U.S. Large Caps Marked Another Week of Measured Progress While Small Caps & IPO’s Soared – ( $ADT $BLSH $DIA $GOVX $MIAX $QQQ $SPY $TDOC $TSLA $UNH $SPY Rise!)

By John F. Heerdink, Jr.

U.S. equities marked another week of measured progress, balancing resilient technology sector momentum with persistent uncertainties around inflation, central bank policy, and global trade. The S&P 500 and Nasdaq again set fresh records midweek before retreating slightly, while cyclicals and small-caps gained new life, hinting at the market’s underlying breadth and changing risk appetite. Yes indeed, equity markets navigated conflicting signals—robust spending and tech innovation versus persistent inflation and policy uncertainty—leaving investors watchful for clarity on the next Fed move, the direction of trade talks, and whether market leadership will rotate more decisively beyond mega cap technology in the weeks ahead.

Index Performance

S&P 500: Advanced modestly for the week closing at 6449.80, +.9% flirting with new record highs and finishing just below its peak as investors digested mixed macro data and ongoing rate cut speculation.
Dow Jones Industrial Average: Climbed about 1.7% closing at 44,946.12, as blue-chips rebounded behind strong retail and industrial names and UnitedHealth (UNH, $304.01, +21.17% over the last 5-days) rose after it Warren Buffet’s Berkshire took a significant stake.
Nasdaq Composite: Hit a record before profit-taking late in the week closing at 21622.98, +,8%; AI and technology leaders remain the market’s primary engine, though gains moderated on Friday.
Russell 2000: Outshone its counterparts with a robust 31% weekly increase closing at 2,286.52, reflecting revived risk appetite and optimism in domestic small-cap sectors.

Macroeconomic Reports

Inflation: July headline CPI rose 2.8% year-on-year, with core inflation staying stubbornly above the Fed’s 2% target. Producer prices saw a notable 0.9% jump in July—the fastest pace in three years—amplifying concerns about sticky costs.
Retail Sales: July data beat expectations at +0.5%, underlining the American consumer’s resiliency, particularly in autos, e-commerce, and home goods.
Labor Market: Initial jobless claims saw a mild uptick, and ongoing claims trend higher, pointing to slower, but not collapsing, labor market momentum.
Industrial Data: Factory orders and industrial production weakened, dampening hopes for a broad-based industrial acceleration.

Corporate & Sector Highlights

NVIDIA (NVDA, $180.45): After a historic rally, shares slipped 1.23% over the last 5-days as investors took profits following a string of AI milestones and product launches. Market participants remain laser-focused on the company’s August earnings and forward guidance.
Tesla (TSLA,$330.56): Ended the week up .18% over the last 5-days, buoyed by investor enthusiasm over upcoming robotaxi and battery tech events, but tariff-related risks lingered.
Meta Platforms (META): Closed +2.07% over the last 5-days at $785.23.
McDonald’s (MCD): Rose 1.14% over the last 5-days to close at $308.93, supported by continued solid U.S. same-store sales and its defensive allure in a choppy macro environment.
Oracle (ORCL): Declined nearly .71% over the last 5-days closing at $248.28 after announcing cuts in its cloud business, reflecting heightened scrutiny on tech sector costs.
Palantir Technologies (PLTR): Swung 5.24% lower to close at $177.17 as profit-taking followed the company’s S&P 500 inclusion and strong multi-sector contract growth.
Rio Tinto Group (RIO): Closed 1% lower this week to close at $61.24 as metals prices stabilized and the company advanced its Australian bauxite investment strategy.

Mergers, Acquisitions & IPOs

While major S&P 500 M&A activity remained relatively quiet, IPOs supplied new market energy & by mid-August, IPO activity has surged well beyond the usual pace for the month of 9, with a dozen offerings of $50 million or more generating approximately $2.9 billion in total proceeds.

Miami International Holdings, Inc. (MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, announced the pricing of its initial public offering of 15,000,000 shares of its common stock at a price to the public of $23.00 per share, $2.00 above the high end of the expected price range. The shares of common stock began trading on the New York Stock Exchange under the ticker symbol “MIAX” on August 14, 2025. The offering was expected to close on or around August 15, 2025. MIAX closed at $31.12.

Shares of Bullish climbed after the cryptocurrency exchange raised $1.1 billion in an initial public offering.
The stock opened at $90 on the New York Stock Exchange under the ticker BLSH. Bullish priced its IPO at $37 per share, far above the expected range and closed at $69.54 on Friday.

