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by Vista Partners LLC December 11, 2025

Lilly’s Obesity Pipeline Powers Trillion‑Dollar Valuation as New Drug Tops Zepbound -( $LLY $IBB $XBI $IBB $NVO $GPCR )

Eli Lilly’s (LLY) latest obesity drug did not just clear the bar set by its own blockbuster Zepbound; it appears to have moved the bar, the stadium, and possibly the concession stand.

A new heavyweight in weight loss

In a late-stage trial, Lilly’s “next-gen” injectable cut body weight by an average of 28.7%, translating to roughly 71 pounds lost over 68 weeks for some participants, eclipsing the already eye‑popping results seen with Zepbound. Zepbound itself has helped patients lose around 20% of their body weight in earlier studies, and already outperformed Novo Nordisk’s Wegovy in a head‑to‑head obesity trial, so this newer agent is effectively beating the champion that beat the champion.

Investors, who had just adjusted to the idea of 20% weight loss as the new normal, are now recalibrating their spreadsheets for a world where the “before” picture may soon qualify as historical documentation. Early reports also note meaningful pain relief and functional gains in osteoarthritis patients, hinting that the drug could enter the lucrative realm of treating not just weight, but the orthopedic consequences of carrying it.

Market that keeps expanding

The global obesity drug market, already projected into the tens of billions as GLP‑1 therapies go mainstream, is now straining the adjectives normally reserved for technology bubbles and coastal real estate. Wall Street expects the category to reach well over 100 billion dollars in annual sales within the next decade, with Lilly and Novo Nordisk (NVO) still cast as the main duopoly—though the script now has Lilly in increasingly bold font.

Lilly recently crossed the one‑trillion‑dollar market‑cap threshold, a once‑unthinkable milestone for a pharmaceutical company, largely on the back of its GLP‑1 franchise and investor belief that “next‑gen” is not just marketing copy but a recurring revenue event. Each successful readout reinforces a perception that this pipeline is less a linear sequence of drugs and more a subscription model for better metabolism.

Pipeline as a product line

While the new injectable grabs the headlines, Lilly continues to build a bench of follow‑ons that would make a Silicon Valley platform company jealous. Its once‑daily oral GLP‑1, orforglipron, has shown superior reductions in blood sugar and greater weight loss than oral semaglutide in type 2 diabetes, positioning it as a scalable, needle‑free option that could expand the addressable market far beyond early adopters willing to self‑inject.

Early‑stage assets such as the amylin analog eloralintide, which has produced up to about 20% weight loss in preliminary trials, give Lilly additional shots on goal as combinations and new mechanisms are tested for faster or more durable results. Seven more late‑stage trials of the newest injectable are expected to read out by 2026, setting up a drumbeat of data that could either validate today’s exuberance—or remind markets that biology is not always as linear as the stock chart.

Novo, meet your new normal

Across the street, Novo Nordisk is hardly standing still, with an oral version of Wegovy under regulatory review and a combination of cagrilintide and semaglutide that has delivered around 22% weight loss in prior trials. Yet the narrative has shifted: where the question once was whether Lilly could catch Wegovy, it is now whether Novo’s next wave can catch a moving target whose last drug beat Wegovy and whose latest drug appears intent on beating that.

Payers, meanwhile, face the uniquely modern dilemma of deciding how much they are willing to reimburse for medicines that may meaningfully reduce cardiovascular risk, joint damage, and healthcare utilization over time, while simultaneously threatening short‑term pharmacy budgets. If the weight of evidence continues to build in Lilly’s favor, the bigger challenge for rivals may not be scientific but psychological: convincing physicians and patients to switch away from what increasingly looks like the S&P 500 of waistlines.

Structure Therapeutics has quietly become the GPCR‑focused upstart reminding investors that Lilly and Novo will not have the obesity field to themselves forever.

Structure Enters The GLP-Game!

Structure Therapeutics, which trades under the appropriate ticker “GPCR,” is building an entirely oral, small‑molecule pipeline aimed at GPCR targets for chronic metabolic diseases, with obesity at the center of the story. Its lead program, aleniglipron (GSBR‑1290), is a biased small‑molecule GLP‑1 receptor agonist designed to deliver injectable‑level efficacy in a pill, with dose‑proportional pharmacokinetics and once‑daily dosing that fits neatly into primary‑care workflows.

Phase 2b ACCESS data suggest aleniglipron may have broken what analysts once called the “oral ceiling,” with up to about 15.3% placebo‑adjusted weight loss at 36 weeks for the 240 mg dose and around 11.3% at 120 mg, alongside improvements in blood pressure and HbA1c. Tolerability has looked competitive with GLP‑1 peers so far, with discontinuation rates in the low‑double‑digit range and no apparent liver safety signals, an important differentiator as injectable GLP‑1s face scrutiny over gastrointestinal side effects.

The $650 million war chest

Those data lit a fire under the stock and, more importantly, opened the capital markets door. In early December, Structure priced an upsized public offering of American depositary shares and pre‑funded warrants expected to bring in roughly 650 million dollars in gross proceeds, with underwriters granted a 30‑day option to buy additional ADSs.

For a clinical‑stage company, that haul effectively turns positive Phase 2b obesity data into a multi‑year runway for Phase 3, manufacturing scale‑up, and expansion of its GPCR‑targeted obesity portfolio, including an oral amylin receptor agonist and an apelin receptor program. In a market now obsessed with who can squeeze a few extra percentage points of weight loss out of GLP‑1s, Structure is making the simpler pitch: same biological target class, but with best‑in‑class oral convenience and, thanks to that 650 million dollars, enough cash to try to prove it at scale.

In sum, Structure Therapeutics has quietly become the GPCR‑focused upstart reminding investors that Lilly and Novo will not have the obesity field to themselves forever.

The Sources…

by Vista Partners LLC December 11, 2025

GE Vernova Doubles Dividend: How a New Energy Powerhouse Just Joined Wall Street’s Cash‑Return Elite -( $GEV $SPY )

GE Vernova’s (NYSE: GEV) decision to double its quarterly dividend for early 2026 reads less like a routine board action and more like a coming‑of‑age announcement from Wall Street’s newest power broker in the energy transition trade. In a market where “capital discipline” is often code for doing less with more, the company is pointedly opting to do more—with cash, with guidance, and with its own stock.

The punchline in the payout

The board signed off on a quarterly dividend of $0.50 per share for the first quarter of 2026, exactly twice the $0.25 it was serving up as recently as late 2025. The check is scheduled to go out on February 2, 2026, to shareholders of record as of January 5, turning what had been a polite introductory yield into something closer to a calling card for income‑minded investors.

That 100% boost arrives less than a year after the company’s early post‑spin playbook featured the same $0.25 quarterly payout alongside an initial $6billion share repurchase authorization, suggesting the “we’re new here” phase is officially over. GE Vernova is now behaving like an incumbent—one with enough confidence in its cash engine to hard‑wire a higher recurring obligation and smile for the cameras while doing it.

Buybacks with extra voltage

The dividend is only half of the shareholder‑relations choreography; the other half is happening in the buyback pit. The board lifted the share repurchase authorization to $10billion from $6billion, effectively giving management a bigger eraser to reduce share count just as earnings power is being talked up in the out‑years.

Roughly $3.3billion of that buyback capacity has already been put to work as of early December 2025, a polite way of saying the company is not merely announcing capital returns for sport. For a stock that has already logged eye‑catching year‑to‑date gains, the combination of shrinking float and rising cash payouts gives analysts plenty of material for upgraded spreadsheets—and investors a convenient excuse to ignore the sticker shock on the share price.

Cash flow as the straight man

Behind the flourish sits a deliberately un‑funny foundation: multi‑year cash‑flow math. GE Vernova is projecting at least $22billion in free cash generation between 2025 and 2028 after roughly $10billion in combined capex and R&D, a profile more associated with seasoned industrial stalwarts than recent spin‑offs still finding their sea legs. The company has also sketched a 2028 revenue target in the low‑50‑billion range and an adjusted EBITDA margin path toward 20%, turning the dividend hike into less of a gamble and more of a down payment on those ambitions.

Investors appear to be buying the setup: shares have climbed sharply in recent sessions following the updated outlook and capital‑return package, pushing the stock to record levels and leaving early skeptics to explain why an energy‑transition pure play is suddenly trading as if it belongs in the quality‑compounder club. In Wall Street terms, GE Vernova has moved from “breakup story” to “cash‑return story” with uncommon speed, a transition that tends to earn companies a richer multiple—and portfolio managers a reason to pretend they believed in the narrative all along.

