Stocks Take A Weekly Hit Heading Into The Labor Day Holiday – $INM $INVO Rise!

By John F. Heerdink, Jr.

Quote of the Day: “A person who won’t read has no advantage over one who can’t read.” – Mark Twain

Happy Saturday All!

I hope that you all had a great week and that your investment accounts rose once again this week. However, overall the markets took another relative nosedive heading into the Labor Day Weekend as growth concerns, interest rate hikes, & a decrease in liquidity plagued investors psyche. The week was full of macroeconomic reports (See “The MAC Reports” below) that helped produce the understanding and the markets sold off. Interestingly, the yield curve flattened this week, but remained inverted as the 2-yr note yield fell 1 basis point to end at 3.40% & the 10-yr note yield rose significantly by 16 basis points to end at 3.20%. Oil prices refreshingly pulled back by 6.4% to end at $87.09/bbl, a move that coincided with the members of G7 move to agree to add a price cap on exports of Russian oil. The US dollar remained extremely strong and rose +.71% over the last 5-days to end at $109.61.

The S&P 500 closed at 3,924.26 and down 3.3% for the week (-7.7% in 2-wks) and is now down 17.7% YTD. 11 of the 11 sectors closed in the red and overall the defensive sectors outperformed growth oriented sectors. The 2 worst performing sectors were the information tech sector and the materials sector that both dropped 5%. The Dow also closed a lower at 31,318.44 and down 3% for the week and is now down 13.8% YTD. The Nasdaq closed at 11,630.86 and down 4.2% weekly & is now down 25.7% YTD as the U.S. government slipped chipmaker NVIDIA (NVDA, $136.47, -16.07% over 5-days) with a new license requirement for China and Russian sales. Shares of heavily-weighted Apple (AAPL) also took a hit this and closed at $155.81, -4.77% over the last 5-days. With the overall negative movement and increased volatility exhibited by the major indices, the CBOE Volatility Index (^VIX) closed at $25..47, -.35%% over the last 5-days after last week’s 25% upward move. With all things growth seemingly in questions being sold he small caps on the Russell 2000 closed at 1,809.75 and down 4.7% for the week & is now down 19.4% YTD. The MicroCaps also moved back solidly as the iShares Micro-Cap ETF (IWC) closed at $112.90, -4.56% over the last 5-days and is now down 19.20% YTD.

THE MAC REPORTS

On Tuesday, the Conference Board’s Consumer Confidence Index report closed up to 103.2 in August. The July JOLTS Job Openings report came in totaling 11.239M. The June FHFA Housing Price Index report showed .1% upward tick. The June S&P Case-Shiller Home Price Index report moved up 18.6%

On Wednesday, the Weekly MBA Mortgage Applications Index report that confirmed a 3.7% drop. The August ADP Employment Change Report also reflected that an estimated 132k employees were added to private sector payrolls. The August Chicago PMI report clocked in at 52.2 & the Weekly EIA Crude Oil Inventories report confirmed a 3.33M barrel draw. Oil prices sank further by 2.4% to close at $89.41/bbl. However, the US treasury yield curve remained inverted as the 10-yr moved up 2 basis points to close at 3.13% & the 2-yr note dropped 2 basis points to close at 3.44%.

On Thursday, the August ISM Manufacturing Index report showed that it came in flat from July at 52.8%. The IHS Markit Manufacturing PMI report also confirmed that it moved up to 51.5 in the final reading for August. Note that the July’s final reading clocked in at 52.2. The Initial claims report for the week ending August 27 also showed a 5k drop to 232k. The continuing jobless claims report for the week ending August 20 also showed a 26k rise to 1.438M. The Q2 productivity report confirmed a solid 4.1% decline, however unit labor costs rose 10.2%. The total construction spending report showed a .4%M/M drop in July, while the total private construction report confirmed a .8% M/M decline. Total public construction rose 1.5%. Now, on a Y/Y basis, total construction spending jumped 8.5%. Lastly, the weekly natural gas inventories report showed 61 bcf rise.

On Friday, the August nonfarm payrolls report confirmed a 315k rise. The average hourly earnings edged higher by .3% M/M & interestingly the unemployment rate rose to 3.7% (+.2%), while the labor force participation rose to to 62.4%. The Factory orders for manufactured goods report also showed a 1% M/mM drop in July, while shipments of manufactured goods fell .9%.

BIOTECH

The biotech sector pulled back again this week.

