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Meme Stocks ‘Roar Back’ As Large Caps ‘Waffle About’ To Begin The Week – $AAPL $ADT $AMC $GME $MODD $RDDT $TSLA Rise!

By John F. Heerdink, Jr.
Quote of the Day — “Everything popular is wrong.” – Oscar Wilde

Happy Monday!

I hope that you have begun the week with great excitement and success.

As for the stock market, equities broadly waffled about for the most part during Monday’s session as the macroeconomic schedule offered the New York Fed’s latest Survey of Consumer Expectations that confirmed a rise in inflation expectations to 3.3%. However, the yield curve turned lower as the 2-yr note yield dropped 1bp to 4.86%, while the 10-yr note yield fell 2bps at 4.48%. On a somewhat interesting, if not, bizarre turn of events the infamous ‘Roaring Kitty’ or Keith Gill surfaced and made a single post on ‘X’ Sunday and today the meme stocks including Gill’s Gamestop (GME $30.45, +74.40%) rose substantially. AMC also rose +78.35% closing at $5.19 on 473,133,645 shares of trading where it has been averaging +17M. By the way, neither AMC or GME had any news today. Recently IPO’d Reddit (RDDT) also popped nicely by 8.71% to close at $58.19.  If you have not watched the movie ‘Dumb Money’ that highlights the actions & life of Keith Gill and many others involved in the amazing trading story during COVID around Gamestop, then I highly suggest considering doing so as it was well acted, funny and telling. 

On a sober note, oil prices closed higher again today at $79.20 +.10%. However, the US Dollar Index closed at $105.22 dipping by .08%, while the CBOE Volatility Index (^VIX) closed at $13.60, +8.37% and hit a high of $13.6 during intraday trading.   

At the end of today’s session the Dow 30 closed at 39,431.51 (-.21%) as components Cisco (CSCO, $48.68, +1.3%), Home Depot (HD, $340.96,  -1.6%), & Walmart (WMT, $60.41, -.1%) are due to report their results this week.

The S&P 500 closed at 5,221.42 (-.02%).

The Nasdaq closed at 16,388.24 (+.29%), while Cathie Wood’s ARK Innovation ETF (ARKK) closed at $44.17, +2.91%. The market leading mega cap Magnificent Seven closed as follows: Alphabet (GOOG) closed at $170.90, +.36%, Amazon (AMZN) closing at $186.57, -.49%, Apple (AAPL) closing at $186.28, +1.76%, Meta Platforms (META) closing at $468.01, -1.72%, Microsoft (MSFT) closing at $413.72, -.25%, NVIDIA (NVDA) closing at $903.99, +.58%, & Tesla (TSLA) closed at $171.89, +2.03%.  

The small caps on the Russell 2000 closed at 2,062.12 (+.11%).  

Biotech stocks on the SPDR S&P Biotech ETF (XBI) closed at $89.88, +1.97% and now up .66% YTD. The 52-wk range is $63.80-$103.52.  The iShares Biotechnology ETF (IBB) closed at $134.41, +.76%. The 52-range is $111.83 – $141.16. The iShares U.S. Healthcare ETF (IYH) closed at $60.19, -.13%. 

The SPDR S&P Regional Banking ETF (KRE) closed at $50.30, -.10% and the SPDR S&P Bank ETF (KBE) closed at $47.10, -.51%.  

Around the crypto and precious metals’ universe, Bitcoin (BTC) traded to $62,856.10, +2.67% over the last 24 hours at the time of this writing & Coinbase Global (COIN) closed at $199.51, -.70%, and Riot Platforms (RIOT), an industry leader in vertically integrated Bitcoin (“BTC”) mining, closed at $9.50, +3.26% after reporting Q1/2024 results on May 6. Jason Les, CEO of Riot stated, “I am excited to present results for Riot for the first quarter of 2024, during which we achieved a number of significant milestones which further solidify our growth path. This quarter, Riot reported net income of $211.8 million and earnings per share of $0.82 which are new record highs for our quarterly results. Additionally, we reported $245.7 million in adjusted EBITDA for the quarter, another record high for Riot, rounding out strong financial performance for the quarter.” Gold prices closed at $2,314, -$10/oz. The SPDR Gold Shares (GLD) closed at $214.21, -.46%. Silver prices closed at $27.24, -$.20/oz. The Global X Silver ETF (SIL) closed at $31.99, +.50%.


