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by John F. Heerdink, Jr. January 21, 2026

Inside Proximus–Nokia: The Quiet Core Deal That Could Loudly Lift 5G Monetization -( $BGAOF $NOK $NVDA )

Proximus’ (BGAOF) decision to hand Nokia (NOK) the keys to its charging and voice core is a modestly sized deal with outsized strategic implications: it turns a legacy billing workhorse into a cloud-native engine built for 5G, automation, and whatever monetizable acronym telecom marketers coin next. In the slow-moving world of European telcos, this is the digital equivalent of swapping a rotary phone for a self-driving switchboard.

A Cloud-Native Upgrade With Teeth

Proximus will migrate its entire fixed and mobile customer base—plus more than 1,000 products—to Nokia’s cloud-native Converged Charging platform, fully replacing a rival vendor’s legacy system. The new stack also brings Nokia’s cloud-based Voice Core, Subscriber Data Management, and Policy solutions, all deployed on Proximus’ own cloud using Red Hat OpenShift, giving the operator tighter control over performance and costs.

For Nokia, the win is less about a single contract and more about cementing its role as the “brains” of the network rather than merely the brawn, reinforcing a shift toward software and recurring revenue in a business long dominated by hardware cycles. For Proximus, the move is a way to compress time-to-market for new services—reducing the gap between PowerPoint and product launch from “regulatory epoch” to something approaching a tech cycle.

Betting on 5G Monetization, Again

The upgraded charging system is built to handle real-time, event-based billing for emerging 5G use cases, from IoT to gaming, content, and advertising. Instead of traditional flat-rate bundles, Proximus gains the ability to slice and dice tariffs in granular ways—charging per device, per session, or per application, depending on how regulators, consumers, and common sense ultimately negotiate the bil.

Nokia’s own leadership casts the shift in almost sci-fi terms, describing cloud-native platforms as a path to networks that are increasingly self-managing, self-optimizing, and self-healing. For investors who have heard “5G monetization” more times than actual 5G use cases, the underlying message is that the billing engine is finally being rebuilt to support the business models the marketing slides have promised for years.

Strategic Signals for Nokia

Nokia has been rebuilding credibility in Europe since it became a key 5G supplier in Belgium after operators moved away from Huawei earlier in the decade. The Proximus deal extends that relationship deeper into the core and IT layers, where churn is rare and contracts can last longer than some bull markets.

Independent analysis notes that while Nokia’s top-line growth has been uneven, wins like this reinforce a healthier mix of software and services, particularly in cloud and network automation. For a company still trading more like a cyclical equipment vendor than a software platform, each cloud-native deployment offers another data point that the story is slowly shifting from boxes to bits.

Proximus’ Digital Ambition

Proximus has been clear about its ambition to build Belgium’s “#1 gigabit network” and position itself as a digital services platform across Benelux and beyond. With more than 13,000 employees and underlying revenue of roughly EUR 6.4 billion in 2024, the group has the scale to justify a full-stack modernization of its core network and charging systems.

The operator’s international arm, spanning assets like BICS, Telesign, and Route Mobile, gives Proximus a global footprint in messaging, “as-a-Service” communications, and digital identity, sectors where nuanced, real-time charging can be the difference between a sticky platform and a commoditized pipe. In that sense, the Nokia upgrade is less a cosmetic renovation and more a structural reinforcement of Proximus’ broader push into higher-margin digital services.

The Quiet Power of the Billing Engine

No financial terms were disclosed, a reminder that in telecom, the most important deals sometimes prefer to travel incognito. Yet the strategic direction is clear: Proximus is retooling its core systems so that when the next wave of 5G and AI-enabled services finally arrives, the company can bill for it in real time, with surgical precision and fewer apologies to the finance department.

For Nokia, being chosen to replace a competitor’s charging platform is the industry’s version of a confidence vote: operators rarely rip out the cash register unless they believe the new one will ring more often—and with better margins. In a market where the radio antennas get the glamour shots, this partnership underscores an old Wall Street lesson: the most interesting stories often start where the money is counted, not where the signals are broadcast.

NVIDIA’s Stake

As many of us know, Nvidia has been aggressively sprinkling equity across its strategic map as well, including a recent 2025 $1 billion investment for roughly a 2.9% stake in Nokia (NOK) to push AI‑native 5G and 6G networks – a reminder that Jensen Huang is now quietly buying into the pipes, the blueprints, and even the radio towers that will carry the next wave of AI traffic.

The Sources

by John F. Heerdink, Jr. January 21, 2026

Silver’s Silent Shortage: Why the “Other” Precious Metal Is Suddenly Center Stage -( $AG $SIL $GLD $HL )

Silver has been rising because it is caught in a rare sweet spot: a “green-tech” industrial metal in structural shortage that investors suddenly remembered is also money. Add in geopolitical jitters, fading real yields, and a mining sector that has underinvested for years, and the result is a market behaving as if it just discovered leverage.

A Rally Years In The Making

The recent spike to record highs caps several years in which silver demand quietly outgrew supply, leaving a string of market deficits that finally showed up in price. The Silver Institute and other analysts estimate cumulative shortfalls since 2021 approaching the high hundreds of millions of ounces, reinforcing the sense that the metal is simply not as plentiful as the name “silver” implies.

At the same time, silver has outpaced gold, rising well over 100% in 2025 alone in some estimates and extending gains into early 2026, a performance that tends to get even the most stoic asset allocators checking their “alternative bucket.” For an asset that spent the last decade as the slightly eccentric cousin at the precious-metals reunion, the glow-up has been dramatic.

Green Metal, Red-Hot Demand

The single most important shift is that silver has become a workhorse of the energy transition rather than just jewelry and coins. Solar panel manufacturers now consume more than a quarter of annual global silver supply, with usage hitting record highs in 2024 and rising again in 2025 as global photovoltaic installations accelerated. Electric vehicles, advanced electronics, and AI data centers add another structural layer of demand, using silver in high-efficiency contacts, sensors, wiring and power-management components.

Industrial demand now accounts for roughly 60% of total silver use, meaning that every megawatt of new solar capacity and every new server rack quietly tightens the market. The irony is that silver’s very success in clean energy has made it expensive enough that solar manufacturers are scrambling to thrift it or substitute copper—proving that nothing motivates innovation quite like a line item gone rogue.

Tight Mines, Thin Inventories

On the supply side, silver has behaved less like a commodity and more like a limited series. Global mine output has struggled to keep up with demand after years of underinvestment, political risk in key producing regions, and the fact that much silver is produced as a byproduct of other metals, leaving miners hostage to base-metal cycles.

Freely available inventories have been drawn down as industrial users and investors both reached for the same ounces, raising the risk of sharp price spikes on relatively modest new buying. In effect, the market has been running a real-time experiment in what happens when a “cheap” metal is priced as if its abundance were guaranteed—only to discover that geology never signed that contract.

Safe Haven, With a Tech Twist

Macro conditions have done their part, too. Heightened geopolitical tension and concerns over currency debasement have funneled capital into traditional safe havens, and silver, as gold’s more volatile sibling, has benefited disproportionately when investors decided they also like upside. Expectations for interest-rate cuts and easier monetary policy have further burnished the appeal of non-yielding assets, especially ones that come with a side order of industrial growth.

Unlike gold, which is largely a monetary asset, silver is increasingly treated as a “strategic metal” at the intersection of electrification, AI infrastructure and energy security. That dual identity means it can rally on both fear and optimism—fear of macro risk and optimism that the world will indeed build all the clean energy and computing power policymakers keep promising.

When “Undervalued” Becomes “Overcrowded”

For years, silver traded at a steep discount to gold on historical ratios, enticing a cadre of loyal investors who viewed it as chronically undervalued and overdue for a catch-up. The combination of visible industrial growth, well-publicized supply deficits, and a narrative of “green metal meets monetary hedge” finally lured in broader capital, turning what had been a contrarian thesis into a crowded trade.

Today’s elevated prices already have downstream effects—solar manufacturers are redesigning panels to use less silver, and some industrial users are experimenting with substitutions—suggesting that, in time, high prices will enforce market discipline the old-fashioned way. For now, though, silver sits at the rare intersection of story and shortage, a place where markets tend to discover that gravity still exists—but not before a memorable run-up in the charts.

The Sources

[1] Silver Price Predictions 2026: After a 147% Surge, What’s Next? https://goldsilver.com/industry-news/article/silver-price-forecast-predictions/
[2] Silver Investment Outlook Mid-Year 2025 – Sprott https://sprott.com/insights/silver-investment-outlook-mid-year-2025/
[3] A standout year for gold and silver – LSEG https://www.lseg.com/en/insights/ftse-russell/a-standout-year-for-gold-and-silver
[4] Silver Surges to New All-Time High as Analysts Predict Rally … https://finance.yahoo.com/news/silver-hits-record-95-market-115947340.html
[5] Safe-Haven Surge: Gold and Silver Shatter Records as Geopolitical … http://business.thepilotnews.com/thepilotnews/article/marketminute-2026-1-20-safe-haven-surge-gold-and-silver-shatter-records-as-geopolitical-turmoil-hits-boiling-point
[6] Silver Price – Historical Chart – 2026 Forecast – How to Buy https://strategicmetalsinvest.com/silver-prices/
[7] Gold & Silver Hit Record Highs Amid Safe-Haven Demand https://us.plus500.com/en/newsandmarketinsights/gold-silver-hit-record-highs-amid-safe-haven-demand
[8] Is Silver the New Gold? Why Silver Prices Are Set for Long-Term … https://legaciscapital.com/blog/is-silver-the-new-gold-why-silver-prices-are-set-for-long-term-growth
[9] Will the Rise of Silver Affect Solar Panel Prices? – Semper Solaris https://www.sempersolaris.com/blog/will-the-rise-of-silver-affect-solar-panel-prices/
[10] Solar Panel Makers Look to Sub Copper for Silver as Price Hits … https://investingnews.com/solar-panels-silver-copper/
[11] Solar Installations Surge, But Silver Thrifting Goes Into Overdrive https://www.goldenstatemint.com/blog/solar-installations-surge-but-silver-thrifting-goes-into-overdrive/
[12] Charted: Silver Supply–Demand Imbalance (2015-2025) https://www.visualcapitalist.com/charted-silver-supply-demand-imbalance-2015-2025/
[13] Silver hit record highs in 2025 and still has further to run – CNBC https://www.cnbc.com/2025/11/29/silver-hit-record-highs-in-2025-and-still-has-further-to-run.html
[14] [PDF] World Silver Survey 2025 – The Silver Institute https://silverinstitute.org/wp-content/uploads/2025/04/World_Silver_Survey-2025.pdf
[15] Silver Price Prediction – December 2025 Update – YouTube https://www.youtube.com/watch?v=xllQnIKYzYw

by John F. Heerdink, Jr. January 21, 2026

South San Francisco’s Zipline Takes Flight: Drone Delivery Pioneer Climbs Past $7 Billion Valuation

Zipline just pulled off the rarest trick in late‑cycle venture capital: getting pricier and more practical at the same time, with a fresh valuation north of roughly $7 billion and a cap table that reads like the guest list at Davos for people who actually write checks.

A Drone Unicorn Grows Up

Zipline, the South San Francisco drone‑delivery specialist best known for flying blood and vaccines over red dirt roads long before anyone flew lattes over cul‑de‑sacs, is now valued at about 7.2–7.3 billion dollars in the private market. The latest estimate builds on a 2023–2025 funding arc that saw a $330 million Series F at a roughly $4.2 billion valuation, followed by steady secondary‑market repricing as investors warmed to the idea that logistics can, in fact, fall from the sky on time.

