at Dundee Precious Metals and Ivanhoe Mines Ltd., where he oversaw the discovery efforts at the renowned Oyu Tolgoi copper-gold project in Mongolia. Mr. Gosse holds a B.Sc. in Geology from Queen's University and an M.Sc. in Mineral Exploration from Imperial College London.