Shares of Carvana (CVNA, $116.90, -.09% today and up +120.82% YTD) after their earnings report that beat the street’s expectations and it received a JPMorgan analyst upgrade. Caravana highlighted the following: Sets new Q1 records on key profitability metrics: Net Income $49 million; Adjusted EBITDA $235 million, & Carvana expects sequential increases in YoY retail unit growth rate and Adjusted EBITDA in Q21.

Shares of Lantern (LTRN), an artificial intelligence (“AI”) company developing targeted and transformative cancer therapies using its proprietary RADR® AI and machine learning (“ML”) platform with multiple clinical stage drug program, closed at $6.09, -1.14% and is up +6.43% in the aftermarket at $6.48

On May 9, Lantern announced operational highlights and financial results for the first quarter 2024, ended March 31, 2024. Lantern highlighted the following progress:

  • Active clinical trials across three AI-guided drug candidates with initial data and clinical readouts for LP-184 on-track for the second half of 2024.
  • Obtained regulatory allowance to begin Phase 2 Harmonic™ clinical trial enrollment in Japan and Taiwan where approximately 30-35+% of all lung cancer cases occur in never-smokers with NSCLC; Harmonic™ continues patient enrollment in the US.
  • Phase 1 clinical trials for both synthetic lethal drug-candidates, LP-184 and LP-284, continue to advance with no dose-limiting toxicities observed in any of the patient cohorts enrolled and dosed to date.
  • The combined annual global sales market potential for LP-184 and LP-284 across multiple cancer indications is estimated to be over $12 billion USD.
  • Starlight Therapeutics, a wholly owned subsidiary of Lantern Pharma focused on CNS and brain cancers with STAR-001, advanced with the filing of a clinical trial protocol for the Phase 1B dose optimization and expansion cohort in recurrent IDH wild-type high grade gliomas.
  • Advanced AI-powered module for streamlining and guiding differentiated ADC development, which will be instrumental in the next-generation of drug candidates for Lantern Pharma and its collaborators.
  • Established an AI driven collaboration with Oregon Therapeutics where the RADR® platform will be leveraged to sharpen, expand and derisk future clinical development strategies for a novel, first-in-class inhibitor of cancer metabolism.
  • Approximately $38.4 million in cash, cash equivalents, and marketable securities as of March 31, 2024.

On May 6, Lantern announced a strategic AI-driven collaboration with French biotechnology company, Oregon Therapeutics to optimize the development of its first-in-class protein disulfide isomerase (PDI)(1) inhibitor drug candidate XCE853 in novel and targeted cancer indications. Lantern will be leveraging its proprietary RADR® AI platform to uncover biomarkers and efficacy-associated signatures of XCE853 across solid tumors that can aid in precision development. Collaborative efforts are expected to identify biomarker signatures that can be used to stratify tumors most responsive to XCE853 and guide potential future clinical development and patient selection. Oregon Therapeutics is developing XCE853 in various cancer indications, including drug-resistant ovarian and pancreatic cancer, certain hematological cancers and several pediatric cancers including CNS cancers. Lantern highlighted the following:

  • XCE853 is Oregon Therapeutic’s first-in-class, and potentially best-in-class PDI inhibitor, exhibiting potent preclinical efficacy across multiple solid and hematological cancers, and is ready to advance to Investigational New Drug (IND)-enabling development.
  • The AI-enabled collaboration aims to refine and expand the positioning of XCE853, a novel protein disulfide isomerase (PDI) inhibitor, in new and targeted oncology indications, including for drug-resistant tumors.
  • The collaboration is leveraging RADR®’s AI-based capabilities, including 200+ machine learning (ML) algorithms and foundational models for oncology drug development to uncover biomarkers and molecular correlates of efficacy and define potential combination regimens to sharpen XCE853’s drug development strategy.
  • Lantern Pharma is receiving equal IP co-ownership and drug development rights in newly discovered biomarkers, novel indications, and use for new pharmacological strategies for XCE853.