The Nasdaq Biotechnology ETF (IBB) closed at $121.19, -1.43% over the last 5-days, & is down -20.59% YTD. The NYSE ARCA Biotech Index (^BTK) closed at 4,699.40, -.58% over the last 5-days. The SPDR S&P Biotech ETF (XBI) closed at $83.73, -1.54% over the last 5-days & is now down 25.21% YTD. The 52-week range is is now $61.78-$136.61.

EV, TECH, CONSUMER, FINANCIALS

Apple (AAPL) closed at $155.81, -4.77% over the last 5-days. Apple enjoys a 6.82% weighting in the S&P 500. Apple CEO Tim Cook set a Sept. 5 deadline for workers to be in the office at least three days a week recently and now the company is facing “a return office” war of sorts. By the way, it would appear that Apple is aiming to grab Facebook or Meta’s paying advertisers and has been hiring in this area.

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 $270.21, -6.21% over the last 5-days (nearly 10% over the last 10-days) after recently splitting their stock 3- 1.

On September 1, it was reported that Tesla sold 77k China-made cars last month, the China Passenger Car Association (CPCA) said Thursday, a 74% increase over the same period last year.

This week, Tesla CEO Elon Musk stated that the company is targeting the end of 2022 to have self-driving technology available for consumption in the US a& European markets, with a caveat that regulatory approvals will rule ultimately.

On Aug. 25, it was widely reported that California has approved, via the California Air Resources Board (CARB), a requirement for automakers to only sell new electric & certain hybrids in CA state by 2035.

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 $113.71, -.84% over the last 5-days.

On Sept 1, JPMorgan Chase & Co. has announced that on October 3, 2022 it will redeem all of the 250,000 outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series V (“Series V Preferred Stock”). The shares of Series V Preferred Stock are represented by 2,500,000 depositary shares (CUSIP: 48127FAA1), with each depositary share representing a one-tenth interest in a share of Series V Preferred Stock. The redemption price per share for the Series V Preferred Stock will be $10,000 (equivalent to $1,000 per depositary share).Payment of the redemption price will be made on the redemption date of October 3, 2022, upon presentation and surrender of the depositary receipts evidencing the depositary shares to be redeemed to Computershare Inc., as Depositary, at 150 Royall Street, Canton, Massachusetts 02021. Depositary shares held in book-entry form shall be surrendered in accordance with applicable procedures of The Depository Trust Company.

On Aug. 22, a PR was published stating that Black and Hispanic Americans prefer to have more control over their investments and care more about the social impact of companies they are investing in, according to new research from J.P. Morgan Wealth Management. J.P. Morgan surveyed more than 2,000 Americans this year to understand what motivates – or prevents – them from getting invested.

Amazon.com, Inc. (NASDAQ: AMZN) $127.51, -2.48% over the last 5-days. On August 30, Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN), announced the launch of its second Region in the Middle East, the AWS Middle East (UAE) Region. Starting today, developers, startups, entrepreneurs, and enterprises, as well as government, education, and nonprofit organizations will have even greater choice for running their applications and serving end users from data centers located in the United Arab Emirates (UAE), using advanced AWS technologies to drive innovation.

On Aug. 25, Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, announced that they had signed a hydrogen supply deal with Amazon to provide liquid green hydrogen starting in 2025 to help decarbonize Amazon’s operations as part of its commitment to be net-zero carbon by 2040. This deal with Amazon reportedly marks a growth opportunity for Plug and is expected to help the company toward its 2025 $3 billion revenue goal. This deal attests to Plug’s strategy to build an end-to-end green hydrogen ecosystem and provide integrated hydrogen solutions for its global customers.

Shares of Microsoft Corp. (MSFT) closed at $256.06, -4.49% over the last 5-days. Special Olympics is reportedly excited to showcase the second annual Gaming for Inclusion esports experience presented by Microsoft September 10, 2022.

Shares of Salesforce, Inc. (CRM) closed at $153.69, -6.98% over the last five days. On Aug. 29, Salesforce, the global leader in CRM, announced that Forrester has recognized MuleSoft as a Leader in The Forrester Wave™: API Management Solutions, Q3 2022. On Aug. 24, Salesforce, the global leader in CRM, announced results for its second quarter fiscal 2023 ended July 31, 2022. Salesforce reported revenue of $7.72 Billion, up 22% Y/Y. GAAP Earnings per Share (“EPS”) came in at $0.07 and Non-GAAP EPS of $1.19.

