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As the opening week of 2026 trading gathers steam, investors seem content to embrace risk—so long as the Fed stays predictable, Congress keeps the lights on, and oil, gold and bitcoin provide just enough drama to keep everyone awake at the morning meeting.. Yes indeed, Wall Street kicked off the first full week of 2026 with a risk‑on flourish Monday, as investors cheered record highs in blue chips, a firmer economy, and the comforting notion that the Federal Reserve will do absolutely nothing—at least for a few more weeks.

Indexes: Blue Chips Take a Victory Lap

The major U.S. benchmarks finished broadly higher, with the old‑economy stalwarts happily reminding Silicon Valley who actually rings the opening bell.

• The S&P 500 added 56.55 points, up about 0.64%, leaving the benchmark just a step below its late‑December record as money continued to favor quality large caps over speculative froth..
• The Dow Jones Industrial Average climbed roughly 594.79 points, a gain of 123.%, briefly trading above the 49,000 mark and logging its first record territory of 2026 as energy, financials and defense names rode geopolitics and higher oil.
• The Nasdaq Composite rose about 160 points, or 0.69%, as mega‑cap techs participated but ceded leadership to more cyclical and value‑tilted pockets of the market.
• The small‑cap Russell 2000 advanced roughly 1.58% to 2.557.92, extending an early‑year catch‑up trade that suggests investors are at least flirting with the idea of a broader economic upswing.

Macro, Fed and Washington

With the data calendar slowly normalizing after the record shutdown that ended in November, investors digested the first bits of 2026 macro noise and refocused on the Fed’s next move—or lack thereof.

• Monday’s U.S. ISM manufacturing reading was on tap as the marquee release, coming in the wake of an extended holiday lull and delayed government statistics, offering an early look at how industry is handling tighter financial conditions and new tariff realities.
• The yield curve remained stubbornly elevated, with the 10‑year Treasury yield hovering just above 4%, reflecting a “higher‑for‑longer” mindset in markets even after three rate cuts in late 2025.

The Federal Reserve, meanwhile, is in no hurry to play Santa in January.

• The federal funds rate sits in a 3.50%–3.75% range, and futures markets assign a high probability that the Fed will stand pat at its next FOMC meeting scheduled for January 27–28, setting up a policy “non‑event” but potentially eventful press conference.
• With inflation running near 2.4% and unemployment around 4.6%, policymakers are signaling a preference for “measured caution” as Chair Powell heads into the final months of his term, even as speculation builds over a Trump‑era successor.

In Washington, the government is open for business—for now.

• After a record‑long shutdown that ended in mid‑November, Congress is staring down a January 30 funding deadline, and lawmakers unveiled a roughly $174 billion spending bill aimed at avoiding a repeat performance.
• While key leaders in both parties say they want to avert another stoppage, the risk of brinkmanship remains, ensuring the phrase “shutdown odds” will stay in every strategist’s macro note this month.

Tariffs also remain very much part of the 2026 script.

• The U.S. collected roughly $187 billion more in tariff revenue in 2025 than in 2024, a near‑200% increase that is beginning to filter through to corporate planning, supply chains and, ultimately, pricing power.
• Research from the Federal Reserve’s San Francisco branch suggests that last year’s 15% jump in average U.S. tariffs may dampen inflation at the cost of higher unemployment, a policy trade‑off that markets will continue to game as new measures roll through.

FOMC, Rates and the Yield Curve

The rate narrative for early 2026 is less about cuts and more about staying power.

• After 2025’s gradual easing, economists expect the policy path in 2026 to see only modest reductions from the current 3.50%–3.75% fed‑funds range, keeping real rates restrictive enough to lean against asset bubbles without deliberately inviting recession.
• The yield curve remains compressed but no longer in the extreme inversion seen earlier in the cycle, with the 10‑year near 4.19% and shorter tenors anchored closer to the Fed’s target, signaling a market still unconvinced of rapid disinflation or imminent aggressive easing.

The FOMC calendar is now fully populated for the year.

• Policymakers will meet eight times in 2026, starting with the late‑January gathering, and investors will parse not just the statement but any hints about the process of choosing Powell’s successor ahead of his May 15 term expiration.
• Fed communications this week, including scheduled speeches, are expected to hew to the message that recent cuts were sufficient for now, with officials emphasizing data dependence and the need to keep inflation trending firmly toward the 2% target before contemplating a new easing cycle.

Commodities and Crypto: Oil in the Spotlight

Geopolitics ensured commodities stole a sizable chunk of Monday’s spotlight.

• Crude oil prices climbed to $58.35/bbl as markets digested the U.S. capture of Venezuela’s Nicolás Maduro and President Trump’s pledge that American drillers will help revive the country’s output, boosting energy shares and feeding the Dow’s outperformance.​
• Traditional safe havens caught a bid, with gold up about 3% to $4,459.70/oz. and silver surging nearly 7.75% to $76.51/oz,, moves that underscored lingering anxiety over geopolitical flare‑ups and policy uncertainty even as equities rallied.

Digital gold tried to join the party.

• Bitcoin (BTC, ~$94,297.38) extended a nascent rebound and was on track for its longest daily winning streak in three months, as some strategists floated the possibility of fresh all‑time highs by the end of January despite a bruising drawdown from last year’s peak.
• The broader narrative pits strong performance in physical metals against a more volatile crypto backdrop, with several year‑ahead outlooks anticipating further strength in gold and silver while characterizing bitcoin’s path as higher but far more turbulent.

Corporate Highlights: AI Darlings, Chips and Old‑School Brands

Tech and AI‑linked names remained central to the market conversation, even as leadership rotated.

• Eli Lilly (LLY) spent the day under the microscope of growth and healthcare investors, with attention still firmly on its obesity and diabetes franchises as analysts framed the stock as a long‑duration cash‑flow machine tied to GLP‑1 adoption.
• NVIDIA (NVDA) and Micron Technology (MU) traded as the market’s preferred AI arms dealers, with Micron increasingly cast as “the NVIDIA of AI memory” thanks to surging demand for high‑bandwidth DRAM needed in next‑generation data centers.
• Taiwan Semiconductor Manufacturing (TSM) and Intel (INTC) remained central to the semiconductor supply‑chain discussion, with Wall Street focusing on advanced packaging, foundry diversification and the political premium now embedded in leading‑edge capacity.
• Intel, in particular, drew fresh attention from bullish commentary highlighting its manufacturing roadmap and partnerships, with some strategists arguing that a more supportive U.S. policy backdrop could materially improve its long‑term earnings power.

