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.

Datavault AI Inc. (NASDAQ: DVLT)

Datavault AI Inc. (NASDAQ: DVLT) is a Web 3.0 infrastructure company advancing AI-driven data monetization, valuation, and tokenization technologies across both public and private sector applications. Through a combination of proprietary platforms, high-performance computing, and patent-protected solutions, the company enables enterprises, institutions, and governments to extract meaningful value from their data while ensuring regulatory compliance, identity security, and scalability.

With a growing portfolio of strategic partnerships and acquisitions, Datavault AI is building a platform-based business model that unifies the worlds of blockchain, AI, and immersive digital experiences.

The company is headquartered in Beaverton, Oregon.

Products

Datavault AI delivers proprietary technologies across two core operating divisions: Acoustic Science and Data Science. Together, these divisions enable Datavault AI to create, deliver, and license programmable data experiences — from inaudible tone-based ads and stablecoin transactions to digital identity records and tokenized real-world assets.

Acoustic Science Division

The Acoustic Science Division encompasses Datavault AI's suite of patented audio-based technologies designed for secure communication, immersive engagement, and ultrasonic data delivery. Core offerings include ADIO®, a data-over-sound platform that enables inaudible tone-triggered transactions and real-time consumer engagement across broadcast, retail, and streaming environments. The SyncIN™ system, acquired from Turner Global Media, expands this reach by embedding imperceptible tones into live media to trigger mobile responses and facilitate stablecoin transactions at scale.

Also under this division is Sumerian®, which leverages microtransponders, polymers, and molecular markers to create crypto anchors for authenticating real-world assets. This solution enables real-time object verification and supports the creation of trusted digital twins. Finally, WiSA® audio technologies deliver wireless, multichannel HD sound transmission with proprietary IP covering spatial control, synchronization, and interference cancellation. These systems are used across consumer electronics, event venues, and enterprise installations.

Data Science Division

The Data Science Division centers on Datavault AI's AI-integrated tools for data transformation, valuation, and compliance. Flagship products include DataVault Bank®, which tokenizes enterprise data into structured, tradable assets; DataScore®, a compliance-driven scoring system for assessing data quality; and DataValue®, an AI-powered pricing engine that assigns real-time monetary value to digital assets. These solutions are built in collaboration with IBM WatsonX and serve as the foundational infrastructure for Datavault AI's tokenization and licensing platforms.

Additional applications include VerifyU™, a credentialing solution designed to support NIL compliance and lifelong academic and professional identity verification. Commercial implementations span verticals including education, government, sports, and preventative health, often in partnership with organizations such as LifeGenix Institute and NYIAX.

Market Opportunity

Datavault AI is strategically aligned with emerging trends across Web 3.0 infrastructure, digital identity, and AI-based data monetization. The Web 3.0 blockchain market is projected to grow from $4.84 billion in 2024 to $135.34 billion by 2032, according to Straits Research, creating long-term demand for scalable, secure data platforms.

Core to this opportunity is Datavault AI's valuation and tokenization stack — including DataValue® and DataScore® — which serve data compliance and monetization use cases within sectors forecast to exceed $700 billion by 2025, per Transparency Market Research.

The company is also pursuing early-stage opportunities through its carbon credit tokenization IP, and its infrastructure partnerships in credentialing, NIL licensing, and Web 3.0-triggered advertising. SyncIN and ADIO® are positioned to support engagement use cases in privacy-first media and retail environments.

Looking forward, Datavault AI aims to support the development of tokenized commodity exchanges — including pre-mining assets such as geothermal energy and rare earth elements — pending regulatory alignment and platform integration.

Leadership Team

Nathaniel T. Bradley, Chief Executive Officer and Director, is a co-founder of Datavault AI and the architect of its patented technology portfolio. He holds more than 70 U.S. and international patents and previously served as CTO of Marathon Patent Group and founder of AudioEye.

Sonia Choi, Chief Marketing Officer, leads the company's branding, licensing, and enterprise development initiatives. A patented inventor in marketing and inclusion technologies, she is also a serial entrepreneur with a track record of building businesses and delivering high-impact campaigns and strategies for Fortune 500 companies.

Jeff Jones, Chief Technology Officer, has led global SaaS platform development for two decades, delivering digital accessibility, telecommunications, and compliance solutions licensed by multiple Fortune 500 companies.

Brett Moyer, Chief Financial Officer and Director, is the former CEO of WiSA Technologies and a veteran executive with past leadership roles at Zenith Electronics, Focus Enhancements, and multiple educational institutions.

HeartBeam Inc. (NASDAQ: BEAT)

HeartBeam Inc. (NASDAQ: BEAT) is a medical technology company pioneering a new approach to cardiac care by delivering hospital-grade electrocardiogram (ECG) insights outside traditional clinical settings. Its proprietary platform supports a scalable app-based solution for real-time heart monitoring.

The company's mission is to empower both patients and physicians with actionable cardiac data wherever symptoms begin, addressing a critical gap in the first hours of cardiac events. Through its connected cardiac care ecosystem, HeartBeam is establishing a new model for remote monitoring that deepens patient engagement and delivers more actionable insights for physicians. This approach is designed to obtain early diagnosis which could reduce time to treatment, improve outcomes, and lower costs across the healthcare continuum.

HeartBeam's system aims to bring clinical-grade cardiac assessment into the home. HeartBeam is preparing for commercial launch as its 12-lead ECG synthesis software undergoes regulatory review, building on prior clearance of its 3D ECG system for arrhythmia assessment. The company plans to leverage its unique longitudinal ECG dataset and deep learning algorithms to advance predictive capabilities in the future.

HeartBeam is headquartered in Santa Clara, California.

