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Wall Street opened the final Christmas week of 2025 in a festive mood, with equities drifting higher in to record territory as if trying on a Santa rally for size without quite committing to the full costume, however the smalls seem to be fully committed to a Santa Rally somewhat surging today.

S&P 500: Holiday Glide Path

The S&P 500 rose about 0.6% to roughly 6,878, edging back toward its mid‑December record as large‑cap tech and AI beneficiaries reclaimed their role as market narrative drivers. Traders framed the move as a comfortable extension of last week’s rebound, helped by softer inflation data and the view that the Fed’s rate‑cut path into 2026 remains more friend than foe, at least for now.

Dow 30: Old Economy, New High Ground

The Dow Jones Industrial Average added roughly 0.5%, keeping it within striking distance of its recent closing peak near 48,700 as financials, industrials and select consumer names carried the baton. Beneath the surface, breadth remained respectable rather than euphoric, reinforcing the sense of a late‑year grind higher rather than a melt‑up, which suits value‑oriented investors just fine..

Nasdaq: Tech Rediscovers Holiday Cheer

The Nasdaq Composite gained about 0.52%, aided by renewed interest in AI and semiconductor leaders that had wobbled earlier in the month. With tech still trading at valuations that assume both immaculate Fed policy and frictionless AI adoption, Monday’s tape looked like investors were willing to suspend disbelief for at least one more session.

Russell 2000: Small Caps Climb

The Russell 2000 added solidly up 1.16% to close at 2,558.78, narrowing its underperformance gap versus the S&P 500 as rate‑cut hopes continued to offer tentative support to more levered and domestically focused names. Even so, the index continues to trade like the designated worrier in the room, reflecting concerns about higher funding costs and uneven earnings momentum below the mega‑cap tier.

Macroeconomic Notes and Fed Watch

Monday’s U.S. economic calendar was relatively light, with investors still digesting recent data showing cooling inflation and an uneven but positive growth backdrop into year‑end. The focus remains squarely on upcoming Q3 GDP revisions, confidence readings and durable‑goods indicators, which will help confirm whether the slowdown narrative is a soft landing or just a soft opening.

FOMC‑wise, markets are still parsing December’s cut, which lowered the funds rate to the 3.5–3.75% range, and are looking ahead to minutes due this week for clues on how many additional reductions might arrive in 2026. Futures continue to price a friendly path, while Fed commentary has tried to balance easing with persistent inflation pressures, particularly those linked to tariffs and elevated services costs.

The federal government shutdown that stretched into November remains in the rearview mirror, but the temporary funding patch through late January keeps a non‑trivial risk of renewed dysfunction on the early‑2026 docket. For now, the market is treating the episode as a modest growth and data‑release speed bump rather than a structural shock, though the cumulative toll on confidence and planning is still being tallied.

Treasury yields held in a relatively contained range, with the 10‑year closing at 4.168% ad the 2-year closing at 3.509%. The shape of the curve still whispers “late cycle,” but the recent drift toward a gentle steepening has encouraged those hoping the landing will be more textbook than cautionary tale.

Gold & Silver Shine, Bitcoin Behaves (Mostly), & Oil Drifts

Gold prices climbed toward record territory again closing at $4,481.50/oz., supported by lower real yields, lingering geopolitical tension and ongoing demand for a hedge against both inflation and policy missteps.
Silver joined the move higher, acting like gold’s slightly more excitable cousin, while the rally in both metals subtly reminded equity investors that faith in fiat still comes with an option premium. Silver closed at another high $69.085/oz.

Oil prices traded higher to $57.96/bbl, as supply discipline from producers met questions about global demand in a high‑tariff, moderate‑growth world. Energy equities, accordingly, remained more tactical trading vehicles than conviction holdings, with intraday moves tied closely to every fresh headline on output and shipping.

Bitcoin spent the day consolidating around the $88k range.

Corporate Highlights: AI Complex and Blue‑Chip Mix

Across the high‑profile names on today’s watchlist, trading was driven more by positioning, analyst commentary and the broader AI sentiment than by blockbuster company‑specific headlines.

• Eli Lilly (LLY, $1,076.48, +.47%) continued to trade as a premium growth staple, its obesity and diabetes franchise keeping it a favored defensive‑growth vehicle as investors balance valuation against the durability of its pipeline.
• Taiwan Semiconductor (TSM, $293.28, +1.50%) remained central to the AI hardware narrative, with shares reflecting ongoing demand for advanced nodes even as investors debate how much 2026 capacity has already been priced in.
• NVIDIA (NVDA, $183.69, +1.49%) saw active interest as a core AI bellwether, with analyst calls once again highlighting its data‑center strength and central role in the broader AI capex cycle.
• Micron (MU, $276.59, +4.01%) traded as a leveraged bet on AI memory demand and cyclical DRAM/NAND recovery, continuing its role as a higher‑beta semiconductor proxy.
• Apple (AAPL, $270.97, -.99%) held its footing as a cash‑flow and services story, with investors weighing incremental AI features and ecosystem stickiness against a mature smartphone market.
• Tesla (TSLA, $488.73., +1.56%) moved in line with broader growth sentiment, as debates over EV demand, margins and autonomous ambitions remained unresolved but far from ignored.
• Broadcom (AVGO, $341.45, +.51%) benefited from continued enthusiasm about its exposure to networking, custom chips and software, solidifying its reputation as an AI infrastructure toll collector.
• Meta Platforms (META, $661.50, +.41%) balanced its AI and Reels ambitions with ongoing cost‑discipline narratives, trading as both an ad‑recovery and efficiency story.
• Nokia (NOK, $6.54, +.62%) stayed tied to the 5G and network‑equipment cycle, where pricing pressure and capex scrutiny keep investor expectations conservative, shares still edged upward.
• McDonald’s (MCD, $316.22, +.12%) maintained its status as a defensive consumer bellwether, with investors still rewarding pricing power and drive‑through resilience in a choppy macro environment.
• Rio Tinto Group (RIO, $80.10, +2.27%) book $80 level for the first time in a while and reflected the usual mix of China‑sensitive commodity demand and capital‑discipline expectations that define the major miners late in a cycle.
• Oracle (ORCL, $198.38, +3.34%) remained in focus after recent analyst attention on its cloud and AI‑adjacent workloads, trading as a legacy‑to‑cloud transition story with improving credibility. On a side note oracles founder, Larry Ellison committed to backing ($40.4B) Paramount’s proposed acquisition of Warner Bros.
• Intel (INTC, $36.37, -1.2%) continued its multi‑year effort to reassert itself in advanced foundry and CPU markets, its stock functioning as a referendum on whether patience will ultimately be rewarded.
• OKLO ($83.44, +.25%), as a next‑gen nuclear‑energy play, stayed a niche but closely watched name for investors betting on long‑dated decarbonization and energy‑security themes.
• Opendoor (OPEN, $6.42,+.94%) traded as a leveraged bet on housing liquidity and i‑Buyer model viability, sensitive to every tick in mortgage rates and existing‑home sales.
• Palantir Technologies (PLTR, $193.98, +.31%) remained a focal point among AI and defense‑software enthusiasts, with its pipeline of government and commercial contracts keeping sentiment constructive despite rich expectations.

M&A

Alphabet (GOOG, $311.33, +.88%) has agreed to acquire Intersect, a data center and energy infrastructure specialist, in a transaction valued at about $4.75 billion in cash plus assumed debt, adding a fresh jolt of capacity to power its AI ambitions.

The target brings “multiple gigawatts” of energy and data center projects that are either being built or still on the drawing board, effectively letting Alphabet buy time in a market where construction timelines have become the new bottleneck for AI growth.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3405), 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, +6.71%), 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, $.1723, +8.23%), 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, $1.10, +1.85%) and M2i Global, Inc. (MTWO, $.0795), 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, 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 today 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.

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

Serina Therapeutics (NYSE American: SER, $2.6499), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies. On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.

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

The InterGroup Corporation (NASDAQ: INTG, $25.10) 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 $11.28, +0.0%. 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.

Rocket Lab Corporation (Nasdaq: RKLB, $77,55, +9.97%), a global leader in launch services and space systems, today successfully launched the STP-S30 mission for the U.S. Space Force’s (USSF) Space Systems Command (SSC) – completing the launch five months ahead of schedule and playing a critical role in advancing technologies that ensure U.S. superiority in space.

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Wall Street investors wrapped the week ending Friday, December 19, 2025 with dreams of sugarplums and a Santa Rally in their holiday minded heads & looking like it had just survived a very expensive group therapy session: growth darlings, rate‑sensitive cyclicals, and hard‑asset fans all got something to cheer, even if no one left entirely convinced that 2026 will be as painless as the price action currently implies.

Indexes and Macro Cross‑Currents

U.S. equities delivered a choppy but ultimately constructive week, with the Dow and Russell 2000 grinding higher while the S&P 500 and Nasdaq lagged modestly as investors rotated away from the most crowded AI trades. That pattern fit a broader macro script in which cooling—but still elevated—inflation, a cautious Federal Reserve and still‑sticky tariffs left investors toggling between “soft landing” optimism and “late‑cycle” nerves, sometimes in the same trading session.

On the macro front, shutdown‑delayed November inflation data showed headline prices rising about 2.7% year‑over‑year, with core inflation near 2.6%, reassuring doves that the disinflation trend remains largely intact even as the labor market cools. The Fed’s recent rate‑cutting path remained a live debate, with officials signaling patience after a string of quarter‑point cuts while futures markets quietly pulled forward expectations for the next move into the spring, leaving the yield curve slightly less inverted but still firmly in “not normal” territory.

Fed, Tariffs and the Shutdown

Fed officials spent the week reminding markets that while the central bank is no longer the villain in this year’s drama, it is also not ready to audition for the role of fairy godmother. Policymakers highlighted that tariffs have added roughly half a percentage point to inflation and stalled progress toward the 2% goal, reinforcing expectations that the next FOMC decision—and its dot plot—will stay data‑dependent, with investors broadly eyeing the April 2026 meeting for the next likely cut rather than demanding fireworks in January.

The government shutdown’s data distortions lingered in the background, with officials openly cautioning that some recent inflation and labor readings should be handled with the same skepticism usually reserved for IPO roadshow slides. Corporate finance chiefs, meanwhile, continued to cite tariffs as a top risk for 2026 margins and pricing, even as equity markets mostly treated the ongoing trade skirmishes as background noise rather than a new plot twist.

Rates, Curve and Cross‑Asset Moves

Treasury yields drifted lower early in the week before stabilizing as traders digested the inflation print and recalibrated odds of the next Fed move, nudging the curve toward a slightly flatter, still‑inverted configuration that says “late cycle” more than “impending recession.” Financials actually welcomed the more measured rate‑path rhetoric, with some commentary suggesting that a less aggressively inverted curve is enough to keep net interest margins from eroding further, even if the golden era of fat spreads remains a fond memory. The 2-yr yield ended at 3.49% and the 10-yr yield ended at 4.14%.

In commodities, gold climbed toward fresh all‑time highs, trading to a close of $3,368.70 per ounce after starting the prior week near $4,215, as investors sought a hedge against both tariff‑stoked inflation and the slow drip of global rate cuts. Silver extended its own remarkable run coming at $67.395/oz. Bitcoin (currently in the $88k range) continued its role as “levered macro sentiment,” bouncing higher alongside lower yields and renewed risk appetite, even as traditional safe havens like bullion reminded investors that the old hedges are not ready to cede the stage to the new.

AI Bellwethers, Chips and Big Tech

It was another week in which the AI complex behaved less like a secular mega‑theme and more like an over‑caffeinated momentum factor, with NVIDIA (NVDA, $180.99, up 3.41% over the last 5-days), Broadcom (AVGO, $340.36, down 5.44% over the last 5-days)  TSMC, Micron, and Palantir all featuring prominently on traders’ screens. Research chatter stayed upbeat on the group—highlighting AI infrastructure, cloud demand and data‑center silicon—yet price action turned two‑sided as investors weighed lofty expectations against a less aggressive Fed and a modest back‑up in yields, leaving the cohort trading more like a high‑beta vehicle than a serene long‑duration growth story. Micron Technology (MU, $265.92, +10.28% over the last 5-days) did not just clear Wall Street’s bar this quarter; it politely relocated it to a much higher floor and sent analysts a change-of-address card. Micron’s latest forecast calls for revenue of about $18.7 billion dollars next quarter, almost one-third higher than what analysts had penciled in and nearly double consensus profit expectations on an adjusted per-share basis. The company’s first-quarter results already beat estimates, with sales of roughly $13.6 billion dollars and adjusted earnings topping forecasts, setting the stage for what looks less like a recovery and more like a regime change in the memory business.

Apple and Meta (META, $658.77, +2.26% over the last 5-day) navigated the week as barometers of mega‑cap risk appetite, with flows oscillating between “safe big tech compounder” and “source of funds” depending on the day’s macro narrative.  Taiwan Semiconductor and other foundry‑linked names reflected the market’s ongoing willingness to underwrite a multi‑year AI hardware build‑out—even as the short‑term tape admitted that perfection has already been generously priced into several of the usual suspects.

Individual Names: From Lilly to Tesla

In healthcare, Eli Lilly (LLY, $1,074.44, +4.28%) remained a market darling in the obesity‑and‑Alzheimer’s trade, buoyed by expectations of durable growth even as investors debated how much of that good news is already embedded in the valuation. The stock traded like a high‑quality, high‑duration asset: sensitive to every twitch in yields and Fed rhetoric but still broadly underpinned by a pipeline that investors increasingly treat as a quasi‑consumer‑staples franchise in disguise.

Among the broader tech and growth cohort, Oracle & Intel aappeared on “high‑dollar‑volume to watch” screens as traders leaned into idiosyncratic catalysts ranging from cloud adoption to AI‑driven analytics demand.  Tesla (TSLA, $481.20,+1.24% over the last 5-days) spent the week repricing yet again around its latest autonomy and robo‑taxi narratives, a reminder that the line between car company and tech story remains delightfully blurry whenever the macro backdrop calms down enough for speculative imagination to reassert itself.

Old Economy: McDonald’s, Rio Tinto, Nokia and Oklo

Defensive and cyclical names shared a rare moment of joint relevance, with McDonald’s (MCD, $315.84) benefiting from its usual role as a cash‑flow machine for nervous investors while Rio Tinto (RIO, $78.32, +3.52% over the last 5-days) traded as a liquid proxy on global growth expectations and the industrial‑metals angle of the green‑energy build‑out.  Nokia (NOK, $6.50, +3.67%) continued to operate on the periphery of the AI narrative as a beneficiary of network and 5G infrastructure demand, even if its share price still moves at a much more pedestrian pace than its flashier Silicon Valley cousins

In the energy and nuclear‑innovation niche, Oklo (OKLO, $83.33) kept the market’s attention as a speculative play on advanced reactors and data‑center power demand, a theme that conveniently straddles both ESG skepticism and AI euphoria.  Opendoor (OPEN, $6.36) remained tethered to the housing‑cycle and rate story, with investors debating whether a gentler Fed and plateauing mortgage costs can meaningfully revive i‑buyer economics or simply slow the bleeding.

Deal Flow, IPOs and Corporate Maneuvers

Dealmakers finally emerged from their rate‑shock bunkers, with BioMarin (BMRN, $61.15, +14.71% over the last 5-days) grabbing headlines by agreeing to acquire Amicus Therapeutics (FOLD, $14.18, +30.33% over the last 5-days) in a roughly $4.8 billion all‑cash transaction at $14.50 per share, a classic rare‑disease bolt‑on that adds scale and pipeline heft ahead of an expected 2026 close. The agreement, unanimously approved by both boards, signals that large‑cap biopharma is once again willing to pay up for late‑stage assets in pursuit of post‑patent growth, a trend that could extend into 2026 if financing conditions stay benign.

On the IPO front, the calendar remained open if not exuberant, with smaller international and specialty listings carrying the torch while the mega‑unicorns continue to monitor valuations from the sidelines. NYSE and Nasdaq pipelines showed a steady stream of modest‑sized deals and filings—more a sign of a normally functioning capital market than a full‑blown reopening of the speculative window—but enough to keep bankers optimistic that 2026’s first half could look busier than 2025’s first.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3410), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, announced (Dec. 10) that it had priced an underwritten public offering (the “offering”) of 12,173,000 shares of its common stock and accompanying warrants to purchase 6,086,500 shares of its common stock. Each two shares of common stock are being offered and sold together with one accompanying warrant at a combined offering at a price of $0.77, yielding an effective price of $0.38 per share and $0.01 per warrant. The warrants will have an exercise price of $0.45 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance. In connection with the offering, Modular Medical has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price, less underwriting discounts and commissions. The over-allotment option may be elected with respect to, at the underwriter’s sole discretion, shares and warrants together, solely shares, solely warrants, or any combination thereof. Newbridge Securities Corporation is acting as the sole bookrunner for the offering. Assuming no exercise of the over-allotment option, the gross proceeds to the Company from the offering are expected to be approximately $4.68 million, before deducting underwriting discounts, commissions, and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund operations and for working capital and general corporate purposes, including capital expenditures.

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

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

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $6.56, +4.96% over the last 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, $.1592), 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, $1.08) and M2i Global, Inc. (MTWO, $.0795), 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, 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 today 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.

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

Serina Therapeutics (NYSE American: SER, $2.75), 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, $27.40) 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 $11.28, +3.11% 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.

Rocket Lab Corporation (Nasdaq: RKLB, $59.92, +11.05%), a global leader in launch services and space systems, today successfully launched the STP-S30 mission for the U.S. Space Force’s (USSF) Space Systems Command (SSC) – completing the launch five months ahead of schedule and playing a critical role in advancing technologies that ensure U.S. superiority in space.

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U.S. stocks advanced Thursday as investors toasted cooler inflation, lower yields and yet another tech-led melt-up, suggesting Santa is at least circling the mall parking lot even if he has not walked in yet. Risk assets climbed despite softer precious metals and oil, while bitcoin and AI bellwethers resumed their recurring role as the market’s speculative Greek chorus.

Indexes: Tech Reclaims the Spotlight

The S&P 500 added about 0.8%, with megacap tech and semiconductor shares doing most of the heavy lifting as investors rotated back into growth after a benign inflation print. The Nasdaq Composite outpaced its peers with a roughly 1.4% gain, powered by AI-related names and a strong showing from chipmakers, while the small‑cap Russell 2000 climbed about 0.6%, finally managing to keep pace instead of serving as the market’s designated caboose.

The Dow Jones Industrial Average rose more modestly as its old‑economy tilt and lighter weight in AI and chips left it trailing the day’s more speculative enthusiasm. All four major benchmarks remain comfortably higher for the year, with the Nasdaq still the standout thanks to its concentrated exposure to the market’s AI fixation.

Macro, Fed, Yields and Shutdown

A cooler‑than‑feared CPI backdrop kept the “soft landing” story intact, with markets reading recent data as a green light for modest Fed easing in 2025 rather than an emergency‑style pivot. Treasury yields eased along the curve, with the 10‑year near the low‑4% area and the 20‑year around 4.78%, easing financial conditions just enough to cheer equity traders without unnerving bond vigilantes. The 30‑year yield hovered near 4.8%, leaving the curve still kinked but less ominously inverted compared with earlier in the year. The 2-yr gifted lower to 3.473%.

The FOMC’s December policy meeting and press conference remain the focal point for rate expectations, with investors watching the Fed’s updated projections and language for clues on the timing and pace of cuts next year. In Washington, the year’s record‑long federal government shutdown remains in the rear‑view mirror after Congress and President Donald Trump agreed in November to reopen agencies, though fiscal brinkmanship is now treated by markets as a recurring feature rather than a one‑off bug. Tariff risk continues to simmer in the background, especially around China and critical materials, but investors largely treated trade as a 2026 problem and an options‑desk talking point rather than a near‑term trading catalyst today.

Commodities, Crypto and Currencies

Gold slipped modestly, with spot prices around 4,363.90 dollars an ounce, as the appetite for safety faded in favor of growth stocks and crypto speculation. Silver followed suit, giving back 2.17% of its gains to close at $65.45/oz. as volatility hedges fell out of favor and investors leaned back into cyclical and tech exposures.

Oil prices closed at $55.90, +.16%, echoing forecasts that crude could drift lower into 2026 absent a new supply shock or fresh OPEC discipline, leaving energy equities as reluctant wallflowers at an otherwise lively risk‑asset party. Bitcoin (BTC) closed at $85,337.58, -.95%.

Corporate News: Pharma, Chips, AI and More

Eli Lilly (LLY) climbed 1.45% to $1,056.88 and +4.71% over the last 50days after new data and commentary on its obesity pill underlined the company’s grip on the weight‑loss market, extending one of the most profitable therapeutic trends in modern pharma. Analysts highlighted strong earnings momentum, fast‑rising revenue and continued enthusiasm around its GLP‑1 franchise, reinforcing the view that Lilly remains the street’s preferred long‑duration growth story in healthcare.​

In semiconductors, Micron (MU, $248.55, +10.12%) rode a wave of optimism around AI‑driven memory demand and announcing its blowout earnings and forecast and “cool” inflation, helping lift the broader chip complex and feeding into the Nasdaq’s outperformance. NVIDIA (NVDA, $174.14, +1.87%), Taiwan Semiconductor Manufacturing (TSM, $284.68, +2.79%) and Intel (INTC, $36.28, +.64%) traded as the de facto barometers of AI capital expenditure; enthusiasm for data‑center build‑outs remained high even as periodic profit‑taking kept a lid on the most extreme gains.

Apple (AAPL, $272.19, +.13%), Broadcom (AVGO, $329.88, +1.18%) and Tesla (TSLA, $483.37, +3.45%) joined the session’s tech rebound, as all three featured prominently on high‑volume watch lists and options flow screens, indicating that institutional traders still treat them as core expressions of the growth and AI themes. Palantir Technologies (PLTR, $185.69, +4.74%) also sat near the top of liquidity leaderboards, reflecting ongoing interest in its defense‑and‑data AI narrative, while Meta Platforms (META) continued to benefit from expectations of resilient digital‑ad demand into 2026.​

Oracle (ORCL, $180.03, +.88%) and other legacy enterprise names saw more mixed trading as investors weighed robust AI‑infrastructure revenue growth against heavier‑than‑expected capital spending and pressure on free cash flow, a reminder that not every AI story mints effortless margins. Nokia (NOK, $6.38, +2.57%) and Rio Tinto Group (RIO, $77.63, +.57%) remained more tethered to the slow‑burn realities of telecoms and global commodities, respectively, with their shares reflecting the tug‑of‑war between tariff uncertainties, infrastructure demand and China‑linked growth concerns.

McDonald’s (MCD, $319.65, +.30%) continued to trade as a defensive consumer stalwart, with investors still willing to pay for predictable cash flows and pricing power even as rate‑cut talk nudges growth names back into favor. Opendoor Technologies (OPEN, $6.28, +2.61%) remained a speculative housing‑cycle proxy, showing up in options flow but still hostage to the path of mortgage rates and the willingness of consumers to trade homes more often than stocks. Nuclear‑power startup Oklo (OKLO, $77.72, +2.34%) and other advanced‑energy names stayed in the spotlight of policy‑watchers and thematic investors, given the intersection of energy security, decarbonization and tariffs on critical materials.

Deals, IPOs and Primary Markets

The new‑issue market showed signs of life as a cluster of small and special‑purpose deals came to market, underscoring how rapidly bankers dust off term sheets whenever volatility ebbs. On the NYSE and Nasdaq, listings included American Drive Acquisition Company and other SPAC and niche offerings, with additional vehicles such as Vine Hill Capital Investment Corp. II and Libera Gaming Operations joining the week’s modest roster.

While 2025’s marquee IPOs remain concentrated in larger industrial, healthcare and consumer names that priced earlier in the week, today’s tape suggested that the window is at least partially open for opportunistic sponsors willing to accept more modest valuations. Merger and acquisition headlines were comparatively quieter, with no transformational megadeals capturing the tape, though the steady drumbeat of smaller strategic acquisitions—particularly in healthcare and technology—continued just below the threshold of market‑moving drama.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3550, +.42%), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, announced (Dec. 10) that it had priced an underwritten public offering (the “offering”) of 12,173,000 shares of its common stock and accompanying warrants to purchase 6,086,500 shares of its common stock. Each two shares of common stock are being offered and sold together with one accompanying warrant at a combined offering at a price of $0.77, yielding an effective price of $0.38 per share and $0.01 per warrant. The warrants will have an exercise price of $0.45 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance. In connection with the offering, Modular Medical has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price, less underwriting discounts and commissions. The over-allotment option may be elected with respect to, at the underwriter’s sole discretion, shares and warrants together, solely shares, solely warrants, or any combination thereof. Newbridge Securities Corporation is acting as the sole bookrunner for the offering. Assuming no exercise of the over-allotment option, the gross proceeds to the Company from the offering are expected to be approximately $4.68 million, before deducting underwriting discounts, commissions, and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund operations and for working capital and general corporate purposes, including capital expenditures.

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

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

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $6.25, -.64%), 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, $.2401), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, 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.

GeoVax announced (Dec. 16) that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Patent Application No. 17/888,131, titled “Recombinant Modified Vaccinia Ankara (rMVA) Expressing Spike, Membrane, and Envelope Proteins of SARS-CoV-2.”

Volato Group, Inc. (NYSE American: SOAR, $1.10, +5.77%) and M2i Global, Inc. (MTWO, $.075), 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, 18 Volato Group, Inc. (NYSE American: SOAR, $1.10, +5.77%) and M2i Global, Inc. (MTWO, $.075) 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 today 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.

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

Serina Therapeutics (NYSE American: SER, $2.64), 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, $29.08) 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 $11.33, +.71%. 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.

Rocket Lab Corporation (Nasdaq: RKLB, $59.92, +11.05%), a global leader in launch services and space systems, today successfully launched the STP-S30 mission for the U.S. Space Force’s (USSF) Space Systems Command (SSC) – completing the launch five months ahead of schedule and playing a critical role in advancing technologies that ensure U.S. superiority in space.

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Wall Street limped into the midweek close on Wednesday with the swagger of a champion and the posture of someone who just read their margin statement. Tech led a broad retreat, AI darlings finally discovered that debt still has a cost, and traders spent the afternoon rediscovering value stocks and coffee in roughly equal proportions.

Indexes: Tech Trips, Small Caps Resist

The S&P 500 slipped 1.2%, shedding 78.83 points to finish near 6,721 as weakness in mega-cap AI and software names dragged the benchmark to its fourth straight loss and its sharpest pullback in nearly a month. The Dow Jones Industrial Average fared slightly better, falling 0.5%, or 228 points, as more defensive blue chips helped cushion the blow from beleaguered tech components.

The Nasdaq Composite bore the brunt of the AI rethink, sliding 1.8% as investors questioned how much leverage it really takes to fund the future. The Russell 2000, meanwhile, dipped a milder 1.1%, giving small caps the rare pleasure of underperforming on the way up and outperforming on the way down.

Macro: Data Backlog, Fed Patience, Shutdown Hangover

A backlog of delayed economic reports continues to filter out after the prolonged federal government shutdown, giving traders a compressed firehose of labor and inflation data into early 2026. Recent releases have reinforced the narrative of a slowing but still resilient labor market, with the Fed signaling it has already cut rates three times for a total of 75 basis points and is now inclined to pause while it assesses the impact.

In his December 10 press conference, Chair Jerome Powell emphasized that tariff-related price pressures should prove temporary, and that the recent government shutdown weighed on fourth-quarter activity but should be largely offset as the economy reopens and catches up. Futures markets now lean toward additional easing in the first half of 2026, but the message from the Fed is that investors will need to live without a rate cut every time a headline disappoints.

Tariffs, Shutdown, and Washington Theater

Tariff policy remained squarely in focus as President Trump’s earlier executive order authorizing a 25% tariff on imports from countries that buy Venezuelan oil continued to loom over global trade flows. That broad tariff framework has been compounded by this week’s “total and complete blockade” of sanctioned oil tankers to and from Venezuela, a move that has added geopolitical spice to an already complex energy market.

The recent extended U.S. government shutdown, which delayed key economic data and SEC operations, is now over, but its aftershocks still show up in the compressed release schedule and the catch‑up in IPO and regulatory activity into year-end. While Washington prepares for another prime-time speech from Trump highlighting tariff “victories,” markets continue to price in the uncertainty premium those policies carry for corporate margins and global supply chains.