The mega‑cap platform names stayed in every AI deck.

• Apple (AAPL) and Meta Platforms (META, $658.79, +1.29%) were held up as core beneficiaries of AI‑enhanced devices and advertising tools, with fresh buy‑and‑hold arguments pointing to their ability to monetize user data, ecosystem lock‑in and new services tied to generative models.
• Palantir Technologies (PLTR, $174.04, +3.68%) continued to attract attention as an AI‑data “picks and shovels” play, cited by multiple analysts as a long‑term beneficiary of rising defense, government and enterprise spending on intelligent decision systems.

The chip and infrastructure stack stayed busy.

• Broadcom (AVGO) featured prominently on AI watchlists as a beneficiary of accelerating demand for custom accelerators and networking silicon that sit behind massive language‑model training runs.
• Nokia (NOK) remained in focus as investors assessed how the 5G investment cycle and enterprise networking will interact with AI‑driven traffic growth, even as the stock continues to trade more like a value industrial than a high‑beta tech name.

Old‑economy icons still had their moment.

• McDonald’s (MCD) drew interest as a textbook consumer‑staple‑plus‑real‑estate story, with investors weighing its defensive qualities against any potential margin pressure from wage, food‑cost and tariff dynamics.
• Rio Tinto Group (RIO, $83.21, +2.19%) traded as a proxy for global growth and the critical‑minerals theme, with its exposure to iron ore, copper and other inputs keeping it central to conversations about re‑shoring, electrification and China’s still‑uncertain trajectory.

Software and data‑center plays remained on the front foot.

• Oracle (ORCL) stayed in the AI‑infrastructure limelight as it doubles its data‑center footprint and positions its cloud platform as a neutral venue for multiple AI models and GPU types, with a swelling remaining‑performance‑obligation backlog seen as a prelude to faster revenue growth.

In the more speculative corner of the tape, risk appetite remained intact.

• OKLO ($89.34, +14.83%), the advanced nuclear player, sat firmly in the energy‑transition narrative as investors looked ahead to regulatory milestones and potential partnerships that could make small modular reactors a more mainstream asset‑class over the coming decade.
• Opendoor (OPEN, $6.32, +4.12%) continued to serve as a levered bet on the U.S. housing market, with its fortunes tied to the path of mortgage rates, inventory and the possibility that lower long‑term yields might eventually revive transaction volumes.

Deals, M&A and IPOs

The deal machine has not fully shifted into high gear yet, but expectations for a busy 2026 remain firmly in place.​

• Across sectors, bankers and strategists anticipate a “bumper” year for M&A and IPOs, with cash‑rich strategic buyers and private‑equity funds under pressure to deploy capital after a quieter stretch, especially in technology, industrials and healthcare.
• Industrial advisers note that recent tariff moves and re‑shoring incentives are nudging companies to acquire U.S. operations rather than build greenfield plants, a trend that is already boosting due‑diligence activity in manufacturing‑adjacent verticals.

On the new‑issue front, the pipeline is starting to thicken.

• Special‑purpose vehicle Art Technology Acquisition Corp. priced a 22‑million‑unit Nasdaq IPO at $10 per unit for gross proceeds of about $220 million, with trading scheduled to begin January 6 and warrants exercisable at $11.50, adding another blank‑check vehicle to the tech and financials hunting ground.
• In biotech, Aktis Oncology laid out terms for what is set to be the first sector IPO of 2026, planning to sell about 11.8 million shares at $16–$18 apiece, with potential proceeds north of $180 million and room to climb above $200 million if underwriters exercise their option.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3894, +1.17%), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, announced (Dec. 10) that it had priced an underwritten public offering (the “offering”) of 12,173,000 shares of its common stock and accompanying warrants to purchase 6,086,500 shares of its common stock. Each two shares of common stock are being offered and sold together with one accompanying warrant at a combined offering at a price of $0.77, yielding an effective price of $0.38 per share and $0.01 per warrant. The warrants will have an exercise price of $0.45 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance. In connection with the offering, Modular Medical has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price, less underwriting discounts and commissions. The over-allotment option may be elected with respect to, at the underwriter’s sole discretion, shares and warrants together, solely shares, solely warrants, or any combination thereof. Newbridge Securities Corporation is acting as the sole bookrunner for the offering. Assuming no exercise of the over-allotment option, the gross proceeds to the Company from the offering are expected to be approximately $4.68 million, before deducting underwriting discounts, commissions, and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund operations and for working capital and general corporate purposes, including capital expenditures.

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

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

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $7.68, +1.45%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

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

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

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

Volato Group, Inc. (NYSE American: SOAR, $.72, +7.54%) and M2i Global, Inc. (MTWO, $.073, +5.42%), a company specializing in the development and execution of a complete global value supply chain for critical minerals, recently announced key developments in its pending all-stock merger with M2i Global, Inc.. Volato has filed the Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), following the SEC’s completion of its review of the initial confidential submission. With the reopening of federal agencies following the recent government shutdown, both companies now anticipate closing the merger in the first quarter of 2026, pending completion of SEC review and shareholder approval.

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

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

On Dec. 18, Volato Group, Inc. and M2i Global, Inc. announced that they applaud the recent December 11, 2025 announcement from the U.S. Department of State whereby Pax Silica, a U.S.-led strategic initiative to build a secure, prosperous, and innovation driven silicon supply chain—from critical minerals and energy inputs to advanced manufacturing, semiconductors, AI infrastructure, and logistics, was formed.

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

Serina Therapeutics (NYSE American: SER, $2.08, +.10%), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies. On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.