Shares of NVIDIA (NVDA), a pioneer in accelerated computing, closed at $136.47, -16.07% over the last 5-days. On Aug. 30, NVIDIA announced a new data center solution with Dell Technologies designed for the era of AI, bringing state-of-the-art AI training, AI inference, data processing, data science and zero-trust security capabilities to enterprises worldwide. The solution combines Dell PowerEdge servers with NVIDIA BlueField® DPUs, NVIDIA GPUs and NVIDIA AI Enterprise software, and is optimized for VMware vSphere 8 enterprise workload platform, also announced today. Enterprises can experience the combination of these technologies on NVIDIA LaunchPad, a hands-on lab program that provides access to hardware and software for end-to-end workflows in AI, data science and more. On Aug. 24, NVIDIA reported revenue for the second quarter ended July 31, 2022, of $6.70 billion, up 3% from a year ago and down 19% from the previous quarter. GAAP earnings per diluted share for the quarter were $0.26, down 72% from a year ago and down 59% from the previous quarter. Non-GAAP earnings per diluted share were $0.51, down 51% from a year ago and down 63% from the previous quarter. “We are navigating our supply chain transitions in a challenging macro environment and we will get through this,” said Jensen Huang, founder and CEO of NVIDIA.

Cathie Wood’s ARK Innovation ETF (ARKK) closed at $42.84, -5.25% over the last 5-days.

The Technology Select Sector SPDR Fund (XLK) closed at $139.88, -5.03% over the last 5-days and now +10% over the last 10-days.

Walt Disney Company (DIS) closed at $111.20, -2.52% over the last 5-days. On September 1, it was announced that Walt Disney’s Grumman Gulfstream I plane is making a cross-country journey to Anaheim, California, where it will be on display for fans attending the sold-out D23 Expo 2022 presented by Visa from September 9 through 11. D23 and the Walt Disney Archives, along with D23 Expo Platinum sponsor Amazon, have restored the plane’s exterior for guests to see in a specially curated exhibit in the Arena of the Anaheim Convention Center called Mickey Mouse One: Walt’s Plane presented by Amazon. The exhibit will highlight the history of the plane—also known as “The Mouse”—and showcase its significance in The Walt Disney Company’s history. In 1963, Walt Disney acquired the iconic Gulfstream that would come to be known as “The Mouse.” The interior of the plane, initially designed with creative input from Walt and his wife, Lillian, seated up to 15 passengers and included a galley kitchen, two restrooms, two couches, a desk, and nods to the mouse who started it all, including matchbooks and stationery adorned with a silhouette of Mickey Mouse. Mickey’s initials were eventually included in the tail number of the plane, too, as N234MM, in 1967. Throughout its 28 years of service to The Walt Disney Company, the plane flew 20,000 hours and transported an estimated 83,000 passengers before it was grounded.

Christine McCarthy, Senior Executive Vice President and Chief Financial Officer, The Walt Disney Company and Josh D’Amaro, Chairman, Disney Parks, Experiences and Products, will participate in a question-and-answer session at the 2022 Bank of America Securities Media, Communications & Entertainment Conference on Wednesday, September 7, 2022 at approximately 1:30 p.m. ET/ 10:30 a.m. PT.

On Aug. 15th, a report surfaced that Dan Loeb’s Third Point Capital had built a position and was negotiating for ESPN to be rolled out. Here’s Disney’s response.

Recently, 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 $254.51, -.95% over the last 5-days. On Aug. 25th, McDonald’s hired Jon Banner as global chief impact officer and who clocked in 10 years at PepsiCo as head of communications &co-creating the company’s sustainability vision.

GOLD & SILVER

Gold prices closed at $1,716/oz., -$27/oz. & silver prices closed at $18.10/oz., -$.83/oz. for the week.

Hecla Mining (HL) closed at $3.90, -4.41% over the last 5-days & First Majestic (AG) closed at $7.32, -3.68% 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 $8.88, -3.16% over the last 5-days. On Aug. 25, Fathom Events, owned by AMC Entertainment Inc. (NYSE: AMC); Cinemark Holdings, Inc. (NYSE: CNK); and Regal, a subsidiary of the Cineworld Group (LSE: CINE.L) and Sonovision announced the release of the new documentary film SAINT MICHAEL: MEET THE ANGEL in theaters for one-night-only on Thursday, September 29. 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 $27.36, -11.57% over the last 5-days. On Aug. 25, GameStop announced that it will report second quarter fiscal 2022 results after the market closes on Wednesday, September 7, 2022. The Company will host an investor conference call at 5:00 pm ET on the same day to review its results. This call and all supplemental information can be accessed on GameStop’s investor relations website: https://investor.gamestop.com. The phone number for the investor conference call is 1-877-407-6169 and the confirmation code is 13732487.

Shares of Bed Bath and Beyond (BBBY) fell to close at $8.63, -19.35% over the last 5-days. On Sept. 1, Bed Bath & Beyond Inc. announced the successful completion of its previously disclosed financing agreements. The Company has secured more than $500 million of new financing, including its newly expanded $1.13 billion asset-backed revolving credit facility (“ABL facility”) and a new $375 million “first-in-last-out” facility (“FILO facility”). The refinancing of the ABL facility was led by J.P. Morgan, and Sixth Street Partners is serving as the Lender and Agent for the Company’s FILO facility. The enhanced liquidity is expected to be utilized to support immediate strategic priorities to drive traffic and sales and gain back customer relevance, including rebalancing the assortment and inventory position.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) closed at $.5263, -7.67% 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 declare a dividend of $0.025 Per Share.

CRYPTO & BITCOIN

Bitcoin (BTC) closed at $19,985.57, -1.54% over the last 5-days.

ENERGY

The Energy Select Sector SPDR Fund or ETF (XLE) closed at $79.96, -3.48% over the last 5-days. Chevron (CVX) closed at $157.85, -3.40% over the last 5-days.

Oil prices closed at $87.09, -6.4% for the week.

NEXT WEEK

On Monday the stock market will be closed to observe Labor Day in the US and then we will have 4 normal trading days thereafter.

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 $26.72, -2.94% 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 $.9128, -4.92% over the last 5-days.

On Aug. 25th, Atossa’s CEO, Dr. Steven Quay, M.D., Ph.D., and Kyle Guse, GC & CFO presented at Tribe Public’s Webinar Presentation and Q&A Event. During this complimentary event, Atossa management spoke of new opportunities for its inhalation therapy, AT-H201, to potentially treat lung injury caused by cancer treatment and were available for a Q&A session focused on Atossa’s research programs and future development. To watch the event video titled “The Important Role For Inhalation Therapy In Oncology” please visit the Tribe Public YouTube Channel.

- 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 $.1.03/share, +3.52% over the last 5-days. The 52-wk range is $.63 – $4.28.

- On Aug. 25th, INVO Bioscience announced that Advanced Reproductive Centre, Hospital Canselor Tuanku Muhriz (HCTM), formally known as Hospital Universiti Kebangsaan Malaysia (HUKM), based in Kuala Lumpur, Malaysia, is making IVC available for their patients. The move follows the successful completion of the first IVC case in the country recently with data presented at the Obstetrical and Gynecological Society of Malaysia (“OGSM”) where it was awarded a prize as a new and innovative fertility treatment. A signing ceremony announcing the launch of IVC was witnessed by the Minister of Science and Innovation and Deputy Secretary General. HCTM, one of the five university hospitals in Malaysia, is currently the highest volume fertility center in the country. Steve Shum, CEO of INVO Bioscience, commented, “We are excited that INVOcell will officially be commercialized at HCTM in Kuala Lumpur following the successful presentation of data at OGSM and government support by the Minister of Science and Innovation and Deputy Secretary General. HCTM will start offering IVC both in their public and private sectors with an expectation to complete a number of cycles by the end of 2022. We are also working with partners in Malaysia to open up an INVO Centers in their existing practice as we strive to bring our innovative advanced fertility treatment to the people of Malaysia.”

- 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 $.3203/share, 23.19%. Please visit the INM page at our website to learn more and check out the videos section too. The 52-wk range is $.25 – $2.50.

- On Aug. 23, InMed announced that it will be consolidating all of its issued and outstanding share capital on the basis of one (1) post consolidation share for each twenty five (25) preconsolidation common shares of the Company (the “Consolidation”) in order to regain compliance with all of Nasdaq’s continued listing requirements. The Consolidation will result in the number of issued and outstanding common shares of the Company being reduced from 18,014,937 to approximately 720,597 common shares on a non-diluted basis and each shareholder will hold the same percentage of common shares outstanding immediately after the Consolidation as such shareholder held immediately prior to the Consolidation.

- 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.

Shares of Chinook Therapeutics, Inc. (KDNY), a biopharmaceutical company focused on the discovery, development and commercialization of precision medicines for kidney diseases, closed at $21.22, + .47% 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

“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