Panna Sharma is the President, CEO, and Board Member of Lantern Pharma Inc.

“Drug development teams have found significant data and modeling challenges in regard to tackling the complexities associated with PDI inhibitors given the challenges with creating meaningful models, and accumulating and deciphering the data. Our AI platform, RADR®, can increase the confidence, insights, and comfort levels in developing data-driven development paths by modeling highly complex scenarios at a scale that only has become possible recently. It’s an ideal approach for Oregon Therapeutics, which has executed a series of highly targeted in vivo and in vitro experiments and is poised to make incredibly important and patient-centric decisions about the clinical future of the molecule. That’s where RADR®can play a highly essential and market defining role,” Panna Sharma, CEO and President of Lantern Pharma.

On April 22, Lantern announced that – the company has received regulatory approval to expand its Harmonic™ trial, a Phase 2 clinical study evaluating LP-300 in non-small cell lung cancer (NSCLC) in never-smokers in both Japan and Taiwan. Approximately one third of all lung cancer patients in East Asia are never-smokers and the proportion of lung cancer in never smokers (LCINS) has been increasing gradually over time, according to a publication in Translational Lung Cancer Research (1). The approval to proceed with the Phase 2 clinical trials in Japan and Taiwan are expected to accelerate the collection of patient and response data needed for the next-stage of evaluation and development of LP-300, a therapeutic for the treatment of relapsed and inoperable primary adenocarcinoma of the lung given in combination with chemotherapy Additionally, it may also bring a needed therapeutic option for LCINS diagnosed patients in Japan and Taiwan, where one-third of all lung cancer diagnoses are made among those who have never smoked. Finally, Lantern believes that this improves the positioning for drug-candidate LP-300 to develop collaborative and co-development partnerships with global biopharma companies with a primary focus in serving the Asian markets. LCINS are histologically, mutationally, and epidemiologically distinct from smoking-related lung cancers and occur almost exclusively as adenocarcinomas and most commonly in women and individuals of Asian ancestry.(2) LCINS are highly enriched for alterations in the tyrosine kinase (TK) genes, have low tumor mutation burden (TMB) and low rates of PD-L1 expression.(2) Many of these factors may provide clarity on why LP-300 seems to have a distinct mechanism of action and anti-cancer activity in tumors among LCINS patients. Lantern believes that this unique mechanism of action and historically observed anti-tumor activity may ultimately prove to be a useful option for this growing class of patients globally.

 On March 5, Lantern announced a series of important milestones related to the development, size, and advancement of RADR® — its proprietary AI platform focused on transforming the cost, pace, and timeline of oncology drug development. Lantern highlighted the following:

  • The rapid growth of Lantern Pharma’s AI platform could lead to accelerated development of better treatments, greater precision in clinical development, and improved combination regimens with the potential for longer and more durable patient responses.
  • Lantern’s RADR® platform recently surpassed 60 billion data points and is planned to exceed 100 billion data points during 2024 and has been crucial in the expansion of the indications for drug candidate LP-184 and in the accelerated development of LP-284.
  • Lantern seeks to focus additional data growth efforts of the RADR® platform on: drug sensitivity data, combination treatment outcome data, and biomarker data in rare cancers, and on emerging synthetic lethal targets that are aimed at accelerating the development of new therapies for Lantern and its partners.
  • Lantern will also enhance the RADR® platform’s generative AI capabilities, focusing on molecular optimization and automated feature extraction to improve understanding and prediction of molecular dynamics, safety, and drug-drug interactions.

You can now view “How AI Has Lit A Revolution In Healthcare, Medicine, & Human Longevity “ on The Tribe Public Channel as Panna Sharma CEO Lantern Pharma was interviewed on Feb. 29. 

