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In all, the final Monday of 2025 looked less like the start of a new narrative and more like a tidy epilogue: investors trimming winners, testing how far tariffs and higher real rates can bend the expansion without breaking it, and quietly wondering whether 2026 can possibly follow a three‑year run that Wall Street will be bragging about for some time. Yes indeed, Wall Street tiptoed into the last trading week of 2025 with the air of a holiday party that went a day too long—indexes off their highs, megacap tech on the back foot, and traders nervously guarding this year’s fat gains as if they were year-end bonuses already spent. Precious metals finally remembered that trees do not grow to the sky, even in futures markets, while bitcoin continued to discovere that gravity applies to digital assets too.

S&P 500, Dow, Nasdaq, Russell

The S&P 500 slipped around 0.35% as investors trimmed richly valued tech and AI winners, a modest giveback after the benchmark notched record highs just before Christmas and locked in gains north of 17.41% for the year. The Dow Jones Industrial Average fell about 0.51% after touching record territory last week, its 2025 advance still running above 13.91% as investors rotate toward more defensive blue chips into year-end. The Nasdaq Composite, ever the drama major, dropped roughly 0.5% as selling in Nvidia, Tesla and other growth leaders led the pullback, although the index remains up more than 21.56% year-to-date—a reminder that this is what a “bad” day looks like after a stellar year.

Macro data, Fed, yields, shutdown

Monday’s U.S. calendar was light, with housing data and year-end positioning doing more of the talking than any blockbuster report, leaving markets focused on how Trump-era tariffs and slower growth will shape 2026. The Treasury curve stayed inverted but eased, with the 10‑year yield hovering just above 4.1% and the 2‑year near the mid‑3% range, reflecting markets that see slower growth and at least a less aggressive Fed rather than an all‑clear boom. The Federal Reserve’s December meeting already delivered a widely expected rate cut toward a 3.50%–3.75% funds range, and investors are now waiting on this week’s release of December meeting minutes for hints about early‑2026 moves—complicated by a lingering government shutdown spat that has delayed some key economic data.

Tariffs, Washington and trade

Tariffs remain the policy that never goes out of style in Washington, with Trump’s 2025 regimen keeping effective rates on Chinese imports near the eye‑watering mid‑40% range and sparking ongoing complaints from importers and small businesses about rising costs. A summer deal with Europe that slashed EU tariffs on most U.S. industrial goods while raising U.S. duties on EU exports continues to reshape trade flows into year‑end, reinforcing the sense that 2025 will be remembered as the year tariff policy turned from “temporary pressure tactic” into a semi‑permanent fixture of the global order.

Metals, oil and bitcoin

Gold futures retreated roughly 4.31%% from last week’s record highs, trading around the mid‑$4,300’s per ounce, as investors took profits after a spectacular safe‑haven run fueled by geopolitics, tariffs and nagging inflation worries. Silver was hit even harder, falling about 6.88% and logging one of its sharpest single‑day pullbacks of the year after briefly flirting with the $80 mark, a reminder that volatility cuts both ways when “store of value” trades get crowded. Oil prices moved higher, with West Texas Intermediate climbing around 1.5%–2% toward the $57s a barrel, helped by tightening supply expectations and cross‑asset rotation, while bitcoin slipped less than 1% to the mid‑$87,000s as crypto bulls discovered that even digital gold can suffer a year‑end mark‑to‑market.

Mega‑cap tech and AI: Nvidia, TSMC, Apple, Tesla, Broadcom, Meta, Micron, Intel, Oracle

Large‑cap tech spent the session in the penalty box, with Nvidia more than 1% and Tesla dropping over 3% helping drag the Nasdaq lower as traders took profits after a powerful year‑end AI rally. Broadcom and other AI infrastructure names also softened as investors reassessed rich valuations heading into a week that features fresh updates from Oracle and other cloud and chip players, underscoring how much of 2025’s narrative has hinged on AI data‑center capex. Taiwan Semiconductor Manufacturing and Micron—key barometers of the chip cycle—edged lower alongside the broader semiconductor complex as traders balanced optimism about 2026 demand with fatigue after a multi‑quarter run‑up. Apple, Meta and Intel all traded down with the tech complex, pressured more by macro and positioning than by company‑specific catalysts as investors marked‑to‑market a strong year of gains in megacap platforms and PC/server silicon. Oracle, which has become something of a high‑beta AI proxy thanks to its multiyear OpenAI cloud deal, slid again as the market continued to debate whether a massive backlog built on a single flagship customer justifies its earlier rerating.

Eli Lilly, healthcare heavyweight

Eli Lilly’s (LLY, $1,079.45, +.16%) shares held up comparatively well against the tech‑led selloff, with investors still digesting blockbuster third‑quarter results that showed revenue jumping roughly 54% year‑over‑year to about $17.6 billion on the strength of its obesity and metabolic franchise. The stock, which has climbed roughly a third this year and is closing in on the low‑$1,000s, continues to be treated as a quasi‑growth name in a value sector as Wall Street leans into the idea that Lilly is “the Nvidia of healthcare”—a title the market seems quite happy to award at a premium multiple.