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

The InterGroup Corporation (NASDAQ: INTG, $25.33) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

DoubleVerify Holdings Inc. (DV) closed at $11.14, +2.58%. DoubleVerify, which built its franchise on media verification and ad performance analytics, is now the first badged TikTok Marketing Partner focused specifically on attention measurement, tapping impression-level signals from the platform. Brands gain a granular view of how exposure and user interaction come together across TikTok formats, ad sets, creatives, and objectives, effectively treating every swipe as a tiny A/B test.

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All told, the first, abbreviated week of 2026 felt less like the start of a new market regime and more like a terse sequel: the same cast of AI heroes, EV skeptics, tariff subplots and Fed suspense, just with a new calendar on the wall. With the shutdown clock ticking toward January 30 and the FOMC set to take the stage at month‑end, investors may find that the market’s New Year’s resolution is not to be bolder, but simply to distinguish more ruthlessly between stories and cash flows—a distinction the tape tends to enforce, sooner or later. Yes indeed, Wall Street tiptoed into 2026 with the poise of a veteran trader after a long New Year’s Eve—functional, but not exactly eager to set new records. Major U.S. equity benchmarks chopped somewhat sideways with a hint of positive pix dust in the holiday‑shortened week ending Friday, January 2, with early optimism giving way to a more ambivalent close as investors weighed a stubbornly inverted yield curve, a looming FOMC meeting at month‑end, and the not‑so-distant prospect of yet another government funding drama in Washington.

Indexes and macro tone

The S&P 500 (6,858,46, +.19% close), Dow Jones Industrial Average (48,382.39, +.66% close), Nasdaq Composite (23,235.63, -.03%) and Russell 2000 (2,508.22, +1.06%) all managed to start the year in the green intraday, helped by strength in semiconductors and AI bellwethers, before fading into a choppy finish as liquidity remained thin and traders reconsidered how much good news had already been priced in after a strong 2025. The 10‑year Treasury yield hovered around the low‑4.19% handle and the curve stayed inverted, a reminder that while the Fed is closer to cutting than hiking, the path from restrictive to accommodative still runs through a full calendar of 2026 FOMC meetings starting January 27‑28. The data calendar for the first week of the year was light, with markets more focused on the upcoming employment and inflation prints than the modest handful of routine releases that trickled out through Friday.

Washington, shutdown risk and tariffs

In the background, investors monitored the next funding deadline after the longest shutdown in U.S. history ended in November, with current stopgap measures financing most agencies only through January 30 and keeping the risk of another political standoff very much alive. That prospective shutdown overhang joined ongoing trade and tariff uncertainty, as markets digested a year of aggressive Section 301 actions against China, reciprocal tariff pauses with key partners, and the prospect of higher “mirror tariffs” on Chinese EVs routed through Mexico ahead of a mandatory USMCA review by mid‑2026. For now, tariff policy enters 2026 in a kind of uneasy cease‑fire—less chaos than last spring’s headline shocks, but far from the rules‑based stability corporate planners might prefer.

Fed, yields and funding conditions

The Federal Reserve enters the new year on hold, with futures markets fixated on the January 27‑28 FOMC meeting and the first statement of 2026, even as policymakers have signaled a gradual rather than precipitous path toward rate cuts. Across the curve, short‑dated yields remain above longer maturities, with the 10‑year Treasury note trading near 4.19% and the 2‑year at 3.488%, underscoring a still‑restrictive stance even as inflation has cooled from its peak. For equity investors, that combination—an inverted curve, high but off‑peak policy rates, and a heavy 2026 Fed calendar—makes for a macro backdrop that rewards selectivity and punishes narratives not backed by hard earnings.

Deals, IPOs and corporate maneuvering

On the corporate front, the standout deal story remained BioMarin’s (BMRN, $59.45, +.03%) recent roughly $4.8 billion all‑cash agreement to acquire rare‑disease specialist Amicus Therapeutics (FOLD, $14.27, +.21%) at $14.50 per share, a transaction announced in late December but still a live talking point for healthcare and biotech desks heading into the first full trading week of 2026. The deal, expected to close in the second quarter pending regulatory and shareholder approvals, folds Galafold and Pombiliti/Opfolda into BioMarin’s portfolio and reinforced the sense that large‑cap pharma will continue to pay up for durable, late‑stage rare‑disease assets in the new year. The IPO pipeline on the NYSE and Nasdaq was quiet into the holiday, with no marquee new issues or blockbuster tech listings grabbing headlines in the first, abbreviated week of trading.

Mega‑cap, chips and AI

Among individual names, the market’s unofficial “AI cabinet”—Nvidia (NVDA, $188.85, +.13% owe thew last 5-days), Intel (INTC, $39.38, +8.90% over the last 5-days), Micron (MU, $315.42, +10.03% over the last 5-days), Broadcom, Oracle, Apple and Palantir—remained central to early‑2026 positioning, with semiconductors leading pockets of strength. Nvidia shares extended their 2025 momentum as investors leaned into its dominant data‑center GPU franchise, while Micron—cast by some as the “Nvidia of AI memory”—benefited from upbeat commentary around high‑bandwidth DRAM demand and record free cash flow in its latest fiscal 2026 update. Oracle, Broadcom and Palantir all featured prominently on early‑January watchlists, reflecting investor conviction that cloud infrastructure, custom silicon and data‑driven software remain core bottlenecks—and profit centers—for the AI buildout.

EVs, consumer names and cyclicals

Tesla (TSLA, $438.07, -9.75% over the last 5-days), by contrast, entered 2026 on the defensive, with shares slipping after the company reported another annual decline in vehicle deliveries, raising fresh questions about growth, competition and the long‑promised mass‑market inflection in its EV franchise. Consumer bellwethers such as McDonald’s traded more quietly into the new year down .78% on Friday to $303.26, with the Golden Arches serving more as a barometer of defensive positioning than a source of thematic excitement in a week dominated by AI, chips and macro. Cyclicals and materials, including global miner Rio Tinto (RIO, $81.43, +1.75% on Friday) reflected the usual early‑January tug‑of‑war between hopes for re‑accelerating global growth and the reality of still‑tight financial conditions and tariff‑clouded trade flows.

