Stocks Suffer Another Significant Weekly Decline – $ADT $AMAT $TGT $TJX $VIX Rise

By John F. Heerdink, Jr.

Quote of the Day: “Endurance is nobler than strength, and patience than beauty.” – John Ruskin

Happy Saturday!

I hope that you experienced great success in the markets and otherwise this week.

As for the broad markets this week, the stock indices unfortunately headed overall south again as fear was in the air and evidenced by the The CBOE Volatility Index (^VIX) rose +16.73% closing at $17.3. Global growth concerns spearheaded by China’s economic data and concurrent dropping of their lending rate set the tone this week. Banks stocks pulled back solidly again this week, this time seemingly in reaction the ugliness that the Fitch Ratings fired across the world as they warned that they may be downgrading even more US banks as they move forward and suggested their list could even include JPMorgan (JPM, $148.97, -3.55% over the last 5-days). The SPDR S&P Regional Banking ETF (KRE) moved down 6.36% over the last 5-days to close at $44.75 & the SPDR S&P Bank ETF (KBE) also moved down by 5.76% over the last 5-days to close at $38.95. The FOMC Minutes from the July 25-26 meeting hit us too this week and investors are assuming that the FED is now in the mood to continue their fight against inflation and may even raise interest rates in the near term. This trifecta was a bit too much to handle for many investors, at least those that were not still out on vacation, and the markets indeed sold off solidly by more than 2% across the board.

The Dow 30 failed to close above the 35k level for the first time in a few weeks and closed at 34,500.60 (-2.2%) this week and is now up 4.1% YTD. The S&P 500 closed at 4,369.71 (-2.1%) for the week and is now up 13.8% YTD. Apple (AAPL) closed lower again at $174.49, -1.86% over the last 5-days & Amazon (AMZN) closed at $133.22, -3.75% over the last 5-days. Tesla (TSLA) closed at $215.49, chinking down a meaty 11.19% over the last 5-days.. The Nasdaq closed at 13,290.70 (-2.6%) and remains up an amazing 27% YTD. The Russell 2000 closed at 1,859.42 (-3.4%) for the week & remind up 5.6% YTD. The MicroCaps also moved significantly lower this week as the iShares Micro-Cap ETF (IWC) closed at $106.39, -3.77% this week & is now down 1.34% YTD.

Two household retailers reported better than expected results this week including Target (TGT, $131.21, +.12% over the last 5-days) & TJX Cos. (TJX, $89.52, +4.23% over the last 5-days). Applied Materials (AMAT, $142.66, +2.76% over the last 5-days) also beat expectations.

A number of macroeconomic reports surfaced again this week. On Tuesday, the Total retail sales report confirmed a .7% M/M rise in July that seemed to solidify the understanding that Americans are still spending robustly. The August Empire State Manufacturing Survey report also showed a fall to -19and decidedly in contraction territory. Import prices also came in .4% M/M higher in July & export prices moved up .7%, while on a Y/Y basis they are down 4.4% & 7.9% respectively. The Business inventories report showed that they remained even in June, however, the NAHB Housing Market Index report came in 6pts lower at 50 in August. On Wednesday, the weekly MBA Mortgage Applications Index report confirmed a .8% drop along with refinance applications dropping 2%, however purchase applications came in even. The Total housing starts report revealed 3.9% M/M rise in July to a seasonally adjusted annual rate of 1.452M units , while building permits rose .1%M/M to a seasonally adjusted annual rate of 1.442M. The Total industrial production report also came in 1% Higher M/M in July. The capacity utilization rate report confined rise to 79.3%, while total industrial production fell .2% Y/Y. The weekly EIA crude oil inventories report came in with a 5.96M barrel draw. On Thursday, the Weekly Initial Claims report that clocked in at 239k & the Weekly Continuing Claims came in higher at 1.716M so the jobs market rains tight. The August Philadelphia Fed Index came at 12 & the July Leading Indicators came in at -.4% inline with expectations. As a result, the yield curve ended the week higher with the 2-yr note rose from 4.893% to a close of 4.91% & the 10-yr note yield moved up from 4.16% to 4.25% and is now up an astounding 29Bps in August. The U.S. Dollar Index rose from 1.02.85 to 103.43 this week. Oil prices that closed down 3.1%% this week at $80.63 and falling back into the top half of the ‘acceptable” range of $60-$80 despite the gloomy UBS analyst prediction of +$91/bbl by year end.

