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U.S. stocks hovered near record territory on Wednesday as traders first waited for and then digested widely expected Fed pause, sky‑high gold, and another torrent of tech‑driven earnings, leaving the major indexes modestly mixed by the close.

Major U.S. Indexes

The S&P 500 inched higher, adding roughly 0.4% to finish moved back under the 7,000 mark down .01%, as technology, utilities and energy quietly led the advance while health care lagged. The Dow Jones Industrial Average added .02%, pressured by weakness in industrial and health names, even as a handful of mega‑cap tech components helped limit the damage.

The Nasdaq Composite extended its winning streak, rising about 0.17% as large‑cap tech once again did the heavy lifting and kept the growth trade firmly in vogue. Further down the market‑cap ladder, the small‑cap complex underperformed falling .49%, with risk appetite more selective as investors gravitated toward cash‑rich, AI‑exposed bellwethers rather than the Russell crowd of hopefuls.

Fed, Yields, Macro Reports

The Federal Reserve opted to hold its key policy rate steady in a 3.5%–3.75% range, pausing after three consecutive cuts and acknowledging solid economic growth, a stabilizing labor market, and inflation that remains “somewhat elevated.” The statement and accompanying commentary signaled a data‑dependent stance, with officials clearly less worried about unemployment than about the risk that inflation settles above the 2% target for too long.

Treasury yields ticked slightly higher into and after the decision, with modest curve steepening as traders priced out the odds of near‑term cuts but maintained expectations for gradual easing later in the year. Consumer sentiment and related survey data have softened to decade‑plus lows, underscoring a disconnect between robust headline GDP and a public increasingly weary of elevated prices and policy uncertainty.

Trade, Tariffs and Washington Noise

Tariffs remained a political and market subplot, as the White House continued to defend its broader “reciprocal” tariff framework and prior moves to raise levies on key partners including South Korea, with rates on some imports set to climb as high as 25% later this year. Meanwhile, a separate debate swirled around the administration’s proposed “tariff dividend” concept, including chatter over potential refund‑style payments that would depend in part on how courts rule on the legality of recent tariff actions.

Trade negotiators also kept one eye on India, where renewed U.S.–India discussions are expected as part of a broader effort to recalibrate supply chains and leverage tariff tools without blowing up growth or alienating key allies. In market terms, tariffs have become less of an intraday volatility trigger and more of a slow‑burn background risk that strategists plug into long‑term margin and FX models.

Corporate Highlights: Tech, Chips and Beyond

Earnings and guidance from large technology and semiconductor names remained a central driver of today’s tape, with investors rotating aggressively within the AI and cloud ecosystem.marketwatch+4