Other tech and special situations

Outside the megacap cohort, high‑growth tech remained in focus, with Palantir (PLTR $167.86, -13.55% over the last 5-days) featuring on lists of U.S. growth names to watch thanks to strong historical revenue expansion and expectations for continued demand in government and commercial analytics. Real‑asset adjacent stories like nuclear‑technology play Oklo (OKLO, $77.80, +8.42% on Friday), real‑estate platform Opendoor ($6.07, +4.12% on Friday) and old‑line telecom equipment maker Nokia (NOK, $6.51, +.62% on Friday) saw more idiosyncratic trading, with investors using the thin first week to adjust positions after 2025’s substantial dispersion across smaller‑cap, rate‑sensitive and speculative names. Intel’s inclusion alongside Nvidia and Micron in early chip rallies underscored how broadly markets are now treating AI as a sector‑wide uplift rather than a one‑ticker phenomenon, even if profit pools remain highly concentrated.

Commodities and crypto

In commodities, precious metals continued their high‑wire act. Gold closed at $,341.90/oz, +.02% on Friday, while silver’ closed at $72.265/oz. Crude oil prices drifted 1.39% lower to $57.33/bbl over the last 5-days, weighed down by softer demand concerns and the absence of fresh geopolitical supply shocks, while Bitcoin reversed part of its late‑December slump and traded higher to the $90k range alongside gold and silver amid speculation that easier Fed policy and Trump‑era fiscal and trade surprises could fuel another year of headline‑grabbing swings in digital assets.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3849, +5.71% on Friday), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, announced (Dec. 10) that it had priced an underwritten public offering (the “offering”) of 12,173,000 shares of its common stock and accompanying warrants to purchase 6,086,500 shares of its common stock. Each two shares of common stock are being offered and sold together with one accompanying warrant at a combined offering at a price of $0.77, yielding an effective price of $0.38 per share and $0.01 per warrant. The warrants will have an exercise price of $0.45 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance. In connection with the offering, Modular Medical has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price, less underwriting discounts and commissions. The over-allotment option may be elected with respect to, at the underwriter’s sole discretion, shares and warrants together, solely shares, solely warrants, or any combination thereof. Newbridge Securities Corporation is acting as the sole bookrunner for the offering. Assuming no exercise of the over-allotment option, the gross proceeds to the Company from the offering are expected to be approximately $4.68 million, before deducting underwriting discounts, commissions, and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund operations and for working capital and general corporate purposes, including capital expenditures.

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

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

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $7.55), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

GeoVax Labs, Inc. (Nasdaq: GOVX, $.207, +21.05% on Friday), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, announced (Dec. 19) that it has entered into definitive securities purchase agreements with several institutional and individual investors for the purchase and sale of approximately 13.2 million units, each comprised of one share of the Company’s common stock and warrants, as described below, to purchase shares of the Company’s common stock, at a price of $0.245 per unit in a public offering. The Company will issue warrants to purchase up to approximately 26.5 million shares of common stock. The warrants will have an exercise price of $0.245 per share, will be exercisable immediately following the date of issuance and will have a term of five years following the date of issuance. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering are expected to be approximately $3.2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The closing of the offering is expected to occur on or about December 22, 2025, subject to the satisfaction of customary closing conditions.

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

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

Volato Group, Inc. (NYSE American: SOAR, $.6695, +4.61%) and M2i Global, Inc. (MTWO, $.0692), a company specializing in the development and execution of a complete global value supply chain for critical minerals, recently announced key developments in its pending all-stock merger with M2i Global, Inc.. Volato has filed the Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), following the SEC’s completion of its review of the initial confidential submission. With the reopening of federal agencies following the recent government shutdown, both companies now anticipate closing the merger in the first quarter of 2026, pending completion of SEC review and shareholder approval.

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

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

On Dec. 18, Volato Group, Inc. and M2i Global, Inc. announced that they applaud the recent December 11, 2025 announcement from the U.S. Department of State whereby Pax Silica, a U.S.-led strategic initiative to build a secure, prosperous, and innovation driven silicon supply chain—from critical minerals and energy inputs to advanced manufacturing, semiconductors, AI infrastructure, and logistics, was formed.

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

Serina Therapeutics (NYSE American: SER, $2.078, +8.63%), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies. On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.

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

The InterGroup Corporation (NASDAQ: INTG, $26.28) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

DoubleVerify Holdings Inc. (DV) closed at $10.86. DoubleVerify, which built its franchise on media verification and ad performance analytics, is now the first badged TikTok Marketing Partner focused specifically on attention measurement, tapping impression-level signals from the platform. Brands gain a granular view of how exposure and user interaction come together across TikTok formats, ad sets, creatives, and objectives, effectively treating every swipe as a tiny A/B test.

Fluence Energy, Inc. (FLNC, $23.01, +16.33%), a global market leader delivering intelligent energy storage systems, services, and asset optimization software, was recently recognized as one of the top three battery energy storage system providers worldwide in the newly released S&P Global Commodity Insights 2025 Battery Energy Storage System Integrator Report. The independent assessment measures companies based on installed and contracted energy storage capacity.

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U.S. stocks wrapped 2025 with a modest pullback on Wednesday, as traders balanced a euphoric year in risk assets against the sobering reality of lofty valuations, rich precious metals, and a Federal Reserve that now cuts rates with all the enthusiasm of a dentist wielding a drill.

Indexes: Party Ends On A Downbeat

The S&P 500 slipped about 0.7% to roughly 6,845, giving investors a final reminder that even in great years, gravity still works; the benchmark still finished 2025 up roughly 16% as the AI and weight‑loss trade did most of the heavy lifting. The Dow Jones Industrial Average fell about 0.6% to near 48,063, trimming but not spoiling a roughly 13% annual gain that left the old‑economy barometer sitting near record territory. The tech‑heavy Nasdaq Composite surrendered about 0.8% but still closed the year up about 20%, underscoring how mega‑cap chips and platforms again out‑ran the rest of the field. Small‑cap stocks, represented by the Russell 2000, eased in sympathy and ended the year with gains of roughly 11%, a respectable showing for companies trying to grow under higher real borrowing costs and higher real tariffs.