Trade & Tariffs

A temporary U.S.-China tariff truce remains in effect until November, with punitive rates on select semiconductor, auto, and commodity goods. A newly implemented 50% tariff on copper-intensive products took effect August 1, and further tariff escalation remains a risk, as trade negotiations remain unresolved into fall.

Monetary Policy, Yield Curve & FOMC

Despite sticky inflation, yields steepened modestly—Treasury rates up 1–4bps—as traders price in an 87% chance of a September Fed rate cut, with the FOMC’s next policy decision due September 17. Markets remain captivated by the interplay between resilient consumption and persistent service sector inflation.

Commodities & Cryptocurrencies Closing Prices

Gold: Closed up .85% to $3,381.70/oz as hotter U.S. data lifted the dollar and yields, undercutting hopes for rapid rate cuts.
Silver: Rose .95% to $38.02/oz.
Crude Oil : Slumped 1.28% to close at $63.14/bbl over the last 5-days.
Bitcoin: Traded ~$117,610 today after hitting a new-all-time high of $125,200 this week

Vista Partners Watchlist Highlights & Updates

Eupraxia Pharmaceuticals (EPRX, $5.32, +1.20% over the last 5-days) is clinical-stage biotechnology firm headquartered in Victoria, Canada, that is leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need & has quietly become one of the more intriguing stories on both sides of the border in 2025. The company’s shares now trade under the ticker EPRX on both the Nasdaq and the Toronto Stock Exchange, following its U.S. market debut in April 2024. This dual listing has broadened its investor base at a time when the company’s clinical and financial narrative is gaining momentum. All covering analysts currently rate the stock as a “Buy” or better, with not a single “Hold” or “Sell” recommendation in sight. In a sector defined by binary outcomes and frequent disappointment, such unanimity is striking. Overall, analysts cite Eupraxia’s strong clinical pipeline and revenue growth potential as key drivers behind their bullish outlook.

On August 12, Eupraxia announced its financial results for the second quarter of 2025 and provided a business update. All dollar values are in U.S. dollars unless stated otherwise. Dr. James A. Helliwell, Director and Chief Executive Officer of Eupraxia, stated, “The expansion into the placebo-controlled, Phase 2b portion of the RESOLVE trial represents a key clinical milestone for Eupraxia, as we seek to advance EP-104GI for the treatment of eosinophilic esophagitis. Recent data updates support the potential of EP-104GI as a durable treatment option. In the most recent data update, all three patients demonstrated a sustained or improved treatment outcome after nine months of therapy. We look forward to announcing more results from the Phase 1b/2a portion of the RESOLVE trial in October. As we continue to survey the treatment landscape for EoE, we are increasingly confident in the potential of EP-104GI to fundamentally transform the therapeutic management of EoE. We are off to a strong start with respect to enrollment in the Phase 2b study and we are looking forward to reporting topline results in the second half of 2026.”

On July 24, Cantor Fitzgerald initiated coverage on Eurpaxia with an Overweight rating and a $11 Price Target. Their report is titled “Set It and Forget It” Approach to EOE & Beyond.” Here are the other analysts that cover Eupraxia currently:

HC Wainwright: Initiated Covrage on EPRX with a “Strong Buy” on June 26, 2025.
Canaccord Genuity: Initiated coverage with a “Speculative Buy” rating in June 2025.
Raymond James Ltd.: Maintains a “Strong Buy” rating as of June 2025, with a history of upgrades from “Outperform” to “Strong Buy” over the past year.
Research Capital Corporation: Maintains a “Buy” rating, consistently reaffirming its positive stance throughout 2024 and 2025.

