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by Vista Partners LLC December 15, 2025

Risk‑Off Monday: Small Caps Slide, AI Megacaps Wobble and Bond Yields Keep Traders Honest – December 15, 2025 -( $EVCM $IMNM $LLY $MODD $NVDA $RADX $TSLA Rise!)

Wall Street spent Monday looking like a market that wanted a holiday party but got a planning meeting instead, with all four major benchmarks drifting lower as investors waited on a dense week of data and central-bank choreography. The S&P 500 slipped about 0.2% to roughly 6,816, the Dow Jones Industrial Average eased 0.1% to about 48,417, the tech‑heavy Nasdaq fell 0.6% to just over 23,057, and the small‑cap Russell 2000 lost 0.8% to around 2,531, a modest risk‑off shuffle that still leaves year‑to‑date gains for all four indices comfortably in double digits. Macroeconomically, the day sat in the shadow of a busy calendar, with December’s Empire State manufacturing gauge and the NAHB housing index kicking off a week that will bring fresh reads on activity, inflation, and the labor market—reports whose timing was complicated by the lingering data backlog from the autumn shutdown but which now form the final hurdle between Wall Street and its hopes for a clean year‑end “soft landing” narrative.

Policy and rates

On the policy front, the bond market quietly reminded everyone that interest rates still write the subtitles for every equity move, with the 10‑year Treasury yield edging lower to 4.182% and the curve retaining a modest steepening bias as investors price a slower but still supportive path of Fed cuts into 2026. The 2-year closed lower at 3.514%. The Federal Reserve’s latest rate cut earlier this month and its projections for at least one more reduction next year continue to underpin the view that policy has pivoted from headwind to cautious tailwind, even as officials fan out on the speaking circuit this week to argue over just how many cuts the economy deserves. In Washington, the seven‑week government shutdown that ended in mid‑November remains a scar rather than an open wound, depressing earlier sentiment and delaying data releases but no longer posing an immediate cliffhanger for risk assets, while tariff policy remains a slow‑burn source of uncertainty as higher and less predictable trade costs continue to weigh on manufacturing surveys and business investment plans.

Mega‑caps and AI names

In single‑stock land, the usual pantheon of market‑moving names again provided most of the intraday drama, with the AI and megacap complex still digesting a bruising recent pullback. Tesla (TSLA, $475.31, +3.56%) jumped today on the latest robotaxi milestone. NVIDIA (NVDA) closed in green territory at $176.29, +.73%, Broadcom (AVGO, $339.81, -5.59%) and Oracle (ORCL, $184.92, -2.66%) fell. Eli Lilly (LLY, $1,062.19, +3.38%), meanwhile, remained very much the market’s chosen avatar for obesity economics, with investors watching for any fresh updates on its weight‑loss and diabetes franchises/More cyclical or idiosyncratic names such as McDonald’s (MCD, $318.73, +.63%) & Rio Tinto (RIO, $75.82, +.21%), traded more as barometers of consumer resilience, commodity demand, infrastructure build‑out and housing‑linked risk appetite than as standalone macro catalysts.

Positive Results

Immunome, Inc. (Nasdaq: IMNM, $22.64, +15.69%), a biotechnology company committed to developing first-in-class and best-in-class targeted cancer therapies, today announced positive topline results from the global pivotal Phase 3 RINGSIDE trial of varegacestat, an investigational, oral, once-daily gamma secretase inhibitor (GSI), in patients with progressing desmoid tumors. The trial met its primary endpoint of improving progression-free survival, demonstrating a statistically significant and clinically meaningful improvement vs. placebo, with an 84% reduction in the risk of disease progression or death (hazard ratio (HR) = 0.16, 95% CI: 0.071, 0.375; p<0.0001). The confirmed objective response rate (ORR) based on RECIST v1.1 was 56% with varegacestat vs. 9% with placebo (p<0.0001), as assessed by blinded independent central review. In an exploratory analysis, varegacestat demonstrated a median best change in tumor volume of -83% vs. +11% with placebo, as assessed by blinded independent central review. In addition, the trial met all key secondary endpoints, with varegacestat achieving statistically significant improvements vs. placebo in landmark tumor volume reduction and worst pain intensity.

Commodities and crypto

Across the cross‑asset scoreboard, Monday’s price action looked more like a quiet re‑marking of expectations than a full‑blown regime change. Gold hovered above the 4,300 mark per ounce closing art $4,303.90, silver traced the low‑60s closing at $62.86, +2.44%, and crude oil closed at $56.68/bbl, -1.32%, collectively signaling a market that is mildly concerned about growth, inflation, and geopolitics but not convinced enough to pay up aggressively for hedges. Bitcoin ($86,265, -4.6%) for its part, continued to behave like the loudest attendee at a macro seminar, trading well below recent highs yet still elevated enough to keep crypto in the conversation, its volatility increasingly tied to shifting assumptions about real yields and liquidity rather than to token‑specific narratives.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3698, +6.97 after popping to $.4198 dur)ing intraday trading, 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, $6.16), 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, $.3331), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, announced (Dec. 15) the publication of interim Phase 2 clinical data on its next-generation COVID-19 vaccine in patients with chronic lymphocytic leukemia (CLL). The Research Letter in the British Journal of Haematology reports that GEO-CM04S1 met the study’s primary immunologic endpoint, generating significantly stronger and more durable SARS-CoV-2–specific T-cell responses than BNT162b2 (Pfizer-BioNTech) in patients with chronic lymphocytic leukemia (CLL) – a population known for poor vaccine responsiveness.

On Dec. 10, GOVX announced that to help close the gap between ambition and execution, they have expanded its Scientific Advisory Board with a cluster of internationally recognized specialists whose day jobs read like the acknowledgments section of a pandemic playbook. The newly highlighted lineup features Professor Teresa Lambe, Calleva Head of Vaccine Immunology at the Oxford Vaccine Group and a principal architect of the Oxford/AstraZeneca COVID-19 vaccine; Dr. Alessandro Sette of the La Jolla Institute for Immunology, a leading T‑cell and immune-correlates researcher; Professor Lance Turtle of the University of Liverpool, a clinician-scientist in viral pathogenesis and long-term immunity; Professor Thushan I. de Silva of the University of Sheffield, an authority on viral evolution and population-level vaccine responses; and Dr. Joshua A. Hill of the University of Washington and Fred Hutchinson Cancer Center, a specialist in infectious diseases and vaccine performance in immunocompromised and transplant patients. For a company that still trades like a niche microcap, the SAB now looks suspiciously like a global advisory panel on “how to keep the world from falling apart, immunologically speaking.”

Volato Group, Inc. (NYSE American: SOAR, $1.10) and M2i Global, Inc. (MTWO, $.08), a company specializing in the development and execution of a complete global value supply chain for critical minerals, today 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.

Volato Group, Inc. (NYSE American: SOAR) and M2i Global, Inc. (MTWO) announced on Nov. 19 that Nimy Resources (“Nimy”) and M2i will collaborate with the aim of forming commercially binding contract terms for the respective sale and purchase of gallium production. They also announced (Oct. 16) the next phase of development of the digital and commercial infrastructure underpinning the U.S. Strategic Mineral Reserve (SMR). M2i initiated the SMR framework and technical specifications earlier this year. Volato is now applying its proven enterprise-software expertise to build and operationalize the secure technology backbone that will support critical mineral traceability, contracting, and compliance across the United States and allied nations. This infrastructure is being developed to serve as the market-facing layer of the U.S. Strategic Mineral Reserve initiative, providing miners, refiners, recyclers, manufacturers, and government entities with a trusted environment for physical critical mineral transactions—with verified provenance, end-to-end custody visibility, and regulatory compliance at its core.

Serina Therapeutics (NYSE American: SER, $2.99), 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. 10, after the close,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, $29.68) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

DoubleVerify Holdings Inc. (DV) closed at $10.83. 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.

Radiopharm Theranostics (ASX:RAD, NASDAQ: RADX, $10.63, +149.53%) a clinical-stage biopharmaceutical company focused on developing innovative oncology radiopharmaceuticals for areas of high unmet medical need, today announced interim data from the first twelve patients in its U.S. Phase 2b clinical imaging trial of RAD 101 in brain metastases. RAD 101 is Radiopharm’s novel, small-molecule imaging agent targeting fatty acid synthase (FASN) and radiolabelled with Fluorine-18 for the diagnosis of suspected recurrent brain metastases from solid tumors of different origins, also known as the Pivalate technology.

EverCommerce Inc. (NASDAQ: EVCM), a leading provider of SaaS solutions for service SMBs, rose +10.68% today to close at $13.36.

Sources

by Vista Partners LLC December 15, 2025

Ending Modern Slavery in the Mineral Supply Chain: Mark Wexler Joins M2i Global’s Minerals Metals Initiative -( $MTWO $SOAR )

In the evolving conversation around responsible sourcing, M2i Global (MTWO) has been quietly creating a global footprint — most recently through its combination with Volato Group (NYSE: SOAR), a move that pairs operational reach with purpose-driven ambition. At the nexus of strategy and storytelling stands Major General (Ret.) Alberto C. Rosende, CEO of M2i Global and voice behind the Minerals Metals Initiative (M2i) podcast ( @M2i.Global )— a platform that’s reshaping how the minerals and metals sector talks about sustainability, transparency, and long-term growth.