Macro: Yields Ease, Shutdown Deferred, Tariffs Don’t

In the bond market, the 10‑year Treasury yield hovered near 4.12%, a touch below the prior session and close to a three‑week low, as investors priced in a Fed that has already delivered three quarter‑point cuts this year and is now arguing over how dovish is too dovish. The curve remained flattened relative to history, with long maturities still only modestly above short‑term rates, suggesting markets see slower nominal growth even as inflation worries linger. A formal FOMC meeting is not on this week’s docket, but the official calendar shows the next policy gathering in late January, with the associated blackout period starting in mid‑month and ensuring that, for now, markets must make do without fresh rhetorical improvisation from Fed officials.

Washington, for once, is not the immediate problem: Congress and President Trump ended the record‑length government shutdown earlier this month with a stopgap bill that funds agencies through January 30, 2026, effectively kicking the can just far enough to let markets close the year in peace. Investors are already eyeing that next deadline as well as the year‑end expiration of several tax and health‑care provisions, which could re‑ignite fiscal brinkmanship just as the Fed tries to choreograph a gentle landing. Tariffs, however, remain very much in fashion: after a year of aggressive trade actions, the average U.S. tariff rate has jumped from roughly 2.5% to above 15%, a structural headwind that has weighed on deal‑making and complicated corporate planning even as equity indexes hit records.

Commodities & Crypto: Gold Glitters, Silver Sways, Oil Slumps, Bitcoin Sulks

Gold prices were little changed in thin year‑end trade but capped a historic run, with spot bullion near the mid‑$4,330s an ounce and on track for gains of more than 62% in 2025, fueled by central‑bank demand, expectations of further U.S. rate cuts and a weaker dollar. Silver, the metal that apparently did not get the memo about “moderation,” ended at $70.98/oz & closed the year having surged roughly 139%, delivering both spectacular returns and a master class in leverage‑driven reversals. Oil prices, by contrast, finished the year at $57.41/bbl down -21.50% YTD, as ample supply and a patchy global growth backdrop blunted OPEC rhetoric and left energy a notable laggard in an otherwise exuberant risk‑asset landscape.

Bitcoin, once marketed as “digital gold,” is currently behaving like “digital beta”: prices slid through the final week of December and now sit roughly 30% below October highs at ~$87,520, after a steady drawdown that accelerated in thin holiday liquidity. Daily losses of 2–3% in the run‑up to year‑end, coupled with broader weakness across crypto, highlight that the asset is tracking risk appetite more than safe‑haven flows even as physical precious metals notch record‑setting performances.

Corporate News: AI, Chips, Obesity Drugs And The Rest Of The Cast

Eli Lilly ($1,074.68, +39.21% YTD) once again wore the market’s heavyweight championship belt, even as shares traded only modestly lower today in quiet holiday action. The drugmaker heads into 2026 with consensus looking for roughly 60% sales growth, thanks to runaway demand for GLP‑1 obesity therapies and positive late‑stage data on an oral “obesity pill,” which together cement its reputation as the rare pharma company that makes both pills and headlines. Analysts have been busily ratcheting up price targets—several now stretch into the low‑$1,200s per share—while recent insider selling by a major shareholder drew some attention but did little to dent the broader bull case.

Taiwan Semiconductor (TSM) closed the year on a firmer note, with the stock up roughly 1.44% at $303.89 in Wednesday trading as investors continued to reward its dominant position in leading‑edge foundry capacity and its leverage to Nvidia‑driven AI demand. Recent monthly revenue data showed a sequential slowdown but still nearly 25% year‑over‑year growth, and Bernstein’s decision to lift its price target to $330 underscored confidence that pricing power on sub‑5‑nanometer nodes will support margins into 2026 despite the occasional data‑breach headline.

Across the AI complex, Nvidia, Micron Technology, Broadcom and Palantir all spent the final session digesting outsized yearly advances rather than sprinting into the close. Nvidia ends 2025 as the world’s most valuable public company ($4.54T) and the undisputed leader in AI training and inference chips, with analysts estimating it controls more than 95% of that market and projecting the underlying data‑center opportunity could exceed $500 billion by 2028. Micron, riding what one analyst called “unexpectedly durable” pricing power in memory, has soared in 2025—its shares are up well over 200% year‑to‑date—while Broadcom has leveraged its ASIC franchise to become a top‑tier AI plumbing provider and a nearly $2 trillion‑market‑cap club candidate.

Palantir, once a polarizing defense‑tech name, now closes the year as one of the S&P 500’s standout performers, with shares up nearly 135% and fueled by a run of government and enterprise AI partnerships ranging from NATO and the U.S. Navy to tie‑ups with Nvidia, Anthropic, Databricks and others. The rally has been powerful enough that Palantir’s return profile in the AI trade now exceeds that of some better‑known chip titans, even as persistent insider selling gives skeptics something to talk about between holiday parties.

Apple and Tesla, two long‑standing pillars of retail portfolios, largely followed the broader growth tape into year‑end, giving back a little ground Wednesday after strong months that saw both benefit from revived enthusiasm around AI‑enhanced devices and EV software platforms. For Apple, attention remains fixed on how quickly AI‑infused hardware cycles can re‑accelerate revenue, while Tesla faces the more complex task of convincing investors that robotaxis, lower‑priced vehicles and its humanoid “Optimus” program will justify a valuation that still assumes multiple future industrial revolutions per decade.

Meta Platforms also eased with the broader tech cohort but remain within striking distance of record highs, as Wall Street increasingly treats them as core AI infrastructure and advertising‑plus‑compute plays rather than mere social media and chip vendors. Intel, meanwhile, ended the year with a rare glow: shares rose after Nvidia finalized a roughly $5 billion strategic stake, cementing a deepening partnership that investors hope will accelerate Intel’s foundry ambitions and validate its turnaround narrative

Away from the AI limelight, McDonald’s, Nokia, Rio Tinto, Oracle, Oklo and Opendoor saw more muted, year‑end liquidity‑thinned moves, their stocks largely oscillating with sector ETFs as investors focused on positioning rather than stock‑specific catalysts. Oracle remains under scrutiny for its massive, multi‑year OpenAI cloud agreement, which has become both the centerpiece of its growth story and a single‑customer concentration risk, while Rio Tinto’s fortunes continue to hinge on metal prices and Chinese demand, and Opendoor’s on a rate environment that finally appears to be drifting from headwind toward crosswind.

