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Bear Market Ages While SVB Gets Taken Over This Week – $ASAN $BRQS $INTC $OCEA $VIX Rise!

By John F. Heerdink, Jr.
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Quote of the Day:  “Surprise is the greatest gift which life can grant us.” – Boris Pasternak


Happy Saturday!

I hope that you had a wonderful week wherever the you landed around the globe.

As for the broad markets this week, stocks headed significantly lower by the end of the week as cracks in the system became more evident and fears rose as we simultaneously hit the average age a bear market. First, the markets were further plagued by the Fed Chair’s extremely ‘hawkish’ rhetoric directed to Congress, followed by a plethora of data that reinforced the Fed’s interest rate raising ways pointing to a 50bps raise at the next FOMC meeting March 20-21 leaving us now with an expected higher target range closer to 5.5%-5.75%. We were also hit with an alarming systematic fear raising report at the end of the week that confirmed that our local Silicon Valley Bank (SIVB) had been taken over by regulators making it the largest bank failure since our last financial crisis & the second largest ever as it could raise capital following a significant run on their deposits. Note that the bank was focused on loaning to the tech industry and many of these companies have a cash burn, so not a fair one-to-one comparison to the clientele of the classic banks across America, however, the failure will be adding stress to the system and causing job loss just the same. Also, we heard that Silvergate Capital, a bank that was crypto-focused would be liquidating and winding down operations as they saw a wave of withdrawals as well. With the fear running rampant in the markets this week the CBOE Volatility Index (^VIX) closed at $24.80, up a massive 34.13%% over the last 5-days.

Again, a slew of macroeconomic reports hit the presses this week securing inflationary fears. On Monday, the January Factory Orders report confirmed a 1.6% M/M drop. On Tuesday, the January Wholesale Inventories report confirmed .4% M/M drop, while the Consumer credit report confirmed a $14.8B rise in January. On Wednesday, the weekly MBA Mortgage Application Index report showed a 7.4% jump, the ADP Employment Change report confirmed that showed that private payrolls moved up by 242k in February, & the trade deficit for January got a wider by $68.3B, while imports came at $9.6B. The JOLTS – Job Openings reported came in lower at 10.824M in January. The Weekly EIA Crude Oil Inventories reported confirmed a 1.69M barrel build. On Thursday, the Initial jobless claims report for the week ending March 4 showed a 21k rise to 211k, while the continuing jobless claims report for the week ending February 25 also rose by 69k to 1.718k. On Friday, the February Nonfarm Payrolls report confirmed that 311K were added and the February Nonfarm Private Payrolls came in at 265K, while the February Unemployment Rate was confirmed to the at 3.6%. The February Average Hourly Earnings report came at .2%, while the February Average Workweek came in at 34.5.

Interestingly, at the close of Friday, the 2-yr note yield had moved down 27 basis points to close at 4.59% & the 10-yr note yield closed 26 basis points at 3.70%. The U.S. Dollar Index also edged up this week from last Friday’s close of 104.50 to 104.64.  

At the end of the week, the S&P 500 closed at 3,861.59 (-4.5%) for the week and is now up .6% YTD. 11 of the 11 sectors closed in the red with the financials sector falling 8.5% to lead all lower followed by the materials sector’s 7.6% drop and the real estate sector’s 7% decline. The 6.82% weighting of the shares of Apple (AAPL) provided relative strength this week as it closed at $148.503, -1.68% over the last 5-days, however, the shares of EV giant Tesla (TSLA) that closed at $173.44, falling a whopping 12.31% as a recall surfaced regarding their back seats.

The Dow 30 fell to close at 31,909.60 (-4.4%) and is now down 3.7% YTD.  The Walt Disney Company (DIS) closed at $93.57, -7.48% over the last 5-days. Nike (NKE) closed at $117.49, down 2.85% over the last 5-days & plans to release its Q3 fiscal 2023 financial results on Tuesday, March 21, 2023.  

The Nasdaq closed the week at 11,138.80 (-4.7%) for the week and is up 6.4% YTD.  

The small caps on the Russell 2000 got absolutely hammered and closed at 1,772.70 (-8.1%) for the week & is now up +.7% YTD. The MicroCaps also took a solid hit this week as the iShares Micro-Cap ETF (IWC) closed at $105.93 falling 8.87% this week & is now down 1.76% YTD.  

Biotech stocks moved down significantly this week. On the larger side of things, the Nasdaq Biotechnology ETF (IBB) moved down and closed at $121.97, -6.55% and is down 7.10% YTD, the NYSE ARCA Biotech Index (^BTK) closed at 5,056.87, -6.50% over the last 5-days and is now down 4.25% YTD, & the SPDR S&P Biotech ETF (XBI) closed at $75.66, down 9.49% over the last 5-days & is now down 8.841% YTD. The 52-week range is is now $61.78-$97.19.  On the bright side, Ocean Biomedical’s (NASDAQ: OCEA, $8, +23.65% over the past 5-days) Scientific Co-founder, Dr. Jack A. Elias, MD, presented details of his previously published discoveries that have potential application for tumor suppression across multiple cancer pathways at the Legorreta Cancer Center’s recent meeting in Providence. In his talk, Dr. Elias focused on his lab’s groundbreaking work on understanding the development and progression of lung cancer, especially the role of Chitinase 3-like-1 (CHI3L1). He also shared details of his novel therapeutic discoveries that show the efficacy of monospecific and bispecific antibodies against CHI3L1 and PD-1 as therapies for non-small cell lung cancer, and glioblastoma multiforme. Ocean Biomedical is currently working to move these antibody therapeutic discoveries towards Phase 1 clinical trials.  

The iShares U.S. Healthcare ETF (IYH) closed at $260.66,-4.17% over the last 5-days and is now down 8.12% YTD. 