OKLO, Palantir, Opendoor and the rest of the story

In the more speculative corners of the market, nuclear micro‑reactor developer Oklo ($74.09, -3.68%) remains a favorite of high‑octane growth investors after a torrid 2025 that saw the stock trade in the $70s and beyond, even as some analysts warn that consensus price targets now sit notably below the current quote. Palantir (PLTR, $184.18, -2.40%), long a bellwether for data‑driven defense and government AI contracts, traded weaker in sympathy with other AI‑adjacent names, as investors balanced enthusiasm over long‑term government and commercial wins against the near‑term reality of slower spending in a tariff‑hit economy. Opendoor’s (OPEN, $5.83, -3%) shares remained sensitive to any whispers on housing data and mortgage‑rate expectations, with the stock shadowing broader concerns that even a modestly lower‑rate environment may not fully offset structural affordability challenges in the U.S. housing market.

McDonald’s, Rio Tinto, Nokia and old‑economy signals

Defensive stalwart McDonald’s traded slightly lower with the Dow, though the stock still looks like a 2025 winner as investors have used the Golden Arches as a proxy for global consumer resilience in a year of tariffs and elevated prices. Rio Tinto (RIO, $80.40, -2.24%) eased with other cyclicals as metals prices came off the boil and recession probabilities tied to the inverted yield curve lingered, reminding investors that the commodity supercycle can occasionally pause for macro reality. Nokia (NOK, $6.58, -.60%) still grinding through its multi‑year reinvention in networks and 5G infrastructure, moved largely with the broader international tech tape, offering more evidence that this market continues to reward pure‑play AI and software far more generously than old‑line telecom hardware.

M&A, IPOs and primary markets

The year‑end calendar remained relatively quiet on blockbuster mergers or buyouts Monday, with dealmakers largely focused on closing existing transactions rather than announcing new trophy acquisitions in the final holiday‑shortened week of the year. However, we did discover that SoftBank Group Corp. (TSE: 9984, “SoftBank Group”) today announced that it has entered into a definitive agreement to acquire DigitalBridge Group, Inc. (NYSE: DBRG, “DigitalBridge”), a leading global alternative asset manager dedicated to investing in digital infrastructure, including data centers, cell towers, fiber networks, and edge infrastructure, for a total enterprise value of approximately $4.0B.

Note that in the IPO market, 2025 will already go down as a boom year with roughly 347 U.S. deals priced so far—about 55% more than by this point in 2024—while this week’s calendar features a smattering of smaller offerings and SPAC‑style vehicles on the NYSE and Nasdaq rather than marquee household names.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3903, -1.59%), 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, $.1702, -5.97%), 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, $.6796) and M2i Global, Inc. (MTWO, $.0795, +.76%), 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, $2.30), 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, $26.68) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”

DoubleVerify Holdings Inc. (DV) closed at $11.56, +.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.

Praxis Precision Medicines, Inc. (NASDAQ: PRAX, $304.58, +13.25%), a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system (CNS) disorders characterized by neuronal excitation-inhibition imbalance, today (Dec. 29) announced that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Therapy Designation (BTD) for ulixacaltamide, a differentiated and highly selective small molecule inhibitor of T-type calcium channels, for the treatment of patients with essential tremor (ET).

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Wall Street tiptoed into the final holiday stretch with a Santa Claus rally that felt more like a well‑tailored cashmere sweater than an ugly Christmas jumper: comfortable but not euphoric. Major U.S. indexes ground higher over the week ending Friday, December 26, 2025, as investors balanced cooler inflation, a recently more dovish Federal Reserve, and a noisy backdrop of tariffs, shutdown politics, and record‑setting precious metals.

Indexes and Macro Backdrop

The S&P 500 closed at 6,926.94, +2.29% & spent the holiday‑shortened week edging back toward its December record, turning slightly positive for the week after Friday’s gains and finishing less than 1% below all‑time highs as growth and semiconductor names led the tape again. The Dow Jones Industrial Average closed at 48,710.97, +1.58% tagged along with more measured gains closed at , helped by megacap cyclicals and select tech, while the Nasdaq Composite closed at 23,593.10, +2.55% extended its run as the preferred vehicle for the AI trade, rising roughly 0.5% on Monday alone as part of a broader rebound into Christmas. The Russell 2000 closed at 2,534.35, +1.06% underscoring renewed appetite for small‑caps in a falling‑rate narrative.

Macroeconomic fireworks were largely postponed until after the holidays; the U.S. calendar between Christmas and New Year carries no major releases, with markets instead digesting earlier soft‑landing data and focusing on third‑quarter GDP and consumer confidence prints mid‑week.