Eupraxia announced on July 8 that the first patient dosed in their Phase 2b randomized, placebo-controlled portion of the RESOLVE clinical trial evaluating EP-104GI, an investigational treatment for eosinophilic esophagitis (“EoE”). EP-104GI is injected directly into the affected tissues of the esophagus to reduce inflammation with stable, localized, and long-duration drug delivery, while minimizing unwanted systemic adverse events and side effects often associated with steroid-based therapies. The Phase 2b portion of the RESOLVE study will enroll a minimum of 60 participants randomized in a 1:1:1 ratio to receive one of two doses of EP-104GI or placebo. After six months, eligible patients initially dosed with placebo may elect to receive EP-104GI. The primary objective is to assess the efficacy of EP-104GI in improving tissue health, as measured by the Eosinophilic Esophagitis Histology Scoring System (“EoEHSS”). Secondary and exploratory objectives include evaluating symptomatic improvement through patient-reported outcomes — Straumann Dysphagia Index score (SDI) and Dysphagia Symptom Questionnaire (DSQ), endoscopic and histologic changes (including Peak Eosinophil Count, “PEC”), pharmacokinetics, safety, and tolerability of the selected dose regimens. Up to 25 sites globally are expected to participate in the trial.The Phase 2b portion of the study employs an innovative adaptive design to select the doses of EP-104GI that are administered to patients. The first active dose selection was based on available data from cohorts 1 to 8 of the Phase 2a portion of the study. Based on the previously reported safety, pharmacokinetic, and efficacy data from cohorts 1 to 6, and additional one month data from cohorts 7 and 8, the 120 mg dose (20 injections of 6 mg per site) from cohort 8 was selected for the first treatment arm in the dose optimization phase. A second dose will be selected for evaluation after enrollment in the first arm is complete, based on additional long-term data from the Phase 2a portion of the study. James Helliwell, CEO of Eupraxia Pharmaceuticals stated, “Entering into the Phase 2b stage of the RESOLVE trial is a significant event for Eupraxia. This is an important step for us before proceeding towards the pivotal trials necessary for submitting an application for regulatory approval. We are optimistic that EP-104GI has the potential to significantly advance the standard of care and offer a meaningful new treatment paradigm for patients living with EoE.”

Tribe Public hosted a CEO Presentation and Q&A Webinar Event on Wednesday, May 14th with James A. Helliwell, Director and CEO of Eupraxia Pharmaceuticals (NASDAQ: EPRX). The event is titled “Hard To Swallow: An Underdiagnosed Condition Rising To Surface (EOE).” You may view it now at https://youtu.be/tCtY_27EJG4?si=0PJIp-oyGDEpzxzR

Summit Therapeutics Inc. (NASDAQ: SMMT, $26.69) is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.

On August 11, Summit reported its financial results and provides an update on operational progress for the second quarter ended June 30, 2025. Operational progress reportedly continues with ivonescimab (SMT112), an investigational, potentially first-in-class bispecific antibody combining the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects associated with blocking VEGF into a single molecule: Since in-licensing ivonescimab (SMT112), from Akeso Inc. (Akeso, HKEX Code: 9926.HK) in January 2023, over 2,800 patients have been treated in clinical studies globally. Summit has rights to develop and commercialize ivonescimab in the United States, Canada, Europe, Japan, Latin America, including Mexico and all countries in Central America, South America, and the Caribbean, the Middle East, and Africa while Akeso retains development and commercialization rights for the rest of the world, including China.

Modular Medical, Inc. (NASDAQ: MODD, $.7199) is an insulin delivery technology company with the first FDA-cleared patch pump designed specifically to target the estimated $3 billion dollar adult “almost-pumpers” market with its user-friendly and affordable design. Using its patented technologies, the company seeks to eliminate the tradeoff between complexity and efficacy, thereby making top quality insulin delivery both affordable and simple to learn. Their mission is to improve access to the highest standard of glycemic control for people with diabetes taking it beyond “superusers” and providing “diabetes care for the rest of us.” Modular Medical was founded by Paul DiPerna, a seasoned medical device professional and microfluidics engineer. Prior to founding Modular Medical, Mr. DiPerna was the founder (in 2005) of Tandem Diabetes and invented and designed its t:slim insulin pump. More information is available at https://modular-medical.com.

On August 8, Modular Medical announced its participation at the Association of Diabetes Care & Education Specialists (“ADCES”) Conference, which is being held in Phoenix, Arizona from August 8 to August 11, 2025. With over 11,000 members, the ADCES is a national network of diabetes care and education specialists working to optimize clinical outcomes for people with diabetes. “The ADCES conference is an ideal location for us to showcase our next-generation patch pump, branded as Pivot, for which we plan to file for U.S. Food and Drug Administration (“FDA”) clearance in October 2025. Diabetes care and education specialists are crucial in offering and prescribing pumps to achieve improved clinical outcomes, and we believe they will appreciate the user-friendly design of the Pivot pump and our focus on making diabetes care simpler to learn and manage for our targeted audience of Almost Pumpers,” stated Jeb Besser, CEO of Modular Medical. Modular Medical will also showcase the first playable level of the new Pivot pump gamified training module, which is being developed by Level Ex. Level Ex (powered by Relevate) is the developer of numerous medical games, including Level One, a game designed to teach the basics of caring for diabetes. Level One is endorsed by Breakthrough T1D, a leading global type 1 diabetes research and advocacy organization. Gamification has been proven to make medical training more effective, be more efficient for the clinician and dramatically improve retention of knowledge. Complexity, including support for technology, is a key issue in pump uptake and continues to serve as a barrier to adoption, impacting both the patient and provider.