The CBOE Volatility Index (^VIX) closed at $18.49, down 14.67% over the last 5-days.

FURTHER AFIELD 

Shares of Asana, Inc. (NYSE: ASAN), a leading work management platform for organizations, rose +15.08% over the last 5-days to close at $19.15after they reported financial results for its fourth quarter and fiscal year 2023 ended January 31, 2023. “Revenues for the fiscal year were up 45 percent year over year and we reported significant improvement in operating margins,” said Dustin Moskovitz, co-founder and chief executive officer of Asana. “We are grateful to work alongside some of the largest, most innovative enterprises in the world. This offers us unique insights into their complex business needs which helps to inform our product strategies and investments in areas that can shape the future of work management.”


On Feb. 28, Desmond Wheatley, CEO Beam Global (BEEM, $14.37, the leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, presented at our sister organization’s Tribe Public Webinar Presentation and Q&A Event titled “Sustainable Products Solving EVs’ Biggest Challenges.”  The event video is gaining traction at the Tribe Public YouTube Channel with over 5.3k views and is available now for viewing at this link. 



Shares of JPMorgan (JPM) closed at $133.65, down 6.97% over the last 5-days.  On March 8, J.P. Morgan Asset Management announced the launch of the JPMorgan Active Small Cap Value ETF (JPSV), an actively managed small cap ETF that seeks to outperform the Russell 2000 Value Index. The strategy employs a bottom-up approach and aims to identify high quality small cap companies at attractive valuations. The fund will utilize the New York Stock Exchange (NYSE) Active Proxy Model (the Model) and will be traded on NYSE Arca.

Shares of Amazon.com, Inc. (AMZN) closed $90.73, -4.39% over the last 5-days. On March 8, Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, announced that Southwest Airlines Co. (NYSE: LUV) has selected AWS as its preferred cloud provider as the airline advances its digital transformation initiative. This large-scale modernization with AWS is part of the airline’s long-term plan to enhance the passenger journey, optimize operations, and efficiently invest in information technology (IT) infrastructure.


Shares of Microsoft Corp. (MSFT) closed at $248.59, -2.62% over the last 5-days. On March 2, H&R Block (NYSE: HRB) announced that Alex Cook has joined the organization as Vice President, Small Business. In this role, Cook will report to H&R Block’s Chief Strategy and Small Business Officer Jamil Khan as he leads the company’s Small Business Tax and Services teams working to increase the number of H&R Block small business clients. Prior to joining H&R Block, Cook spent more than a decade at Microsoft, Inc. (NASDAQ: MSFT), most recently serving as the Vice President of Global eCommerce where he supported global field leadership and operational functions of all digital stores (Microsoft.com) in 180 countries. During this time, he oversaw site merchandising, site operations, localization and experimentation, in-country and local demand generation, as well as business development. Cook also held various leadership roles in merchandising and operations over 16 years at Walmart Stores, Inc. He holds a Bachelor of Business Administration degree from the University of Oklahoma.

Shares of Intel (INTC) rose 3.11% to close at $27.22 over the last 5-days. On March 9, Intel announced that the LF AI & Data Foundation Technical Advisory Council accepted Open Federated Learning (OpenFL) as an incubation project to further drive collaboration, standardization and interoperability. OpenFL is an open source framework for a type of distributed AI referred to as federated learning (FL) that incorporates privacy-preserving features called confidential computing. It was developed and hosted by Intel to help data scientists address the challenge of maintaining data privacy while bringing together insights from many disparate, confidential or regulated data sets.

Shares of NVIDIA (NVDA), a pioneer in accelerated computing, closed at $229.65, -3.87% over the last 5-days. On Feb. 22, Nvidia reported revenue for the fourth quarter ended January 29, 2023, of $6.05 billion, down 21% from a year ago and up 2% from the previous quarter, Fiscal-year revenue of $27.0 billion, flat from a year ago, & quarterly and annual return to shareholders of $1.15 billion and $10.44 billion, respectively.

Cathie Wood’s ARK Innovation ETF (ARKK) closed at $36.02, -10.97% over the last 5-days.  

The Technology Select Sector SPDR Fund (XLK) closed at $135.77, -3.12% over the last 5-days. 

Shares of McDonald’s (MCD) closed at $262.03, -2.62% over the last 5-days. McDonald’s was recently named one the World’s Most Admired Companies by Fortune for the 15th consecutive year.

On Feb, 2, McDonald’s Board of Directors declared a quarterly cash dividend of $1.52 per share of common stock payable on March 15, 2023 to shareholders of record at the close of business on March 1, 2023.


GOLD & SILVER

Gold prices closed at $1869/oz., +$13/oz. & silver prices closed at $20.56/oz., -$.68/oz. for the week.

Hecla Mining (HL) closed at $5.17, -6.68% over the last 5-days. On March 1, Hecla announced that the Company received the 2022 Robert E. Murray Innovation Award for pioneering the Underhand Closed Bench (UCB) mining method at its Lucky Friday Mine in Idaho. The award, given by the Society for Mining, Metallurgy, & Exploration (SME), recognizes operations and organizations that implement cutting-edge technologies and innovative processes to advance the mining industry.

First Majestic (AG) closed at $6.10, -6.73% over the last 5-days. First Majestic announced the consolidated financial results for the Company’s fourth quarter and year ended December 31, 2022. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s website at www.firstmajestic.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov. They highlighted a record production of 31.3 million silver equivalent ounces, consisting of 10.5 million silver ounces and 248,394 gold ounces, or a 16% increase compared to 2021.


MEMES CENTRAL

AMC Entertainment (AMC) closed at $5.38, -18.24% & (APE) closed at $1.59, -12.64% over the last 5-days.  On Feb. 28, AMC reported its results for the fourth quarter and year ended December 31, 2022. Total revenues were $3,911.4 million compared to $2,527.9 million for 2021. Net loss decreased to $973.6 million, including a non-cash impairment charge related to long-lived assets of $133.1 million, compared to a net loss of $1,269.8 million for 2021, which included a non-cash impairment charge related to long-lived assets of $77.2 million.

GameStop (GME) closed at $17.25, -7.75% over the last 5-days as the shorts won overall this week. GME will report fourth quarter and full year fiscal 2022 results after the market closes on Tuesday, March 21, 2023. The Company will host an investor conference call at 5:00 pm ET on the same day to review its results. This call and all supplemental information can be accessed on GameStop’s investor relations website: https://investor.gamestop.com/. 

Seanergy Maritime Holdings Corp. (SHIP) closed at $6.31, -7.07% over the last 5-days. Seanergy will release its financial results for the fourth quarter and year ended December 31, 2022, prior to the open of the market in New York on Tuesday, March 14, 2023.

On Feb. 15, Seanergy announced that its Board of Directors has determined to effect a 1-for-10 reverse stock split of the Company’s issued and outstanding shares of common stock, effective at the opening of trading on February 16, 2023. At the special meeting of the shareholders of the Company held on February 7, 2023, Seanergy’s shareholders approved a reverse stock split by a ratio of not less than 1-for-8 and not more than 1-for-12 and granted the Board the authority to determine to effect the reverse stock split and the exact split ratio within this range. The Board approved the reverse stock split on February 9, 2023. In addition, the Company announced that its Chairman and Chief Executive Officer, Mr. Stamatis Tsantanis, intends to purchase an aggregate of up to $1,000,000 in the Company’s common shares in the open market, following the effective date of the reverse stock split. This follows the previously announced open market purchases of 300,000 common shares concluded by Mr. Tsantanis in the past six months.


CRYPTO & BITCOIN

Bitcoin (BTC) closed at $20,160.93, -10.12% over the last 5-days at the time this report was prepared. 


ENERGY

The Energy Select Sector SPDR Fund or ETF (XLE) closed at $82.63, -5.31% over the last 5-days. 

Chevron (CVX) closed at $159.67, -3.21% over the last 5-days. On March 7, Chevron New Energies (Chevron), a division of Chevron U.S.A. Inc., and JERA Co., Inc. (JERA) have signed a Memorandum of Understanding (MOU) that provides a framework for their collaboration on carbon capture and storage (CCS) projects located in the United States and Australia. This MOU has the potential to expand the significant liquid natural gas (LNG) relationship that Chevron and JERA have today, and further demonstrates the commitment and dedication both companies have to advancing lower carbon solutions.

Warren Buffet’s pick in the sector, Occidental Petroleum (OXY) closed at $59.86, -2.27% over the last 5-days.  On Monday, February 27,  Occidental announced 4th Quarter 2022 Results and highlighted the following: announced enhanced shareholder return framework including a new $3.0 billion share repurchase authorization and 38% increase to common dividend, Completed $3.0 billion share repurchase program with $562 million of repurchases in the fourth quarter, bringing total year repurchases to 47.7 million shares, Repaid $1.1 billion of debt and retired $450 million of interest rate swaps during the fourth quarter, with total year debt repayments of over $10.5 billion, representing 37% of total outstanding principal, & OxyChem exceeded guidance with pre-tax earnings of $457 million, establishing record year pre- tax earnings of $2.5 billion.

Oil prices closed 4% lower at $76.52/bbl and s now down 4.7% YTD.



NEXT WEEK



The stock market will be open for 5 full trading sessions and we will receive the CPI index report and the retail sales numbers.

VP WATCHLIST UPDATES

Please review a select group of emerging names below and their updates below:

 
 
 
Shares of ADT Inc. (ADT), the most trusted brand in smart home and small business security, closed at $7.34, -4.30% over the last 5-days.
 
On Feb. 28, ADT reported results for the fourth quarter and full year of 2022. ADT further highlighted the following: Continued strong sequential and year-over-year growth in revenue, up 21% for full year 2022 versus prior year, Fourth consecutive quarter of record high customer retention and recurring monthly revenue balance, Improving capital efficiency with record revenue payback, & driving momentum into 2023 with expected continued growth in revenue, earnings and cash flows. 
 
 
 
 
  • Shares of Atossa Therapeutics, Inc. (Nasdaq: ATOS), a clinical-stage biopharmaceutical company seeking to discover and develop innovative medicines in areas of significant unmet medical need in oncology, with a current focus on breast cancer and radiation-induced lung injury, closed at $.6748, down 6.28% over the last 5-days and is up 27.32% YTD.

 

    • On Feb. 23, Atossa announced that the first patient has been dosed in the Phase 2 EVANGELINE (Endoxifen Versus exemestANe GosEreLIn) study. EVANGELINE is a randomized non-inferiority trial of Atossa’s patented Selective Estrogen Receptor Modulator (SERM), (Z)-endoxifen, and exemestane plus goserelin as a neoadjuvant treatment for pre-menopausal women with Grade 1 or 2 Estrogen Receptor positive (ER+) / Human Epidermal Growth Factor Receptor 2 negative (HER2-) breast cancer. Participants will receive neoadjuvant treatment for up to six months, followed by surgery. The study is expected to enroll approximately 175 patients at up to 25 sites across the United States. The primary objective of the EVANGELINE study is to evaluate the endocrine sensitive disease (ESD) rate, measured by Ki-67 (a proliferation marker prognostic for disease free survival), after four weeks of treatment with (Z)-endoxifen compared to treatment with current standard of care, exemestane plus goserelin. Exemestane is an aromatase inhibitor designed to block the synthesis of estrogen and slow the growth of ER+ cancers. Goserelin is a medication given to block the ovaries from making estrogen, also called ovarian function suppression (OFS). In premenopausal women, OFS is associated with significant morbidity and inadequate compliance, which compromises efficacy and increases the risk of mortality.