Fed, Yields, Tariffs and the Curve

The Federal Reserve entered the final week of the year in post‑decision quiet, having cut its policy rate to a 3.50%–3.75% target range at the December 9–10 FOMC meeting and signaled a slower, more cautious easing path ahead. Futures markets spent the week calibrating the odds of additional 2026 cuts, but there were no new Fed announcements on the calendar and the next key communications are expected with the release of the December meeting minutes and the January FOMC gathering. In the bond market, the 10‑year Treasury yield hovered just above 4.1%–4.2%, leaving the curve modestly positively sloped again, with the 10‑year minus 2‑year spread around 0.7 percentage point and the 10‑year minus 3‑month spread near 0.5 percentage point—an inversion that has quietly gone into reverse, giving recession worriers less to point at and equity bulls a fresh talking point.

Trade policy, by contrast, remained anything but quiet. Trump’s 2025 tariff offensive, which has pushed effective U.S. tariff rates sharply higher, continued to ripple through corporate guidance and investor psychology, even as the White House selectively trimmed levies on items like beef and fruit to tame inflation while pressing ahead with sector‑specific duties, including 25% tariffs on some furniture and cabinet imports. The administration also continued to float the notion of a kind of tariff‑funded “dividend” to households—up to $2,000 per person in some rhetoric—though markets treated that promise with the same skepticism usually reserved for long‑dated SPAC projections.

Commodities, Bitcoin and the “Great Rotation”

If equities enjoyed a polite Santa rally, gold and silver threw a New Year’s Eve party. Spot gold spent the week trading above the $4,500 level closing at $4,562, marking unprecedented territory as investors rotated out of high‑beta trades and into old‑fashioned refuge, while silver surged toward the $80 mark closing at $79.675/oz. after gaining more than 168.97% year‑to‑date on the back of macro hedging flows and voracious industrial demand from AI‑linked electronics. Bitcoin, which had flirted with an October high near $126,000, continued to stumble below the $90,000 threshold during the thin holiday liquidity and trading near $87,825 on Friday, reinforcing the sense that, for now, crypto behaves less like “digital gold” and more like a speculative growth stock with a marketing problem. Oil prices drifted rather than surged closing at $56.93/bbl, caught between geopolitical tension and softer growth concerns, leaving energy equities to play supporting rather than starring roles in year‑end performance tables.

Deals, IPOs and Corporate Actions

In M&A, BioMarin (BMRN, $59.95,+15.40% over the last 5-days) gave the rare‑disease space an early holiday gift bow by agreeing to buy Amicus Therapeutics (FOLD, $14.25, +30.85% over the last 5-days) in a $4.8 billion all‑cash deal at $14.50 per share, a roughly 33% premium to Amicus’s pre‑deal close and about 58% above its 60‑day average. The acquisition, announced Friday and expected to close in the second quarter of 2026, would add Galafold and Pombiliti + Opfolda to BioMarin’s portfolio, broaden its rare‑disease footprint, and, according to management, accelerate revenue growth and become materially accretive to earnings after 2027.

On the new‑issue front, the U.S. IPO market continued to show signs of life rather than exuberance. Listings scheduled and priced around the week included micro‑cap and SPAC‑style deals such as ELC Group and other small offerings on Nasdaq, along with special‑purpose vehicles like TGE Value Creative Solutions on the NYSE, while data providers tallied roughly 347 U.S. IPOs for 2025—about 56% more than at this point in 2024, but still far from the froth of the last cycle. The calendar heading into New Year’s week featured additional small‑cap and blank‑check vehicles, underscoring that while bankers are working, investor enthusiasm remains highly selective.

Big‑Cap Tech, Select Names and Sector Color

AI‑linked megacaps again did much of the heavy lifting. Nvidia (NVDA, $190.53, +9.41% over the last 5-days) attracted renewed buying interest, with brokers such as Stifel reiterating bullish views on its role at the center of AI infrastructure, and traders eyeing fresh upside as forecasts pointed to stronger networking and data‑center demand into 2026. Taiwan Semiconductor Manufacturing (TSM, $302.84, +6.38% over the last 5-days), a structural beneficiary of that same AI and high‑performance‑computing wave, remained a favored upstream proxy, while Intel inched along its turnaround narrative as a domestic foundry champion, trading in the slipstream of the broader semiconductor rally even as the competitive gap with TSMC remains an ongoing debate. Micron Technology (MU, $284.79, +14.58% over theist 5-days) joined the party, climbing roughly 2.5% on Monday as investors leaned into the cyclical memory upturn and its positioning in high‑bandwidth DRAM for AI servers.