Products

HeartBeam's flagship innovation is its credit card-sized, cable-free ECG device that collects heart signals in three non-coplanar dimensions and synthesizes a 12-lead ECG. Cleared by the FDA in December 2024 for arrhythmia assessment, the HeartBeam System enables patients to capture high-fidelity heart data during symptomatic episodes, even outside a clinical environment.

The company's pending 12-lead ECG synthesis software, developed from the same 3D signal acquisition, successfully met clinical endpoints in the VALID-ECG study and is currently under FDA review for arrhythmia assessment. This software combined with an on-demand cardiologist reader service is expected to form the backbone of HeartBeam's commercial launch strategy, providing patients with access to a synthesized 12-lead ECG outside of the traditional hospital setting and enabling physician interpretation of patient ECGs from anywhere.

From the core, the team is building an ecosystem that includes integration with wearables, automated arrhythmia assessments, AI-driven wellness features, community features and trending insights. The ecosystem is intended to drive adoption and increase the overall value of the HeartBeam System.

Artificial Intelligence and Predictive Analytics

To enhance its diagnostic capabilities, HeartBeam is developing AI-powered arrhythmia detection algorithms to be validated in collaboration with Mount Sinai Heart. In early testing, these deep learning algorithms achieved diagnostic accuracy comparable to standard 12-lead ECGs when classifying atrial fibrillation, atrial flutter, and sinus rhythm.

Additionally, HeartBeam's AI engine has the potential to transform routine monitoring into predictive power in the future. The company's platform enables frequent readings, building a unique longitudinal ECG dataset unique that no one else offers. By leveraging deep learning on the repeated measurements, there is an opportunity to develop predictive capabilities, such as screening for hidden cardiac conditions and forecasting risk of future events. The unique longitudinal dataset will create a defensible data moat as the company continues to advance its AI program.

Market Opportunity

HeartBeam is targeting a large unmet need in cardiac care by delivering hospital-grade ECG diagnostics to patients outside of traditional healthcare settings. Cardiovascular disease is the leading cause of death worldwide, yet most cardiac events occur at home, where standard 12-lead ECGs are not available, leading to costly delays in diagnosis and treatment. HeartBeam's FDA-cleared 3D ECG technology is designed to close this critical gap with on-demand, remote diagnostic capabilities.

The company's initial commercialization strategy focuses on two distinct U.S. entry markets. The first includes approximately 500,000 elevated-risk patients in concierge care settings, representing a $250 million to $500 million annual revenue opportunity. The second addresses a larger direct-pay segment of 2.6 million elevated-risk individuals, with potential revenues of $1.3 billion to $2.6 billion annually. Future expansion may include reimbursement-driven pathways through Medicare Advantage, providers, and payer partnerships.

HeartBeam anticipates annual subscription pricing between $500 and $1,000 per patient, with roughly 50% gross margins on device costs and 70%+ on recurring revenue. Based on a model using five U.S. regions, each with an estimated 75,000 eligible patients, HeartBeam projects that just 10% adoption would generate approximately $20 million in gross profit—enough to reach cash flow break-even under current pricing and margin assumptions. Over time, the company's longitudinal ECG dataset and predictive AI capabilities are expected to deliver additional value to healthcare systems, research institutions, and life science partners.

Leadership Team

Robert Eno, Chief Executive Officer and Director, brings over 30 years of experience in the medical technology industry, including leadership roles at HeartFlow, OptiMedica, and NeoGuide Systems. He joined HeartBeam as President in January 2023 and was appointed CEO in October 2024, later joining the board in May 2025 to support commercial growth.

Branislav Vajdic, Ph.D., Founder and Chief Technology Officer, is a semiconductor and medtech innovator who previously led product design teams at Intel and founded NewCardio. He holds over 20 patents and is the original architect of HeartBeam's core technology.

Tim Cruickshank, Chief Financial Officer, oversees financial strategy and capital allocation. He works closely with the leadership team to support commercialization while maintaining financial discipline aligned with key regulatory milestones.

Peter Fitzgerald, M.D., Ph.D., Chief Medical Advisor, is Director of the Center for Cardiovascular Technology at Stanford and a seasoned clinical trialist with over 175 studies and 650 publications. He has founded over 20 medtech companies and advises the FDA on digital health analytics.

Ken Persen, Chief Technology Officer, has more than 28 years of experience in cardiac rhythm management and digital health. He previously served as CTO and CEO at LIVMOR and held engineering roles at Cameron Health and Guidant.

Lantern Pharma Inc. (NASDAQ: LTRN)

Lantern Pharma Inc. (NASDAQ: LTRN) is a clinical-stage biotechnology company leveraging artificial intelligence and machine learning to redefine oncology drug development. Through its proprietary platform, RADR® (Response Algorithm for Drug Positioning & Rescue), Lantern is advancing a pipeline of precision cancer therapies. The company has gained 11 FDA Designations for its portfolio of drug candidates including: Fast Track, Orphan and Pediatric Rare Disease. The company's data-driven approach enables rapid identification of promising drug candidates and the design of targeted clinical trials for specific patient subpopulations and cancer types.

Lantern's vision is to transform cancer treatment by integrating large-scale genomics, AI-based biomarker discovery, and preclinical modeling to accelerate the development of oncology drugs. The company's pipeline includes three lead small molecule candidates and an antibody-drug conjugate (ADC) program across 12 cancer indications, supported by strategic collaborations with global research institutions and clinical partners. The company has three active clinical trials enrolling patients with multiple clinical milestones expected throughout the next twelve months.

The company's mission is centered on transforming the cost and pace of developing innovative therapies for patients with genetically defined cancers or limited treatment options. Lantern is also advancing brain and CNS cancer drug development through its wholly owned subsidiary, Starlight Therapeutics.

The company is headquartered in Dallas, Texas.

Product Portfolio

Lantern Pharma's product pipeline consists of three lead candidates—LP-300, LP-184, and LP-284—and a preclinical ADC program. All are guided by insights from the RADR® platform, which has grown to incorporate over 200 billion oncology-specific data points.

LP-300 is in a Phase 2 trial (Harmonic™) for non-small cell lung cancer (NSCLC) in never smokers. The trial evaluates LP-300 in combination with carboplatin and pemetrexed and has shown a clinical benefit rate of 86% and an objective response rate of 43% in its initial cohort. The study is enrolling 90 patients across the U.S., Japan, and Taiwan (NCT05456256).

LP-184 is in a Phase 1a trial for advanced solid tumors and GBM (NCT05933265). The compound has received FDA Fast Track Designations for GBM and triple-negative breast cancer (TNBC), as well as four Rare Pediatric Disease Designations. Upcoming Phase 1b/2 trials are planned for TNBC (monotherapy and with olaparib) and for NSCLC patients with KEAP1/STK11 mutations in combination with nivolumab and ipilimumab.

LP-284 is currently in a Phase 1 trial for relapsed or refractory non-Hodgkin's lymphoma (NHL) and other solid tumors (NCT06132503). The drug candidate has demonstrated complete tumor suppression in preclinical models of mantle cell lymphoma resistant to Ibrutinib and bortezomib and showed synergistic activity with rituximab in high-grade B-cell lymphoma models.

Lantern's ADC program is based on cryptophycin conjugates and is undergoing preclinical evaluation, showing sub-nanomolar potency and improved targeting in HER2-expressing models.

The company has also launched Starlight Therapeutics, focused on CNS cancers, where STAR-001 (LP-184 for CNS cancers) is advancing toward a Phase 1b/2 trial in glioblastoma and pediatric brain cancers, including ATRT, supported by Rare Pediatric Disease Designations and preclinical validation from Johns Hopkins.

Market Opportunity

Lantern Pharma is focused on oncology indications with significant unmet medical need and multi-billion-dollar commercial potential.

• LP-300 targets non-small cell lung cancer in never smokers, a patient population estimated at over 150,000 cases globally and representing a market opportunity exceeding $4 billion annually.
• LP-184 is positioned for use in DDR-deficient tumors such as pancreatic, bladder, and triple-negative breast cancers, which collectively represent a U.S. market opportunity estimated at over $10 billion annually. Opportunities in targeted DDR-deficient tumors include the KEAP1/STK11 mutant NSCLC population targeted by LP-184, with a market potential of over $2 billion annually, and TNBC, which alone represents a $4 billion global market given its aggressiveness and high brain metastasis rate.
• LP-284 is aimed at relapsed or refractory non-Hodgkin's lymphomas, particularly mantle cell lymphoma and HGBL, within a market sized at $3.5 to $4 billion globally.
• CNS cancers addressed by Starlight Therapeutics further expand Lantern's reach, representing an estimated $5 billion annual global opportunity, including both adult and pediatric cancers.

Leadership Team

Panna Sharma, President, Chief Executive Officer, and Director, leads Lantern Pharma with a deep background in oncology-focused biotechnology and artificial intelligence. He is responsible for Lantern's strategic vision and has driven the growth of its AI-powered drug development platform. Prior to joining Lantern in 2018, he served as President and CEO of Cancer Genetics Inc. (NASDAQ: CGIX), where he raised over $100 million and expanded the company from 25 to over 250 employees across multiple continents. Earlier, he founded TSG Partners and played a key role in the IPO of iXL, a digital strategy firm.

David R. Margrave, Chief Financial Officer and Secretary, has served in executive roles in life sciences for over two decades. Before joining Lantern, he held leadership positions at BioNumerik Pharmaceuticals, including President and Chief Administrative Officer. He has also been a strategic consultant to multiple biotech firms and served as Senior Legal Advisor at MedCare Investment Corporation. Mr. Margrave holds a dual degree in Economics and Petroleum Engineering from Stanford University and a J.D. from The University of Texas School of Law.

Kishor G. Bhatia, Ph.D., Chief Scientific Officer, has more than 40 years of experience in cancer biology, including leadership at the National Cancer Institute where he served as Director of the AIDS Malignancy Program and held key roles in cancer treatment and diagnosis. He has also worked as an Adjunct Investigator and consultant to biotech firms such as Reprocell and Cancer Genetics. Dr. Bhatia earned his Ph.D. in Biochemistry from the University of Mumbai and completed postdoctoral research at Johns Hopkins University. He is a Fellow of the Royal College of Pathology in the UK.

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.

OptimumBank Holdings Inc. (NYSE American: OPHC)

OptimumBank Holdings Inc. (NYSE American: OPHC) is a single bank holding company that owns 100% of OptimumBank, a community bank headquartered in Fort Lauderdale, Florida. OptimumBank offers relationship-driven banking available in person, by phone, and online, serving both local and international clients by offering an alternative to the high fees and impersonal service of larger institutions. Its expertise in real estate and commercial lending has made it a preferred partner for borrowers seeking knowledgeable, accessible financial support.

Driven by disciplined execution and a commitment to local relationships, OptimumBank has experienced substantial organic growth, positioning itself as one of the fastest-growing community banks in the region. The company has surpassed $1 billion in total assets and remains focused on scaling efficiently, maintaining sound credit quality, and delivering strong returns for shareholders.

Looking ahead, the bank is embracing technology modernization while remaining grounded in the principles of relationship-based banking. A new open-architecture core platform, targeted loan expansion, and sustained deposit growth are key pillars of its forward strategy.

Products

OptimumBank offers a full suite of business and personal banking solutions, including Business Banking, Business Lending, SBA Lending Solutions, Treasury Management, and Personal Banking. Its lending focus includes commercial real estate, multifamily, construction, residential, and consumer loans.