      (Z)-endoxifen is the most active anti-estrogen metabolite of tamoxifen that potently blocks ERa and binds to and disrupts protein kinase C beta one function (PKCb1, a known oncogenic protein). In an earlier Phase 2 study, treatment with (Z)-endoxifen resulted in a 65.1% reduction in Ki-67. This is potentially clinically meaningful because numerous studies by other groups have shown that reducing Ki-67 is prognostic for 5-year disease free survival. (Z)-endoxifen administered as monotherapy may also obviate the need for OFS in premenopausal women and potentially reduce breast cancer cell proliferation.

      Dr. Steven Quay, Atossa’s President and Chief Executive Officer stated, “We are excited to kick-off this important trial, a significant achievement in our development strategy. Approximately 78% of breast cancers are ER+ / HER2- and premenopausal women diagnosed with this disease need more effective and tolerable treatment options; specifically new treatments that do not require ovarian function suppression. We feel (Z)-endoxifen has the potential to change the treatment paradigm for these patients.” LEARN MORE. 

    • On Feb. 13, Atossa Therapeutics, Inc. (Nasdaq: ATOS), a clinical stage biopharmaceutical company developing innovative proprietary medicines to address significant unmet need in cancer, announced that the United States Patent and Trademark Office (USPTO) has granted a new patent (No. 11,572,334) directed to (Z)-endoxifen encapsulated in an enteric capsule. Enteric capsules have an acid resistant coating to prevent them from dissolving when they pass through the stomach. Enteric capsules are dissolved when they pass through an alkaline environment, which is usually when they reach the small intestine. Delivering oral (Z)-endoxifen via an enteric capsule prevents breakdown of the endoxifen in the stomach. This patent further reinforces Atossa’s broad Intellectual Property portfolio related to (Z)-endoxifen. A short ‘explainer’ video about the new patent can be found here: https://youtu.be/MrcEYp4Pptc. Dr. Steven Quay, Atossa’s President and Chief Executive Officer stated, “We are very pleased with the scope and breadth of this new key patent. It ensures that in the U.S., Atossa will have the only (Z)-endoxifen treatment delivered orally with an enteric capsule, which we believe is the optimal way to deliver the drug. This new patent, further strengthens our intellectual property estate and should create long-term stockholder value. There are a number of research-level medical applications of endoxifen outside of breast cancer, including in bipolar disorder disease in adults and in modulating genetically modified, cell-based therapies for cancer and immune diseases, that may require access to our endoxifen patents and technologies. Atossa will monitor these activities carefully as they approach commercialization, with an eye to establishing appropriate licensing arrangements for the benefit of Atossa shareholders.”

  • The multi-billion-dollar global fertility market is predicted to reach approximately US$47.9 billion by 2030, yet remains severely underserved with many patients (upwards of 90% by many estimates) unable to access affordable treatment. INVO Bioscience, Inc. (NASDAQ: INVO) offers the INVOcell solution which provides an advanced, effective and affordable infertility treatment to help increase access to care. INVO is commercially advancing INVOcell through the opening of INVO Centers, opportunistically now pursuing acquisitions of established fertility (IVF) clinics in the U.S., and continuing to offer the technology to existing fertility practices.  Shares INVO closed at $.59 and is up 39.15% YTD.  The 52-wk range is $.3290 – $2.837.
  • On Jan. 5, INVO Bioscience announced it has entered an exclusive distribution agreement with Ming Mei Technology Co. Ltd (“Ming Mei”) for Taiwan. The agreement will have an initial 1-year term with renewals. Ming Mei is a leading distributor of fertility-based devices and components in Taiwan helping to bring the latest and most advanced medical equipment into the region. Ming Mei estimates it has approximately 90% coverage of reagents and consumables in the reproductive medicine market in Taiwan. With strong customer relationships in the region, and their familiarity with the field of reproductive medicine, Ming Mei is ideally suited to expand distribution of INVOcell in Taiwan. Taiwan is a destination for assisted reproductive technology (ART) throughout Asia and also has the lowest birthrate in the world. Taiwan’s birth rate has dropped as a result of similar trends elsewhere in Asia, such as later marriage and increasing cost of living. Further, the average age of patients requiring therapy is rising. Fortunately, according to the statistics published by “ICMART”, the overall implantation rate of therapy in Taiwan ranked second worldwide, almost equal to the level in the U.S., and a leading country in Asia. The stable high success rate derives from updated medical research and enriched clinical experience from the physicians, advanced laboratory facilities and technology as well as patient-centered customized treatment plans (depending on their age, ovarian functions and causes of infertility, etc.). Prior to the pandemic, in 2019 there were approximately 55,000 ART cases in Taiwan, an increase of approximately 55% compared to 2016. In July 2021, the government in Taiwan implemented a subsidy plan for ART with the goal of encouraging more local married couples to undergo ART treatments. The subsidies are also available to transnational couples in which one spouse holds a Taiwanese ID card.


READ our recently published story that is gaining traction titled “INVO Bioscience (NASDAQ: $INVO), A Company Seeking To Address A Massively Underserved Fertility Market.”


    • On Nov. 30, INVO announced the birth of the first baby in Malaysia utilizing the INVOcell solution. The healthy baby boy weighed 3.53 kg and was born on November 11, 2022 at Tuanku Mizan Military Hospital in Kuala Lumpur. Physicians at Advanced Reproductive Centre (ARC), at Hospital Canselor Tuanku Muhriz (HCTM), at the National University of Malaysia conducted the IVC procedure. The patient was part of a prospective peer reviewed study of INVOcell compared to conventional IVF (“cIVF”) that took place at ARC at HCTM. The study, titled “Comparison of Treatment Outcomes among Sibling Oocytes Using Different Culture Systems—Conventional IVF versus INVOcell Device—And Evaluation of INVOcell User Satisfaction: The INVOcIVF Study,” was published in the International Journal of Environmental Research and Public Health. “We couldn’t be more pleased to have been a part of this family’s journey towards parenthood,” commented Steve Shum, CEO of INVO Bioscience. “The INVOcell solution is playing a key role in providing families across the world an alternative method to parenthood by leveraging its innovative medical device to allow fertilization and early embryo development to take place in vivo within the woman’s body; an approach that provides for affordable, high-quality, patient-centered fertility care.” Key findings of the study included:

      • The fertilization rate and good embryo quality were comparable (not significantly different) between INVOcell and cIVF.
      • Although both methods produce similar fertilization rates and good-quality embryos, the blastulation rates were better in the INVOcell group.
      • INVOcell can be used as an alternative method for reproductive treatment in carefully selected patients without jeopardizing outcomes.
      • cIVF is costly and not applicable in most rural and district areas, therefore, the INVOcell can be utilized as a cost-effective alternative to cIVF without sacrificing comfort and outcomes.


    •  On Feb. 27, Chinook reported financial results for the fourth quarter and year ended December 31, 2022 and provided corporate updates. Eric Dobmeier, president and chief executive officer of Chinook Therapeutics, stated  “During 2022, we made excellent progress across our pipeline, including driving strong enrollment of our phase 3 ALIGN, phase 2 AFFINITY and phase 1/2 BION-1301 clinical trials, generating compelling clinical data from our atrasentan and BION-1301 programs for IgA nephropathy (IgAN), initiating our phase 1 clinical trial of CHK-336 in healthy volunteers and continuing to advance our preclinical programs for rare, severe chronic kidney diseases. Our mission at Chinook is to change the course of kidney care by developing therapies that make dialysis and transplant unnecessary for patients living with kidney disease. With our strong financial position and growing team, we look forward to an exciting 2023 when we will be presenting data from all three of our clinical programs at medical conferences, commencing a phase 3 study of BION-1301 in patients with IgAN mid-year and reporting topline proteinuria data from the ongoing phase 3 ALIGN study of atrasentan.”



  • Borqs Technologies, Inc. (Nasdaq: BRQS, $.2750 up 14.58% over the last 5-days and 32.21% YTD), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, recently provided the following updates on the Company.
  • On March 6, Borqs announced its preliminary revenue for the year ended December 31, 2022 where the Company expects total revenue for the year ended December 31, 2022 to be $53-58 million, increased by over 79% compared to $29.6 million for the year ended December 31, 2021, driven by increased IoT sales globally and revenues from Holu Hou Energy (HHE), Borqs’ solar energy storage system subsidiary. Reportedly, while the revenue from Borqs’ IoT business is expected to be more than 80% of the total revenue, the HHE’s revenue has also increased significantly. The Company has not yet finalized its financial results for the full year ended December 31, 2022. These preliminary financial results reflect the company’s current estimates, based on information available to management as of the date of this release, and are subject to further changes upon completion of the company’s year-end closing and audit procedures.

  • On Dec. 19, Borqs announced the Company has received a letter dated December 13, 2022 (the “Letter”) from the Department of the Treasury on behalf of the Committee on Foreign Investment in the United States (“CFIUS”) stating that the Company is required to negotiate with CFIUS to fully divest its ownership interests and rights in Holu Hou Energy LLC (“HHE”) due to HHE solar energy storage system and EnergyShare technology for Multi-Dwelling Residential Units (“MDU’s”) being deemed a critical technology and therefore a potential national security risk. As stated in the Letter, HHE is considered a top ten solar energy storage supplier in Hawaii, has only been increasing its dominant market share, expects to grow at an exponential rate, and focuses on multi-family dwelling units which are common in military housing. Due to Borqs’ IoT software development and hardware sourcing capabilities in China, CFIUS is concerned that through Borqs, the PRC could gain significant visibility and exert influence over HHE’s business operations and get access to HHE critical technology. CFIUS is requiring the Company to design a plan to mitigate all identified national security risks to the satisfaction of CFIUS. Borqs intends to comply to the requirements from CFIUS and enter into a National Security Agreement with various departments of the U.S. Government with a plan that is effective, monitorable and verifiable to voluntarily divest Borqs’ investment interests and rights in HHE (the “Plan”). HHE’s commercialization of its solar energy storage system and novel EnergyShare technology for MDU’s has enabled the company to open up a new market segment for renewable energy in the USA – likely worth several billions of dollars. In the last year the Company’s MDU development pipeline has reached thousands of individual units in Hawaii alone, with California MDU potential being at least one to two orders of magnitude higher in the coming years. One segment of this new market is for communities of military and other government personnel. The overall MDU opportunity is significant for the company and significant for the USA. Since Borqs’ financial support in HHE starting from October 2021, HHE has signed approximately $50 million in contracts and has a growing pipeline approaching half a billion dollars. They believe this voluntary mitigation will enable the tremendous inherent value of HHE to be realized and that the divestment can be a profitable transaction for Borqs’ shareholders. The Plan to mitigate will include engaging a nationally recognized investment bank with experience in administering competitive sales and auction processes, assigning and hiring of security and monitoring personnel to directly communicate with CFIUS, immediate and complete removal of all Borqs administrative and technical influence over HHE, immediate voluntary reduction of Borqs ownership of HHE from a majority to a minority position and with the target of divesting all. The Company believes such points will enable the Company to accomplish the divestment in an orderly manner.