Apple (AAPL, $273.40, +.44%) shares moved with the broader large‑cap tech complex, benefiting from the renewed risk appetite but still under the microscope for iPhone replacement cycles and services growth, while Meta Platforms (META, $663.29) continued to trade as a barbell between strong advertising fundamentals and heavy investment in Reality Labs and AI. Broadcom (AVGO, $352.13, +6.74%) remained tethered to the AI narrative as well, with options activity reflecting expectations for continued data‑center and networking demand, even as valuation left little room for missteps. Palantir Technologies (PLTR, $188.71, +1.63%) stayed a darling of the options market, featuring prominently in hot‑options flow tied to AI, defense and government‑analytics themes, suggesting that speculative capital has not taken the holidays off.

Tesla (TSLA, $475.19) spent the week oscillating around key technical levels, with bulls encouraged by momentum into year‑end and bears still pointing to margin pressure and intensifying EV competition, while derivatives markets remained highly active in the name. Opendoor (OPEN, $6.01), a bellwether for housing‑adjacent risk sentiment, continued to trade as a high‑beta proxy on U.S. real estate and rates, its shares sensitive to every tick in long‑term yields and to any hint that consumer demand might normalize in 2026. OKLO ($76.92, -1.03% over the last 5-days), part of the new generation of advanced nuclear power hopefuls, rode the thematic tailwind of the energy transition and interest in small modular reactors, though volumes remained relatively thin, underscoring that the story is still more about optionality than cash flow.

Old Economy, Blue Chips and Global Miners

McDonald’s (MCD, $310.68) a reliable defensive name in a year of macro noise, traded with the consumer‑staples and quick‑service cohort, benefiting from its value positioning and global footprint even as currency and wage pressures kept analysts busy in their models. Oracle (ORCL, $197,99, +9.98% over the last 5days) drew fresh attention after Wells Fargo argued that pessimism around the stock had gone too far, highlighting cloud and database positives that, in the bank’s view, are underappreciated at current valuations; the stock responded with a more than 2% pop early in the week as investors reconsidered its role in the enterprise AI stack. Nokia (NOK, $6.62, +3.76% over the last 5-days) remained part of the quieter corner of the 5G and network‑equipment trade, overshadowed by higher‑beta semiconductor and AI names but still relevant for investors looking at European value and telecom infrastructure exposure.

Rio Tinto (RIO, $82.24, +13.91% over the last 5-days), the global mining heavyweight, navigated the cross‑currents of a nascent commodities super‑cycle built on metals for electrification and AI hardware, with sentiment tied as much to Chinese demand and iron ore pricing as to the excitement in gold and silver. Meanwhile, the broader yield‑sensitive equity cohort—from utilities to REITs—benefited modestly from the stabilizing Treasury backdrop, even if the real excitement remained clearly clustered in growth, semiconductors, and the extraordinary sprint in precious metals.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3966, +11.72% over the last 5-days), 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, +20.80% over theist 5-days), 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, $.1810), 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, $.9431) and M2i Global, Inc. (MTWO, $.072), a company specializing in the development and execution of a complete global value supply chain for critical minerals, today announced key developments in its pending all-stock merger with M2i Global, Inc.. Volato has filed the Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), following the SEC’s completion of its review of the initial confidential submission. With the reopening of federal agencies following the recent government shutdown, both companies now anticipate closing the merger in the first quarter of 2026, pending completion of SEC review and shareholder approval.

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, $2.66), 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, $27.28) 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, +1.50% over the last 5-days. 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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Wall Street tiptoed into the Christmas break with its party hat still firmly on, as major indexes notched fresh records or near-record closes in a holiday‑shortened session that felt more champagne than coal. In all, Christmas Eve gave investors what they wanted most: rising stocks, calmer policy waters and just enough risk left on the table to keep 2026 forecasts lively—and careers, as always, subject to revision

S&P 500: Santa’s Favorite Benchmark

The S&P 500 added about 0.32% on Wednesday, edging to a new record close near 6,932.05 and its first Christmas Eve record in more than a decade, with 10 of 11 sectors participating in the rally. The index is now up roughly 17.86% year‑to‑date, a tidy performance for a market that spent much of the year pretending higher rates, tariffs and shutdown drama were just background noise.

Dow 30: Blue Chips Go Festive

The Dow Jones Industrial Average climbed around 0.6% to finish near 48,731, extending a winning streak that has the blue‑chip gauge up about 14.54% for 2025. The move came on light pre‑holiday volume but broad participation, as investors appeared more interested in squeezing in one more uptick than in last‑minute shopping.

Nasdaq & Russell: Growth Keeps Gliding

The Nasdaq Composite inched higher by roughly 0.22% to about 23,613, leaving the tech‑heavy index up more than 22% for the year as AI, chips and megacaps continued to do the market’s heavy lifting. The Russell 2000 added about 0.27% to 2,548.08, modestly extending a small‑cap advance that has now topped 14.28% in 2025, even if the group still looks more “value menu” than “tasting menu” compared with the megacap elite.