Deals, IPOs And Tariff Cross‑Currents

On Wednesday itself, the NYSE and Nasdaq IPO calendars were effectively dark, with no major offerings pricing in the final session and companies preferring to wait for cleaner windows in 2026 rather than compete with holiday‑thinned liquidity and year‑end tax‑planning flows. As bankers tell it, the combination of higher tariffs, unpredictable antitrust enforcement and episodic market volatility has made boards more circumspect about both going public and pursuing large, cross‑border tie‑ups, at least until there is more visibility on the 2026 policy path.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3641, +.86%), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, announced (Dec. 10) that it had priced an underwritten public offering (the “offering”) of 12,173,000 shares of its common stock and accompanying warrants to purchase 6,086,500 shares of its common stock. Each two shares of common stock are being offered and sold together with one accompanying warrant at a combined offering at a price of $0.77, yielding an effective price of $0.38 per share and $0.01 per warrant. The warrants will have an exercise price of $0.45 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance. In connection with the offering, Modular Medical has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price, less underwriting discounts and commissions. The over-allotment option may be elected with respect to, at the underwriter’s sole discretion, shares and warrants together, solely shares, solely warrants, or any combination thereof. Newbridge Securities Corporation is acting as the sole bookrunner for the offering. Assuming no exercise of the over-allotment option, the gross proceeds to the Company from the offering are expected to be approximately $4.68 million, before deducting underwriting discounts, commissions, and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund operations and for working capital and general corporate purposes, including capital expenditures.

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

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

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $7.55), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

GeoVax Labs, Inc. (Nasdaq: GOVX, $.1710), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, announced (Dec. 19) that it has entered into definitive securities purchase agreements with several institutional and individual investors for the purchase and sale of approximately 13.2 million units, each comprised of one share of the Company’s common stock and warrants, as described below, to purchase shares of the Company’s common stock, at a price of $0.245 per unit in a public offering. The Company will issue warrants to purchase up to approximately 26.5 million shares of common stock. The warrants will have an exercise price of $0.245 per share, will be exercisable immediately following the date of issuance and will have a term of five years following the date of issuance. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering are expected to be approximately $3.2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The closing of the offering is expected to occur on or about December 22, 2025, subject to the satisfaction of customary closing conditions.

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

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

Volato Group, Inc. (NYSE American: SOAR, $.64) and M2i Global, Inc. (MTWO, $.07), a company specializing in the development and execution of a complete global value supply chain for critical minerals, recently announced key developments in its pending all-stock merger with M2i Global, Inc.. Volato has filed the Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), following the SEC’s completion of its review of the initial confidential submission. With the reopening of federal agencies following the recent government shutdown, both companies now anticipate closing the merger in the first quarter of 2026, pending completion of SEC review and shareholder approval.

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

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

On Dec. 18, Volato Group, Inc. and M2i Global, Inc. announced that they applaud the recent December 11, 2025 announcement from the U.S. Department of State whereby Pax Silica, a U.S.-led strategic initiative to build a secure, prosperous, and innovation driven silicon supply chain—from critical minerals and energy inputs to advanced manufacturing, semiconductors, AI infrastructure, and logistics, was formed.

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

Serina Therapeutics (NYSE American: SER, $1.913), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies. On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.

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

The InterGroup Corporation (NASDAQ: INTG, $28.39, +3.69%) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

DoubleVerify Holdings Inc. (DV) closed at $11.44, -.52%. DoubleVerify, which built its franchise on media verification and ad performance analytics, is now the first badged TikTok Marketing Partner focused specifically on attention measurement, tapping impression-level signals from the platform. Brands gain a granular view of how exposure and user interaction come together across TikTok formats, ad sets, creatives, and objectives, effectively treating every swipe as a tiny A/B test.

Intelligent Bio Solutions Inc. (Nasdaq: INBS), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, raise +132.44% to close at $9.53.

Axsome Therapeutics, Inc. (NASDAQ: AXSM, $182.64, +22.75%), a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) disorders, today announced that the U.S. Food and Drug Administration (FDA) has accepted for filing the Company’s supplemental New Drug Application (NDA) for AXS-05 (dextromethorphan HBr and bupropion HCl) for the treatment of Alzheimer’s disease agitation, and has granted the application Priority Review designation. The FDA has set a Prescription Drug User Fee Act (PDUFA) target action date of April 30, 2026.

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In a fitting coda to 2025, Tuesday’s market looked less like a grand finale and more like a dress rehearsal for 2026: stocks near records, AI titans and GLP‑1 champions still commanding the marquee, and a supporting cast of tariffs, deficits, metals and bitcoin all jostling to decide whether the next act is a soft‑landing sequel or something with a bit more plot twist. However, at the of the trading day, U.S. stocks eased modestly today as Wall Street tried to wrap a banner year without smudging the ink, with major indexes hovering near record levels even as Fed minutes, jumpy precious metals and tired tech leaders conspired to keep the Santa rally from getting too exuberant.

S&P 500, Dow, Nasdaq, Russell

The S&P 500 spent the session essentially flat to slightly lower, slipping just a few points to finish at 6,896.24, leaving the benchmark within a whisker of last week’s record and cementing an 17.25% gain for the year. The Dow Jones Industrial Average drifted about 0.2% lower as weakness in heavyweight tech and AI beneficiaries offset strength in a handful of industrials and financials, illustrating how narrow 2025’s leadership has become.

The Nasdaq Composite eased about 0.24% as investors again trimmed richly valued AI names, keeping the index off its recent highs but still up strongly for the year on the strength of semiconductors and megacap platforms. The small‑cap Russell 2000 also slipped .76%, giving back a portion of its recent outperformance as higher‑beta cyclicals paused ahead of 2026 growth, tariff and rate assumptions being rewritten in real time.