From spin‑off to staple

The irony is that this whole act began with a modest $0.22 dividend and a cautiously framed buyback announcement in late 2024, when the company was still introducing itself as a newly listed carve‑out. Subsequent quarterly declarations at that same level through 2025 kept the message conservative, framed around earnings, balance sheet strength, and the usual caveats that “future dividends are at the board’s discretion.”

By doubling the payout and inflating the repurchase envelope barely a year later, the board is signaling that discretion now leans decisively toward opening the wallet. For GE Vernova, the dividend is no longer just a courtesy; it is part of the brand—an industrial‑grade promise that its role in electrification and the energy transition will be matched by an equally live wire running straight into shareholders’ brokerage accounts.

Sources

[1] GE Vernova raises multi-year financial outlook, doubles dividend and increases buyback authorization https://finance.yahoo.com/news/ge-vernova-raises-multi-financial-210500278.html
[2] GE Vernova Raises 2025 Free Cash Flow Guidance, Hikes Dividend And Expands Buyback https://www.nasdaq.com/articles/ge-vernova-raises-2025-free-cash-flow-guidance-hikes-dividend-and-expands-buyback
[3] GE Vernova declares increased first quarter 2026 dividend and increases buyback authorization https://finance.yahoo.com/news/ge-vernova-declares-increased-first-211000448.html
[4] GE Vernova declares increased first quarter 2026 dividend … https://investingnews.com/ge-vernova-declares-increased-first-quarter-2026-dividend-and-increases-buyback-authorization/
[5] GE Vernova declares $0.25 per share quarterly dividend and initial $6 … https://www.gevernova.com/news/press-releases/ge-vernova-declares-quarterly-dividend-initial-6-billion-share-buyback
[6] GE Vernova declares $0.25 per share quarterly dividend and initial $6 billion share buyback https://finance.yahoo.com/news/ge-vernova-declares-0-25-211000011.html
[7] GE Vernova declares increased first quarter 2026 dividend … https://markets.financialcontent.com/wral/article/bizwire-2025-12-9-ge-vernova-declares-increased-first-quarter-2026-dividend-and-increases-buyback-authorization
[8] GE Vernova (NYSE:GEV) Trading Up 15.6% Following Dividend Announcement https://www.marketbeat.com/instant-alerts/ge-vernova-nysegev-trading-up-156-following-dividend-announcement-2025-12-10/
[9] GE Vernova doubles quarterly dividend, boosts share buyback plan https://www.investing.com/news/company-news/ge-vernova-doubles-quarterly-dividend-boosts-share-buyback-plan-93CH-4399429
[10] GE Vernova Lifts Outlook and Doubles Dividend https://finance.yahoo.com/news/ge-vernova-lifts-outlook-doubles-112403990.html
[11] GE Vernova (GEV) Doubles Q1 2026 Dividend, Signaling Robust Financial Health and Investor Confidence https://markets.financialcontent.com/wral/article/marketminute-2025-12-9-ge-vernova-gev-doubles-q1-2026-dividend-signaling-robust-financial-health-and-investor-confidence
[12] GE Vernova Stock Surges on Big Guidance Raise, Doubling of Dividend, and Increased Stock Buyback Authorization https://finviz.com/news/250358/ge-vernova-stock-surges-on-big-guidance-raise-doubling-of-dividend-and-increased-stock-buyback-authorization
[13] GE Vernova stock surges after bullish investor update https://finance.yahoo.com/news/ge-vernova-stock-surges-bullish-120016056.html
[14] GE Vernova Stock Powers to a Record High After Investor Day—Here’s Why https://www.investopedia.com/ge-vernova-stock-powers-to-a-record-high-after-investor-day-here-is-why-gev-11865757
[15] GE Vernova declares fourth quarter 2025 dividend https://www.gevernova.com/news/press-releases/ge-vernova-declares-fourth-quarter-2025-dividend
[16] GE Vernova declares second quarter 2025 dividend https://www.gevernova.com/news/press-releases/ge-vernova-declares-second-quarter-2025-dividend
[17] GE Vernova Soars After AI Spurs Higher Dividend and Buybacks https://finance.yahoo.com/news/ge-vernova-boosts-buyback-doubles-211643355.html
[18] GE Vernova Inc. (GEV.NE) Interactive Stock Chart – Yahoo Finance https://finance.yahoo.com/quote/GEV.NE/chart/
[19] GE Vernova declares $0.25 per share quarterly dividend and initial $6 billion share buyback https://www.businesswire.com/news/home/20241210021014/en/GE-Vernova-declares-$0.25-per-share-quarterly-dividend-and-initial-$6-billion-share-buyback
[20] GE Vernova doubles dividend to $0.50 – CNBC https://www.cnbc.com/video/2025/12/09/ge-vernova-doubles-dividend-to-0-point-50.html

by Vista Partners LLC December 10, 2025

Rate Cuts, Curves and Chips: How the Fed’s Quarter-Point Trim Reshaped Wednesday’s Tape – December 10, 2025 -( $AAPL $ABVX $AVGO $DV $EPRX $INTC $INTG $LLY $NOK $PLTR $RIO $TSLA $TSM Rise!)

Markets leaned into the Fed’s latest cut with the kind of cautious enthusiasm usually reserved for a long‑overdue bonus.

Major indexes

U.S. stocks spent Wednesday strutting rather than sprinting, as the S&P 500 rose about 0.7% to roughly 6,887, just shy of its record, while the Dow climbed about 1% to around 48,058, the Nasdaq added roughly 0.3%, and the small‑cap Russell 2000 advanced about 1.3%, hinting that the “kids’ table” of the market may finally have been invited into the year‑end rally. The day’s tone was risk‑on but disciplined, with investors rotating toward cyclicals and small caps without fully abandoning the mega‑cap growth engines that powered much of 2025.

Macro and Fed

The macro backdrop was dominated by the Federal Reserve’s decision to trim its policy rate by another quarter point and signal that, barring surprises, this likely closes out the 2025 cutting campaign, a move that nudged the 10‑year Treasury yield lower to 4.155% and the 2-year to 3.553%, and modestly steepened a curve still recovering from years of distortion. With no major data shocks on the tape and the government‑shutdown cloud beginning to lift as Washington edges toward reopening and restoring the regular flow of statistics, markets spent more time gaming the timing and pace of 2026 cuts than worrying about whether the lights would stay on at the data agencies.

Big tech and AI complex

In the AI‑chip arena, Nvidia (NCA) drifted lower by .64% to $183.78 rather than dazzled as the broader Nasdaq lagged the Dow, even as derivatives desks stayed busy across NVDA and its mega‑cap peers; Taiwan Semiconductor (TSM, $310.14, +2.22%) and Intel (INTC, $40.78, +.69%) traded as quiet barometers of the semiconductor supply chain, with yields and Fed guidance doing more of the talking than any single headline. Apple (AAPL, $278.78, +.58%) and Tesla (TSLA, $451.45, +1.39%) both central to the AI‑and‑EV narrative, saw active options flow but only modest price moves as investors weighed cheaper money against questions around device upgrade cycles, EV pricing pressure and the persistent tariff overhang on global supply chains.

Pharma, industrials and cyclicals

Eli Lilly (LLY) finally broke a nine‑session losing streak, closing about 1.16% higher near 994 as fresh analyst target hikes toward 1,200 and renewed enthusiasm for its obesity and oncology franchises steadied sentiment, while speculation that Lilly could be eyeing French biotech Abivax (ABVX, $127.53, +3.65% and 1,642.21% YTD) added a cross‑border M&A flavor to the tape. McDonald’s moved lower by .08% to $310.53 as investors leaned on its global scale and pricing power as a defensive anchor in portfolios that are otherwise tilting toward growth, while Rio Tinto (RIO, $76.24, +2.47%) traded mostly as a levered play on global‑growth and China expectations rather than on any single headline.

Software, semis and communications

Broadcom (AVGO, $412.97, +1.64%) and Oracle (ORCL, $223.01, +.67%) sat near the center of the earnings‑watch narrative, with traders positioning around Oracle’s post‑close report and Broadcom’s AI‑heavy update later in the week, effectively turning the pair into a referendum on whether the capex boom in AI infrastructure can keep defying gravity. However, after the bell Oracle reported disappointing analysts as its revenues fell short of projections coming in at $16.06B and shares have sold off by around 10%. Meta moved lower by 1.04% to $650.13, while Nokia’s more utilitarian networking story remained largely background noise despite its leverage to 5G and cloud rollouts and closed at $6.22, +.65%.