Spotlight on Episode Four

Now in its fourth episode, the Minerals Metals Initiative takes a bold step into the moral side of material supply with “People, Planet, and Supply Chain: Three Pillars for the Future of Minerals,” featuring Mark Wexler, Co-Founder and CEO of Not For Sale, a global organization devoted to ending modern-day slavery and human exploitation.

Exposing the Hidden Costs of Modern Supply

Wexler pulls no punches in outlining how human trafficking can seep into global supply chains — tracing uncomfortable parallels between humanitarian crises and the polished commodities powering the green economy. Drawing a vivid example from the Democratic Republic of the Congo, he illustrates how improving mineral supply chains, even by a small margin, can trigger ripple effects that benefit both people and the planet.

Reforming the Chain, Redefining Value

The conversation lands squarely on the tension point that defines modern industry: how ethics, economics, and environmental imperatives intersect. Wexler’s economic rationalism pairs neatly with the Initiative’s pragmatic optimism. Strengthening one link in the supply chain, he argues, strengthens the whole — not just morally, but materially. It’s a thesis fit for a boardroom and a human rights forum alike.

Sustainability as Strategy

With each episode, M2i Global continues to reinforce that sustainability is more than a disclosure line item — it’s a durable growth strategy. Under the leadership of Major General (Ret.) Alberto C. Rosende, the company’s message resonates with investors and industry partners aligning with the next era of responsible resource development.

Tune In

Listeners can tune in to “People, Planet, and Supply Chain: Three Pillars for the Future of Minerals” across platforms including YouTube, Spotify, and Apple Podcasts.

Ethical sourcing may not be the next meme stock — but if Wexler and M2i’s team have their way, it could become the next great frontier of global value creation.

Watch The Episode Now

by Vista Partners LLC December 15, 2025

Tesla’s Robotaxi Gamble: Stock Surges as Cars Ditch Safety Drivers -( $TSLA $SPY )

Tesla’s (TSLA) stock pop on the latest robotaxi milestone reads less like a traditional product update and more like the opening scene of a market fable: a trillion‑dollar carmaker, a driverless SUV ghosting around Austin, and a CEO insisting the future has finally shown up on time this year. Investors, who have spent the better part of a decade underwriting Elon Musk’s autonomy promises, greeted the confirmation of testing with no safety driver the way they usually do—with a sharp bid higher and a forgiving memory.

Market reaction

Shares of Tesla climbed roughly 4% on Monday, pushing back toward record territory near the high‑$480s as footage of a driverless Tesla robotaxi in Austin ricocheted across X and cable business TV. For a company already valued at about $1.5 trillion, much of it pinned to software and robotaxis rather than sheet metal and steel, the move signaled that Wall Street still believes the “autonomous chapter” can justify a new wave of growth.

Analysts who have been modeling robotaxi cash flows in increasingly optimistic shades of Excel green treated the sighting as validation, noting that unsupervised testing lines up with guidance management laid out on recent earnings calls. One longtime Tesla bull kept an “Outperform” rating and a price target in the $600 range, suggesting that a few minutes of driverless video were worth tens of billions of dollars in implied future margins.

Austin as test lab

Austin has become Tesla’s favorite sandbox for autonomy, a city where the company can experiment with robotaxis before regulators and pedestrians start asking too many questions. Over the weekend, at least two Model Y robotaxis were reportedly spotted rolling around public streets with no one in the car, prompting Tesla’s head of AI, Ashok Elluswamy, to declare, “And so it begins!”—a line that sounded equal parts product launch and sci‑fi movie trailer.

Musk later confirmed that testing was underway and has spent the month reiterating that fully unsupervised robotaxis in Austin were only “weeks” away, a timeline that hewed surprisingly close to reality this time. The company has hinted that once Austin is properly debugged, the robotaxi footprint will sprawl toward Phoenix, Nevada, and the Bay Area, with Florida waiting in the wings as a regulatory warm‑up act.

Between promise and paperwork

If Austin is the glossy demo reel, regulators elsewhere still have notes on the script. In California, behind‑the‑scenes emails show officials were “surprised and alarmed” by Musk’s earlier robotaxi proclamations, especially given the lack of permit applications that would normally precede an invasion of driverless cars. For now, what Tesla calls a “robotaxi” in its original home state often looks more like a conventional ride‑hailing service with a human behind the wheel and “supervised Full Self‑Driving” doing as much work as regulators will comfortably allow.

Expansion into Arizona and Nevada has run into a more mundane obstacle: paperwork turned in on Silicon Valley time. Reports indicate Tesla has yet to complete the regulatory steps needed to offer true driverless rides in those states, even as Musk publicly frames approvals as just around the corner, if not already in the rearview mirror.

The autonomous narrative

For Tesla’s equity story, robotaxis are less a side project and more the punchline to a decade‑long setup in which cars were merely the hardware chassis for an eventual software annuity. Bulls envision fleets of driverless Model Ys working late shifts in cities, throwing off high‑margin service revenue that makes today’s vehicle sales look like a low‑margin appetizer. Skeptics counter that autonomy has already racked up years of missed deadlines, making each new “weeks away” pledge feel like a sequel in a franchise that refuses to roll credits.

Yet markets tend to trade the story they have, not the one they wish they’d written. On Monday, the story was simple: a viral clip of an empty Tesla gliding through Austin, a CEO confirming that no one was at the wheel, and a stock chart that, for a few hours, looked almost as autonomous as the car itself. The real test will be whether, in the years ahead, Tesla’s robotaxis can navigate something even trickier than downtown traffic: the gap between a great narrative and a durable business model.

The Sources

by Vista Partners LLC December 14, 2025

How Nokia and Airtel Aim to Monetize 5G APIs and Rewrite India’s Enterprise Playbook – ( $NOK )

Nokia’s (NOK) latest deal with Bharti Airtel is less a routine vendor announcement than a reminder that in 5G, the real money may lie not in more base stations, but in turning the network itself into something closer to a programmable asset class.

A Finnish Vendor, An Indian Rail

The partnership grants developers and enterprises across India access to Airtel’s 4G/5G network capabilities through Nokia’s “Network as Code” platform, exposing a suite of network APIs—think quality-on-demand, low-latency routing, and edge hooks—that can be consumed with all the ceremony of a cloud function call. For Nokia, which already holds a multi‑year, multi‑billion‑dollar mandate to power Airtel’s 4G and 5G expansion with its AirScale radio kit and AI‑enhanced MantaRay management tools, the arrangement extends a hardware-heavy relationship into higher‑margin software territory.

Turning Towers Into Code

Network APIs, long discussed in industry panels, are finally being pushed into production here, allowing portions of Airtel’s 5G network—currently running on non‑standalone architecture—to be virtualized and tailored to individual applications. Developers will get subscription-based access to Airtel’s pan‑India assets, from radio to edge, enabling use cases that range from dynamic traffic prioritization for fintech apps to real‑time control loops in industrial settings, all without needing to understand what, exactly, an HSS or UDM does after midnight.

Industry 4.0 Gets a New Toy

The two companies have already been courting India Inc. with private LTE and 5G‑ready solutions aimed at factories, ports, logistics hubs, BFSI back offices, and IT-enabled service campuses—sectors that depend on low latency, high reliability and generous bandwidth to automate away both paperwork and forklifts. By plugging these environments into a standardized API layer, Nokia and Airtel hope to move beyond bespoke pilot projects and toward repeatable templates: a port operator or automotive plant, in theory, can subscribe to network features the way a retail investor subscribes to research—except this feed might actually move containers.

Monetizing the 5G Patience Trade

For telecom investors who have spent the better part of the 5G cycle waiting for “monetizable use cases,” the partnership is pitched as a way to create new revenue streams without yet another capex supercycle. Airtel gets a path to incremental, software‑like income on top of its existing 4G/5G footprint and home broadband reach, while Nokia adds proof points that its API strategy—bolstered by recent technology acquisitions and a broad core‑network footprint inside Airtel—is more than a slide in an investor deck.

A Telco, A Platform, And A Punchline

Skeptics will note that developers have been promised “network programmability” since roughly the time 3G was marketed as mobile broadband; in many cases, the only thing programmed was investor expectations. Yet by binding a large Indian operator with nationwide spectrum, a long‑standing radio and core vendor, and a cloud‑style API platform, this latest Nokia–Airtel pact gives the 5G story a fresher twist: if they succeed, the network becomes a platform; if they don’t, at least the press releases will have lower latency than the use cases they were meant to support.