Macro, Fed, Tariffs and Shutdown

• The macro backdrop remained one of solid but cooling growth, with consumer spending still propping up the economy even as shoppers complain loudly about prices heading into 2026.
• The Fed’s December meeting is already in the books, with policymakers delivering their third 25‑basis‑point cut of the year and taking the funds rate to a 3.50%–3.75% target range, a level officials now describe as roughly neutral.
• The yield curve has been gradually normalizing after the Fed’s cuts, with shorter‑maturity Treasury yields drifting lower as markets price in only limited easing from here rather than a full‑blown pivot.
• Tariff risk remains an ever‑present stocking stuffer: Trump’s earlier tariff package and his floated “tariff dividend” continue to color the policy backdrop, and markets remain attuned to potential court decisions on tariff legality that could swing risk sentiment and metals demand.
• Washington’s shutdown saga is in “temporary truce” mode, with recent moves to avoid another immediate closure helping calm markets even as longer‑term fiscal concerns—including a deficit near 6% of GDP—continue to underpin demand for safe‑haven metals.

FOMC Timing

The December FOMC meeting concluded in mid‑month; the next policy gathering is scheduled for early 2026, with the current dot plot pointing to only one additional cut next year. Fed commentary has shifted from aggressive easing toward a cautious “wait‑and‑see” posture, emphasizing labor‑market risks and still‑elevated inflation rather than promising further rapid cuts.

IPOs, SPACs and Deal Tape

• On the new‑issue front, Silicon Valley Acquisition Corp. completed a $200 million SPAC IPO on Nasdaq, selling 20 million units at $10 each, with underwriters holding a 45‑day option to buy an additional 3 million units.
• Overall, the 2025 IPO class has swelled to roughly 347 U.S. listings, more than 55% above the pace at this time last year, as long‑dormant issuance finally reawakened.
• Recent days have also seen the launch of other blank‑check and specialty listings, including vehicles such as Social Commerce Partners’ 10‑million‑unit Nasdaq offering priced at $10 per unit, underscoring that the SPAC genre still refuses to exit stage left.
• In broader M&A, Accenture agreed to acquire Italian financial‑services tech firm Cabel Industry, while infrastructure investor Stonepeak struck a deal to buy a majority stake in Castrol from BP at a roughly $10.1 billion enterprise value, with BP retaining a minority interest.

Gold, Silver, Oil and Bitcoin

• Gold extended its charge to fresh record territory above the $4,500 per‑ounce mark this week closing at $4,502.80 today, as investors balanced softer data, ongoing tariff and geopolitical risks, and U.S. fiscal worries.
• Silver closed at $71.685/oz. has outpaced even gold’s exuberance, logging an eye‑catching 24% gain in December alone and 142% YTD and reinforcing the sense that metals are once again the asset of choice for those nervous about deficits and policy volatility.
• Oil prices remain supported by supply‑side jitters and sanction‑related disruptions, with Crude recently trading near $58.35 per barrel following fresh U.S. restrictions on sanctioned tankers.
• Bitcoin, after a rollercoaster year marked by heavy tariff‑induced volatility and one of the largest liquidation events on record, is heading into year‑end with traders focused on a looming $27 billion options expiry that could inject additional fireworks into holiday‑thinned markets. and is trading near $87,495 today.

Eli Lilly (LLY): GLP‑1 Royalty Holds Court

Eli Lilly (LLY) shares traded modestly higher in the holiday‑shortened session, hovering around $1,075–$1,085 as investors digested a fresh wave of GLP‑1 headlines rather than any company‑specific fireworks. The stock has been buoyed by blockbuster obesity and diabetes treatments that drove Q3 2025 revenue up about 54% year‑over‑year and pushed non‑GAAP gross margins above 83%, even as Novo Nordisk’s newly approved oral Wegovy pill sharpened competitive questions.

TSM, Nvidia, Micron and Intel: Chips Still Run the Menu

• Taiwan Semiconductor (TSM, $298.80, +.62%) continued to ride the AI wave, trading not far below recent levels near $295–$300as investors leaned into a story defined by 40%‑plus stock gains this year, 30%‑plus revenue growth and net margins north of 43%.
• Nvidia (NVDA, $188.61, -.32%) remains the market’s unofficial AI central bank, with analysts reiterating bullish calls that highlight its estimated 95% share in data‑center AI chips and a potential total addressable market topping $500 billion by 2028; tech’s modest advance on the day kept the stock in the market’s leadership pack even without a big Santa‑rally pop.
• Micron (MU, $286.68, +3.77%), a key beneficiary of AI‑driven memory demand, has enjoyed a year of outsized gains supported by bullish commentary on high‑bandwidth memory and storage, though today’s quiet tape left the name trading more in line with the broader chip complex than as a standalone headline driver.
• Intel (INTC, $36.16, -.52%), still attempting its turnaround as a foundry and AI infrastructure player, moved largely in sympathy with the broader semiconductor group, with sentiment aided by improving sector fundamentals even as competitive pressure from TSM and Nvidia remains formidable.

