The U.S. stock market closed higher across the major indices today to close out June, Q2, & inch closer to the July 4th holiday. The S&P 500 rose by 0.5% to finish at 6,204.95, marking another record high and capping a strong month for large-cap stocks. The Dow Jones Industrial Average advanced 0.6%, continuing its positive momentum. The Nasdaq Composite also gained 0.5% to close at a new record of 20,369.73, reflecting robust performance in technology shares. The Russell 2000, which tracks small-cap stocks, edged higher by .12%. Overall, investor sentiment remains optimistic, buoyed by easing geopolitical tensions, hopes for eventual Federal Reserve rate cuts, and improving global trade relations.

Macroeconomic Reports

Recently, the Federal Reserve announced it would keep its benchmark interest rate steady at 4.25%–4.50%. Policymakers reiterated their commitment to achieving 2% inflation and continuing the reduction of the Fed’s balance sheet. Mortgage rates also eased slightly, with the 30-year fixed rate at 6.53%. Looking ahead, investors are closely watching for upcoming reports on non-farm payrolls, ISM PMI, factory orders, and trade data, which will provide further insight into labor market health and the impact of ongoing tariff negotiations.

Key Stocks in Focus

Among the most closely watched companies, NVIDIA ($157.99, +.155%)is trading now at $3.85M mkt. cap & participated in today’s tech rally, benefiting from strong demand for AI and semiconductor stocks. Tesla saw robust sales growth in the UK, Spain, and the Netherlands, regaining momentum in Europe; however, its share price dropped to $317.66, -1.89% today amid concerns over high valuation and shrinking profit margins. Meta Platforms set a new record high, closing up 0.61% at $738.09, as CEO Mark Zuckerberg accelerated AI hiring and made significant investments in new talent and infrastructure. McDonald’s (MCD, $292.17, +.21%) saw its price target lowered by KeyCorp to $325, reflecting mixed analyst sentiment, though the average rating remains a “Hold.” Palantir Technologies surged by 4.27% to close at $136.32, +4.27% following renewed analyst attention and positive sentiment. Rio Tinto Group (RIO) closed at $58.33, -.70%.

Mergers, Acquisitions, and Buyouts

The first half of 2025 has seen a significant increase in global merger and acquisition activity, with total deal value up 26% year-over-year to $2.14 trillion. This surge has been driven by a rebound in U.S. equity markets and a flurry of dealmaking in Asia. Major deals this year include Toyota’s $33 billion privatization of a supplier and Abu Dhabi National Oil Company’s $18.7 billion bid for Santos. However, no major mergers, acquisitions, or buyouts involving S&P 500 companies were announced today.

IPO Activity

No initial public offerings were filed or completed today on either the NYSE or Nasdaq. The most recent IPOs occurred last week, with FIGX Capital Acquisition Corp. and Yorkville Acquisition Corp. making their market debuts.

Tariff and Trade Updates

On the trade front, the U.S. continues to delay the implementation of reciprocal tariffs on several countries, with the next round potentially starting onTuesday, July 9. In a positive development, Canada rescinded its digital services tax to restart trade negotiations with the U.S., signaling a possible easing of trade tensions.

Yield Curve and Interest Rates

Treasury yields remain a focal point for investors. As of June 30, the 10-year Treasury yield stood at 4.228% & the 2-year at 3.723% . The yield curve remains inverted, which is often interpreted as a recession warning, but equity markets have continued to rally regardless. The Federal Funds Rate remains unchanged at 4.25%–4.50%.

Commodities and Cryptocurrency

Gold prices climbed to $3,315.00 per ounce, continuing their upward trajectory and nearing record highs. Silver closed at $36.33 per ounce. Oil prices dropped again, with Brent crude at $64.97 per barrel, reflecting easing geopolitical tensions and a more stable OPEC+ supply outlook. In the cryptocurrency market, Bitcoin traded at $108,055, +.535.