The bank achieved Preferred Lender status with the Small Business Administration in just over two years—an uncommon accomplishment—and rapidly scaled its SBA lending operations from zero in record time. Its treasury services and deposit products are supported by a stable core funding base, with a growing percentage of noninterest-bearing demand deposits.

In late 2025, OptimumBank is rolling out a next-generation core banking platform with API-based architecture, enabling paperless processing, streamlined onboarding, and enhanced treasury management tools.

OptimumBank is deeply engaged in the community, providing support to organizations such as Habitat for Humanity of Broward, along with schools, synagogues, and many other nonprofits that are important to its customers and neighbors.

Market Opportunity

The U.S. community banking sector represents a multi-trillion-dollar opportunity, especially in underserved regions where local institutions continue to consolidate. South Florida's real estate market and growing population create robust demand for personalized commercial lending, construction loans, and deposit services.

According to Mordor Intelligence, the U.S. commercial banking market is expected to grow from $732.5 billion in 2025 to $915.45 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.56%. Within this landscape, OptimumBank is well-positioned to benefit from regional consolidation and rising customer dissatisfaction with national banks.

OptimumBank's continued investments in talent, technology, and compliance infrastructure ensure scalability as it targets its next major milestone: becoming a top 200 publicly traded bank in the United States. The bank has maintained a track record of net recoveries in recent years, with no loan losses in over seven years and no defaults in its current loan portfolio. In addition, OptimumBank has near-zero exposure to long-dated, low-yield bonds, avoiding the balance sheet drag that has pressured many regional peers.

Leadership Team

Moishe Gubin, Chairman of OptimumBank Holdings, has been a director since 2010. He is also the CEO of Strawberry Fields REIT and previously served as CFO of Infinity Healthcare Management. Gubin is a licensed CPA in New York and the founder of the Midwest Torah Center.

Timothy Terry, President and CEO, has led OptimumBank since 2013 and has over 35 years of banking experience. He previously held senior roles at Enterprise Bank of Florida and other financial institutions, with a background in lending, branch administration, and sales.

Elliot Nunez, EVP and CFO, joined the bank in 2020. He previously served as CFO for Brickell Bank and Mellon United National Bank and worked at KPMG. Nunez is a licensed CPA and Chartered Global Management Accountant.

Platinum Group Metals Ltd. (NYSE American: PLG) (TSX: PTM)

Platinum Group Metals Ltd. (NYSE American: PLG) (TSX: PTM) is the operator of the Waterberg Project, a bulk underground platinum group metals (PGM) deposit discovered by Platinum Group in 2011 and located on the Northern Limb of the Bushveld Complex in South Africa. The Waterberg Project is planned as a fully mechanised platinum, palladium, rhodium and gold mine, including by-product copper and nickel production, and is projected to be one of the largest and lowest cost PGM mines globally.

The project is a joint venture between Platinum Group; integrated PGM producer Impala Platinum Holdings Ltd. (OTCQX: IMPUY); Japanese consortium HJ Platinum, which includes trading house Hanwa Co. and the government-backed Japan Organization for Metals and Energy Security (JOGMEC); and local empowerment partner Mnombo Wethu Consultants (Pty) Ltd.

The company's primary business objective is to advance the Waterberg Project to a development and construction decision.

PGMs are essential and precious metals that include platinum, palladium, rhodium, iridium, osmium and ruthenium. These metals are known for their purity, high melting points and unique catalytic properties. They are utilized in a number of industrial processes, technologies and commercial applications and play a critical role in autocatalysis and pollution control in the automotive sector. The bulk of global PGMs are mined in Southern Africa and Russia.

The unique properties of PGMs are being applied to various technologies as possible solutions for more efficient energy generation and storage, which may create new demand for PGMs. The company's battery technology initiative through Lion Battery Technologies Inc., using platinum and palladium in lithium sulfur battery chemistry , represents one such new opportunity in the high-profile lithium battery research and innovation field.

Platinum Group Metals Ltd. founded Lion Battery Technologies Inc. in partnership with Anglo American Platinum Ltd. (AMS: JNB) to support the use of palladium and platinum in lithium battery applications. Lion Battery has entered into an agreement with Florida International University to further advance a research program that uses platinum and palladium to unlock the potential of Lithium Sulfur (Li-S) battery chemistries.

Platinum Group is headquartered in Vancouver, B.C., and Johannesburg, South Africa.

Waterberg Project

The company's principal product from the Waterberg Project will be a PGM-bearing concentrate. The concentrate will contain economic amounts of six elements comprising platinum, palladium, rhodium, gold, copper and nickel. The company's partner in the Waterberg Project, Impala Platinum Holdings, has acquired a right of first refusal to enter into an offtake agreement, on commercial arm's-length terms, for the smelting and refining of mineral products from the Waterberg Project. In 2023 Platinum Group entered an agreement with Ajlan & Bros Mining and Metals to study establishment of a PGM processing acility in Saudi Arabia.

The Waterberg project has proven and estimated reserves of 23.41 million ounces of PGMs and gold. When fully operational, the mine is projected to produce more than 350,000 ounces of PGMs annually during the peak period of steady state production. The life of the mine is projected at 54 years.

South Africa's PGM mining sector remains closely tied to economic developments in the global automotive industry, which in 2022 accounted for approximately 43% of the total global demand for platinum and 82% of the total global demand for palladium.

Market Opportunity

According to a report from Straits Research, a global market and business research firm, the worldwide platinum market had an estimated value of $7.72 billion in 2022 and is projected to reach $11.95 billion by 2031. That represents a CAGR of 5.13% over the forecast period.

Platinum, one of the rarest of precious metals, is about 30 times scarcer than gold. It is crucial to the automotive and electronics industries and is also used to make jewelry. Stricter emissions regulations around the world have led to an increased demand for platinum to be used in catalytic converters to reduce automotive emission, the report states.