Palantir, OKLO, Opendoor and high‑beta plays

OKLO remained a small but symbolically important part of the advanced‑nuclear and energy‑transition story, with its share price still reflecting long regulatory lead times more than any near‑term revenue, bt today it fell 3.20% to $100.60. Opendoor traded as a high‑beta expression of the housing‑and‑rates trade—each tick in Treasury yields and each nuance in Fed language subtly reshaping sentiment toward its asset‑light model—but today it fell 5.41% to $7, while Palantir (PLTR, $187.91, +3.34%) stayed in the thick of AI‑and‑defense chatter as options activity clustered around PLTR alongside Tesla, Nvidia, Apple and Meta.

Deals, IPOs and M&A

Deal‑making showed signs of life if not exuberance, with Daedalus Special Acquisition Corp. recently pricing on Nasdaq and today’s calendar featuring Cardinal Infrastructure and JM Group, part of a week that also includes SFIDA X and Wealthfront among the more recognizable names testing investor appetite before the holiday lull. Beyond SPACs and new listings, the rumor mill fixated on the possibility of an Eli Lilly–Abivax tie‑up, underscoring how big‑pharma balance sheets and a lower‑rate environment remain a potent combination for biotech takeout speculation even as signed megadeals stayed scarce.

Tariffs, shutdown and policy risk

Tariff headlines remained just noisy enough to matter, with markets still parsing the fate of the Trump administration’s broad tariff architecture and the idea of a “tariff dividend,” a framework that continues to shape both corporate supply‑chain planning and investor views on globally exposed sectors. The U.S. shutdown saga showed early signs of resolution as policymakers in Washington moved closer to reopening and restoring full government operations, easing one source of macro anxiety even as debates over spending and debt levels kept longer‑term fiscal concerns very much alive.

Gold, silver, oil and bitcoin

Gold ($4,258.30/oz) and silver ($61.53/oz), already buoyed by concerns over U.S. debt and the earlier shutdown scare, rose .52% and 2.26% respectively as lower real yields and lingering fiscal worries gave investors few reasons to abandon their hedges. Oil prices chopped sideways in a tug‑of‑war between optimism that easier financial conditions will support demand and worries that supply discipline and geopolitics could still inject volatility, while bitcoin traded more as a barometer of speculative sentiment than a pure macro hedge as traders digested the Fed’s move and fretted over the potential balance‑sheet “surprises” highlighted in recent commentary.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3140), 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, $6.30, +5.53%), 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, $.3958), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, today announced that to help close the gap between ambition and execution, GeoVax has 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. 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.

On Dec. 8, GeoVax announced the publication of a peer-reviewed article in JCO Oncology Advances, the American Society of Clinical Oncology’s (ASCO) open-access journal. The manuscript, titled “A Phase 1/2 Study of Intratumoral Ad/PNP (Gedeptin) with Fludarabine Phosphate in Subjects with Recurrent Head and Neck Cancer”, reports findings from a multi-center clinical trial evaluating repeated cycles of Gedeptin(R), a gene-directed enzyme prodrug therapy (GDEPT), administered via intratumoral injection followed by systemic fludarabine.

Volato Group, Inc. (NYSE American: SOAR, $1.23) 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, $3.21), 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. Today, 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, +2.97%) 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 $11.18, +2.29%. 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.

Sources

by Vista Partners LLC December 10, 2025

Inside GeoVax’s Big-League Scientific Upgrade: Global Experts Join the Fight Against Cancer and Deadly Viruses -( $GOVX $AZN $IBB $XBI )

GeoVax’s (NASDAQ: GOVX) latest boardroom move reads like a biotech who’s-who casting call, with the Atlanta-based vaccine developer quietly assembling a scientific brain trust that looks less like a small-cap advisory board and more like a Davos side panel on immunology.

A small-cap with big-science ambitions

GeoVax Labs, a clinical-stage biotech focused on vaccines and immunotherapies for infectious disease and cancer, has been leaning heavily on its Modified Vaccinia Ankara (MVA) viral vector platform and a tumor-targeted gene therapy called Gedeptin as it tries to turn bench science into commercial reality. The company’s pipeline spans a next-generation COVID-19 vaccine, programs against hemorrhagic fevers and pox viruses, and oncology candidates aimed at solid tumors, signaling ambitions that stretch well beyond its microcap market footprint.

Enter the global vaccine heavyweights

To help close the gap between ambition and execution, GeoVax has 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.”

Strategy: design vaccines for the hardest patients

The SAB’s remit is not the usual “occasional slide review”; the experts are being asked to shape clinical and regulatory strategy for vaccines aimed squarely at the trickiest populations: transplant recipients, patients with hematologic malignancies, and residents of low- and middle-income countries where infrastructure and prior immunity can differ sharply from Western trial cohorts. That brief dovetails with GEO‑CM04S1, GeoVax’s next-generation COVID-19 vaccine, now in multiple Phase 2 trials as both a primary vaccine and booster in immunocompromised individuals and previously mRNA-vaccinated healthy adults.

Oncology: turning vaccine know-how on cancer

Behind the headline about “global experts” lies a second strategic arc: using infectious-disease vaccine expertise to rewire how tumors are seen by the immune system. The company’s MVA-VLP-MUC1 cancer vaccine has shown preclinical signals of reducing tumor growth in combination with checkpoint inhibitors, while Gedeptin—an intratumoral gene therapy now backed by fresh patent protection and an expanded development plan—is being positioned as a tumor-agnostic platform for a range of solid cancers, from head and neck to triple-negative breast cancer and cutaneous malignancies.

The punchline for investors

For shareholders, the SAB expansion is less about headline glamour and more about execution risk: it is an explicit attempt to import late-stage vaccine, oncology and special-populations know-how into a company whose valuation still reflects early-stage uncertainty. In a market where “vaccine fatigue” is as real for investors as it is for patients, GeoVax (GOVX) is effectively betting that a carefully curated panel of scientific adults in the room can help steer its MVA and Gedeptin platforms through the statistical minefields of Phase 2 and beyond—turning a biotech story that has long been about promise into one that one day might be about revenue.

The Sources

[1] GeoVax Announces Addition of Renowned Global Experts to Its … https://finance.yahoo.com/news/geovax-announces-addition-renowned-global-140000731.html
[2] Leveraging GeoVax’s Vaccine Expertise To Take On Cancer https://geovax.reportablenews.com/pr/leveraging-geovax-s-vaccine-expertise-to-take-on-cancer
[3] GeoVax Receives Notice of Allowance For Cancer Vaccine Patent https://www.geovax.com/component/rsblog/geovax-receives-notice-of-allowance-for-cancer-vaccine-patent-2
[4] Oncology – GeoVax, Inc. https://www.geovax.com/technology-pipeline/oncology
[5] Pipeline – GeoVax, Inc. https://geovax.com/technology-pipeline
[6] GeoVax Establishing Strategic Presence in Europe With Initial … https://finance.yahoo.com/news/geovax-establishing-strategic-presence-europe-130000947.html
[7] Press Releases – GeoVax https://geovax.com/investors/press-releases/geovax-announces-jco-oncology-advances-publication-highlighting-favorable-safety-and-evidence-of-disease-stability-of-gedeptin-in-recurrent-head-neck-cancer
[8] GeoVax Expands Gedeptin(R) Development to Additional Solid … https://www.geovax.com/investors/press-releases/geovax-expands-gedeptin-r-development-to-additional-solid-tumor-indications
[9] GeoVax Announces Issuance of U.S. Patent Covering Enhanced … https://geovax.com/investors/press-releases/geovax-announces-issuance-of-u-s-patent-covering-enhanced-therapeutic-use-of-gedeptin-gene-therapy
[10] GeoVax Labs (GOVX) Stock Price, News & Analysis – MarketBeat https://www.marketbeat.com/stocks/NASDAQ/GOVX/
[11] GeoVax: ‘Vaccine fatigue is real among all of us,’ CEO says https://finance.yahoo.com/video/geovax-vaccine-fatigue-real-among-155637669.html
[12] GeoVax Labs, Inc. (GOVX) Stock Price, News, Quote & History https://finance.yahoo.com/quote/GOVX/
[13] Biotechnology Stock Performance – Yahoo Finance https://finance.yahoo.com/sectors/healthcare/biotechnology/
[14] Press Releases – GeoVax https://www.geovax.com/investors/press-releases
[15] [PDF] GeoVax Labs, Inc. GOVX-NASDAQ Company Description Key Points https://150154.fs1.hubspotusercontent-na1.net/hubfs/150154/GOVX_Update_07-30-25.pdf
[16] GeoVax Next-Generation COVID-19 Vaccine Demonstrates Potent … https://finance.yahoo.com/news/geovax-next-generation-covid-19-130000689.html
[17] GeoVax to Present COVID-19 Vaccine Data at … – Yahoo Finance https://finance.yahoo.com/news/geovax-present-covid-19-vaccine-130000774.html
[18] GeoVax Labs, Inc. (GOVX) Latest Press Releases & Corporate News https://finance.yahoo.com/quote/GOVX/press-releases/
[19] Home – GeoVax, Inc. https://www.geovax.com
[20] GeoVax Reaffirms Commitment to Evidence-Based Vaccine Safety … https://www.geovax.com/investors/press-releases/geovax-reaffirms-commitment-to-evidence-based-vaccine-safety-and-development-of-geo-cm04s1-for-vulnerable-populations

by Vista Partners LLC December 10, 2025

DoubleVerify Levels Up: DV Authentic Attention Expands to TikTok -( $DV $SPY )