From Rural Clinics To Prime Time

The company’s early claim to fame was a simple but scalable proposition: autonomous drones delivering critical medical supplies in countries like Rwanda and Ghana, where roads were suggestions and cold chains were aspirational. That “do the hard stuff first” strategy has since migrated into more developed markets, with Zipline now delivering healthcare products, consumer goods, and food across multiple continents, giving it the kind of real‑world operating data rivals typically acquire only in glossy slide decks.

The Billion‑Dollar Flight Plan

Zipline has raised more than 1.1–1.7 billion dollars over its life, drawing backing from Baillie Gifford, Temasek, Sequoia Capital, Andreessen Horowitz, GV and other long‑only and venture names that prefer their moonshots with recurring revenue attached. A 55% valuation jump from about 2.7 billion to 4.2 billion dollars in an earlier round now looks like the dress rehearsal for today’s loftier marks, as secondary platforms peg the business above 7 billion dollars while noting that shares still trade at a discount to those peak private valuations.

Regulation, Moats And A Sky Full Of Rivals

In a sector where many PowerPoints are cleared for takeoff but relatively few aircraft are, Zipline’s regulatory moat is starting to look like a real asset class: the firm holds one of the industry’s broadest FAA approvals to fly beyond visual line of sight over people and in controlled airspace.
That has become more important as Alphabet’s Wing and other drone hopefuls race to scale U.S. operations, leaving investors to decide whether they prefer a search‑engine balance sheet or a logistics network that has already completed more than a million commercial deliveries.

The Punchline In The Sky

For all the talk of autonomy and artificial intelligence, Zipline’s pitch to investors remains disarmingly old‑fashioned: move goods faster, more reliably, and, in time, more cheaply than trucks can manage.
If the company can convert its valuation from “disruptor multiple” to “infrastructure multiple” without clipping its growth rate, the real innovation may be less about flying robots and more about proving that, occasionally, gravity is optional for both packages and private‑company prices.

The Sources

Zipline (drone delivery company) – Wikipedia
https://en.wikipedia.org/wiki/Zipline_(drone_delivery_company)[1]
Zipline’s Business Breakdown & Founding Story – Contrary Research
https://research.contrary.com/company/zipline[research.contrary]
Zipline Drone Delivery & Logistics – Official Site
https://www.zipline.com[zipline]
How To Tell A Compelling Brand Story With Data Like Zipline – Map & Fire
https://mapandfire.com/blog/how-to-tell-a-compelling-brand-story-with-data-like-zipline-the-medical-drone-company/[mapandfire]
How Zipline’s Drones Are Taking Off in the U.S. and Rivaling Amazon – YouTube
https://www.youtube.com/watch?v=biB-dsCVaIc[youtube]
How We Hit 1M Drone Delivery | Zipline, Keller Rinaudo – YouTube
https://www.youtube.com/watch?v=4C8s6CmcJcQ[youtube]
SEO for Drone Companies: Tips to Improve Your Online Presence – Twelve Rays
https://twelverays.agency/blog/seo-for-drone-companies[twelverays]

by John F. Heerdink, Jr. January 21, 2026

Inside Biopharma’s 2025 Deal Wave: Record Licensing, Big Pharma M&A and a Frozen IPO Market -( $JPM $IBB $XBI $LLY $MRK $NVS $PFE )

Biopharma spent 2025 behaving like a sector that has finally read the fine print on the cost of capital—and decided to let someone else pick up the bar tab. Licensing and M&A stepped into the role IPOs used to play, and did it with enough swagger to make even 2021’s unicorns blush.

A cautiously exuberant deal boom

Venture funding for therapeutics and discovery platforms ended 2025 at a respectable $7.0 billion in Q4, matching Q4 2024, but the full-year haul slipped, a reminder that not every pipeline gets a participation trophy anymore.
Instead, 2025’s real action came from partnerships: more than $250 billion in biopharma licensing value through Q4, the highest since 2016, with upfronts holding steady at about 7% of headline deal totals, suggesting lawyers, not froth, did most of the heavy lifting.
M&A added emphasis rather than subtlety, with 129 deals totaling roughly $138 billion and nine transactions clearing the $5 billion mark, including fresh Q4 announcements from Novartis, Merck and Novo Nordisk that confirmed bargain-hunting is now a core therapeutic area.

Venture capital grows up (a little)

The check-writers did not disappear; they just raised their standards, funneling capital toward later-stage companies with clinical data and near-term commercial prospects, while early-stage seed and Series A deals lost momentum into Q4.
More than 80 venture rounds topped $100 million in 2025, a figure that sounds frothy until one remembers it is now the price of admission for programs seen as genuinely “de-risked,” a term that now means “fewer ways to blow up” rather than “no way to blow up.”
Median round sizes climbed especially for Phase II companies, reaching about $60 million in 2025, as investors opted to finance fewer stories but insisted on thicker plot lines and clearer endings.

Licensing replaces the IPO roadshow

If 2021 was the year every platform wanted a ticker, 2025 was the year they settled for a term sheet: licensing deals reached roughly $250.2 billion across 516 transactions, with the real upside packed into milestones rather than the opening number.
Big pharma leaned into late-stage in-licensing, paying sharply higher upfronts for Phase III assets and stepping up payments for select preclinical programs to secure options on tomorrow’s blockbusters before rivals finished their KOL webinars.
Oncology set the pace, with Phase II programs seeing median upfronts around $150 million and Phase III assets clearing the $1 billion upfront hurdle, a reminder that while cancer remains hard, paying up for differentiated data remains remarkably easy.

Obesity, China and the new power brokers

Obesity and diabetes partnerships hit record heights in 2025, as GLP‑1 and GIP programs attracted nine-figure upfronts and multi-billion-dollar headline values, turning metabolic disease into the sector’s closest thing to a macro trade.
Chinese biopharma cemented its status as a crucial innovation supplier, with a rising share of global big pharma deals featuring at least $50 million upfront going to China-based partners, underscoring that geographic risk can be negotiated, but clinical differentiation cannot.
Biologics, particularly antibody-drug conjugates, dominated both early-stage venture funding and licensing upfronts, while small molecules quietly held the number-two slot, the dependable workhorse in a market increasingly obsessed with engineered complexity.

The IPO window: technically open, spiritually closed

Only nine biopharma IPOs raised about $1.6 billion on U.S. exchanges in 2025, making it one of the leanest listing years in more than a decade and turning the traditional “roadshow” into something closer to a limited-release art film.
Companies that did slip through were typically later-stage and modestly sized, signaling that public investors are still wary of paying upfront for preclinical promises when they can buy milestone‑laden exposure through better-capitalized partners.
For now, the industry’s capital stack reads like a polite but firm note from the market: come back with data, a partner, or a term sheet—and preferably all three—then we can talk about ringing bells again.

The Sources

[1] Q4 2025 Biopharma Licensing and Venture Report https://www.jpmorgan.com/content/dam/jpmorgan/documents/cb/insights/outlook/jpm-biopharma-deck-q4-2025.pdf

by John F. Heerdink, Jr. January 20, 2026

Bond Yields Jump, Gold & Silver Shine, Bitcoin Wobbles As Stocks Indices Fall Sharply – January 20, 2026 -( $ABVX $EPRX $GLD $INTC $INTG $LLY $MU $RAPT $SLV Rise!)

Wall Street stumbled on Tuesday as investors tried to handicap tariffs, the Fed and Washington all at once, leaving the major indexes split between old‑economy resilience and growth‑stock vertigo.

Indexes: Value Holds Its Nerve

The S&P 500 slid roughly 2.06% on the day, marking its sharpest decline since October as big tech and other growth favorites bore the brunt of selling. The Nasdaq Composite fared worse, dropping about 2.39%, undercut by weakness across the “Magnificent” growth complex, including Nvidia and other AI bellwethers.

In contrast, the Dow Jones Industrial Average—fortified by more defensive and value‑tilted names—fell about 1.76%, still painful but modest next to the tech rout. Small‑caps did not escape the downdraft, with the Russell complex dragged 1.21% lower alongside risk assets as tariff worries and higher yields pinched the appetite for speculative plays.

Macro: Tariffs, Yields And Fed Watch

Tariff drama dominated the macro backdrop as President Trump’s threat to levy new duties on eight NATO members over his Greenland gambit kept Europe on edge and investors re‑pricing global trade risk. The Supreme Court, expected to clarify the legality of Trump’s tariff powers as early as today, did not hand down a ruling, prolonging uncertainty over whether existing and proposed levies will stand.

In rates, longer‑term Treasury yields pushed toward the upper end of recent ranges, with the 10‑year hovering around the mid‑4% area as investors demanded a higher premium for policy and geopolitical risk. The yield curve remained relatively flat to modestly inverted at the front end, reflecting a market that sees little chance of a January rate cut but still prices gradual easing later in the year if growth cools.

Fed, Shutdown And Washington

Attention is already turning to the next FOMC meeting, scheduled for next week on January 27‑28, when policymakers are widely expected to hold rates steady while updating their assessment of inflation and growth. The decision and statement are due at 2 p.m. Eastern on January 28, followed by the customary press conference, making next week’s mid‑week window the market’s next formal check‑in with the Fed.

On fiscal politics, the odds of a U.S. government shutdown appeared to recede as congressional negotiators unveiled a broad, bipartisan spending package to fund all remaining agencies ahead of the January 30 deadline. The House is expected to move first this week, with the Senate taking up the measure next week; passage and a signature from President Trump would avert a second shutdown of the fiscal year.

Commodities And Crypto: Gold Shines, Silver Pops, Bitcoin Wobbles

In commodities, gold closed at $4,768.10/oz., +3.76% today extending its run to record territory as investors sought a haven from tariff brinkmanship and rising geopolitical tension, underscoring lingering skepticism about risk assets. Silver rode gold’s coattails, posting amazing gains of +6.68% to close at $94.45/oz. as the precious‑metals complex benefited from both safe‑haven flows and a softer dollar

Energy remained choppy, with oil prices closing at $59.52, +.30% and firming as traders weighed supply risks against concern that escalating trade disputes could sap global demand. In digital assets, bitcoin stayed under pressure trading in the $89k range after a recent plunge tied to broader risk aversion, with the flagship cryptocurrency struggling to regain its footing in the face of tighter financial conditions.

Corporate Tape: Pharma, Chips And The AI Complex

Eli Lilly (LLY, $1,041.29, +.28%) eked out gains after the FDA granted Breakthrough Therapy designation to its ovarian cancer candidate sofetabart mipitecan, reinforcing the company’s pipeline strength even as analysts fine‑tuned lofty price targets. Speculation around a potential Lilly bid for French biotech Abivax (ABVX, $118.84, +1.49%) was downplayed by Abivax’s CEO as “noise,” tempering M&A chatter in the name.

Taiwan Semiconductor (TSM, $327.16, -4.45%), fresh off a blowout fourth quarter, remained in the AI spotlight as management flagged “endless” demand for high‑end chips and guided to robust double‑digit revenue growth into 2026. The upbeat outlook has prompted talk of TSM as a central tollkeeper of AI spending, even as investors digest rich valuations across the semiconductor complex.

Nvidia, which continues to attract aggressive analyst price targets and praise for its enormous AI backlog, traded lower 4.32% to $178.07 in sympathy with the broader tech selloff despite a drumbeat of bullish research coverage. Micron (MU) rose .62% to $365.

Apple and Tesla were pulled into the downdraft as megacap growth came under pressure, with Tesla also facing lingering questions about near‑term demand and margins ahead of upcoming earnings. Broadcom continued to ride the AI infrastructure theme but saw its shares pressured as investors rotated away from richly valued semiconductor infrastructure names, even after recent upgrades highlighting AI as a key earnings driver.

Meta slipped 2.60% alongside the broader communications and internet complex as higher rates and regulatory overhangs kept enthusiasm in check.

