Stock Market Fails To Secure 5th Consecutive Week of Positive Gains – $KDNY $MCD $VIX Rise!

By John F. Heerdink, Jr.

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

Happy Saturday All!

I hope that you, your family, and your friends had yet another week in August as the summer continues to wind down and many of us had kids head back to school. I also wish that your investment accounts rose throughout the same time period. I spent the week in my hometown San Francisco and enjoyed the foggy days that proceeded.

As for the markets this week, investors experienced an overall somewhat choppy and negative trending week that failed to deliver a fifth consecutive weekly positive set of returns. In general, it was a ‘risk off’ type of week where the tech and biotech sector and the smaller you were in market generally meant you are getting hit harder. The macroeconomic schedule produced a number of reports that still had many investors expecting the Fed to continue on their path of raising rates again in September tune the current tune of a 75 basis point bump and moves to raise rates in a few European countries reinforced that understanding. In turn, the markets pulled back towards the end of the week and ended as follows: the S&P 500 closed at 4,228.48 and down 1.2% for the week and is now down 11.3% YTD as 8 of the 11 sectors closing in the red. On the positive side the consumer staples moved 1.9%, the utilities moved up 1%, & the energy rose to lead all. The Dow also closed a little lower at 33,706.74 and down .2% for the week and is now only down 7.2% YTD. The Nasdaq moved lower as it closed at 12,705.21 and down 2.6% weekly & is now down 16.8% YTD. With the overall negative and choppiness movement of the major indices, the CBOE Volatility Index (^VIX) closed at $20.60, up 5.48% over the last 5-days. The small caps on the Russell 2000 that had been winning hearts, turned & took it on the chin this week closing back under the 2k mark at 1,957.35 and down 2.9% for the week & is now down 12.8% YTD. The MicroCaps also pulled back solidly as the iShares Micro-Cap ETF (IWC) closed at $121.35, -3.62% over the last 5-days and is now down 13.15% YTD.

THE MAC REPORTS

On Monday, the August Empire State Manufacturing Index came in lower at -31.3 & the August NAHB Housing Market Index came in below expectations at 49.

On Tuesday, the housing starts report for July confirmed a 9.6% M/M drop to a seasonally adjusted annual rate of 1.674M. However, on the positive side, the total industrial production report confirmed a .6% M/M rise in July, while the capacity utilization rate moved up to 80.3%.

On Wednesday, the total retail sales report clocked in flat M/M in July. However, it is interesting to note that when you excluded auto sales, the retail numbers sales actually ticked up .4%, while gasoline station sales dropped a solid 1.8% with the elevated prices of oil. The Weekly MBA Mortgage Applications Index report also confirmed significant 2.3% drop as interest rates have continued to climb overall making housing loans less attractive. The June Business Inventories report also showed a 1.4% increase, but the oil inventories report showed a 7.056M barrel draw.

On Thursday, the weekly initial jobless claims report came in at 250k, while continuing claims came in at 1.437M. The Philadelphia Fed Index moved up to 6.2 in August. The existing home sales report showed a 5.9% M/M drop in July to a seasonally adjusted annual rate of 4.81M and confirmed a 6 consecutive monthly drop, while total sales in July dropped 20.2% compared to a year ago. The Weekly EIA Natural Gas Inventories report also confirmed an 18 bcf build.

BIOTECH

The biotech sector pulled back this week along with just about all things growth oriented as risk appetite waned as mentioned above.

The Nasdaq Biotechnology ETF (IBB) closed at $127.65, -3.67% over the last 5-days, & is down -16.36% YTD. The NYSE ARCA Biotech Index (^BTK) closed at 4,890.18, -3.20% over the last 5-days. The SPDR S&P Biotech ETF (XBI) closed at $86.27, -6.94% over the last 5-days & is now down 22.05% YTD. The 52-week range is is now $61.78-$136.61.

EV, TECH, CONSUMER, FINANCIALS

Apple (AAPL) closed at $171.52, -.34% over the last 5-days. Apple enjoys a 6.82% weighting in the S&P 500. Apple plans to release the iPhone 14 at their September launch event. Did you know that approx. 75% of iPhone users have activated Apple Pay to date?

On Aug. 1, reportedly Apple raised $5.5B by issuing of 4 series of bonds with ratings of AAA from Moody’s Investors Service and AA+ from S&P Global, according to Informa Global Markets.

According to a Bloomberg story on Aug. 2, “Apple Inc. is planning to slow hiring and spending at some divisions next year to cope with a potential economic slump, according to people familiar with the matter. But it’s not a companywide policy, and the iPhone maker is still moving forward with an aggressive product-release schedule. Apple had 154,000 employees in September, when its last fiscal year ended.”