On August 6, Modular Medical, Inc. announced the first human use of the MODD1 pump to deliver insulin to a person with diabetes in a real-world setting. The MODD1 is delivering insulin to a clinician with Type 1 under institutional review board approval from the United States Food and Drug Administration, which is necessary because the reusable controller line is being validated for human use.

On August 4, Modular Medical announced that the MODD1 cartridge line has been validated for human-use production in the United States. “This is an important milestone for scaling up our manufacturing infrastructure to support our commercial pilot for MODD1 and, eventually, our 3ml Pivot tubeless patch pump launch,” stated Jeb Besser, CEO of Modular Medical. “While we encountered significant delays with the initial shipment of equipment for the manufacturing line to our contract manufacturing site in Mexico, all equipment for the controller line has been installed and validation is underway. We continue to target controller line validation in October for MODD1 with the commercial pilot for MODD1 to follow immediately thereafter.” The ability to scale production is a key differentiator in the pump space, especially given the much higher volumes required for a patch pump. Modular Medical’s simple, low-cost platform was designed from the ground up for high volume manufacturing.

On June 16, Modular Medical announced its participation in the American Diabetes Association (“ADA”) 85th Scientific Sessions, that took place June 20-23, 2025, at the McCormick Place Convention Center in Chicago, Illinois. The Company featured a poster, number 783-P, titled “Elucidating the potential benefit of pump-delivered subcutaneous GLP-1R agonist: an exploratory study in the diet-induced obese mouse,” to be presented by David Maggs, MD, FRCP during the General Poster Session on Sunday, June 22, 2025, from 12:30pm to 1:30pm in the Poster Hall. The presentation highlighted data from an exploratory study evaluating the effects of pump-delivery of a short-acting GLP-1RA on weight, food intake, and glucose tolerance in a diet-induced obese (“DIO”) mouse.“We are excited to share our findings from this novel study in the DIO mouse comparing the pump delivery of exenatide to intermittent dosing of semaglutide,” said Jeb Besser, CEO of Modular Medical. “Given the high rate of gastrointestinal tolerability challenges and resultant discontinuation that is characteristic of GLP-1 therapy, we believe that a personalized approach to GLP-1 titration and dosing, including a mealtime bolus option, would give patients an opportunity to reach their treatment goals, while experiencing easier therapy initiation and a more tolerable maintenance regimen.”

After the close May 28, Modular Medical announced the appointment of Jeff Goldberg to its Board of Directors. Mr. Goldberg brings decades of experience in health care, life sciences, and medical device leadership, including development of generic insulin. Mr. Goldberg began his work in medical technology alongside pioneering medical entrepreneur, and founder of MiniMed, Alfred E. Mann. Mr. Goldberg currently serves as Chairman of Lannett Company, Inc., a generic pharmaceutical manufacturer where he has helped execute a post-restructuring turnaround. During his tenure, Lannett has made significant strides in launching a generic insulin product – progress that aligns closely with Modular Medical’s commitment to innovation and affordability in diabetes care. In addition to his work at Lannett, Mr. Goldberg previously served as President and CEO within Alfred E. Mann’s incubator, IncuMed, where he oversaw multiple portfolio companies focused on drug-device combination products, including an insulin patch-pump program. His tenure with Mr. Mann’s enterprises included pivotal roles in regulatory strategy, operations turnaround, and successful exits, underscoring his ability to guide early-stage technologies to commercial viability. Mr. Goldberg also serves on the boards of several health-care and consumer-focused companies, including ATI Physical Therapy, Cano Health, and Eating Recovery Centers. He holds a JD from UCLA School of Law and an AB from Harvard College. Mr. Goldberg stated, “Modular Medical is advancing a truly disruptive approach to insulin delivery. I’m excited to join the board and contribute to the Company’s journey toward simplifying treatment for people living with diabetes, particularly as the industry shifts toward more accessible and patient-friendly solutions.”