  • On Dec.8, Borqs announced its subsidiary, Holu Hou Energy (HHE), has received multiple purchase orders for its HoluPower xP solar energy storage systems for installation at homeowner locations in the Greater San Diego area in California. These orders represent the first for the Company in California. Whereas in Hawaii HHE works to develop and construct Single-Family Residential projects as an “end to end” provider, the Company will target the California homeowner market through already existing channel partners that will sell and construct the projects. For Multi-Dwelling Unit (MDU) Residential properties in the State, the Company will initially target apartment owners, REITs and other MDU stakeholders directly, then partner with existing licensed contractors for system construction. HHE has been focused on the Hawaii market since it began commercial shipments in 2020, in order to become successfully established in the largest market in the United States based upon solar installation penetration. Now it is turning to California, the largest market in terms of size of available opportunity. HHE recently completed the testing and documentation required for the HoluPower xP to be listed as an approved product by the California Energy Commission. The Company expects to be listed by early January 2023, after which permitting and installations can commence. In Hawaii, Holu Hou Energy has quickly become a leader for solar energy storage systems in the Single-Family Residential market, and has essentially created the previously untapped Multi-Dwelling Unit (“MDU”) Residential market for renewable energy by virtue of its “EnergyShare” technology. The same leading product attributes will benefit MDU property owners and homeowners in California. The potential available MDU market in California is believed to be in the billions of dollars. EnergyShare enables networked systems to share excess generation behind their respective utility meters, a game-changer for improving the project economics for the MDU market, including for low-income housing, rental property units and Home Owners Association managed condominiums and town homes. EnergyShare enables more energy to be delivered to load, and fewer batteries to be installed than the standard approach of a unit-by-unit installation.
  • On Dec. 8, Borqs announced its subsidiary, Holu Hou Energy (HHE), has received multiple purchase orders for its HoluPower xP solar energy storage systems for installation at homeowner locations in the Greater San Diego area in California. These orders represent the first for the Company in California. Whereas in Hawaii HHE works to develop and construct Single-Family Residential projects as an “end to end” provider, the Company will target the California homeowner market through already existing channel partners that will sell and construct the projects. For Multi-Dwelling Unit (MDU) Residential properties in the State, the Company will initially target apartment owners, REITs and other MDU stakeholders directly, then partner with existing licensed contractors for system construction. HHE has been focused on the Hawaii market since it began commercial shipments in 2020, in order to become successfully established in the largest market in the United States based upon solar installation penetration. Now it is turning to California, the largest market in terms of size of available opportunity. HHE recently completed the testing and documentation required for the HoluPower xP to be listed as an approved product by the California Energy Commission. The Company expects to be listed by early January 2023, after which permitting and installations can commence. In Hawaii, Holu Hou Energy has quickly become a leader for solar energy storage systems in the Single-Family Residential market, and has essentially created the previously untapped Multi-Dwelling Unit (“MDU”) Residential market for renewable energy by virtue of its “EnergyShare” technology. The same leading product attributes will benefit MDU property owners and homeowners in California. The potential available MDU market in California is believed to be in the billions of dollars. EnergyShare enables networked systems to share excess generation behind their respective utility meters, a game-changer for improving the project economics for the MDU market, including for low-income housing, rental property units and Home Owners Association managed condominiums and town homes. EnergyShare enables more energy to be delivered to load, and fewer batteries to be installed than the standard approach of a unit-by-unit installation.


Shares of InMed Pharmaceuticals Inc. (INM), a leader in the research, development and manufacturing of rare cannabinoids, closed at $1.05.





Cytovia Therapeutics aims to accelerate patient access to transformational cell therapies and immunotherapies, addressing several of the most challenging unmet medical needs in cancer. Cytovia focuses on harnessing the innate immune system by developing complementary and disruptive iPSC-derived Natural Killer (iNK) cell and Flex-NK™ bispecific antibody platforms. The company is developing three types of iNK cells: unedited iNK cells, TALEN® gene-edited iNK cells with improved function and persistence, and TALEN® gene-edited iNK cells with chimeric antigen receptors (CAR-iNKs) to improve tumor-specific targeting. The second complementary cornerstone technology is a quadrivalent multifunctional antibody platform designed to engage natural killer cells by targeting NKp46 using Cytovia’s proprietary Flex-NK™ technology. These two technology platforms are being used to develop treatment for patients with solid tumors such as HCC and glioblastoma as well as hematological malignancies such as refractory multiple myeloma. Headquartered in Aventura, FL., Cytovia has research and development laboratories in Natick, MA. The company’s own R&D work is augmented through scientific partnerships with Cellectis, CytoImmune, the Hebrew University of Jerusalem, INSERM, the New York Stem Cell Foundation, the National Cancer Institute, and the University of California San Francisco (UCSF). Cytovia has a partnership with CytoLynx Therapeutics focused on research and development, manufacturing, and commercialization activities in Greater China.

On Dec. 9, 2022, Cytovia announced new preclinical data for its CD38-targeted Flex-NK™ bispecific antibody at the American Society of Hematology’s 64th Annual Meeting (ASH 2022) taking place in New Orleans, LA, and virtually December 10-13th, 2022. “We’re delighted to see further progress on our CD38-targeted Flex-NK™ bispecific antibody program, with a pre-clinical package that supports clinical evaluation in 2023,” commented Cytovia CEO Dr. Daniel Teper. “The data presented at ASH suggests that CYT-338, our CD38-targeted Flex-NK™ Bispecific Antibody, has a differentiated profile compared to daratumumab, the leading CD38-targeted monoclonal antibody and that CYT-338 may have the ability to overcome NK cell exhaustion and dysfunction.”  Cytovia believes that by redirecting and activating NK cells to kill myeloma cells, bispecific antibodies have the potential to offer new options for patients not responding to first lines of treatment.”