Rates and the Yield Curve

Treasury yields nudged higher, with the 10‑year note hovering just above 4.156%, leaving the curve modestly inverted against the 2‑year in recent sessions, which closed lower at 3.493%. The slight back‑up in yields reflects expectations that, after three cuts this year, the Fed will move more cautiously while it digests the incoming backlog of labor and inflation data.

Even so, markets are still penciling in further easing in early 2026, a backdrop that has kept real yields drifting lower and provided a helpful tailwind for gold and other hedges against policy missteps. For now, the curve signals slower growth rather than imminent distress, but the message is clear: credit is no longer free, especially if a balance sheet is funding the AI revolution.

Commodities: Gold Glitters, Oil Lifts, Crypto Steadies

Gold extended its recent advance, closing up 1% to $4,374.60/oz. Silver joined the rally with an amazing move, rising about 5.20% to close at $66.62/oz. as investors sought cheaper leverage to the same macro story.

Oil prices gained on the day, with crude climbing roughly 2.87% to about 56.71 dollars a barrel as traders weighed Trump’s Venezuelan tanker blockade against a still‑projected surplus in global supply next year. Bitcoin traded lower in the mid‑80,000‑dollar range, reflecting a market that remains more interested in ETF flows and the trajectory of real yields than in any single headline.

IPOs and Corporate Deal Flow

The IPO market stole some of tech’s usual spotlight as Medline (ticker: MDLN, $41, +41.38%), the U.S. medical supply giant, made a notably large Nasdaq debut. The company raised about 6.26 billion dollars in its offering at 29 dollars a share after upsizing to roughly 216 million shares, marking the biggest U.S. and global IPO of 2025. Medline’s stock jumped more than 20% in early trading, valuing the company in the mid‑40‑billion‑dollar range and capping what has been a surprisingly robust year for U.S. listings despite the shutdown‑related disruptions earlier in 2025.

Beyond Medline, Wednesday brought plenty of market drama but relatively less in the way of marquee M&A headlines, as companies appeared more focused on defending balance sheets and explaining AI spending plans than announcing transformative deals. After a year of headline‑grabbing transactions, today’s deal tape looked more like a palate cleanser than a season finale.

Oracle: Debt, Data Centers, and a Tech Shudder

Oracle (ORCL) sat at the center of the day’s selloff after reports that private lender Blue Owl Capital walked away from a planned 10‑billion‑dollar financing for a new AI‑heavy data center, citing concerns about the software giant’s growing debt load and aggressive capital spending. Shares fell around 5–6% intraday, extending a slide that has already erased tens of billions in market value and made Oracle an unwilling poster child for the notion that the AI boom has run squarely into the limits of both physics and the debt markets.

The stock’s decline came on top of last week’s earnings‑related drop, when Oracle disclosed roughly 12 billion dollars in quarterly AI‑driven capex and signaled full‑year spending could reach 50 billion dollars, far above prior expectations. The resulting unease spilled over into other AI infrastructure plays, helping to drag the Nasdaq lower and forcing investors to ask whether “build it and they will come” still works when the financing costs are this high.

Eli Lilly (LLY): Weight-Loss King, Market Royalty

Eli Lilly’s (LLY, $1,041.79, -1.19%) shares continued to trade with the quiet confidence of a near‑trillion‑dollar healthcare giant, having significantly outpaced many tech favorites, including Nvidia, in recent weeks. Recent analyst commentary has highlighted how Lilly’s obesity and diabetes franchises have turned the company into a quasi‑growth stock with defensive cash flows, even as the broader market debates the durability of the GLP‑1 boom.

The company recently raised its full‑year 2025 earnings guidance to a range of 23.00 to 23.70 dollars per share on the back of surging demand for Zepbound and Mounjaro, with revenue growth north of 50% year over year. Lilly also increased its dividend, underscoring management’s view that these cash flows are more marathon than sprint, even if the stock’s trajectory has looked more like a 100‑meter dash.

NVIDIA, TSMC, Broadcom: AI Royalty, AI Anxiety

Nvidia (NVDA, $170.94, -3.81%) continues to hold its crown as the premier supplier of AI accelerators, but today its stock found itself dragged lower in sympathy with the broader AI complex amid worries about the sustainability of data‑center spending. While recent commentary has emphasized Nvidia’s entrenched leadership and ongoing demand, the Oracle‑sparked unease around heavy leverage in AI infrastructure cast a shadow over the group.

Taiwan Semiconductor Manufacturing Co. (TSM, $276.96, -3.45%) has similarly benefited from the AI build‑out, with analysts recently hiking price targets and describing the foundry giant as a core long‑term holding tied to AI infrastructure demand. Still, with investors suddenly scrutinizing the financing behind every new data hall, even high‑quality beneficiaries such as TSMC and Broadcom faced pressure as markets reassessed how quickly AI‑related capital spending can grow without overtaxing balance sheets.