Marketers looking for proof that their ads are more than wallpaper just got a fresh data stream to obsess over, as DoubleVerify (NYSE: DV) extended its DV Authentic Attention product into one of digital advertising’s busiest neighborhoods: TikTok. The move wraps a serious business agenda—turning “attention” into a tradable metric—in a setting better known for dance challenges than media mix modeling.

Attention goes short-form

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.

From viewability to “did anyone care?”

The company’s Authentic Attention framework looks beyond basic viewability to factors such as time in-view, share of screen, and engagement signals, aiming to correlate these data points with downstream campaign performance. That turns the old “was the ad served?” question into the more existential “did the ad register as anything more than background noise?”—a philosophical upgrade media buyers seem increasingly willing to pay for.

Creative fatigue meets quant finance

With the new integration, advertisers can identify creative fatigue, benchmark attention across campaigns and regions, and shift spend toward higher-attention placements in near real time. In practice, that means a TikTok spot that quietly commands an extra half-second of focus can be treated like a high-performing factor in a portfolio, attracting incremental budget until its edge inevitably mean-reverts.

Social, CTV and the attention land grab

The TikTok tie-up follows prior expansions of DV Authentic Attention across the open web, connected TV, and Snapchat, where the company also combines exposure data with eye-tracking signals from partners like Lumen Research. Together, these integrations push DoubleVerify toward a cross-channel attention standard at a time when nearly half of media buyers say they plan to use attention-based metrics on most of their buys.

Can the market stay focused?

For DoubleVerify, the strategic bet is that investors will view attention data as infrastructure, not a passing fad, especially as the product is embedded more deeply into its broader Media AdVantage platform and new partnerships across brands and publishers. The real test may be whether a company built on measuring fleeting human focus can keep enough of Wall Street’s attention to justify growth expectations—an irony unlikely to be lost on anyone who has ever watched a trader check TikTok between earnings calls.

The Sources

[1] DoubleVerify Expands DV Authentic Attention to TikTok as the First … https://finance.yahoo.com/news/doubleverify-expands-dv-authentic-attention-140000004.html
[2] DoubleVerify Expands DV Authentic Attention to TikTok as the First … https://www.businesswire.com/news/home/20251210033737/en/DoubleVerify-Expands-DV-Authentic-Attention-to-TikTok-as-the-First-Badged-TikTok-Marketing-Partner-for-Impression-Level-Attention-Insights
[3] DoubleVerify expands attention measurement to TikTok https://www.investing.com/news/company-news/doubleverify-expands-attention-measurement-to-tiktok-93CH-4401106
[4] [PDF] GLOBAL INSIGHTS – DoubleVerify https://doubleverify.com/wp-content/uploads/2024/07/DV_Report_GlobalInsights_2024_Global.pdf
[5] DV Authentic Attention – Exposure and Engagement – DoubleVerify https://doubleverify.com/products/advertisers/verify/authentic-attention
[6] DV’s 2024 Q4 Quality & Attention Benchmark Report – DoubleVerify https://doubleverify.com/lp/report/web/verify/dvs-2024-q4-quality-attention-benchmark-report
[7] DoubleVerify Unveils DV Authentic Attention for Social – Martechvibe https://martechvibe.com/article/doubleverify-unveils-dv-authentic-attention-for-social/
[8] DoubleVerify Debuts First-of-Its-Kind Attention Measurement for … https://finance.yahoo.com/news/doubleverify-debuts-first-kind-attention-130000271.html
[9] DoubleVerify Debuts DV Authentic Attention for Social https://www.destinationcrm.com/Articles/CRM-News/CRM-Across-the-Wire/DoubleVerify-Debuts-DV-Authentic-Attention-for-Social-170288.aspx
[10] DoubleVerify Launches DV Authentic AdVantage, an Industry-First … https://finance.yahoo.com/news/doubleverify-launches-dv-authentic-advantage-180000404.html
[11] DoubleVerify Reports Second Quarter 2025 Financial Results https://finance.yahoo.com/news/doubleverify-reports-second-quarter-2025-200500407.html
[12] DV – Doubleverify Hldgs Inc Latest Stock News & Market Updates https://www.stocktitan.net/news/DV/
[13] DoubleVerify Extends Industry-Leading Data Solutions to Supply … https://finance.yahoo.com/news/doubleverify-extends-industry-leading-data-141100474.html
[14] DoubleVerify Holdings, Inc. (DV) Latest Press Releases & Corporate … https://finance.yahoo.com/quote/DV/press-releases/
[15] DoubleVerify Unveils New Partnership to Authenticate Lyft Ads https://finance.yahoo.com/news/doubleverify-unveils-partnership-authenticate-lyft-120000724.html
[16] Attention Metrics: The Revolution in Advertising Measurement https://www.carlosarangosch.com/en/attention-metrics-the-revolution-in-advertising-measurement
[17] DoubleVerify Expands Global Measurement Capabilities to Include … https://finance.yahoo.com/news/doubleverify-expands-global-measurement-capabilities-130000935.html
[18] [PDF] DoubleVerify’s Guide to Attention Measurement https://doubleverify.com/wp-content/uploads/2023/02/DV_Guide_AttentionMatters.pdf
[19] DoubleVerify Debuts First-of-Its-Kind Attention Measurement for … https://ir.doubleverify.com/news-events/press-releases/press-releases-details/2025/DoubleVerify-Debuts-First-of-Its-Kind-Attention-Measurement-for-Social-Launching-with-Snap/default.aspx
[20] DoubleVerify Reports Third Quarter 2025 Financial Results https://finance.yahoo.com/news/doubleverify-reports-third-quarter-2025-123000595.html

by Vista Partners LLC December 10, 2025

Magnets in Beijing, Gallium in the Outback: Inside the New Great Game for Critical Metals -( $MTWO $SOAR )

In a week when markets were supposed to be focused on holiday retail and year-end dot plots, the real action was happening in places that do not show up on Black Friday traffic Chinese export control offices and a Western Australian gallium prospect.

Beijing’s magnets and Washington’s nerves

Ningbo Jintian Copper, a Chinese rare earth producer better known to materials engineers than to meme traders, disclosed that it had secured a new “general licence” to export rare earth magnet products to designated customers for a full year. The licence sits on top of China’s dual‑use export regime, which earlier this year sharply curtailed shipments of key magnet and rare earth products and briefly forced some global automakers to idle production.

The new permits are narrow in scope but broad in implication, signalling that Beijing is willing to tighten or relax the spigot on strategic materials with the precision of a neurosurgeon rather than the subtlety of a sledgehammer. For customers in electric vehicles, wind turbines, robotics, and medical devices—the industries that rely on these magnets—the message is simple: access is possible, predictability is optional.

The jet company that wants your magnets

On the other side of the world, Volato Group, a technology‑leaning private aviation company listed on NYSE American (SOAR), and M2i Global (MTWO), a developer of critical mineral supply chains, are trying to turn this strategic uncertainty into a business plan. Volato, which until recently focused on fractional jets and a digital platform for experiential travel, has positioned its merger with M2i Global as an entry ticket into what it pegs as a multihundred‑billion‑dollar critical minerals market.

M2i brings relationships in Critical Minerals Reserve for U.S. initiatives, along with ambitions to build an end‑to‑end supply chain that can feed defense, energy, and advanced manufacturing demand without relying on Beijing’s good mood. The combined entity is pitched as a “dual‑platform” story: one leg in private aviation and software, the other in metals that make those software‑driven devices work in the first place.