Jeb Besser, CEO of Modular Medical, presented on May 29 at Tribe Public’s Webinar Presentation and Q&A Event titled“Making Diabetes Management Simpler: The New Era of Insulin Therapy.”You may view the event video now at the Tribe Public YouTube Channel.

Shares of ADT Inc. (ADT, $8.68, +3.09% over the last 5-days) is a leading provider of monitored security and automation solutions for residential and small business customers in the United States and Canada.

ADT released Q1, 2025 results on Thursday, April 24 and highlighted the following: Continued strong financial results with record recurring monthly revenue and customer retention, GAAP operating cash flows up 28%, Adjusted Free Cash Flow including interest rate swaps up 105%, Returned $445 million to shareholders through share repurchases and dividends, and that they are on track to achieve full year 2025 guidance metrics.

On April 30, ADT in collaboration with Yale and the Z-Wave Alliance, announced the launch of the Yale Assure Lock 2 Touch with Z-Wave for ADT+. The Z-Wave 800 Series smart lock is the only one on the market with fingerprint control and the first smart lock to leverage the newly introduced Z-Wave User Credential Command Class. This industry-first innovation allows users to unlock and disarm their ADT+ security system using just their fingerprint.

On Jan. 22, ADT announced the appointment of Thomas Gartland to the Company’s Board of Directors as an additional independent director. In conjunction with his appointment, Gartland will join the Board’s Audit Committee. Gartland is chairman and chief executive officer of Montway Auto Transport, a privately held auto transport company, and has held this position since 2023. Prior to Montway, Gartland served as executive chairman of Scan Global Logistics and as president, North America, for Avis Budget Group. Gartland serves on the boards of Xenia Hotels & Resorts, Inc. and ABM.

GeoVax Labs, Inc. (Nasdaq: GOVX, $.7594 +1.1185% on Friday) is a clinical-stage biotechnology company developing immunotherapies and vaccines against cancers and infectious diseases.

On August 7, GeoVax Labs today issued a statement in response to the U.S. Department of Health and Human Services’ (HHS) decision to terminate nearly $500 million in BARDA-funded mRNA vaccine development contracts. This action reflects a policy shift, underscored by HHS Secretary Kennedy addressing fundamental concerns around mRNA vaccines. In a post on X, Secretary Kennedy stated: “mRNA vaccines don’t perform well against viruses that infect the upper respiratory tract”. The Secretary added that this is due to a concept known as “antigenic shift, meaning that the vaccine paradoxically encourages new mutations and can actually prolong pandemics as the virus constantly mutates”. GeoVax’s vaccine candidates, including GEO-CM04S1 for COVID-19, are designed to induce immunity using multiple antigens. GEO-CM04S1 expresses both the Spike (S) and Nucleocapsid (N) proteins of SARS-CoV-2, enabling broader and more durable protection – even as the virus mutates. Data from clinical studies have demonstrated that GEO-CM04S1 induces immune responses across variants, from the original Wuhan strain through Omicron, even in immunocompromised patients.

On July 30, GeoVax renewed its call for decisive U.S. action on pandemic preparedness and biodefense. With escalating outbreak risks, public health system strain, and growing bipartisan consensus for domestic solutions, GeoVax underscored the urgent need to modernize the nation’s countermeasure infrastructure and end foreign vaccine dependency. GeoVax’s Modified Vaccinia Ankara (MVA)-based vaccine platform anchors two front-line candidates: GEO-MVA for Mpox/smallpox, designed to protect against both Clade I and II Mpox strains. GEO-CM04S1, a multi-antigen, next-generation COVID-19 vaccine targeting the 40 million U.S. immunocompromised through robust, durable, antibody and T-celldriven immune protection.

On July 29, GeoVax announced an expedited development strategy for its GEO-MVA Mpox vaccine candidate, following newly reaffirmed global emergency status by the World Health Organization (WHO), a record-setting surge in Mpox cases across Africa, and recent favorable scientific advice from the European Medicines Agency (EMA) supporting an expedited development path for GEO-MVA.