A report from Allied Market Research estimated the global palladium market at $16.3 billion in 2021 and projects the market will reach $28.6 billion by 2031, growing at a CAGR of 5.8% over the period.

Palladium is also used in automotive catalytic converters for reducing emissions and in jewelry, dentistry, watchmaking, blood sugar test strips, aircraft spark plugs, surgical instruments, electrical contacts and musical instruments.

An increase in demand for consumer electronics has driven demand for palladium-based multilayer ceramic capacitors (MLCC) used to store energy in electronic devices such as broadcasting equipment, mobile telephones, computers, electronic lighting and high voltage circuits, according to the report.

Management Team

Frank R. Hallam is Co-Founder, Director, President and CEO of Platinum Group. He has over 30 years of experience in the mining, minerals and petroleum industry as an operator, principal and founder. He was a co-founder and former CFO of MAG Silver Corp. He was also co-founder and director of West Timmins Mining Inc. and a director of Lake Shore Gold Corp. In addition, he was CFO and director with gold exploration company Tan Range Exploration Corp. He is a Chartered Professional Accountant and was formerly an auditor in the public mining practice of PwC. He holds a Bachelor of Business Administration from Simon Fraser University.

Greg Blair is CFO of Platinum Group. He has been with Platinum Group since 2010 in various roles, most recently as Interim CFO. Prior to joining Platinum Group, he was at a public accounting firm working on public company (mainly mining) audits. He is a Chartered Professional Accountant and holds a degree in Economics from Simon Fraser University and has completed the Canadian Securities Course.

Kris Begic is VP Corporate Development of Platinum Group. He has over 25 years of experience in the mining industry and capital markets and has been involved with the raising of over $500 million for various exploration and development projects globally. His efforts are focused on project generation, mergers and acquisitions, capital markets, investor relations and marketing.

PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103)

PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUUN) (FSE: 103) is a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the United States. The company is committed to advancing the transition to sustainable energy by offering end-to-end services that include project origination, financing structuring, engineering, procurement, construction, and long-term operations and maintenance. PowerBank focuses on delivering innovative energy solutions through solar photovoltaic systems, battery energy storage systems (BESS), and electric vehicle (EV) charging infrastructure.

With a vision to provide scalable and reliable clean energy solutions, PowerBank has established itself as a leader in the renewable energy market by cultivating partnerships with utilities, commercial and industrial entities, municipalities, and residential customers. Its vertically integrated business model allows for optimized efficiency, cost management, and returns across diverse markets in North America. This end-to-end approach ensures greater control over project quality, costs, and operational outcomes, strengthening its competitive position.

Driven by a mission to create a greener future, PowerBank manages a robust portfolio of projects, including more than 100 megawatts (MW) of developed capacity and a pipeline exceeding one gigawatt (GW). The company's commitment to sustainability and innovation makes it a recognized player in the renewable energy sector.

PowerBank has offices in Toronto, Ontario and New York.

Projects

PowerBank boasts an impressive and diverse portfolio of renewable energy initiatives that underline its leadership in the clean energy space. In the U.S., the company has over 250 MW of solar projects under development, principally in New York, focusing on community solar farms and commercial and industrial installations. Notably, PowerBank is developing several community solar projects in upstate New York, which will deliver clean energy to local residents and small businesses. Community solar projects, which are a cornerstone of PowerBank's portfolio, provide scalable solutions for renters, homeowners, and small businesses to access affordable renewable energy, driving localized energy independence and economic savings.

In Canada, PowerBank has been a significant participant in Ontario's Feed-in-Tariff program, where it has secured contracts for close to 200 MW of capacity. Its current management includes 70 solar power projects, totaling 28.8 MW of operational solar assets. The company's expertise extends to the development and ownership of battery energy storage systems and EV charging stations, further diversifying its portfolio.

The company's vertically integrated approach spans the entire project lifecycle, from initial site acquisition and grid interconnection to long-term operation and maintenance services. This ensures seamless execution and high-quality outcomes, providing value to stakeholders and supporting the transition to a clean energy future.

Market Opportunity

PowerBank operates within a growing renewable energy market driven by global demand for sustainable power solutions. In North America, favorable policies such as the Inflation Reduction Act in the United States and Canada's investments in green technologies provide a robust foundation for renewable energy adoption. Solar PV installations and battery energy storage systems are at the forefront of this expansion, addressing energy reliability and grid stability while reducing carbon emissions.

The North American solar PV market was valued at $25.02 billion in 2019 and is projected to reach $120.74 billion by 2027, growing at a compound annual growth rate (CAGR) of 21.7% from 2020 to 2027. Likewise, the global BESS market is expected to expand from $7.8 billion in 2024 to $25.6 billion by 2029, at a CAGR of 26.9%, as reported by MarketsandMarkets. These trends are driven by the increasing integration of renewable energy sources, the need for grid resilience, and declining technology costs.

PowerBank's operations have it well-positioned to capitalize on these opportunities. With a development pipeline exceeding one gigawatt (GW), the company is focused on meeting growing demand in community and commercial solar sectors. Decentralized energy solutions, such as virtual net metering and behind-the-meter systems, further enhance PowerBank's market potential by addressing the critical need for flexible, cost-effective, and sustainable energy infrastructure. By leveraging its vertically integrated model and diversified portfolio, PowerBank stands as a key player in driving the renewable energy transition.

Leadership Team

Dr. Richard Lu, MD, MSc., MHSc., MBA, serves as President and CEO of PowerBank, bringing over 25 years of global energy experience. His leadership has been instrumental in advancing the company's strategic initiatives across North America, Europe, and Asia, with a focus on renewable energy development and operational excellence.