Shares of Indaptus Therapeutics, Inc. (Nasdaq: INDP) closed at $2.12, -1.40% and is up +3.30% at $2.19 in the aftermarket. Indaptus 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 has evolved from more than a century of immunotherapy advances. The Company’s novel approach is based on the hypothesis that efficient activation of both innate and adaptive immune cells and pathways and associated anti-tumor and anti-viral immune responses will require a multi-targeted package of immune system-activating signals that can be administered safely intravenously (i.v.). Indaptus’ patented technology is composed of single strains of attenuated and killed, non-pathogenic, Gram-negative bacteria producing a multiple Toll-like receptor (TLR), Nucleotide oligomerization domain (Nod)-like receptor (NLR) and Stimulator of interferon genes (STING) agonist Decoy platform. The products are designed to have reduced i.v. toxicity, but largely uncompromised ability to prime or activate many of the cells and pathways of innate and adaptive immunity. Decoy products represent an antigen-agnostic technology that have produced single-agent activity against metastatic pancreatic and orthotopic colorectal carcinomas, single agent eradication of established antigen-expressing breast carcinoma, as well as combination-mediated eradication of established hepatocellular carcinomas and non-Hodgkin’s lymphomas in standard pre-clinical models, including syngeneic mouse tumors and human tumor xenografts.

On May 8, Indaptus announced financial results for the first quarter ended March 31, 2024, and provided a corporate update. 


Jeffrey Meckler, CEO, Indaptus Therapuetics, Inc. (NASDAQ: INDP)

Jeffrey Meckler, Chief Executive Officer of Indaptus, commented, “We continue to make steady progress in our clinical development plans and are receiving regular validation for results reported to date, both through a presentation in April at the American Association for Cancer Research (AACR) annual meeting, and the acceptance of further data to be presented in a poster at the American Society of Clinical Oncology (ASCO) annual meeting, which is considered among the top annual oncology conferences. We are encouraged by the results we have reported, along with the early results we are seeing as we advance our trial, and believe they are indicative of the potential for Decoy20, and indeed our platform as a whole. We look forward to reporting more about our progress as it develops.”

 On April 11, Indaptus announced it was proud to unveil its poster at the 2024 Annual Meeting of the American Association for Cancer Research (AACR) in San Diego on Wednesday, April 10th. The poster details mechanism of action data that demonstrates the Company’s Decoy platform successfully induces, matures or activates multiple immune cell types involved in anti-tumor responses. The latest findings significantly enhance the Company’s understanding of its “Decoy” platform technology, which uses killed, non-pathogenic bacteria engineered to activate the immune system to attack tumors. The study highlights the platform’s effectiveness in engaging key innate and adaptive immune cells, including, natural killer cells, natural killer T cells, dendritic cells, CD4+, and CD8+ T cells. In some settings, the platform also produced additive or synergistic activity in combination with IL-2, an approved cancer drug. Additionally, the data reveal that the Decoy platform may not only boost the immune system’s ability to recognize and kill tumor cells, but potentially also overcome a mechanism that suppresses the immune response. The results suggest that the Company’s Decoy bacteria can both directly and indirectly prime the immune system to more effectively fight cancer.

Dr. Michael Newman, Indaptus’ Founder, Chief Scientific Officer, and lead author, commented, “The new data are consistent with our preclinical animal tumor model studies and provide evidence for our hypothesis that patented Decoy bacteria can activate a wide range of innate and adaptive human immune cells involved in fighting tumors. This aligns with what we’ve observed in our ongoing Phase 1 clinical trial of Decoy20 – broad immune activation, as evidenced by transiently increased levels of many key cytokines and chemokines following single dose administration. These findings bolster our confidence in Decoy20’s potential as a multifaceted immunotherapy.”

Indaptus CEO presented in an open Q&A on Tribe Public’s Webinar titled, “Fully Engaging The Human Immune System To Cure Disease” on Wednesday, March 20, 2024. You can now watch the event video at the Tribe Public YouTube Channel at this link

On March 13, Indaptus announced financial results for the fourth quarter and fiscal year ended December 31, 2023 and provided a corporate update. Jeffrey Meckler, Chief Executive Officer of Indaptus, commented, “We are thrilled with the progress we made in 2023, which was capped off in November when we announced that our lead candidate, Decoy20, demonstrated a broad immune response in patients following a single dose in the first cohort of our ongoing phase 1 study. More recently, in March 2024, we announced positive results from our second cohort. In close consultation with an independent Safety Review Committee, we are now initiating a multi-dose cohort. Our objective in this next part of the Phase 1 trial is to determine the safety of Decoy20, with multiple doses administered to the same patient, which we believe could also potentially enhance anti-tumor activity across various tumor types. As we are encouraged by these initial findings and by the anti-cancer activity we observed from multi-dosing in our pre-clinical models, we look forward to continuing our efforts to demonstrate safety and efficacy. We remain prudent in managing our cash position and furthering our research in a cost effective and efficient manner.”