Sources

[1] Nokia and Airtel Team Up to Unlock 5G Network APIs for Developers https://finance.yahoo.com/news/nokia-airtel-team-unlock-5g-130000578.html
[2] Nokia partners with Bharti Airtel to unlock 5G capabilities for … https://finance.yahoo.com/news/nokia-partners-bharti-airtel-unlock-050000741.html
[3] Nokia Wins Multi-Billion Dollar Deal To Power Airtel’s 4G And 5G … https://finance.yahoo.com/news/nokia-wins-multi-billion-dollar-142425744.html
[4] NOK Wins Multi-Billion 5G Deal Extension From Airtel: Stock to Gain? https://finance.yahoo.com/news/nok-wins-multi-billion-5g-152000653.html
[5] Will the Expanded Collaboration With Bharti Airtel Benefit Nokia? https://finance.yahoo.com/news/expanded-collaboration-bharti-airtel-benefit-170500379.html
[6] Nokia partners with Bharti Airtel to unlock 5G capabilities for … https://www.nokia.com/newsroom/nokia-partners-with-bharti-airtel-to-unlock-5g-capabilities-for-developers-and-enterprises-via-network-apis/
[7] Nokia partners with Bharti Airtel on 5G network APIs – ET Telecom https://telecom.economictimes.indiatimes.com/news/telecom-equipment/nokia-and-bharti-airtel-collaborate-to-enhance-5g-connectivity-with-network-apis/125759104
[8] Bharti Airtel and Nokia expand core network collaboration to speed … http://airtel.in/press-release/04-2025/bharti-airtel-and-nokia-expand-core-network-collaboration-to-speed-up-new-5g-service-delivery/
[9] Airtel and Nokia to collaborate on Industry 4.0 applications for … https://www.nokia.com/about-us/news-and-events/news-releases/partner-releases/airtel-and-nokia-to-collaborate-on-industry-40-applications-for-enterprises/
[10] Airtel and Nokia to collaborate on Industry 4.0 applications for … https://www.airtel.in/press-release/02-2020/airtel-and-nokia-to-collaborate-on-industry-4-applications-for-enterprises/
[11] Private 5G in ports: A strategic asset for federal security and … – Nokia https://www.nokia.com/blog/private-5g-in-ports-a-strategic-asset-for-federal-security-and-operational-efficiency/
[12] Private 5G Networks: Powering Industry 4.0 Transformation – Airtel https://www.airtel.in/b2b/insights/blogs/private-5g-networks/
[13] Will New 5G API Deals and Offshore Private Networks Change … https://finance.yahoo.com/news/5g-api-deals-offshore-private-141331175.html
[14] Private Networks: A Misstep in Telecom’s Industry 4.0 Push – LinkedIn https://www.linkedin.com/posts/sebastianbarros_we-are-getting-private-networks-completely-activity-7396883698001854464-G1OR
[15] Nokia and Airtel Team Up to Unlock 5G Network APIs for Developers https://finviz.com/news/249393/nokia-and-airtel-team-up-to-unlock-5g-network-apis-for-developers
[16] Nokia partners with Bharti Airtel to unlock 5G capabilities for … https://uk.finance.yahoo.com/news/nokia-partners-bharti-airtel-unlock-050000245.html
[17] Nokia wins multi-billion 5G extension deal from Bharti Airtel for its … https://finance.yahoo.com/news/nokia-wins-multi-billion-5g-073000178.html
[18] Fraport’s Private 5G Network: Building Smart Airport of the Future https://tecknexus.com/short/fraports-private-5g-network-building-smart-airport-of-the-future/
[19] Nokia and Bharti Airtel complete successful 5G NSA Cloud RAN trial … https://finance.yahoo.com/news/nokia-bharti-airtel-complete-successful-070000038.html
[20] Bharti Airtel Limited (BHARTIARTL.NS) Stock Price, News, Quote … https://finance.yahoo.com/quote/BHARTIARTL.NS/

by Vista Partners LLC December 13, 2025

‘Superhuman AI’ at Microsoft: What Mustafa Suleyman’s Bold Claim Really Means for Investors -( $MSFT $SPY )

Mustafa Suleyman reportedly says artificial intelligence is already superhuman, which is the sort of line that used to belong in science fiction and now lands somewhere between an earnings call remark and a lifestyle choice. Coming from the man running Microsoft’s (MSFT) AI empire, it sounds less like a prediction and more like a compliance notice for the species.

The setting for this declaration was not a lab full of blinking lights, but a polished, made-for-streaming conversation where Suleyman talked about AI surpassing human capabilities with the calm of someone discussing cloud margins. He is, after all, in the business of making this feel normal: a world where “superhuman” lives in the same sentence as “user engagement” and “product roadmap.”

Microsoft’s New Power Narrative

Inside Redmond, “superhuman” is not just a provocation; it is a strategy memo in disguise. Freed from contractual limits that once kept its own AI ambitions capped by its OpenAI partnership, Microsoft has moved to build what it now calls a “humanist superintelligence” team, a phrase that sounds like it was A/B-tested to reassure both regulators and nervous grandparents. The idea is simple enough: build systems that are vastly more capable than people, while insisting they are firmly on humanity’s team and, crucially, on Microsoft’s balance sheet.

Suleyman’s group is now framed as the internal vanguard of this push, equipped with high-end chips, imported talent from DeepMind, Inflection, and rivals, and a mandate to live at the “absolute frontier” of AI research. In another era, this would have been called a moonshot; today it is a line item under “key priorities,” nestled between Copilot upgrades and data center expansion.

When “Superhuman” Meets Risk Management

For someone cheerfully proclaiming that AI has already outpaced us, Suleyman spends a notable amount of time explaining why his own work should not accidentally end civilization. He has promised that Microsoft will not continue to build any system that looks as if it might “run away” from human control, which is the sort of assurance that only exists because someone, somewhere, decided this was a non-zero possibility.

This balancing act—selling an AI future powerful enough to transform medicine and industry, but constrained enough to pass a Senate hearing—has become a core feature of his public persona. In interviews, he emphasizes that only biological beings can be conscious and insists that superintelligence, as a concept, is less an end state than an “anti-goal” unless it can be proven safe and kept in a subordinate role. Wall Street has not yet priced an “anti-goal” line item into its models, but the term does pair nicely with a discount rate.

The Business of Friendly Superintelligence

If there is a house style to Microsoft’s AI story, Suleyman is its chief editor. He talks of “humanist superintelligence,” a deliberately sanitized framing of systems that could outperform humans while remaining obedient, controllable, and ultimately monetizable. The machines may be superhuman, but the revenue needs to remain reassuringly familiar—subscriptions, enterprise licenses, and incremental cloud consumption.

The product layer of this vision is already visible in Copilot and a new generation of AI companions advertised as helpful, capable, and increasingly personalized. Under the hood, the same infrastructure meant to keep you on top of your inbox and spreadsheets is being scaled into a platform that might, in time, propose drug candidates, manage industrial systems, and optimize supply chains with a speed that makes human analysts look like they are working over dial-up.

Wall Street’s Favorite Lab Experiment

For investors, the philosophical nuances of whether AI is truly “superhuman” matter less than whether the story is super-compounding. Microsoft’s market value has become a kind of sentiment index on the AI cycle, and Suleyman’s rhetoric fits neatly into a narrative that justifies more capex, more chips, and more software layered on top. “Superhuman,” translated into financial language, reads as optionality—an upside scenario in which scarce intelligence becomes abundant and rent-generating.

Humanity, meanwhile, is left in a curious position: both beneficiary and benchmark. When the machines are described as better at most cognitive tasks, but still framed as our “assistants,” it becomes hard to tell whether the title of “user” connotes senior partner or legacy hardware. If this is what normal looks like—where a major platform company calmly declares that its systems are already more capable than their creators—then perhaps the most human instinct left is an old Wall Street habit: stay long the trend, watch the tail risks, and hope the superhuman remains content in the role of very helpful subordinate.