BitMine Immersion Technologies (BMNR, $33.90, +694.84%) has secured $250 million in a private placement of common stock, a move that will fund the launch of an Ethereum treasury and mark a significant strategic pivot for the Las Vegas-based mining firm. The transaction, priced at $4.50 per share and comprising roughly 55.6 million shares, is expected to close on July 3, subject to customary approvals. Upon completion, BitMine is poised to become one of the largest publicly traded holders of ether, signaling a notable shift from its previous focus on bitcoin mining. The financing was led by investment firm MOZAYYX and attracted participation from a roster of prominent investors, including Founders Fund, Pantera Capital, FalconX, Republic Digital, Kraken, Galaxy Digital, and others. Cantor Fitzgerald served as advisor to MOZAYYX, while ThinkEquity acted as placement agent. Proceeds from the offering will be used to acquire ether (ETH) as BitMine’s primary treasury reserve asset. Company executives emphasized that Ethereum’s role as the backbone for stablecoin transactions, tokenized assets, and decentralized finance applications positions it as a compelling choice for corporate treasury management. The company’s new approach will also provide access to protocol-level activities such as staking and participation in decentralized finance mechanisms, underscoring a broader move toward programmable blockchain assets over traditional store-of-value cryptocurrencies. The transaction coincides with a leadership change: Thomas Lee, founder of Fundstrat and a well-known Wall Street strategist, has been named Chairman of the Board. Lee described the initiative as emblematic of the accelerating convergence between traditional finance and the digital asset sector, highlighting Ethereum’s strategic importance in the evolving landscape of corporate treasury management.

Vista Partners Watchlist Highlights & Updates

Eupraxia Pharmaceuticals (EPRX, $5.76, +8.68% and is up +2.78% in the aftermarket at $5.92) is a clinical-stage biotechnology company leveraging its proprietary DiffuSphere™ technology to optimize drug delivery for applications with significant unmet need. The Company strives to provide improved patient benefit and has developed technology designed to deliver targeted, long-lasting activity with fewer side effects. DiffuSphere™, a proprietary, polymer-based micro-sphere technology, is designed to facilitate targeted drug delivery, with extended duration of effect, and offers multiple, highly tuneable pharmacokinetic (PK) profiles. This investigational technology can be engineered for use with multiple active pharmaceutical ingredients and delivery methods.

May 22, 2025 marked a milestone for patients, families, and clinicians worldwide: the inaugural World Eosinophilic Esophagitis Day (#EoEDay). This global event, spearheaded by the EoE Day Alliance—a coalition of patient organizations from around the world—aims to raise awareness, foster understanding, and advocate for better care for those living with Eosinophilic Esophagitis (EoE). Learn more here.

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

On May 5, Eupraxia Pharmaceuticals Inc. announced positive treatment outcomes from its ongoing RESOLVE Phase 1b/2a trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). Most notably, nine-month data was disclosed for the first time demonstrating that all three patients dosed at 48mg of EP-104GI experienced sustained or improved treatment outcomes after nine months of therapy. Eupraxia highlighted the following:

Eupraxia continues to observe positive treatment outcomes in its ongoing Phase 1b/2a trial, including for the first time clinical responses measured 9 months after dosing with EP-104GI
At 9 months active drug continued to be released into the esophagus in patients at a rate similar to what was seen at the 3- and 6-month time points. This is an unprecedented result with an injectable delivery system in patients with EoE
Also, at 9 months patients demonstrated sustained or improved treatment outcomes compared to 3- and 6-month results
Additional long-term data to be released with higher doses in Q3 2025

Eupraxia recently announced its financial results for the fourth quarter of 2024 on March 20 where all dollar values are in U.S. dollars unless stated otherwise Learn more here)

On October 15, Eupraxia announced that Lancet Rheumatology, a leading independent, peer-reviewed journal committed to sharing progressive content relevant to rheumatology specialists worldwide, recently published Eupraxia’s Phase 2 data from its SPRINGBOARD trial evaluating EP-104IAR for the treatment of knee osteoarthritis. Publication of Eupraxia’s Phase 2b data in Lancet Rheumatology, a distinguished and respected journal, raises the profile of EP-104IAR. As outlined in Lancet Rheumatology, Eupraxia’s EP-104IAR imparts clinically significant and durable pain relief, while also having minimal changes in glucose and cortisol, along with stable fluticasone proportionate concentrations in plasma. The U.S. Centers for Disease Control and Prevention estimates that knee osteoarthritis affects more than 30 million people in the U.S. alone. You may read the Lancet Publication regarding Eupraxia at this link.

Summit Therapeutics Inc. (NASDAQ: SMMT, $21.28, +3.30%) 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.