Macro data, Fed minutes, yields and shutdown

On the macro front, Tuesday’s highlight was the release of minutes from the Federal Reserve’s December meeting, which showed officials divided over how aggressively to cut rates next year, with some fretting that too much easing could reignite inflation while others focused on softening momentum. Markets took the split personality in stride: futures continued to price a shallow cutting cycle while equity traders treated the minutes as confirmation that the Fed is easing, just not recklessly so.

Treasury trading remained subdued, with the 10‑year yield hovering near 4.1% as investors balanced slower growth signals against still‑elevated deficits and persistent policy noise from tariffs and shutdown politics. The next FOMC gathering is scheduled for January 27‑28, when policymakers are widely expected to hold rates steady and refine the glide path for 2026 rather than deliver another surprise cut.

Washington’s shutdown saga has shifted from cliffhanger to background hum: progress toward reopening has eased immediate tail risks, but negotiations over spending, tariffs and a proposed “tariff dividend” mean fiscal worries remain central to how bond and precious‑metals markets are being priced. For capital markets, that combination—less shutdown drama but more deficit anxiety—has kept risk appetite intact while nudging investors toward the comfort of longer‑dated Treasurys and bullion.

Tariffs, trade and policy cross‑currents

Tariffs stayed in the frame rather than on the front page, with investors still parsing the longer‑term growth and margin impact of President Donald Trump’s on‑again, off‑again levies even after he suspended the most aggressive proposals back in April following a sharp wobble in the Treasury market. Subsequent negotiations to lower headline tariff rates have calmed some nerves, but markets remain acutely aware that any renewed flare‑up would land directly on global supply chains, capex plans and the dollar.

In precious metals, tariff and fiscal concerns continue to act like a slow‑burn stimulus: higher real‑rate volatility, expanding deficits and the prospect of a “tariff dividend” financed by borrowing have all been cited as reasons why investors remain comfortable owning gold and especially silver at historically elevated levels. For equity strategists, the policy mix amounts to a polite reminder that 2026 earnings estimates are being drafted in pencil, not ink.

Eli Lilly: GLP‑1 king trims prices, not its crown

Eli Lilly’s LLY edged modestly higher, rising about 0.09% after the company and Novo Nordisk reduced list prices on obesity drugs in key markets, a move framed as both competitive positioning and pre‑emptive political risk management as the GLP‑1 boom attracts mounting scrutiny. The pressure was more about headline fatigue than fundamentals: Lilly remains a market darling after posting blow‑out quarterly earnings—roughly 7.02 in EPS on revenue that jumped nearly 54% year‑over‑year—and issuing robust 2025 guidance tied to Zepbound, Mounjaro and a deep metabolic pipeline.

Flows underlined that the growth story is intact even if the stock occasionally needs to catch its breath: J.L. Bainbridge & Co. recently raised its stake in LLY by more than 11,000%, making it a top‑10 holding, while analysts’ consensus price target sits north of $1,100 with a “Moderate Buy” tag. The shares spent most of Tuesday changing hands around $1,075–$1,080, roughly 40% above where they started the year, suggesting investors are still treating any GLP‑1 discounting as a margin nuance rather than a thesis‑breaker.

TSMC, Nvidia, Micron and the AI chip complex

Taiwan Semiconductor Manufacturing TSM traded slightly softer to $299.58, mirroring the broader semiconductor space as investors locked in year‑end profits despite a still‑bullish fundamental backdrop that includes rising analyst price targets. Bernstein recently boosted its target on TSM to $330 and reiterated an “outperform” view, calling the foundry a high‑quality core holding in the AI build‑out, but even core holdings occasionally get trimmed when performance fees are on the line.

Nvidia NVDA fell about .36% to $187.54, giving back part of an extraordinary year in which its market value swelled to roughly $4.5 trillion and its AI chips became the de facto tollbooth for data‑center ambition. Micron Technology MU slipped .59% to $292.63 in sympathy after a powerful run fueled by AI‑linked memory demand, with recent screens still flagging it as one of the highest‑dollar‑volume tech names on traders’ dashboards.

Apple, Tesla, Broadcom and Meta

Apple AAPL barely budged, ending fractionally .25% lower as investors treated the iPhone maker as a high‑quality cash‑flow bond in a market otherwise busy debating how much they overpaid for growth this year. The stock remains not far from record territory after a 2025 that mixed renewed optimism about AI and services with periodic hand‑wringing over hardware saturation and regulatory risk.

Tesla TSLA fared worse, sliding around 1.13% to $454.43 as it previewed downbeat sales numbers/4Q deliveries that came in at 422,850 units globally which would be approx. a 15% y/y dip. Broadcom AVGO edged +.13% higher alongside the chip complex after a blistering AI‑infrastructure run, & continues to rank among the most heavily traded technology names and a favored way to own the plumbing of the data‑center boom.

Meta Platforms META  rose 1.10% to $665.95. The social‑media giant remains near the front of the line in the trillion‑ish‑dollar club​.

Intel, Oracle and the legacy tech cohort

Intel INTC moved 1.69% higher to $37.20. The stock remains a high‑beta way to express a view on whether traditional CPU vendors can reinvent themselves for accelerated computing at scale.

Oracle ORCL also rose .94% to $97.21 after a stellar stretch in which investors rewarded its cloud and AI tie‑ups, including high‑profile work with OpenAI that has helped recast the software stalwart as an infrastructure player rather than a purely legacy database vendor. Recent sessions have seen Oracle singled out among the AI winners whose valuations may already discount a great deal of future deal flow, a nuance that tends to matter when Fed minutes sound even mildly less dovish.

Palantir, Oklo and Opendoor: speculative tape, specific stories

Palantir Technologies PLTR edged lower by 1.81% to $180.84, but remained heavily traded, continuing a pattern in which the stock reacts to every incremental data‑platform win or government contract rumbling with outsized volatility. The name continues to show up near the top of tech watchlists thanks to its combination of AI narrative, defense adjacency and a share price path that looks more like a seismograph than a spreadsheet.

Oklo OKLO, the advanced‑nuclear upstart that went public earlier in the year, traded down 3.33% to $71.62 as the market digested both ambitious deployment timelines and a policy environment that oscillates between enthusiastic and bureaucratic. Opendoor Technologies OPEN likewise saw subdued action but traded +.17% higher to $5.84, with housing‑linked equities still contending with higher‑for‑longer mortgage rates and buyers who would like to believe in a 2026 recovery but have not yet convinced their lenders.