Biotech sector valuations chunked down as well this week. The Nasdaq Biotechnology ETF (IBB) closed at $125.41, -2.46% over the last 5-days and is now down 4.48% YTD, the NYSE ARCA Biotech Index (^BTK) closed at 5,157.62, -1.44% over the last 5-days and is now down 2.34% YTD, & the SPDR S&P Biotech ETF (XBI) closed at $77.53, -2.93% over the last 5-days, & is now down 6.59% YTD. The 52-week range is is now $72.44-$92.60 and continues to get tighter.

Cathie Wood’s ARK Innovation ETF (ARKK) closed at $40.38, -5.54% over the last 5-days and remains up 29.26% YTD.

The iShares U.S. Healthcare ETF (IYH) closed at $280.59, -1.34% over the last 5-days and is now down 1.10% YTD.

From the world of cryptocurrency, Bitcoin (BTC) moved to $26,128.74 down a more than solid 11.23% over the course of the last 5-days at the time of the completion of this message as Elon Musk’s SpaceX reported that it has sold all of its Bitcoin.

Gold prices closed at $1,892, -$25/oz over the last 5-days. Silver prices closed at $22.85, -$.89/oz over the last 5-days.

VP Watchlist Updates

Lantern Pharma Inc. (NASDAQ: LTRN) closed at $4.42, -9.80% over the last 5-days. Lantern is developing targeted and transformative cancer therapies using its proprietary RADR® AI and machine learning (“ML”) platform with multiple clinical stage drug programs.Lantern believes that the use of machine learning, genomics and computational methods can help accelerate the development and commercialization of small molecule-based therapies. These drugs can be targeted to patients whose genomic profile identifies them as having the highest probability of benefiting from the drug, thereby creating the potential to achieve better outcomes.Their proprietary AI and machine learning (ML) platform, RADR®, leverages over 25 billion oncology-focused data points and a library of 200+ advanced ML algorithms to help solve billion-dollar, real-world problems in oncology drug development. Learn more about Lantern at the VP Watchlist Page.

This week, Lantern hosted its second quarter 2023 operating and financial results webcast to discuss the operating and financial results for the second quarter ended June 30, 2023 and provide guidance on upcoming milestones. Panna Sharma, President and Chief Executive Officer of Lantern Pharma, will led the call & highlighted the following: Obtained FDA clearance of the IND application for LP-184 and activated initial clinical sites for the Phase 1 basket trial in relapsed/refractory advanced solid tumors and brain cancers – a patient population with unmet clinical needs, Completed IND-enabling studies for LP-284 and anticipate IND submission in August; first-in-human Phase 1 clinical trial targeted for Q4 in advanced non-Hodgkin’s lymphomas, Dosed initial patients in the Phase 2 Harmonic™ clinical trial for never smokers with NSCLC, who make up 15-20% of all lung cancer cases; continued expansion of additional clinical trial sites in the US and increased patient recruitment activity. Initiated RADR® collaboration with Bielefeld University to design and develop breakthrough antibody drug conjugates (ADCs) with greater precision and efficacy, Received US Patent & Trademark Office notice of allowance for composition of matter patent for LP-284, extending commercial protection into early 2039, & $48.0 million in cash, cash equivalents, and marketable securities as of June 30, 2023, providing a cash runway into 2025.

Lantern is also participating and presenting at these conferences:

Society of Neuro-Oncology/American Society of Clinical Oncology CNS Cancer Conference in San Francisco, CA, on August 10^th, 2023 from 5:30-7:30 p.m. PT.
Presentation Title: LP-184, a novel acylfulvene-derived tumor site activated small molecule inhibits adult and pediatric CNS tumor cell growth

International Conference on Drug Conjugates for Directed Therapy in Darmstadt, Germany on Thursday, August 24^th, 2023 from 9:45-10:15 a.m. CEST.
Presentation Title: In-silico Approach for the Identification of ADC Targets with Improved Tumor Selectivity