Summit announced (May 30) topline results from the Phase III clinical trial, HARMONi, the first global Phase III study evaluating ivonescimab, successfully met the progression-free survival (PFS) primary endpoint and showed a positive trend in the other primary endpoint, overall survival (OS). HARMONi is a multiregional, double-blinded, placebo-controlled, Phase III study sponsored by Summit evaluating ivonescimab plus platinum-doublet chemotherapy compared to placebo plus platinum-doublet chemotherapy in patients with epidermal growth factor receptor (EGFR)-mutated, locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) who have progressed after treatment with a 3rd generation EGFR tyrosine kinase inhibitor (TKI). This is a clinical setting with a patient population where PD-1 monoclonal antibodies have previously been unsuccessful in Phase III global clinical trials in showing either a PFS or OS benefit.

Modular Medical, Inc. (NASDAQ: MODD, $.745 +9.74% and is up +.67% at $.75 in the aftermarket), an insulin delivery system technology company preparing to launch a market expansion product with a more accessible, easier to prescribe, and easier to pay for and live with 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 June 16, Modular Medical announced its participation in the American Diabetes Association (“ADA”) 85th Scientific Sessions, taking place June 20-23, 2025, at the McCormick Place Convention Center in Chicago, Illinois. The Company will feature 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 will highlight 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, $8.47, +.47%) 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.

Shares of GeoVax Labs, Inc. (Nasdaq: GOVX, .8657) is a clinical-stage biotechnology company developing immunotherapies and vaccines against cancers and infectious diseases.

On June 25, GeoVax announced that the U.S. Patent and Trademark Office has issued U.S. Patent No. 12,329,808, from patent application No.18,394,580, titled “Compositions and Methods for Generating an Immune Response to Treat or Prevent Malaria.” The patent covers compositions comprising GeoVax’s recombinant Modified Vaccinia Ankara (MVA) viral vector expressing immunogenic proteins from Plasmodium falciparum (the causative agent of malaria). The novel construct supports expression of virus-like particles (VLPs) assembled from P. falciparum circumsporozoite protein (CSP) or gametocyte surface protein Pfs230 fused to a Marburg virus glycoprotein transmembrane domain, together with the Marburg VP40 matrix protein. The expressed proteins are assembled in vivo as VLPs, which is an antigen presentation design used to enhance vaccine potency and induce both humoral and T-cell responses. GeoVax’s intellectual property estate now encompasses over 135 granted or pending patent applications across 23 distinct patent families, reinforcing the company’s strategic position across oncology, infectious diseases, and biodefense platforms. This broad portfolio includes strong protection for its Gedeptin(R) oncolytic cancer therapy, recently expanded to cover synergistic combinations with radiation, and multiple MVAbased vaccine constructs targeting SARSCoV2, Mpox/smallpox, Zika, Ebola, Sudan, and Marburg viruses. Malaria remains a persistent global health threat, causing over 600,000 deaths yearly, primarily in sub-Saharan Africa. The use of GeoVax’s versatile MVA-based platform offers the potential for inducing durable immunity against both such latent and emerging pathogens.

On June 24, GeoVax Labs commented on the U.S. Food and Drug Administration’s recent approval of Keytruda(R) (pembrolizumab) for use in resectable, locally advanced head and neck squamous cell carcinoma (HNSCC) tumors expressing PD-L1 as determined by an FDA approved test. This regulatory milestone marks a significant advancement in the curative-intent treatment landscape for head and neck cancer and affirms the therapeutic strategy underlying GeoVax’s Gedeptin(R) development program. An editorial by Rosenberg and Vokes in New England Journal of Medicine (NEJM) noted that the study forming the basis of FDA’s approval represents the first demonstration of benefit for PD-1 inhibition in the curative setting for HNSCC, with implications for evolving neoadjuvant immunotherapy paradigms. GeoVax is planning to initiate a Phase 2 clinical trial of Gedeptin(R) in combination with a checkpoint inhibitor, such as pembrolizumab, in patients with locally advanced HNSCC scheduled for curative-intent surgery. The trial aims to improve tumor clearance and reduce relapse by combining the immune-priming effect of Gedeptin’s targeted cytotoxicity with the systemic immune activation of checkpoint inhibition. The Phase 2 study, expected to launch in 2026, will evaluate pathologic response, recurrence rates, and biomarker-defined immunologic changes when Gedeptin is used as neoadjuvant therapy with checkpoint inhibitors. Importantly, the NEJM editorial emphasized the need to optimize patient selection and treatment duration in the immunotherapy era, aligning with GeoVax’s biomarker-driven approach.”The NEJM publication and FDA approval of Keytruda in resectable HNSCC signals a new era in curative-intent cancer therapy,” said David Dodd, Chairman and CEO of GeoVax. “By combining Gedeptin therapy with pembrolizumab, we aim to enhance local tumor eradication while unlocking systemic anti-tumor immunity, potentially reducing both local and distant recurrence. We believe Gedeptin’s tumor-targeted cytotoxicity can enhance immunotherapy efficacy, particularly in the perioperative window where anti-tumor immunity can be primed,” added Dr. Kelly McKee, GeoVax’s Chief Medical Officer. “We are excited to embark on the next phase of Gedeptin development as we attempt to build on the important advances being made in this disease.”