• Eli Lilly (LLY): Health‑care stocks underperformed the broader market as the sector ETF slid, and weight‑loss/biopharma leaders such as Lilly saw some profit‑taking amid a broader rotation into cyclicals and AI hardware. The stock’s narrative remains dominated by obesity‑drug demand and capacity expansion, but today’s price action reflected positioning more than fundamentals.​
• Taiwan Semiconductor (TSM, $342.30, +1.17%): The world’s leading foundry stayed in focus as investors continued to treat it as a core way to own the global AI chip build‑out, with shares modestly higher alongside the broader semiconductor complex as demand expectations for advanced nodes remained strong.
• NVIDIA (NVDA, $191.52, +1.59%): Nvidia traded higher, helped by its status as both an AI infrastructure bellwether and a Dow component; it landed among the top gainers on the blue‑chip benchmark as investors continued to reward its data‑center momentum. Options activity around the name remained brisk, with Wall Street still firmly in the “buy” camp despite lofty expectations baked into 2026 earnings estimates.
• Micron Technology (MU, $435.28, +6.10%): Memory benefited from the AI halo as traders leaned into the thesis that high‑bandwidth and DRAM demand will closely track AI server deployments over the next several years, leaving MU shares better‑bid on the day.
• Apple (AAPL): Apple traded with a cautiously positive bias as investors positioned ahead of upcoming earnings, with implied volatility indicating expectations for a meaningful post‑report move even as the cash session stayed orderly. The stock remains a core mega‑cap holding, but the market increasingly judges it on services growth and AI‑on‑device execution.[finance.yahoo]​
• Tesla (TSLA, $431.46, +.13%): Tesla moved higher into its earnings event, with options markets pricing an above‑average swing as analysts parse EV demand, margin discipline, and the company’s evolving AI and autonomy ambitions. The name remains a volatility machine, but today’s advance slotted neatly into a broader growth‑and‑AI risk‑on mood.nasdaq+2
• Broadcom (AVGO, $333.24, +.14%): Broadcom edged up as analysts continued to highlight its AI‑related custom silicon and networking franchises, with some on the Street arguing that its risk‑reward looks more attractive than certain software‑centric AI names at current valuations. Income‑oriented investors also remained drawn to its still‑hefty dividend profile, a relative rarity in the AI cohort.
• Meta Platforms (META): Meta slipped, but jumped +7% in the aftermarket as they reported record sales and spending hike on AI buildout.
• Nokia (NOK): Nokia remained a more modest participant in the AI party, with shares reflecting the grind of a legacy‑to‑cloud transition as investors balanced long‑term 5G and network‑infrastructure potential against near‑term margin pressures.
• McDonald’s (MCD): McDonald’s traded unevenly as investors weighed global same‑store sales resilience against consumer‑confidence jitters and elevated input costs, leaving the stock behaving more like a defensive bond proxy than a high‑flyer.
• Rio Tinto Group (RIO, $93.37, +.50%): Rio’s performance tracked the broader commodity complex as metals volatility and China‑linked growth concerns kept the stock in a choppy range despite eye‑catching moves in precious metals.
• Oracle (ORCL): Oracle shares reflected ongoing enthusiasm for its cloud‑and‑database modernization story, with AI‑adjacent demand and backlog commentary still the key drivers watched by institutions..
• Intel (INTC, $48.78, +11.04%): Intel remained in the spotlight as one of the most actively traded large‑caps in recent sessions, with investors closely tracking its turnaround efforts, foundry strategy, and its positioning as a potential counterweight to Nvidia in data‑center compute.
• OKLO (OKLO, $94.39, +10.70%): Oklo, a nuclear‑energy and advanced reactor play, traded as a speculative proxy on the long‑horizon clean‑power theme, with sentiment tied more to regulatory milestones and partnership headlines than to near‑term cash flows.
• Opendoor (OPEN): Opendoor’s shares moved with broader housing and rate sentiment, as higher‑for‑longer fears and still‑tight existing‑home supply kept investors cautious on transaction‑dependent real‑estate platforms.
• Palantir Technologies (PLTR): Palantir traded in choppy fashion and dropped 5.04% as investors weighed its premium valuation against sticky government and enterprise AI‑software demand, with some analysts arguing that other AI names may offer better upside from here.

Across this roster, the through‑line remained simple: the closer a business model sits to AI infrastructure or data‑driven software, the more forgiving the market was willing to be on today’s numbers.

Deals, M&A and IPO Flow

Traditional strategic M&A headlines were relatively muted, with no mega‑cap buyouts or transformative mergers dominating the tape, but the new‑issue market continued to slowly thaw. Special‑purpose vehicles and structured listings dotted the calendar as SPACs made a cautious return to the Nasdaq, highlighted by Mountain Lake Acquisition Corp. II, which priced an upsized 31.32 million‑unit IPO at 10 dollars per unit, set to trade under the ticker “MLAAU.”

In parallel, Space Asset Acquisition Corp. announced the pricing of a 20 million‑unit offering at 10 dollars each, with the units slated to begin trading on Nasdaq under “SAAQU,” underscoring renewed interest in space‑ and tech‑focused blank‑check structures. Broader IPO calendars showed additional funds and acquisition vehicles listing across NYSE‑Arca and Nasdaq, suggesting that, while the blockbuster consumer unicorn pipeline is still thin, the capital‑markets machinery is gearing back up.

Commodities and Crypto

Gold stole the macro show, punching through the 5,300‑dollar level for the first time before closing at $5,597.00 up more than 4.81% on the day and over 20% for January, buoyed by a weaker dollar and nagging concerns over the Fed’s independence. Silver continued to trade at historically elevated levels above 118 dollars an ounce, following one of the most volatile sessions on record earlier in the week that saw nearly 2 trillion dollars in market value changing hands in hours.

Oil prices wrose .71% to $63.66, with WTI recently quoted around the low‑60s per barrel as traders balanced inventory data against broader risk appetite heading into the Fed decision and as White House warns Iran. Bitcoin, for its part, remained range‑bound just below the 89k‑dollar mark, consolidating after a powerful prior run as ETF outflows and the allure of surging metals kept the largest cryptocurrency on a shorter leash than usual.

In a market where gold is acting like a hyper‑growth stock and some AI stocks trade like utility bonds, Wednesday’s session left investors with a familiar conclusion: the story is still risk‑on, but the plot now runs through both the Fed’s dot plot and the periodic table.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4377), 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, $8.66), 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, $2.84), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer.

GeoVax is heading into the 44th Annual J.P. Morgan Healthcare Conference week (“JPM2026”) in San Francisco, CA Jan. 12-15 with the kind of narrative biotech investors typically like to hear: a differentiated platform, large funded trials lining up, and multiple shots on goal in both infectious disease and oncology. The company is leaning into its MVA platform as a potential franchise engine rather than a one‑product science experiment. Specifically, investors can meet David Dodd, Chairman & CEO of GeoVax, during his presentation at the Hilton Union Square, 333 O’Farrell Street, Yosemite A (Ballroom Level), San Francisco, CA on January 13, 2026, 2:30 pm PST.

GeoVax 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, $.5799, +%4.06) and M2i Global, Inc. (MTWO, $.049), a company specializing in the development and execution of a complete global value supply chain for critical minerals, reaffirmed, on Tuesday, Jan. 20, their expectation to complete their targeted first-quarter 2026 closing timeline for the previously announced business combination, citing steady advancement through the SEC review process alongside continued progress in operational planning and integration readiness. Subject to the effectiveness of the registration statement on Form S-4, stockholder approvals, and other customary closing conditions, the companies continue to expect the merger to close in the first quarter of 2026. To align the transaction timeline with the current stage of the SEC review process, the companies have mutually agreed to extend the end date of the merger agreement through March 31, 2026. This extension reflects disciplined execution and provides additional runway to complete the remaining regulatory steps in an orderly manner, while maintaining transaction commitment and protecting stockholder interests. Amendment No. 1 to the Form S-4 was filed on Monday, January 12, 2026, to respond to SEC comments and advance the registration statement through the review process. The review timeline was affected in part by a temporary slowdown in SEC operations following the recent federal government shutdown. With the amendment now on file, the companies are focused on completing the remaining steps of the SEC review process.

On Jan. 9, M2i Global and Volato Group announced that they have entered into a strategic collaboration agreement with Australian company Titanium X to advance critical mineral development in the US. This partnership represents a significant move towards enhancing domestic refining capacity and strengthening the critical materials supply chain that underpins US industry and national security. Titanium X and M2i Global will work together on the financing, development and commercialisation of the former’s critical mineral assets. M2i Global will apply its global experience in delivering mineral projects to support these initiatives. The companies are also in talks to conclude an exclusive titanium concentrate supply agreement.

On Jan. 7, M2i Global, Inc. (MTWO , $,05) along with Volato Group, Inc. (NYSE American: SOAR, $.45), a technology-driven company, announced a strategic collaboration agreement with Titanium X, marking a major step forward in advancing domestic refining capabilities and securing the critical materials supply chain essential to U.S. industry and national security.

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.”

Serina Therapeutics (NYSE American: SER, $2.72), 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, $33.08, +5.98%) announced (Jan. 6) that on December 29, 2025, it completed the sale of a non-core 12-unit apartment complex in Los Angeles County for a gross sales price of approximately $4,850,000. InterGroup expects to report a GAAP net gain on sale of approximately $3,509,000, which will be reflected in the Company’s Form 10‑Q for the quarter ended December 31, 2025. The transaction is expected to result in federal and state income tax liability, the amount of which will be determined based on the Company’s final tax position and applicable tax rules.

DoubleVerify Holdings Inc. (DV) closed at $10.97, +.46%. 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.

flyExclusive, Inc. (NYSE American: FLYX, $3.25, +7.26%), one of the nation’s largest private jet operators and a certified Part 145 Repair Station, today announced it has signed an authorized dealership agreement with Starlink, becoming a certified dealer and installer for Starlink’s high-speed, low-latency aviation connectivity system.

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Wall Street navigated a tale of two indices today, with tech-fueled optimism brushing against health-care headwinds, leaving investors to ponder if the AI rally is scripting a blockbuster or merely a plot twist..

S&P 500

The S&P 500 eked out a modest 0.41% gain to close at 6,978.60, flirting with record highs amid the relentless “AI Supercycle” narrative, though it fell shy of the tantalizing 7,000 mark—like a debutante waltzing just beyond the chandelier’s glow. Seven of eleven sectors advanced, led by materials and staples, while financials and industrials played the wallflowers.

Dow 30

The Dow Jones Industrial Average dipped roughly .83%, surrendering early gains as UnitedHealth’s (UNH) tumble dragged the blue chips lower, a reminder that even titans occasionally trip over their own shoelaces. Eighteen components finished higher, but the laggards ensured the index closed at 49,003.41.

Nasdaq Composite

Nasdaq surged 0.91% to 23,817.10, buoyed by AI darlings ahead of earnings season, proving once again that in this market, silicon trumps sentiment every time. The tech-heavy benchmark’s resilience underscores the sector’s grip on investor fancy.

Russell 2000

Small caps in the Russell 2000 hovered near recent records, buoyed by foreign stability signals, though specifics remained as elusive as a bargain in a bull market.

Macroeconomic Reports, Yields, & the FOMC

No blockbuster data dropped today amid weather disruptions, but eyes turned to new residential construction previews and lingering tariff echoes in PMI surveys, where price pressures persist like an uninvited guest at the inflation banquet. However, the yield curve steepened modestly, with 10-year Treasuries at 4.24% (down from 4.26%), signaling 52 basis points slope and 3.3% GDP optimism—recession odds a nonchalant 16%. FOMC kicked off today, statement tomorrow at 2 p.m. ET, Chair’s conference at 2:30 p.m.—hold steady, perchance?

Key Company News

Tech titans stole the spotlight: Eli Lilly (LLY) dropped 2.19%% to $1,039.51 amid pharma jitters; Taiwan Semiconductor (TSM), NVIDIA (NVDA), Micron (MU), Broadcom (AVGO), and Oracle (ORCL) rode AI tailwinds, with Broadcom and Oracle highlighted for backlog booms and growth bets. Corning (GLW), Apple (AAPL), Tesla (TSLA), Meta (META), Nokia (NOK, $6.94, +.43%), McDonald’s (MCD), Rio Tinto (RIO), Intel (INTC), OKLO, Opendoor (OPEN), and Palantir (PLTR) saw mixed moves, with Palantir under Wall Street scrutiny for potential pullbacks despite AI hype.

Corning (GLW, $109.74, +15.58%) and Meta (META, $672.97, +.09%) just inked a multiyear, up to $6 billion agreement that effectively turns a 175-year-old glass maker into one of AI’s most important behind-the-scenes power players. The deal marries hyperscale data-center ambition with very tangible American manufacturing, and for once on Wall Street, “fiber” has nothing to do with breakfast.

Mergers and Acquisitions

Deal ink flowed freely: Rayonier and PotlatchDeltic secured stockholder nods for their merger; Bain Capital scooped APP Jet Center; Odgers nabbed Ridgeway Partners; LaunchPad Home Group expanded northeast via RJ and Sherwood buys; Argano grabbed Pharosity; PRO-SET took Universal Chemicals—proving M&A remains the market’s favorite minuet.

IPO Activity

Nasdaq and NYSE welcomed SPAC fresh faces: Mountain Lake Acquisition Corp. II (MLAA) debuted post-$313M pricing; GigCapital9 (GIX) followed with $220M; Helix Acquisition Corp. III (HLXC) closed $172.5M—blank-check offerings proving there’s still appetite for the hunt.

Tariff Updates

President Trump escalated tariffs on South Korean imports to 25% from 15%, citing trade lapses, rattling semis and autos while stoking supply-chain specters.

Commodities and Crypto

Gold dazzled again closing at $5,179.70, but silver pulled back by 2.30% to $112.84/oz record; oil rose a meaty 2.99% to $62.44/barrel; Bitcoin rose to the $89k range today.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4686, +1.14%), 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, $8.99, +4.90%), 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, $2.84), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer.

GeoVax is heading into the 44th Annual J.P. Morgan Healthcare Conference week (“JPM2026”) in San Francisco, CA Jan. 12-15 with the kind of narrative biotech investors typically like to hear: a differentiated platform, large funded trials lining up, and multiple shots on goal in both infectious disease and oncology. The company is leaning into its MVA platform as a potential franchise engine rather than a one‑product science experiment. Specifically, investors can meet David Dodd, Chairman & CEO of GeoVax, during his presentation at the Hilton Union Square, 333 O’Farrell Street, Yosemite A (Ballroom Level), San Francisco, CA on January 13, 2026, 2:30 pm PST.

GeoVax 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, $.5573, +28.06%) and M2i Global, Inc. (MTWO, $.052, +6.34%), a company specializing in the development and execution of a complete global value supply chain for critical minerals, reaffirmed, on Tuesday, Jan. 20, their expectation to complete their targeted first-quarter 2026 closing timeline for the previously announced business combination, citing steady advancement through the SEC review process alongside continued progress in operational planning and integration readiness. Subject to the effectiveness of the registration statement on Form S-4, stockholder approvals, and other customary closing conditions, the companies continue to expect the merger to close in the first quarter of 2026. To align the transaction timeline with the current stage of the SEC review process, the companies have mutually agreed to extend the end date of the merger agreement through March 31, 2026. This extension reflects disciplined execution and provides additional runway to complete the remaining regulatory steps in an orderly manner, while maintaining transaction commitment and protecting stockholder interests. Amendment No. 1 to the Form S-4 was filed on Monday, January 12, 2026, to respond to SEC comments and advance the registration statement through the review process. The review timeline was affected in part by a temporary slowdown in SEC operations following the recent federal government shutdown. With the amendment now on file, the companies are focused on completing the remaining steps of the SEC review process.

On Jan. 9, M2i Global and Volato Group announced that they have entered into a strategic collaboration agreement with Australian company Titanium X to advance critical mineral development in the US. This partnership represents a significant move towards enhancing domestic refining capacity and strengthening the critical materials supply chain that underpins US industry and national security. Titanium X and M2i Global will work together on the financing, development and commercialisation of the former’s critical mineral assets. M2i Global will apply its global experience in delivering mineral projects to support these initiatives. The companies are also in talks to conclude an exclusive titanium concentrate supply agreement.

On Jan. 7, M2i Global, Inc. (MTWO , $,05) along with Volato Group, Inc. (NYSE American: SOAR, $.45), a technology-driven company, announced a strategic collaboration agreement with Titanium X, marking a major step forward in advancing domestic refining capabilities and securing the critical materials supply chain essential to U.S. industry and national security.

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.”

Serina Therapeutics (NYSE American: SER, $2.74), 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, $30.14, +2.13%) announced (Jan. 6) that on December 29, 2025, it completed the sale of a non-core 12-unit apartment complex in Los Angeles County for a gross sales price of approximately $4,850,000. InterGroup expects to report a GAAP net gain on sale of approximately $3,509,000, which will be reflected in the Company’s Form 10‑Q for the quarter ended December 31, 2025. The transaction is expected to result in federal and state income tax liability, the amount of which will be determined based on the Company’s final tax position and applicable tax rules.

DoubleVerify Holdings Inc. (DV) closed at $10.92. 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.

flyExclusive, Inc. (NYSE American: FLYX, $3.03), one of the nation’s largest private jet operators and a certified Part 145 Repair Station, today announced it has signed an authorized dealership agreement with Starlink, becoming a certified dealer and installer for Starlink’s high-speed, low-latency aviation connectivity system.

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Wall Street shook off last week’s jitters on Monday, January 26, 2026, climbing in unison with gold, silver and Bitcoin as investors decided that President Trump’s latest tariff broadside was reason enough to hedge—but not to abandon—risk.

Indexes: Risk-On With a Helmet

The S&P 500 advanced roughly 0.5%–0.6%, pushing back toward the 7,000 mark as large‑cap tech and AI beneficiaries resumed leadership, helped by investors positioning ahead of a crowded earnings calendar.
The Dow Jones Industrial Average added about 0.4%–0.5%, once again flirting with record territory as old‑economy stalwarts joined the melt‑up rather than watching it from the sidelines. The Nasdaq Composite climbed around 0.43%, with chip and platform names in focus as markets braced for results from Apple, Meta and other megacaps later in the week. The small‑cap Russell 2000, so often the wallflower at this stage of the cycle, actually stayed on the wall today, falling about 0.37% as traders sold going into this week’s FOMC meeting Jan. 27-28.

Macro: Data Light, Fed Heavy

On the macro front, Monday marked the beginning of a data‑rich stretch headlined later this week by U.S. durable goods orders, factory orders, consumer confidence, housing releases and producer‑price figures, all of which will color the growth and inflation narrative for early 2026. Recent readings have pointed to solid real activity—GDP growth running in the mid‑4% range annualized with tame official inflation—even as survey data flag persistent tariff‑related cost pressures working their way through supply chains. Business‑activity gauges from S&P Global show the composite PMI still in expansion territory but cooling modestly, consistent with a slight loss of momentum as the new year gets underway. Consumer‑sentiment measures have improved versus late 2025, helped by firm labor markets and rising equity prices, even as households eye tariff headlines with the wary optimism of people who have seen this movie before.

Fed, Yields and Tariffs: The Love Triangle

The FOMC convenes this week, with futures markets placing very high odds that the Committee will hold the policy rate steady in the 3.50%–3.75% range at its January 28 meeting, putting the spotlight squarely on the statement language and Chair Powell’s tone rather than on the decision itself. Commentary ahead of the meeting centers on how quickly the Fed can pivot toward rate cuts later in 2026 without reigniting inflation, particularly as tariffs threaten to re‑stoke goods prices even while shelter and wage measures ease. The Treasury curve spent the day in watchful‑waiting mode, with front‑end yields tethered by expectations of near‑term policy stability and some steepening pressure building from the Fed’s ongoing bill‑purchase operations, which are expected to total hundreds of billions over the course of the year. In tariff land, President Trump over the weekend threatened 100% levies on Canada should it finalize a trade agreement with China, a flourish that unsettled currency markets, energized metals and reintroduced “tariff premium” to equity risk assessments without yet derailing the broader rally.

Commodities and Bitcoin: Gold Steals the Show

Gold futures surged to fresh records, with spot and front‑month contracts vaulting above the psychologically charged 5,000‑dollar line and closed at $5,026.50 as a rally in the yen and renewed tariff fears drove a stampede into perceived safe havens. Silver tagged along energetically, posting outsized 4.57% gains closing at $105.645 after shooting up to $117.43 during intraday trading as leveraged macro traders reached for beta in the precious‑metals complex after last week’s move. Oil prices fell to $60.81, -.43%, recently supported by steady demand and lingering supply concerns, as crude benchmarks continued to climb back toward prior resistance despite the stronger yen and headline risk. Bitcoin, for its part, traded firmer on the day around the $87.7k range, but remained below recent peaks, with technical commentary still cautious after a recent breakdown from its uptrend, even as some investors treated it as a higher‑octane complement to gold in the “tariff hedge” toolkit.

Big Tech, Chips and AI: The Market’s Center of Gravity

Earnings expectations and AI enthusiasm kept the major tech and semiconductor franchises firmly in the market’s crosshairs as the week began.

• Eli Lilly (LLY): The weight‑loss and oncology powerhouse spent the session mostly in “steady as she goes” mode, with shares holding near recent highs as investors looked ahead to the next wave of data readouts rather than reacting to any specific Monday headline.
• Taiwan Semiconductor Manufacturing (TSM): Global chip optimism and ongoing AI‑infrastructure demand kept TSM sentiment broadly positive, with the stock reflecting its role as the indispensable foundry behind Nvidia and much of Silicon Valley’s capex ambitions, though Monday’s move was measured as traders awaited additional sector data.
• NVIDIA (NVDA): NVDA traded with a firm bias alongside the broader chip complex as investors continued to lean into CEO Jensen Huang’s thesis that the world is only in the early innings of a multitrillion‑dollar AI infrastructure buildout, even as options markets priced in elevated volatility ahead of upcoming catalysts.
• Micron Technology (MU): MU fell 2.84% to $389.09 after the recent surge with memory‑chip peers, helped by the ongoing narrative of rising AI‑driven demand for high‑bandwidth memory and a tentative recovery in the broader memory‑pricing cycle.
• Apple (AAPL): Apple shares traded 2.97% higher to $255.41 as investors positioned ahead of Thursday’s earnings, which are expected to show a sharp year‑over‑year rebound in profits after last year’s iPhone and services wobble, leaving the stock a central piece of this week’s “Big Tech scorecard.”
• Tesla (TSLA): TSLA slipped on the day, even as the major indexes climbed, with traders bracing for Wednesday’s earnings and ongoing debate over margins, EV demand and the company’s evolving AI/autonomy ambitions keeping volatility elevated.
• Broadcom (AVGO): AVGO remained a favored AI‑infrastructure proxy, with shares grinding higher by 1.53% to close at $324.85 as Wall Street continued to highlight its networking, custom ASIC and software exposure as leverage to the same data‑center buildout narrative powering Nvidia.
• Meta Platforms (META, $672.36, +2.06%): META shares were bid ahead of an upcoming earnings update, as investors weighed robust engagement and ad‑pricing trends against heavy spending on AI and the metaverse, leaving the stock a key barometer for digital‑ad health this week.
• Nokia (NOK, $6.91, +2.07%): NOK traded mostly in line with global telecom‑equipment peers, with no major Monday‑specific catalyst beyond its ongoing effort to position 5G and network‑infrastructure offerings to benefit indirectly from AI‑driven traffic growth.
• McDonald’s (MCD, $312.95, +1.20%): The golden arches enjoyed modest gains as investors continued to treat the chain as a defensive consumer staple with pricing power, particularly attractive when tariff chatter threatens to nick real incomes at the margin.
• Rio Tinto Group (RIO, $90.47, +.04%): RIO rode the tailwind from metals, with shares supported by the powerful rally in gold and silver and by hopes that resilient global growth and AI‑linked infrastructure spending will underpin long‑term demand for industrial commodities.
• Oracle (ORCL, $182.44, +2.98%): ORCL saw steady interest as a second‑derivative AI and cloud beneficiary, with the stock reflecting investors’ willingness to pay for enterprise software and cloud exposure that could ride the same data‑center capex supercycle as the chip leaders.
• Intel (INTC, $42,49, -5.76%): Intel traded with a mixed bias as investors balanced enthusiasm over its foundry ambitions and AI roadmap against lingering concerns about competition and profitability, with some analysts warning that its strong 2025 run leaves the stock vulnerable to any disappointment.
• OKLO (OKLO, $82.31, -6.07%): The advanced‑nuclear developer remained a speculative clean‑energy and data‑center power‑supply story, with shares reflecting interest in next‑generation small modular reactors as a potential backbone of the AI‑era grid, rather than any discrete Monday headline.
• Opendoor Technologies (OPEN, $5.87): Opendoor was quiet in index terms, with the stock still tethered to the push‑and‑pull of U.S. housing conditions and mortgage‑rate expectations, rather than to any standout news item for the session.
• Palantir Technologies (PLTR): PLTR drifted as investors weighed its rich valuation against bullish long‑term AI‑software narratives, with recent commentary highlighting both its substantial 2025 run and the possibility of sharper corrections if the AI trade ever meaningfully de‑rates.

Deals, IPOs and Capital Markets: Quiet, Not Silent

The M&A tape was relatively subdued on Monday, with no blockbuster new strategic acquisitions, leveraged buyouts or megamergers sweeping across the large‑cap landscape during the session, though investors remained attuned to ongoing consolidation chatter in financial technology, infrastructure software and energy.IPO activity continued in a tentative gear: the new‑issue calendar featured smaller names such as New America Acquisition I Corp. on the NYSE and Leapfrog Acquisition Corporation warrants on Nasdaq, underscoring that while the market is open, it is far from exuberant. Beyond Monday’s deals, the broader 2026 IPO pipeline still points to potential marquee offerings later in the year—from large‑scale tech and AI names to consumer platforms—even if many high‑profile issuers are waiting for clearer Fed guidance and calmer tariff headlines before stepping to center stage.

In all, Monday’s session had the feel of a market content to ride the AI and earnings wave higher while quietly buying all the insurance gold, silver and Bitcoin can provide—a kind of hedged optimism that has become Wall Street’s house specialty in the Trump‑tariff era.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4633), 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, $8.57), 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, $2.95), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer.

GeoVax is heading into the 44th Annual J.P. Morgan Healthcare Conference week (“JPM2026”) in San Francisco, CA Jan. 12-15 with the kind of narrative biotech investors typically like to hear: a differentiated platform, large funded trials lining up, and multiple shots on goal in both infectious disease and oncology. The company is leaning into its MVA platform as a potential franchise engine rather than a one‑product science experiment. Specifically, investors can meet David Dodd, Chairman & CEO of GeoVax, during his presentation at the Hilton Union Square, 333 O’Farrell Street, Yosemite A (Ballroom Level), San Francisco, CA on January 13, 2026, 2:30 pm PST.