On June 26, Lantern announced the company has published new findings in Oncotarget demonstrating drug candidate LP-284’s in vitro and in vivo antitumor potency for multiple non-Hodgkin’s lymphomas (NHL), including mantle cell lymphoma (MCL) and double-hit lymphoma (DHL). The journal article titled “LP-284 Targets Non-Hodgkin’s Lymphoma and DNA Damage Repair Deficiency” further supports LP-284’s development for NHL and advancement towards a first-in-human Phase 1 trial, which is anticipated for the second half of 2023. Non-Hodgkin’s lymphomas (NHL) remain one of the leading causes of cancer deaths globally and have an estimated 500,000 new cases globally, with NHL being the leading hematological malignancy in the US. Despite advances for NHL using combination and targeted therapies, nearly 20% to 40% of patients with certain subtypes still relapse after treatment. In aggressive subtypes of NHL, like MCL, nearly all patients relapse from standard-of-care (SOC) therapies. READ MORE at this link.

Lantern Pharma collaborates with leading institutions, researchers and companies to develop and deliver cancer therapies. i.e. Johns Hopkins, Fox Chase Cancer Center, Georgetown University, National Cancer Institute, Danish Cancer Society Research Center (DCRC), UT Health San Antonio. Learn more here.

On Aug. 14, INVO Bioscience, Inc. (Nasdaq: INVO, $1.48), a healthcare services fertility company focused on expanding access to advanced treatment worldwide with its INVOcell® medical device and the intravaginal culture (“IVC”) procedure it enables, announced financial results for the second quarter ended June 30, 2023 and provided a business update. Q2 2023 Financial Highlights (all metrics compared to Q2 2022 unless otherwise noted):

Revenue was $315,902, an increase of 116% compared to $146,135.
Clinic revenue increased 126% to $254,364, compared to $112,358. All reported clinic revenue is derived from the Company’s INVO Center in Atlanta, Georgia, which is consolidated in the Company’s financial statements.
Revenue from all clinics, inclusive of both those accounted for as consolidated and under the equity method, was $712,433, an increase of 145% compared to $290,517.
Recent Operational and Strategic Highlights
Acquired Wisconsin Fertility Institute (WFI), a profitable Madison-based fertility center that primarily offers conventional IVF procedures and generated approximately $5.4 million in revenue and approximately $1.7 million of net income in 2022.
Acquisition further accelerates INVO’s transition to a healthcare services company and provides an opportunity to advance IVC volume and the ability to secure a greater share of total fertility cycle revenue.
Implemented expense reductions as part of go-forward plan to focus on its healthcare service strategy and a near-term path to profitability.
Buildout of the Company’s new Tampa, Florida clinic – Tampa Fertility Institute, an INVO Center – is nearing completion.
Raised approximately $4.5 million in gross proceeds in a public offering of common stock and warrants. The Company used approximately $2.15 million of proceeds for the initial payment for the WFI acquisition.
Received 510(k) FDA clearance for expanded use of the INVOcell device.

Q2 2023 Financial Highlights (all metrics compared to Q2 2022 unless otherwise noted)

Revenue was $315,902, an increase of 116% compared to $146,135.
Clinic revenue increased 126% to $254,364, compared to $112,358. All reported clinic revenue is derived from the Company’s INVO Center in Atlanta, Georgia, which is consolidated in the Company’s financial statements.
Revenue from all clinics, inclusive of both those accounted for as consolidated and under the equity method, was $712,433, an increase of 145% compared to $290,517.

Recent Operational and Strategic Highlights

Acquired Wisconsin Fertility Institute (WFI), a profitable Madison-based fertility center that primarily offers conventional IVF procedures and generated approximately $5.4 million in revenue and approximately $1.7 million of net income in 2022.
Acquisition further accelerates INVO’s transition to a healthcare services company and provides an opportunity to advance IVC volume and the ability to secure a greater share of total fertility cycle revenue.
Implemented expense reductions as part of go-forward plan to focus on its healthcare service strategy and a near-term path to profitability.
Buildout of the Company’s new Tampa, Florida clinic – Tampa Fertility Institute, an INVO Center – is nearing completion.
Raised approximately $4.5 million in gross proceeds in a public offering of common stock and warrants. The Company used approximately $2.15 millionof proceeds for the initial payment for the WFI acquisition.
Received 510(k) FDA clearance for expanded use of the INVOcell device.

Management Commentary

“We believe we have successfully transformed INVO into a rapidly growing, innovative healthcare services company which allows us to help accelerate IVC volume and obtain a greater share of the total fertility cycle revenue,” commented Steve Shum, CEO of INVO. “The closing of the WFI acquisition last week, coupled with the rapid 145% revenue growth in our existing INVO Center’s during this past quarter, should position our clinic operations to be cash flow positive in the third quarter of this year. Further, we have implemented a number of expense reductions as part of our go-forward plan to focus on our healthcare service strategy, which when coupled with the elimination of substantive costs associated with our successful 510(k) submission, should drive the business towards overall positive operating cash flow in 2024.”

On August 11, INVO announced it has closed the previously announced acquisition of Wisconsin Fertility Institute. The acquisition is reported to provide operational scale, positive cash flow and complements the Company’s new-build INVO Center strategy. The Madison-based fertility center primarily offers conventional IVF procedures having generated approximately $5.1 million in revenue and net income of $1.6 million for the trailing 12-month period ended March 31, 2023. INVO will look to further expand the center through the introduction of the IVC procedure as an added service offering to patients. Wisconsin Fertility Institute, led by internationally renowned and well-respected fertility expert, Dr. Elizabeth Pritts, is one of the state’s preeminent fertility centers, having helped to welcome over 5,000 babies since opening its doors in 2007 with approximately 550 conventional IVF procedures completed in 2022. Steve Shum, CEO of INVO stated, “The acquisition of Wisconsin Fertility Institute accelerates the transformation of INVO to a healthcare services company, with an ability to leverage our unique and innovative INVOcell device to help democratize the fertility industry. The acquisition immediately adds scale and positive cash flow to our operations, with incremental growth expected to be driven at the clinic through the synergistic introduction of our INVOcell solution. We are extremely excited to have now closed this important acquisition and look forward to incorporating the clinic within our operations moving forward.”

On Aug. 4 INVO announced the pricing of its public offering of 1,580,000 units, with each unit consisting of one share of common stock and two warrants, each to purchase one share of common stock. Each unit is being sold at a public offering price of $2.85. The warrants will be immediately exercisable at a price of $2.85 per share and will expire five years from the date of issuance. The shares of common stock and accompanying warrants can only be purchased together in this offering, but will be issued separately and will be immediately separable upon issuance.

On July 28, INVO effected a 1-for-20 reverse split of its issued and outstanding and authorized common stock effective as of 12:01 a.m. Eastern Time on July 28, 2023. Commencing with the opening of trading on The Nasdaq Capital Market on July 28, 2023, the Company’s common stock traded on a post-split basis under the same trading symbol, “INVO”. The company now has approximately 842,017 shares of common stock issued and outstanding. In addition, a proportionate adjustment was made to the company’s authorized shares of common stock such that the Company shall have 6,250,000 shares of authorized common stock after the effective time of the reverse stock split.

On June 27, INVO announced it has received U.S. Food and Drug Administration (FDA) 510(k) clearance to expand the labeling on the INVOcell device and its indication for use to provide for a 5-day incubation period. The data supporting the expanded 5-day incubation clearance demonstrated improved patient outcomes. Steve Shum, CEO of INVO stated, “This is a momentous day for INVO as the FDA has provided clearance for us to expand our labeling to cover a 5-day incubation period for INVOcell. This has been a multi-year effort to demonstrate INVOcell’s ability to improve patient outcomes using a longer incubation period, similar to conventional IVF results. We believe our ability to now communicate the improved success rates using INVOcell to patients and physicians will have a positive effect on the overall confidence and adoption of the technology going forward. The global fertility services market is a substantial, multi-billion-dollar industry and growing, with a significant underserved patient population. INVO’s commercial strategy remains focused on helping to expand affordable care to the underserved patients in need. The Company’s market approach includes the opening of dedicated “INVO Centers” offering INVOcell® and IVC procedure (three centers in North America now operational), the acquisition of existing profitable IVF clinics (signed binding agreements to acquire Wisconsin Fertility Institute), and the continued global distribution and sale of the INVOcell technology solution into existing fertility clinics. We believe the recent 510(k) clearance will help further support our overall commercial activities.”

On Jan. 16, BioSpectrum published an article titled “INVO Bioscience introduces next-gen technologies to fertility market in Taiwan.”