On Feb. 8, Indaptus announced the launch of a new social media initiative to provide education and updates about the company. Recognizing the importance of engaging with all stakeholders, Indaptus will generate content on a variety of digital platforms, including X (formerly known as Twitter) and LinkedIn. The launch of these channels signifies Indaptus Therapeutics’ commitment to transparency, knowledge-sharing, and a desire to stay connected with its stakeholders. The company will utilize these platforms to provide updates on its research, share educational content about cancer immunotherapy, and offer a behind-the-scenes look at its team and scientific progress. The company invites all interested parties, including patients, researchers, and the general public, to join the conversation and stay informed about the company’s promising strides in cancer and viral infection treatment.

Shares of ADT Inc. (ADT), a leading provider of monitored security and automation solutions for residential and small business customers in the United States and Canada, closed at $7.06, +1.15%.

On April 25, ADT report their Q1 earnings results highlighting the following:  

  • Total revenue of $1.2 billion with end-of-period recurring monthly revenue (RMR) up 3% to $353 million ($4.2 billion on an annualized basis)
  • Consumer and Small Business (CSB) revenue of $1.2 billion, up 5% and segment Adjusted EBITDA of $638 million, up 8%
  • Strong customer retention with gross revenue attrition of 13.1%
  • GAAP income from continuing operations of $92 million, or $0.10 per diluted share, up $218 millionAdjusted income from continuing operations of $151 million, or $0.16 per diluted share, up $56 million
Shares of Seanergy Maritime Holdings Corp. (SHIP) closed at $10.40, -1.42%. Seanergy is known as a leading player in the global shipping industry, being the only pure-play Capesize ship owner publicly listed in the U.S. The company specializes in Capesize shipping, representing the largest dry bulk carriers globally. Seanergy’s operating fleet currently consists of 17 vessels (1 Newcastlemax and 16 Capesize), with an average age of approximately 12.7 years and an aggregate cargo-carrying capacity of approximately 3,054,820 deadweight tons (dwt). The company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece.  On March 15, Seanergy announced its financial results for the fourth quarter and twelve months ended December 31, 2023. The Company also declared a regular quarterly cash dividend of $0.025 per common share and a special cash dividend of $0.075 per common share for the fourth quarter of 2023.

Modular Medical, Inc. (NASDAQ: MODD, $1.84, +6.98% today and is up +1.63% at $1.87 in the aftermarket), is a development-stage, insulin delivery technology company seeking to launch the next generation of user-friendly and affordable insulin pump technology. 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 March 6, Modular Medical’s CEO Jeb Besser presented at Tribe Public’s Webinar Presentation and Q&A Event titled “Revolutionizing Diabetes Care.”  You may view the event video now to learn more by clicking this link.
On Feb. 16, Modular Medical announced that it has priced its underwritten public offering (the “offering”) of 9,090,910 shares of its common stock, led by Manchester Explorer, L.P., which is managed by Jeb Besser, Modular Medical’s Chief Executive Officer, and Morgan Frank, a member of the Company’s board of directors, and other existing institutional investors. The shares of common stock are being sold at a price to the public of $1.10 per share. In addition, Modular Medical has granted the underwriter a 30-day option to purchase up to 1,321,989 additional shares of its common stock. Titan Partners Group, a division of American Capital Partners, is acting as sole book-running manager for the offering. The gross proceeds to the Company from the offering are expected to be approximately $10 million, before deducting underwriting discounts, commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund operations and for working capital and general corporate purposes, including capital expenditures. The offering is expected to close on or about February 21, 2024, subject to the satisfaction of customary closing conditions.
On Jan. 24, Modular Medical announced the issuance of U.S. Patent 11,817,197 B2 for the stream-lined pairing of a pump to a mobile device. Paul DiPerna, Chairman and CTO of Modular Medical, commented, “The issuance of this patent is just another step in our mission to use technology to rethink and simplify the adoption of and ability to live with pump technology for patients and caregivers. To address cybersecurity risks and the complexity of pairing multiple devices to talk between a phone and a pump, we added Near-Field Communication (NFC), whereby, just by bringing the phone close to our pump will create a secure connection making it much easier to develop, test and maintain. This patent protects our technology addressing pairing, and, most importantly, the downloading of patient data to allow clinicians to easier upload and review the patients data. The patient’s phone is not required, and a clinician can simply tap the pump to the phone or tablet to pull the data using Bluetooth from patient pumps. In a high-volume practice, such as a busy certified pump trainer’s office, the ability to pull data from several patients quickly is critical. Our patented technology addresses the ability to do this without the tedious step of powering on and pairing with a myriad of new Bluetooth devices. It also simplifies moving the configuration to a new reusable controller, when needed, without using an intermediate device.” Jeb Besser, Modular Medical’s CEO, commented, “Our family of patents, which includes both issued patents and pending applications, around our pump is an important part of our strategic value and market positioning, and we look forward to announcing further patent issuances in the future.”