Sources

[1] Microsoft’s Mustafa Suleyman: ‘AI Is Already Superhuman’ https://www.bloomberg.com/features/2025-mustafa-suleyman-weekend-interview/
[2] Towards Humanist Superintelligence – Microsoft AI https://microsoft.ai/news/towards-humanist-superintelligence/
[3] Microsoft, freed from relying on OpenAI, joins the race for ‘superintelligence’—and AI chief Mustafa Suleyman wants to ensure it serves humanity https://fortune.com/2025/11/06/microsoft-launches-new-ai-humanist-superinteligence-team-mustafa-suleyman-openai/
[4] Watch The Man Driving Microsoft’s New AI Strategy – Bloomberg.com https://www.bloomberg.com/news/videos/2025-12-12/the-man-driving-microsoft-s-new-ai-strategy
[5] Microsoft’s Mustafa Suleyman: ‘AI Is Already Superhuman’ – LinkedIn https://www.linkedin.com/posts/bloomberg-news_microsofts-mustafa-suleyman-ai-is-already-activity-7405184689948266496-jYfb
[6] Mustafa Suleyman, DeepMind and Inflection Co-founder, joins … https://blogs.microsoft.com/blog/2024/03/19/mustafa-suleyman-deepmind-and-inflection-co-founder-joins-microsoft-to-lead-copilot/
[7] Microsoft Executive Vows to Halt AI Work If It Imperils Humanity https://finance.yahoo.com/news/microsoft-executive-vows-halt-ai-170000870.html
[8] Microsoft, freed from relying on OpenAI, joins the race for ‘superintelligence’—and AI chief Mustafa Suleyman wants to ensure it serves humanity https://finance.yahoo.com/news/microsoft-freed-relying-openai-joins-140000071.html
[9] Mustafa Suleyman: the new head of Microsoft AI with concerns about his trade https://www.theguardian.com/business/2024/mar/20/mustafa-suleyman-the-new-head-of-microsoft-ai-with-concerns-about-his-trade
[10] Microsoft AI CEO Mustafa Suleyman says we must design … https://www.facebook.com/bloombergbusiness/posts/microsoft-ai-ceo-mustafa-suleyman-says-we-must-design-superintelligent-systems-t/1276824254303665/
[11] Microsoft AI CEO Mustafa Suleyman: Building AI Personality https://www.youtube.com/watch?v=01_UFcpcR7U
[12] Microsoft’s Mustafa Suleyman: ‘AI Is Already Superhuman’ https://x.com/rinkumathew/status/1999510514116805089
[13] Could LLMs Be The Route To Superintelligence? — With Mustafa Suleyman https://www.youtube.com/watch?v=j_3MPTLhHxM
[14] Microsoft AI chief says only biological beings can be conscious https://www.cnbc.com/2025/11/02/microsoft-ai-chief-mustafa-suleyman-only-biological-beings-can-be-conscious.html
[15] Microsoft AI CEO calls artificial superintelligence an ‘anti-goal’ https://www.businessinsider.com/microsoft-ai-ceo-superintelligence-anti-goal-mustafa-suleyman-2025-11
[16] Mustafa Suleyman on Superintelligence, Microsoft’s OpenAI Deal … https://www.youtube.com/watch?v=MUEKVoeeRoA
[17] Microsoft’s Suleyman says superintelligent AIs should not replace … https://www.reddit.com/r/agi/comments/1ou74r0/microsofts_suleyman_says_superintelligent_ais/
[18] Mustafa Suleyman: Will AI Save Humanity or End It? – YouTube https://www.youtube.com/watch?v=tQ5wO1lznCQ
[19] Mustafa Suleyman – Wikipedia https://en.wikipedia.org/wiki/Mustafa_Suleyman
[20] Quotes by Mustafa Suleyman (Author of The Coming Wave) https://www.goodreads.com/author/quotes/16663417.Mustafa_Suleyman

by Vista Partners LLC December 12, 2025

Record Highs for Dow and S&P 500: Eli Lilly Shines, Oracle Sinks AI Sentiment This Week – December 12, 2025 -( $LLY $MCD $NOK $PL $PLTR $RIO $TSLA Rise!)

Wall Street limped into the weekend looking like a marathoner who realized the finish line had quietly moved 100 yards farther away: still standing, but with the AI high-fliers suddenly short of breath and old‑economy cyclicals enjoying a late‑season second wind.

Indexes: AI darlings catch a chill

U.S. equities finished the week ending December 12 mixed, with growth and megacap tech finally giving up some leadership just as small caps and value sectors stepped forward. The S&P 500 slipped modestly on the week as profit‑taking hit AI‑linked names closing at 6.827.41, -.63%, while the Dow managed a gain helped by financials, healthcare and select industrials closing at 48,458.05, +1.05% over the last 5-days, and the Russell 2000 pushed toward or through record territory as investors rotated into domestically focused cyclicals closing at 2,551.46, +1.19% over the last 5-days. The Nasdaq, heavy with the same AI superstars that powered 2025’s gains, spent the week on the defensive, posting a decline even as year‑to‑date returns remain well ahead of the broader market closing at 23,195.17, -1.62% over the last 5-days.

Macro and Fed: data through a shutdown fog

The economic calendar remained distorted by the recently ended record‑long federal government shutdown, leaving investors leaning more on private data and survey indicators than usual. Softer recent readings on inflation and weakening private‑sector employment data kept markets confident the Federal Reserve’s December meeting would lean dovish, with futures pricing a modest easing path rather than a dramatic cutting cycle. The Fed’s latest cut earlier in the week pulled benchmark Treasury yields lower before they edged back up on Friday, leaving the curve in a shallow U‑shape and reinforcing the sense that monetary policy has shifted from “higher for longer” to “lower, but very carefully.”

Yields, curve, tariffs and shutdown politics

Treasury yields drifted down in the middle of the curve after the Fed move, while long rates oscillated as bond investors debated how far the easing cycle can realistically go without reigniting inflation. The curve remains only modestly distorted by recent history’s standards, with shorter maturities anchored by expectations of gradual cuts and longer maturities still carrying a term premium for fiscal risk and tariff‑driven price pressures. On trade, the Trump administration spent the week fine‑tuning its tariff architecture rather than tearing it up, extending selected Chinese product exemptions even as earlier moves left headline reciprocal rates elevated and farm‑state politics prominent enough to warrant a fresh multi‑billion‑dollar aid package. In Washington, the autumn shutdown is over but not forgotten, with delayed data still working its way through the pipeline and the political class already using the episode as a pre‑campaign talking point rather than a cautionary tale. The 2-yr ended at 3.533% and the 10-yr ended at 4.184%.

Big Pharma and AI: Lilly leans in

Eli Lilly (LLY, $1,027.51, +1.70%) spent the week reminding investors that the weight‑loss gold rush is far from over, with late‑stage trial data for its next‑generation obesity candidate retatrutide showing strong efficacy and functional benefits. The news helped push Lilly shares higher on the week and kept the company near the top of the market‑cap league tables, as investors treated the update as further validation of the firm’s obesity and cardiometabolic franchise rather than a one‑off headline. An additional tailwind came from growing recognition of Lilly’s manufacturing build‑out and pipeline breadth, which keeps the stock firmly in the “expensive, but maybe not expensive enough” bucket on many desks.

Chips, platforms and AI infrastructure

In semis, the mood was less euphoric than earlier in the year but still constructive. Taiwan Semiconductor continued to benefit from its role at the center of the AI hardware build‑out, with analysts highlighting strong recent revenue growth and aggressive U.S. fab investment in Arizona to keep Nvidia’s latest GPUs flowing. Nvidia itself saw choppy price action as investors weighed stretched valuations, export‑control headlines and the broader AI de‑risking in megacap tech, yet the company remained central to the market’s long‑term AI narrative. Oracle and Broadcom helped frame the AI‑infrastructure debate from the enterprise side: Oracle traded lower after outlining heavier‑than‑expected AI capex.

Big Tech and autos: premium fatigue

Apple navigated the week with the poise of a blue‑chip that has heard every superlative before, drawing supportive analyst commentary that framed the company as an “AI toll booth” for its ecosystem even as the shares participated in the broader megacap cooling. Tesla (TSLA, .87% over the past 5-days), by contrast, traded more like a high‑beta macro proxy, with swings amplified by shifting sentiment around EV demand, competition and the impact of higher real yields on long‑duration growth stories. Meta Platforms moved largely in line with other AI‑exposed tech names, its stock giving back a slice of this year’s outsized gains as traders trimmed AI‑ad‑revenue winners ahead of the Fed and year‑end closing at $644.23, -4,33% over the last 5-days. Together, the megacap cohort illustrated an uncomfortable truth for 2025’s winners: when everyone already owns you, even good news can start to look suspiciously like a liquidity event.

Old‑economy giants and global cyclicals

McDonald’s (MCD, $316.72, +1.76% over the last 5-days) quietly did what it usually does in turbulent weeks: act as a defensive cash‑flow compounder, offering investors exposure to global consumer spending without the drama of AI valuations or EV adoption curves. Rio Tinto (RIO, $75.66, +3.56% over the last 5-days), as a bellwether of global industrial demand and the energy transition, continued to trade as a leveraged bet on metals and Chinese growth expectations rather than this week’s U.S. macro noise. Nokia (NOK, $6.27, +3.29% over the last 5-days) and Intel ($37.81, -8.69% over the last 5-days), both fighting their own long‑running strategic battles, saw their narratives pulled into the broader debate about who actually gets paid for the AI build‑out once the GPU arms race cools. Against that backdrop, smaller high‑beta names like Oklo ($87.42, -16.48% over the last 5-days), Opendoor (OPEN, $6.56, -8.25% over the last 5-days) and Palantir ($183.57, +1% over the last 5-days) remained sentiment‑sensitive, their moves more about flows into and out of speculative growth buckets than about one week’s fundamentals.

Deals, drama and the Netflix–Warner blockbuster

The week’s marquee headline in corporate activity remained Netflix’s ($95.19, -5.04% over the last 5-days) previously announced agreement to acquire Warner Bros.’ film and TV studios and the HBO/HBO Max assets from Warner Bros. Discovery, a deal that would consolidate a huge swath of premium content onto a single global streaming platform. With a price tag in the $70–80 billion range and a mix of cash, stock and significant new financing, the transaction has already become the market’s favorite case study in whether scale is salvation or hubris in streaming. Regulatory review is expected to take roughly a year or more, giving investors ample time to model synergies, fret over antitrust risk and argue about whether legacy Hollywood is finally admitting that distribution has won. You also have to factor in Paramounts hostile bid for Warner Bros. and the political movements surrounding it. Elsewhere in M&A and IPO land, activity remained steady rather than spectacular, with a mix of smaller tech, healthcare and consumer names continuing to file and price offerings on the NYSE and Nasdaq, but nothing large enough this week to challenge Netflix’s blockbuster for the front page.