On Aug. 11, Mirati Therapeutics, Inc. (Nasdaq: MRTX, $38.59, -.57% over the last 5-days%), a commercial stage biotechnology company, announced the closing of its previously announced underwritten public offering of 11,288,336 shares of its common stock at a price to the public of $27.80 per share, and, to certain investors, pre-funded warrants to purchase 1,121,736 shares of common stock at a price of $27.799 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.001 per share exercise price for each such pre-funded warrant. This includes the exercise in full by the underwriters of their option to purchase up to 1,618,705 additional shares of common stock. The aggregate gross proceeds to Mirati from this offering were approximately $345.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Mirati.Goldman Sachs & Co. LLC acted as the book-running manager for the proposed offering. Leerink Partners LLC acted as financial advisor for the proposed offering.

On Aug. 9, Mirati announced Cancer Discovery published preclinical and initial clinical data from a first-in-human Phase 1/2 clinical trial of MRTX1719, a PRMT5 / methylthioadenosine (MTA)-cooperative inhibitor evaluated in methylthioadenosine phosphorylase (MTAP) deleted cancers. These results provide preclinical and early clinical proof-of-concept for this differentiated approach and demonstrate that MRTX1719 may represent a promising targeted therapy for the ~10% of cancer patients with this biomarker. The publication can be found here.

Shares of Borqs Technologies, Inc. (Nasdaq: BRQS), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, with global operations in the U.S., India, and China, closed at $.1621, -.55% over the last 5-days.

On July 17, Borqs announced its plans to develop an AI-enabled smart watch as part of its expansion strategy into artificial intelligence (AI) for the U.S. market. The AI-enabled smart watch is positioned as an Edge AI device. According to NVIDIA, “Edge AI is the deployment of AI applications in devices throughout the physical world. It’s called “edge AI” because the AI computation is done near the user at the edge of the network, close to where the data is located, rather than centrally in a cloud.” (https://resources.nvidia.com/en-us-it-resources-blogs/what-is-edge-ai) Borqs AI-enabled smart watch will be based on Android and is wirelessly connected via Wifi/BT and cellular networks. It will make use of the AI capability on the watch chipset platform to perform the training and inference of machine learning for the sensors on the watch. The watch will also support ChatGPT or similar AGI capabilities as an intelligent voice assistant. Read more here.

On July 6, Borqs Technologies announced that together with SkyCentrics, they have launched the next generation CTA-2045 ECOPORT communication products. The next-generation products are more price competitive and feature-rich than the current generation products and have significantly better cellular coverage with the use of internal and external antennas. Borqs and SkyCentrics announced their strategic partnership in 2021. The partnership includes joint research & development, sales, and promotion, as well as, Borqs’ investment into SkyCentrics. It will leverage Borqs’ expertise in mobile IoT and 5G technologies. Borqs has years of manufacturing experience in making products worldwide, and has manufactured products for the U.S. mobile operators and Fortune 500 companies. SkyCentrics is an expert in the CTA-2045 and demand response technologies and will be responsible for the CTA-2045 software, ECOPORT certification, and cloud functionality with its Demand Response Energy & Asset Management (DREAM) platform.

The first release of the next generation ECOPORT will start commercial shipment in Q3 in 2023, and both companies forecast strong demand for the products. “I am very pleased that with after one year of development, we’ve successfully developed a suite of very competitive products for the very promising CTA-2045 ECOPORT markets. Together with SkyCentrics, we’ve defined a roadmap for other products which we plan to launch in the latter part of this year as well,” said Pat Chan, CEO of Borqs Technologies.

“With Borqs, we have found a high-quality hardware design and manufacturing partner, which allows us to focus on the software that orchestrates electrical machines in buildings to sync their energy usage to grid prices and carbon emissions. This will enable the grid to support a much larger penetration of intermittent renewable energy, and lower costs for all rate payers,” said Tristan de Frondeville, CEO of SkyCentrics.