Megacaps and Tech Titans: Apple, Tesla, Broadcom, Meta, Palantir

• Apple (AAPL, $273.81, +.53%) ticked higher, recently trading around $271, as ongoing enthusiasm over AI‑enabled devices and services offset concerns about maturing smartphone demand; the stock has benefited from a string of upbeat analyst calls and a broad flight to quality in megacap tech.
• Tesla (TSLA, $485.40, -.03%) shares saw restrained holiday trading after a year marked by frequent swings; analysts remain focused on upcoming catalysts from robotaxis, lower‑cost models and the Optimus humanoid robot, all of which have kept the stock central to AI‑plus‑autos narratives even as execution risk stays elevated.
• Broadcom (AVGO, $350.22, +.26%) continued to sit comfortably in the AI winners’ circle, supported by repeated analyst upgrades that emphasize its leadership in custom AI ASICs and an expanding customer roster among hyperscale cloud providers.
• Meta Platforms (META, $667.55, +.39%) participated in the broader tech drift higher, with ongoing investor focus on AI‑driven ad tools and efficiency gains from its multiyear cost‑cutting campaign rather than any specific Christmas Eve catalyst.
• Palantir (PLTR, $194.17, +.02%), fresh off a year dominated by debate over AI valuations and high‑profile short interest, traded in line with broader software and defense‑tech peers, as investors balanced long‑term government and commercial AI demand against a rich multiple and lingering volatility.

Consumer, Real Estate and Cyclicals: McDonald’s, Opendoor, Rio Tinto

• McDonald’s (MCD, $131.33, +.80%) shares were little changed in the quiet session, with the fast‑food giant remaining a preferred defensive growth name amid steady global same‑store sales and pricing power that has made its menu look almost as reliable as Treasurys—just with more salt.wtop+1​
• Opendoor (OPEN, $6.28, +.16%), a high‑beta housing‑tech name, entered Christmas week after a year of dramatic price swings, including a roughly 300% gain over one recent quarter that sparked fresh scrutiny of its path to sustainable profitability and exposure to housing‑cycle crosswinds.
• Rio Tinto Group (RIO, $80.89, -.10%) traded broadly in line with the global commodities complex, as investors weighed China‑linked demand, shifting tariff and trade dynamics, and the longer‑term role of copper and iron ore in the energy transition.

Networking, Telecom and Software: Nokia, Oracle, OKLO

• Nokia (NOK, $6.59, +.92%) shares were quiet, reflecting a sector still wrestling with uneven 5G spending and capex fatigue, even as investors look for upside from network modernization and potential AI‑related traffic growth.
• Oracle (ORCL, $197.49, +1.10%) remained in focus after recent analyst commentary argued that bearish sentiment has become too one‑sided, highlighting the company’s growing role in AI‑enabled cloud infrastructure and enterprise applications.
• Oklo (OKLO, $81.31, -.70%), the advanced nuclear microreactor developer that has captured clean‑energy imaginations, continued to trade as a long‑duration story tied to licensing milestones and demonstration projects rather than day‑to‑day earnings, leaving the stock sensitive to risk appetite in a thinly traded holiday tape.

Tariffs, Trade and Policy Undertow

Tariffs remain a key macro undertow, with Trump’s earlier moves on Chinese imports and the possibility of court challenges to tariff authority influencing both corporate planning and safe‑haven positioning. The ongoing debate over a potential “tariff dividend” funded by customs receipts and borrowing has only sharpened investor focus on the U.S. fiscal trajectory, which markets increasingly see as a central driver of metals and bond pricing rather than a distant concern.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4027, 20.68%), 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, $7.34, +2.09%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

GeoVax Labs, Inc. (Nasdaq: GOVX, $.1817), 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, $1.05, +3.96%) and M2i Global, Inc. (MTWO, $.0752, +1.08%), a company specializing in the development and execution of a complete global value supply chain for critical minerals, today announced key developments in its pending all-stock merger with M2i Global, Inc.. Volato has filed the Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), following the SEC’s completion of its review of the initial confidential submission. With the reopening of federal agencies following the recent government shutdown, both companies now anticipate closing the merger in the first quarter of 2026, pending completion of SEC review and shareholder approval.

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, $2.44), 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, $26.95) 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 $11.25, +.85%. 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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Wall Street tiptoed into the holiday break on Tuesday with the air of a market that has already opened its presents and is now just admiring the wrapping paper. Stocks drifted rather than surged, but under the surface, big tech, nuclear hopefuls and a fresh crop of SPACs kept traders awake enough to postpone that second eggnog.

Indexes: Surfing Into Christmas

The major U.S. indexes spent the day in classic pre-holiday mode with modest moves on light volume, but still cushioned by a stronger growth backdrop. The S&P 500 closed up .46% at 6.906.79, The Dow 30 called up .16% at 48,442.41 & the Nasdaq closed up .57% at 23,561.84, while the small caps cooled off falling .65% at 2,542.20.