Commodities and crypto: metals shine, bitcoin sulks

In commodities, gold extended its recent uptrend, trading near record territory around 4,329.80 per ounce as the Fed’s dovish tilt, a weaker dollar and persistent geopolitical worries kept demand for monetary hedges robust. Silver stole the show, holding near all‑time highs above $60 per ounce and closing at $62.085/oz. and delivering eye‑popping year‑on‑year gains that made some bitcoin holders look longingly at old‑fashioned bullion charts. Oil prices, by contrast, drifted lower toward the high‑$50s as concerns about global growth and ample supply outweighed sporadic geopolitical risk premia, leaving energy the laggard in an otherwise reflation‑flavored commodity tape closing at $57.53/bbl. Bitcoin spent the week nursing its hangover from October’s blow‑off peak above $120,000, chopping around well below that high as outflows from spot ETFs and a renewed focus on policy liquidity reminded investors that “digital gold” can occasionally behave more like “levered sentiment” and trading in the $90k range at the time of this writing.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3457), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, today announced that it has 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, $6.427), 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, $.3748), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, On Dec. 10, GOVX announced that to help close the gap between ambition and execution, they have expanded its Scientific Advisory Board with a cluster of internationally recognized specialists whose day jobs read like the acknowledgments section of a pandemic playbook. The newly highlighted lineup features Professor Teresa Lambe, Calleva Head of Vaccine Immunology at the Oxford Vaccine Group and a principal architect of the Oxford/AstraZeneca COVID-19 vaccine; Dr. Alessandro Sette of the La Jolla Institute for Immunology, a leading T‑cell and immune-correlates researcher; Professor Lance Turtle of the University of Liverpool, a clinician-scientist in viral pathogenesis and long-term immunity; Professor Thushan I. de Silva of the University of Sheffield, an authority on viral evolution and population-level vaccine responses; and Dr. Joshua A. Hill of the University of Washington and Fred Hutchinson Cancer Center, a specialist in infectious diseases and vaccine performance in immunocompromised and transplant patients. For a company that still trades like a niche microcap, the SAB now looks suspiciously like a global advisory panel on “how to keep the world from falling apart, immunologically speaking.”

On Dec. 11, GeoVax Labs today addressed reports from UK health authorities confirming the emergence of a newly evolved “recombinant” Mpox strain. Early analysis indicates the variant contains genetic elements from both Clade I and Clade II Mpox viruses, highlighting the ongoing evolution of the pathogen and the potential implications for disease severity, transmissibility, and vaccine readiness.

On Dec. 9, GeoVax announced the issuance of U.S. Patent No. 12,453,760, titled “Enhanced Therapeutic Usage of a Purine Nucleoside Phosphorylase or Nucleoside Hydrolase Prodrug”, by the United States Patent and Trademark Office (USPTO). The patent provides composition-of-matter and method-of-use protection for GeoVax’s Gedeptin(R) platform in combination with targeted delivery approaches for solid tumors, including head and neck cancer.

Volato Group, Inc. (NYSE American: SOAR, $1.20) and M2i Global, Inc. (MTWO, $.083), a company specializing in the development and execution of a complete global value supply chain for critical minerals, announced on Nov. 19 that Nimy Resources (“Nimy”) and M2i will collaborate with the aim of forming commercially binding contract terms for the respective sale and purchase of gallium production. They also announced (Oct. 16) the next phase of development of the digital and commercial infrastructure underpinning the U.S. Strategic Mineral Reserve (SMR). M2i initiated the SMR framework and technical specifications earlier this year. Volato is now applying its proven enterprise-software expertise to build and operationalize the secure technology backbone that will support critical mineral traceability, contracting, and compliance across the United States and allied nations. This infrastructure is being developed to serve as the market-facing layer of the U.S. Strategic Mineral Reserve initiative, providing miners, refiners, recyclers, manufacturers, and government entities with a trusted environment for physical critical mineral transactions—with verified provenance, end-to-end custody visibility, and regulatory compliance at its core.

Serina Therapeutics (NYSE American: SER, $3.12), 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. 10, after the close,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, $29.15, +0%) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

DoubleVerify Holdings Inc. (DV) closed at $10.94. 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.

Planet Labs PBC (NYSE: PL, $18.24, +42.83% over the last 5-days) is a leading provider of daily data and insights about change on Earth. On Dec. 10. Planet Labs announced financial results for the period ended October 31, 2025. They confirmed that they delivered Record Revenue in Q3 of $81 Million, Up +33% YoY, increased RPOs +361% YoY to $672 Million; Backlog +216% YoY to $734 Million, & generated $114 Million of Year-to-Date Net Cash Provided by Operating Activities.

Sources

by Vista Partners LLC December 12, 2025

From Pixels to Profits: Planet Labs Turns Satellite Imagery into a Down-to-Earth Cash Machine -( $PL $NFLX )

Planet Labs (NYSE: PL) just delivered the kind of quarter that makes even jaded space investors sit up straighter, with revenue blasting past expectations and guidance pointing to a company finally acting like a real business instead of a science project in orbit. Wall Street rewarded the performance in kind, sending the stock sharply higher as management outlined a path to profitable growth, powered by satellites, software and a suddenly very full backlog.

A quarter that escaped gravity

For the three months ended October 31, Planet’s revenue climbed roughly one-third year over year to about 81 million dollars, comfortably ahead of analyst estimates that had hovered in the low 70s. The upside flowed straight through to profitability metrics, with adjusted EBITDA landing in positive territory again, marking the company’s fourth consecutive quarter of adjusted EBITDA profit and putting some distance between Planet and its loss-making past.

While headline growth grabbed attention, the more telling figure was the company’s backlog and remaining performance obligations, which ballooned by well over 200%, signaling that this is not a one-and-done print but a business increasingly booked out into the future. In practical terms, Planet has gone from selling pretty satellite pictures to selling multi-year, data-heavy contracts that governments and enterprises now appear reluctant to live without.

Turning pixels into profit

Under the hood, Planet’s non-GAAP gross margins remained healthy, landing around the high-50s to 60% range even as the company leaned into capital-intensive satellite services and AI-enabled contracts. That combination—capital heavy in orbit, asset-light on the ground—has begun to show operating leverage, with cash flow and adjusted profitability improving faster than the raw income statement would suggest.

The real punchline is that breakeven on an adjusted EPS basis arrived ahead of expectations, flipping a forecast loss into a zero line that equity analysts love almost as much as they love a clean DCF model. For a small-cap space name that once traded like a speculative moonshot, Planet is starting to look uncomfortably like a normal software-and-services company—just one that happens to commute to work at a few hundred kilometers up.

Defense, data and demand

Much of the growth is coming from defense and intelligence customers, where revenue surged, reflecting rising demand for persistent Earth observation in a world that seems to generate new geopolitical flashpoints faster than new Netflix (NFLX) shows. That government-heavy mix is being supplemented by commercial wins in agriculture, energy and mapping, where AI-enhanced analytics turn daily imagery into subscription data products rather than one-off images.

Net dollar retention north of 100% underscores that existing customers are not merely renewing but expanding their spend, suggesting that once Planet’s data gets woven into a workflow, budgets adjust around it rather than the other way around. In Wall Street-speak, the company is migrating from “nice-to-have visualization” to “must-have input variable,” which is how satellite photos evolve into something that resembles a recurring revenue annuity.

Guidance that sounds terrestrial

Management did not stop at a strong print; it raised its full-year fiscal 2026 revenue outlook to just under 300 million dollars and guided to a modest adjusted EBITDA profit for the year. The fourth-quarter revenue forecast in the high-70 million range implies growth closer to the high-20s percent, a deceleration from Q3’s pace but still comfortably ahead of many software and data peers that do not have to launch their infrastructure atop rockets.

Capital expenditures remain substantial, with tens of millions earmarked each quarter for new satellites, ground systems and capitalized software, but the spending now looks more like growth capex for a scaling platform than survival spending for a cash-burning startup. With nearly 700 million dollars in cash and equivalents on the balance sheet after a sizable convertible debt raise, Planet has given itself enough financial runway to miss a launch window or two without spooking bondholders.

A stock reaching escape velocity

Investors noticed. Shares of Planet (PL) surged sharply—by double digits on the day—after the earnings release, extending a rally that has already seen the stock multiply several-fold year to date as the market rediscovered enthusiasm for space-adjacent growth stories with tangible cash flows. In an asset class still littered with pre-revenue dreams, a company delivering 30%-plus top-line growth, expanding backlog and a credible road to profitability tends to stand out like a bright object against the dark sky.

Of course, even satellites are not immune to gravity: rising capital costs, competitive constellations and the cyclicality of government budgets all loom on the horizon. For now, though, Planet has earned the right to enjoy its moment, orbiting above many of its space-economy peers—and, in a twist rarely seen in this corner of the market, doing so with a business model that has finally discovered the up-and-to-the-right trajectory that Wall Street likes best.