After the close on July 28, GeoVax announced financial results for the second quarter ended June 30, 2025, and provided a business update. “The second quarter marked a pivotal period for GeoVax, with compelling clinical data and regulatory milestones reinforcing the strength of our pipeline and our focus on accelerating to commercial status,” said David Dodd, GeoVax’s Chairman and CEO. “The favorable European regulatory guidance for GEO-MVA, robust immune responses demonstrated by GEO-CM04S1 in immunocompromised patients, particularly those with Chronic Lymphocytic Leukemia (CLL), and the continued progress towards initiation of the Gedeptin(R) Phase 2 trial highlight our expanding footprint in oncology and global infectious disease preparedness. These achievements reflect our commitment to advancing innovative, vaccines and immunotherapies that address urgent and underserved medical needs.

On July 28 (morning), GeoVax announced the initiation of a research program to evaluate the immunogenicity and stability of GEO-MVA delivered via Vaxxas’ proprietary high-density microarray patch (HD-MAP) platform in preclinical models.

On July 24, GeoVax announced a strategic shift in its Gedeptin(R) clinical development program, with a new emphasis on evaluating Gedeptin as a neoadjuvant therapy in combination with pembrolizumab for patients with primary, resectable head and neck squamous cell carcinoma (HNSCC). The revised strategy follows the landmark results of the KEYNOTE-689 Phase 3 trial, published in the New England Journal of Medicine on June 18, 2025, which demonstrated a significant improvement in event-free survival (EFS) with the addition of perioperative pembrolizumab in resectable, locally advanced HNSCC patients. These data represent the first validated use of PD-1 inhibition in curative-intent HNSCC and have catalyzed a major shift in treatment paradigms toward neoadjuvant immunotherapy.

On July, 21, GeoVax reinforced the strategic and commercial significance of the recent positive Scientific Advice (SA) received from the European Medicines Agency (EMA) for its GEO-MVA vaccine targeting Mpox and smallpox. The EMA’s feedback indicated that a single Phase 3 immuno-bridging trial, bypassing the need for Phase 1 and 2 studies, may be sufficient to support a Marketing Authorization Application (MAA) under the EU’s centralized procedure. The ability to proceed without Phase 1 and 2 clinical trials substantially reduces development risk and timelines, positioning GeoVax to achieve product commercialization and revenue generation significantly earlier than previously anticipated. Immuno-bridging studies allow for vaccine approval by the immune response elicited by a candidate vaccine comparable to that of an already approved vaccine. This approach, when accepted by regulatory authorities, can reduce the need for large-scale efficacy trials, thereby reducing development time while maintaining regulatory standards for safety and immunogenicity. “This EMA guidance is more than a regulatory milestone; it represents a potential commercial inflection point,” said David Dodd, Chairman and CEO of GeoVax. “We now have a clear, expedited path to commercialization in one of the world’s largest vaccine markets. With the Phase 3 trial in operational preparation, we are entering a potential revenue acceleration phase supported by growing global demand, regulatory momentum, and our progressing advanced MVA manufacturing platform.”

Indaptus Therapeutics, Inc. (Nasdaq: INDP, 7.81) is a company with the ability to harness both the body’s innate and adaptive immune responses, believes that they are uniquely positioned to revolutionize the treatment of cancer and certain infectious diseases.

Indaptus Therapeutics, Inc. (Nasdaq: INDP) (“Indaptus” or the “Company”), a clinical stage biotechnology company dedicated to pioneering innovative cancer and viral infection treatments, today announces financial results for the second quarter ended June 30, 2025, and provides a corporate update. Jeffrey Meckler, Indaptus Therapeutics’ Chief Executive Officer, commented, “This quarter marks a major clinical inflection point for Indaptus. In under four years since our founding, we have progressed from IND-enabling studies to an active combination trial in patients. This pace of development is a testament to the dedication of the small, but focused Indaptus Team. A few weeks ago, we dosed the first patient in our Phase 1b/2 combination study evaluating Decoy20 with the PD-1 checkpoint inhibitor tislelizumab. Our preclinical studies showed that Decoy20 broadly enhances both innate and adaptive immune cell activation and works synergistically with a PD-1 inhibitor to induce solid tumor regression. This trial marks the first clinical evaluation of that combination, with the aim of delivering new options for patients who have not benefited from existing immunotherapies. On the financial front, we raised approximately $5.7 million in gross proceeds through the sale of convertible promissory notes and accompanying warrants. In July 2025, the notes were converted into common stock and pre-funded warrants. This financing strengthens our balance sheet and supports the continued progress of our clinical development. We remain focused on disciplined execution and look forward to sharing initial combination trial data later this year.”