McDonald’s ($302.84, -1.49%) provided a measure of defensive ballast, with the fast‑food giant’s more stable cash flows offering shelter for investors rotating out of high‑multiple growth stories. Mining major Rio Tinto ($85.68, +.65%) tracked global growth worries and commodity swings, with tariff rhetoric adding another layer of uncertainty to the outlook for metals demand.

Oracle traded lower as software and legacy chip names were swept up in the broad tech retreat, however Intel (INTC, $48.56, +3.34%) rose on a recent boost from optimism tied to AI‑driven foundry and PC demand following strong TSM guidance. AI‑linked names fell today like Oklo, Opendoor and Palantir as they saw heightened volatility typical of high‑beta, narrative‑driven stocks, with Palantir in particular sensitive to any shift in risk appetite around defense, data and government spending.

Deals, IPOs And The Calendar

In contrast to the market’s fireworks, the M&A and IPO tape remained relatively subdued, however GSK’s move to acquire RAPT Therapeutics for $2.2 billion reads like the opening chapter of 2026’s biotech M&A season: rich valuation, strategic fit, and just enough risk to keep the buy-side awake. It is also an early signal that Big Pharma’s deal engine, idling through much of 2025, may finally be shifting out of park.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4739, -.23%), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, announced (Dec. 10) that it had priced an underwritten public offering (the “offering”) of 12,173,000 shares of its common stock and accompanying warrants to purchase 6,086,500 shares of its common stock. Each two shares of common stock are being offered and sold together with one accompanying warrant at a combined offering at a price of $0.77, yielding an effective price of $0.38 per share and $0.01 per warrant. The warrants will have an exercise price of $0.45 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance. In connection with the offering, Modular Medical has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price, less underwriting discounts and commissions. The over-allotment option may be elected with respect to, at the underwriter’s sole discretion, shares and warrants together, solely shares, solely warrants, or any combination thereof. Newbridge Securities Corporation is acting as the sole bookrunner for the offering. Assuming no exercise of the over-allotment option, the gross proceeds to the Company from the offering are expected to be approximately $4.68 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.

On Nov. 17, Modular announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion.

On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026. On Nov. 3, Modular Medical the successful validation of its Pivot controller line, a critical milestone in preparing for the commercial launch of its Pivot patch pump targeted for Q1 2026. The Pivot controller line validation further demonstrates manufacturing readiness for high-volume production, positioning Modular Medical to meet the growing demand in the diabetes treatment market for advanced technology.

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $9.02, +3.09%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

GeoVax Labs, Inc. (Nasdaq: GOVX, $2.79), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer.

GeoVax is heading into the 44th Annual J.P. Morgan Healthcare Conference week (“JPM2026”) in San Francisco, CA Jan. 12-15 with the kind of narrative biotech investors typically like to hear: a differentiated platform, large funded trials lining up, and multiple shots on goal in both infectious disease and oncology. The company is leaning into its MVA platform as a potential franchise engine rather than a one‑product science experiment. Specifically, investors can meet David Dodd, Chairman & CEO of GeoVax, during his presentation at the Hilton Union Square, 333 O’Farrell Street, Yosemite A (Ballroom Level), San Francisco, CA on January 13, 2026, 2:30 pm PST.

GeoVax announced (Dec. 19) that it has entered into definitive securities purchase agreements with several institutional and individual investors for the purchase and sale of approximately 13.2 million units, each comprised of one share of the Company’s common stock and warrants, as described below, to purchase shares of the Company’s common stock, at a price of $0.245 per unit in a public offering. The Company will issue warrants to purchase up to approximately 26.5 million shares of common stock. The warrants will have an exercise price of $0.245 per share, will be exercisable immediately following the date of issuance and will have a term of five years following the date of issuance. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering are expected to be approximately $3.2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The closing of the offering is expected to occur on or about December 22, 2025, subject to the satisfaction of customary closing conditions.

GeoVax announced (Dec. 18) the publication of a peer-reviewed article in Frontiers in Immunology titled: “Multi-antigen MVA-vectored SARS-CoV-2 vaccine, GEO-CM04S1, induces cross-protective immune responses to ancestral and Omicron variants.” The study provides definitive preclinical evidence that GeoVax’s multi-antigen COVID-19 vaccine candidate, GEO-CM04S1, delivers full cross-variant protection, driven predominantly by robust T-cell responses, even in the absence of neutralizing antibodies. The findings reinforce the design philosophy behind GeoVax’s MVA-based, multi-antigen platform and provide mechanistic insight that is increasingly relevant for immunocompromised individuals, who often fail to respond optimally to the first-generation COVID-19 vaccines.

GeoVax announced (Dec. 17) the successful completion of fill-finish for the initial clinical batch of GEO-MVA, its next-generation Mpox/smallpox vaccine. The product has now entered final release evaluation, the concluding quality-control and compliance process required before shipment for clinical use, positioning the Company for Phase 3 immunobridging trial start-up activities in Q1 2026. Fill-finish – the sterile, cGMP-regulated process of filling, sealing, and packaging vaccine vials – marks the last manufacturing step before a vaccine may enter clinical study supply channels. With fill-finish complete and GEO-MVA now undergoing final release evaluation, GeoVax has moved into the final pre-clinical-deployment phase of its EMA-aligned clinical program. In June 2025, the European Medicines Agency (EMA) Scientific Advice confirmed that a single Phase 3 immunobridging study demonstrating immune comparability to the approved MVA vaccine, Imvanex(R), would be sufficient to evaluate GEO-MVA’s efficacy. This provides a clear, accelerated regulatory path to licensure. This milestone coincides with increasing Mpox activity globally – including expanding Clade I outbreaks in Africa and emerging cases in the United States – exposing vulnerabilities associated with global dependence on a sole foreign MVA vaccine supplier. GEO-MVA is designed to expand supply, diversify sources, and strengthen biodefense infrastructure.

Volato Group, Inc. (NYSE American: SOAR, $.5225) and M2i Global, Inc. (MTWO, $.0481), a company specializing in the development and execution of a complete global value supply chain for critical minerals, reaffirmed, on Tuesday, Jan. 20, their expectation to complete their targeted first-quarter 2026 closing timeline for the previously announced business combination, citing steady advancement through the SEC review process alongside continued progress in operational planning and integration readiness. Subject to the effectiveness of the registration statement on Form S-4, stockholder approvals, and other customary closing conditions, the companies continue to expect the merger to close in the first quarter of 2026. To align the transaction timeline with the current stage of the SEC review process, the companies have mutually agreed to extend the end date of the merger agreement through March 31, 2026. This extension reflects disciplined execution and provides additional runway to complete the remaining regulatory steps in an orderly manner, while maintaining transaction commitment and protecting stockholder interests. Amendment No. 1 to the Form S-4 was filed on Monday, January 12, 2026, to respond to SEC comments and advance the registration statement through the review process. The review timeline was affected in part by a temporary slowdown in SEC operations following the recent federal government shutdown. With the amendment now on file, the companies are focused on completing the remaining steps of the SEC review process.

On Jan. 9, M2i Global and Volato Group announced that they have entered into a strategic collaboration agreement with Australian company Titanium X to advance critical mineral development in the US. This partnership represents a significant move towards enhancing domestic refining capacity and strengthening the critical materials supply chain that underpins US industry and national security. Titanium X and M2i Global will work together on the financing, development and commercialisation of the former’s critical mineral assets. M2i Global will apply its global experience in delivering mineral projects to support these initiatives. The companies are also in talks to conclude an exclusive titanium concentrate supply agreement.

On Jan. 7, M2i Global, Inc. along with Volato Group, Inc. (“Volato”) (NYSE American: SOAR), a technology-driven company, announced a strategic collaboration agreement with Titanium X, marking a major step forward in advancing domestic refining capabilities and securing the critical materials supply chain essential to U.S. industry and national security.

Volato Group, Inc. today (Dec. 29) announced the appointment of Alan D. Gaines to its Board of Directors, effective immediately. Mr. Gaines will also serve as Chairman of the Audit Committee.

On Dec. 23, Volato Group, Inc. announced preliminary financial guidance for the fourth quarter and full year ending December 31, 2025, reflecting continued execution against its strategic and balance sheet objectives. For the fourth quarter of 2025, Volato expects to report revenue between $27 million and $28 million. For the full year 2025, the Company anticipates total revenue between $78 million and $79 million, with net income of $6 million to $8 million. These results reflect a year of meaningful progression aligning operational performance with Volato’s long-term growth initiatives and advancing its pending merger with M2i Global, Inc. (OTC: MTWO). During 2025, Volato also made substantial progress strengthening its balance sheet. As of September 30, 2025, the Company reduced total liabilities to $9.5 million, satisfying the debt reduction condition required under its pending merger agreement with M2i Global, Inc. (OTC: MTWO). Volato expects continued improvement in its capital structure as it advances toward a targeted first-quarter 2026 closing of the transaction. “Our 2025 results reflect a year of transformation and disciplined balance sheet execution,” said Mark Heinen, Chief Financial Officer of Volato. “We made significant progress reducing liabilities while sharpening our focus on scalable, technology-driven businesses that are designed to complement and strengthen the M2i Global platform over the long term.”

Serina Therapeutics (NYSE American: SER, $2.87), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies. On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.

On Dec. 10, Serina announced that it has submitted a complete response to the U.S. Food and Drug Administration’s (“FDA”) clinical hold letter for SER-252, the Company’s lead program for advanced Parkinson’s disease. As previously disclosed, the FDA placed the Company’s Investigational New Drug (“IND”) application for SER-252 on clinical hold pending additional information related to a commonly used formulation excipient. On November 25, 2025, the FDA issued a formal full clinical hold letter specifying the information required to permit initiation of the planned Phase 1b registrational study, SER-252-1b. The issues identified by the FDA do not relate to the apomorphine active drug substance, its mechanism of action, the use of the enFuse device (Enable Injections) or the broader 505(b)(2) NDA development pathway previously discussed with the Agency.

The InterGroup Corporation (NASDAQ: INTG, $29.55, +3.25%) announced (Jan. 6) that on December 29, 2025, it completed the sale of a non-core 12-unit apartment complex in Los Angeles County for a gross sales price of approximately $4,850,000. InterGroup expects to report a GAAP net gain on sale of approximately $3,509,000, which will be reflected in the Company’s Form 10‑Q for the quarter ended December 31, 2025. The transaction is expected to result in federal and state income tax liability, the amount of which will be determined based on the Company’s final tax position and applicable tax rules.

DoubleVerify Holdings Inc. (DV) closed at $10.54,+.48%. DoubleVerify, which built its franchise on media verification and ad performance analytics, is now the first badged TikTok Marketing Partner focused specifically on attention measurement, tapping impression-level signals from the platform. Brands gain a granular view of how exposure and user interaction come together across TikTok formats, ad sets, creatives, and objectives, effectively treating every swipe as a tiny A/B test.

flyExclusive, Inc. (NYSE American: FLYX, $3.23), one of the nation’s largest private jet operators and a certified Part 145 Repair Station, today announced it has signed an authorized dealership agreement with Starlink, becoming a certified dealer and installer for Starlink’s high-speed, low-latency aviation connectivity system.

The Sources

Wall Street market wrap (indexes, stocks, macro) – Wall Street Journal Live Markets
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-netflix-01-20-2026[wsj]
Major U.S. index performance – Washington Post markets recap
https://www.washingtonpost.com/business/2026/01/20/wall-street-stocks-trump-greenland-dow[washingtonpost]
Real-time U.S. market data – CNN Markets
https://www.cnn.com/markets[cnn]
Tariffs and Greenland/NATO tensions – Reuters tariffs/Supreme Court coverage
https://www.reuters.com/world/us-supreme-court-does-not-issue-ruling-trumps-tariffs-2026-01-20[reuters]
Background on Trump tariff threats – Scripps News
https://www.scrippsnews.com/politics/economy/stocks-in-us-europe-sink-as-trump-threatens-tariffs-on-nato-members[scrippsnews]
Supreme Court/tariff timing explainer – NorthJersey
https://www.northjersey.com/story/news/2026/01/20/supreme-court-tariff-decision-today-time-supreme-court-ruling-on-tariffs-today[northjersey]
FOMC calendar and meeting info – Federal Reserve
https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm[federalreserve]
January 2026 Fed calendar page – Federal Reserve
https://www.federalreserve.gov/newsevents/2026-january.htm[federalreserve]
FOMC schedule overview (2025–2026) – ABA Banking Journal
https://bankingjournal.aba.com/2024/08/fomc-releases-tentative-meeting-schedule-for-2025-2026[bankingjournal.aba]
Next FOMC meeting timing (reference) – Equals Money
https://equalsmoney.com/economic-calendar/events/fomc-meeting[equalsmoney]
U.S. Treasuries commentary, yields and curve – Greystone
https://www.greystone.com/insights/us-treasuries-market-commentary-january-2[greystone]
Longer-term Treasury yields context – Wall Street Journal
https://www.wsj.com/finance/jgb-futures-edge-lower-amid-fiscal-worries-in-japan-ce8b9e57[wsj]
Global risk/yields/trade tensions – Penn Mutual AM “Rising Rates, Trade Tensions…”
https://www.pennmutualam.com/market-insights-news/blogs/monday-morning-perspectives/2026-01-20-rising-rates-trade-tensions-and-a[pennmutualam]
Tariff and market reaction background – CNBC market live blog
https://www.cnbc.com/2026/01/19/stock-market-today-live-updates.html[cnbc]
Greenland/tariff political backdrop – USA Today
https://www.usatoday.com/story/news/world/2026/01/20/trump-greenland-europe-tariffs/88261309007[usatoday]
Government funding/shutdown odds – Government Executive
https://www.govexec.com/management/2026/01/shutdown-odds-plummet-after-house-and-senate-strike-bipartisan-deal-remaining-funding[govexec]
Shutdown and funding bill details – NBC News
https://www.nbcnews.com/politics/congress/congress-releases-massive-funding-bill-ahead-shutdown-deadline-ice-cla-rcna254968[nbcnews]
Broader shutdown/funding coverage – CBS News
https://www.cbsnews.com/news/lawmakers-final-spending-package-fund-government-deadline-partial-shutdown[cbsnews]
Gold/oil/bitcoin global market wrap – Bloomberg
https://www.bloomberg.com/news/articles/2026-01-19/stock-market-today-dow-s-p-live-updates[bloomberg]
Bond sell-off and tariff risk – CNBC global bonds
https://www.cnbc.com/2026/01/20/japan-40-year-jgb-government-bond-yield-record-fiscal-jitters-snap-election-call-takaichi.html[cnbc]
Eli Lilly drug news – StockTitan
https://www.stocktitan.net/news/LLY/lilly-s-sofetabart-mipitecan-receives-u-s-fda-s-breakthrough-therapy-vi7okxd0hcse.html[stocktitan]
Abivax CEO comment on rumored Lilly bid – Reuters
https://www.reuters.com/business/healthcare-pharmaceuticals/abivax-ceo-dismisses-noise-around-rumored-eli-lilly-bid-2026-01-20[reuters]
LLY rating/target update – GuruFocus (Guggenheim note summary)
https://www.gurufocus.com/news/6400829/lly-guggenheim-lowers-price-target-while-maintaining-buy-rating-lly-stock-news[gurufocus]
TSMC AI demand and record Q4 – Ars Technica
https://arstechnica.com/ai/2026/01/tsmc-says-ai-demand-is-endless-after-record-q4-earnings[arstechnica]
TSMC growth and revenue outlook – Zacks
https://www.zacks.com/stock/news/2818943/ai-driven-demand-fuels-tsms-growth-will-it-meet-2026-revenue-target[zacks]
TSM earnings reaction / “top buy” framing – Barchart
https://www.barchart.com/story/news/37111188/taiwan-semi-crushed-q4-earnings-that-makes-this-1-ai-chip-stock-a-top-buy[barchart]
Cramer commentary on TSM – Insider Monkey
https://www.insidermonkey.com/blog/taiwan-semiconductor-manufacturing-company-tsms-call-was-amazing-says-jim-cramer-1677650[insidermonkey]
Analyst calls on Nvidia and other tech – CNBC
https://www.cnbc.com/2026/01/15/biggest-wall-street-analyst-calls-thursday-like-nvidia.html[cnbc]
High-level AI opportunity discussion – Nasdaq
https://www.nasdaq.com/articles/2-trillion-opportunity-could-send-these-top-stocks-soaring[nasdaq]
Trading/calendar reference for listings and IPO scheduling – Nasdaq
https://www.nasdaq.com/trading-calendar[nasdaq]

by John F. Heerdink, Jr. January 20, 2026

Biotech M&A Wakes Up: GSK’s $2.2 Billion South San Francisco RAPT Deal Signals a New Phase in Allergy Drug Arms Race -( $GSK $JPM $RAPT $IBB $XBI )

GSK’s move to acquire RAPT Therapeutics for $2.2 billion reads like the opening chapter of 2026’s biotech M&A season: rich valuation, strategic fit, and just enough risk to keep the buy-side awake. It is also an early signal that Big Pharma’s deal engine, idling through much of 2025, may finally be shifting out of park.

A $2.2 Billion Bet On Allergic Modernity

GSK will pay $58 per share in cash for RAPT, valuing the South San Francisco immunology specialist at roughly $2.2 billion—about a 60–65% premium to its pre-deal price near $35.10. In an era when investors scrutinize every basis point of return, paying almost double for an early-stage pipeline suggests GSK believes allergic life in the 21st century is not a fad, but a durable business model.

The centerpiece is ozureprubart, a long-acting anti-IgE antibody intended to prevent food-allergy reactions in adults and children, a market currently served by injectable therapies that leave ample room for improvement in convenience, durability, and—if analysts have their way—pricing power. For a company that already leans heavily on respiratory and immunology, adding a potential chronic prophylactic franchise is less a portfolio tweak than an attempt to own the entire “bring-your-own-epinephrine” generation.

South San Francisco’s Premium Export

RAPT brings more than one drug candidate and a catchy ticker. Alongside ozureprubart, the company has developed RPT193, an oral CCR4 antagonist in mid-stage development for atopic dermatitis and asthma—diseases that reliably fill both clinic waiting rooms and pharma revenue lines. In Wall Street terms, this is a classic “pipeline-in-a-product” story, but with enough pipeline to keep the footnotes interesting.

Of course, nothing in biotech comes entirely without a plot twist: RAPT’s eczema and asthma program has previously drawn FDA scrutiny, including a clinical hold tied to a liver safety event, reminding investors that immunology is seldom a straight line from mechanism to market. Yet even with those caveats, GSK appears convinced that the upside of owning differentiated immunology assets outweighs the regulatory gray hairs that come with them.

New CEO, New Signature

The deal also doubles as an early manifesto from GSK’s new chief executive, Luke Miels, for whom a $2.2 billion U.S. biotech acquisition is a more emphatic introduction than a town-hall PowerPoint. Executives inherit pipelines, but they choose acquisitions, and this one says GSK intends to compete for growth rather than merely manage decline from looming patent cliffs.

GSK has highlighted its ambition to use artificial intelligence in early R&D to sharpen its hit rate, but AI still needs shots on goal—and RAPT gives the company additional molecules and mechanisms to feed that algorithmic appetite. If 2025 was the year everyone talked about AI at healthcare conferences, 2026 may be the year boards start asking what, exactly, all that machine learning is doing for the income statement.

M&A Thaw: From Whisper To Trend?

The timing of the acquisition—one of the first large biopharma deals of 2026—will not be lost on investors who walked the halls of the J.P. Morgan Healthcare Conference last year wondering if dealmakers had misplaced their pens. With interest rates easing and pipelines aging, analysts have been openly expecting a rebound in transactions; GSK’s move gives that narrative something sturdier than a panel discussion to stand on.

RAPT’s stock has surged on the news, a reminder that for small-cap biotech, nothing validates a discounted cash-flow model like an all-cash premium from a large-cap acquirer under pressure to grow. If this deal proves successful, shareholders may someday look back and conclude that the real breakthrough in treating allergic disease was convincing a major pharmaceutical company that waiting for the next product cycle was itself a risky exposure.

The Sources

[1] This Biotech Stock Surges 64%. The Big Pharma M&A Battle Is Heating Up. https://www.barrons.com/articles/rapt-therapeutics-stock-gsk-acquisition-9ab8074f
[2] GSK enters agreement to acquire RAPT Therapeutics https://www.gsk.com/en-gb/media/press-releases/gsk-enters-agreement-to-acquire-rapt-therapeutics/
[3] GSK acquires RAPT Therapeutics for $2.2bn – Yahoo Finance https://finance.yahoo.com/news/gsk-scoops-rapt-therapeutics-2-124311225.html
[4] GSK to Buy Rapt Therapeutics in Deal Valued at $2.2 Billion https://www.bloomberg.com/news/articles/2026-01-20/gsk-to-buy-rapt-therapeutics-in-deal-valued-at-2-2-billion
[5] GSK scoops up RAPT Therapeutics for $2.2bn https://www.pharmaceutical-technology.com/news/gsk-rapt-therapeutics-acquisition-2-2bn-immunology-food-allergy/
[6] GSK pays $2.2B to buy Rapt for its food allergy rival to Xolair https://www.fiercebiotech.com/biotech/gsk-pays-22b-buy-rapt-its-phase-2-stage-food-allergy-challenger-xolair
[7] GSK to buy RAPT Therapeutics for $2.2 billion – WTAQ https://wtaq.com/2026/01/20/gsk-to-buy-rapt-therapeutics-for-2-2-billion/
[8] GSK to buy US biotech behind food allergy drug for $2.2bn https://www.ft.com/content/80a5f5fc-59e0-4969-803e-7fd50e4812ba
[9] GSK strengthens food allergy ambitions with $2.2bn RAPT … https://european-biotechnology.com/latest-news/gsk-food-allergy-acquisition-rapt-therapeutics/
[10] RAPT Therapeutics Announces Initiation of Phase 2a Trial of … https://rapt.com/news/rapt-therapeutics-announces-initiation-of-phase-2a-trial-of-rpt193-in-patients-with-moderate-to-severe-asthma/
[11] FDA puts hold on Rapt trials of drug for eczema, asthma https://www.biopharmadive.com/news/rapt-clinical-hold-fda-atopic-dermatitis/707936/
[12] Pipeline – RAPT Therapeutics https://rapt.com/pipeline/
[13] GSK to buy RAPT Therapeutics in $2.2 billion deal for … – Reuters https://www.reuters.com/business/healthcare-pharmaceuticals/gsk-buy-rapt-therapeutics-22-billion-2026-01-20/
[14] GSK to acquire RAPT Therapeutics (NASDAQ: RAPT) via cash tender https://www.stocktitan.net/sec-filings/RAPT/sc-to-c-rapt-therapeutics-inc-tender-offer-communication-833c4238986e.html
[15] a5855p – SEC.gov https://www.sec.gov/Archives/edgar/data/1131399/000165495426000470/a5855p.htm

by John F. Heerdink, Jr. January 18, 2026

Inside America’s Data Center Mania: Trillions for AI, But Not Enough Workers to Wire It -( $F $SPY )

America is racing to build the AI future, but Ford’s Jim Farley is warning that the country may run out of people to pour the concrete, pull the cable, and keep the servers humming long before it runs out of capital. At the same time, a handful of industrial heavyweights now dominate the business of erecting these digital cathedrals across the U.S. and the globe.

The Essential Economy Meets the AI Gold Rush

Ford (F) CEO Jim Farley has been making an unusually sober point for an industry obsessed with robotaxis and robo‑advisers: the real AI bottleneck may be the humans in hard hats, not the chips in server racks. He argues that the essential economy of blue‑collar workers—construction crews, factory operators, technicians—has been neglected even as AI ambitions inflate toward a projected multi‑trillion‑dollar market.

Farley points to a shortfall running into the hundreds of thousands of factory workers, construction workers, and auto technicians just as America tries to reshore manufacturing and stand up fleets of AI data centers. In his telling, the country is trying to build a six‑lane digital superhighway with a two‑lane labor pipeline, and the traffic jam is already visible from Silicon Valley to Virginia’s “Data Center Alley.”

Data Centers: Modern Mills With Fewer Smokestacks

The numbers behind the build‑out explain why CEOs suddenly sound like guidance counselors begging kids to consider the trades. Global data centers now number about 10,500 across 174 countries, and demand is expected to nearly triple by 2030 as AI workloads surge past traditional computing. Analysts estimate that nearly 100 gigawatts of new capacity will be added between 2026 and 2030, effectively doubling global data center capacity in just a few years.

This isn’t a boutique niche; it is industrial policy with better branding. U.S. states like Virginia, Texas, and Ohio are each sitting on gigawatts of existing or planned capacity, with Northern Virginia alone planning roughly 16.8 GW of additional data center power. Microsoft, for its part, is building a 1.2‑million‑square‑foot “AI factory” in Wisconsin while operating more than 100 existing data centers and constructing over 100 more, a reminder that hyperscale now comes measured in both megawatts and miles of rebar.

Who Actually Builds the Digital America?

Behind the cloud logos sits a surprisingly concrete cast of characters. In the U.S., firms like DPR Construction, Bechtel, Whiting‑Turner, Holder Construction, AECOM, Jacobs, Skanska USA, Cupertino Electric, and IES Holdings are emerging as the go‑to builders of large‑scale data centers. These companies specialize in mission‑critical projects, combining engineering depth, project management, and modular techniques to deliver hyperscale campuses on tight schedules.

At the global developer and operator level, Digital Realty and Equinix sit near the top of most 2026 rankings, controlling hundreds of facilities that house enterprise and cloud tenants alike. Other global giants include NTT’s data center arm and the major cloud platforms, which collectively dominate the hyperscale segment that now numbers more than 1,000 sites worldwide, over half of them in the United States.

How Many Data Centers Are Being Built in 2026?

Counting “under construction” data centers is more art than science, but the contours are clear. Analysts expect more than 2,000 new data centers to be constructed worldwide by 2030, with the bulk of that build concentrated in the second half of the decade as capital expenditure approaches roughly 7 trillion dollars. That implies several hundred facilities either in planning or construction at any given time in the mid‑2020s, with 2026 sitting near the front edge of that wave.

In the U.S., capacity‑based metrics tell a similar story: major markets such as Dallas–Fort Worth and Chicago each have hundreds of megawatts currently under construction, while Virginia alone has nearly 17 GW either being built or planned. Put plainly, the United States remains the largest single builder and operator of data centers in 2026, but it is increasingly constrained not by money or demand, but by the availability of trained workers to turn substation permits and site plans into humming AI campuses.

The Punchline: Hard Hats as a Leading Indicator

Farley’s warning lands with an irony befitting Wall Street: AI is supposed to automate away tedious white‑collar work, yet the hottest labor market may be the people who never sit at a desk. For investors, data center builders, and policymakers, the new leading indicator may not be GPU lead times, but whether enough electricians, welders, and technicians show up on Monday morning to keep the AI boom from becoming just another beautifully financed bottleneck.

The Sources

[1] Ford CEO warns there’s a dearth of blue-collar workers able to … https://finance.yahoo.com/news/ford-ceo-warns-dearth-blue-163639026.html
[2] Ford CEO Jim Farley: Blue-collar labor shortages are hampering AI … https://fortune.com/2025/09/29/ford-ceo-jim-farley-blue-collar-worker-essential-economy-crisis-ai-data-centers/
[3] 10 Data Center Construction Companies to Watch in 2026 https://propertymanagerinsider.com/10-data-center-construction-companies/
[4] Top 10 Largest Data Center Companies in the World 2026 https://www.blackridgeresearch.com/blog/list-top-largest-biggest-data-center-providers-companies-in-the-world
[5] Measuring the Data Center Boom: Facts and Statistics (2026) https://programs.com/resources/data-center-statistics/
[6] 2026 Global Data Center Outlook – JLL https://www.jll.com/en-us/insights/market-outlook/data-center-outlook
[7] Ford CEO warns there’s a dearth of blue-collar workers able to … https://fortune.com/article/why-does-ford-ceo-jim-farley-see-blue-collar-worker-shortage-impact-data-center-reshoring/
[8] Data Center 2026 Outlook: Energy, Infrastructure, and Connectivity https://www.morganlewis.com/pubs/2025/12/data-center-2026-outlook-energy-infrastructure-and-connectivity

by John F. Heerdink, Jr. January 17, 2026

The New Biotech Beltway: How Portal Atlanta, Georgia Tech and GeoVax Are Converging on Next‑Gen Therapies & Vaccines -( $GOVX $IBB $XBI )

Atlanta’s latest export is no longer just peaches and hip‑hop—it is a growing pipeline of biotech and medtech startups, with GeoVax Labs (NASDAQ: GOVX) increasingly playing the role of headliner rather than opening act. In just over a year, Science Square’s Portal Atlanta hub has turned into a crowded laboratory neighborhood where petri dishes and pitch decks now share equal billing.

Science Square’s Fast Lane

Portal Atlanta at Science Square has expanded to 32 member companies only 15 months after launch, adding seven new startups in January 2026 alone. The site now spans biotech, medtech, digital health, and cleantech ventures, signaling that Atlanta’s innovation district is no longer a concept slide but a functioning ecosystem.

Executives describe the environment as deliberately dense: cram founders, clinicians, and engineers into the same square footage and see if new therapies shake loose faster than your average FDA review clock. That density is no accident, with Portal’s model explicitly designed to help companies move from seed to Series A with practical support rather than inspirational posters.

From Batteries To Biotech

Recent growth at Portal Atlanta has been powered by the arrival of established corporate names such as Duracell and GeoVax, creating an unusual mash‑up of power systems and powerful immune responses under one roof. The mix allows early‑stage teams to borrow not only lab gear but also manufacturing know‑how and regulatory scar tissue from their larger neighbors.

Cleantech has also joined the party via the Georgia Cleantech Innovation Hub, giving Science Square an energy transition twist alongside its life sciences focus. The result is an ecosystem where a startup can debate battery chemistry before breakfast and immuno‑oncology trial design by lunch, all without leaving the campus Wi‑Fi.

Universities As Quiet Co‑Founders

Portal Atlanta’s location in the vicinity of Georgia Tech, Emory, Georgia State, Kennesaw State, and Atlanta’s HBCUs has effectively turned the district into a live‑in technology transfer office. These institutions provide a steady flow of translational research and founders with engineering-heavy résumés, a profile unusually well suited to medtech’s mix of circuits, software, and clinical nuance.

Shriners Children’s presence at Science Square further tightens the loop between lab science and bedside reality, particularly in pediatric and specialized care. For investors, that proximity shortens not only the commute between campus and company, but also the path from prototype to patient data—always the most persuasive slide in any deck.

GeoVax: From Slide Deck To Skyline

GeoVax’s decision to embed itself at Portal Atlanta underscores the company’s bid to evolve from niche vaccine developer into a broader immunotherapy platform with global ambitions. The company’s pipeline spans a next‑generation COVID‑19 vaccine, an mpox program, and oncology candidates such as Gedeptin, targeting head and neck and other solid tumors where current options leave uncomfortable therapeutic gaps.

Management has telegraphed a “catalyst‑rich” 2026 and beyond, with key data readouts from GEO‑CM04S1 in immunocompromised patients, initiation of a pivotal Phase 3 GEO‑MVA clinical evaluation, and advancing Gedeptin into Phase 2 trials.

Where Lab Space Meets Capital Markets

For Portal, landing a public company like GeoVax alongside early‑stage ventures validates the thesis that scientific incubators and capital allocators can share an address—and occasionally a cap table. For GeoVax, the setting offers access to talent, infrastructure, and potential partners at a cost well below building a bespoke campus, keeping more dollars pointed toward trials rather than drywall.

The broader message to Wall Street is straightforward: Atlanta is quietly building a life sciences corridor where commercial ambition and academic depth are starting to rhyme. If the current trajectory holds, “Science Square” may soon refer as much to market caps and revenue multiples as to lab benches and cell lines—a development even the most hard‑nosed analyst might call a healthy multiple expansion.

Tribe Public CEO Presenation and Q&A Events Jan. 28-28 in Atlanta-Buckhead

Tribe Public LLC is kicking off 2026 with two incredible Tribe Public Corporate-Sponsored CEO Presentation & Q&A Events in Atlanta-Buckhead — and you’re invited!

Join the Tribe January 27 & 28 for an exclusive opportunity to connect with David Dodd, CEO of GeoVax Labs (NASDAQ: GOVX), as he presents: “Atlanta-based GeoVax Labs Accelerates Toward Commercialization, Targeting Multi-Billion Dollar Markets.”

Dinner Event:
Tuesday, January 27 | 6–8 PM
📍 The Capital Grille, 255 E. Paces Ferry Rd., Atlanta, GA
👉 RSVP via email Events@TribePublic.com

Luncheon Event:
Wednesday, January 28 | 12–2 PM
📍 Ruth’s Chris Steak House (Embassy Suites), 3285 Peachtree Rd. NE, Atlanta, GA
👉 RSVP via email Events@TribePublic.com

About David Dodd:
Mr. Dodd is a recognized leader in biotech and pharma, known for transforming companies and driving billions in enterprise value growth. His leadership track record includes guiding Serologicals Corp. (NASDAQ: SERO) to a $1.5B acquisition by Millipore and expanding Solvay Pharmaceuticals’ value from $100M to $2.5B.

About GeoVax Labs (NASDAQ: GOVX):
GeoVax is an Atlanta-based clinical-stage biotech innovating vaccines and immunotherapies against infectious diseases and cancers. Their lead programs include advanced COVID-19 and oncology therapies, along with a promising Mpox/smallpox vaccine heading toward pivotal trials. Learn more at www.geovax.com.

About Tribe Public:
Tribe Public connects investors, business leaders, consumers and media with innovative corporate management teams through private, RSVP-only events across the U.S. These gatherings foster direct insight and great conversation in an intimate, time-efficient setting. www.TribePublic.com

✳️ Seating is limited! If you’ve already RSVP’d, invite a friend or colleague — we’ll do our best to accommodate additional guests.