The latest economic calendar shows U.S. durable goods orders rebounded 0.5% in December after a 1.5% drop, hinting at firmer capex appetite heading into 2026 even as consensus had braced for another decline. At the same time, an updated GDP release calendar confirms that third‑quarter real GDP grew at a robust 4.3% annual rate, with the Bureau of Economic Analysis rescheduling key releases to land today because of the earlier shutdown, underscoring a growth backdrop strong enough to support equities even as policy normalizes.

Macro: GDP, Confidence, Tariffs and the Shutdown

Washington, despite itself, continues to serve as the market’s favorite unpriced risk factor. The BEA’s latest guidance confirms that the initial estimate for third‑quarter 2025 GDP, released today as part of a revised post‑shutdown schedule, showed 4.3% annualized growth, powered by consumer spending, exports and government outlays even as investment softened. Consumer psychology is less exuberant: December confidence has slipped to its lowest level since President Donald Trump’s new tariff regime took effect in April, reflecting unease about prices and trade even as the headline data still look expansionary. The tariff machine itself remains very much alive; live coverage of the administration’s trade policy shows the White House preparing an additional wave of levies on Chinese semiconductors by mid‑2027, with officials even floating the prospect of $2,000 rebate checks as political lubrication.

The government shutdown that disrupted the data calendar earlier this quarter continues to cast a procedural shadow rather than an existential one. Trade‑facing agencies such as the U.S. Trade Representative have been designated essential, allowing tariff policy and negotiations to proceed even as other functions have been curtailed, limiting immediate market fallout but adding to operational friction for businesses dependent on federal approvals. The Fed, for its part, has already delivered its holiday gift: at its December meeting, the FOMC cut the federal funds rate by 25 basis points to a 3.50%–3.75% target range—the third cut since September—while signaling a more patient stance heading into 2026. The latest dot plot and commentary suggest policymakers now envision the policy rate settling in the low‑3% area by 2027, a path that supports risk assets but leaves enough yield to keep cash from feeling entirely passé. Treasury yields along the curve have firmed a touch since early December—with the two‑ and ten‑year notes both up only single‑digit basis points—leaving the curve still relatively flat but far less ominously inverted than during the 2022–2023 tightening cycle.

Commodities and Crypto: Quiet Shine, Measured Drip

Outside of equities, the year‑end picture is one of controlled enthusiasm. Gold remains the overachiever of 2025 closing at $4.517.30/oz.: global market summaries highlight that bullion recently notched fresh record highs, with spot prices grinding higher again this week as investors hedge policy and geopolitical risk even against a backdrop of strong growth. Silver also jumped a out +3.92% today to close above $70 at $71.275/oz. Oil closed $58.46, +.78% today and has been behaving more like a disciplined guest than a life‑of‑the‑party spoiler—recent quotes show West Texas Intermediate easing fractionally in global trading, reflecting ample supply, steady demand and a market that has apparently decided to postpone its next crisis until after the holidays. Bitcoin traded near the $88k level again today and other major cryptocurrencies, meanwhile, continue to trade with a gentle upward bias, with recent data showing incremental gains alongside modest moves in ether, giving digital‑asset bulls just enough validation to keep their year‑end decks bullish.

IPOs, SPACs and Deal Flow

Even this late in December, the new‑issue calendar refuses to fully shut down for the holidays. On the IPO front, the SPAC complex is doing the heavy lifting: Silicon Valley Acquisition Corp. has priced a $200 million initial public offering at $10 per unit, with 20 million units listing on Nasdaq under the ticker SVAQU starting today and each unit bundling one Class A share and half of a warrant exercisable at $11.50. Industry trackers note that this deal joins a wave of late‑year blank‑check listings, with specialized sites flagging multiple SPAC pricings this month and pushing 2025’s SPAC count well past last year’s tally. Across the broader U.S. market, IPO statisticians report that 2025 has already produced roughly 347 offerngs, more than 55% above 2024’s pace by this point in the year, fueled by large‑cap deals such as Medline’s (MDLN, $43.70, +3.60%) multibillion‑dollar float and continued appetite for growth and AI‑adjacent stories.

Traditional M&A is finishing the year with a flourish, even if today’s tape lacks a single market‑defining blockbuster. In media and software, Warner Bros. Discovery’s strategic maneuvers have helped frame a 2025 deal environment that has already seen ServiceNow agree to buy cybersecurity firm Armis for about $7.75 billion, expanding its security footprint just as AI‑driven observability becomes critical to large enterprises. Tech and infrastructure consolidation remains a major theme: IBM has closed or announced multiple large transactions over the year—among them the completed $6.4 billion acquisition of HashiCorp and an $11 billion agreement for streaming‑data specialist Confluent—while industry surveys continue to highlight that U.S. and global deal counts remain below 2021’s euphoria but structurally healthy for late‑cycle conditions. In advertising and media, specialists tally more than 400 deals this year across martech, adtech and digital content platforms, with 2025 on track to surpass 2024’s total and confirm that scale, data and targeted AI remain the dominant acquisition currencies heading into 2026.