On July 28th, Apple announced financial results for its fiscal 2022 third quarter ended June 25, 2022. The Company posted a June quarter revenue record of $83.0 billion, up 2 percent year over year, and quarterly earnings per diluted share of $1.20. Tim Cook, Apple’s CEO stated, “This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers. As always, we are leading with our values, and expressing them in everything we build, from new features that are designed to protect user privacy and security, to tools that will enhance accessibility, part of our longstanding commitment to create products for everyone.” Luca Maestri, Apple’s CFO stated, “Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category. During the quarter, we generated nearly $23 billion in operating cash flow, returned over $28 billion to our shareholders, and continued to invest in our long-term growth plans.” Apple’s board of directors has also declared a cash dividend of $0.23 per share of the Company’s common stock. The dividend is payable on August 11, 2022 to shareholders of record as of the close of business on August 8, 2022.

tesla

EV giant Tesla (TSLA) closed at $890.00, -1.12% over the last 5-days. On Aug. 1, Bloomberg reported that Indonesian President Joko Widodo has urged electric vehicle (EV) maker Tesla to manufacture its cars, as well as batteries, in the country.

On Aug 15, via Twitter, Tesla CEO Elon Musk confirmed that Tesla Giga Shanghai had made over a million vehicles there and three million vehicles to date across all factories.

Tesla’s shareholders of record on Aug. 17, will receive a dividend of 2 new shares for each held after the close of trading on Aug. 24 and the stock will trade at the new, split-adjusted, price the next day, Aug. 25, thus completing its planned 3for 1 stock split.

Tesla reported its Q2 earnings after the close on July 19, meeting analysts’ estimates. Tesla stated that it sold 75% of its Bitcoin, turning it into fiat currency, adding $936 in cash to its balance sheet, but they also ended their streak of reporting record revenue. Revenue came in at $16.9 billion vs $16.88 billion expected & Adjusted EPS: $2.27 vs $1.83 expected. Tesla still expects to see 50% annual growth in their vehicle deliveries. Tesla CEO Elon Musk believes thinks that inflation has likely peaked, he stated “If I were to guess — and I would take this with a grain of salt — I think inflation will decline towards the end of this year. We are certainly seeing prices of commodities trending lower.”

Shares of JPMorgan (JPM) closed at $118.63, -2.87% over the last 5-days. On Aug. 15, JPMorgan declared dividends on their series of the Firm’s outstanding preferred stock, each of which is represented by depositary shares.

On Aug. 11, J.P. Morgan announced that it has completed its previously announced acquisition of Global Shares, a leading cloud-based provider of share plan management software.With the addition of Global Shares, J.P. Morgan becomes an industry-leading provider of innovative employee ownership solutions to private and public companies globally. Companies and employees will benefit from Global Shares’ share plan services, as well as J.P. Morgan’s comprehensive suite of wealth management, executive financial services and other banking products and services. Founded in 2005, Global Shares has an expansive client base of approximately 650 corporate clients that range from early-stage start-ups to mature multinational public corporations. The firm has nearly $200 billion in assets under administration across over 800,000 corporate employee participants. It operates with an experienced team of more than 600 employees and is headquartered in Cork, Ireland with 20 locations across Europe, the Middle East & Africa, North America, and Asia Pacific.

JPMorgan Chase & Co.recently filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 with the SEC. The report is available on the SEC’s website at www.sec.gov and will be available on the Firm’s Investor Relations website at www.jpmorganchase.com/ir under SEC Filings & Other Disclosures.

Amazon.com, Inc. (NASDAQ: AMZN) $138.23, -3.71% over the last 5-days. Amazon will reportedly raise its seller fees in the fall and early winter to attempt to counter inflationary pressures.

Shares of Microsoft Corp. (MSFT) closed at $286.15, -1.97% over the last 5-days. On August 9, Barclays Bank PLC (Barclays) and Microsoft Corp. announced Barclays has deployed Microsoft Teams as its preferred collaboration platform, powering collaboration for more than 120,000 colleagues and service partners in key locations around the globe. Under the agreement, Barclays is streamlining its existing communications and collaboration solutions, with Teams replacing several point solutions previously in use across the company.

Shares of Salesforce, Inc. (CRM) closed at $183.77, -2.21% over the last five days. Salesforce announced that its second quarter fiscal year 2023 results will be released on Wednesday, Aug. 24, 2022, after the close of the market. The company will host a conference call at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its financial results with the investment community. A live webcast and replay of the event will be available on the Salesforce Investor Relations website at www.salesforce.com/investor.

Shares of NVIDIA (NVDA) closed at $178.49, -4.60% over the last 5-days. On Aug. 9, NVIDIA announced NVIDIA Omniverse Avatar Cloud Engine (ACE), a suite of cloud-native AI models and services that make it easier to build and customize lifelike virtual assistants and digital humans. By bringing these models and services to the cloud, ACE enables businesses of any size to instantly access the massive computing power needed to create and deploy assistants and avatars that understand multiple languages, respond to speech prompts, interact with the environment and make intelligent recommendations.

Cathie Wood’s ARK Innovation ETF (ARKK) closed at $44.69, -5.92% over the last 5-days.

The Technology Select Sector SPDR Fund (XLK) closed at $148.11, -1.66% over the last 5-days.

Walt Disney Company (DIS) closed at $120.14, -1.18% over the last 5-days. Disney reported its fiscal Q3 results recently that beat Wall Street’s expectations. In the report, Disney highlighted the following: Revenues for the quarter and nine months grew 26% and 28%, respectively, Diluted earnings per share (EPS) from continuing operations for the quarter increased to $0.77 from $0.50 in the prior-year quarter. Excluding certain items, diluted EPS for the quarter increased to $1.09 from $0.80 in the prior-year quarter, Diluted EPS from continuing operations for the nine months ended July 2, 2022 increased to $1.66 from $1.02 in the prior-year period. Excluding certain items(1), diluted EPS for the nine months increased to $3.22 from $1.91 in the prior-year period. Bob Chapek, Chief Executive Officer, The Walt Disney Company stated, “We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services. With 14.4 million Disney+ subscribers added in the fiscal third quarter, we now have 221 million total subscriptions across our streaming offerings. We continue to transform entertainment as we near our second century, with compelling new storytelling across our many platforms and unique immersive physical experiences that exceed guest expectations, all of which are reflected in our strong operating results this quarter.”

Shares of McDonald’s (MCD) closed at $266.54,+1.66% over the last 5-days. On July 28, McDonald’s Board of Directors declared a quarterly cash dividend of $1.38 per share of common stock payable on September 16, 2022 to shareholders of record at the close of business on September 1, 2022. On Aug.1, McDonald’s CEO, Chris Kempczinski sent the following message to the McDonald’s global System, announcing the company’s new Chief Information Officer, Brian Rice.

GOLD & SILVER

Gold prices closed at $1,751/oz., -$54/oz. & silver prices closed at $19.08/oz., -$1.66/oz. for the week.

Hecla Mining (HL) closed at $4.07, -11.90% over the last 5-days & First Majestic (AG) closed at $7.44, -11.11% over the last 5-days.

On July 12, Hecla Mining announced its preliminary production for the second quarter of 2022 highlighting the following: Silver production of 3.6 million ounces, an increase of 10% over the first quarter of 2022 due to record throughput at the Lucky Friday Mine, Gold production of 45,718 ounces, an increase of 10% over the first quarter, driven by better performance at the Casa Berardi mine, Zinc production increased 12% over the prior quarter & Lead production increased 23% due to increased production at Lucky Friday.

On July 21, First Majestic Silver Corp. announced that total production in the second quarter of 2022 from the Company’s four producing operations, the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine, reached 7.7 million silver equivalent (“AgEq”) ounces consisting of 2.8 million ounces of silver and 59,391 ounces of gold. The Company’s financial results for the second quarter of 2022 are scheduled to be released on Thursday, August 4, 2022.

MEMES CENTRAL

AMC Entertainment (AMC) closed at $18.02, -26.27% over the last 5-days. On August 4, AMC Entertainment reported results for the second quarter ended June 30, 2022. Total revenues grew to $1,166.4 million compared to $444.7 million for the second quarter of 2021.

GameStop (GME) closed at $36.49, -10.43% over the last 5-days. GME stock split 4-1 stock split and started trading in this manner on Friday July 22. The company also recently announced the CFO’s departure and layoffs. On July 12, GameStop reportedly launched its NFT marketplace. GameStop said in its release, “The Company’s NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace that enables parties to truly own their digital assets, which are represented and secured on the blockchain. Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators and other Ethereum environments.”

Shares of Bed Bath and Beyond (BBBY) fell today to close at $11.03, -14.83% over the last 5-days. This negative move came after a giant move over the last month and this week’s move by Ryan Cohen, Chairman of BBBY, who filed of a Form 144 on Aug. 16 that confirmed that his RC Ventures fund planned to sell its entire 11.8% stake within the next 90 days. Apparently now he has done so to latest reports on Friday.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) closed at $.6574, -11.16% over the last 5-days. On Aug. 4, Seanergy Maritime Reported Record Financial Results for the Second Quarter and Six Months Ended June 30, 2022 and Declares Dividend of $0.025 Per Share.

CRYPTO & BITCOIN

Bitcoin (BTC) closed at $21,302.84, -11.74% over the last 5-days.

ENERGY

The Energy Select Sector SPDR Fund or ETF (XLE) closed at $79.46, +1.26% over the last 5-days. Chevron (CVX) closed at $157.69, -1.35% over the last 5-days after recently beating Wall Street expectations.

Oil prices closed ar $89.72, -2.6% for the week and remains up 19.3% YTD.

NEXT WEEK

We are back to 5 trading sessions again next week.

VP WATCHLIST UPDATES

Please review our complete VP Watchlist that includes Apple (AAPL), Disney (DIS), Tesla (TSLA) & a select group of emerging names. The pages will allow you to learn more and keep up with these companies daily.

For now, please see the summaries from the VP Watchlist below:

Shares of Natural-Killer cell (NKcell) focused biopharmaceutical firm Fate Therapeutics (FATE) closed at $29.03, -14.16% over the last 5-days.

- On Aug. 8, Fate Therapeutics announced the publication of preclinical study results demonstrating the successful generation, durable anti-tumor response, and functional persistence of TCR-CAR+ iPSC-derived CD8αβ T cells from induced pluripotent stem cells (iPSCs). The CD8αβ T cells were derived from a single engineered iPSC integrating a novel chimeric antigen receptor (CAR) transgene into the T-cell receptor alpha constant (TRAC) locus, ensuring complete bi-allelic disruption of T-cell receptor (TCR) expression and promoting uniform CAR expression. The discoveries were made under a multi-year research collaboration between the Company and Memorial Sloan Kettering Cancer Center (MSK) led by Michel Sadelain, M.D., Ph.D., Director, Center for Cell Engineering and Head, Gene Expression and Gene Transfer Laboratory, and were published this week in Nature Biomedical Engineering.

- After the market closed on August 3, Fate released its business highlights and financial results for the second quarter ended June 30, 2022. Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics stated, “We continue to make important strides across our clinical, regulatory, and manufacturing operations to support pivotal readiness of our iPSC-derived NK cell product candidates for B-cell lymphoma, and are looking forward to meeting with the FDA in the third quarter to discuss registrational pathways for the treatment of relapsed / refractory aggressive lymphomas, including for patients that have previously failed CD19-targeted CAR T-cell therapy. We are also excited that clinical investigation of FT536 has initiated to assess the targeting of oncogenic and cellular stress ligands, a novel pan-tumor-targeting strategy with the potential to overcome common mechanisms of tumor escape that frequently emerge in patients with advanced solid tumors. Finally, we continue to drive our collaborations with Janssen and Ono with strong momentum, and are well positioned to achieve significant milestones and advance three multiplexed-engineered, CAR-targeted cell collaboration candidates into clinical development over the next 12 months.”

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 with a current focus on breast cancer and COVID-19, closed at $1.01, -6.48% over the last 5-days.

- On Aug. 8, Atossa announced their financial results for the fiscal quarter ended June 30, 2022, and provided an update on recent company developments. Dr. Steven Quay, Atossa’s President and Chief Executive Officer stated, “We continue to make steady progress with our Endoxifen programs: one to reduce tumor cell activity in breast cancer patients in the neoadjuvant setting; and another to reduce dense breast tissue in women. Our work on AT-H201 demonstrated valuable outcomes, not the least of which was an understanding of how to pursue its development in the field of oncology. With the widespread availability of SARS-CoV-2 vaccines and other therapies now approved to treat COVID-19, we believe that altering the development pathways for AT-H201 in cancer patients with compromised lung-function resulting from radiation treatment may fill a compelling unmet medical need and create additional value for our stockholders. Lung injury caused by radiation treatment affects 30-40% of lung cancer patients, and ~35% of esophageal cancer patients. In non-small cell cancer patients receiving concurrent chemotherapy and radiation therapy the incidence of lung injury is estimated to be greater than 60%. As we previously announced, rather than proceeding with Part D of the AT-H201 study in COVID-19 patients, we plan to quickly initiate a clinical study of patients with compromised lung function caused by radiation treatment and we anticipate announcing next steps in the coming months.”

- July 28, Atossa announced it has completed dosing participants in Part C of its Phase 1/2a clinical study of its proprietary inhalation therapy (or, AT-H201) in Australia. AT-H201 consists of two drugs previously approved by the FDA to treat other diseases. AT-H201 is intended to be inhaled via nebulizer with the goal of preventing or reducing lung injury that may be caused by fibrin deposition, fluid build-up and secondary infection. Part C of the study involved administering the two drugs in succession in healthy volunteers. The study originally included a Part D which was designed to assess the effects of the treatment regimen in hospitalized COVID-19 patients with moderate illness. However, due to the rapidly shifting COVID-19 treatment landscape and the introduction of effective vaccines limiting hospitalizations, Atossa has evaluated indications for AT-H201 beyond COVID-19 patients, including treating and/or preventing lung injury in patients undergoing certain cancer treatments. Rather than conducting Part D of the Phase 1/2a clinical study, Atossa now plans to shift the development of AT-H201 to closely align with its oncology focus by continuing the development in patients with compromised lung-function due to the damaging effects of cancer treatment. For example, radiation treatment can lead to radiation induced lung injury, which is poorly treated with current therapies and is often irreversible. Furthermore, radiation damage can limit the overall success of lung cancer treatment leading to a reduction in efficacy and poor disease control. AT-H201 has pharmacological properties to potentially curtail excessive radiation-induced lung injury without compromising standard of care cancer therapy for cancer patients. AT-H201 is designed to prevent and reduce dose-limiting toxicities, and enable a more durable therapeutic tumor response for cancer patients receiving pulmonary radiation. Steven Quay, M.D., Ph.D., CEO and President of Atossa stated, “We are happy to have completed Parts A, B and C of the clinical trial and look forward to evaluating the results. With widespread availability of SARS-CoV-2 vaccines and other therapies now approved to treat COVID-19, we believe that altering the development pathways for AT-H201 in patients with compromised lung-function resulting from radiation may fill a compelling unmet medical need and create more value for our stockholders. Based on our work to date with AT-H201, we believe we can quickly initiate a clinical study in this setting and we plan to announce our next steps in the fourth quarter.”

- On July 28, Jason McCarthy Ph.D., a biotech analyst at the Maxim Group, put out a note reconfirming his BUY rating and a $4 target price on Atossa.

- On July 7, Atossa filed an 8k at sec.gov that stated, that on July 1, 2022, Atossa Therapeutics, Inc. (“Atossa”) entered into a letter agreement (the “Letter Agreement”) with a venture-capital backed, private company based in the United States that is in the pre-clinical stage of developing novel Chimeric Antigen Receptor (CAR) T-cell therapies based on technology licensed from a leading U.S. adult and pediatric cancer treatment and research institution (the “CAR-T Company”). The Letter Agreement requires that up until November 1, 2022 the CAR-T Company will (i) negotiate exclusively with Atossa for Atossa to acquire the CAR-T Company, and (ii) address certain matters related to personnel, operations and intellectual property. Atossa has paid $3 million for the exclusive right to negotiate with the CAR-T Company. If a definitive agreement is not reached for Atossa to acquire the CAR-T Company and if a specified material adverse event has not occurred, then Atossa will pay an additional $2 million for a 19.99% preferred stock equity interest in the CAR-T Company. Atossa is under no obligation to complete the acquisition of the CAR-T Company and no assurance can be given that an acquisition will be completed on acceptable terms or at all.

Shares INVO Bioscience (NASDAQ: INVO), a medical device company focused on creating alternative treatments for patients diagnosed with infertility and developers of INVOcell®, the world’s only in vivo Intravaginal Culture System, closed at $.97/share on Friday. The 52-wk range is $.63 – $4.32.

- INVO Bioscience reported financial results for its second quarter 2022, ended June 30, 2022, after the market close on Monday, August 15, 2022. INVO highlighted the following progress: Existing INVO Centers experienced a 20% increase in patient inquiries and consultations compared to the first quarter of 2022, as key activities continue to build, Progressing toward planned openings of additional INVO Centers in Tampa, Florida, Kansas City, Kansas, and the San Francisco Bay Area, In May 2022, signed an exclusive distribution agreement with Onesky Holdings Limited (“Onesky”) for mainland China (excludes Hong Kong, Macau and Taiwan). Onesky will be responsible for registering the product in the country, and upon government approval, will be obligated to purchase minimum quantities of INVOcell totaling approximately $14 million over the subsequent five-year term, & increased U.S.-based expansion opportunities post-Ferring, including both greenfield INVO Centers and potential acquisitions of established fertility clinics.

- ***INSIDER BUYING ALERT***– On Friday June 3, after the close, a number of Form 4’s were filed c. at www.sec.gov confirming that the CEO, COO, CFO and 5 members of the board of directors purchased shares at $.95/share on June 1, 2022. Here’s the link to view all of the share purchases.

- On May 16, INVO announced that they signed an exclusive distribution agreement with Onesky Holdings Limited (“Onesky”) for mainland China (excludes Hong Kong, Macau and Taiwan). The exclusivity is subject to minimum annual purchase amounts over a 5-year term starting upon product registration, the cost of which is to be borne by Onesky, Processed initial product orders from direct sales to U.S. IVF clinics and engaged with approximately 80 clinics, including both new relationships and those already trained on the INVOcell and IVC by Ferring, & Received product orders from our Spain, Pakistan and Nigeria partnerships.

- On April 14, INVO Bioscience announced plans to open an INVO Center in Kansas City, Missouri. The Kansas City INVO Center will focus on patients in need of advanced fertility care utilizing the efficient, effective, and affordable INVOcell® solution. The Company currently has three operational INVO Centers treating patients in Birmingham, Alabama, Atlanta, Georgia, and Monterrey, Mexico, with others scheduled to open in the San Francisco and Tampa areas. The Company evaluates several criteria and data points as part of its efforts to identify markets suitable for INVO Centers. Based on an analysis of current population statistics, we believe that Kansas City may have upwards of 33,000 patients suffering with Infertility. With an estimated 1,500 IVF treatments annually, there exists a large gap of available care to treat local demand. Similar to other INVO Centers, the Company expects to engage physician partners to support its efforts in the Kansas City market.

Shares of InMed Pharmaceuticals, Inc. (NASDAQ: INM), a leading clinical-stage pharmaceutical company developing cannabinoid-based drug candidates for high unmet medical needs and IntegraSyn, a proprietary and cost effective manufacturing approach for synthesized rare cannabinoids, closed at $.3741/share. Please visit the INM page at our website to learn more and check out the videos section too. The 52-wk range is $.34 – $2.95.

- On Aug. 9, InMed announced the appointment of Nicole Lemerond to its Board of Directors, effective immediately. Nicole Lemerond is a financial executive with over 25 years of experience in investment management, private equity, investment banking and leveraged finance. She has significant experience executing complex transactions, managing diligence processes, raising capital and structuring balance sheets. Throughout her career, Ms. Lemerond has worked with public and private company management teams and boards to increase stakeholder value. She established and led healthcare groups at leading investment firms and has also worked at several large financial institutions, including Lehman Brothers and The Carlyle Group. Ms. Lemerond holds a Bachelor of Science degree from Cornell University and is a CFA charterholder. Contemporaneous with Ms. Lemerond’s appointment, Adam Cutler has decided to transition off the Board of Directors. Mr. Cutler has served on the Board since 2015, during which time his financial and healthcare expertise has been instrumental in advancing the strategic initiatives of the Company. Over the years, Mr. Cutler has served as Chair of the Audit Committee as well as a member Governance and Nomination Committee. Ms. Lemerond will replace Mr. Cutler as a member of the Audit Committee and as a member of the Governance and Nomination Committee.

- On July 25, InMed provided an update on its Phase 2 clinical trial using investigational drug INM-755 cannabinol (“CBN”) cream for the treatment of patients with epidermolysis bullosa (“EB”) highlighting the following: 1) Phase 2 clinical trial recently expanded to include adolescents following independent review of early safety data, 2) First adolescent patient with EB enrolled into clinical trial and completed treatment, 3) International patent granted for the use of cannabinol for the treatment of epidermolysis bullosa.

- On July 18, InMed announced Michael Woudenberg has been appointed Chief Operating Officer of the Company, overseeing all day-to-day operations. Mr. Woudenberg was previously Senior Vice President of Chemistry, Manufacturing and Controls. Mike has been an integral part of the executive team for the last four years, supporting multiple functions within the organisation. Prior to joining InMed, Mike had over 20 years of successful drug development, process engineering, GMP manufacturing and general management experience at all levels of various companies. Mike’s intimate knowledge of the Company’s operations and extensive leadership experience make him an ideal candidate to oversee operations and support the long-term strategic growth of the Company. He will continue to report to Eric A. Adams, InMed President and CEO.

- On June 14, InMed announced that a peer-reviewed scientific study entitled “Effects of Rare Phytocannabinoids on the Endocannabinoid System of Human Keratinocytes” has been published in the International Journal of Molecular Sciences. The study, in collaboration with Dr. Mauro Maccarrone, Professor and Chair of Biochemistry at the Department of Biotechnological and Applied Clinical Sciences, University of L’Aquila, Italy, highlights the biological activity of tetrahydrocannabivarin (“THCV”), cannabichromene (“CBC”) and other rare cannabinoids and their potential role in addressing various skin conditions. In the peer-reviewed study, researchers analyzed the effects of rare cannabinoids THCV, CBC, cannabigerol (“CBG”) and cannabigerolic acid (“CBGA”) on the major endocannabinoid system elements in skin cells. Using a widely recognized in vitro model of human keratinocytes, researchers studied how these cannabinoids interacted with several receptors including cannabinoid receptors and other endocannabinoid system components. In summary, each cannabinoid had distinct biological activity via the endocannabinoid system. In particular, THCV was shown to perform as a cannabinoid receptor 1 (“CB1”) antagonist and have a high affinity for the human transient receptor potential vanilloid 1 (“TRPV1”), which is involved in skin sensation, as did CBC albeit to a lesser extent. The results from the study support additional research of these rare cannabinoids for their potential effect on skin conditions.“This study represents the first systematic analysis of the effects of the rare cannabinoids THCV, CBC, CBGA and CBG on the major endocannabinoid system elements using human keratinocytes. These initial observations should be considered when exploring the therapeutic potential of rare cannabinoids for the treatment of human skin disease,” said InMed’s scientific advisor, Dr. Mauro Maccarrone. “This peer-reviewed study provides important scientific research investigating the distinctly different physiological effects of rare cannabinoids,” said Dr. Eric Hsu, Senior VP, Preclinical Research and Development. “As we continue to expand our portfolio of rare cannabinoids, including THCV and CBC, evidence-based research is imperative to improving our understanding of their biological activity. There is growing interest in the potential benefits of rare cannabinoids and this study represents InMed’s commitment to contributing to the body of research of rare cannabinoids.” The journal article can be accessed here: https://www.mdpi.com/1422-0067/23/10/5430.

Shares of NeuBase Therapeutics (NASDAQ: NBSE), a biotechnology platform company Drugging the Genome™ to address disease at the base level using a new class of precision genetic medicines, closed at $.7966, -11.63%. The 52-wk range is $.77-$4.40.

On Aug. 11, Neubase reported its financial results for the three-month period ended June 30, 2022, and other recent developments. Dietrich A. Stephan, Ph.D., Founder, Chief Executive Officer, and Chairman of NeuBase stated, “Thus far in 2022, we have generated new data that strengthens application of the PATrOLTM platform and its potential to output novel genetic medicines that are broadly biodistributed after systemic routes of administration and engage double-stranded nucleic acid targets in the nucleus to resolve gene dysfunction. This includes new PK and biodistribution data for our DM1 development candidate, which were presented at the ASGCT 25th Annual Meeting, that support a differentiated whole-body solution for DM1 patients. The data in each tissue we evaluated also displayed an extended elimination phase with tissue concentrations measurable for at least four weeks following a single intravenous (IV) dose administration and consistent with the durable pharmacology in the transgenic animal models. With these data in hand, we decided to perform additional IND-enabling studies to further characterize our development candidate and confirm our expectations of safety and efficacy. While conducting these additional studies will require us to push our guidance on the timing for our DM1 IND filing to mid-CY2023, patient safety and benefit are of utmost importance to us. We also believe the information that will be generated by these studies will benefit not only our DM1 program but all of our programs and better prepare us to enter the clinic and fulfill our mission of delivering new medicines to patients who currently have no therapeutic options. We continue to generate positive data from other programs in our pipeline, including in HD, that support the ability of the PATrOLTM platform to develop differentiated genetic medicines. We are confident in the ability of our platform and team to advance these drug candidates to clinical trials, and we look forward to providing further updates on our progress.”

INmune Bio

INmune Bio, Inc. (INMB) closed at $8.76, -6.91% over the last 5-days. On August 3, INMB reported its financial results for the quarter ended June 30, 2022 and provides a business update. As of June 30, 2022, the Company had cash and cash equivalents of approximately $61.2 million. As of August 3, 2022, the Company had approximately 17.9 million common shares outstanding. RJ Tesi, M.D., CEO of INmune Bio stated, “In April, we announced the dosing of our first patient treated with XPro™1595 in the treatment of neuroinflammation as a cause of mild Alzheimer’s disease (AD) in Phase II clinical trial, AD02. The trial is a blinded, randomized, placebo-controlled multicenter study in Australia, in Canada and in the United States. Although the trial in the United States is currently on hold pending conclusion of the FDA’s manufacturing inquiry, we continue to enroll patients in Australia where the trial is proceeding as planned. Additionally, our plan to launch additional blinded, randomized, placebo-controlled Phase II trials in patients with mild cognitive impairment (MCI) and TRD will occur after the clinical hold is lifted. Our INKmune™ platform continues to make positive strides. We are actively expanding the INKmune program towards the treatment of solid tumors. INKmune primed NK cells have unique biologic characteristics that should make the therapy effective in solid tumors.”

Shares of Chinook Therapeutics, Inc. (KDNY), a biopharmaceutical company focused on the discovery, development and commercialization of precision medicines for kidney diseases, closed at $21.86, up +5.91% over the last 5-days.

On Aug. 8, Chinook provided a business update and reported financial results for the quarter and six months ended June 30, 2022. “During the second quarter of 2022, we executed well on advancing our pipeline of clinical and preclinical programs for rare, severe chronic kidney diseases. We continue to ramp up enrollment of patients in the phase 3 ALIGN trial for atrasentan, and the data we presented at ERA from the ongoing phase 2 AFFINITY trial of atrasentan demonstrated consistent and clinically meaningful proteinuria reductions in patients with IgAN,” said Eric Dobmeier, president and chief executive officer of Chinook Therapeutics. “For BION-1301, the additional data presented at ERA from the ongoing phase 1/2 trial reaffirms its disease-modifying potential in IgAN by demonstrating durable reductions in mechanistic biomarkers and corresponding impressive proteinuria reductions. We look forward to advancing BION-1301 into a phase 3 study for patients with IgAN in 2023. We are also continuing to make progress with dose escalation in the ongoing phase 1 trial of CHK-336 in healthy volunteers and expect to report data in the first half of 2023.”