Sam Sun, MBA, is the Chief Financial Officer of PowerBank. A Chartered Professional Accountant with more than 15 years of expertise in corporate finance, Mr. Sun has overseen financial strategies and internal controls across the cleantech, manufacturing, and mining sectors in Canada, the U.S., and China.

Andrew van Doorn, PE, serves as Chief Operating Officer, with nearly three decades of experience in engineering and construction. Mr. van Doorn has successfully led projects totaling over 200 MW of solar capacity and is a former Chairman of the Canadian Solar Industries Association.

Tracy Zheng, MBA, Chief Development Officer, has over 25 years of experience in brand marketing, business development, and solar project operations. She has spearheaded sales initiatives, conducted feasibility studies, and negotiated key partnerships that drive PowerBank's growth.

Matt Wayrynen, Executive Chairman and Director, has a background in resource company management, venture capital, and mergers and acquisitions. Under his leadership, Solar Flow-Through Funds, where Mr. Wayrynen acted as CEO, was acquired by PowerBank, enhancing its asset portfolio and growth prospects.

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Forward Looking Statements

This report contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. In particular and without limitation, this report contains forward-looking statements pertaining to the Company's expectations regarding its industry trends and overall market growth of the data center market; the Company's expansion into the data center market, including its pursuit of opportunities as a developer, owner, and strategic partner in data center infrastructure; supporting the demand for high-performance, sustainable energy solutions within the sector; details of the company's business plan including development of solar power projects, battery storage projects and EV charging projects; the completion of any contracts for, or construction of, any data center, solar power, battery storage or EV projects; the receipt of interconnection approval, permits and financing to be able to construct projects; the receipt of incentives for projects; and the size of the Company's development pipeline. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. These statements speak only as of the date of this report.

Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this report, the Company has made various material assumptions, including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and services offered by the Company's competitors; that the Company's current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements.

Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under "Forward-Looking Statements" and "Risk Factors" in the Company's most recently completed Annual Information Form, and other public filings of the Company, which include: the Company may be adversely affected by volatile solar power market and industry conditions; the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements; the Company's future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may have an adverse impact on our operating performance and results of operations; the Company's project development and construction activities may not be successful; developing and operating solar projects exposes the Company to various risks; the Company faces a number of risks involving Power Purchase Agreements ("PPAs") and project-level financing arrangements; any changes to the laws, regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign exchange rate fluctuations; a change in the Company's effective tax rate can have a significant adverse impact on its business; seasonal variations in demand linked to construction cycles and weather conditions may influence the Company's results of operations; the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation; unexpected warranty expenses that may not be adequately covered by the Company's insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility may adversely impose additional costs; the future impact of any resurgence of COVID-19 on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks; the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders; and future dilution as a result of financings.

The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this report are expressly qualified in their entirety by this cautionary statement.

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.

Silvercorp Metals Inc. (NYSE American: SVM) (TSX: SVM)

Silvercorp Metals Inc. (NYSE American: SVM) (TSX: SVM) is a Canadian mining company producing silver, gold, lead, and zinc, with a long history of profitability and growth. The company focuses on creating shareholder value by generating free cash flow from long-life mines, expanding through organic growth opportunities in China and Ecuador, and pursuing strategic mergers and acquisitions. Silvercorp has built a reputation as a low-cost producer with a commitment to responsible mining practices.

With over 18 years of operating experience, Silvercorp has developed a diversified portfolio of mining assets and investments in China, Ecuador, and Bolivia. The company leverages its expertise in exploration and operational efficiency to enhance the value of its projects while maintaining a strong balance sheet. Silvercorp's disciplined approach to mine expansion and resource development ensures long-term sustainable growth.

The company's mission is to build and operate profitable mines that generate sustainable economic, social, and environmental benefits for stakeholders. Silvercorp is committed to responsible mining, with a focus on environmental stewardship and community engagement.

The company is headquartered in Vancouver, Canada.

Portfolio

Silvercorp operates a diverse portfolio of producing mines, construction-stage projects, and exploration assets across multiple jurisdictions. The company focuses on optimizing production from existing operations while strategically advancing new projects to drive future growth.

• Ying Mining District (China) – The company's flagship operation consists of several underground mines producing silver, gold, lead and zinc in concentrates. In fiscal 2025, Ying produced 6.9 million ounces of silver and 7,495 ounces of gold, along with lead and zinc by-products. Fiscal 2026 guidance calls for continued production growth as ongoing mine optimization efforts continue to bear fruit.
• GC Mine (China) – A silver-lead-zinc mine with a history of consistent production and ongoing resource expansion through drilling. While production dipped slightly in fiscal 2025, output is expected to increase in fiscal 2026.
• El Domo (Ecuador) – A fully-permitted, copper-gold project under construction. In April 2025, Silvercorp announced a detailed and fully-funded $240.5 million construction plan. Major contracts have been awarded and construction activities are underway, with commissioning expected by December 2026.
• Condor Project (Ecuador) – A gold exploration asset with significant resources. In May 2025, Silvercorp published an updated mineral resource estimate focusing on high-grade underground zones. A revised PEA is expected by the end of 2025, alongside continued permitting and community engagement efforts.
• Kuanping Project (China) – A permitted gold-lead-zinc satellite project north of Ying. Mine construction is underway and Kuanping will be an underground mine with ore to be milled at the Ying complex.
• BYP Mine (China) – A gold-lead-zinc project that operated previously and is now undergoing permitting as a gold mine.
• Bolivian Assets – Silvercorp holds a 28% stake in New Pacific Metals (TSX: NUAG, NYSE American: NEWP), providing indirect exposure to two world class silver projects: Silver Sand and Carangas.

Through its diversified portfolio, Silvercorp delivers exposure to operations generating growing cash-flow, as well as high-potential growth projects that will create long-term value for shareholders.