On Jan. 19, Modular Medical announced the premarket submission of its MODD1 next-generation insulin pump to the FDA for 510(k) clearance. “This is an exciting milestone for the Company, as we seek to change the diabetes market. Almost 30 years after the introduction of the first insulin pump, more than three quarters of those who could benefit from wearing a pump do not wear one. It is our belief that our simplified design will encourage many “almost-pumpers” to adopt technology to aid in their diabetes management, without the complexity and expense required by many of the current solutions,” said Paul DiPerna, Chairman and CTO of Modular Medical.

Jeb Besser, CEO of Modular Medical, stated “Getting a person who requires daily insulin to adopt a pump instead of multiple daily injections can reduce healthcare costs and improve long-term patient outcomes. Pump adoption has been impeded by the ‘three-Cs:’ they are too complex, cumbersome and costly. The MODD1 was designed to be simple and affordable with an attractive form factor. We believe our two-part patch pump design, easy to learn interface and scalable manufacturing will all contribute to a differentiated and lower cost marketing approach. On behalf of the board of directors, I would like to thank the entire Modular Medical team, and all of our stakeholders and shareholders for their support in reaching this point. We expect to receive initial questions from the FDA during the quarter ending June 30, 2023, and we will provide updates, as appropriate. While working with the FDA to gain US clearance, our regulatory effort will now turn to preparing applications to obtain the UKCA mark to enable us to market the MODD1 in the United Kingdom. Operationally, we will move our pilot production line to our manufacturing partner to prepare for commercial launch.”

On Dec. 21, Modular Medical announced a collaboration agreement with Glooko, Inc., a global leader specializing in connected care and remote patient monitoring for diabetes. Integrating with Glooko will allow clinicians and patients to easily review insulin dosing data from the MODD1 pump, when commercially available. In addition, through Glooko’s platform, Dexcom CGMS users will be able to view their glucose levels in the same accessible format in conjunction with their pump data. Glooko’s platform has a broad installed base, which has been deployed in over 30 countries and 8,000 clinical locations. Jeb Besser, CEO of Modular Medical stated,  “We are extremely pleased to add the Glooko technology platform to our diabetes care system making it even easier and more cost effective for us to provide this important capability to our clinical and patient base. Glooko’s mission to improve health outcomes of people with chronic conditions through its personalized, intelligent, connected care platform fits perfectly with our vision of providing an easy to use, affordable delivery technology to give more patients access to better care.”