A smart city uses various types of electronic methods and sensors to collect data to gain insights in the management and operation of grid loads in order to improve efficiency and effectiveness. As a start in the development of a smart city, mobile connected CTA-2045 devices are chosen by utility companies across the U.S. as the platform for smart management of water heaters, pool pumps and other products with EcoPorts. Historically, all water heaters were ‘dumb,’ controlled by a thermostat and randomly going on and off. The new generation of smart water heaters, connected with CTA-2045 communicating modules can optimize their on/off schedule based on each household’s usage pattern, grid prices and carbon emissions. A key component of electrifying everything is ensuring that all the devices that are electric run on clean energy. It is estimated that the energy savings as well as carbon emission reduction by CTA-2045 controlled residential water heaters can produce staggering results, with each one million CTA-2045 equipped water heaters equating to the removal of 100,000 gasoline powered cars from the highways. Early adoption of CTA-2045 EcoPort enabled water heaters has been underway in low-income multi-family solar and storage communities in Hawaii. Commercial and residential markets in buildings and power grid optimization is estimated to reach $154 billion by the year 2026, according to Verified Market Research in their study “Global Building Automation System Market Size By Technology, By System, By Application, By Geographic Scope And Forecast” (Aug 2020). SkyCentrics is working with major commercial building industrial equipment manufacturers to provide them retrofit kits that will enable their embedded base of existing equipment to be retrofit to have a CTA-2045 EcoPort which will provide an inexpensive way to create the Grid Interactive Efficient Buildings (GEBs) that were recently promoted by the Biden administration quoting the “National Roadmap for Grid Interactive Efficient Buildings” report by The Lawrence Berkeley National Lab and The Brattle Group.

Shares of InMed Pharmaceuticals Inc. (INM), a leader in the research, development and manufacturing of rare cannabinoids, closed at $.8839, down 1.79% over the last 5-days.

On July 20, InMed provided a commercial and manufacturing update on its subsidiary BayMedica LLC (“BayMedica”), a leading supplier of bioidentical rare cannabinoids to the Health and Wellness (“H&W”) market. Highlighting the following: $2.3M revenues (unaudited) in Q4 2023, representing 123% increase quarter over quarter (“QoQ”), Optimized and scaled up manufacturing processes over the last 12 months to meet increasing demand, & Third consecutive quarter with significant revenue growth. Eric A. Adams, InMed’s President and CEO stated, “We are very encouraged to see another strong quarter with (unaudited) revenues in excess of $2.3M, representing our third consecutive quarter with significant revenue growth. As demand for minor cannabinoids continues to increase, we see a potential path for BayMedica to become a profitable standalone business subsidiary and contribute margin to the pharmaceutical R&D parent.”
On June 22, InMed announced safety and efficacy results from its Phase 2 clinical trial, called 755-201-EB (the “Phase 2 Trial”), for the treatment of symptoms related to EB. The purpose of the Phase 2 Trial was to evaluate the safety of INM-755 CBN cream, which consists of the control cream plus the active pharmaceutical ingredient CBN, and obtain preliminary evidence of efficacy in treating symptoms and healing wounds over a 28-day period in patients with EB. All four subtypes of inherited EB, including EB Simplex, Dystrophic EB, Junctional EB, and Kindler Syndrome were accepted into the Phase 2 Trial. The Phase 2 Trial used a within-patient, double-blind design whereby matched index areas were randomized to INM-755 CBN cream or control cream. The Phase 2 Trial enrolled a total of 19 patients. Data from one patient were excluded from efficacy analyses due to a significant protocol deviation. Of the 18 remaining patients whose data were considered reliable for clinical review, 17 were treated for chronic non-wound itch and one patient was treated for wound-related itch. The remaining endpoints (pain, wound healing) could not be analyzed due to too few enrollees with such symptoms. Of the 18 participants assessed, chronic itch improved by a clinically meaningful amount in 12 patients (66.7%). InMed will pursue strategic partnership opportunities for INM-755 in epidermolysis bullosa (“EB”) and other itch-related skin conditions.
On June 1, InMed announced that results from a neurodegenerative disease study was presented in a scientific poster at the Canadian Neuroscience Meeting in Montreal from May 28-31, 2023. The InMed sponsored research, entitled “Cannabinoids modulate cytotoxicity and neuritogenesis in Amyloid-beta-treated neuronal cells”, demonstrated the ability of a specific rare cannabinoid (“pCBx”) in InMed’s 900 Series library of potential candidates that reduces amyloid toxicity and tau protein expression while enhancing neuronal cell growth and neuritogenesis markers in vitro, all considered to be important targets in the potential treatment of neurodegenerative diseases such as Alzheimer’s. The research was conducted in the laboratory of Dr. Ujendra Kumar and Dr. Rishi Somvanshi of the faculty of Pharmaceutical Sciences at the University of British Columbia. Studies have shown that cannabinoids, via their endocannabinoid receptors (CB1R and CB2R) that naturally occur in the human body and brain, reduce amyloid-beta (“Aβ”) toxicity, decrease p-tau protein expression and provide neurite outgrowth, thus improving neuronal viability and function. The results presented demonstrate the anti-apoptotic effects of pCBx and its role in neuritogenesis in the cells of neuronal origin and support the role of pCBx as a potential therapeutic intervention in neurodegenerative diseases.
On May 31, our sister organization, Tribe Public, hosted a Presentation & Q&A Webinar Event titled “InMed Pharmaceuticals (NASDAQ: INM) Addressing The Increasing Demand For Rare Cannabinoids.” The event was co-hosted by InMed Pharmaceutical’s (NASDAQ: INM) CEO Eric A. Adams, MIBS, & BayMedica’s Jerry P. Griffin, VP, Sales and Marketing. InMed Pharmaceuticals (NASDAQ: INM, $1.34, +6.35%) is a global leader in the development, manufacturing, and commercialization of rare cannabinoids, which is developing a pipeline of rare cannabinoid therapeutics and dedicated to delivering new treatment alternatives to patients that may benefit from cannabinoid-based pharmaceutical drugs. i.e. Alzheimer’s Disease, Glaucoma, & a rare genetic skin disease, Epidermolysis Bullosa (EB). Together with its subsidiary, BayMedica LLC, the Company has unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer markets, including pharmaceutical and health and wellness. If you missed this event, then you may now watch the event video at the Tribe Public YouTube Channel by clicking here.