Market Opportunity

The global demand for silver, gold, and base metals remains strong, driven by industrial applications, investment demand, and renewable energy initiatives. Silvercorp is well positioned to capitalize on rising silver demand, particularly in China, where 80% of the world's solar panels are manufactured—an industry heavily reliant on silver.

Ecuador's mining sector is experiencing rapid growth, with government support for foreign investment and infrastructure improvements. Mining exports in the country surged from $275 million in 2018 to $3.3 billion in 2023, highlighting the sector's increasing economic importance. Silvercorp's El Domo and Condor projects are poised to become key contributors to Ecuador's mining expansion.

Industry forecasts indicate continued growth in silver and base metal prices, benefiting producers with strong operational performance and cost controls. Silvercorp's diversified asset base and low-cost production profile provide resilience against market fluctuations, positioning the company for long-term value creation.

Leadership Team

Rui Feng, Ph.D., Chairman & CEO, founded Silvercorp and has over 30 years of experience in mineral exploration and mining. He has been instrumental in leading the company's strategic vision, transforming it into a profitable, low-cost silver producer with a diversified asset base. Under his leadership, Silvercorp has expanded its global footprint, acquiring and developing high-value mining projects across China, Ecuador, and Bolivia. Dr. Feng's expertise in geology and resource development has contributed to major mineral discoveries, and his disciplined approach to capital allocation has positioned the company for long-term growth.

Derek Liu, MBA, CGA, CPA, Chief Financial Officer, brings over two decades of financial leadership experience in the mining sector, overseeing capital allocation, financial strategy, and risk management. He has played a crucial role in maintaining Silvercorp's strong balance sheet and financial discipline, ensuring the company remains well-capitalized for organic growth and strategic acquisitions. His expertise in financial planning, compliance, and investor relations has supported Silvercorp's continued profitability and operational efficiency in a competitive global mining landscape.

Lon Shaver, CFA, President, has extensive experience in corporate finance, equity research, and capital markets, providing strategic guidance on business development and investor relations. Before joining Silvercorp, he held senior roles in investment banking and asset management, where he advised mining companies on financing, mergers, and acquisitions. His deep understanding of capital markets and industry dynamics helps drive Silvercorp's corporate growth initiatives, enhance shareholder value, and strengthen relationships with institutional investors and stakeholders.

Soligenix Inc. (NASDAQ: SNGX)

Soligenix Inc. (NASDAQ: SNGX) is a late-stage biopharmaceutical company focused on developing and commercializing treatments for rare diseases with high unmet medical needs. Operating through two key segments, the company's Specialized BioTherapeutics division is dedicated to oncology and inflammation therapies, while its Public Health Solutions segment advances vaccines and therapeutics targeting biothreats and infectious diseases.

The company is actively advancing multiple late-stage clinical programs, including HyBryte™ (SGX301), a novel photodynamic therapy for cutaneous T-cell lymphoma (CTCL). Additional candidates in development target psoriasis (SGX302), oral mucositis (SGX942), and Behçet's disease (SGX945), while its public health efforts focus on heat-stable vaccines for ricin poisoning (RiVax®), Ebola (SuVax™), and Marburg (MarVax™) viruses, that have been supported by non-dilutive government grants and contracts of approximately $60 million to date.

With a diversified pipeline, multiple orphan and fast-track designations, and collaborations with government agencies, Soligenix is uniquely positioned for potential regulatory approvals and commercialization.

The company is headquartered in Princeton, New Jersey.

Pipeline and Development Programs

Specialized BioTherapeutics

Soligenix's Specialized BioTherapeutics division develops treatments for oncology and inflammatory diseases, focusing on conditions with few or no effective therapeutic options. HyBryte™ (synthetic hypericin) has completed a Phase 3 study for CTCL, demonstrating statistically significant efficacy, and a second confirmatory Phase 3 trial is actively enrolling patients to support potential regulatory submissions worldwide. If approved, it would be the first non-mutagenic photodynamic therapy for early-stage CTCL, addressing an unmet medical need. It has received orphan drug designations in the U.S. and Europe, as well as Fast Track designation in the U.S.

SGX302, a photodynamic therapy based on the same active ingredient as HyBryte™, is in clinical development for mild-to-moderate psoriasis, with positive Phase 1/2 proof-of-concept results, it is actively enrolling patients in a Phase 2a clinical trial.

SGX942, designed to reduce inflammation and tissue damage in oral mucositis associated with cancer treatment, is progressing as a potential first-in-class therapy.
SGX945, targeting aphthous ulcers in Behçet's disease, is actively enrolling in a Phase 2a clinical trial and has received fast-track designation, highlighting the urgency of developing effective treatments for this rare inflammatory condition.

Public Health Solutions

The company's Public Health Solutions segment focuses on medical countermeasures for biothreats and emerging infectious diseases, leveraging non-dilutive government funding to advance its programs. RiVax®, a ricin toxin vaccine, has demonstrated strong preclinical and early clinical results and may be eligible for government procurement under the Strategic National Stockpile initiative.

The company's RiVax®, as well as its vaccine candidates for Ebola and Marburg viruses are based on its proprietary ThermoVax® technology, which stabilizes vaccines for long-term storage without refrigeration. This approach could be transformative in regions where maintaining cold-chain logistics is challenging.

The ongoing development of these vaccines is supported by funding from NIH, BARDA, and DTRA, with the potential for up to three priority review vouchers (PRVs) upon regulatory approval, to be used for future programs or sold. Notably, PRVs have previously sold for roughly $100 million.

Market Opportunity

Soligenix targets markets with significant commercial potential, focusing on rare diseases and biodefense applications. HyBryte™ addresses CTCL, a disease affecting over 68,000 patients across the U.S. and Europe, with a total market opportunity exceeding $250 million. SGX302, the company's therapy for mild-to-moderate psoriasis, serves a much larger population, as over eight million people in the U.S. are affected by the condition, representing a global market opportunity exceeding $1 billion.