Apple, Tesla, Meta, Intel: Mega‑Cap Mood Swings

Apple (AAPL, $271.84, -1.01%) traded lower alongside the broader tech complex despite recent upbeat analyst calls that frame the company as an “AI toll booth,” poised to monetize a growing ecosystem of on‑device and cloud‑based intelligence. The stock remains well‑owned and widely viewed as a relatively defensive way to play AI, but on a day when investors worried about the cost of intelligence, even the toll collectors saw lighter traffic.

Tesla (TSLA, $467.26, -4.62%) also lost ground, caught between cyclical worries, elevated rates, and a risk‑off turn in high‑beta growth names. Meta slid as well, giving back some recent gains as markets rotated away from long‑duration ad‑ and AI‑driven stories toward companies with more immediate cash returns and less capex drama. Intel, which has been trying to reinvent itself as both a foundry and an AI player, felt the chill from the Oracle‑led rethink of big‑ticket data‑center expansion.

Nokia, McDonald’s, Rio Tinto: The Quieter Crowd

Nokia’s (NOK, $6.22, -1.11%) shares were comparatively subdued, trading more as a high‑beta macro derivative than a headline‑driven story in a session dominated by U.S. AI and software names. With 5G capex cycles already maturing, the stock remains more sensitive to global risk appetite and currency moves than to any single day’s U.S. data release.

McDonald’s (MCD, $318.69, +1.33%) shares rose in defensive fashion today.

Rio Tinto (RIO, $77.19, +1.58%) moved higher with the broader commodities complex, more closely tracking expectations for global growth and Chinese demand than the day’s U.S. tech melodrama.

Oklo, Opendoor, and Palantir: High Beta, Higher Scrutiny

Oklo (OKLO, $75.94, -9.06%) representing the new wave of advanced nuclear and energy innovation, traded with the kind of volatility that suggests investors love the story but remain acutely aware that commercialization and regulatory timelines are measured in years, not quarters. On a risk‑off tech day, that combination was always going to be a hard sell.

Opendoor (OPEN, $6.12, -9.06%), leveraged to the housing and rate cycle, continued to reflect investor skepticism that iBuying can thrive in a world where mortgage costs remain elevated and liquidity for more experimental business models is less forgiving.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.3535, +3.12%), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, announced (Dec. 10) that it had priced an underwritten public offering (the “offering”) of 12,173,000 shares of its common stock and accompanying warrants to purchase 6,086,500 shares of its common stock. Each two shares of common stock are being offered and sold together with one accompanying warrant at a combined offering at a price of $0.77, yielding an effective price of $0.38 per share and $0.01 per warrant. The warrants will have an exercise price of $0.45 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance. In connection with the offering, Modular Medical has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price, less underwriting discounts and commissions. The over-allotment option may be elected with respect to, at the underwriter’s sole discretion, shares and warrants together, solely shares, solely warrants, or any combination thereof. Newbridge Securities Corporation is acting as the sole bookrunner for the offering. Assuming no exercise of the over-allotment option, the gross proceeds to the Company from the offering are expected to be approximately $4.68 million, before deducting underwriting discounts, commissions, and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund operations and for working capital and general corporate purposes, including capital expenditures.

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

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

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $6.29, +.64%), 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, $.25), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, 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.

GeoVax announced (Dec. 16) that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Patent Application No. 17/888,131, titled “Recombinant Modified Vaccinia Ankara (rMVA) Expressing Spike, Membrane, and Envelope Proteins of SARS-CoV-2.”

GeoVax announced (Dec. 15) the publication of interim Phase 2 clinical data on its next-generation COVID-19 vaccine in patients with chronic lymphocytic leukemia (CLL). The Research Letter in the British Journal of Haematology reports that GEO-CM04S1 met the study’s primary immunologic endpoint, generating significantly stronger and more durable SARS-CoV-2–specific T-cell responses than BNT162b2 (Pfizer-BioNTech) in patients with chronic lymphocytic leukemia (CLL) – a population known for poor vaccine responsiveness.

Volato Group, Inc. (NYSE American: SOAR, $1.05) and M2i Global, Inc. (MTWO, $.075), a company specializing in the development and execution of a complete global value supply chain for critical minerals, today announced key developments in its pending all-stock merger with M2i Global, Inc.. Volato has filed the Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), following the SEC’s completion of its review of the initial confidential submission. With the reopening of federal agencies following the recent government shutdown, both companies now anticipate closing the merger in the first quarter of 2026, pending completion of SEC review and shareholder approval.

Volato Group, Inc. (NYSE American: SOAR) announced today 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.

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

Serina Therapeutics (NYSE American: SER, $2.94), 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, $29.06) 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, +.72%. 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.

The Toro Company (NYSE: TTC, $80.43, +10.71%), a leading global provider of solutions for the outdoor environment, today reported results for its fiscal fourth-quarter and full-year ended October 31, 2025. They exceeded Full-Year Expectations Driven by Strength in Underground Construction and Golf.

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