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 $89, -15.24% over the last 5-days and is up 67.92% YTD.

On Aug. 14, Atossa announced financial results for the quarter ended June 30, 2023, and provides an update on recent company developments highlighted by the following: Achieved significant enrollment milestones in three ongoing Phase 2 clinical trials, Broadened patent protection for proprietary (Z)-endoxifen, Strengthened management team with appointment of Greg Weaver as Chief Financial Officer, & Ended second quarter 2023 with $99.4 million of cash and cash equivalents.

Azitra, Inc. a clinical-stage biopharmaceutical company focused on developing innovative therapies for precision dermatology, successfully priced their Initial Public Offering (IPO) on the NYSE with the ticker ‘AZTR’ on Friday, June 16, 2023 closed at $2.43 Friday.

On Aug. 14, Azitra reported financial results for the second quarter ended June 30, 2023. Francisco Salva, Chief Executive Officer of Azitra, commented, “We are extremely pleased with the exciting recent progress at Azitra, and we are thrilled to have closed on our initial public offering in June. This year, we have demonstrated the potential of our regulatory, manufacturing, and clinical capabilities that resulted in a new IND for ATR-12 for a Phase 1b clinical trial in Netherton syndrome. Additionally, we are very pleased with the recent progress of our platform and collaboration with Bayer.” Recent Business highlights were listed as follows:

Completed an initial public offering: In June, the Company raised $7.5 million in gross proceeds in an initial public offering before deducting underwriting discounts and offering expenses.
Announced key appointments to executive team and board of directors: The Company made several key appointments during recent months, including Travis Whitfill as Chief Operating Officer and Barbara Ryan and John Schroer to its board of directors.
Obtained IND clearance of ATR-12 for a Phase 1b clinical trial in Netherton syndrome

You can learn more about their company today at their website https://azitrainc.com.

On July 19, Azitra announced the addition of two members to its board of directors, biotech leaders Barbara Ryan and John Schroer.

Shares of ADT Inc. (ADT), the most trusted brand in smart home and small business security, closed at $6.35, -3.05% over the last 5-days.

On Aug, 9, ADT reported results for the second quarter of 2023 and highlighted the following:

Record high recurring monthly revenue balance and maintained record high customer retention,
Improved capital efficiency with record revenue payback of 1.9 years,
Positive net income with strong Adjusted EBITDA and operating cash flows, &
announced agreement to divest commercial business for $1.6 billion unlocking significant shareholder value; net proceeds to be used for debt reduction.