Enter gallium, stage left

The most recent twist is an MOU that links M2i Global and Volato with Nimy Resources, an Australian company with access to gallium in Western Australia. Gallium, a soft metal that might win a beauty contest against bauxite but not against gold, is essential for high‑performance semiconductors, optoelectronics, and certain defense applications, and it resides firmly on Western critical mineral lists.

The memorandum contemplates a pathway for M2i and Volato to secure gallium supply from Nimy’s assets, plugging yet another hole in a supply chain that policymakers fear could otherwise be squeezed by Chinese export controls. In a sign of how far strategic finance has wandered from the tidy sector silos of the last cycle, investors are now being asked to underwrite a story in which the same group that sells jet time and software subscriptions might also help orchestrate the flow of a niche semiconductor metal.

A tale of two models

If Ningbo Jintian’s new export licence is the archetype of the state‑shaped, upstream‑to‑downstream Chinese model, Volato‑M2i‑Nimy represents the Western answer: a patchwork of listed vehicles, MOUs, and cross‑sector mergers attempting to assemble a parallel system on the fly. China still commands the bulk of global rare earth mining and an even larger share of processing capacity, which gives it the ability to set the tempo for everything from EV drivetrains to guided missile components.

The Western approach is less centralized and more improvisational, with companies like M2i Global seeking to knit together miners, refiners, offtake partners, and government programs into something that, with luck and enough Form S‑4 filings, begins to resemble a coherent supply chain. For investors, that translates into a different risk profile: geopolitical headline risk on one side, execution and integration risk on the other.

Markets, meet industrial policy

None of this would matter much to equity markets if rare earth magnets and gallium were still the obscure domain of defense procurement officers and materials scientists, but they now sit at the heart of electric mobility, renewables, and advanced chips. Every incremental tightening in Beijing’s licensing regime feeds the narrative of supply insecurity, while every Western MOU, merger, or “strategic platform” announcement tries to reassure investors—and Washington—that alternatives are in motion.

The emerging storyline is almost cinematic: a Chinese producer receives a streamlined licence after a high‑level diplomatic meeting, while a U.S. jet operator‑turned‑miner signs up for Australian gallium as if booking another airport slot. Somewhere between those poles, portfolio managers must decide whether the future belongs to the players who already control the metals, or to the ones scripting the next act of the supply chain.

The Sources

[1] Another Chinese rare earth producer gets streamlined licence for … https://finance.yahoo.com/news/another-chinese-rare-earth-producer-101213350.html
[2] M2i Global and Volato Group Announce MOU with Nimy Resources … https://finance.yahoo.com/news/m2i-global-volato-group-announce-133000960.html
[3] How US–China tensions fuel rare earth ‘supply-squeeze’ fears https://finance.yahoo.com/video/us-china-tensions-fuel-rare-163000951.html
[4] Volato Group to Acquire M2i Global, Creating Dual-Platform Growth … https://finance.yahoo.com/news/volato-group-acquire-m2i-global-120000605.html
[5] Volato Enters $320 Billion Critical Minerals Marketi with Execution of … https://finance.yahoo.com/news/volato-enters-320-billion-critical-120000506.html
[6] Volato and M2i Global Advance Development of Strategic Mineral … https://finance.yahoo.com/news/volato-m2i-global-advance-development-110000409.html
[7] The rare earth miner aiming to be the best alternative to China https://finance.yahoo.com/video/rare-earth-miner-aiming-best-211441385.html
[8] Volato Group and M2i Global Reach a Key Step Forward in its … https://finance.yahoo.com/news/volato-group-m2i-global-reach-120000133.html
[9] In race to end China’s chokehold on critical minerals, the U.S. needs … https://finance.yahoo.com/news/race-end-china-chokehold-critical-080400290.html
[10] Meet the company that looks to gain a foothold where China … https://finance.yahoo.com/news/meet-the-company-that-looks-to-gain-a-foothold-where-china-dominates–rare-earth-elements-110047997.html
[11] Company makes history as first outside of China to produce rare … https://finance.yahoo.com/news/company-makes-history-first-outside-101516174.html
[12] Landmark Deal Gives North America Its First Heavy Rare Earth … https://finance.yahoo.com/news/landmark-deal-gives-north-america-120000820.html
[13] Volato to Combine with M2i Global in a Strategic Transaction … https://finance.yahoo.com/news/volato-combine-m2i-global-strategic-120000443.html
[14] ReElement Technologies Expands Critical and Rare Earth Element … https://finance.yahoo.com/news/reelement-technologies-expands-critical-rare-134500207.html
[15] China Rare Earth Holdings Limited (CREQF) – Yahoo Finance https://finance.yahoo.com/quote/CREQF/
[16] CHINA RAREEARTH (0769.HK) Stock Price, News, Quote & History https://finance.yahoo.com/quote/0769.HK/
[17] M2i Global, Inc. (MTWO) Latest Press Releases & Corporate News https://finance.yahoo.com/quote/MTWO/press-releases/
[18] Volato Group’s Proposed Acquisition Under Definitive Agreement … https://finance.yahoo.com/news/volato-group-proposed-acquisition-under-123000140.html
[19] Volato Group’s Proposed Acquisition Under Definitive Agreement … https://finance.yahoo.com/news/volato-group-proposed-acquisition-under-130000460.html
[20] M2i Global, Inc. (MTWO) Stock Price, News, Quote & History https://finance.yahoo.com/quote/MTWO/

by Vista Partners LLC December 10, 2025

Wall Street Bets on Orbit: SpaceX’s ‘Centicorn’ Blockbuster IPO Tests How High Markets Will Chase Elon Musk -( $TSLA $SPY )

Elon Musk’s SpaceX is finally inching toward the public markets, and in the process is threatening to turn the sleepy IPO calendar into something that looks more like a Falcon Heavy launch manifest.

A trillion here, a trillion there

Bankers who spent three years explaining why the IPO window was “technically open, just not for your deal” now have a new script: the space infrastructure trade. SpaceX has begun sounding out Wall Street about a 2026 listing that could raise north of $25 billion at a valuation above $1 trillion, instantly vaulting it into the top tier of global equities and eclipsing the debuts of many old‑economy incumbents. For perspective, only Saudi Aramco has previously floated with a valuation north of $1 trillion, which means the Street is dusting off playbooks last used when oil, not orbit, defined strategic gravity.

From launch company to space utility

For years, the working assumption was that Starlink, SpaceX’s satellite broadband arm, would be the clean, self‑contained IPO, leaving the fiery rocket science in private hands. Instead, current plans tilt toward listing the full stack—launch, satellites, government contracts, and emerging space‑based data centers—as a single “space infrastructure” platform, daring public markets to put a multiple on an integrated off‑planet utility. That shift reflects Starlink’s evolution from side project to cash engine, with analysts estimating roughly $12–15 billion of annual revenue by the mid‑2020s and growth that now looks, in Musk’s once‑preferred phrasing, “smooth and predictable.”

The new centicorn problem

A SpaceX float would instantly reprice a secretive corner of private markets where so‑called “centicorns”—startups valued above $100 billion—have been hiding from the discipline of quarterly earnings calls. If public investors bless a trillion‑plus tag for a company whose business spans war‑zone broadband and Mars‑adjacent ambitions, boards at other mega‑unicorns may find it harder to argue that staying private is a sign of prudence rather than fear of price discovery. Yet the same deal could be a stress test: if an emblematic growth story struggles on debut, the message to the rest of the late‑stage cohort will be that gravity works just as well in capital markets as it does on Earth.

Bankers, meet rocket science

The task now falls to syndicate desks to translate rocket equation and orbital cadence into the more familiar language of discounted cash flows. SpaceX is projected to generate around $15 billion in revenue next year, rising toward the low‑20s billions in 2026, with Starlink expected to supply the bulk of that growth. Against that backdrop, a trillion‑dollar valuation implies investors are paying not only for satellites and launches, but also for a call option on Starship‑enabled markets and space‑based computing, including proposed orbital data centers that would do for AI what cloud once did for storage.

Musk, the market, and the fine print

As usual with Elon Musk, the narrative arrives slightly ahead of the documentation. Reports of an $800 billion implied valuation from an internal share sale have already prompted public pushback from the founder, who insists that price tags will ultimately track execution on Starship, Starlink, and direct‑to‑cell spectrum wins. Yet even that attempted downshift still leaves investors debating how to value a company that compares its launch revenue to NASA’s spending while behaving, in capital‑raising terms, more like a software platform than a traditional contractor. For now, Wall Street seems content to play along; after years of scarcity, a blockbuster that turns space into an asset class is hard to resist—even if the prospectus won’t come with a guarantee of zero turbulence on re‑entry.

The Sources

[1] SpaceX IPO Plan Puts $2.9 Trillion of Listings Back On the Table https://finance.yahoo.com/news/spacex-ipo-plan-puts-2-120000701.html
[2] SpaceX to pursue 2026 IPO raising above $25 billion, source says https://finance.yahoo.com/news/spacex-pursue-2026-ipo-raising-204908368.html
[3] Musk’s SpaceX looks to raise over $25B in 2026 IPO, source says https://www.dailysabah.com/business/tech/musks-spacex-looks-to-raise-over-25b-in-2026-ipo-source-says
[4] SpaceX to Pursue 2026 IPO Raising Far Above $30 Billion https://finance.yahoo.com/news/spacex-pursue-2026-ipo-raising-203725148.html
[5] SpaceX in talks for share sale that would boost valuation to $800 billion, WSJ reports https://www.reuters.com/business/spacex-talks-share-sale-that-would-boost-valuation-800-billion-wsj-reports-2025-12-05/
[6] SpaceX reportedly targets IPO and tests $800B valuation https://finance.yahoo.com/news/spacex-reportedly-targets-ipo-tests-214254401.html
[7] Starlink’s $15.5B Milestone: The Countdown to an IPO That … https://www.ainvest.com/news/starlink-15-5b-milestone-countdown-ipo-launch-satellite-broadband-revolution-2506/
[8] How to Buy Starlink Stock Before Its IPO https://stockanalysis.com/article/how-to-buy-starlink-stock/
[9] SpaceX IPO: everything you need to know https://capital.com/en-int/learn/ipo/spacex-ipo
[10] SpaceX to pursue 2026 IPO raising above $25 billion, source says https://ca.finance.yahoo.com/news/spacex-pursue-2026-ipo-raising-221347081.html
[11] SpaceX aims for $800 billion valuation in secondary share sale, WSJ reports https://www.cnbc.com/2025/12/05/spacex-aims-for-800b-valuation-in-secondary-share-sale-wsj-reports.html
[12] Elon Musk Is Refuting a Key Detail in SpaceX IPO Reports https://www.inc.com/brian-contreras/elon-musk-refuting-spacex-ipo-800-billion-valuation/91275402
[13] Elon Musk’s SpaceX to raise over $25 billion in blockbuster 2026 … https://www.reuters.com/business/spacex-pursue-2026-ipo-raising-above-30-billion-bloomberg-news-reports-2025-12-09/
[14] SpaceX reportedly planning 2026 IPO with $1.5T valuation target https://finance.yahoo.com/news/spacex-reportedly-planning-2026-ipo-212754948.html
[15] SpaceX plans record-breaking IPO targeting over $30 billion raise – Bloomberg https://finance.yahoo.com/news/spacex-plans-record-breaking-ipo-211501523.html
[16] SpaceX to pursue 2026 IPO raising above $25 billion, source says https://finance.yahoo.com/video/spacex-pursue-2026-ipo-raising-110439175.html
[17] Is SpaceX the Next Big IPO? What Investors Should Know in 2025 https://vocal.media/trader/is-space-x-the-next-big-ipo-what-investors-should-know-in-2025
[18] SpaceX Starlink IPO: Elon Musk pushes date back to at least 2025, report says https://www.fastcompany.com/90759366/spacex-starlink-ipo-elon-musk-pushes-date-back-to-at-least-2025
[19] SpaceX Doubles Valuation to $800B with 2026 IPO Plans as Starlink Drives Growth https://www.reddit.com/r/Starlink/comments/1pggrf0/spacex_doubles_valuation_to_800b_with_2026_ipo/
[20] SpaceX Hits $350B Valuation 🚀 Starlink IPO? https://www.youtube.com/watch?v=Cut_z2QmWQo

by Vista Partners LLC December 10, 2025

The Year of the Bispecific: Biotech’s Double-Edged Breakout -( $ARKG $IBB $XBI $RHBBY $AMGN $JNJ )

If 2024 crowned weight-loss drugs the belle of the healthcare ball, 2025 belongs to the bispecific antibody. What began as a niche in immuno-oncology has evolved into biotech’s most competitive—and potentially lucrative—battleground, drawing fresh capital, dealmaking, and analyst optimism that borders on déjà vu.

Reg Momentum Continues

According to figures from Evaluate Pharma and GlobalData, more than 160 bispecific antibodies are now in active clinical development, with oncology accounting for over 70%. The big pharma roster reads like a who’s who of immunotherapy heavyweights: Roche, Regeneron, Amgen, Genmab, and Johnson & Johnson are all leaning in. The market for bispecifics could exceed $25 billion by 2030, nearly tripling from current levels if regulatory momentum continues.

Dual-Target Science Meets Pipeline Math

At the center of the excitement is the technology’s efficiency pitch. Whereas traditional monoclonal antibodies play a one-on-one game, bispecifics act like portfolio diversification—binding two targets at once to heighten immune precision and reduce resistance. Clinicians like the versatility; investors like the optionality.

Amgen’s Blincyto, one of the earliest approved bispecifics, has already validated the commercial thesis, generating nearly $1 billion annually in sales. Meanwhile, Regeneron’s Odronextamab and Roche’s Glofitamab are being closely watched for their roles in non-Hodgkin lymphoma—potential bellwethers for the next phase of adoption. Analysts from Jefferies and Cowen have both flagged these platforms as “foundational franchises,” with multiple expansion opportunities across solid tumors and autoimmune diseases.

The VC’s Investing

The surge has not gone unnoticed in private markets. VCs that dabbled in AI-enabled drug design now appear to be reallocating capital to bispecific startups, many with modular platforms promising speedier design cycles and cheaper production. In the past six months alone, over $1.2 billion in venture funding has flowed into early-stage bispecific developers, including newcomers like Aulos Bioscience, Zymeworks, and Xencor spinoffs. That’s a meaningful trend in a biotech market still recovering from last year’s valuation compression.

Complex Manufacturing

Still, not every molecule with two arms earns a market multiple. Manufacturing remains complex—akin to asking an orchestra to play two different symphonies in perfect sync. Regulatory agencies are paying close attention to downstream production consistency, particularly for constructs with novel linkers or nontraditional scaffolds. A few candidates have seen timeline delays, tempering enthusiasm that “dual targeting” guarantees dual approvals.

Unfazed

Yet for all the technical caveats, the Street seems unfazed. Biotech ETFs such as XBI and ARKG have quietly increased weightings in oncology-focused names since midyear, and deal chatter is heating up. Observers expect larger alliances in 2026 as big pharma looks to refill oncology pipelines ahead of upcoming patent cliffs. As one analyst put it, “The bispecific wave is less about headline hype and more about pipeline math—it’s clean diversification inside the biology.”

The Sum

In a sector often accused of chasing the next shiny molecule, bispecifics may represent something rarer: convergence. Two binding sites, one thesis—target efficiency meets market necessity. For investors, that kind of alignment may be the most attractive target yet.

The Sources

https://www.strategicmarketresearch.com/market-report/bispecific-antibodies-market

https://www.businesswire.com/news/home/20250319587489/en/Bispecific-Antibody-Market-Opportunity-Clinical-Trials-Insight-2030

https://www.grandviewresearch.com/industry-analysis/bispecific-antibodies-market-report

https://www.precedenceresearch.com/bispecific-antibodies-market

https://www.mordorintelligence.com/industry-reports/bispecific-antibodies-market

https://finance.yahoo.com/news/bispecific-antibody-market-opportunity-drug-124800512.html

https://www.kuickresearch.com/blincyto-blinatumomab-sales-clinical

https://www.globenewswire.com/news-release/2025/03/12/3041385/28124/en/Bispecific-Antibody-Market-Opportunity-Drug-Dosage-Patent-Price-Sales-Clinical-Trials-Insight-2030.html

https://www.biospace.com/press-releases/u-s-bispecific-antibody-market-to-worth-usd-448-62-billion-by-2035

https://www.globenewswire.com/news-release/2024/02/29/2837598/0/en/Blincyto-Blinatumomab-Sales-Surpassed-USD-850-Million-In-2023.html

https://www.researchnester.com/reports/bispecific-antibody-market/5042

Two targets, one solution: The rise of bispecific antibodies

https://bullfincher.io/companies/amgen/revenue-by-segment

https://www.rootsanalysis.com/reports/bispecific-antibodies/286.html

https://pmc.ncbi.nlm.nih.gov/articles/PMC12320366/

https://www.amgen.com/newsroom/press-releases/2024/02/amgen-reports-fourth-quarter-and-full-year-2023-financial-results

https://www.ihealthcareanalyst.com/global-bispecific-antibodies-oncology-market/

https://www.antibodysociety.org/antibody-therapeutics-pipeline/

https://www.amgen.com/stories/2024/04/2023-letter-to-shareholders

https://www.towardshealthcare.com/insights/bispecific-antibody-market-sizing

by Vista Partners LLC December 10, 2025

Why US Interest Rates Jumped This Week -( $SPY $QQQ $DIA )

US rates have been drifting higher over the past week mainly because stronger economic data and the run‑up to the Fed’s December meeting are pushing investors to price in fewer or later rate cuts, which lifts Treasury yields and market borrowing costs. In other words, it is expectations and data, not an actual Fed hike, driving the move.

What is actually rising?

Over the last week, the move has been in market interest rates like U.S. Treasury yields (for example, the 10‑year note edging up toward about 4.2%), not the Fed’s policy rate itself, which is still around 4% after recent cuts. Short‑term yields have risen less than long‑term yields, leading to a modest steepening of the curve as the 10‑year climbed more than the 2‑year.

Data and Fed expectations

Recent U.S. labor data have surprised to the upside, with jobless claims dropping and job openings remaining higher than expected, which suggests a firmer labor market than markets were pricing in a few weeks ago. That resilience makes it harder for the Fed to justify aggressive or early rate cuts, so traders demand higher yields to hold longer‑duration bonds.

Positioning ahead of the Fed meeting

Markets are now focused on the Fed’s final meeting of the year, where another quarter‑point cut is widely anticipated but debated given still‑elevated inflation and solid employment. As investors reassess the likely pace of cuts and the “terminal” level for rates in 2026, they are selling Treasuries at the margin, which pushes prices down and yields up over the past several sessions.

How this feeds through to “rates”

Because Treasury yields benchmark everything from mortgages to corporate borrowing costs, a move of 10–15 basis points in the 10‑year over a week can show up as “rates rising” across the system even without a Fed hike. For your framing, the story right now is less about a new tightening cycle and more about markets walking back the most dovish Fed‑cut narrative as data come in a bit stronger than feared.

The Sources

[1] U.S. Treasury Yields End Higher https://www.wsj.com/finance/ten-year-jgb-yield-declines-after-lackluster-japan-gdp-data-1d2d1646
[2] Weekly fixed income commentary | 12/08/2025 https://www.nuveen.com/en-us/insights/investment-outlook/fixed-income-weekly-commentary
[3] US 10 Year Treasury Note Yield – Quote – Chart https://tradingeconomics.com/united-states/government-bond-yield
[4] United States Fed Funds Interest Rate – Trading Economics https://tradingeconomics.com/united-states/interest-rate
[5] Powell on Track for Fed Rate Cut Despite Some Dissent https://finance.yahoo.com/news/powell-track-fed-rate-cut-210000294.html
[6] Fed’s Powell: Balances inflation, labor risks, and rate cuts https://www.usbank.com/investing/financial-perspectives/market-news/federal-reserve-interest-rate.html
[7] Fed meeting October 2025: The Fed cuts again https://www.fidelity.com/learning-center/trading-investing/the-fed-meeting
[8] Consumer Price Index Summary – 2025 M09 Results https://www.bls.gov/news.release/cpi.nr0.htm
[9] US Inflation Rate (Monthly) – United States – Historical Da… – YCharts https://ycharts.com/indicators/us_inflation_rate
[10] Daily Treasury Par Yield Curve Rates https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve
[11] Federal Reserve Board – News & Events https://www.federalreserve.gov/newsevents.htm
[12] Press Releases https://www.federalreserve.gov/newsevents/pressreleases.htm
[13] Federal Reserve Calibrates Interest Rate Policy Amid Softer Hiring … https://www.usbank.com/investing/financial-perspectives/market-news/federal-reserve-tapering-asset-purchases.html
[14] Federal Reserve (@federalreserve) / Posts / X https://x.com/federalreserve
[15] Latest inflation report shows prices rose by the fastest pace since January https://www.cnn.com/business/live-news/us-cpi-markets
[16] United States Inflation Rate – Trading Economics https://tradingeconomics.com/united-states/inflation-cpi
[17] CPI Home – U.S. Bureau of Labor Statisticswww.bls.gov › cpi https://www.bls.gov/cpi/
[18] FOMC & Fed Meeting | News & Analysis – FXStreet https://www.fxstreet.com/macroeconomics/central-banks/fed
[19] Daily Treasury Rates | U.S. Department of the Treasury https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value=2025
[20] Federal Reserve news – Today’s latest updates https://www.cbsnews.com/tag/federal-reserve/

by Vista Partners LLC December 10, 2025

S&P 500, Dow, Nasdaq & Russell Diverge as Fed Decision Looms, Silver Hits Record and M&A Heats Up – December 9, 2025 -( $INTC $MODD $NOK $OPEN $ORCL $PLTR $RIO $SOAR $TSLA $TSM Rise!)

Wall Street spent Tuesday marking time and watching the clock, as markets drifted in tight formation ahead of Wednesday’s Fed decision, with just enough sector rotation and deal drama to keep traders from checking out entirely.

Indexes and macro tone

The major U.S. benchmarks finished the session mixed: the S&P 500 slipped about 0.1%, the Dow Jones Industrial Average fell roughly 0.4%, while the Nasdaq Composite edged up 0.1% and the small‑cap Russell 2000 added about 0.2%. The move came as investors digested stronger U.S. job openings data and a modest back‑up in Treasury yields, a combination that suggested the economy is still running warm even as markets brace for easier policy.

The 2‑year and 10‑year Treasury yields ticked higher as traders priced the odds of another quarter‑point rate cut but questioned how generous the Fed will be with its 2026 projections, leaving the curve still inverted but slightly less so at the long end. Fed watchers widely expect the FOMC to deliver a 25‑basis‑point cut in its final meeting of the year, with the two‑day gathering concluding Wednesday and futures assigning near‑90% odds to that outcome.

Fed, shutdown and tariffs

The December FOMC meeting, which began today, is expected to produce a third straight 0.25‑percentage‑point cut, taking the policy rate to the lowest level since 2022, with markets laser‑focused on the dot plot and Chair Powell’s tone around labor‑market softness and tariff‑driven inflation. The Fed goes into the decision with key jobs and inflation reports delayed by the ongoing government shutdown, forcing policymakers to rely more heavily on partial data and market signals.

Tariff policy remained a macro wild card as President Trump defended his sweeping tariff agenda on national‑security grounds, even while floating targeted carve‑outs and potential cuts in selected categories. Internationally, trading partners continued to bristle: Switzerland had to walk back a premature statement on planned U.S. tariff reductions, while Chinese officials again highlighted the drag from higher U.S. levies even as China’s surplus swelled.

Commodities and crypto

In commodities, gold held near record territory as investors hedged the risk of a “hawkish cut” on Wednesday, with spot prices changing hands just above the 4,237‑dollar mark per ounce for much of the session. Silver stole the precious‑metals spotlight, however, breaking above 60 dollars per ounce to close at $61.17/oz. to a fresh record as traders bet on lower real rates and tight supply, leaving gold looking almost modest by comparison.

Oil prices traded with a softer bias as rate‑cut optimism wrestled with concerns about global growth and demand, leaving crude in a holding pattern ahead of both the Fed and fresh inventory data to close at $58.39/bbl. Bitcoin, after a year of vertigo‑inducing rallies and air‑pocket sell‑offs, managed a relatively calm session with prices edging 2.35% higher on the day to the $92k range, but still well below recent peaks, a reminder that the 2025 crypto rollercoaster may yet end on a lower platform than it started.

Big‑cap tech and AI leaders

In the AI and semiconductor complex, Nvidia shares closed at $184.97, -.33% as traders digest the news from Washington that the company can continue selling certain high‑end H200 chips into China, keeping a key growth channel at least partially open. Taiwan Semiconductor (TSM, $303.41, +.51%) was supported by bullish analyst commentary that reiterated the foundry as a core long‑term holding, with price targets nudged higher on expectations of robust data‑center and AI‑server demand.

Apple traded modestly .26% lower as another major brokerage boosted its price target and leaned into the idea of Apple as an “AI toll booth,” quietly monetizing infrastructure rather than chasing headline‑grabbing model launches. Intel (INTC, $40.50, +.50%) once again cast as a turnaround plus AI levered story, remained in the market’s good graces after recent coverage highlighted improving earnings trajectory and its inclusion among high‑growth tech names to watch into 2026.