Teladoc Health (TDOC, $7.52 +3.01% on Friday) is the world leader in virtual care. Teladoc Health uses proprietary health signals and personalized interactions to drive better health outcomes across the full continuum of care, at every stage in a person’s health journey. Teladoc Health leverages more than two decades of expertise and data-driven insights to meet the growing virtual care needs of consumers and healthcare professionals. For more information, please visit www.teladochealth.com.

On Aug. 14, Teladoc Health announced it has acquired Telecare, an innovative, Australian tech-enabled provider of specialist and allied health care via virtual delivery. Telecare operates Australia’s leading virtual care clinic and provides software solutions to the healthcare sector. With over 300 virtual specialists in over 30 specialties, supporting both GP-referred appointments as well as providing virtual care services to public hospitals across Australia, Telecare helps reduce patient wait times and increases access to speciality care in underserved areas. Teladoc Health is the global virtual care leader, with revenues over $2.5 billion in 2024 and nearly 5,000 employees. The company provides access to care for more than 100 million people and its technology enables virtual care across leading hospitals and health systems, including many of the US leading healthcare institutions, the NHS in the United Kingdom, Charité in Germany, as well as the Canadian health system and the French Social Security. The acquisition supports Teladoc Health’s enterprise strategy, which includes expanding its international business. With a 15-year history in Australia, Teladoc Health already provides millions of Australian members access to virtual health services through relationships with insurers and hospitals. Additionally, Teladoc Health has recently deployed innovative virtual care solutions into the Australian hospital market, including a virtual neonatology solution at the Mater Misericordiae University Hospital, and a virtual telesurgery support system with Central Queensland Hospital and Health Service.

Teladoc, (July 29), reported financial results for the three months ended June 30, 2025 (“Second Quarter 2025”). Unless otherwise noted, percentage and other changes are relative to the three months ended June 30, 2024 (“Second Quarter 2024”). Highlights:

Second Quarter 2025 revenue of $631.9 million, down 2% year-over-year
Second Quarter 2025 net loss of $32.7 million, or $0.19 per share
Second Quarter 2025 adjusted EBITDA of $69.3 million, down 23% year-over-year
Integrated Care segment revenue of $391.5 million, up 4% year-over-year, and adjusted EBITDA margin of 14.7%
BetterHelp segment revenue of $240.4 million, down 9% year-over-year, and adjusted EBITDA margin of 4.9%
Paid $550.6 million using cash on hand to retire convertible senior notes due in Second Quarter 2025
On July 17, 2025, they entered into a credit agreement providing for a five-year, $300.0 million senior secured revolving credit facility to preserve and enhance our financial and operational flexibility

Serina Therapeutics, Inc. (NYSE American: SER, $5.40), is a clinical-stage biotechnology company advancing its lead IND candidate, SER-252, for advanced Parkinson’s disease, enabled by its proprietary POZ Platform™ drug optimization technology. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology. For more information, please visit https://serinatherapeutics.com.

On August 11, Serina announced its financial results for the second quarter ended June 30, 2025, along with key recent updates. Steve Ledger, CEO of Serina Therapeutics, stated, “We’re proud of the momentum we’ve built across our development programs. With SER-252 on track to enter the clinic later this year and the recent advancement of SER-270 for tardive dyskinesia, we are demonstrating how the POZ Platform can enable differentiated, long-acting therapies across neurological conditions with high unmet need. We believe our proprietary polymer technology can unlock best-in-class treatment profiles and improve patient outcomes in ways not achievable with existing drug delivery approaches.”

Recently, serene announced that its Board of Directors has established November 7, 2025, as the date of its 2025 annual meeting of stockholders (the “Annual Meeting”). The time and location of the Annual Meeting will be set forth in the Serina’s definitive proxy statement for the Annual Meeting to be filed with the Securities and Exchange Commission (the “SEC”). Because the date of the Annual Meeting represents a change of more than 30 days from the anniversary of Serina’s 2024 annual meeting of stockholders, the deadline for stockholder proposals to be submitted pursuant to Rule 14a-8 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), for inclusion in Serina’ proxy materials for the Annual Meeting will be 5:00 p.m. (Central Time) on Friday, August 15, 2025, which Serina’s Board of Directors has determined to be a reasonable period of time before Serina expects to begin to print and send its proxy materials for the Annual Meeting. Stockholder proposals submitted in accordance with Rule 14a-8 of the Exchange Act must also comply with the remaining requirements of Rule 14a-8 in order to be included in the proxy materials for the Annual Meeting. Serina is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications.