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

Eupraxia’s Latest Raise: A Diffusphere-Fueled War Chest Aims at GI Disease -( $EPRX $IBB $XBI $SNY)

In a market that has grown wary of “story stocks,” Eupraxia Pharmaceuticals (NASDAQ: EPRX) just delivered something refreshingly old-fashioned: a fully closed, upsized equity offering that actually funds a clinical plan rather than a marketing slogan. The clinical‑stage biotech, which trades on both Nasdaq and the TSX under the ticker EPRX, has now secured more than US$60 million in fresh capital through a mix of common shares and pre‑funded warrants, with underwriters exercising their option in full.

At the center of the story is the company’s proprietary Diffusphere technology, an extended‑release delivery platform designed to localize drugs where they are needed most and keep them there at controlled levels. In an era when payors scrutinize every incremental benefit, a platform built around tissue‑targeted, durable exposure is the sort of “boring but beautiful” engineering that often ages better than the latest mechanism‑of‑the‑month.

The Deal: A Fully Subscribed Check, Not a Science Project

Eupraxia’s latest financing comes in the form of a U.S. and Canadian public offering of common shares and pre‑funded warrants, priced at US$7.00 per share and just under that for the warrants, which carry only a nominal residual exercise price. With underwriters taking up their over‑allotment option, gross proceeds tally to roughly US$63 million before fees and expenses, pushing the raise comfortably above the headline US$55 million originally signaled at pricing.

The structure is familiar to seasoned life‑science investors: all newly issued securities, no insider secondary component, and a standard 30‑day underwriters’ option to purchase additional shares. For existing shareholders, dilution is part of the package, but so is a materially strengthened balance sheet that management believes can carry the company through multiple value‑defining clinical and regulatory milestones over the next several years.

Where the Money Goes: Eosinophilic Esophagitis and Beyond

The lead destination for the new capital is EP‑104GI, Eupraxia’s flagship program for eosinophilic esophagitis (EoE), a chronic inflammatory condition that has moved from medical curiosity to recognized unmet need as diagnosis and awareness have improved. Management plans to use proceeds to complete ongoing preclinical work, advance Phase 2 studies, prepare a pivotal Phase 3 program, and scale manufacturing to match the ambitions of a potential commercial launch.

Importantly, the company is not stopping at a single indication; a portion of the funds is earmarked to broaden EP‑104GI into additional gastrointestinal targets, including esophageal strictures and fibrostenotic Crohn’s disease, along with new pipeline candidates that could ride the same delivery backbone. Layer in budget for business development, corporate infrastructure, intellectual‑property expansion, and the decidedly non‑glamorous line items of salaries and leases, and the raise reads less like a one‑off lifeline and more like a multi‑year operating plan.

Diffusphere’s Appeal: Local Control in a Systemic World

What keeps investors leaning into serial financings from a small Canadian biotech is not a single asset but the underlying proposition of Diffusphere itself. The platform is engineered to deliver prolonged, controlled exposure of therapeutics directly to diseased tissue, with the goal of improving efficacy and tolerability by limiting systemic spillover. In gastrointestinal disease, where anatomy, motility, and pH gradients conspire against conventional delivery, a system that can “park” drug where pathology lives has intuitive appeal.

That engineering‑first value proposition helps explain why the latest deal drew strong participation from specialized life‑science investors, who are betting that a scalable delivery chassis plus expanding indications can compound over time. It also sets a high bar: investors will now look for clean execution on upcoming clinical readouts and a clear path from elegant pharmacology to reimbursable products in markets that increasingly demand hard health‑economic data.

Investors’ Next Question: Can Execution Match the Capital?

With fresh capital in the bank and guidance that the balance sheet should now reach well into the second half of the decade, Eupraxia has effectively bought itself time—and scrutiny. The company’s history of returning to equity markets to fund EP‑104GI and its broader pipeline makes strategic sense in a data‑driven industry, but it also concentrates attention on whether each successive round translates into proportionate clinical and regulatory progress.

For now, the market has delivered its verdict on the latest chapter: underwriting demand was sufficient to close the deal on schedule, validate the valuation, and hand management the means to pursue its ambitions in EoE and beyond. The next verdict will come not from bankers, but from trial sites, regulators, and ultimately patients—an audience that tends to be far less forgiving but, when convinced, considerably more rewarding.

The Sources

[1] Eupraxia Pharmaceuticals Announces Closing of US$63.2 Million Public Offering Including Full Exercise of Underwriter Option https://finance.yahoo.com/news/eupraxia-pharmaceuticals-announces-closing-us-201000167.html
[2] Eupraxia Pharmaceuticals Raises $55 Million: Public Offering to… https://marketchameleon.com/articles/b/2026/2/19/eupraxia-pharmaceuticals-raises-55-million-public-offering-accelerates-clinical-development-pipeline-expansion
[3] Eupraxia Pharmaceuticals https://eupraxiapharma.com
[4] Eupraxia Prices $55 Mln Offering To Advance Diffusphere Pipeline https://www.nasdaq.com/articles/eupraxia-prices-55-mln-offering-advance-diffusphere-pipeline
[5] Eupraxia Pharmaceuticals https://eupraxiapharmaceuticals.com
[6] Eupraxia Pharmaceuticals Announces Closing of US$80.5 Million … https://www.turkmenistanbusinessjournal.com/article/852059924-eupraxia-pharmaceuticals-announces-closing-of-us-80-5-million-public-offering-including-full-exercise-of-underwriter-option
[7] Eupraxia Pharmaceuticals Announces Pricing of US$55 Million … https://www.theglobeandmail.com/investing/markets/stocks/EPRX-T/pressreleases/296766/eupraxia-pharmaceuticals-announces-pricing-of-us55-million-public-offering-of-common-shares-and-pre-funded-warrants/
[8] Eupraxia Pharmaceuticals prices $55 million public offering https://www.investing.com/news/company-news/eupraxia-pharmaceuticals-prices-55-million-public-offering-93CH-4512681
[9] Eupraxia Pharmaceuticals Announces Proposed Public Offering https://www.stocktitan.net/news/EPRX/eupraxia-pharmaceuticals-announces-proposed-public-rv5gk8fa7wdy.html
[10] 0001171843-25-002740.txt https://www.sec.gov/Archives/edgar/data/1581178/000117184325002740/0001171843-25-002740.txt
[11] EUPRAXIA PHARMACEUTICALS INC. https://www.otcmarkets.com/filing/conv_pdf?id=18807589&guid=Mfb-knujO0d7B3h
[12] EUPRAXIA PHARMACEUTICALS INC. (Form – EDGAR Online https://content.edgar-online.com/ExternalLink/EDGAR/0001193125-24-010178.html?hash=ac0d25ba8fd86e27458f5859c6730592b86d3e6234ae1beb943364004ba5dd54&dest=d491327dex41_htm
[13] Eupraxia Pharmaceuticals Announces Pricing of US$55 Million … https://www.biospace.com/press-releases/eupraxia-pharmaceuticals-announces-pricing-of-us-55-million-public-offering-of-common-shares-and-pre-funded-warrants
[14] SUPPL – SEC.gov https://www.sec.gov/Archives/edgar/data/1581178/000119312525213255/d23895dsuppl.htm
[15] [PDF] EUPRAXIA PHARMACEUTICALS INC. – OTC Markets https://www.otcmarkets.com/filing/conv_pdf?id=18442058&guid=kmZ-kKBJJmwyvOh

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

February 20, 2026- Tariffs, Tantrums, and a 1.1% Gain: Wall Street’s Surprisingly Chill Week -( $EPRX $NOK $NVDA $OPEN Rise!)

US stocks finished the holiday‑shortened week ended Friday, February 20, 2026 higher, as a landmark Supreme Court decision scrapping President Trump’s emergency “Liberation Day” tariffs overshadowed softer growth data and firmer inflation readings.finance.

Index performance

S&P 500: up about 0.7% on Friday and roughly 1.1% for the week, leaving the index modestly positive year‑to‑date.
Nasdaq Composite: gained around 0.9% on Friday and about 1.5% over the week, again leading the major benchmarks as growth and tech shares outperformed.
Dow Jones Industrial Average: rose roughly 0.2–0.5% on Friday and about 0.25–0.3% for the week, lagging the tech‑heavy Nasdaq but still closing in the green.
The Russell 2000 small caps index lovely slightly .05% lower over the last 5-days.

A broad swath of trade‑sensitive and globally exposed names moved higher into the close, with transportation shares briefly up more than 1.5% at their intraday peak and several consumer and industrial stocks adding around 2%.

Macro data and Fed implications

The data backdrop was more mixed. Fourth‑quarter 2025 US GDP was revised down to about 1.4% annualized, a clear step down from roughly 4.4% in the prior quarter and below consensus, underscoring a noticeable loss of momentum as the economy exited last year. At the same time, the Fed’s preferred inflation gauge, core PCE for December, came in hotter than expected on both a monthly and yearly basis, reinforcing the message that disinflation is progressing but uneven and complicating the timing and size of potential 2026 rate cuts.

Investors also tracked signs of stress in parts of private credit after a high‑profile fund suspended withdrawals, renewing debate over pockets of leverage tied to software names under pressure from AI‑driven disruption. Even so, equity volatility remained contained and risk appetite improved as the policy news on tariffs shifted from open‑ended escalation toward somewhat clearer, if still evolving, guardrails.finance.

Supreme Court ruling on tariffs

The central driver of Friday’s rally was the Supreme Court’s 6–3 ruling that President Trump exceeded his authority under the International Emergency Economic Powers Act (IEEPA) when he used emergency powers to impose sweeping, near‑global “Liberation Day” tariffs. The decision invalidates that emergency‑based framework and opens the door for companies to seek refunds on some levies already paid, an amount that could reach well into the hundreds of billions of dollars over time..

Markets welcomed the ruling as a reduction in the most unpredictable piece of the recent trade regime, especially for import‑heavy sectors such as retail, autos, industrials, and select technology hardware. Trade‑sensitive shares, including major manufacturers and consumer brands, climbed on the session as investors priced in potentially lower effective tariff costs and improved visibility on cross‑border supply chains. The decision also weighed modestly on the dollar and nudged Treasury yields higher, consistent with a “risk‑on” response and a reassessment of growth prospects if trade frictions ease at the margin.

What comes after “Liberation Day” tariffs

Even as the Court curtailed his use of IEEPA for broad, peacetime tariffs, President Trump moved quickly to signal a “Plan B.” In remarks Friday, he said he has ordered a new 10% “global tariff” on imports under different statutory authority, on top of existing duties, and administration officials reiterated that they will lean on other trade laws, including national‑security and unfair‑trade statutes, to preserve as much of the tariff structure as possible.

Crucially, the ruling does not touch tariffs imposed under Section 232 and other established tools, which still apply to a wide range of products—from metals and certain industrial inputs to some higher‑end technology components—so meaningful cost pressures remain for specific supply chains. For markets, that nuance matters: the immediate takeaway is relief from the broadest, most discretionary measures, but not a wholesale rollback of protectionism, leaving investors to game out the practical scope and timing of any new 10% blanket tariff and the likely responses of key trading partners.

Sector and market tone

Sector performance reflected this balance of relief and caution. Tech and growth stocks led gains on the week, helped by the view that a less chaotic tariff regime supports global hardware demand and AI‑related capex, even as some components remain under legacy duties. Transport, retail, and selected industrial names rallied on the prospect of easing import costs and more predictable trade rules, while more defensive, rate‑sensitive areas such as utilities and real estate lagged amid slightly higher yields and a firmer risk tone.

Overall, the week ended with a somewhat unusual mix: growth decelerating, inflation still sticky, parts of private credit flashing stress, but equities advancing as a single, highly visible policy overhang—the emergency tariff architecture—was at least partially resolved and replaced with a more conventional, if still contentious, trade policy debate.

VP Watchlist Updates

Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.

Eupraxia Pharmaceuticals (EPRX)

Eupraxia Pharmaceuticals Inc. (“Eupraxia” or the “Company”), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, is pleased to announce the successful closing of its previously announced public offering (the “Offering”) of 7,607,145 common shares of the Company (the “Common Shares”), which includes the full exercise of the option to purchase additional shares granted to the underwriters, at a price to the public of US$7.00 per Common Share, and pre-funded warrants to purchase up to 1,428,571 Common Shares in lieu thereof (the “Pre-Funded Warrants”) at a price of US$6.99999 per Pre-Funded Warrant, which equals the public offering price per Common Share less the C$0.000001 per share exercise price of each Pre-Funded Warrant, for gross proceeds of approximately US$63.2 million, before deducting the underwriting commissions and estimated expenses incurred in connection with the Offering.“We are pleased to complete this financing, allowing us to significantly expand our pipeline, reach several additional development milestones with EP-104GI for eosinophilic esophagitis, and make meaningful progress towards commercial readiness,” said James Helliwell, CEO of Eupraxia. “We appreciate the support from both existing and new investors as we execute our mission and pursue the next phase of growth for Eupraxia.” Cantor and LifeSci Capital acted as joint book-running managers for the Offering. Bloom Burton and Craig-Hallum also acted as co-managers for the Offering. As previously stated, the Company intends to use the net proceeds from the Offering primarily for the continued advancement of EP-104GI for Eosinophilic Esophagitis, including the completion of ongoing preclinical studies, and Phase 2 clinical trials, preparations for a Phase 3 clinical trial including the related regulatory submissions, and manufacturing activities, and to undertake the necessary commercial/market development activities to prepare for the eventual product launch. The Company also intends to use a portion of the proceeds to accelerate and expand its plans to pursue clinical studies with EP-104GI in multiple additional gastrointestinal indications, including in esophageal strictures and fibrostenotic Crohn’s disease. A portion of the proceeds will be allocated to research and development of additional pipeline candidates, business development initiatives, and general corporate purposes, which may include but are not limited to employee salaries, working capital, leases for facilities, administrative expenses, and capital expenditures. The Company may also use a portion of the proceeds to expand its intellectual property portfolio and strengthen its corporate infrastructure to support future growth.

Modular Medical (MODD)

Closed at $.4922, up +10.11% over the last 5-days. Has been trading as a diabetes‑tech name, with shares reacting to execution milestones around its Pivot tubeless patch pump platform.Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.

FIGS, Inc. (FIGS)

FIGS, the direct‑to‑consumer healthcare apparel brand, operates at the intersection of e‑commerce and specialty retail, with a loyal professional customer base and a growing product portfolio. While macro headwinds and digital‑ad volatility have pressured some consumer names, FIGS’ brand equity in the medical community and ongoing product innovation offer levers for renewed growth as conditions normalize.

GeoVax Labs (GOVX)

GeoVax announced on Wednesday, Feb. 18 that it has entered into an exclusive worldwide license agreement with Emory University for intellectual property covering the use of Gedeptin(R) in combination with immune checkpoint inhibitors (ICIs).
On February 17, GOVX issued a statement endorsing the urgent call to action articulated by Rosamund Lewis, MD (WHO Head, Poxviruses Programme) and colleagues in their recently published PLOS Medicine article, “The mpox epidemic is not over: Reducing disproportionate burden in Africa and persistent global risk require a sustained response.” (https://journals.plos.org/plosmedicine/article/file?id=10.1371/journal.pmed.1004893&type=printable)
Shares can gap sharply on any trial or regulatory update, positive or negative.

DoubleVerify (DV)

DV traded in the context of that modest risk‑off tone closing at $9.59; no major company‑specific headline surfaced in the reviewed sources.
DoubleVerify continues to benefit from secular tailwinds in digital ad verification and brand safety as advertisers prioritize measurable, fraud‑free impressions across social, CTV, and open web channels. In an environment where macro uncertainty still pressures marketing budgets, DV’s performance‑oriented value proposition and recurring‑revenue profile keep it well positioned within the ad‑tech stack.

The InterGroup Corporation (INTG)

The InterGroup Corporation, a small‑cap real estate and hospitality‑focused holding company, and closed at $27.75 on Friday. Recent filings and commentary highlight that results for the quarter ended December 31, 2025, benefited from improved hotel metrics and gains on real estate transactions, even as the company continues to carry substantial mortgage and subordinated note obligations. With a market capitalization in the low‑$60 million range and thin trading, INTG remains a tightly held, event‑driven real estate story where periodic asset sales and refinancing activity can materially influence quarterly earnings.

Serina Therapeutics (SER, $1.62)

Serina Therapeutics, a clinical-stage biotechnology company advancing drug candidates enabled by its proprietary POZ Platform™ drug optimization technology, announced (Feb. 19) that the first patient has been enrolled in the Company’s Phase 1b registrational trial evaluating. The Phase 1b registrational study is designed to evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of SER-252 in patients with advanced Parkinson’s disease whose symptoms are inadequately controlled by current standard-of-care therapies. Serina remains on track to initiate dosing during the current quarter, consistent with previously disclosed guidance.

Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)

Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.

NVIDIA (NVDA)

NVDA closed near $189.82, +1.54% over the last 5-days.
Nvidia stays at the center of the AI trade as hyperscale and enterprise demand for accelerated computing remains robust, even as some of its high‑end H‑series chips remain subject to legacy Section 232 tariff structures. The Supreme Court decision removes one layer of tariff uncertainty, and while new trade measures could emerge, the company’s strong pricing power and product cycle momentum continue to underpin the bull case.

McDonald’s (MCD)

Closed at $329.23. Options data around the February 2026 expiries highlight active positioning near the 300–305 strike range, consistent with expectations for steady but not explosive upside from here.
McDonald’s continues to showcase defensive attributes with a combination of resilient traffic, disciplined pricing, and an increasingly digital‑first operating model. In a world of uneven growth and sticky services inflation, the brand’s value positioning and global scale keep it a core holding for many income and quality‑growth investors.

Nokia (NOK)

Nokia closed at $7.77, +11.48% over the last 5-day and remains a value‑tilted telecom and network‑equipment play that is trading more with global cyclical and communications hardware sentiment than with high‑beta tech, and it did not appear as a major driver in today’s U.S.‑centric headlines.

Opendoor (OPEN)

Opendoor Technologies, a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2025. They highlighted the following: October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23%.
Opendoor continues to navigate a challenging housing backdrop characterized by still‑elevated mortgage rates and tight existing‑home inventories, which weigh on transaction volumes even as affordability slowly improves. The company’s focus on disciplined acquisition spreads, inventory turns, and ancillary services remains central to the investment debate as markets handicap the pace and magnitude of any 2026 housing recovery.
OPEN shares closed at $5, +14.16% over the last 5-days.

The Sources

Yahoo Finance – “Dow, S&P 500, Nasdaq jump to post weekly gains as Supreme Court strikes down Trump tariffs”
https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-jump-to-post-weekly-gains-as-supreme-court-strikes-down-trump-tariffs-210043602.html[ca.finance.yahoo]
Yahoo Finance (UK/CA mirrors of same coverage)
https://uk.finance.yahoo.com/news/stock-market-today-dow-sp-500-nasdaq-jump-to-post-weekly-gains-as-supreme-court-strikes-down-trump-tariffs
https://ca.finance.yahoo.com/news/stock-market-today-dow-sp-500-nasdaq-jump-to-post-weekly-gains-as-supreme-court-strikes-down-trump-tariffs-000111638.htmlfinance.yahoo+1
Investopedia – “Markets News, Feb. 20, 2026: Stocks Rise After Supreme Court …”
https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-02202026-11910464[investopedia]
Reuters – “Wall Street ends higher after Supreme Court rules against Trump tariffs”
https://www.reuters.com/business/us-stock-futures-muted-ahead-economic-data-2026-02-20/[reuters]
Nasdaq – “S&P 500 Gains 0.7% As Supreme Court Strikes Down Tariffs”
https://www.nasdaq.com/articles/stock-market-today-feb-20-sp-500-gains-07-supreme-court-strikes-down-tariffs[nasdaq]
Nasdaq – “Stock Market News for Feb 20, 2026”
https://www.nasdaq.com/articles/stock-market-news-feb-20-2026[nasdaq]
Zacks – “Stock Market News for Feb 20, 2026”
https://www.zacks.com/stock/news/2872566/stock-market-news-for-feb-20-2026[zacks]
Fox 32 Chicago – “US stocks remain relatively calm after Supreme Court strikes down Trump’s tariffs”
https://www.fox32chicago.com/news/us-stocks-remain-relatively-calm-after-supreme-court-strikes-down-trumps-tariffs[fox32chicago]
Supreme Court / legal coverage – SCOTUSblog “Supreme Court strikes down tariffs”
https://www.scotusblog.com/2026/02/supreme-court-strikes-down-tariffs/[scotusblog]
GBH News – “Supreme Court strikes down Trump’s sweeping tariffs, upending central plank of economic agenda”
https://www.wgbh.org/news/national/2026-02-20/supreme-court-strikes-down-trumps-sweeping-tariffs-upending-central-plank-of-economic-agenda[wgbh]
Finance & Commerce – “U.S. Supreme Court strikes down Trump’s global tariffs”
https://finance-commerce.com/2026/02/supreme-court-blocks-trump-ieepa-tariffs/[finance-commerce]
Wall Street Journal Live Coverage – “Trump Says He Will Impose 10% Tariff Under Different Authority”
https://www.wsj.com/livecoverage/stock-market-today-us-gdp-report-02-20-26[wsj]
Forbes – “Markets Rise After Supreme Court Strikes Down Tariffs”
https://www.forbes.com/sites/martinadilicosa/2026/02/20/markets-rise-after-supreme-court-strikes-down-tariffs/[forbes]
Yahoo Finance – “Trump says he’s enacted a 10% global tariff by executive order”
https://ca.finance.yahoo.com/news/latest-supreme-court-strikes-down-153617294.html[ca.finance.yahoo]

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

Healthcare’s Favorite Scrub Maker Is Quietly Stitching a Bigger Future for FIGS

FIGS, Inc. (NYSE: FIGS) has built a rare position in retail: a founder-led, direct-to-consumer brand that is simultaneously fashion-forward and mission-driven, with a loyal base of healthcare professionals who treat their scrubs almost like a uniformed fan club. The company designs technically advanced apparel that blends comfort, durability, function and style, and it increasingly wraps that product around a lifestyle and community narrative rather than a simple transaction.

That strategy matters as FIGS heads into its next earnings catalyst, with the company set to release fourth quarter and full-year 2025 results on February 26, 2026, followed by a conference call and webcast that will update investors on its growth and margin trajectory.

Earnings on Deck: A Scrub Check for the Business

FIGS plans to report its Q4 and full-year 2025 results after the U.S. market close on February 26, 2026, with management hosting an earnings call the same afternoon at 2:00 p.m. PT / 5:00 p.m. ET. Ahead of the call, the company will post a financial highlights presentation on its investor relations site, a now-standard practice that gives investors a structured look at key metrics, margins and strategic priorities.

Recent commentary around its 2025 trajectory has emphasized healthy gross margins approaching 70%, disciplined promotional activity, and operating leverage as the company laps prior-year investments in SG&A. Management has also pointed to improving trends in new customer acquisition and average order value, supported by product mix refinement and more efficient returns and logistics operations.

From Scrubs to Spotlight: FIGS Steps Onto the Olympic Stage

If you want a tell on where FIGS sees its brand going, consider its latest headline partnerships rather than its SKU count. The company recently announced a collaboration with skiing legend Lindsey Vonn tied to her ultimate comeback at the 2026 Milano Cortina Winter Olympics, extending FIGS’ reach from emergency rooms to the Olympic arena. In parallel, FIGS has become the first-ever brand to outfit the Team USA Medical Team at an Olympic and Paralympic Winter Games, putting its healthcare-first identity literally on the global stage.

These moves do more than sell scrubs; they signal a deliberate push to anchor FIGS as the default uniform for elite caregivers, whether in hospitals or high-performance sports environments. For a brand that trades on trust, utility and community, aligning with the medical professionals behind Team USA offers credibility that no billboard could match, while Lindsey Vonn’s comeback narrative mirrors the resilience of the company’s core customer base.

Community, TEAMS and Hubs: Infrastructure Behind the Brand Glow

Beneath the headline partnerships, FIGS has been investing in infrastructure that aims to turn episodic demand into durable, system-level relationships. The company’s TEAMS platform targets institutional buyers and healthcare systems, designed to capture legacy uniform programs and nudge them toward modern, customizable solutions. Management has been adding talent to nurture existing institutional relationships and cultivate new ones, while deploying updated technology to make ordering and customization more seamless.

At the same time, FIGS has been rolling out Community Hubs, physical touchpoints that support brand storytelling, product discovery and deeper engagement with healthcare professionals. Capital expenditures have included investments in three new hubs, which the company sees as a foundation for long-term growth, international expansion and a broader lifestyle positioning around healthcare workers.

The Investment Angle: A Brand in “Healthy Condition”

For investors, FIGS’ recent press flow sketches the outline of a company moving from category disruptor to category standard-bearer. The upcoming Q4 and full-year 2025 earnings release will update the scorecard on net revenue growth, adjusted EBITDA margins and cash deployment after a year of tighter promotions and operational optimization. Meanwhile, partnerships with Lindsey Vonn and the Team USA Medical Team suggest a brand that is increasingly comfortable competing for cultural mindshare, not just closet space.

It’s a combination that, if executed well, could leave FIGS with what many retailers covet but few achieve: a high-margin, direct-to-consumer engine wrapped around a community that proudly wears the logo to work every day. In Wall Street terms, FIGS is effectively trying to prove that “premium” and “practical” can coexist on the same income statement—and, judging by its latest moves, it seems determined to keep those numbers, and those scrubs, neatly pressed.

The Sources

[1] FIGS Announces Date of Fourth Quarter and Full Year 2025 … https://www.barchart.com/story/news/57040/figs-announces-date-of-fourth-quarter-and-full-year-2025-earnings-release-conference-call-and-webcast
[2] FIGS Announces Date of Fourth Quarter and Full Year 2025 … https://www.businesswire.com/news/home/20260205963664/en/FIGS-Announces-Date-of-Fourth-Quarter-and-Full-Year-2025-Earnings-Release-Conference-Call-and-Webcast
[3] FIGS Fourth Quarter Fiscal 2025 Earnings Conference Call https://ir.wearfigs.com/events-and-presentations/event-details/2026/FIGS-Fourth-Quarter-Fiscal-2025-Earnings-Conference-Call/default.aspx
[4] Quarterly Results – Financials – FIGS, Inc. https://ir.wearfigs.com/financials/quarterly-results/default.aspx
[5] [PDF] FIGS, Inc. (FIGS) https://s202.q4cdn.com/315845995/files/doc_financials/2025/q3/FIGS-3Q25-Transcript.pdf
[6] News – FIGS, Inc. https://ir.wearfigs.com/news/default.aspx
[7] FIGS, Inc. – Investor Relations https://ir.wearfigs.com/overview/default.aspx
[8] FIGS, Inc. (FIGS) Latest Press Releases & Corporate News https://finance.yahoo.com/quote/FIGS/press-releases/
[9] FIGS Inc. published an update to their financial calendar https://www.itiger.com/news/2609281581
[10] FIGS Announces Date of Fourth Quarter and Full Year 2025 … https://ir.wearfigs.com/news/news-details/2026/FIGS-Announces-Date-of-Fourth-Quarter-and-Full-Year-2025-Earnings-Release-Conference-Call-and-Webcast/default.aspx
[11] FIGS, Inc. Class A Common Stock (FIGS) Press Releases | Nasdaq https://www.nasdaq.com/market-activity/stocks/figs/press-releases
[12] FIGS Releases Fourth Quarter and Full Year 2021 Financial Results https://www.sec.gov/Archives/edgar/data/1846576/000095017022003127/figs-ex99_1.htm
[13] Stock Info https://ir.wearfigs.com/stock-info/default.aspx
[14] FIGS insider plans sale of 22,690 Class A shares | FIGS SEC Filing https://www.stocktitan.net/sec-filings/FIGS/144-figs-inc-sec-filing-753cef15bad1.html
[15] FIGS Announces Date of Fourth Quarter and Full Year 2025 … https://finance.yahoo.com/news/figs-announces-date-fourth-quarter-210500173.html

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

Earnings, Algorithms, PCE and Iran: What Could Possibly Go Wrong? -( $DIA $QQQ $SPY $VIX )

Wall Street closed Thursday walking a now-familiar tightrope: cheering resilient earnings and AI-fueled innovation while eyeing rising US-Iran tensions and a looming inflation check that could jostle the Federal Reserve’s carefully choreographed exit from peak rates.

Futures Lean Green As Geopolitics Heat Up

US stock futures tilted higher late Thursday, hinting at a tentative rebound after a choppy cash session that saw major indexes wobble under the weight of higher oil and headline risk out of the Middle East. The setup captures a market increasingly conditioned to price in geopolitical flare-ups without abandoning its core belief that the US economy remains sturdy enough to weather higher-for-longer rates.

S&P 500 futures edged up as traders weighed a modest weekly gain against elevated volatility in single stocks.
Nasdaq futures firmed, positioning the tech-heavy benchmark to extend an early effort to break a five-week losing streak.
Dow futures also ticked higher, signaling a steadier open after recent swings tied to heavyweight components’ earnings.

One could say the market has adopted a new routine: read the headlines, glance at oil, then go back to debating AI valuations.

Oil Near Six-Month High, Inflation Gauge Ahead

Energy markets told a more anxious story, with crude hovering near six-month highs as investors digested reports of the largest US military buildup in the Middle East since the early 2000s and a ticking deadline from President Donald Trump for negotiations with Iran. Brent traded near 72 dollars a barrel and West Texas Intermediate hovered around 67 dollars, levels that quietly reinsert an energy risk premium into inflation and growth forecasts.

The timing is delicate.

On Friday, investors will parse the Personal Consumption Expenditures index, the Fed’s preferred inflation gauge, for signs that price pressures are cooling convincingly enough to keep rate-cut hopes alive later this year.
A fresh uptick tied to energy could complicate that narrative, especially with the 10-year Treasury yield still anchored above 4 percent as markets debate how far the Fed can go in easing without reigniting inflation.

For the central bank, the combination of resilient demand, firm labor markets, and pricier oil is the monetary-policy equivalent of being asked to juggle while reading the fine print.

Earnings Season: Less Euphoria, More Cross-Examination

Beneath the macro noise, Wall Street is grinding through the final innings of a contentious earnings season defined less by broad disappointment and more by a ruthless repricing of tech and AI expectations. Investors have punished companies seen as vulnerable to AI disruption even when headline results beat estimates, a pattern that has hit industries as diverse as software, legal services, and online travel.

Some legacy platforms in travel and e-commerce have watched their shares sell off despite solid profits, as markets fret over AI-enabled competitors that promise sleeker user experiences and lower costs.
Other tech names at the center of the AI buildout have faced a different challenge: living up not only to lofty earnings expectations but also to storylines that priced in years of flawless execution.

The result is a market that still believes in AI’s long-term potential but is no longer willing to pay science-fiction multiples for business plans that read like early-stage screenplays.

Consumers, Big-Box Retail, and the Quiet Strength of the US Economy

If investors are searching for a real-time pulse of the US consumer, big-box retailers have again become must-read earnings reports. Recent results from a leading retail giant showed solid performance for the prior fiscal year but a more cautious profit outlook, reflecting shoppers who remain willing to spend but are increasingly price-sensitive and selective.

The labor market, while cooling from peak tightness, continues to show resilience, with jobless claims signaling that layoffs are not spiraling.
That backdrop supports steady consumer demand even as higher borrowing costs pinch parts of the economy from housing to small-business lending.

For now, Main Street appears to be doing its part in keeping the expansion alive, even if it occasionally trades name brands for store labels.

Markets at the Crossroads: Risk Premium Meets AI Premium

Taken together, Thursday’s setup leaves investors juggling two competing premiums: one tied to geopolitical and energy risk, the other to the still-powerful promise of AI-driven productivity. The S&P 500 is on track for a modest weekly gain, while the Nasdaq is trying to snap its losing streak, suggesting that, for all the angst, money has not yet abandoned the growth story.

The path forward may hinge on three questions:

Does the US-Iran standoff escalate into a sustained oil shock or fade into the background as prior flare-ups have?
Does PCE inflation cooperate enough to give the Fed room to ease without spooking bond markets?
Do AI leaders and would-be disruptors prove their earnings power at a pace that justifies their valuations rather than merely their narratives?

For now, Wall Street seems content to keep both hands on the wheel: one eye on crude, one eye on chip stocks, and a healthy respect for the notion that markets, like diplomats, can only ignore rising tension for so long.

The Sources

[1] Stock market today: Dow, S&P 500, Nasdaq futures rise as US-Iran … https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-futures-rise-as-us-iran-tensions-rise-pce-inflation-looms-000113842.html
[2] Yahoo Finance – Stock Market Live, Quotes, Business & Finance News https://finance.yahoo.com
[3] Stock market today: Dow, S&P 500, Nasdaq futures rise as US-Iran … https://sg.finance.yahoo.com/news/stock-market-today-dow-sp-500-nasdaq-futures-rise-as-us-iran-tensions-rise-pce-inflation-looms-000113842.html
[4] Dow, S&P 500, Nasdaq futures steady as US-Iran tensions rise, PCE … https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-futures-steady-as-us-iran-tensions-rise-pce-inflation-looms-000113385.html
[5] Economic News and Analysis – Yahoo Finance https://finance.yahoo.com/topic/economic-news/
[6] US stock indexes drift lower as Walmart swings and oil prices rise https://www.wdrb.com/news/national/us-stocks-slip-as-oil-prices-rise-on-worries-about-a-potential-us-iran-conflict/article_c6c30cc3-149f-54bd-8aaa-31768f9c898e.html
[7] S&P 500 Price, Real-time Quote & News – Google Finance https://www.google.com/finance/quote/.INX:INDEXSP?hl=en
[8] S&P 500 (^GSPC) Charts, Data & News – Yahoo Finance https://finance.yahoo.com/quote/%5EGSPC/
[9] US stocks fall as oil prices climb again on worries about a potential … https://www.piquenewsmagazine.com/the-mix/us-stocks-fall-as-oil-prices-climb-again-on-worries-about-a-potential-us-iran-conflict-11897901

by John F. Heerdink, Jr. February 19, 2026

February 19, 2026- Soft Landing, Hard Reality: What Today’s Sell‑Off Is Whispering to Patient Investors -( $DV $INTG $MODD $MTWO $NOK $OPEN $SER $VIX Rise!)

U.S. stocks traded lower on Thursday, with major indexes pulling back after recent gains as investors digested Walmart earnings, a heavy data calendar, and still‑hawkish Fed signals.

Indexes and macro

The Dow Jones Industrial Average fell about 0.54% to roughly 49,395.16, while the S&P 500 slipped around 0.28% to about 6,861.80, and the Nasdaq Composite lost about 0.31% to near 22,682.73.
The move marked a pause after a multi‑day advance that had kept the S&P 500 within reach of recent record highs, with traders framing today’s action as a modest risk‑off reset rather than a sharp reversal.
Weekly jobless claims fell versus the prior week, and the Philadelphia Fed manufacturing index improved to 16.3 from 12.6, reinforcing the picture of a still‑resilient economy even as trade data weakened.
Freshly released FOMC minutes showed the Fed maintaining its target range at 3.5%–3.75% and stressing that inflation remains “somewhat elevated,” which helped cap risk appetite and kept rate‑cut hopes in check.

Themes and sectors

Rising oil and broader commodity prices put a bid under energy and materials, while more rate‑sensitive and growth‑oriented pockets gave back some of their recent outperformance.
Walmart’s earnings dominated the corporate tape, with results and guidance feeding into a cautious tone on the consumer and margins, adding to today’s equity consolidation.
Volatility represented by the VIX moved higher by 3.11% to $20.23.

VP Watchlist Updates

Eupraxia Pharmaceuticals (EPRX)

Eupraxia closed at $8.12 and priced a US$55 million public offering of 6.43 million common shares at 7.00 and pre‑funded warrants at 6.99999, with closing expected tomorrow, February 20, pending customary conditions and listings. Proceeds are earmarked to advance EP‑104GI in eosinophilic esophagitis and other GI indications and to expand the Diffusphere pipeline.

Modular Medical (MODD)

Closed at $.5091, +12.86% Has been trading as a diabetes‑tech name, with shares reacting to execution milestones around its Pivot tubeless patch pump platform.Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.

GeoVax Labs (GOVX)

GeoVax announced on Wednesday, Feb. 18 that it has entered into an exclusive worldwide license agreement with Emory University for intellectual property covering the use of Gedeptin(R) in combination with immune checkpoint inhibitors (ICIs).
On February 17, GOVX issued a statement endorsing the urgent call to action articulated by Rosamund Lewis, MD (WHO Head, Poxviruses Programme) and colleagues in their recently published PLOS Medicine article, “The mpox epidemic is not over: Reducing disproportionate burden in Africa and persistent global risk require a sustained response.” (https://journals.plos.org/plosmedicine/article/file?id=10.1371/journal.pmed.1004893&type=printable)
Shares can gap sharply on any trial or regulatory update, positive or negative.

DoubleVerify (DV)

Today’s broad tape saw growth and ad‑tech‑related names give back some recent gains, and DV traded in the context of that modest risk‑off tone closing at $9.59, +.10%; no major company‑specific headline surfaced in the reviewed sources.

The InterGroup Corporation (INTG)

The InterGroup Corporation, a small‑cap real estate and hospitality‑focused holding company, and closed at $28.36, +3.50%. Recent filings and commentary highlight that results for the quarter ended December 31, 2025, benefited from improved hotel metrics and gains on real estate transactions, even as the company continues to carry substantial mortgage and subordinated note obligations. With a market capitalization in the low‑$60 million range and thin trading, INTG remains a tightly held, event‑driven real estate story where periodic asset sales and refinancing activity can materially influence quarterly earnings.

Serina Therapeutics (SER, $1.73, +2.98%)

Serina Therapeutics, a clinical-stage biotechnology company advancing drug candidates enabled by its proprietary POZ Platform™ drug optimization technology, today announced that the first patient has been enrolled in the Company’s Phase 1b registrational trial evaluating. The Phase 1b registrational study is designed to evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of SER-252 in patients with advanced Parkinson’s disease whose symptoms are inadequately controlled by current standard-of-care therapies. Serina remains on track to initiate dosing during the current quarter, consistent with previously disclosed guidance.

Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO, +10%)

Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.

NVIDIA (NVDA)

NVDA closed near $187.90, with intraday trading showing a range roughly between the high‑185s and high‑188s, as the name remains a focal point for the AI trade despite mixed near‑term technicals.
Recent analysis suggests the stock is in a broad, modestly rising short‑term trend but currently carries more “sell” than “buy” signals on key moving averages, making it sensitive to profit‑taking on down days for growth stocks.

McDonald’s (MCD)

Options data around the February 2026 expiries highlight active positioning near the 300–305 strike range, consistent with expectations for steady but not explosive upside from here.
Fundamental commentary continues to emphasize McDonald’s as a defensive compounder, with its 2026 margin targets and “value leadership” strategy underpinning its role as a lower‑risk anchor in many portfolios.

Nokia (NOK)

Nokia closed at $7.60, +2.29% and remains a value‑tilted telecom and network‑equipment play that is trading more with global cyclical and communications hardware sentiment than with high‑beta tech, and it did not appear as a major driver in today’s U.S.‑centric headlines.

Opendoor (OPEN)

Opendoor Technologies, a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2025. They highlighted the following: October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23%.
OPEN shares closed at $4.65, +.43% and has jumped to $5.32, +14.41% in the aftermarket.

The Sources

Investopedia – Stock Market Today: S&P 500, Dow Snap Winning Streak as U.S. Stocks Fall
https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-02192026-11909546[investopedia]
Trading Economics – United States Stock Market Index
https://tradingeconomics.com/united-states/stock-market[tradingeconomics]
FXDailyReport – US Stock Market Technical Analysis | February 19, 2026
https://fxdailyreport.com/us-stock-market-technical-analysis-february-19-2026/[fxdailyreport]
Yahoo Finance / MSN – Stock Market Today, Feb. 19: Stocks decline after perplexing Fed minutes
https://finance.yahoo.com/news/stock-market-today-feb-19-181748533.html[finance.yahoo]
Federal Reserve – Minutes of the Federal Open Market Committee, January 27–28, 2026
https://www.federalreserve.gov/monetarypolicy/fomcminutes20260128.htm[federalreserve]
EquityClock – Stock Market Outlook for February 19, 2026
https://equityclock.com/2026/02/18/stock-market-outlook-for-february-19-2026/[equityclock]
XTB – Daily summary: Moderate risk, moderate declines
https://www.xtb.com/int/market-analysis/news-and-research/daily-summary-moderate-risk-moderate-declines[xtb]
Zacks Investment Research – Stock Market News for Feb 19, 2026
https://www.zacks.com/stock/news/2871984/stock-market-news-for-feb-19-2026[zacks]
Finviz – Stock Market News for Feb 19, 2026
https://finviz.com/news/315880/stock-market-news-for-feb-19-2026[finviz]
24/7 Wall St. – 3 Tips You Need To Know If Market Slides
https://247wallst.com/investing/2026/02/19/3-tips-you-need-to-know-if-market-slides/[247wallst]
Finviz – The Week Ahead: February Closes with Inflation Data, Dow Earnings
https://finviz.com/news/316308/the-week-ahead-february-closes-with-inflation-data-dow-earnings[finviz]
The Wall Street Journal – Walmart Earnings, Inflation, GDP Data: Still to Come This Week
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-02-19-2026[wsj]
Eupraxia Pharmaceuticals – Eupraxia Pharmaceuticals Announces Pricing of US$55 Million Public Offering
https://finance.yahoo.com/news/eupraxia-pharmaceuticals-announces-pricing-us-071800533.html[finance.yahoo]
StockTitan – Eupraxia Pharmaceuticals announces pricing of US$55 million public offering
https://www.stocktitan.net/news/EPRX/eupraxia-pharmaceuticals-announces-pricing-of-us-55-million-public-xm2xm2aei01d.html[stocktitan]
Nasdaq – Eupraxia Pharma Prices $55 Mln Offering Of Shares And Warrants
https://www.nasdaq.com/articles/eupraxia-pharma-prices-55-mln-offering-shares-and-warrants-stock-down[nasdaq]
Nasdaq – Eupraxia Prices $55 Mln Offering To Advance Diffusphere Pipeline
https://www.nasdaq.com/articles/eupraxia-prices-55-mln-offering-advance-diffusphere-pipeline[nasdaq]
Investing.com – Eupraxia Pharmaceuticals stock falls after pricing $55 million offering
https://www.investing.com/news/stock-market-news/eupraxia-pharmaceuticals-stock-falls-after-pricing-55-million-offering-93CH-4512681[investing]
TipRanks – Eupraxia Raises US$55 Million to Accelerate EP‑104GI and GI Pipeline
https://www.tipranks.com/news/company-announcements/eupraxia-raises-us55-million-to-accelerate-ep-104gi-and-gi-pipeline[tipranks]
Yahoo Finance – M2i Global, Inc. (MTWO) Stock Price, News, Quote & History
https://finance.yahoo.com/quote/MTWO/[finance.yahoo]
YouTube – Trading Day for Thursday, Feb. 19, 2026
https://www.youtube.com/watch?v=eUfGY3n8sTY[youtube]
NVIDIA Newsroom – NVIDIA Announces Financial Results for Second Quarter Fiscal 2026
https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-second-quarter-fiscal-2026[nvidianews.nvidia]
Yahoo Finance – NVIDIA Corporation (NVDA) Stock Historical Prices & Data
https://finance.yahoo.com/quote/NVDA/history/[finance.yahoo]
YouTube – NVDA NVIDIA: Meta Deal Shock – 3 Stock Moves + …
https://www.youtube.com/watch?v=DCwmGMRmgEY[youtube]
Yahoo Finance – Modular Medical, Inc. (MODD) Stock Price, News, Quote & History
https://finance.yahoo.com/quote/MODD/[finance.yahoo]
StockTitan – MODD – Modular Med Inc Latest Stock News & Market Updates
https://www.stocktitan.net/news/MODD/[stocktitan]
StockAnalysis – Modular Medical (MODD) Stock Price History 2018–2026
https://stockanalysis.com/stocks/modd/history/[stockanalysis]
Intellectia – Price Prediction for 2026. Should I Buy MODD?
https://intellectia.ai/stock/MODD/forecast[intellectia]
Yahoo Finance – GeoVax Labs, Inc. (GOVX) Stock Historical Prices & Data
https://finance.yahoo.com/quote/GOVX/history/[finance.yahoo]
Tickeron – GOVX stock forecast, quote, news & analysis
https://tickeron.com/ticker/GOVX/[tickeron]
Intellectia – Price Prediction for 2026. Should I Buy GOVX?
https://intellectia.ai/stock/GOVX/forecast[intellectia]
Yahoo Finance – Modular Medical, Inc. (MODD) Historical Data
https://markets.financialcontent.com/dailynews/quote/historical?Symbol=NQ%3AMODD[markets.financialcontent]
Yahoo Finance – MCD Feb 2026 342.500 call (MCD260220C00342500)
https://finance.yahoo.com/quote/MCD260220C00342500/history/[finance.yahoo]
Nasdaq – MCD February 2026 Options Begin Trading
https://www.nasdaq.com/articles/mcd-february-2026-options-begin-trading[nasdaq]
The Motley Fool via Yahoo – MCD and TXRH: 2 Low-Risk Restaurant Stocks With Upside
https://finance.yahoo.com/news/mcd-txrh-2-low-risk-131900545.html[finance.yahoo]
Polymarket – NVIDIA (NVDA) Up or Down on February 19?
https://polymarket.com/event/nvda-up-or-down-on-february-19-2026[polymarket]

by John F. Heerdink, Jr. February 19, 2026

Carvana’s Earnings Hit a Speed Bump: Record Sales, Market Throws On the Parking Brake -( $CVNA $SPY )

Carvana’s (CVNA) latest earnings report delivered record sales and solid profits, but Wall Street still sent the stock to the repair bay for a valuation realignment.

Headline: Carvana’s Record Quarter Meets Wall Street’s Moodiness

Carvana closed 2025 with a quarter that many retailers would trade a fleet of SUVs for: revenue surged about 58% year over year to roughly 5.6 billion dollars as Americans continued flocking to used vehicles. Unit volume jumped as well, with retail sales climbing 43% to more than 163,000 vehicles, underscoring that the online used-car buying habit has stuck even as the pandemic era fades in the rearview mirror.

Yet despite those eye‑catching top-line gains, the market focused on what was under the hood rather than the shine on the chassis. Carvana’s adjusted EBITDA of roughly 511 million dollars, while strong in absolute terms, fell short of analyst expectations in the mid‑530 million range, and that gap was enough to send shares skidding more than 20% in after‑hours trading.

Revenue Hits the Gas, Profitability Taps the Brakes

On the surface, Carvana’s growth story still looks like it’s built for the fast lane. Revenue of about 5.6 billion dollars came in comfortably ahead of consensus estimates of roughly 5.2 to 5.3 billion dollars, reaffirming robust demand for pre‑owned vehicles amid persistent affordability pressures on new cars. The company’s distinctive car vending machines and streamlined online experience continue to draw budget‑conscious buyers looking to dodge higher sticker prices and elevated financing costs.

Below the surface, however, profitability is where the debate begins. Net income jumped to around 951 million dollars, helped by a sizable non‑cash tax benefit, producing an eye‑catching double‑digit net margin. But investors tend to trust cash more than accounting, and the miss on adjusted EBITDA versus expectations highlighted that per‑vehicle economics and cost discipline still have some miles to go before they match the stock’s earlier euphoria.

Market Reaction: From Victory Lap to Value Check

Wall Street had spent much of 2025 re‑rating Carvana from turnaround tale to tech‑flavored growth story, a shift underscored by its addition to the S&P 500 and a share price that more than doubled for the year. That kind of ascent leaves little room for fender‑benders, and the latest quarter’s EBITDA shortfall and concerns around margin traction were enough to trigger a swift sentiment correction.

After the report, Carvana’s shares tumbled more than 20%, as investors recalibrated valuation assumptions against a backdrop of record sales but less‑than‑perfect profitability metrics. In classic fashion, the market appeared to be saying: “Nice quarter—now show us it’s repeatable, and preferably with sturdier margins and cleaner cash conversion.”

Outlook: Ambitious Targets, Bumpy Road

Management reiterated its focus on selling more cars, expanding adjusted profits, and enhancing customer experience, while cautioning that higher reconditioning and operating costs could weigh on near‑term margins. The company framed its path forward around operational efficiencies, shorter shipping distances, and deeper inventory to keep conversion and unit growth humming, even as competition from traditional dealers and digital rivals, including e‑commerce heavyweights, intensifies.

Longer term, Carvana’s ambition to scale volumes and lift margins remains intact, but the latest reaction makes clear that the market now demands smoother quarterly execution to justify premium multiples. Investors may tolerate a few bumps on the profitability road, but they will want to see that each quarter moves the company closer to a model where unit growth, margin expansion, and cash generation all arrive on the same delivery truck.

Takeaways

Carvana earnings miss on key profit metric despite record revenue and unit sales.
Carvana stock tumbles over 20% after adjusted EBITDA falls short of Wall Street expectations.
Revenue jumps 58% to about 5.6 billion dollars as demand for used vehicles remains robust across the U.S. market.
Net income climbs to roughly 951 million dollars, boosted by significant non‑cash benefits, but investors remain focused on underlying cash profitability.
Outlook calls for continued growth in sales and profits, tempered by higher reconditioning costs and an increasingly competitive online used‑car landscape.

The Sources

[1] Carvana shares tumble after fourth quarter Adjusted EBITDA miss https://www.investing.com/news/earnings/carvana-shares-tumble-after-fourth-quarter-adjusted-ebitda-miss-4512201
[2] Carvana Shares Tumble as Fourth-Quarter Profit Misses on Higher … https://money.usnews.com/investing/news/articles/2026-02-18/carvanas-fourth-quarter-profit-jumps-on-used-vehicle-demand
[3] Carvana’s Q4 profitability loses traction; shares crater more than 20% https://seekingalpha.com/news/4553558-carvanas-q4-profitability-loses-traction-shares-crater-more-than-20
[4] Carvana (NYSE:CVNA) Beats Q4 CY2025 Sales Expectations But … https://finviz.com/news/314971/carvana-nyse-cvna-beats-q4-cy2025-sales-expectations-but-stock-drops-206
[5] After record sales, murky forecast sinks Carvana’s stock – Morningstar https://www.morningstar.com/news/marketwatch/20260218535/after-record-sales-murky-forecast-sinks-carvanas-stock
[6] Carvana Q4 Earnings Call Highlights – Yahoo Finance https://finance.yahoo.com/news/carvana-q4-earnings-call-highlights-040643025.html
[7] Here’s Why Carvana Stock Could Deliver 20% Returns in 2026 https://www.tikr.com/blog/heres-why-carvana-stock-could-deliver-20-returns-in-2026
[8] Carvana Shares Plunge After Mixed Fourth Quarter Results https://evrimagaci.org/gpt/carvana-shares-plunge-after-mixed-fourth-quarter-results-530121
[9] CVNA Earnings: Carvana’s Profit Blows Past Estimates as Used-Vehicle Demand Soars https://www.tipranks.com/news/cvna-earnings-carvanas-profit-blows-past-estimates-as-used-vehicle-demand-soars
[10] Carvana Shares Plunge After Murky Earnings Report https://evrimagaci.org/gpt/carvana-shares-plunge-after-murky-earnings-report-530122
[11] Carvana Co. (CVNA) Stock Falls on Q4 2025 Earnings https://www.quiverquant.com/news/Carvana+Co.+(CVNA)+Stock+Falls+on+Q4+2025+Earnings
[12] Carvana Delivers Massive Earnings Surprise with $4.22 Per-Share … https://mlq.ai/news/carvana-delivers-massive-earnings-surprise-with-422-per-share-profit-in-q4/
[13] Carvana (CVNA) Tops Q4 Earnings and Revenue Estimates https://www.zacks.com/stock/news/2871582/carvana-cvna-tops-q4-earnings-and-revenue-estimates
[14] Carvana (CVNA) Tops Q4 Earnings and Revenue Estimates – Nasdaq https://www.nasdaq.com/articles/carvana-cvna-tops-q4-earnings-and-revenue-estimates
[15] Tempe-based Carvana sees revenue hit record high https://www.bizjournals.com/phoenix/news/2026/02/18/carvana-q4-2025-results.html

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

February 18, 2026 – Stock Market Update: Tech Rebounds, AI Leaders and Small‑Cap Biotechs Move -( $DV $MCD $NOK $NVDA $OPEN $SER Rise!)

U.S. stocks extended their rebound on Tuesday, February 18, 2026, with the major indexes logging another day of gains as investors grew more comfortable that AI‑related disruption fears and higher‑for‑longer interest rates are manageable for corporate earnings.

Indexes and overall tone

The Dow Jones Industrial Average rose about 130 points (roughly 0.3%) to finish near 49,663, securing a third straight advance.
The S&P 500 added about 0.6% to close around 6,881, also notching a third consecutive gain.
The Nasdaq Composite, helped by large‑cap tech, climbed roughly 0.8% to about 22,754.
The Russell 2000 small‑cap index gained about 0.5% to 2,659, showing broader participation beyond the mega‑caps.
Overall, trading reflected a steady risk‑on tone, with investors cautiously adding exposure to growth and tech after last week’s AI‑driven volatility.

Drivers: AI narrative, Fed, and data

AI‑disruption fears that pressured markets last week eased further, allowing tech and communication‑services names to rebound and lifting the Nasdaq.
Recent U.S. economic data, including housing‑related indicators, durable goods, and industrial production, pointed to a still‑resilient economy.
Fresh Federal Reserve meeting minutes showed policymakers remain concerned about inflation and are not signaling imminent rate cuts, but investors largely viewed this stance as already expected.
The combination of better‑than‑feared macro data and fading AI panic allowed equities to grind higher even without a clear catalyst for near‑term policy easing.

Sector and style moves

Technology was among the stronger S&P 500 sectors, while more defensive or rate‑sensitive areas such as utilities and parts of healthcare lagged.
Breadth improved from last week, but leadership remained concentrated in large tech and AI‑linked names.
Volatility continued to cool, with the VIX slipping back toward the low‑20s after last week’s spike, suggesting less demand for downside protection.
Earlier in the week, the S&P 500 had managed small gains even when most sectors were red, underscoring how dependent the tape can be on a handful of big tech names.

Macro backdrop and sentiment

Strong fourth‑quarter 2025 earnings have not fully translated into aggressive buying, as investors still grapple with how AI will reshape business models and margins over time.
Advancing issues have recently outpaced decliners on both the NYSE and Nasdaq, consistent with the modest broadening in participation seen today.
U.S. equities continue to lag some international markets year‑to‑date, in part because of high starting valuations and uncertainty about the Fed’s path.
Sentiment is cautiously constructive: investors are willing to add risk on pullbacks but remain attentive to AI headlines and central‑bank messaging.

VP Watchlist Updates

Eupraxia Pharmaceuticals (EPRX)
- Trading has been under pressure following a proposed public equity offering, which often weighs on shares as investors anticipate dilution.
- Management plans to use proceeds to fund its EP‑104GI program and broader gastrointestinal pipeline, keeping the longer‑term story alive but adding near‑term volatility.
- The company remains a development‑stage story centered on EP‑104GI for eosinophilic esophagitis, supported by earlier positive cohort data, ongoing Phase 2b work
Modular Medical (MODD)
- Has been trading as a diabetes‑tech name, with shares reacting to execution milestones around its Pivot tubeless patch pump platform.Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
- Earlier this month, the company began production of validation lots for its disposable cartridge and infusion set, keeping it on track for a planned commercial launch in the first quarter of 2026, contingent on FDA 510(k) clearance—an event path that positions upcoming regulatory decisions as key stock catalysts.
GeoVax Labs, Inc. (GOVX)
- GeoVax today announced that it has entered into an exclusive worldwide license agreement with Emory University for intellectual property covering the use of Gedeptin(R) in combination with immune checkpoint inhibitors (ICIs).
- On February 17, GOVX issued a statement endorsing the urgent call to action articulated by Rosamund Lewis, MD (WHO Head, Poxviruses Programme) and colleagues in their recently published PLOS Medicine article, “The mpox epidemic is not over: Reducing disproportionate burden in Africa and persistent global risk require a sustained response.” (https://journals.plos.org/plosmedicine/article/file?id=10.1371/journal.pmed.1004893&type=printable)
- Shares can gap sharply on any trial or regulatory update, positive or negative.
DoubleVerify Holdings Inc. (DV, $9.58, +2.79%)
- Trading largely in line with digital‑ad and software peers, as investors watch ad‑spend trends and demand for verification and brand‑safety tools.
- As a profitable platform player, it is generally less volatile than some early‑stage ad‑tech names but remains sensitive to growth expectations.
The InterGroup Corporation (INTG)
- The InterGroup Corporation, a small‑cap real estate and hospitality‑focused holding company, has traded in the high‑$20s in recent sessions. Recent filings and commentary highlight that results for the quarter ended December 31, 2025, benefited from improved hotel metrics and gains on real estate transactions, even as the company continues to carry substantial mortgage and subordinated note obligations. With a market capitalization in the low‑$60 million range and thin trading, INTG remains a tightly held, event‑driven real estate story where periodic asset sales and refinancing activity can materially influence quarterly earnings.
Serina Therapeutics (SER, $1.68, +1.82%)
- No notable updates today; trading reflects typical early‑stage biotech risk around clinical progress and financing.
- Serina Therapeutics, a polymer‑based drug delivery company, recently received FDA clearance for its IND on SER‑252 after a prior clinical hold, enabling initiation of site‑level work and the formal start of its next clinical phase.
- Serina Therapeutics is drawing increased institutional attention, with at least two covering analysts assigning a Strong Buy consensus rating as of mid‑February, reflecting optimism around its polymer‑based drug‑delivery platform and advancing pipeline.
- Any partnership, data release, or capital raise has the potential to reset the stock’s range quickly.
Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)
- Volato and M2i Global reaffirmed their goal of closing their business combination in the first quarter of 2026, citing steady advancement through SEC review and integration planning as they move toward a combined listing. The deal, originally announced in 2025, will effectively transition Volato from a pure‑play private aviation operator into a diversified platform spanning aviation technology and critical minerals, with M2i shareholders expected to own the majority of the combined entity. Operationally, the partnership is already visible: the two companies recently initiated their first shipment of titanium ore from Western Australia to the United States from Titanium X, underscoring how the critical‑minerals vertical could become a meaningful growth engine as domestic supply‑chain security rises in strategic importance.
- On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.
McDonald’s (MCD, $327.89, +.08%)
- Traded broadly in line with more defensive, consumer‑staples‑like names, as investors weigh pricing power and global same‑store sales.
- Despite cost pressures, its scale and brand strength keep it a core defensive holding for many portfolios.
Nokia (NOK)
- Nokia’s stock advanced 1.78% during the February 18 session, aided by JPMorgan’s price‑target boost and continued optimism around the company’s 2026 operating‑profit outlook as it leans into AI‑ and cloud‑driven network modernization.
Opendoor Technologies (OPEN, $4.63, +6.93%)
- Highly sensitive to U.S. housing activity and mortgage‑rate expectations; housing‑related macro data that point to resilience are directionally supportive.
- The business model is heavily exposed to spreads between purchase and resale prices, leaving the stock very sensitive to housing‑market volatility.
NVIDIA (NVDA) has risen $187.98, +1.63% delivering another quarter of spectacular data‑center revenue growth and guiding to roughly 65 billion dollars in upcoming quarterly sales.
The February 25 earnings call is shaping up as a key inflection point as investors look for confirmation that surging demand for the next‑generation Blackwell architecture is translating into firm, contracted revenue and sustaining margins rather than simply driving short‑term enthusiasm.

The Sources

Yahoo Finance – “Stock market today: Dow, S&P 500 gain for 3rd straight day, Nasdaq jumps as traders brush aside AI worries” (live blog / recap).finance.yahoo+2
Yahoo Finance – Main site quotes and sector/market overview (index levels, sector moves, and individual stock quote pages).finance.yahoo+1
Barron’s – Live coverage: “Dow, S&P 500, Nasdaq Rise; Nvidia, Micron, Meta, Sandisk, Tesla …” and related cards on the day’s rally and economic data.barrons+1
Nasdaq.com – “Stock Market Today, Feb. 18: Nvidia Rallies As Meta Deal Boosts AI Confidence.”[nasdaq]
TheStreet – “Stock Market Today, Feb. 18: Meta and Nvidia deal moves markets” (live blog on AI/Meta–Nvidia news and macro data).thestreet+1
Yahoo Finance – “Stock Market Today, Feb. 18” and related market‑news briefs and index recap pieces.finance.yahoo+4
Yahoo Finance options/derivatives pages for NVIDIA (for context on active positioning).finance.yahoo+4
Company‑specific and quote pages / data feeds for watchlist names (EPRX, MODD, GOVX, FLYX, DV, INTG, SER, SOAR, MTWO, NVDA, MCD, NOK, OPEN) via Yahoo Finance and related quote services.finance.yahoo+2
Eupraxia Pharmaceuticals offering announcement and related coverage (for EPRX commentary).finance.yahoo+3

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

GeoVax Expands Gedeptin Strategy: Riding Merck’s Keytruda Wave in a $200 Billion IO Market -( $GOVX $MRK $IBB $XBI )

GeoVax’s (NASDAQ: GOVX) latest move to lock down combination rights for its Gedeptin cancer platform reads less like a routine licensing notice and more like an oncology strategy upgrade—complete with optionality, IP leverage, and a quietly ambitious grab for front-line real estate in solid tumors that now orbit around blockbusters like Merck’s Keytruda.

GeoVax Tightens Its Grip on Gedeptin’s Future

GeoVax has secured an exclusive worldwide license from Emory University covering the use of Gedeptin in combination with immune checkpoint inhibitors, effectively ring-fencing a key avenue for value creation around its gene-directed enzyme prodrug therapy platform. The deal, built on a long-running collaboration with Emory and Children’s Healthcare of Atlanta, extends GeoVax’s intellectual property coverage for Gedeptin-based combination regimens across solid tumors, positioning the company as principal architect of this niche in interventional immuno-oncology.

While financial terms remain politely undisclosed—a time-honored biotech tradition—the strategic intent is anything but coy: use IP to cement Gedeptin’s role as a preferred local partner to systemic checkpoint inhibitors as those agents migrate earlier into cancer treatment algorithms. In a world where Merck’s PD‑1 juggernaut Keytruda generated roughly 31.7 billion dollars in global sales in 2025 and stands as the world’s top-selling drug, owning differentiated ways to make such therapies work harder has become its own addressable market.

Keytruda: The Gravity Well of Modern Oncology

Keytruda, Merck’s pembrolizumab franchise, has evolved from a promising PD‑1 antibody into the central organizing force of the checkpoint inhibitor universe, spanning indications from non-small cell lung cancer and melanoma to head and neck squamous cell carcinoma and beyond. In 2025, Keytruda delivered approximately 31 to 32 billion dollars in worldwide revenue—nearly half of Merck’s pharmaceutical sales—and is projected to remain at or near that level before patent pressures start to bite later in the decade.

That commercial dominance reflects not just clinical success, but an aggressive lifecycle strategy focused on line extensions, earlier-line use, and combination regimens, effectively making Keytruda a backbone therapy rather than a standalone agent. At the market level, immune checkpoint inhibitors overall are expected to grow from roughly 50–60 billion dollars in 2024–2025 to well over 200 billion dollars by the mid‑2030s, with PD‑1 inhibitors like pembrolizumab projected to hold the largest share. For companies like GeoVax, that rising tide creates a clear incentive: build add‑on technologies that can plug into a Keytruda-centric treatment landscape and potentially unlock more durable responses, broader patient eligibility, and premium positioning inside an already validated market.

Turning “Cold” Tumors Lukewarm (at Minimum)

Gedeptin is designed as a localized gene-directed enzyme prodrug therapy delivered directly into tumors using a non-replicating viral vector encoding purine nucleoside phosphorylase, followed by systemic administration of a prodrug such as fludarabine. Inside the tumor microenvironment, the enzyme converts the otherwise unremarkable prodrug into a cytotoxic agent, selectively killing tumor cells, shedding antigens, and, in theory, nudging the immune system to pay closer attention.

Clinically, early Phase 1 and Phase 1/2 studies in recurrent head and neck cancer and melanoma have shown encouraging response rates at higher dose cohorts with a favorable safety profile, supporting repeat intratumoral dosing without dose-limiting toxicities. That balance—local tumor debulking plus immune “wake-up call” with manageable toxicity—is precisely what makes Gedeptin a plausible force multiplier for checkpoint blockade in patients who might otherwise see checkpoint monotherapy underwhelm. If Keytruda is the star of the show, Gedeptin is trying out for the role of scene-stealing supporting actor that makes the lead look even better.

Riding the Neoadjuvant Immunotherapy Wave

The new Emory license is explicitly crafted to support both ongoing and planned clinical programs that pair Gedeptin with checkpoint inhibitors in earlier lines of therapy, starting with head and neck squamous cell carcinoma. GeoVax has already outlined plans for a Phase 2 neoadjuvant trial in resectable HNSCC, integrating Gedeptin with agents such as pembrolizumab, with the goal of improving pathologic response and event-free survival before surgery.

This strategy is aligned with the broader shift in head and neck cancer following trials like KEYNOTE‑689, which showed that perioperative PD‑1 inhibition can significantly improve event-free survival and help reset expectations for what “standard of care” might look like in curative-intent settings. By inserting Gedeptin into that evolving standard, GeoVax is effectively pitching a two-step approach: first, shrink and inflame the tumor locally; second, let a systemic checkpoint inhibitor such as Keytruda capitalize on the newly exposed and immunologically visible tumor landscape.

Beyond Head and Neck: Optionality Built In

Although head and neck cancer remains the clinical beachhead, the combination IP from Emory opens the door to additional solid tumors where intratumoral access is feasible and checkpoint inhibitors are already entrenched or rapidly gaining ground. Gedeptin has Orphan Drug Designation from the U.S. FDA for oral and pharyngeal cancers, adding regulatory and potential economic incentives as GeoVax considers expansion into other anatomically accessible oral and pharyngeal sites.

Preclinical work is already extending Gedeptin-plus-checkpoint combinations to broader solid tumor models, with the company explicitly highlighting the therapy’s tumor-agnostic aspirations, synergistic potential with checkpoint inhibitors, and patent protection that stretches into the mid‑2040s. For prospective partners, that combination of targeted mechanism, safety data, and durable IP makes Gedeptin less a one-off asset and more a modular tool that can be slotted into multiple tumor-specific development programs—especially in a market where pembrolizumab is the benchmark PD‑1 agent in cancers ranging from NSCLC to HNSCC and melanoma.

A Pivotal Year, With More Than One Iron in the Fire

Gedeptin is only one pillar of GeoVax’s broader pipeline, which also includes GEO‑MVA, a Modified Vaccinia Ankara–based vaccine targeting mpox and smallpox, and GEO‑CM04S1, a next-generation COVID‑19 vaccine candidate aimed at immunocompromised and other high‑risk populations. GEO‑MVA is advancing toward a planned pivotal Phase 3 trial in the second half of 2026, positioning the company at the intersection of biodefense preparedness and infectious disease capacity, while Gedeptin and its newly reinforced IP estate anchor the oncology side of the ledger.

Taken together, the Emory license does more than add a few patent numbers to GeoVax’s legal filings; it clarifies the company’s intent to compete in the increasingly crowded field of combination immunotherapy by owning a differentiated local weapon that makes systemic checkpoint drugs like Keytruda look smarter. In a market where many cancer pipelines aspire to be “transformative,” GeoVax is attempting something more modest—and perhaps more durable: making existing immunotherapies work better, one tumor injection at a time, in a segment of oncology spending that is already measured in tens of billions of dollars and still growing.

The Sources

[1] Spotlight On: Merck & Co.’s fastest selling drugs in 2025 https://firstwordpharma.com/story/7091039
[2] PD-1 Inhibitor Drugs Market Size to Hit USD 179.77 Billion by 2034 https://www.precedenceresearch.com/pd-1-inhibitor-drugs-market
[3] 260218_PR-GeoVax-Secures-License-from-Emory-Gedeptin-ICI-Combo-Technology-FINAL.docx https://ppl-ai-file-upload.s3.amazonaws.com/web/direct-files/attachments/24996935/4168580c-b964-4767-8ef1-4b36c8ed7db8/260218_PR-GeoVax-Secures-License-from-Emory-Gedeptin-ICI-Combo-Technology-FINAL.docx
[4] 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
[5] Major pharmaceutical drugs by global sales 2025 – Statista https://www.statista.com/statistics/973523/top-drugs-by-year-on-year-sales-increase/
[6] MSD Reports 2025 Revenue of USD 65b, Keytruda Sales Reach … https://global.pharmcube.com/news/detail/1fa2e5c5ed344223b690bd3627e11170?type=dailyNews
[7] GeoVax to Advance Gedeptin(R) into First-Line Therapy … https://www.geovax.com/investors/press-releases/geovax-to-advance-gedeptin-r-into-first-line-therapy-neoadjuvant-combination-trial-following-landmark-keynote-689-results
[8] PD-1 Inhibitor Drugs Market Size, Share & Forecast 2025-2035 https://www.transparencymarketresearch.com/pd-1-inhibitor-drugs-market.html
[9] Half of Merck’s sales are in jeopardy. Can Keytruda’s sequel save … https://www.biopharmadive.com/news/merck-keytruda-subcutaneous-cancer-sales-drug-delivery/801889/
[10] Immune Checkpoint Inhibitor Market | Global Market Analysis Report https://www.factmr.com/report/immune-checkpoint-inhibitor-market
[11] Immune Checkpoint Inhibitors Market Growth 2026–2035 https://www.gminsights.com/industry-analysis/immune-checkpoint-inhibitors-market
[12] Immune Checkpoint Inhibitors Market Size and Forecast 2025 to 2034 https://www.precedenceresearch.com/immune-checkpoint-inhibitors-market
[13] 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
[14] Gedeptin® Technology Overview – GeoVax, Inc. https://www.geovax.com/technology/gedeptin-technology-overview
[15] Phase 2 Trial to Investigate Gedeptin in Recurrent Head and Neck … https://www.targetedonc.com/view/phase-2-trial-to-investigate-gedeptin-in-recurrent-head-and-neck-cancer
[16] Phase I/II Study of Intratumoral Ad/Purine Nucleoside … https://ascopubs.org/doi/10.1200/OA-25-00090
[17] 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
[18] GeoVax (NASDAQ: GOVX): Poised to Deliver in 2023 https://geovax-govx.reportablenews.com/pr/geovax-nasdaq-govx-poised-to-deliver-in-2023
[19] GeoVax Expands Gedeptin® Clinical Research for Advanced Head … https://www.biospace.com/geovax-expands-gedeptin-clinical-research-for-advanced-head-and-neck-cancers
[20] GeoVax Highlights 2026 as a Pivotal Year for Progress https://www.geovax.com/investors/press-releases/geovax-highlights-2026-as-a-pivotal-year-for-progress
[21] Merck, lining up post-Keytruda future, touts $70B+ in annual … https://www.fiercepharma.com/pharma/merck-confident-post-keytruda-future-70b-opportunity-next-decade-growth-drivers
[22] [PDF] Fourth-Quarter 2025 Sales and Earnings – Merck.com https://www.merck.com/wp-content/uploads/sites/124/2026/02/4Q25-Merck-Earnings-Presentation.pdf
[23] Top 25 drugs by sales: 2025 H1 – Drug Discovery and Development https://www.drugdiscoverytrends.com/top-25-drugs-by-sales-2025-h1/
[24] Keytruda market Size, Trends & Forecast, 2025-2032 https://www.coherentmarketinsights.com/industry-reports/keytruda-market
[25] PD-1 Inhibitor Drugs Market Surges with Expanding Immunotherapy … https://finance.yahoo.com/news/pd-1-inhibitor-drugs-market-120900518.html
[26] Immune Checkpoint Inhibitors Market Size, Global Trends, Share https://straitsresearch.com/report/immune-checkpoint-inhibitors-market

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

Critical Minerals, Critical Money: How Japan and M2i–Volato Aim to Cash In on a $320 Billion Market -( $MTWO $SOAR )

Japan is about to become one of America’s biggest energy backers, wiring in a $36 billion down payment on oil, gas and critical-minerals projects that doubles as foreign policy, industrial strategy and a not‑so‑subtle advert for tariffs as a negotiating tool. At the center of the plan is a gargantuan natural‑gas project in Ohio that President Donald Trump has happily billed as “the largest in history,” with Japanese heavyweights from SoftBank to Hitachi circling the opportunity like blue‑chip moths to a very large, very lucrative flame.

SEO Focus: Japan’s $550 Billion Bet on US Energy

For search and discovery, the core hooks are clear: Japan’s $550 billion US trade deal, a $36 billion first tranche, record-sized US gas infrastructure, and a concerted push into critical minerals and energy security. Together they frame a narrative that sits neatly at the intersection of “US energy dominance,” “China supply-chain hedging,” and “ally-shoring,” three phrases that algorithms and investors alike have learned to take seriously. For readers, the story offers a mix of megaproject spectacle—multi‑gigawatt gas generation, deepwater crude export capacity, synthetic diamonds by the ton—and the quieter, compounding reality of long‑dated industrial capital quietly reshaping the American map.

The Ohio Gas Behemoth: SoftBank’s New Power Play

The marquee project is a natural-gas facility in Ohio expected to deliver power on a scale that would rival multiple nuclear reactors, providing enough electricity to support millions of homes and a hefty slice of the Midwestern industrial base. Japan is slated to put the lion’s share of the $36 billion tranche into the plant, with SB Energy, a SoftBank subsidiary, in the lead—turning a group better known for tech bets into a central character in America’s baseload power future. If it runs as advertised, the facility will anchor the PJM grid, give manufacturers in the Midwest a sturdier foundation than the usual mix of weather and aging infrastructure, and stand as a bricks‑and‑mortar example of ally capital underwriting US energy security.

Japanese corporate names familiar to tech and industrial investors—SoftBank, Toshiba, Hitachi and others—have expressed interest in different parts of the wider framework, from power equipment to grid hardware and advanced components. For Tokyo, the Ohio project offers something rare: long‑term dollar cash flows tied to critical infrastructure in a friendly jurisdiction, while for Washington it is foreign direct investment that supports both energy security and a politically important state. In the slightly drier language of trade economists, this is what happens when industrial policy and geopolitics decide to co‑author the same project finance deck.

Texas, Georgia and the Critical-Minerals Chessboard

Ohio is only one tile on the board; the first $36 billion package also includes a deepwater crude export terminal off the Texas coast and a synthetic‑diamond plant in Georgia. The Texas Gulf export facility is designed to push more US barrels out to global markets, reinforcing Washington’s bid for “energy dominance” and giving Japan and other allies a more reliable non‑Russian, non‑Middle Eastern oil backstop. Georgia’s planned synthetic-diamond plant targets industrial‑grade diamonds used in semiconductors, autos and aerospace—small components with outsized importance in the US‑China technology tug‑of‑war—and underscores how “rocks” can quietly move markets when they sit in the right supply chain.

At the policy level, these projects sit inside a broader US–Japan framework on energy infrastructure and critical minerals that envisions hundreds of billions of dollars for power plants, transmission lines, refining capacity and advanced materials. The goal is end‑to‑end resilience: from digging minerals out of the ground and refining them, to turning them into batteries, chips, magnets and catalysts that are less exposed to single‑country processing choke points. In diplomatic shorthand, Japan supplies patient capital and industrial know‑how, the US supplies the real estate and regulatory headaches, and both get a more robust supply chain.

Enter M2i Global and Volato: A Domestic Lever on Critical Minerals

If the US–Japan deal is the international capital story, the proposed merger of M2i Global (MTWO) and Volato (SOAR) is the domestic complement—the home‑grown lever trying to pull some of that $320‑billion‑plus critical‑minerals opportunity onto a scalable platform. In the second quarter of 2025, M2i Global and Volato announced a proposed merger designed to create a platform positioned for long‑term growth across critical infrastructure markets, effectively stitching together rocks, runways and regulated software into one investable narrative. The timing is not accidental: as foreign partners step in with capital, US operators that can actually source, move and qualify critical materials onshore suddenly look a lot less like niche stories and a lot more like necessary infrastructure.

M2i Global brings the critical‑minerals spine—an operating focus on domestic sourcing, processing and national supply‑chain resilience at a moment when “resilience” is fast becoming Wall Street code for “willing to pay up for certainty.” Volato contributes the aviation technology and software layer, plus a track record of operational execution in complex regulated environments, where getting a permit, a data feed and a flight slot to line up on the same day can feel like an Olympic sport. Together, the combined company is positioned to participate in the US critical‑minerals market—an opportunity estimated to exceed $320 billion annually—as domestic sourcing, logistics and execution capabilities move from the footnotes of strategy decks to the headline slides.

How the Pieces Fit: From LNG Molecules to Mineral Molecules

Put together, Japan’s megaproject dollars and the M2i–Volato combination sketch out a vertically richer picture of America’s next industrial cycle. On one level, foreign capital is underwriting big‑ticket assets—LNG facilities, pipelines, export terminals, industrial plants—that will define the physical footprint of US energy and materials for decades. On another, specialized domestic players are racing to ensure the molecules and materials that flow through that footprint are sourced, tracked and delivered in ways that satisfy regulators, allies and shareholders who now read ESG and national‑security disclosures with equal interest.

In that world, critical minerals are no longer just a line item under “inputs”; they are a strategic asset class whose supply, refining and distribution chains increasingly determine who gets to build what—and at what margin. A combined M2i Global–Volato entity that can knit together mineral sourcing with aviation and software‑driven logistics doesn’t just ride the wave; it helps define the lanes, especially as policymakers continue to lace tax credits, defense‑production tools and tariff relief into the sector. For investors, the message between the lines is simple: follow the flows, not just of capital and electrons, but of the critical atoms that make high‑end manufacturing and defense systems possible.

Tariffs, Trade Deals and a “Massive” Moment

The political origin story of this investment spree is as important as the engineering drawings: under a trade agreement unveiled in 2025, Japan agreed to invest hundreds of billions of dollars in US industries through the end of the decade, while the US scaled back threatened tariffs on Japanese imports. Trump has cast the deal as proof that his tariff brinkmanship can extract not only concessions on paper but concrete, steel and gigawatts on the ground, crediting tariffs as the magic word that made the projects possible. For Tokyo, locking in lower tariffs while channeling capital into strategic US assets offers both economic upside and a stronger security anchor at a time when regional tensions make alliances feel less like diplomatic niceties and more like balance‑sheet necessities.

The US, for its part, gets to tally Japanese investment alongside similar pledges from South Korea and other partners in what officials describe as a new wave of ally‑financed industrial build‑out. Frameworks with both Japan and Korea now emphasize critical minerals, energy infrastructure and advanced manufacturing, effectively turning foreign direct investment into a supply‑chain insurance policy underwritten by America’s closest security partners. In that light, the Ohio gas plant, the Texas export terminal, the Georgia diamond facility, and the emerging M2i–Volato platform are not just one‑off projects but early chapters in a broader story of how tariffs, trade frameworks and geopolitics are rewiring who builds what—and where.

Why Markets and Voters Both Care

For investors, Japan’s $36 billion tranche and the M2i–Volato merger thesis together offer a multi‑year pipeline of work for equipment makers, engineering firms, grid specialists, aviation‑tech players and logistics software companies tied to critical‑infrastructure build‑out. They also underline natural gas’s evolving role as a “bridge fuel” that still commands hefty capital commitments even as renewables grow, and highlight critical minerals as the parallel “bridge material” whose secure supply underpins everything from EVs to missiles.

For voters, the story is simpler and less denominated in gigawatts or billions of dollars in mineral throughput: new plants in Ohio, Texas and Georgia, new industrial facilities in other states, thousands of promised jobs, and the sense that both America’s allies and its own companies are literally investing in its industrial heartland. If the projects deliver as advertised, the political dividends could be almost as substantial as the energy and materials output; if they stumble, they will become case studies in the risks of mega‑project optimism in an era already rich with them. Either way, one fact is clear: when Japan decides to “throw cash at Uncle Sam,” and when domestic players like M2i Global and Volato set up to catch the critical‑minerals opportunity, nobody is reaching for small bills.

The Sources

Japan, US Reach $36 Billion of Gas, Mineral Deals in Trump Pact – Yahoo Finance
https://finance.yahoo.com/news/japan-invest-36-billion-us-214408491.html[1]
Trump Says Japan to Invest in Energy, Industrial Projects in Ohio, Texas and Georgia – Reuters
https://www.reuters.com/business/energy/trump-announces-energy-critical-mineral-projects-texas-ohio-georgia-2026-02-17/[2]
Fact Sheet: U.S. — Japan Trade Deal – U.S. Department of Commerce
https://www.commerce.gov/news/fact-sheets/2026/02/fact-sheet-us-japan-trade-deal[3]
Japan Announces US Investments as Part of $550B Trade Deal – Semafor
https://www.semafor.com/article/02/18/2026/japan-announces-us-investments-as-part-of-550b-trade-deal[4]
US, Japan Announce First Tranche of $550B in Investments – TRT World
https://www.trtworld.com/article/0343a7db56dd[5]
Trump Reveals First Set of Japan’s Investments in US, Comprising 3 Projects – NHK World
https://www3.nhk.or.jp/nhkworld/en/news/20260218_07/[6]
Understanding the Japan, Korea Frameworks – National Association of Manufacturers
https://nam.org/understanding-the-japan-korea-frameworks-35069/[7]
US, Japan Sign Framework for Critical Mineral Supply – Manufacturing Dive
https://www.manufacturingdive.com/news/us-japan-critical-mineral-rare-earth-deal/804391/[8]
U.S. Partners with Mexico, Japan and EU on Critical Minerals – National Association of Manufacturers
https://nam.org/u-s-partners-with-mexico-japan-and-eu-on-critical-minerals-35683/[9]
Japan Announces US Investments as Part of $550B Trade Deal – Bloomberg Newsletter Brief
https://www.bloomberg.com/news/newsletters/2026-02-18/japan-plans-multi-billion-dollar-investments-in-the-us[10]
Japan’s $36B US Investment, Part of $550B Deal, Seen as Political – Global Times
https://www.globaltimes.cn/page/202602/1355478.shtml[11]
The Critical Minerals Play: Why M2i Global and Volato’s Merger Could Reshape Supply Chain Security – AInvest
https://www.ainvest.com/news/critical-minerals-play-m2i-global-volato-merger-reshape-supply-chain-security-offer-high-conviction[12]
Volato Group Files Updated S-4 and Advances M2i Global Merger Amid $320 Billion Critical Minerals Opportunity – Business Wire
https://www.businesswire.com/news/home/20251215965666/en/Volato-Group-Files-Updated-S-4-and-Advances-M2i-Global-Merger-Amid-320-Billion-Critical-Minerals-Opportunity[13]
M2i Global, Along With Volato Group, in Collaboration With Nimy Resources – Volato Investor Relations Press Release
https://ir.flyvolato.com/news-events/press-releases/detail/132/m2i-global-along-with-volato-group-in-collaboration-with-nimy-resources[14]
M2i–Volato Merger Aligned With New U.S. Critical Minerals Policy – Proactive Video Interview
https://www.youtube.com/watch?v=MXGM3o6QOqQ[15]

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

Year of the Horsepower: Insulet’s Earnings Sprint and Modular Medical’s Quiet Canter -( $MODD $PODD )

Insulet’s (PODD) latest numbers read like the balance sheet of a very determined racehorse: fast, disciplined, and still eager for the next lap, even as a promising upstart named Modular Medical trots onto the same track.

Insulet’s Earnings: Hitting a Full Gallop

Insulet has now strung together multiple years of double‑digit growth, with full‑year revenue first surpassing the $2 billion mark in 2024 and then accelerating to roughly $2.7 billion in 2025, a year‑over‑year increase of about 31%. Omnipod remains the company’s workhorse, with Omnipod revenue mirroring total revenue at roughly $2.7 billion in 2025 and continuing to benefit from global adoption and expanding indications in both type 1 and type 2 diabetes.

The fourth quarter has become Insulet’s showcase inning, with Q4 2024 revenue growing about 17% year over year to nearly $600 million, and Q4 2025 results again beating guidance and landing above the high end of the company’s revenue growth range. Margins are behaving more like a seasoned blue‑chip than an early‑stage medtech, with gross margin in the low 70% range and operating leverage improving as scale catches up with R&D and commercial investments.

Omnipod 5: The Thoroughbred in the Diabetes Field

Omnipod 5 has firmly established itself as the fully automated insulin‑delivery “thoroughbred” in the U.S., now cleared for both type 1 and type 2 adults and steadily gaining share as payers, physicians, and patients get more comfortable with patch‑based therapy. Management has highlighted that Omnipod 5 is the first and only automated insulin‑delivery system in the U.S. indicated for both type 1 and type 2 diabetes, a label edge that translates into a wider total addressable market.

Clinical data are reinforcing the commercial story, with recent randomized trial results showing meaningful gains in time‑in‑range for users with elevated baseline A1c—exactly the cohort payers hope will generate downstream savings. With Omnipod now a truly global franchise, Insulet’s forward guidance calling for mid‑ to high‑teens revenue growth in 2025 positions the company less like a speculative medtech and more like a durable growth compounder—albeit one still priced and traded like a momentum name.

Year of the Horse: Market Momentum with Reins on Risk

In the Chinese zodiac, the Year of the Horse favors speed, ambition, and a certain enthusiastic disregard for obstacles—exactly the temperament Insulet has shown by repeatedly overshooting its own top‑line guidance. Yet even spirited horses need reins, and recent trading around Insulet’s stock underscores that Street expectations can sprint ahead of even strong fundamentals, with shares occasionally slipping despite earnings beats as investors debate sustainability of growth and margins.

Still, in a diabetes‑device market measured in tens of billions of dollars globally, Insulet’s scale, data, and entrenched installed base make it look more like a front‑runner than a late‑cycle sprinter losing steam heading into the back stretch. For long‑term investors, the question in this Year of the Horse may be less whether Insulet can keep running and more whether volatility along the way is a feature to be harnessed, not a bug to be feared.

Modular Medical: A Nimble Contender Enters the Track

While Insulet thunders down the main straightaway, Modular Medical (NASDAQ: MODD) is just cantering out of the paddock—but it is doing so with a design that aims squarely at the “almost‑pumpers” market of adults on multiple daily injections who find traditional pumps too complex or too expensive. The company’s Pivot tubeless insulin patch pump, built around a removable 3 ml reservoir and a two‑part detachable design, is now moving through key manufacturing and regulatory milestones on its way to a planned commercial launch in the first quarter of 2026, subject to FDA 510(k) clearance.

Modular has recently begun validation production lots for the disposable cartridge and infusion set, validated its Pivot controller line for high‑volume manufacturing, and advanced toward ISO 13485 certification and CE Mark via staged audits—all critical prerequisites for U.S. and European commercialization. The company is targeting an estimated $3 billion addressable market for lower‑cost, easy‑to‑learn patch‑pump solutions, even as its own shares trade below Nasdaq’s minimum bid threshold, prompting the exchange to grant a cure period extension into mid‑2026.

Two Horses, One Track: Incumbent vs. Disruptor

At one end of the field, Insulet is the established champion, already generating multibillion‑dollar revenue with a globally recognized platform and strong supporting data; at the other, Modular Medical is the ambitious challenger hoping that a simpler, cheaper Pivot system can carve out a new lane rather than run directly into Omnipod’s slipstream. If the Year of the Horse rewards both speed and stamina, investors may soon have a textbook case study: a dominant incumbent trying to extend its lead, and an undercapitalized but potentially disruptive newcomer betting that the diabetes market still has room for one more fast mover out of the gate.

The Sources

[1] Insulet Reports Fourth Quarter and Full Year 2025 Results https://www.businesswire.com/news/home/20260218828620/en/Insulet-Reports-Fourth-Quarter-and-Full-Year-2025-Results
[2] Insulet Reports Full Year 2024 Revenue Increase of 22% and Fourth … https://finance.yahoo.com/news/insulet-reports-full-2024-revenue-210100956.html
[3] Modular Medical (MODD) Advances Toward 2026 Launch with … https://www.gurufocus.com/news/8581685/modular-medical-modd-advances-toward-2026-launch-with-production-milestone
[4] MODD – Modular Med Inc Latest Stock News & Market Updates https://www.stocktitan.net/news/MODD/
[5] Modular Medical Achieves Key Manufacturing Milestone for Pivot … https://www.biospace.com/press-releases/modular-medical-achieves-key-manufacturing-milestone-for-pivot-tubeless-insulin-patch-pump
[6] Insulet Reports Third Quarter 2024 Revenue Increase of 26% Year … https://investors.insulet.com/news/news-details/2024/Insulet-Reports-Third-Quarter-2024-Revenue-Increase-of-26-Year-Over-Year-25-Constant-Currency1/default.aspx
[7] Insulet sales increase 22% in 2024, Q4 performance beats Street https://www.drugdeliverybusiness.com/insulet-sales-increase-beat-q4-2024/
[8] Insulet Corporation Reports Strong Financial Performance for 2024 https://www.tradingview.com/news/tradingview:8768a7df71fa2:0-insulet-corporation-reports-strong-financial-performance-for-2024/
[9] Insulet beats Q4 estimates, sees strong 2025 growth – Investing.com https://www.investing.com/news/earnings/insulet-beats-q4-estimates-sees-strong-2025-growth-93CH-3881689
[10] Insulet Reports Second Quarter 2024 Revenue Increase of 23 … https://investors.insulet.com/news/news-details/2024/Insulet-Reports-Second-Quarter-2024-Revenue-Increase-of-23-Year-Over-Year/default.aspx
[11] PODD Stock Falls Despite Q4 Earnings and Revenue Beat, Margins … https://www.nasdaq.com/articles/podd-stock-falls-despite-q4-earnings-and-revenue-beat-margins-rise
[12] Insulet Reports Full Year 2024 Revenue Increase of 22% and Fourth … https://investors.insulet.com/news/news-details/2025/Insulet-Reports-Full-Year-2024-Revenue-Increase-of-22-and-Fourth-Quarter-2024-Revenue-Increase-of-17-Year-Over-Year/default.aspx
[13] Quarterly Results – Insulet Corporation – Investor Relations https://investors.insulet.com/financials/quarterly-results/default.aspx
[14] Modular Medical 2/17/2026 Earnings Report – MarketBeat https://www.marketbeat.com/earnings/reports/2026-2-17-modular-medical-inc-stock-1/
[15] Insulet to Announce Fourth Quarter and Full Year 2024 Financial … https://investor.insulet.com/news/news-details/2025/Insulet-to-Announce-Fourth-Quarter-and-Full-Year-2024-Financial-Results-on-February-20-2025/default.aspx

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