Platform, software and data names

Oracle (ORCL, $221.53, +.45%), spent the day in the earnings on‑deck circle, with the stock choppy but underpinned after a major bank reiterated an overweight rating even as it trimmed its price target, arguing that AI skepticism may set up a more attractive entry point. Palantir (PLTR, $181.84,+.19%) now firmly seated in the profitable‑growth camp, continued to benefit from being listed among top high‑growth U.S. tech stocks, as investors rotated selectively into data‑driven software names with visible government and enterprise pipelines.

Meta Platforms traded lower falling 1.48% tp $656.96, reflecting a market that has largely accepted its pivot toward AI‑enhanced advertising efficiency and capital‑discipline messaging, even as regulators keep a watchful eye on the company’s social footprint. Opendoor (OPEN, $7.41, +5.11%), a higher‑beta housing‑tech play, remained sensitive to every tick in the yield curve, as expectations for lower mortgage rates next year continued to drive speculative interest in a recovery of iBuyer business models.

Autos, industrials and legacy tech

Tesla (TSLA) shares rose 1.27% to $445.17 after a major Wall Street firm recently downgraded the stock to a more neutral stance, arguing that lofty multiples already reflect ambitious non‑auto catalysts and leaving less room for disappointment. Nokia (NOK, $6.18, +.49%) traded more quietly, with the market largely treating it as a defensive way to participate in network and 5G infrastructure spending rather than a front‑line AI beneficiary.

McDonald’s rose .32% to $310.79 after a string of big industrial and financial names weighed on the blue‑chip index, though the fast‑food bellwether continues to benefit from its reputation as a trade‑down winner in a still‑stretched consumer environment. Rio Tinto (RIO, $74.40, +1.89%) sensitive to both growth expectations and tariff risks, saw measured trading as metals investors weighed a resilient U.S. economy against global trade frictions and China’s evolving demand profile.

Healthcare and energy transition

Eli Lilly (LLY, $982.22, -1.54%) once again reminded the market why it wears a trillion‑dollar crown, announcing plans to invest more than 6 billion dollars in a new manufacturing facility in Alabama to produce active pharmaceutical ingredients for its obesity pill and other therapies.

Lilly also closed the books on its tender offer for Adverum Biotechnologies, completing an acquisition that deepens its gene‑therapy and ophthalmology toolkit and bolsters the pipeline behind its flagship metabolic franchise. Together, the deal and the Alabama build‑out underscored a familiar theme in 2025: in biopharma, scale is strategy, and Lilly is playing for keeps.

Nuclear, housing and other stories

Oklo ($103.93, -.65%), a next‑generation nuclear‑technology name, continued to ride the speculative wave around small modular reactors and advanced fission designs as policymakers scramble for reliable zero‑carbon baseload power. Investors remain focused on regulatory milestones and commercialization timelines, but the stock has become a favored call option on energy transition narratives.

Dealmaking, M&A and IPOs

Hollywood delivered this week’s marquee headline as David Ellison’s Paramount lobbed a 108‑billion‑dollar all‑cash offer for Warner Bros. Discovery, valuing the studio at 30 dollars per share and topping Netflix’s earlier mixed cash‑and‑stock deal that implied about 27.75 dollars per share. The bid escalates what is rapidly becoming the industry’s defining takeover battle of the decade, promising months of boardroom brinkmanship and regulatory intrigue as shareholders weigh a clean, cash‑heavy exit against Netflix’s strategic allure.

In the primary market, the IPO machine kept humming, with Daedalus Special Acquisition Corp. debuting and several more deals—from infrastructure plays to imaging and consumer brands—slated to price through the week on Nasdaq and the NYSE. The upcoming calendar includes names such as Cardinal Infrastructure Group, Lumexa Imaging Holdings, and Buda Juice, offering a cross‑section of cyclicals and growth stories to a market that, for now, seems willing to fund new listings at reasonable valuations.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4516,+2.15%), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, today (Nov. 17) 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, $5.97), 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, $.3980), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, today 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.

On Dec. 8, GeoVax announced the publication of a peer-reviewed article in JCO Oncology Advances, the American Society of Clinical Oncology’s (ASCO) open-access journal. The manuscript, titled “A Phase 1/2 Study of Intratumoral Ad/PNP (Gedeptin) with Fludarabine Phosphate in Subjects with Recurrent Head and Neck Cancer”, reports findings from a multi-center clinical trial evaluating repeated cycles of Gedeptin(R), a gene-directed enzyme prodrug therapy (GDEPT), administered via intratumoral injection followed by systemic fludarabine.

Volato Group, Inc. (NYSE American: SOAR, $1.31, +8.26%) 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, $3.31) stands at a pivotal juncture as it harnesses fresh capital, regulatory momentum, and a sharpened communications strategy to propel its lead program, SER-252, into late-stage clinical testing for advanced Parkinson’s diseas. The Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have e96xhausted standard oral therapies.

The InterGroup Corporation (NASDAQ: INTG, $28.31) 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.”

Nokia (NOK, $6.18, +.49%) is promising investors a sleeker, AI‑age version of itself by 2028, aiming to lift profits by as much as 60% while quietly admitting that the road there runs through a restructuring zone. Nokia today announced it has been selected by KPN, a Dutch telecommunications company, to help transform the Netherlands’ core digital infrastructure through the deployment of an 800G-capable IP and optical network. This nationwide initiative, known as FabriQ, forms the ‘digital aorta’ for all fixed and mobile services delivered by KPN to millions of consumer, business and wholesale users across a range of enterprise sectors, supporting increased speed, greater resilience and supporting KPN’s focus on reduced energy use. KPN is the leading telecom provider in the Netherlands, offering mobile, fixed-line, IT and wholesale services. The company has been rapidly expanding its fiber-optic network, aiming to make high-speed broadband widely available across the Netherlands.

Opendoor Technologies Inc. (OPEN, $7.41, +5.11%) a digital red estate disruptor, jumped higher once again as the belief that interest rates would be cut in December rose significantly.

DoubleVerify Holdings Inc. (DV) closed at $10.94). DoubleVerify Holdings is a software company that helps advertisers verify and improve the quality and performance of their digital ads across the web, apps, social platforms, and connected TV. DoubleVerify provides a digital media measurement and analytics platform that checks whether ads are viewable, shown to real people (not bots), served in brand‑safe environments, and delivered in the right geography. Its tools give advertisers independent, third‑party data so they can reduce ad fraud, avoid unsafe content, and get better return on their digital ad spend. DoubleVerify primarily earns revenue by charging advertisers, agencies, and platforms based on the volume of media it measures (such as impressions or transactions). Its technology is integrated with major ad platforms and programmatic exchanges, and is used globally by brands, marketplaces, and publishers to monitor and optimize campaigns.

A new heavyweight in weight loss

Market that keeps expanding

Pipeline as a product line

Novo, meet your new normal

Structure Enters The GLP-Game!

The $650 million war chest

The Sources…

The punchline in the payout

Buybacks with extra voltage

Cash flow as the straight man

From spin‑off to staple

Major indexes

Macro and Fed

Big tech and AI complex

Pharma, industrials and cyclicals

Software, semis and communications

Palantir, OKLO, Opendoor and high‑beta plays

Deals, IPOs and M&A

Tariffs, shutdown and policy risk

Gold, silver, oil and bitcoin

Vista Partners Watchlist Updates

Sources

A small-cap with big-science ambitions

Enter the global vaccine heavyweights

Strategy: design vaccines for the hardest patients

Oncology: turning vaccine know-how on cancer

The punchline for investors

The Sources

Attention goes short-form

From viewability to “did anyone care?”

Creative fatigue meets quant finance

Social, CTV and the attention land grab

Can the market stay focused?

The Sources

Beijing’s magnets and Washington’s nerves

The jet company that wants your magnets

Enter gallium, stage left

A tale of two models

Markets, meet industrial policy

The Sources

A trillion here, a trillion there

From launch company to space utility

The new centicorn problem

Bankers, meet rocket science

Musk, the market, and the fine print

The Sources

Reg Momentum Continues

Dual-Target Science Meets Pipeline Math

The VC’s Investing

Complex Manufacturing

Unfazed

The Sum

The Sources

What is actually rising?

Data and Fed expectations

Positioning ahead of the Fed meeting

How this feeds through to “rates”

The Sources

Indexes and macro tone

Fed, shutdown and tariffs

Commodities and crypto

Big‑cap tech and AI leaders

Platform, software and data names

Autos, industrials and legacy tech

Healthcare and energy transition

Nuclear, housing and other stories

Dealmaking, M&A and IPOs

Vista Partners Watchlist Updates

Sources

Your Guide To Staying Informed In The Markets