John F. Heerdink, Jr.
Managing Member, Tribe Public
📞 415-722-6290 | 🌐 www.TribePublic.com
📧 john@tribepublic.com

The Sources

Portal Atlanta at Science Square Grows to Over 30 Member Companies, Marking Major Milestone 15 Months After Launch (Business Wire)
https://www.businesswire.com/news/home/20260115898617/en/Portal-Atlanta-at-Science-Square-Grows-to-Over-30-Member-Companies-Marking-Major-Milestone-15-Months-After-Launch[businesswire]
Portal Atlanta at Science Square Grows to Over 30 Member Companies, Marking Major Milestone 15 Months After Launch (Yahoo Finance syndication)
https://finance.yahoo.com/news/portal-atlanta-science-square-grows-190000916.html[finance.yahoo]
Portal Innovations – Atlanta Science Square Labs overview
https://www.portalinnovations.com/atlanta/[portalinnovations]
Portal Atlanta at Science Square adds seven new member companies (Atlanta Business Chronicle)
https://www.bizjournals.com/atlanta/news/2026/01/16/portal-atlanta-adds-7-new-member-companies.html[bizjournals]
Articles from Portal Innovations – FinancialContent (Portal Atlanta growth piece)
https://www.financialcontent.com/article/publisher/Portal%20Innovations[financialcontent]
GeoVax Labs, Inc. to Review 2024 Progress at the Emerging Growth Conference on January 16, 2025
https://geovax.com/investors/press-releases/geovax-to-review-2024-progress-at-the-emerging-growth-conference-on-january-16-2025[geovax]
GeoVax Labs, Inc. to Review Progress and Strategic Priorities During Biotech Showcase 2026 and J.P. Morgan Healthcare Conference (press release version)
https://www.nasdaq.com/press-release/geovax-labs-inc-review-progress-and-strategic-priorities-during-biotech-showcase-2026[nasdaq]
GeoVax Labs, Inc. to Review Progress and Strategic Priorities During Biotech Showcase 2026 and J.P. Morgan Healthcare Conference (market news recap)
https://www.ainvest.com/news/geovax-labs-shares-rise-10-25-premarket-announcing-participation-biotech-showcase-morgan-healthcare[ainvest]
GeoVax Labs at Emerging Growth Conference 85: Strategic Vaccine Developments (summary and transcript)
https://www.investing.com/news/transcripts/geovax-labs-at-emerging-growth-conference-85-strategic-vaccine-developments-93CH-4203066[investing]
Health Technology Breaking News and Press Releases – Business Wire industry page (includes Portal Atlanta release)
https://www.businesswire.com/newsroom/industry/health/health-technology[businesswire]

by John F. Heerdink, Jr. January 17, 2026

From Lilly to Bitcoin: What This Week’s Inflation Jitters, Fed Signals and Risk Rotation Mean for 2026 Markets -( $CRML $INTG $SER Rise!)

U.S. stocks drifted lower in this week, as investors digested early fourth‑quarter earnings, stubbornly mixed inflation data, and a Treasury market that seems determined to remind everyone that “higher for longer” is still a thing, even if no one wants to RSVP. The S&P 500 slipped about 0.4% for the week, the Dow edged down roughly 0.3%, and the tech‑heavy Nasdaq lost about 0.7%, while the small‑cap Russell 2000 cheerfully ignored the gloom and climbed around 2%, extending a striking run of outperformance and closing at record territory. Early‑cycle vibes in small caps contrasted with a pause in the mega‑cap trade, as investors rotated around the equity style box in search of what still looks cheap in a market that increasingly does not.

On the macro front, the economic calendar was short on quantity but long on interpretation, thanks in no small part to the lingering effects of the now‑ended 43‑day federal government shutdown that has left key data releases playing catch‑up. November producer prices, delayed by the shutdown, showed a moderate 0.1% monthly gain and a 3.0% year‑over‑year increase, while December CPI, also distorted by missing October inputs, rose about 0.3% on the month and 2.7% from a year earlier, reinforcing the view that disinflation is ongoing but no longer linear. Fed officials, for their part, stayed in pre‑meeting mode: the January FOMC gathering is scheduled for January 27–28, with the Beige Book already released on January 14, and speeches from senior policymakers repeatedly emphasized that balance‑sheet normalization has already shifted into a reserve‑management phase and that no imminent policy pivot should be inferred from the Fed’s recent technical adjustments. The Treasury curve inched bear‑steeper, with the 2‑year yield pushing toward roughly 3.6% and the 10‑year around 4.2%, reflecting slightly higher rate expectations and some term‑premium rebuilding as investors reassessed the timing and depth of eventual cuts. In the background, the prior shutdown’s impact still rippled through the calendar, with economists and traders alike parsing each release less for perfection and more for direction.

Policy and politics remained firmly in the market’s line of sight. The Trump administration’s broad tariff regime continued to filter through inflation and corporate commentary, with economists noting that December’s CPI report likely captured more of the cumulative impact of elevated import duties, even as many businesses have absorbed part of the cost to maintain margins and market share. The federal government shutdown has ended, but the data backlog remains, and the episode has become another variable in the inflation narrative, as statisticians literally interpolate missing price changes from the autumn while markets attempt to extrapolate future Fed moves from imperfect information—an exercise that may be good for bond volatility if not for anyone’s blood pressure. For now, there were no fresh, market‑moving tariff escalations or new shutdown scares this week, leaving investors to focus on earnings, the January 28 FOMC decision, and the slow return of a “normal” data flow that looks anything but.

In commodities and crypto, the store‑of‑value crowd enjoyed another week in the sun—albeit one filtered through the soft glow of trading screens. Spot gold and silver hovered near record territory, extending their powerful rallies from 2025 as investors balanced disinflation with persistent geopolitical and fiscal worries; both metals approached or exceeded prior all‑time highs intraday before closing a bit off the peaks, a pattern that suggests profit‑taking rather than fading conviction. Crude oil, by contrast, gave back earlier gains, with Brent settling in the low‑to‑mid‑60‑dollar range and WTI in the high‑50s per barrel as some geopolitical risk premium bled out after signs of de‑escalation in recent U.S.–Iran tensions and amid the first Venezuelan oil sales under the new U.S. policy framework. Bitcoin, never one to underperform in the drama department, surged through the mid‑$90,000s and briefly above $97,000, riding a wave of regulatory optimism, institutional adoption chatter, and a renewed appetite for speculative risk—leaving traditional “safe havens” looking positively understated by comparison.

Among individual names, Eli Lilly spent the week as a reminder that even market darlings occasionally encounter gravity: shares traded around the low‑$1,000s and fell roughly 3–4% midweek after reports that the FDA delayed its decision on Lilly’s closely watched oral GLP‑1 obesity pill, orforglipron, and as a fresh antitrust suit targeted the GLP‑1 market’s dominant players. The news injected a dose of uncertainty into Lilly’s incretin‑fuelled growth story, even as analysts largely maintained constructive views in light of strong Q4 sales momentum for Mounjaro and Zepbound and highlighted a high‑profile, roughly $1 billion AI drug‑discovery tie‑up with NVIDIA as a longer‑term catalyst. Chip and AI‑linked bellwethers were again central to the tape: NVIDIA remained under a spotlight of bullish broker commentary and prominent “top calls” lists, while Taiwan Semiconductor’s broader foundry narrative—benefiting from sustained AI and high‑performance computing demand—kept it firmly embedded in discussions about the sector’s 2026 capex cycle. Apple, Tesla, Palantir, Broadcom, Micron, Intel, Oracle, Meta, and other large‑cap tech and AI‑adjacent names all featured heavily in options and analyst chatter, reflecting a market that may be taking a breather in price action but is still very much obsessed with figuring out which part of the AI stack will deserve the next valuation upgrade. In the broader corporate landscape, M&A expectations for 2026 remained high following a strong rebound in large deals last year, with recent commentary highlighting blockbuster tie‑ups across telecom, software, and infrastructure—such as Netflix’s pending purchase of Warner Bros. Discovery and a string of multibillion‑dollar strategic and sponsor‑backed transactions—though no new mega‑deals this week rivaled those December headlines.

The primary markets, while hardly euphoric, showed more vital signs than in recent years. One small operating company IPO and three SPACs priced in the U.S. this week, while eight additional IPOs, including several larger offerings, joined the pipeline with fresh filings, giving bankers a little more to talk about than their golf handicaps. On the ETF front, the Nasdaq calendar showed new BNY Mellon municipal fixed‑income ETFs among the latest listings, underscoring the ongoing shift of retail and advisory flows toward lower‑cost vehicles even as traditional IPOs cautiously re‑emerge. Dealmakers’ outlook pieces highlighted robust M&A pipelines across energy, telecom, and technology heading into 2026, with upcoming transactions in sectors ranging from AI infrastructure to renewable utilities, even if this particular week’s tape was dominated more by positioning than by splashy new announcements. Against that backdrop, the major equity benchmarks’ modest declines, the Russell 2000’s quiet heroism, and the unmistakable bid in gold, silver, and Bitcoin suggested a market that is not so much risk‑off as it is risk‑reallocated—a kind of sophisticated game of musical chairs where the music has slowed, but nobody seems quite ready to leave the room.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.475), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, announced (Dec. 10) that it had priced an underwritten public offering (the “offering”) of 12,173,000 shares of its common stock and accompanying warrants to purchase 6,086,500 shares of its common stock. Each two shares of common stock are being offered and sold together with one accompanying warrant at a combined offering at a price of $0.77, yielding an effective price of $0.38 per share and $0.01 per warrant. The warrants will have an exercise price of $0.45 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance. In connection with the offering, Modular Medical has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price, less underwriting discounts and commissions. The over-allotment option may be elected with respect to, at the underwriter’s sole discretion, shares and warrants together, solely shares, solely warrants, or any combination thereof. Newbridge Securities Corporation is acting as the sole bookrunner for the offering. Assuming no exercise of the over-allotment option, the gross proceeds to the Company from the offering are expected to be approximately $4.68 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.

On Nov. 17, Modular announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion.

On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026. On Nov. 3, Modular Medical the successful validation of its Pivot controller line, a critical milestone in preparing for the commercial launch of its Pivot patch pump targeted for Q1 2026. The Pivot controller line validation further demonstrates manufacturing readiness for high-volume production, positioning Modular Medical to meet the growing demand in the diabetes treatment market for advanced technology.

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $8.20, +1.44%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

GeoVax Labs, Inc. (Nasdaq: GOVX, $2.99), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer.

On Jan. 15, Portal Innovations announced continued growth at Portal Atlanta at Science Square, with the addition of seven new member companies, bringing the total ecosystem to 32 biotech, medtech, digital health, and cleantech, organizations served, just 15 months after launch. The milestone – which includes 7 new members in just the month of January 2026 alone – highlights the rapid momentum building around Science Square and Atlanta’s expanding life sciences and medtech community. Since opening, Portal Atlanta has quickly become a home for startups advancing medical devices, innovation, cleantech, and life sciences technologies. Recent growth has also been supported by the addition of established corporate innovators, including Duracell and GeoVax, which recently joined Portal’s ecosystem and brings deep expertise in power, hardware, biotech, and product development. Additionally, Portal’s ecosystem has expanded into cleantech innovation with a new member, the Georgia Cleantech Innovation Hub.

GeoVax is heading into the 44th Annual J.P. Morgan Healthcare Conference week (“JPM2026”) in San Francisco, CA Jan. 12-15 with the kind of narrative biotech investors typically like to hear: a differentiated platform, large funded trials lining up, and multiple shots on goal in both infectious disease and oncology. The company is leaning into its MVA platform as a potential franchise engine rather than a one‑product science experiment. Specifically, investors can meet David Dodd, Chairman & CEO of GeoVax, during his presentation at the Hilton Union Square, 333 O’Farrell Street, Yosemite A (Ballroom Level), San Francisco, CA on January 13, 2026, 2:30 pm PST.

GeoVax announced (Dec. 19) that it has entered into definitive securities purchase agreements with several institutional and individual investors for the purchase and sale of approximately 13.2 million units, each comprised of one share of the Company’s common stock and warrants, as described below, to purchase shares of the Company’s common stock, at a price of $0.245 per unit in a public offering. The Company will issue warrants to purchase up to approximately 26.5 million shares of common stock. The warrants will have an exercise price of $0.245 per share, will be exercisable immediately following the date of issuance and will have a term of five years following the date of issuance. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering are expected to be approximately $3.2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The closing of the offering is expected to occur on or about December 22, 2025, subject to the satisfaction of customary closing conditions.