Sources

[1] This Space Stock Is up 500%. Did You Miss Your Opportunity? https://finance.yahoo.com/news/space-stock-500-did-miss-174633258.html
[2] Planet Reports Financial Results for Third Quarter of Fiscal Year 2026 https://www.businesswire.com/news/home/20251210070707/en/Planet-Reports-Financial-Results-for-Third-Quarter-of-Fiscal-Year-2026
[3] Planet Labs beats Q3 estimates as revenue jumps 33%, shares surge 9% https://www.investing.com/news/earnings/planet-labs-beats-q3-estimates-as-revenue-jumps-33-shares-surge-9-93CH-4401765
[4] Planet Labs Q3 FY26 slides: Revenue jumps 33%, backlog triples as satellite firm turns profitable https://www.investing.com/news/company-news/planet-labs-q3-fy26-slides-revenue-jumps-33-backlog-triples-as-satellite-firm-turns-profitable-93CH-4402082
[5] Earnings call transcript: Planet Labs Q3 2025 beats revenue forecast https://www.investing.com/news/transcripts/earnings-call-transcript-planet-labs-q3-2025-beats-revenue-forecast-93CH-4402060
[6] Planet Reports Financial Results for Third Quarter of Fiscal Year 2026 https://finance.yahoo.com/news/planet-reports-financial-results-third-210500955.html
[7] Planet Labs PBC (PL) Q3 2026 Earnings Call Highlights: Strong Revenue Growth and Strategic … https://finance.yahoo.com/news/planet-labs-pbc-pl-q3-050106771.html
[8] Why Planet Labs Stock Is Skyrocketing This Week https://finance.yahoo.com/news/why-planet-labs-stock-skyrocketing-214545304.html
[9] Planet Labs PBC (PL) Reports Break-Even Earnings for Q3 https://finance.yahoo.com/news/planet-labs-pbc-pl-reports-222002482.html
[10] Planet Labs surges on healthy Q3 earnings and optimistic revenue guidance (PL:NYSE) https://seekingalpha.com/news/4530383-planet-labs-surges-on-healthy-q3-earnings-and-optimistic-revenue-guidance
[11] Planet Labs outlines $297M–$301M FY26 revenue outlook while advancing AI and satellite services (NYSE:PL) https://seekingalpha.com/news/4530386-planet-labs-outlines-297m-301m-fy26-revenue-outlook-while-advancing-ai-and-satellite-services
[12] Planet Labs Stock Surges 18% On Significant Revenue Beat In Fiscal Q3 https://www.tikr.com/blog/planet-labs-nyse-pl-stock-surges-18-on-significant-revenue-beat-in-fiscal-q3
[13] Planet Labs PBC (PL) Q2 2026 Earnings Call Highlights: Strong Revenue Growth and Strategic … https://finance.yahoo.com/news/planet-labs-pbc-pl-q2-070049210.html
[14] Why Planet Labs Stock Just Rocketed https://finance.yahoo.com/news/why-planet-labs-stock-just-170002153.html
[15] Planet Labs Stock Jumps 25% — Q3 Smash and Explosive Revenue Outlook https://finance.yahoo.com/news/planet-labs-stock-jumps-25-171214246.html
[16] Planet Labs PBC Earnings Call Highlights Growth and Challenges https://www.tipranks.com/news/company-announcements/planet-labs-pbc-earnings-call-highlights-growth-and-challenges
[17] Planet Labs PBC (PL) Releases Q3 2026 Earnings: Revenue Beats … https://www.quiverquant.com/news/Planet+Labs+PBC+(PL)+Releases+Q3+2026+Earnings:+Revenue+Beats,+EPS+Miss;+Cash+Flow+Jumps,+Net+Loss+Widens
[18] Planet Labs Lifts FY 2026 Outlook as 2Q Loss Narrows, Revenue Tops Estimates https://www.marketwatch.com/story/planet-labs-lifts-fy-2026-outlook-as-2q-loss-narrows-revenue-tops-estimates-d94f27ec
[19] Planet Reports Financial Results for First Quarter of Fiscal Year 2026 https://www.businesswire.com/news/home/20250604140394/en/Planet-Reports-Financial-Results-for-First-Quarter-of-Fiscal-Year-2026
[20] Planet Labs (PL) Q3 2026 Earnings Call Transcript https://www.nasdaq.com/articles/planet-labs-pl-q3-2026-earnings-call-transcript

by Vista Partners LLC December 12, 2025

Eupraxia Pharmaceuticals: The Small‑Cap Biotech Quietly Seeking To Build a Billion‑Dollar Plus EoE Franchise -( $EPRX $IBB $XBI )

Eupraxia Pharmaceuticals (NASDAQ: EPRX, $6.40, +1.59% today and +85.51% over the last year) is emerging as a standout small‑cap biotech, transforming a once‑niche GI indication and routine endoscopy visits into a compelling, scalable growth platform, underpinned by a mid‑teens price target from Wall Street. With a strategy that effectively converts a single, once‑yearly esophageal injection with an expected significant price advantage into a high‑quality, repeatable revenue stream, the company is positioning itself less as a speculative story and more as an under‑recognized franchise in the making.

The setup: a $1.5 billion esophagus

An Analyst at Life Sciences Advisors initiated coverage on Eupraxia this week & pinned an Outperform rating and a 12‑month target of $16 per share on Nasdaq‑listed EPRX, arguing that lead asset EP‑104GI could ultimately command more than $1.5 billion dollars in global peak EoE sales, roughly $900 million on a risk‑adjusted basis. The core of the thesis is simple enough for a gastroenterologist with a packed clinic schedule: take a well‑validated steroid, fluticasone propionate, and deliver it directly into the esophageal wall in a way that sticks around for a year, instead of relying on patients to remember twice‑daily swallows followed by a fast they will enthusiastically ignore.

Diffusphere: injections as a business model

Eupraxia’s proprietary Diffusphere microsphere system wraps a solid FP core with a polyvinyl alcohol shell, designed for near zero‑order release over many months after being injected submucosally at about 20 sites along the esophagus during a standard endoscopy that adds only a few extra minutes—and a new CPT code—to the procedure.

In Phase 1b/2a RESOLVE data, cohorts receiving higher coverage (6–8 mg per site) showed durable improvements in dysphagia scores and histology out to 6–12 months, with stringent eosinophil thresholds and EoEHSS scores suggesting the drug is still quietly working long after most steroids would have washed away, all without serious safety signals.

Competing with daily and weekly habits

The commercial pitch leans heavily on convenience arbitrage against the current EoE standard of care, where physicians juggle PPIs with 30–40 percent response rates, 12‑week courses of Takeda’s (TAK) twice‑daily Eohilia, and Regeneron/Sanofi’s (SNY) weekly Dupixent injections—each effective, but all demanding a level of long‑term compliance that real‑world patients, and their insurers, rarely deliver, while costing patients approximately $100k per year.

KOLs canvassed for Life Sci’s initiation report were strikingly aligned on two points: topical steroids and Dupixent both work, but BID steroids and QW biologics are unpopular lifestyle choices, and an annual “one and done” esophageal injection that can be layered onto a diagnostic scope could migrate quickly from niche rescue to front‑line option in at least a meaningful slice of moderate‑to‑severe disease.

Clinical momentum and a longer runway

Operationally, Eupraxia has spent 2025 methodically turning its early EoE signal into a more registrational‑grade package, fully enrolling the dose‑escalation RESOLVE Part A study and initiating a randomized, placebo‑controlled Phase 2b portion that will now expand from 60 to at least 120 patients at the top 8 mg dose, with topline data penciled in for the second half of 2026.

Management has also telegraphed ambitions beyond EoE, flagging fibrostenotic Crohn’s, benign esophageal strictures, and other fibrotic GI niches as obvious followers for a platform explicitly designed to bathe local tissue in steroid while keeping systemic exposure well below the levels associated with daily inhaled use.

The Balance Sheet

On the balance sheet, the company has layered an at‑the‑market Nasdaq listing with a sizable U.S. public offering—most recently pricing about 12.7 million shares at $5.50 for roughly $70 million dollars in gross proceeds and later closing an upsized $80.5 million dollar financing—leaving analysts to model more than two and a half years of cash and a runway that, with newer raises, management now suggests stretches into early 2028.

A Wall Street lens on risk

The initiation report is not blind to the obvious hazards: a single‑asset story with clinical, regulatory, payer, and class‑generic risk in a space where an older fluticasone formulation still holds an orphan‑drug wildcard that may yet require Eupraxia to argue “major contribution to patient care” in the form of going from daily to annual dosing.

To square that circle, the Life Sci Report model applies a 60 percent probability of success and keeps any upside from extra GI indications and the shelved osteoarthritis program off the base‑case DCF—leaving investors to decide whether a 16 target on a roughly 300‑plus million dollar market cap is prudent conservatism or, in classic EoE fashion, just the appetizer.

The Sources

by Vista Partners LLC December 11, 2025

Dow and S&P 500 Hit New Highs While Tech Wobbles: Tariffs, Fed Cuts, and IPOs Shape December 11, 2025 Trading -( $EPRX $LMRI $MODD $NOK $OKLO $OPEN $PL $RIO $SOAR Rise!)

Wall Street ended Thursday with the Dow and S&P 500 looking like they’d just discovered compound interest, while the Nasdaq nursed an AI hangover and small caps quietly joined the advance. The Dow Jones Industrial Average surged about 1.3% to a fresh record just over 48,700, powered by financials and old-economy stalwarts that suddenly look new again, while the S&P 500 inched to another record close with a roughly 0.2% gain as investors broadened their bets beyond the mega-cap AI complex. The Nasdaq Composite slipped around 0.25% as Oracle’s (ORCL, $198.85, -10.83%) AI spending shock revived bubble chatter and knocked high‑multiple tech, whereas the Russell 2000 enjoyed a 1.21% gain as growth stocks were fairly in favor pst the Fed’s move to trim interest rates by a quarter point on Wednesday.