On June 17, GeoVax Labs highlighted new clinical data presented at the 2025 European Hematology Association (EHA) Hybrid Congress, which took place June 12-15 in Milan, Italy. The data were featured in a poster presentation by Alexey V. Danilov, M.D., Ph.D., Associate Director of the Toni Stephenson Lymphoma Center and Professor in the Department of Hematology and Hematopoietic Cell Transplantation at City of Hope Comprehensive Cancer Center in Duarte, California. The poster titled “MVA-Based GEO-CM04S1 Vaccine Results in Improved Cellular Immune Response in Patients with Chronic Lymphocytic Leukemia (CLL) Compared with mRNA-Based Vaccine: Initial Results of a Phase II Randomized Study”, detailed findings from an ongoing randomized Phase 2 clinical trial (NCT05672355), and highlighted interim results showing superior cellular immune responses induced by GEO-CM04S1 compared to those induced by an authorized mRNA-based COVID-19 vaccine in CLL patients, a population known to exhibit suboptimal protective responses to COVID-19 and other vaccines due to immune dysfunction. Key Findings from the Study: GEO-CM04S1 demonstrated significantly enhanced T cell responses, specifically IFN- secretion and activation-induced markers (AIM+), compared to a matched cohort receiving an authorized mRNA vaccine, While both vaccines stimulated humoral immune responses, only GEO-CM04S1 elicited statistically significant SARS-CoV-2 Nucleocapsid (N)-specific IgG and T cell responses., The mRNA vaccine failed to meet the pre-defined primary immunogenicity endpoint; as a result, further enrollment is now restricted to the GEO-CM04S1 arm only, & Both vaccines were well-tolerated, with no grade 3 adverse events reported.

On June 16, GeoVax announced that it has received positive Scientific Advice (SA) from the European Medicines Agency (EMA) for GEO-MVA, a Modified Vaccinia Ankara (MVA)-based vaccine for the prevention of Mpox and smallpox. The SA supports the suitability of GeoVax’s clinical and nonclinical development strategy. This feedback from EMA provides clear regulatory alignment and enables an efficient pathway toward potential approval, eliminating multiple development steps commonly required for vaccines.

On June 12, GeoVax announced that company representatives will attend the 2025 BIO International Convention being held June 16-19, 2025 at the Boston Convention and Exhibition Center in Boston, Massachusetts. The BIO International Convention is the world’s largest gathering of the biotechnology industry, attracting thousands of biotechnology and pharmaceutical executives from around the globe. The event provides an ideal venue for companies to engage with potential partners, investors, and policymakers.

On June 9, GeoVax recapped two scientific poster presentations delivered at the Keystone Symposia on Vaccinology: Horizons Across Disease, Demography and Technology, held in Washington, D.C.

On June 4, GeoVax announced that members of its scientific team and academic collaborators will present two pivotal poster presentations at the upcoming Keystone Symposia on Vaccinology: Horizons Across Disease, Demography and Technology, June 4-7, 2025, in Washington DC.

On May 29, GeoVax voiced strong support for the newly announced bipartisan initiative by U.S. Senators Joni Ernst (R-IA) and Lisa Blunt Rochester (D-DE) to onshore the manufacturing of critical pharmaceutical supplies. The Critical Infrastructure Manufacturing Feasibility Act seeks to reduce reliance on foreign sources for key medical products – directly aligning with GeoVax’s mission to rebuild U.S.-based vaccine manufacturing and strengthen national preparedness.