GeoVax announced (Dec. 18) the publication of a peer-reviewed article in Frontiers in Immunology titled: “Multi-antigen MVA-vectored SARS-CoV-2 vaccine, GEO-CM04S1, induces cross-protective immune responses to ancestral and Omicron variants.” The study provides definitive preclinical evidence that GeoVax’s multi-antigen COVID-19 vaccine candidate, GEO-CM04S1, delivers full cross-variant protection, driven predominantly by robust T-cell responses, even in the absence of neutralizing antibodies. The findings reinforce the design philosophy behind GeoVax’s MVA-based, multi-antigen platform and provide mechanistic insight that is increasingly relevant for immunocompromised individuals, who often fail to respond optimally to the first-generation COVID-19 vaccines.

GeoVax announced (Dec. 17) the successful completion of fill-finish for the initial clinical batch of GEO-MVA, its next-generation Mpox/smallpox vaccine. The product has now entered final release evaluation, the concluding quality-control and compliance process required before shipment for clinical use, positioning the Company for Phase 3 immunobridging trial start-up activities in Q1 2026. Fill-finish – the sterile, cGMP-regulated process of filling, sealing, and packaging vaccine vials – marks the last manufacturing step before a vaccine may enter clinical study supply channels. With fill-finish complete and GEO-MVA now undergoing final release evaluation, GeoVax has moved into the final pre-clinical-deployment phase of its EMA-aligned clinical program. In June 2025, the European Medicines Agency (EMA) Scientific Advice confirmed that a single Phase 3 immunobridging study demonstrating immune comparability to the approved MVA vaccine, Imvanex(R), would be sufficient to evaluate GEO-MVA’s efficacy. This provides a clear, accelerated regulatory path to licensure. This milestone coincides with increasing Mpox activity globally – including expanding Clade I outbreaks in Africa and emerging cases in the United States – exposing vulnerabilities associated with global dependence on a sole foreign MVA vaccine supplier. GEO-MVA is designed to expand supply, diversify sources, and strengthen biodefense infrastructure.

Volato Group, Inc. (NYSE American: SOAR, $.5423) and M2i Global, Inc. (MTWO, $.0599), a company specializing in the development and execution of a complete global value supply chain for critical minerals, recently announced key developments in its pending all-stock merger with M2i Global, Inc.. Volato has filed the Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), following the SEC’s completion of its review of the initial confidential submission. With the reopening of federal agencies following the recent government shutdown, both companies now anticipate closing the merger in the first quarter of 2026, pending completion of SEC review and shareholder approval.

On Jan. 9, M2i Global and Volato Group announced that they have entered into a strategic collaboration agreement with Australian company Titanium X to advance critical mineral development in the US. This partnership represents a significant move towards enhancing domestic refining capacity and strengthening the critical materials supply chain that underpins US industry and national security. Titanium X and M2i Global will work together on the financing, development and commercialisation of the former’s critical mineral assets. M2i Global will apply its global experience in delivering mineral projects to support these initiatives. The companies are also in talks to conclude an exclusive titanium concentrate supply agreement.

On Jan. 7, M2i Global, Inc. along with Volato Group, Inc. (“Volato”) (NYSE American: SOAR), a technology-driven company, announced a strategic collaboration agreement with Titanium X, marking a major step forward in advancing domestic refining capabilities and securing the critical materials supply chain essential to U.S. industry and national security.

Volato Group, Inc. today (Dec. 29) announced the appointment of Alan D. Gaines to its Board of Directors, effective immediately. Mr. Gaines will also serve as Chairman of the Audit Committee.

On Dec. 23, Volato Group, Inc. announced preliminary financial guidance for the fourth quarter and full year ending December 31, 2025, reflecting continued execution against its strategic and balance sheet objectives. For the fourth quarter of 2025, Volato expects to report revenue between $27 million and $28 million. For the full year 2025, the Company anticipates total revenue between $78 million and $79 million, with net income of $6 million to $8 million. These results reflect a year of meaningful progression aligning operational performance with Volato’s long-term growth initiatives and advancing its pending merger with M2i Global, Inc. (OTC: MTWO). During 2025, Volato also made substantial progress strengthening its balance sheet. As of September 30, 2025, the Company reduced total liabilities to $9.5 million, satisfying the debt reduction condition required under its pending merger agreement with M2i Global, Inc. (OTC: MTWO). Volato expects continued improvement in its capital structure as it advances toward a targeted first-quarter 2026 closing of the transaction. “Our 2025 results reflect a year of transformation and disciplined balance sheet execution,” said Mark Heinen, Chief Financial Officer of Volato. “We made significant progress reducing liabilities while sharpening our focus on scalable, technology-driven businesses that are designed to complement and strengthen the M2i Global platform over the long term.”

Volato Group, Inc. announced recently that it has set a preliminary date of February 26, 2026 and preliminary record date of January 17, 2026 for a special meeting of shareholders to vote on the proposed merger with M2i Global, Inc. (MTWO) and related matters. The preliminary meeting date and record date remain subject to applicable regulatory and exchange requirements, including the effectiveness of Volato’s Registration Statement on Form S-4 (File No. 333-292132) (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (“SEC”) and the mailing of definitive proxy materials to shareholders. The proposed merger creates a combined company built for scale. M2i Global brings a platform focused on critical minerals and national supply chain resilience, while Volato contributes proven aviation technology, software capability, and an established track record of operational execution. Together, the companies aim to participate in a U.S. critical minerals market estimated at more than $320 billion annually.

Critical Metals Corp. (CRML, $17.65, +17.86% over the last 5-days), a leading critical minerals mining company,today announced that the first assay results from the 2025 drilling program have been received from the Fjord Deposit and Upper Fjord areas at the Tanbreez Rare Earths Project in Greenland.

Serina Therapeutics (NYSE American: SER, $3.10 +22.05% over the last 5-days, Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies. On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.

On Dec. 10, Serina announced that it has submitted a complete response to the U.S. Food and Drug Administration’s (“FDA”) clinical hold letter for SER-252, the Company’s lead program for advanced Parkinson’s disease. As previously disclosed, the FDA placed the Company’s Investigational New Drug (“IND”) application for SER-252 on clinical hold pending additional information related to a commonly used formulation excipient. On November 25, 2025, the FDA issued a formal full clinical hold letter specifying the information required to permit initiation of the planned Phase 1b registrational study, SER-252-1b. The issues identified by the FDA do not relate to the apomorphine active drug substance, its mechanism of action, the use of the enFuse device (Enable Injections) or the broader 505(b)(2) NDA development pathway previously discussed with the Agency.

The InterGroup Corporation (NASDAQ: INTG, $28.62, +2.76% over the last 5-days) announced (Jan. 6) that on December 29, 2025, it completed the sale of a non-core 12-unit apartment complex in Los Angeles County for a gross sales price of approximately $4,850,000. InterGroup expects to report a GAAP net gain on sale of approximately $3,509,000, which will be reflected in the Company’s Form 10‑Q for the quarter ended December 31, 2025. The transaction is expected to result in federal and state income tax liability, the amount of which will be determined based on the Company’s final tax position and applicable tax rules.

DoubleVerify Holdings Inc. (DV) closed at $10.49. DoubleVerify, which built its franchise on media verification and ad performance analytics, is now the first badged TikTok Marketing Partner focused specifically on attention measurement, tapping impression-level signals from the platform. Brands gain a granular view of how exposure and user interaction come together across TikTok formats, ad sets, creatives, and objectives, effectively treating every swipe as a tiny A/B test.

flyExclusive, Inc. (NYSE American: FLYX, $3.42), one of the nation’s largest private jet operators and a certified Part 145 Repair Station, today announced it has signed an authorized dealership agreement with Starlink, becoming a certified dealer and installer for Starlink’s high-speed, low-latency aviation connectivity system.

The Sources

[1] How major US stock indexes fared Friday, 1/16/2026 https://www.theglobeandmail.com/investing/markets/commodities/RGZ25/pressreleases/37089970/how-major-us-stock-indexes-fared-friday-1-16-2026/
[2] Wall Street ends little changed before long weekend | Reuters https://www.reuters.com/business/wall-st-futures-rise-chipmakers-advance-end-choppy-week-2026-01-16/
[3] Stock Market News From Jan. 16, 2026: Dow, S&P 500, Nasdaq Fall https://www.barrons.com/livecoverage/stock-market-news-today-011626
[4] Fixed Income & Equities Markets Week in Review | January 16, 2026 https://www.watrust.com/articles/week-in-review-january-16-2026
[5] How major US stock indexes fared Friday, 1/16/2026 https://www.washingtonpost.com/business/2026/01/16/stocks-dow-jones-nasdaq/a1781dc0-f322-11f0-a4dc-effc74cb25af_story.html
[6] Calendar: January 2026 – Federal Reserve Board https://www.federalreserve.gov/newsevents/2026-january.htm
[7] Economic Calendar: These are the Government Data Reports We’re … https://www.investopedia.com/economic-calendar-these-are-the-government-data-reports-we-re-still-waiting-on-after-the-shutdown-11881832
[8] A Few Words for the New Year – Federal Reserve Bank of New York https://www.newyorkfed.org/newsevents/speeches/2026/wil260112
[9] US producer prices increase moderately in November | Reuters https://www.reuters.com/business/us-producer-prices-increase-moderately-november-2026-01-14/
[10] US consumer prices likely snapped back after being … – Reuters https://www.reuters.com/world/us/us-consumer-prices-likely-snapped-back-after-being-restrained-by-government-2026-01-13/
[11] Economic Week Ahead: Inflation, Retail Sales to Set the Tone for … https://www.investing.com/analysis/economic-week-ahead-inflation-retail-sales-to-set-the-tone-for-fed-policy-200673032
[12] EM Weekly January 17, 2026 – Gramercy – A Better Approach To EM https://www.gramercy.com/2026/01/em-weekly-january-17-2026/
[13] Bitcoin Surges, Gold Price Soars & U.S. Sells Venezuelan Oil https://us.plus500.com/en/newsandmarketinsights/bitcoin-price97k-gold-soars-us-sells-oil
[14] COT on forex and commodities – Week to 6 January 2026 – Saxo Bank https://www.home.saxo/content/articles/commodities/cot-on-forex-and-commodities—week-to-6-january-2026-12012026
[15] Dealmaker’s Digest: A Top 10 Bulletin – January 2026 | Insights https://www.ropesgray.com/en/insights/alerts/2026/01/dealmakers-digest-january-2026
[16] M&A Outlook 2026: Expectations Are High—Again | BCG https://www.bcg.com/publications/2026/m-and-a-outlook-expectations-are-high-again
[17] Wall Street bankers expect busy 2026 after cashing in on big deals https://www.dailysabah.com/business/economy/wall-street-bankers-expect-busy-2026-after-cashing-in-on-big-deals/amp
[18] LLY Stock Falls After FDA Reportedly Delays Obesity Drug Ruling https://www.nasdaq.com/articles/lly-stock-falls-after-fda-reportedly-delays-obesity-drug-ruling
[19] Eli Lilly and Company (LLY) Stock Historical Prices & Data https://finance.yahoo.com/quote/LLY/history/
[20] Eli Lilly and Company (NYSE:LLY) Stock Price Down 3.8% https://www.marketbeat.com/instant-alerts/eli-lilly-and-company-nyselly-stock-price-down-38-whats-next-2026-01-15/
[21] HotOptions Report For Mid Day, January 9, 2026 – The Options Insider https://theoptionsinsider.com/news/most-active-options/hotoptions-report-for-mid-day-january-9-2026-tsla-nvda-intc-aapl-mstr-nflx-open-amzn-googl-pltr-mu-amd-meta-sofi-apld-orcl-msft-avgo-goog-smr/
[22] Lilly Eli & (LLY) Stock Price, News & Analysis https://www.stocktitan.net/overview/LLY/
[23] 3 Technology Stocks to Sell in 2026 – Yahoo Finance https://finance.yahoo.com/news/3-technology-stocks-sell-2026-163117495.html
[24] Biggest Wall Street analyst calls Thursday like Nvidia – CNBC https://www.cnbc.com/2026/01/15/biggest-wall-street-analyst-calls-thursday-like-nvidia.html
[25] Upcoming Mergers and Acquisitions in 2026 + Recent Big Deals https://dealroom.net/blog/upcoming-m-a
[26] U.S. IPO Weekly Recap: 1 Small Issuer And 3 SPACs List, As More … https://seekingalpha.com/article/4860656-us-ipo-1-small-issuer-3-spacs-list-more-big-names-join-pipeline
[27] Upcoming & Recent IPO’s – IPOs Calendar – Yahoo Finance https://finance.yahoo.com/calendar/ipo?from=2026-01-11&to=2026-01-17&day=2026-01-12
[28] Week In Review: January 12, 2026 M&A Deals – KippsDeSanto https://www.kippsdesanto.com/insights/industry-week-in-review-january-9-2026/
[29] Wall Street bankers shift focus to busy 2026 after cashing in on big … https://wtvbam.com/2026/01/15/wall-street-bankers-shift-focus-to-busy-2026-after-cashing-in-on-big-deals/
[30] M&A News: Global M&A Deals Week of January 5 to 11, 2026 https://imaa-institute.org/m-and-a-news/weekly-m-and-a-news-jan-5-11-2026/
[31] Wall Street bankers shift focus to busy 2026 after cashing in on big … https://www.reuters.com/business/finance/wall-street-bankers-shift-focus-busy-2026-after-cashing-big-deals-2026-01-15/
[32] IPOs Recently Filed – IPOScoop https://www.iposcoop.com/ipos-recently-filed/
[33] IPO Calendar – Nasdaq https://www.nasdaq.com/market-activity/ipos
[34] How major US stock indexes fared Friday, 1/16/2026 – Yahoo Finance https://sg.finance.yahoo.com/news/major-us-stock-indexes-fared-213007165.html
[35] Stock market news for Jan. 16, 2026 – CNBC https://www.cnbc.com/2026/01/15/stock-market-today-live-updates.html
[36] Top Stock Picks for Week of January 5, 2026 – Yahoo Finance https://finance.yahoo.com/news/top-stock-picks-week-january-223000571.html
[37] WEEKLY STOCK MARKET DIGEST: WHAT PRUDENT INVESTORS … https://blog.thearorareport.com/stock-market-251122/
[38] Stock Market News, Jan. 16, 2026: Trump Suggests Hassett Might … https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-01-16-2026
[39] Stock Market Overview – FS Insight https://fsinsight.com/members/market/
[40] Stock Market News Jan. 16, 2026: Dow, S&P 500 and Nasdaq all … https://www.marketwatch.com/livecoverage/stock-market-today-dow-s-p-500-and-nasdaq-point-higher-as-appetite-for-tech-stocks-set-to-continue
[41] Eli Lilly: Exceptional 2025, But Rising Headwinds Loom In 2026 https://seekingalpha.com/article/4860502-eli-lilly-exceptional-2025-but-rising-headwinds-loom-in-2026
[42] Eli Lilly: A Strong Player in the Pharmaceutical Arena https://www.theglobeandmail.com/investing/markets/stocks/LLY/pressreleases/37092290/eli-lilly-a-strong-player-in-the-pharmaceutical-arena/
[43] Eli Lilly shares drop 3.76% as FDA delays weight-loss drug review https://www.ainvest.com/news/eli-lilly-shares-drop-3-76-fda-delays-weight-loss-drug-review-2601/
[44] Top 10 Stocks For January 16, 2026 ( $SPHL, $CJMB … – YouTube https://www.youtube.com/watch?v=7w5ZTlRVTEc
[45] LLY Jan 2026 1010.000 call (LLY260116C01010000) https://finance.yahoo.com/quote/LLY260116C01010000/history/