Macro, Fed, yields, shutdown, tariffs

The macro calendar remained distorted by the recent federal government shutdown has delayed some key data releases and forced investors to trade on partial information and dated indicators rather than the usual high‑frequency stream. However, today, the U.S. released key economic data including September international trade figures showing a deficit, weekly jobless claims, and September state employment data, alongside preliminary Quarterly Services & Wholesale Inventories, while Atlanta Fed’s GDPNow model updated to 3.6% growth for Q3. Overall, the labor market narrative remains one of cooling but not cracking, and inflation assessments are complicated by the lagged impact of the Trump administration’s latest tariff rounds, which have pushed up goods prices at the margin and left the Fed watching second‑round effects with unusual humility. In this environment, the Treasury curve has continued to steepen as short‑term yields price in further policy easing while longer maturities reflect both term premium and tariff‑linked inflation risk, creating a shape that looks less like a classic recession omen and more like a market attempting to triangulate between growth relief and policy uncertainty.

The Federal Open Market Committee added fuel to the equity melt‑up this week with a third 25‑basis‑point rate cut of 2025, bringing total easing to 75 basis points since September and reinforcing the sense that the Fed is determined to cushion labor‑market softness without completely surrendering to tariff‑driven price pressures. Chair Powell acknowledged that the data backdrop is unusually murky thanks to the shutdown and delayed CPI and PPI reports, but the Committee’s projections still lean toward inflation drifting back toward target as tariff effects fade, giving markets license to extrapolate a gentler policy path into 2026. On the fiscal front, the shutdown itself remains unresolved, with investors increasingly treating it as a chronic drag on sentiment and data quality rather than an acute risk event, while tariff rhetoric remains elevated but largely in line with prior guidance—loud enough to keep supply chains nervous, not yet loud enough to change today’s positioning. The 2-year ended lower at 3.551% & the 1–year closed higher at 4.161%.

Eli Lilly and the weight‑loss arms race

Eli Lilly (LLY, $1,009.38, +1.58%) stole the fundamental spotlight, rising roughly in the low‑single‑digit percentage range after unveiling strong late‑stage data for its next‑generation obesity candidate retatrutide, which not only delivered impressive weight‑loss outcomes but also reduced knee pain in osteoarthritis patients—an elegant reminder that in biopharma, addressable markets can expand faster than waistlines shrink. An accompanying wave of bullish analyst commentary, including a fresh lift in price targets and reiteration of overweight ratings, reinforced the view that Lilly’s obesity franchise and late‑stage pipeline justify its premium multiple and keep it firmly in the conversation as one of the market’s marquee compounders. The stock’s move added incremental leadership to the healthcare complex on a day when AI and cloud names were busy reminding investors that not all exponential curves point up and to the right forever.

AI hardware, megacaps, and the chip stack

In the AI infrastructure lane, Taiwan Semiconductor Manufacturing (TSM, $304.85, -1.45%) has continued to benefit from unrelenting demand for advanced process capacity and packaging, with reports highlighting fully booked CoWoS lines and strong orders from Nvidia (NVDA, $180.93, -1.55%) Apple (AAPL, $278.03, -.27%), and other AI‑hungry customers, even as investors debated how much of that demand is cyclical exuberance versus structural compute transformation. Nvidia itself remained tightly tethered to the day‑to‑day narrative around AI capex, with sentiment pressured by concerns that hyperscalers and cloud providers could re‑optimize spending after Oracle’s more cautious tone, even though underlying demand for accelerators, high‑bandwidth memory, and networking silicon still points to a market in expansion rather than contraction. Broadcom (AVGO, $406.37, -1.60%), for its part, stayed in the market’s good graces as a diversified way to play AI networking and custom silicon, with expectations for its own update this week underscoring how the AI trade has already migrated beyond a single‑ticker story.

Tesla (TSLA, $446.89, -1%) traded more as a macro barometer than discrete news stories, with Tesla’s shares reflecting the ongoing tug‑of‑war between EV margin compression, autonomy optionality, and the broader growth‑stock risk‑premium repricing. Meta’s (META, $652.71, +.40%) AI narrative, centered on infrastructure build‑out and generative‑AI tools inside its social and advertising platforms, kept it firmly in the “picks and shovels plus ad‑tech cash machine” bucket, where investors remain willing to tolerate capex spikes as long as engagement and monetization metrics trend in the right direction. Intel (INTC, $39.51,-3.11%) meanwhile, stayed in the conversation as a turnaround and foundry‑ambition story, with investors weighing its push into external manufacturing and AI‑centric product roadmaps against persistent competitive pressure from both Nvidia and TSMC’s broader customer base.

Old world cyclicals, consumer brands, and industrials

Outside the AI blast radius, legacy giants offered a more grounded narrative. McDonald’s (MCD, $309.71, -.26%) continued to trade as a high‑quality defensive with a pricing‑power halo, drawing support from its ability to sustain traffic and margins despite a more cost‑conscious consumer shaped by tariffs, inflation, and uneven wage gains. Nokia (NOK, $6.36, +2.25%) remained a lower‑beta way to express views on carrier capex and 5G/6G infrastructure cycles, with sentiment still sensitive to any signs of delayed network spending in Europe and emerging markets. Rio Tinto’s (RIO, $76.74, +.66%) equity performance tracked the day’s modestly risk‑on commodity tone, as investors balanced China growth jitters against the longer‑term structural demand for copper, iron ore, and other inputs to both traditional construction and the energy transition.

Upstarts, platforms, and special situations

Further down the market‑cap spectrum, names like Oklo (OKLO, $103, +2.39%), Opendoor (OPEN, $7.05, +.71%), and Palantir (PLTR, $187.54, -.20%) traded more on thematic positioning than headline catalysts. Oklo, the advanced fission and micro‑reactor developer, remains a speculative proxy on next‑generation nuclear as investors reassess the role of firm, low‑carbon baseload in a grid increasingly dominated by intermittent renewables and data‑center‑driven load growth. Opendoor continues to reflect investor skepticism about iBuying economics in a higher‑rate, tariff‑tinged housing environment, where transaction volumes and spreads must work harder to justify inventory risk. Palantir, meanwhile, sits at the intersection of AI, defense, and data infrastructure, with the market still willing to assign a premium for its government and commercial analytics franchise even as the broader AI cohort gets re‑rated on more sober expectations.

Deals, IPOs, and corporate finance

On the primary‑market front, U.S. IPO activity remains robust by post‑pandemic standards, with 2025 issuance already running well ahead of last year and this week’s calendar featuring a mix of traditional operating companies and blank‑check vehicles. Lumexa Imaging (LMRI, $18.52, +.11%) priced a sizable Nasdaq listing in the vicinity of the upper end of its indicated range, raising roughly mid‑hundreds of millions of dollars and underscoring ongoing investor appetite for healthcare and med‑tech stories even amid macro noise. The broader week included additional listings such as Cardinal Infrastructure Group, Meshflow Acquisition, Buda Juice, SFIDA X, and Wealthfront, spanning infrastructure, SPACs, consumer, and fintech, as companies attempt to slide through the issuance window opened by easier Fed policy and resilient equity valuations.

While no single marquee mega‑merger dominated today’s headlines, deal activity has remained steady, with a backdrop of ample private‑equity dry powder and a lower discount rate supporting renewed interest in carve‑outs, roll‑ups, and strategic acquisitions across software, industrials, and healthcare. The combination of a steeper curve, easier policy, and equity indices at or near record highs provides a constructive setting for boards to revisit deferred transaction pipelines, even as regulatory scrutiny and election‑year politics inject additional timing risk into the largest proposed tie‑ups.

Commodities and crypto

In commodities, gold slipped .03% to trade around 4,311.70 dollars an ounce, holding the bulk of the gains notched after the Fed’s rate cut and benefiting from a weaker policy path narrative and ongoing geopolitical and tariff uncertainty. Silver fell 1.08% to $63.89/oz., after its recent catch‑up rally as both monetary‑metal and industrial‑demand angles worked in its favor. Oil prices edged higher by .50% to $57.89/oz‑OPEC supply kept rallies in check despite occasional geopolitical flare‑ups.