Thanks again for your attention this week. Please continue to share your thoughts, questions, & ideas as we move forward. 

In the meantime, please enjoy the balance of the weekly newsletter’s videos, quotes, updates and let’s find ways to crush it again this year!

Investing & Inspiration

  1. “Surprise is the greatest gift which life can grant us.” – Boris Pasternak
  2. “Logic will get you from A to B. Imagination will take you everywhere.” – Albert Einstein
  3. “It is the fight alone that pleases us, not the victory.” – Blaise Pascal
  4. “Do exactly what you would do if you felt most secure.” – Meister Eckhart
  5. “Life lived for tomorrow will always be just a day away from being realized.” – Leo Buscaglia
  6. “Wisdom is oftentimes nearer when we stoop than when we soar.” – Wordsworth
  7. “Take chances, make mistakes. That’s how you grow. Pain nourishes your courage. You have to fail in order to practice being brave.” – Mary Tyler Moore
  8. “A single twig breaks, but the bundle of twigs is strong.” – Tecumseh
  9. “If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
  10. “There is little that can withstand a man who can conquer himself.” – Louis XIV
  11. “The limits of the possible can only be defined by going beyond them into the impossible.” – Arthur C. Clarke
  12. “Be faithful in small things because it is in them that your strength lies.” – Mother Teresa
  13. “The future rewards those who press on. I don’t have time to feel sorry for myself. I don’t have time to complain. I’m going to press on.” – Barack Obama
  14. “By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest.” – Confucius
  15. “No man was ever wise by chance.” – Lucius Annaeus Seneca
  16. “Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
  17. “It is not in the stars to hold our destiny but in ourselves.” – William Shakespeare

  18. “It does not matter how slowly you go as long as you do not stop.” – Confucius

  19. “I want to put a ding in the universe.” – Steve Jobs

  20. “Research is creating new knowledge.” – Neil Armstrong

  21. “The reward for work well done is the opportunity to do more.” – Jonas Salk
  22. “Man is a creative retrospection of nature upon itself.” – Karl Wilhelm Friedrich Schlegel
  23. “There’s something about taking a plow and breaking new ground. It gives you energy.” – Ken Kesey

  24. “Success seems to be largely a matter of hanging on after others have let go.” – William Feather

  25. “The essential conditions of everything you do must be choice, love, passion.” – Nadia Boulanger

  26. “More business is lost every year through neglect than through any other cause.” – Rose Kennedy

  27. “Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.” – Archimedes

  28. “A person who won’t read has no advantage over one who can’t read.” – Mark Twain

  29. “The best way out is always through.” – Robert Frost

  30. “Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.” – Francis of Assisi

  31. “Without labor nothing prospers.” – Sophocles

  32. “Intellectuals solve problems, geniuses prevent them.” – Albert Einstein

  33. “This is the precept by which I have lived: Prepare for the worst; expect the best; and take what comes.” – Hannah Arendt

  34. “The best and most beautiful things in the world cannot be seen or even touched – they must be felt with the heart.” – Helen Keller

  35. “He who is brave is free.” – Lucius Annaeus Seneca

  36. “When something is important enough, you do it even if the odds are not in your favor.” – Elon Musk

  37. “I choose a block of marble and chop off whatever I don’t need.” – Auguste Rodin

  38. “Hope is the only bee that makes honey without flowers.” – Robert Green Ingersoll

  39. “He who knows that enough is enough will always have enough.” – Lao Tzu

  40. “Plans to protect air and water, wilderness and wildlife are in fact plans to protect man.” – Stewart Udall

  41. “In order to carry a positive action we must develop here a positive vision.” – Dalai Lama