Single‑Name Highlights: Pharmaceuticals, Chips & AI

A cluster of marquee names drove much of today’s narrative as markets continued to sort long‑duration growth from tactical trades. In pharmaceuticals, Eli Lilly (LLY) remains at the center of the obesity‑drug and diabetes trade, with recent coverage emphasizing how the company’s weight‑loss franchise has reshaped expectations for long‑term revenue and margins even as investors now parse each update for hints about capacity, pricing and competition. In semiconductors, Taiwan Semiconductor Manufacturing Company (TSM, $297.44, +1.42%), Nvidia (NVDA, $189.21, +3.01%), Micron Technology and Intel all sit at the intersection of strong AI demand and evolving trade policy; the administration’s latest tariff roadmap explicitly targets Chinese chips with new levies slated for mid‑2027, a long‑dated overhang that could reshape global foundry and memory investment even if near‑term demand for AI accelerators remains robust. Nvidia in particular continues to benefit from the AI infrastructure boom highlighted in recent global‑equity reports, which note that megacap AI names such as Tesla and Nvidia have led the latest leg of the global rally, helping the S&P 500 erase earlier December losses and putting it on course for an unusually long monthly winning streak.

Apple (AAPL, $272.36, +.56%), Meta (META, $664.94, +.52%) and other platform giants remain in the slipstream of this trade, with investors treating them as the “cash‑flow ballast” for portfolios tilted toward AI‑hardware winners and high‑beta software names. Broadcom’s (AVGO, $349.32, +2.30%) strategic positioning in custom silicon and connectivity continues to anchor it firmly to the AI data‑center build‑out, as large‑cap tech M&A throughout 2025 has reinforced the value of integrated hardware‑software stacks in the cloud and networking layers. Nokia (NOK, $6.53), sitting farther from the AI spotlight, remains more directly exposed to global 5G and network‑spending cycles; infrastructure consolidation such as HPE’s completed $13.4 billion acquisition of Juniper Networks this summer underscores the intense competition in the carrier and enterprise‑network stack in which Nokia must continue to defend share.

Nuclear, Real Estate Tech and Defense‑Grade Data

Among the more speculative darlings, Oklo (OKLO, $81.88) continues to trade like a proxy on the entire advanced‑nuclear thesis rather than a conventional utility. Recent analyses show that after peaking near $175 in October, the stock has fallen more than 50% but still sports year‑to‑date gains north of 250%, with a market cap in the low‑teens billions and a share price in the low‑$80s today on an intraday range roughly between $80.80 and $84.95. Commentators have flagged that valuation as a high‑risk bet on a 14‑gigawatt customer pipeline and regulatory progress, but also as a reminder that Oklo remains pre‑revenue, with operating losses, share issuance and execution risk all squarely on the table for 2026 and beyond.

In housing and real‑estate technology, Opendoor (OPEN, $6.27) has spent most of 2025 as a “volatility with a ticker” story, as the company’s AI‑driven pricing and acquisition strategy runs headlong into a still‑fragile housing market. Recent coverage this month noted a single‑day slide of more than 7%, tied in part to insider selling and persistent operating losses, even as separate analysis points out that the shares have nonetheless surged more than 300% this year on hopes that a “default to AI” strategy can finally deliver breakeven by 2026.

Palantir Technologies (PLTR, $194.13, +.08%) sits in a more mature corner of the AI story, with 2025 marked by continued contract wins and expansion of its government and commercial analytics platforms to ride the same data‑intensive wave reshaping cyber, cloud and observability markets. Oracle likewise continues to pitch itself as a cloud‑and‑data hybrid rather than a legacy software vendor, benefiting indirectly from the same AI data‑center build‑out that has lifted Nvidia and Broadcom, even as it faces intense competition from hyperscalers and the next generation of AI‑native platforms. McDonald’s, Rio Tinto (RIO, $80.97, +1.09%) and other more cyclical or commodity‑exposed names, meanwhile, remain tied to the macro narrative: a 4.3% GDP growth rate, record gold and firm but orderly oil prices are generally good news for miners and consumer bellwethers, though the resilience of tariffs and the potential for renewed trade friction in 2026 ensure that even the most global of brands will not be spared the occasional macro headline risk.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3337), 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, $7.19, +2.71%), 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, $.1907, +10.68%), 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, $1.0087) and M2i Global, Inc. (MTWO, $.071), a company specializing in the development and execution of a complete global value supply chain for critical minerals, today announced key developments in its pending all-stock merger with M2i Global, Inc.. Volato has filed the Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), following the SEC’s completion of its review of the initial confidential submission. With the reopening of federal agencies following the recent government shutdown, both companies now anticipate closing the merger in the first quarter of 2026, pending completion of SEC review and shareholder approval.

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, $2.57), 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, $27.55, +9.76%) 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 $11.25.. 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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