SGX942, developed for oral mucositis in head and neck cancer patients, is aimed at a market worth more than $500 million, while SGX945 for Behçet's disease serves a niche segment valued at over $200 million worldwide.

In addition to its rare disease programs, Soligenix's Public Health Solutions division has the potential to generate significant revenue through government procurement contracts. By focusing on both orphan drug markets and government-funded biodefense initiatives, Soligenix has positioned itself for sustained revenue growth through multiple high-value opportunities.

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.

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.

SuperCom Ltd. (NASDAQ: SPCB)

SuperCom Ltd. (NASDAQ: SPCB) is a global provider of secure solutions spanning electronic monitoring, e-Government, and cybersecurity markets. Since 1988, the company has supported national governments and public agencies with advanced safety, identity, and tracking technologies. Its solutions enable courts, service providers, and public safety agencies to efficiently supervise high-risk populations, improve victims' safety and manage compliance with judicial mandates across multiple jurisdictions.

SuperCom's growth in North America has accelerated since mid-2024, with expansion into 11 new U.S. states and more than 30 contracts secured with public safety agencies and regional service providers, displacing long-standing incumbents in the process. This expansion reflects the company's emphasis on recurring revenue, technological differentiation, and close partnership with agencies seeking innovative, mobile-first alternatives to outdated systems.

SuperCom's vision is to revolutionize the public safety sector through proprietary electronic monitoring technology, data intelligence, and flawless execution. Its offerings include GPS and RF-based monitoring, biometric ID verification, mobile law enforcement tools, and national-level e-ID platforms.

The company is headquartered in Tel Aviv, Israel.

Products

Electronic Monitoring and Public Safety

SuperCom's operations are anchored by its proprietary PureSecurity™ suite, a unified offender monitoring platform combining GPS tracking, biometric verification, tamper detection, and advanced data analytics. Its PureOne™ one-piece bracelet and PureTrack™ smartphone-integrated solution offer high-precision location tracking, real-time alerts, and seamless integration with PureCom™ base stations, PureBeacon™ indoor trackers, and PureProtect™, an app designed to safeguard domestic violence victims.

The company complements its hardware with PureMonitor™, a secure, cloud-based case management system that enables real-time oversight, mobile access, and data visualization for monitoring agencies. This full-stack approach allows SuperCom to support a range of court-mandated programs including GPS monitoring, house arrest, curfew enforcement, and community supervision. The company's domestic violence monitoring solutions are now deployed in at least seven countries.

SuperCom's U.S. subsidiary, Leaders in Community Alternatives (LCA), provides reentry and rehabilitation services that complement the company's electronic monitoring programs. Operating primarily in California, LCA delivers community-based solutions designed to reduce recidivism and promote successful reintegration. Its programs include individualized case management, employment support, evidence-based treatment, and day reporting centers—services that support public safety while offering alternatives to incarceration. Since LCA's acquisition in 2016, SuperCom secured over $35 million in new contract wins in Northern California.

Cybersecurity

SuperCom also offers additional capabilities through its cybersecurity and e-Government product lines. The company's cybersecurity subsidiary, Safend Ltd., provides endpoint data protection through its Data Protection Suite. This platform includes modules for encryption (Encryptor), port/device control (Protector), data classification (Discoverer), DLP (Inspector), audit tracking (Auditor), and compliance reporting (Reporter).

e-Gov

Through proprietary e-government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance, and border control services, SuperCom has helped governments and national agencies design and issue secured multi-identification documents and robust digital identity solutions to their citizens, visitors, and lands. The company has focused on expanding its activities, including the design, development, and marketing of identification technologies and solutions to governments in Europe, Asia, America, and Africa using SuperCom's e-Government platforms.

Market Opportunity

SuperCom operates across multiple high-growth sectors. In electronic monitoring, rising incarceration costs, overcrowded prisons, and increased judicial adoption of alternatives to detention continue to drive demand for GPS and RF-based supervision programs. The company's rapid expansion into 11 U.S. states and multiple national-level deployments in Europe and the EMEA region reflect a robust and growing market. According to Mordor Intelligence, the electronic offender monitoring solutions market size stands at $2.18 billion in 2025 and is projected to reach $3.19 billion by 2030.

SuperCom also addresses two important supplementary markets through its cybersecurity and e-Government offerings. In cybersecurity, growing threats to sensitive government and enterprise data are fueling investments in endpoint protection, compliance, and device control, which are areas directly served by the company's Safend platform. In the public sector identity space, secure ID, biometric verification, and e-passport programs remain foundational to digital governance. SuperCom's track record of delivering national ID solutions across Africa, Latin America, and Eastern Europe underscores its continued relevance in these adjacent sectors.

Leadership Team

Ordan Trabelsi is President and CEO of SuperCom. He has over 15 years of experience as CEO, growing high-tech companies globally. He also has experience in research and development and product innovation, as well as hands-on experience in cybersecurity, encryption, advanced mathematics, and mobile and internet network technologies. Prior to joining SuperCom, he served as co-founder and CEO of Klikot Inc., a global social networking company. He holds an MBA from Columbia University and a B.Sc. in Computer Engineering from The Technion: Israel Institute of Technology.

Barak Trabelsi is COO of SuperCom. He has expertise in big data, cyber, mobile, and internet network technologies, as well as extensive experience in product development and strategies. Prior to joining SuperCom, he served as Senior Product Manager at Equinox Ltd. Before that, he served for four years as VP of R&D at Sigma Wave, a wireless, security, and internet-focused company. He holds a B.Sc. in Computer Science and Business, as well as an MBA from Tel Aviv University.

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

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.