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

“Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.” – Francis of Assisi
“Without labor nothing prospers.” – Sophocles
“Intellectuals solve problems, geniuses prevent them.” – Albert Einstein
“This is the precept by which I have lived: Prepare for the worst; expect the best; and take what comes.” – Hannah Arendt
“The best and most beautiful things in the world cannot be seen or even touched – they must be felt with the heart.” – Helen Keller
“He who is brave is free.” – Lucius Annaeus Seneca
“When something is important enough, you do it even if the odds are not in your favor.” – Elon Musk
“I choose a block of marble and chop off whatever I don’t need.” – Auguste Rodin
“Hope is the only bee that makes honey without flowers.” – Robert Green Ingersoll
“He who knows that enough is enough will always have enough.” – Lao Tzu
“Plans to protect air and water, wilderness and wildlife are in fact plans to protect man.” – Stewart Udall
“In order to carry a positive action we must develop here a positive vision.” – Dalai Lama
“A hero is someone who understands the responsibility that comes with his freedom.” – Bob Dylan
“Inflation destroys savings, impedes planning, and discourages investment. That means less productivity and a lower standard of living.” – Kevin Brady
“If we give something positive to others, it will return to us. If we give negative, that negativity will be returned.” – Allu Arjun
“A good plan violently executed now is better than a perfect plan executed next week.” ~ George S. Patton
“You must do the things you think you cannot do.”- Eleanor Roosevelt
“Success is dependent on effort.” – Sophocles
“Nobody who ever gave his best regretted it.” – George Halas
“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
“And when I breathed, my breath was lightning.” – Black Elk
“Moderation is the silken string running through the pearl chain of all virtues.” – Joseph Hall
“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
“If you want a guarantee, buy a toaster.” – Clint Eastwood
“We are an impossibility in an impossible universe.” – Ray Bradbury
“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
“I’d rather attempt to do something great and fail than to attempt to do nothing and succeed.” – Robert H. Schuller
“Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world.” Desmond Tutu
“It takes considerable knowledge just to realize the extent of your own ignorance.” – Thomas Sowell
“Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha”
Surprise is the greatest gift which life can grant us.” – Boris Pasternak
“Trust in dreams, for in them is hidden the gate to eternity.” – Khalil Gibran
“Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.” – Bruce Lee
“All life is an experiment. The more experiments you make the better.” – Ralph Waldo Emerson
“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” – Colin Powell
“There is more to life than increasing its speed.” – Mahatma Gandhi
“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
“Definiteness of purpose is the starting point of all achievement.” – W. Clement Stone
“Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
“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
“Life is too short for long-term grudges.” – Elon Musk
“There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger
“Success consists of getting up just one more time than you fall.” – Oliver Goldsmith
“The Earth is the cradle of humanity, but mankind cannot stay in the cradle forever.” – Konstantin Tsiolkovsky
“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
“Beauty surrounds us, but usually we need to be walking in a garden to know it.” – Rumi
“But man is not made for defeat. A man can be destroyed but not defeated.” – Ernest Hemingway
“Don’t watch the clock; do what it does. Keep going.” – Sam Levenson
“Let there be work, bread, water and salt for all.” – Nelson Mandela
“The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.” – John Maynard Keynes
“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
“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
“It is the fight alone that pleases us, not the victory.” – Blaise Pascal
“If you can’t describe what you are doing as a process, you don’t know what you’re doing.” – W. Edwards Deming
“Never interrupt your enemy when he is making a mistake.” – Napoleon Bonaparte
“Be sure you put your feet in the right place, then stand firm.” – Abraham Lincoln
“Without investment there will not be growth, and without growth there will not be employment.” – Muhtar Kent
“You have to do your own growing no matter how tall your grandfather was.” – Abraham Lincoln
“Victory has a thousand fathers, but defeat is an orphan.” – John F. Kennedy
“Delete the negative; accentuate the positive!” – Donna Karan
“It’s crazy how fast time flies and how things progress.” – Nathan Chen
“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
“Life isn’t about finding yourself. Life is about creating yourself.” – George Bernard Shaw
“Everything has beauty, but not everyone sees it.” – Confucius
“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
“Walking with a friend in the dark is better than walking alone in the light.” – Helen Keller
“A man who dares to waste one hour of time has not discovered the value of life.” – Charles Darwin
“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
“Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
“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
“Nothing is impossible, the word itself says ‘I’m possible’!” – Audrey Hepburn
“But investment in space stimulates society, it stimulates it economically, it stimulates it intellectually, and it gives us all passion.” – Bill Nye
“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
“Life is a tragedy when seen in close-up, but a comedy in long-shot.” – Charlie Chaplin
“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
“Infrastructure investment in science is an investment in jobs, in health, in economic growth and environmental solutions.” – Oren Etzioni
“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
“Know thy self, know thy enemy. A thousand battles, a thousand victories.” – Sun Tzu
“If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
“Beware of missing chances; otherwise it may be altogether too late some day.” – Franz Liszt
“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
“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
“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
“There is little that can withstand a man who can conquer himself.” – Louis XIV
“In tennis, you strike a ball just after the rebound for the fastest return. It’s the same with investment.” – Masayoshi Son
“A camel makes an elephant feel like a jet plane.” – Jackie Kennedy
“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
“Success depends upon previous preparation, and without such preparation there is sure to be failure.” – Confucius, Chinese
“Coming together is a beginning; keeping together is progress; working together is success.” – Edward Everett Hale
“Never do anything against conscience even if the state demands it.”– Albert Einstein
“Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey
“The true measure of a man is how he treats someone who can do him absolutely no good.” – Samuel Johnson
“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
“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
“The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.
“Friendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing.” – Elie Wiesel
“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
“Success isn’t measured by money or power or social rank. Success is measured by your discipline and inner peace.” – Mike Ditka
“No matter how many goals you have achieved, you must set your sights on a higher one.” – Jessica Savitch
“Start where you are. Use what you have. Do what you can.”– Arthur Ashe
“The secret of getting ahead is getting started.” – Mark Twain
“The amount of work and the amount of both physical and emotional investment it takes to get to the top.” – Drew Bledsoe