  42. “A hero is someone who understands the responsibility that comes with his freedom.” – Bob Dylan
  43. “Inflation destroys savings, impedes planning, and discourages investment. That means less productivity and a lower standard of living.” – Kevin Brady
  44. “If we give something positive to others, it will return to us. If we give negative, that negativity will be returned.” – Allu Arjun
  45. “A good plan violently executed now is better than a perfect plan executed next week.” ~ George S. Patton
  46. “You must do the things you think you cannot do.”- Eleanor Roosevelt
  47. “Success is dependent on effort.” – Sophocles
  48. “Nobody who ever gave his best regretted it.” – George Halas
  49. “Lots of people want to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down.” ~ Oprah Winfrey
  50. “And when I breathed, my breath was lightning.” – Black Elk
  51. “Moderation is the silken string running through the pearl chain of all virtues.” – Joseph Hall
  52. “You are the sum total of everything you’ve ever seen, heard, eaten, smelled, been told, forgot – it’s all there. Everything influences each of us, and because of that I try to make sure that my experiences are positive.” – Maya Angelou
  53. “If you want a guarantee, buy a toaster.” – Clint Eastwood
  54. “We are an impossibility in an impossible universe.” – Ray Bradbury
  55. “If you think in terms of a year, plant a seed; if in terms of ten years, plant trees; if in terms of 100 years, teach the people.” – Confucius
  56. “I’d rather attempt to do something great and fail than to attempt to do nothing and succeed.” – Robert H. Schuller
  57. “Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world.” Desmond Tutu
  58. “It takes considerable knowledge just to realize the extent of your own ignorance.” – Thomas Sowell
  59. “Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha”
  60. Surprise is the greatest gift which life can grant us.” –  Boris Pasternak
  61. “Trust in dreams, for in them is hidden the gate to eternity.” – Khalil Gibran 
  62. “Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.” – Bruce Lee
  63. “All life is an experiment. The more experiments you make the better.” – Ralph Waldo Emerson
  64. “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” –  Colin Powell
  65. “There is more to life than increasing its speed.” – Mahatma Gandhi
  66. “Your attitude is like a box of crayons that color your world. Constantly color your picture gray, and your picture will always be bleak. Try adding some bright colors to the picture by including humor, and your picture begins to lighten up.” – Allen Klein
  67. “Definiteness of purpose is the starting point of all achievement.” – W. Clement Stone
  68. “Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
  69. “In matters of truth and justice, there is no difference between large and small problems, for issues concerning the treatment of people are all the same.” – Albert Einstein
  70. “Life is too short for long-term grudges.” – Elon Musk
  71. “There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger
  72. “Success consists of getting up just one more time than you fall.” – Oliver Goldsmith
  73. “The Earth is the cradle of humanity, but mankind cannot stay in the cradle forever.” – Konstantin Tsiolkovsky
  74. “Ours is a world of nuclear giants and ethical infants. We know more about war that we know about peace, more about killing that we know about living.” – Omar N. Bradley
  75. “Beauty surrounds us, but usually we need to be walking in a garden to know it.” – Rumi
  76. “But man is not made for defeat. A man can be destroyed but not defeated.” – Ernest Hemingway
  77. “Don’t watch the clock; do what it does. Keep going.” – Sam Levenson
  78. “Let there be work, bread, water and salt for all.” – Nelson Mandela
  79. “The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.” – John Maynard Keynes
  80. “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
  81. “I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.” – Albert Einstein
  82. “It is the fight alone that pleases us, not the victory.” – Blaise Pascal
  83. “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” – W. Edwards Deming
  84. “Never interrupt your enemy when he is making a mistake.” – Napoleon Bonaparte
  85. “Be sure you put your feet in the right place, then stand firm.” – Abraham Lincoln
  86. “Without investment there will not be growth, and without growth there will not be employment.” – Muhtar Kent
  87. “You have to do your own growing no matter how tall your grandfather was.” – Abraham Lincoln
  88. “Victory has a thousand fathers, but defeat is an orphan.” – John F. Kennedy
  89. “Delete the negative; accentuate the positive!” – Donna Karan
  90. “It’s crazy how fast time flies and how things progress.” – Nathan Chen
  91. “The world is a dangerous place to live; not because of the people who are evil, but because of the people who don’t do anything about it.” – Albert Einstein
  92. “Life isn’t about finding yourself. Life is about creating yourself.” – George Bernard Shaw
  93. “Everything has beauty, but not everyone sees it.” – Confucius
  94. “A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.” – John C. Maxwell
  95. “Walking with a friend in the dark is better than walking alone in the light.” – Helen Keller
  96. “A man who dares to waste one hour of time has not discovered the value of life.” – Charles Darwin
  97. “The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark.” – Michelangelo
  98. “Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
  99. “I like to encourage people to realize that any action is a good action if it’s proactive and there is positive intent behind it.” – Michael J. Fox
  100. “Nothing is impossible, the word itself says ‘I’m possible’!” – Audrey Hepburn
  101. “But investment in space stimulates society, it stimulates it economically, it stimulates it intellectually, and it gives us all passion.” – Bill Nye
  102. “Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.” – Andrew Ross Sorkin
  103. “Life is a tragedy when seen in close-up, but a comedy in long-shot.” – Charlie Chaplin
  104. “No matter what you’re going through, there’s a light at the end of the tunnel and it may seem hard to get to it but you can do it and just keep working towards it and you’ll find the positive side of things.” – Demi Lovato
  105. “Infrastructure investment in science is an investment in jobs, in health, in economic growth and environmental solutions.” – Oren Etzioni
  106. “Educating our children and giving them the skills they need to compete in a global economy is a smart investment in our country’s future.” – Sheldon Whitehouse
  107. “Know thy self, know thy enemy. A thousand battles, a thousand victories.” – Sun Tzu
  108. “If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
  109. “Beware of missing chances; otherwise it may be altogether too late some day.” – Franz Liszt
  110. “The sofa is a really important investment for anybody, and I don’t mean financially. You need to find a really great sofa that can transition with you, and you can build from there.” – Jeremiah Brent
  111. “There is no investment you can make which will pay you so well as the effort to scatter sunshine and good cheer through your establishment.” – Orison Swett Marden
  112. “Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.” – Marie Curie
  113. “There is little that can withstand a man who can conquer himself.” – Louis XIV
  114. “In tennis, you strike a ball just after the rebound for the fastest return. It’s the same with investment.” – Masayoshi Son
  115. “A camel makes an elephant feel like a jet plane.” – Jackie Kennedy
  116. “The advance of technology is based on making it fit in so that you don’t really even notice it, so it’s part of everyday life.” – Bill Gates
  117. “Success depends upon previous preparation, and without such preparation there is sure to be failure.” – Confucius, Chinese 
  118. “Coming together is a beginning; keeping together is progress; working together is success.” – Edward Everett Hale
  119. “Never do anything against conscience even if the state demands it.”– Albert Einstein
  120. “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey
  121. “The true measure of a man is how he treats someone who can do him absolutely no good.” – Samuel Johnson
  122. “In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks?” – Li Lu
  123. “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
  124. “The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.
  125. “Friendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing.” – Elie Wiesel
  126. “Investing in women’s lives is an investment in sustainable development, in human rights, in future generations – and consequently in our own long-term national interests.” – Liya Kebede
  127. “Success isn’t measured by money or power or social rank. Success is measured by your discipline and inner peace.” – Mike Ditka
  128. “No matter how many goals you have achieved, you must set your sights on a higher one.” – Jessica Savitch 
  129. “Start where you are. Use what you have. Do what you can.”– Arthur Ashe
  130. “The secret of getting ahead is getting started.” – Mark Twain
  131. “The amount of work and the amount of both physical and emotional investment it takes to get to the top.” – Drew Bledsoe

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