On Jan, 23, NAYA Biosciences Inc., a company which has recently signed a definitive merger agreement with INVO Bioscience (INVO, $1.22,+20.79%) to establish an expanded, publicly-traded life science company dedicated to increasing patient access to breakthrough treatments in oncology, regenerative medicine, and fertility, today announced that it has entered into a binding letter of intent to acquire Florida Biotechnologies, Inc. a gene therapy company focusing on the treatment of mitochondrial diseases.announced that it has entered into a binding letter of intent to acquire Florida Biotechnologies, Inc. a gene therapy company focusing on the treatment of mitochondrial diseases. “We are delighted to contribute to the emergence of a strong biotech ecosystem leveraging Florida’s academic medical excellence,” commented Florida Biotechnologies cofounder Dr. Peter Kash. “The NAYA leadership team brings an agile entrepreneurial platform, broad development and commercialization experience, and access to public capital, which will unlock the potential of our promising AAV gene therapy platform for mitochondrial genetic diseases. As it expands its clinical pipeline to additional regenerative medicine as well as oncology and fertility programs, NAYA is poised to build a world-class Miami-based biopharmaceutical company.” “We are impressed by the initial safety and efficacy of the AAV gene therapy developed by Florida Biotechnologies and the University of Miami for the treatment of LHON, a rare and debilitating genetic disease with no currently approved therapeutic regimen,” commented NAYA Chairman & CEO Dr. Daniel Teper. “NAYA is committed to accelerating clinical development and Early Patient Access to this breakthrough therapy, which has the potential to achieve curative results in patients with progressive vision loss and blindness.”

On Jan 17, INVO Bioscience, announced that it has filed S-4 registration and preliminary joint proxy statements in connection with the upcoming merger. NAYA has also announced that five new board directors have joined its leadership team effective January 1st, 2024. The additions to the board join Chairman and Chief Executive Officer Dr. Daniel Teper, Vice Chairman Dr. Peter Kash, and Director Gilles Seydoux and will continue post-merger as part of the combined company alongside current INVO CEO Steve Shum. “NAYA is thrilled to welcome new board members with outstanding executive and entrepreneurial track records,” commented NAYA CEO Dr. Daniel Teper. “As we prepare for our merger with INVO, their experience will be key in helping the management team structure our group of companies and secure financing to advance our ambitious growth strategy for 2024 and beyond. Upon closing of the merger with INVO, the NAYA leadership team will focus on scaling up the fertility business through clinic acquisitions and revamped commercialization of INVOcell®, advancing the clinical development of our oncology assets, and building our regenerative medicine portfolio.”

On April 16 after the close, INVO Bioscience, Inc. (Nasdaq: INVO), a healthcare services fertility company focused on expanding access to advanced treatment worldwide through the establishment and acquisition of fertility clinics, and with the intravaginal culture (“IVC”) procedure enabled by its INVOcell® medical device, today announced financial results for the fourth quarter and fiscal year ended December 31, 2023 and provided a business update.

Q4 2023 Financial Highlights (all metrics compared to Q4 2022 unless otherwise noted)

Revenue was $1,381,754, an increase of 397% compared to $278,142.

Clinic revenue increased 519% to $1,362,938, compared to $220,253. All reported clinic revenue is derived from the Company’s INVO Center in Atlanta, Georgia, and fertility clinic in Madison, Wisconsin which are consolidated in the Company’s financial statements.

Revenue from all clinics, inclusive of both those accounted for as consolidated and under the equity method, was $1,634,912, an increase of 140% compared to $682,055.

Total operating expenses were $2.9 million, a $0.1 million decrease compared to $3.0 million. Included in the Q4 2023 operating expenses were approximately $250,000 pertaining to the definitive merger agreement with NAYA Biosciences, Inc. (“NAYA”) to acquire NAYA in an all-stock transaction.

Net loss was $(2.0) million compared to $(2.8) million.

Adjusted EBITDA (see table included) was $(1.2) million, including transaction costs related to the potential merger, compared to $(2.2) million in the prior year.

Economic Reports

On Tuesday, the Consumer credit report showed a $6.3B rise in March.

On Wednesday, the weekly MBA Mortgage Applications Index report shoed a 2.6% jump. The Wholesale Inventories report showed a decline at .4% in March & the weekly EIA Crude Oil Inventories report confirmed a 1.36M barrel draw.

On Thursday, the Weekly Initial Claims report came in significantly higher than expected at 231k, while the Weekly Continuing Claims report came in higher as well at 1.785M.