McDonald’s, Nokia, Rio Tinto: old‑economy barometers

McDonald’s MCD was little changed to close at $308.03, continuing to serve as a pleasantly boring bellwether for global consumer demand in a year otherwise dominated by AI, tariffs and precious‑metals theatrics. The stock’s role as an inflation and wage‑pressure barometer has not gone unnoticed, but Tuesday’s quiet tape suggested investors had more urgent dramas to trade.

Nokia NOK traded down 1.06% to $6.51 as the market weighed 5G and network‑equipment demand against capex caution from carriers coping with higher funding costs and uncertain tariff spillovers into hardware pricing. Rio Tinto Group RIO ticked mildly higher by .15% to $80.52, helped by firmer copper and iron‑ore sentiment as investors bet that any 2026 industrial slowdown will be tempered by ongoing demand for electrification metals and AI‑hardware inputs.

IPOs, M&A and deal flow

The primary calendar remained subdued into year‑end, with no marquee NYSE or Nasdaq IPOs pricing on Tuesday even as bankers quietly prepare a deeper 2026 pipeline now that shutdown disruptions have eased. Earlier in December, Medline’s well‑received debut and Motive Technologies’ filing under the ticker “MTVE” illustrated that sponsors remain willing to test the market, but this week’s tape suggests a preference for January windows over late‑December experiments.

M&A headlines were similarly light, with 2025’s broader pattern still defined by tariff uncertainty, elevated rates and unpredictable regulatory sign‑offs that left dealmakers busier fine‑tuning term sheets than announcing blockbuster combinations. Strategics have favored bolt‑on technology and healthcare acquisitions over megamergers, a cautious stance that may persist until the Fed’s path, tariff regime and growth outlook look a bit less like a choose‑your‑own‑adventure novel.

Gold, silver, oil and bitcoin

Gold climbed roughly .41% to trade at the $4,361.20/oz. mark, bouncing back from recent volatility as investors sought a hedge against fiscal drift, policy uncertainty and the uncomfortable arithmetic of running deficits near 6% of GDP at this stage in the cycle. Silver, which has careened between record highs and double‑digit intraday swings this month, moved 7.85% higher after yesterday’s pullback and remains on track to finish 2025 with eye‑catching gains that have turned even jaded macro funds into reluctant metals tourists.

Oil prices ticked modestly lower to $57.94/bbl, with disciplined supply and periodic geopolitical flare‑ups into a price level that offends almost no one and delights even fewer. Bitcoin added just under 1%, changing hands in the high‑$88,000s and reminding skeptics that even after a sharp pullback from October’s six‑figure peak, the asset has quietly retained most of its 2025 gains thanks to ETF demand and a surprisingly crypto‑friendly tone from Washington.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3621), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, announced (Dec. 10) that it had priced an underwritten public offering (the “offering”) of 12,173,000 shares of its common stock and accompanying warrants to purchase 6,086,500 shares of its common stock. Each two shares of common stock are being offered and sold together with one accompanying warrant at a combined offering at a price of $0.77, yielding an effective price of $0.38 per share and $0.01 per warrant. The warrants will have an exercise price of $0.45 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance. In connection with the offering, Modular Medical has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price, less underwriting discounts and commissions. The over-allotment option may be elected with respect to, at the underwriter’s sole discretion, shares and warrants together, solely shares, solely warrants, or any combination thereof. Newbridge Securities Corporation is acting as the sole bookrunner for the offering. Assuming no exercise of the over-allotment option, the gross proceeds to the Company from the offering are expected to be approximately $4.68 million, before deducting underwriting discounts, commissions, and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund operations and for working capital and general corporate purposes, including capital expenditures.

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

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

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $7.73, +2.38%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

GeoVax Labs, Inc. (Nasdaq: GOVX, $.1719, +1%), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, announced (Dec. 19) that it has entered into definitive securities purchase agreements with several institutional and individual investors for the purchase and sale of approximately 13.2 million units, each comprised of one share of the Company’s common stock and warrants, as described below, to purchase shares of the Company’s common stock, at a price of $0.245 per unit in a public offering. The Company will issue warrants to purchase up to approximately 26.5 million shares of common stock. The warrants will have an exercise price of $0.245 per share, will be exercisable immediately following the date of issuance and will have a term of five years following the date of issuance. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering are expected to be approximately $3.2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The closing of the offering is expected to occur on or about December 22, 2025, subject to the satisfaction of customary closing conditions.

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

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

Volato Group, Inc. (NYSE American: SOAR, $.79, +16.245) and M2i Global, Inc. (MTWO, $.0739), a company specializing in the development and execution of a complete global value supply chain for critical minerals, recently announced key developments in its pending all-stock merger with M2i Global, Inc.. Volato has filed the Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), following the SEC’s completion of its review of the initial confidential submission. With the reopening of federal agencies following the recent government shutdown, both companies now anticipate closing the merger in the first quarter of 2026, pending completion of SEC review and shareholder approval.

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

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

On Dec. 18, Volato Group, Inc. and M2i Global, Inc. announced that they applaud the recent December 11, 2025 announcement from the U.S. Department of State whereby Pax Silica, a U.S.-led strategic initiative to build a secure, prosperous, and innovation driven silicon supply chain—from critical minerals and energy inputs to advanced manufacturing, semiconductors, AI infrastructure, and logistics, was formed.

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

Serina Therapeutics (NYSE American: SER, $2.011), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies. On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.

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

The InterGroup Corporation (NASDAQ: INTG, $27.38, +3.28%) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

DoubleVerify Holdings Inc. (DV) closed at $11.50, -52%. DoubleVerify, which built its franchise on media verification and ad performance analytics, is now the first badged TikTok Marketing Partner focused specifically on attention measurement, tapping impression-level signals from the platform. Brands gain a granular view of how exposure and user interaction come together across TikTok formats, ad sets, creatives, and objectives, effectively treating every swipe as a tiny A/B test.

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