by John F. Heerdink, Jr. January 16, 2026

Bladder Cancer’s New Co‑Pilot: Why ImmunityBio Wants Anktiva in the First Line -( $IBRX $IBB $XBI)

ImmunityBio’s (NASDAQ: IBRX) latest bladder cancer update reads like the moment a niche indie film suddenly lands a studio franchise deal: the BCG‑unresponsive chapter is out, and now the company is quietly casting for the much bigger, first‑line role.

From Last Resort To First Call

ImmunityBio has already secured FDA approval for Anktiva (nogapendekin alfa inbakicept) plus BCG in adults with BCG‑unresponsive non‑muscle invasive bladder cancer (NMIBC) with carcinoma in situ, turning what used to be a near‑automatic ticket to cystectomy into a legitimate bladder‑sparing option. Now the company is advancing a pivotal first‑line, BCG‑naive NMIBC program (QUILT‑2.005), with enrollment reportedly running ahead of expectations as patients are randomized to BCG alone versus BCG plus Anktiva.

For Wall Street, that shift matters because the BCG‑naive setting represents a much larger slice of newly diagnosed NMIBC than the salvage segment where Anktiva is already approved, implying that success here would turn a solid niche drug into a frontline franchise.

Data That Refuses To Go Away

In the already‑approved BCG‑unresponsive setting, Anktiva plus BCG has posted a 71% complete response rate with responses lasting up to 54 months in the QUILT‑3.032 trial, with more than 80% of responders preserving their bladders at three years. At nine months, an FDA‑requested interim analysis in the first‑line QUILT‑2.005 study showed 84% of patients on Anktiva plus BCG still in complete response versus 52% on BCG alone, a gap that reached statistical significance despite a modest sample size.

That kind of durability is why regulators in the U.S., Europe, the U.K., Saudi Arabia and other markets have been willing to put their seal on Anktiva in BCG‑unresponsive disease, and why the company keeps feeding updated datasets to journals and agencies like a restaurant that is very confident you will order dessert.

Mechanism With A Marketing Hook

The scientific pitch is that Anktiva, an IL‑15 superagonist, supercharges both natural killer cells and memory T cells, intensifying and prolonging the immune response that BCG already triggers inside the bladder. In practical terms, it turns an old workhorse intravesical immunotherapy into something closer to a modern combination regimen, without asking urologists to reinvent their entire treatment playbook.

Because the drug is already commercial in BCG‑unresponsive NMIBC and is being explored in other tumors such as non‑small cell lung cancer, first‑line success in NMIBC would not just add volume; it would support ImmunityBio’s broader platform story that IL‑15 agonism can be a kind of immune‑system “booster pack” across multiple solid tumors.

Regulators, Risk And The Cystectomy Clock

Regulators remain appropriately stern about the risk of delaying cystectomy in high‑risk NMIBC, and the Anktiva label explicitly warns that deferring surgery too long in non‑responders can be fatal. The emerging data help that conversation, showing high complete response rates, long durability and disease‑specific survival around 96% at three years in the BCG‑unresponsive cohort, but physicians still have to watch the clock carefully.

For investors, that tension is part of the thesis: if Anktiva’s combination can consistently deliver long‑lasting responses while keeping cystectomy in reserve for the minority who truly need it, the product narrative shifts from “heroic salvage” to “standard‑of‑care partner,” which tends to command a healthier multiple on the Street.

A Bigger Bladder Story Taking Shape

ImmunityBio’s communication cadence around bladder cancer has picked up, with recent press releases highlighting trial enrollment milestones, long‑term preservation data and plans for regulatory submissions in Europe. Layered on top of the 2024 FDA approval in BCG‑unresponsive NMIBC and the ongoing expansion into lung cancer combinations, the first‑line QUILT‑2.005 program looks less like a side quest and more like the central plotline.

If the final first‑line data rhyme with the interim analysis—and with the outsized durability already observed in the unresponsive setting—the market may soon have to start valuing Anktiva not as a boutique immunotherapy, but as the kind of quietly ubiquitous product that urologists order as reflexively as coffee at rounds.

The Sources

ImmunityBio Advances First-Line BCG Naive NMIBC Program with QUILT-2.005
https://finance.yahoo.com/news/immunitybio-advances-first-line-bcg-120000850.html[finance.yahoo]
Nogapendekin Alfa Inbakicept Plus BCG Yields Significant DOR in BCG-Naive NMIBC
https://www.onclive.com/view/nogapendekin-alfa-inbakicept-plus-bcg-yields-significant-dor-in-bcg-naive-nmibc[onclive]
ImmunityBio’s bladder cancer trial enrollment at 85%, BLA filing planned
https://www.investing.com/news/company-news/immunitybios-bladder-cancer-trial-enrollment-at-85-bla-filing-planned-93CH-4451722[investing]
Bladder Cancer Clinical Trials – ImmunityBio (company program page)
https://immunitybio.com/bladder-cancer/[immunitybio]
ImmunityBio reports progress in bladder cancer trial enrollment
https://www.streetinsider.com/Corporate+News/ImmunityBio+reports+progress+in+bladder+cancer+trial+enrollment/25857756.html[streetinsider]
QUILT 3.032 trial: Anktiva achieves high response rate in BCG-unresponsive NMIBC
https://www.urologytimes.com/view/quilt-3-032-trial-anktiva-achieves-high-response-rate-in-bcg-unresponsive-nmibc[urologytimes]
FDA Accepts Resubmitted BLA for N-803 Plus BCG in NMIBC
https://www.cancernetwork.com/view/fda-accepts-resubmitted-bla-for-n-803-plus-bcg-in-nmibc[cancernetwork]
ImmunityBio’s Anktiva shows success as combo treatment in NSCLC
https://www.clinicaltrialsarena.com/news/immunitybios-anktiva-shows-success-as-combo-treatment-in-nsclc/[clinicaltrialsarena]
ImmunityBio Completes ANKTIVA’s Post-Approval Enrollment of the 100th Patient in BCG-Unresponsive NMIBC
https://immunitybio.com/immunitybio-completes-anktivas-post-approval-enrollment-of-the-100th-patient-in-bcg-unresponsive-nmibc-cohort-c/[immunitybio]
FDA approves nogapendekin alfa inbakicept-pmln for bladder cancer
https://www.fda.gov/drugs/resources-information-approved-drugs/fda-approves-nogapendekin-alfa-inbakicept-pmln-bcg-unresponsive-non-muscle-invasive-bladder-cancer[fda]
Unmatched Long-Term Bladder Preservation for 36 Months in Over 80 Percent of Responders with ANKTIVA Plus BCG
https://immunitybio.com/unmatched-long-term-bladder-preservation-for-36-months-in-over-80-percent-of-responders-with-anktiva-plus-bcg/[immunitybio]
FDA approves immunotherapy drug combo for non-muscle invasive bladder cancer – UCLA Health
https://www.uclahealth.org/news/release/fda-approves-immunotherapy-drug-combo-non-muscle-invasive[uclahealth]
ANKTIVA with BCG Demonstrates 96% Survival from Bladder Cancer at Three Years
https://immunitybio.com/anktiva-with-bcg-demonstrates-96-survival-from-bladder-cancer-at-three-years-with-median-survival-not-yet-reached/[immunitybio]
ImmunityBio Requests an Urgent Meeting With FDA to Address the Change in the Agency’s Guidance
https://immunitybio.com/immunitybio-requests-an-urgent-meeting-with-fda-to-address-the-change-in-the-agencys-unambiguous-guidance-on-the-use-of-surrogate-endpoints-for-full-approval-in-oncology/[immunitybio]
NEJM Evidence Publishes Results for ImmunityBio’s QUILT 3.032 Registrational Trial
https://immunitybio.com/nejm-evidence-publishes-results-for-immunitybios-quilt-3-032-registrational-trial-of-il-15-superagonist-n-803-anktiva-in-bcg-unresponsive-non-muscle-invasive-bladder-cancer/[immunitybio]

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