Shares of Seanergy Maritime Holdings Corp. (SHIP), the only pure-play Capesize ship-owner publicly listed in the U.S. closed at $5.40, +5.88% over the last 5 days. On Aug. 2, Seanergy announced its financial results for the second quarter and six months ended June 30, 2023. They highlighted that Fleet Time Charter Equivalent (“TCE” 3) overperformance of Baltic Capesize Index (“BCI”) by 20% in 2Q23 & 1H23, a Quarterly cash dividend of $0.025 per share for Q2 2023 – total cash dividends of $1.325 per share or $23.9 million declared since March 2022, a stock buyback of $1.6 million, or approximately 2% of its issued and outstanding shares – total repurchases of securities (common shares, convertible notes and warrants) of approximately $39.6 million since November 2021, an Agreement to acquire a 2011-built Newcastlemax dry bulk vessel through a 12-month bareboat charter with a purchase option, & $53.8 million in refinancings during the second quarter, on improved terms, adding $15.0 million of extra liquidity and removing any loan maturities until Q2 2025.

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 as we move forward!

Investing & Inspiration

“Endurance is nobler than strength, and patience than beauty.” – John Ruskin
“Act as if what you do makes a difference. It does.” – William James
“Let us be grateful to people who make us happy, they are the charming gardeners who make our souls blossom.” – Marcel Proust
“Strength and growth come only through continuous effort and struggle.” – Napoleon Hill
“Science may never come up with a better office communication system than the coffee break.” – Earl Wilson
“If everyone is moving forward together, then success takes care of itself.” – Henry Ford
“Hope is like the sun, which, as we journey toward it, casts the shadow of our burden behind us.”– Samuel Smiles
“Patriotism is supporting your country all the time, and your government when it deserves it.” – Mark Twain
“What would life be if we had no courage to attempt anything?” – Vincent Van Gogh
“The biggest risk is not taking any risk… In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerberg
“Our lives improve only when we take chances – and the first and most difficult risk we can take is to be honest with ourselves.” – Walter Anderson
“Action is the foundational key to all success.” – Pablo Picasso
“Success is never final, failure is never fatal. It’s courage that counts.” – John Wooden
“Innovation distinguishes between a leader and a follower.” – Steve Jobs
“All the art of living lies in a fine mingling of letting go and holding on.” – Havelock Ellis
“The size of your success is measured by the strength of your desire; the size of your dream; and how you handle disappointment along the way.” – Robert Kiyosaki
“O, wind, if winter comes, can spring be far behind?” – Percy Bysshe Shelley
“Patience is a virtue, and I’m learning patience. It’s a tough lesson.” – Elon Musk
“Be true to your work, your word, and your friend.” – John Boyle O’Reilly
“Believe in yourself! Have faith in your abilities! Without a humble but reasonable confidence in your own powers you cannot be successful or happy.” – Norman Vincent Peale
“Surprise is the greatest gift which life can grant us.” – Boris Pasternak
“Logic will get you from A to B. Imagination will take you everywhere.” – Albert Einstein
“It is the fight alone that pleases us, not the victory.” – Blaise Pascal
“Do exactly what you would do if you felt most secure.” – Meister Eckhart
“Life lived for tomorrow will always be just a day away from being realized.” – Leo Buscaglia
“Wisdom is oftentimes nearer when we stoop than when we soar.” – Wordsworth
“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
“A single twig breaks, but the bundle of twigs is strong.” – Tecumseh
“If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
“There is little that can withstand a man who can conquer himself.” – Louis XIV
“The limits of the possible can only be defined by going beyond them into the impossible.” – Arthur C. Clarke
“Be faithful in small things because it is in them that your strength lies.” – Mother Teresa
“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
“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
“No man was ever wise by chance.” – Lucius Annaeus Seneca
“Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
“It is not in the stars to hold our destiny but in ourselves.” – William Shakespeare
“It does not matter how slowly you go as long as you do not stop.” – Confucius
“I want to put a ding in the universe.” – Steve Jobs
“Research is creating new knowledge.” – Neil Armstrong
“The reward for work well done is the opportunity to do more.” – Jonas Salk
“Man is a creative retrospection of nature upon itself.” – Karl Wilhelm Friedrich Schlegel
“There’s something about taking a plow and breaking new ground. It gives you energy.” – Ken Kesey
“Success seems to be largely a matter of hanging on after others have let go.” – William Feather
“The essential conditions of everything you do must be choice, love, passion.” – Nadia Boulanger
“More business is lost every year through neglect than through any other cause.” – Rose Kennedy
“Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.” – Archimedes
“A person who won’t read has no advantage over one who can’t read.” – Mark Twain
“The best way out is always through.” – Robert Frost
“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