On May 27, GeoVax announced its strong support for the U.S. Food and Drug Administration (FDA) advisory panel’s updated COVID-19 vaccine recommendations. The new guidance prioritizes protection for older adults and individuals with chronic health conditions, moving away from a universal vaccination strategy and signaling a more focused public health approach – one that GeoVax believes that it is well equipped to support through its multi-antigen COVID-19 vaccine, GEO-CM04S1. The advisory panel’s recommendations follow details on how the FDA is changing the type of evidence it will accept from vaccine manufacturers to approve updated COVID-19 vaccines as outlined in an editorial published last week in the New England Journal of Medicine. GeoVax’s COVID-19 candidate, GEO-CM04S1, is designed to address the precise needs of high-risk populations, including those identified in the new FDA guidance. Developed on the Modified Vaccinia Ankara (MVA) platform, GEO-CM04S1 delivers multiple antigens – specifically, both the spike (S) and nucleocapsid (N) proteins of SARS-CoV-2 – to induce broad, durable immune responses, including both antibody and T-cell immunity. This approach is believed to enhance protection, especially in individuals with compromised immune systems, such as those undergoing cancer treatment, organ transplant recipients, and others whose response to current mRNA vaccines may be suboptimal.

On May 21, GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company focused on developing vaccines and immunotherapies for infectious diseases and cancer, welcomed the launch of the EQUIP-A-Pharma initiative – a new joint program between the U.S Department of Health and Human Services (HHS), Administration for Strategic Preparedness and Response (ASPR), the Defense Advanced Research Projects Agency (DARPA), and the private sector. This bold collaboration with private industry seeks to transform pharmaceutical manufacturing by leveraging artificial intelligence and next-generation platforms to expand U.S. production capacity and improve supply chain resilience.

Shares of Indaptus Therapeutics, Inc. (Nasdaq: INDP, $10.53). 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 announced the sale of approximately $2.3 million in aggregate principal amount of convertible promissory notes and accompanying warrants. This transaction is being led by a healthcare-focused institutional investor in an ongoing offering in which the Company is seeking to raise up to $5 million in gross proceeds. Paulson Investment Company, LLC is acting as the exclusive placement agent in connection with the offering. Indaptus intends to use the net proceeds from the offering for research and development activities including the funding of a Phase 1b/2 clinical trial as well as for working capital and general corporate purposes. Learn more here.

On June 2, Indaptus announced that the first patient has been dosed in the expansion arm of its Phase 1b/2 clinical trial evaluating Decoy20 in combination with BeOne’s (formerly known as Beigene) PD-1 checkpoint inhibitor, tislelizumab. This newly activated arm of the trial will assess safety, dose optimization, and early signs of anti-tumor activity in patients with advanced solid tumors, previously treated with a checkpoint inhibitor or with tumors typically unresponsive to a checkpoint inhibitor. Jeffrey Meckler, Indaptus’ CEO commented, “This is an important milestone in our clinical development. We have long believed the Decoy platform has the potential to be a game-changing approach to treating solid tumors. Preclinical data consistently demonstrated that Decoy20 works synergistically with a checkpoint inhibitor. Now, for the first time, we are testing this combination in patients. Checkpoint inhibitors, like tislelizumab, have been one of the biggest breakthroughs in cancer therapy and have significantly improved outcomes in a variety of cancers. However, most patients still do not benefit. We believe the combination of Decoy20 plus a PD-1 inhibitor, such as tislelizumab, could enhance immune responses, potentially helping patients who have not responded or have tumors that classically do not respond to checkpoint inhibitor therapy.”

On May 14, Indaptus announced financial results for the first quarter ended March 31, 2025, and provided a corporate update. Jeffrey Meckler, Indaptus Therapeutics’ Chief Executive Officer, commented, “We made meaningful progress in the first quarter across multiple fronts of our clinical and research programs. In March, we announced the initiation of the expansion arm of our Phase 1b/2 clinical trial of Decoy20. This arm will evaluate Decoy20 in combination with BeOne’s (formerly known as Beigene) PD-1 checkpoint inhibitor, Tislelizumab, with a focus on safety, dose optimization, and early signals of anti-tumor activity. In addition, we strengthened our intellectual property portfolio with new patents granted in China, Japan, and Israel for our Decoy platform—expanding our intellectual property portfolio. Finally, to date, we have enrolled 32 patients in the weekly dosing among the two Decoy20 dose levels and decided to conclude enrollment for this arm and shift our focus to the combination treatment of Decoy20 with Tislelizumab. Early data from the weekly dosing suggests that Decoy20 is generally well-tolerated, with a favorable safety profile and encouraging signs of clinical benefit, including instances of stable disease. Additionally, we have implemented a cost-reduction plan to focus on the combination study.”

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