Bitcoin, now a macro asset in everything but name, traded just below 93,000 dollars, up 1.01% percent on the day. The broader crypto complex showed a similar pattern of digestion rather than distress, suggesting that, for now, digital assets remain more tethered to global liquidity conditions and real yields than to token‑specific narratives.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3452, +9.94%), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, today announced that it has 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, $6.40, +1.59%), 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, $.3877), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, On Dec. 10, GOVX announced that to help close the gap between ambition and execution, they have expanded its Scientific Advisory Board with a cluster of internationally recognized specialists whose day jobs read like the acknowledgments section of a pandemic playbook. The newly highlighted lineup features Professor Teresa Lambe, Calleva Head of Vaccine Immunology at the Oxford Vaccine Group and a principal architect of the Oxford/AstraZeneca COVID-19 vaccine; Dr. Alessandro Sette of the La Jolla Institute for Immunology, a leading T‑cell and immune-correlates researcher; Professor Lance Turtle of the University of Liverpool, a clinician-scientist in viral pathogenesis and long-term immunity; Professor Thushan I. de Silva of the University of Sheffield, an authority on viral evolution and population-level vaccine responses; and Dr. Joshua A. Hill of the University of Washington and Fred Hutchinson Cancer Center, a specialist in infectious diseases and vaccine performance in immunocompromised and transplant patients. For a company that still trades like a niche microcap, the SAB now looks suspiciously like a global advisory panel on “how to keep the world from falling apart, immunologically speaking.”

On Dec. 11, GeoVax Labs today addressed reports from UK health authorities confirming the emergence of a newly evolved “recombinant” Mpox strain. Early analysis indicates the variant contains genetic elements from both Clade I and Clade II Mpox viruses, highlighting the ongoing evolution of the pathogen and the potential implications for disease severity, transmissibility, and vaccine readiness.

On Dec. 9, GeoVax announced the issuance of U.S. Patent No. 12,453,760, titled “Enhanced Therapeutic Usage of a Purine Nucleoside Phosphorylase or Nucleoside Hydrolase Prodrug”, by the United States Patent and Trademark Office (USPTO). The patent provides composition-of-matter and method-of-use protection for GeoVax’s Gedeptin(R) platform in combination with targeted delivery approaches for solid tumors, including head and neck cancer.

Volato Group, Inc. (NYSE American: SOAR, $1.30, +5.69%) and M2i Global, Inc. (MTWO, $.08), a company specializing in the development and execution of a complete global value supply chain for critical minerals, announced on Nov. 19 that Nimy Resources (“Nimy”) and M2i will collaborate with the aim of forming commercially binding contract terms for the respective sale and purchase of gallium production. They also announced (Oct. 16) the next phase of development of the digital and commercial infrastructure underpinning the U.S. Strategic Mineral Reserve (SMR). M2i initiated the SMR framework and technical specifications earlier this year. Volato is now applying its proven enterprise-software expertise to build and operationalize the secure technology backbone that will support critical mineral traceability, contracting, and compliance across the United States and allied nations. This infrastructure is being developed to serve as the market-facing layer of the U.S. Strategic Mineral Reserve initiative, providing miners, refiners, recyclers, manufacturers, and government entities with a trusted environment for physical critical mineral transactions—with verified provenance, end-to-end custody visibility, and regulatory compliance at its core.

Serina Therapeutics (NYSE American: SER, $3.14), 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. 10, after the close,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, $29.15, +0%) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

DoubleVerify Holdings Inc. (DV) closed at $10.98, -1.79%. 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.

Planet Labs PBC (NYSE: PL, $17.47, +35.01%) is a leading provider of daily data and insights about change on Earth. On Dec. 10. Planet Labs announced financial results for the period ended October 31, 2025. They confirmed that they delivered Record Revenue in Q3 of $81 Million, Up +33% YoY, increased RPOs +361% YoY to $672 Million; Backlog +216% YoY to $734 Million, & generated $114 Million of Year-to-Date Net Cash Provided by Operating Activities.

Sources

by Vista Partners LLC December 11, 2025

Modular Medical Bets on ~$3B Market for “Almost-Pumpers,” Taps Wall Street to Fuel Next-Gen Insulin Patch Pumps -( $MODD )

In a season when most micro-cap CEOs are more focused on keeping the lights on than rewriting the diabetes playbook, Modular Medical (MODD) is trying to do both – and pass the hat on Wall Street at the same time. The San Diego-based insulin pump developer has stitched together a trilogy of announcements that read like a medtech fairy tale: first the money, then the study, and finally the shot at FDA clearance for a tubeless patch pump aimed squarely at the “almost-pumper” middle market.

Raising the meter money

The story opens with a familiar ritual: a public offering this week, this time in the $4.68M million range, designed to keep the clinical and regulatory conveyor belt humming. Modular Medical has leaned on the equity markets to fund its push into insulin delivery, using proceeds to support operations, manufacturing scale-up and the final regulatory innings for its pump franchise.

From clearance to credibility

Unlike many development-stage medtech hopefuls, Modular already has one FDA-cleared device in hand: the MODD1, a 90-day patch pump that uses microfluidics to deliver insulin from a 300-unit reservoir, monitored via smartphone without a dedicated controller. The company pitches MODD1 as purpose-built for adults who want more control than injections but less complexity than fully featured insulin pump systems, a demographic that has historically been underserved by both technology and reimbursement. That first clearance gives Modular something precious in small-cap medtech: a platform to iterate on, rather than a concept to defend.

The Pivot: going tubeless

The next chapter revolves around Pivot, a second-generation, tubeless patch pump designed as a follow-on to MODD1 and now the focal point of the company’s regulatory narrative. Modular submitted the Pivot system for FDA 510(k) review on Nov. 14 approximately a month ago, positioning it as a two-part, tubeless device with a 3 mL reservoir and a simpler user experience intended to broaden adoption in the wearable diabetes technology market. Management is signaling readiness to launch commercially soon after clearance and as early as Q1 2026 upon clearance from the FDA, having worked on converting and validating production lines to support human-use volumes.

A trial run, by design

In parallel, the company has secured Institutional Review Board approval for a feasibility study of its next-generation platform, a step that moves the program from PowerPoint to patient data. The study is designed to simulate real-world use by running sterile saline through the system for up to 90 days in adult participants, giving Modular a view into usability and extended wear performance before full-scale commercialization. It is the kind of unglamorous, methodical work that does not light up social media, but does tend to matter to the FDA – and to payers who will eventually be asked to underwrite the technology.

Diabetes tech on a budget

All of this plays out against a diabetes-care backdrop dominated by larger pump and CGM incumbents, where feature-rich systems usually command premium pricing and complex training. Modular Medical (MODD) is effectively betting that a lower-cost, easier-to-prescribe patch pump can unlock a broader swath of patients and physicians, turning “almost-pumpers,” an approximate +$3Billion opportunity, into actual users without asking them to earn a minor in device management.

The Sources

[1] https://finance.yahoo.com/news/modular-medical-announces-pricing-4-134000702.html
[2] https://www.biospace.com/press-releases/modular-medical-submits-pivot-tubeless-insulin-patch-pump-for-fda-510k-clearance
[3] https://finance.yahoo.com/news/modular-medical-receives-irb-approval-120000614.html
[4] https://www.drugdeliverybusiness.com/modular-medical-validates-insulin-pump-production/
[5] https://www.drugdeliverybusiness.com/modular-medical-submits-pivot-pump-fda/
[6] https://www.stocktitan.net/news/MODD/modular-medical-receives-irb-approval-for-pivot-insulin-delivery-1p37en90jy6x.html
[7] https://www.drugdeliverybusiness.com/modular-medical-insulin-patch-pump-feasibility-study/
[ 8] Modular Medical, Inc. (MODD) Stock Price, News, Quote & History https://finance.yahoo.com/quote/MODD/

Policy and rates

Mega‑caps and AI names

Positive Results

Commodities and crypto

Vista Partners Watchlist Updates

Sources

Spotlight on Episode Four

Exposing the Hidden Costs of Modern Supply

Reforming the Chain, Redefining Value

Sustainability as Strategy

Tune In

Watch The Episode Now

Market reaction

Austin as test lab

Between promise and paperwork

The autonomous narrative

The Sources

A Finnish Vendor, An Indian Rail

Turning Towers Into Code

Industry 4.0 Gets a New Toy

Monetizing the 5G Patience Trade

A Telco, A Platform, And A Punchline

Microsoft’s New Power Narrative

When “Superhuman” Meets Risk Management

The Business of Friendly Superintelligence

Wall Street’s Favorite Lab Experiment

Indexes: AI darlings catch a chill

Macro and Fed: data through a shutdown fog

Yields, curve, tariffs and shutdown politics

Big Pharma and AI: Lilly leans in

Chips, platforms and AI infrastructure

Big Tech and autos: premium fatigue

Old‑economy giants and global cyclicals

Deals, drama and the Netflix–Warner blockbuster

Commodities and crypto: metals shine, bitcoin sulks

Vista Partners Watchlist Updates

Sources

A quarter that escaped gravity

Turning pixels into profit

Defense, data and demand

Guidance that sounds terrestrial

A stock reaching escape velocity

The setup: a $1.5 billion esophagus

Diffusphere: injections as a business model

Competing with daily and weekly habits

Clinical momentum and a longer runway

The Balance Sheet

A Wall Street lens on risk

The Sources

Macro, Fed, yields, shutdown, tariffs

Eli Lilly and the weight‑loss arms race

AI hardware, megacaps, and the chip stack

Old world cyclicals, consumer brands, and industrials

Upstarts, platforms, and special situations

Deals, IPOs, and corporate finance

Commodities and crypto

Vista Partners Watchlist Updates

Sources

Raising the meter money

From clearance to credibility

The Pivot: going tubeless

A trial run, by design

Diabetes tech on a budget

The Sources

Your Guide To Staying Informed In The Markets