GeoVax 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, $.4352) and M2i Global, Inc. (MTWO, $.0489), a company specializing in the development and execution of a complete global value supply chain for critical minerals, reaffirmed, on Tuesday, Jan. 20, their expectation to complete their targeted first-quarter 2026 closing timeline for the previously announced business combination, citing steady advancement through the SEC review process alongside continued progress in operational planning and integration readiness. Subject to the effectiveness of the registration statement on Form S-4, stockholder approvals, and other customary closing conditions, the companies continue to expect the merger to close in the first quarter of 2026. To align the transaction timeline with the current stage of the SEC review process, the companies have mutually agreed to extend the end date of the merger agreement through March 31, 2026. This extension reflects disciplined execution and provides additional runway to complete the remaining regulatory steps in an orderly manner, while maintaining transaction commitment and protecting stockholder interests. Amendment No. 1 to the Form S-4 was filed on Monday, January 12, 2026, to respond to SEC comments and advance the registration statement through the review process. The review timeline was affected in part by a temporary slowdown in SEC operations following the recent federal government shutdown. With the amendment now on file, the companies are focused on completing the remaining steps of the SEC review process.

On Jan. 9, M2i Global and Volato Group announced that they have entered into a strategic collaboration agreement with Australian company Titanium X to advance critical mineral development in the US. This partnership represents a significant move towards enhancing domestic refining capacity and strengthening the critical materials supply chain that underpins US industry and national security. Titanium X and M2i Global will work together on the financing, development and commercialisation of the former’s critical mineral assets. M2i Global will apply its global experience in delivering mineral projects to support these initiatives. The companies are also in talks to conclude an exclusive titanium concentrate supply agreement.

On Jan. 7, M2i Global, Inc. (MTWO , $,05) along with Volato Group, Inc. (NYSE American: SOAR, $.45), a technology-driven company, announced a strategic collaboration agreement with Titanium X, marking a major step forward in advancing domestic refining capabilities and securing the critical materials supply chain essential to U.S. industry and national security.

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.”

Serina Therapeutics (NYSE American: SER, $2.72), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies. On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.

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

The InterGroup Corporation (NASDAQ: INTG, $28.96%) announced (Jan. 6) that on December 29, 2025, it completed the sale of a non-core 12-unit apartment complex in Los Angeles County for a gross sales price of approximately $4,850,000. InterGroup expects to report a GAAP net gain on sale of approximately $3,509,000, which will be reflected in the Company’s Form 10‑Q for the quarter ended December 31, 2025. The transaction is expected to result in federal and state income tax liability, the amount of which will be determined based on the Company’s final tax position and applicable tax rules.

DoubleVerify Holdings Inc. (DV) closed at $11.17, +1.64%. 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.

flyExclusive, Inc. (NYSE American: FLYX, $3.12), one of the nation’s largest private jet operators and a certified Part 145 Repair Station, today announced it has signed an authorized dealership agreement with Starlink, becoming a certified dealer and installer for Starlink’s high-speed, low-latency aviation connectivity system.

The Sources

1. Wall Street Journal – “Stock Market Today: Dow Rises; Gold Price Tops $5000 for First Time” (Jan. 26, 2026)
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2. Yahoo Finance – “Stock market today: Dow, S&P 500, Nasdaq rise to kick off key week …” (Jan. 26, 2026)
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3. Investopedia – “Dow Jones Today: Stock Indexes End Higher to Begin Big Tech …” (Jan. 26, 2026)
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4. Investor’s Business Daily – “Stock Market Today: Dow Rises As Gold Clears A Milestone” (Jan. 26, 2026)
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5. Barron’s – “Stock Futures Drift, Gold Tops $5,000 After Fresh Trump Tariff Threats” (Jan. 26, 2026)
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6. Morningstar / Dow Jones – “North American Morning Briefing: Gold Tops $5,000 After New Tariff …” (Jan. 26, 2026)
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7. FXStreet – “The week ahead: The Fed props up the Yen, as silencing … – FOMC decision preview” (Jan. 25, 2026)
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8. Reuters – “US business activity steady in January; consumer sentiment improves” (Jan. 23, 2026)
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12. Yahoo Finance – Financial Calendars (Economic events, earnings, IPOs – Jan. 25–31, 2026)
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15. Reuters – “Stocks climb for fourth session, yen strengthens against dollar as …” (Global markets wrap, Jan. 25–26, 2026)
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