Zacks Small Cap Research Press Releases

ORMP: Strategically Acquiring Interests in Medtech & Technology Companies

Mon, 08 Jun 2026 13:08:00 -0400

NASDAQ: ORMP

Strategically acquiring controlling interests in portfolio of companies

Oramed Pharmaceuticals (NASDAQ: ORMP) is transitioning its business model to encompass strategically operating medical technology businesses through the acquisition of controlling interests in a portfolio of entities. ORMP’s strategy is to then take responsibility for appointing and overseeing management teams of companies in which it has invested, designing and executing clinical trial programs, and supporting their capital markets activities – including investor relations – and advancing their go-to-market commercialization strategy and long-term business development, among other activities. Several recent investments have yielded strong returns, and ORMP is optimistic about its ability to continue to create shareholder value by actively operating the businesses of companies in which it has a majority stake.

Aligned with this focus, ORMP, Corner Capital Management, LLC, and investor Ben Shapiro have launched the Corner Ally Ventures fund focused on investments in Israeli technology companies. The fund’s initial capital closing is expected in 3Q26.

Lifeward transaction

In addition, Oramed recently invested in Lifeward (NASDAQ: LFWD). ORMP CEO Nadav Kidron and ORMP Chief Scientific Officer Miriam Kidron, Ph.D., were appointed to LFWD’s board. Lifeward is a medical device company focused on devices to aid physical rehabilitation and recovery. Its initial products were robotic exoskeletons, including the ReWalk Personal and ReWalk Rehabilitation Exoskeleton for people with spinal cord injury (SCI). Oramed will receive 4% of net sales from the ReWalk franchise, Lifeward’s flagship product line. In addition to ReWalk, Lifeward has expanded its focus organically and through strategic transactions such as acquiring certain technology assets from Skelable Ltd., the developer of a robotic upper body orthotic device with AI capabilities.

Lifeward’s President and CEO, Mark Grant, has extensive experience in pharma, specifically focusing on diabetes, which has been ORMP’s historical focus of clinical development activities. He has more than 25 years of healthcare and medical technology experience, including serving as VP of the Americas for Medtronic’s diabetes business, exceeding $1.5 billion in annual revenue, as well as diabetes-focused roles at Bristol Myers Squibb, according to the company. Arguably, his experience and existing relationships in the space could potentially enable synergies with ORMP’s clinical development efforts and were likely an important factor in advancing this deal, in our view.

Oramed believes Lifeward’s product portfolio is positioned for strong growth and that this transaction can enhance shareholder value by retaining participation in the oral drug delivery program and innovations, and enabling participation in a medical robotics company. According to Lifeward, the transaction and funding are intended to give Lifeward a cash runway to profitability and diversify its portfolio across MedTech and BioTech.

Oramed transferred its proprietary Protein Oral Drug POD™ delivery technology to Lifeward and expects to fund and manage the upcoming anticipated ORMD-0801 oral insulin Phase 2 trial under a clinical trial management agreement. The trial is expected to commence in the near-term. To enhance its financial flexibility, ORMP has filed a registration statement for its LFWD shares.

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RNAZ: Introducing RNA Therapeutics

Mon, 08 Jun 2026 09:27:00 -0400

By John Vandermosten, CFA

NASDAQ: RNAZ

READ THE FULL RNAZ RESEARCH NOTE

RNA Oncology

Ribonucleic acid (RNA) oncology is a specialized field in the cancer space that focuses on using RNA-based molecules to diagnose, monitor, and treat cancer. This class of therapeutics was pioneered with the development of antisense oligonucleotides (ASOs) in the late 1970s^[1] and the discovery of RNA interference (RNAi) in the 1990s, which revealed the ability of RNA to regulate gene expression at the post-transcriptional level.^[2]

RNA is the messenger that translates genetic code into proteins. Traditional oncology often targets DNA or proteins, while RNA oncology targets the instruction layer in between. MicroRNA (miRNA) therapeutics are distinct from but often grouped alongside other RNA oncology modalities like siRNA (RNAi), messenger RNA (mRNA) therapeutics, ASOs, and aptamers. TransCode Therapeutics’ (NASDAQ: RNAZ) TTX-MC138 is technically delivered as an ASO/antagomir but functionally operates through miRNA inhibition; thus, it bridges the ASO and miRNA therapeutic categories.

Therapeutic RNA works by either introducing new instructions to the body or by blocking unwanted instructions that drive cancer growth. One category of RNA therapeutics is mRNA vaccines. Similar to the technology used in Pfizer’s and Moderna’s COVID-19 vaccines, cancer mRNA vaccines instruct the immune system to recognize specific proteins (neoantigens) on the surface of a patient's tumor. The goal is to trigger a targeted immune response to destroy the cancer cells. Another approach is RNA Interference (RNAi). This uses small RNA molecules, such as siRNA, to silence specific genes. If a cancer cell is overproducing a protein that helps it survive or resist chemotherapy, RNAi can be used to deactivate that instruction. Yet another therapeutic RNA class is Antisense Oligonucleotides (ASOs). These are synthetic, single-stranded RNA or DNA strings that bind to a specific mRNA. The binding can physically block the translation of harmful proteins or cause the target mRNA to be degraded.^[3]

Most of our genome produces RNA that doesn't code for proteins. For a long time, it was considered junk DNA, but research shows that these non-coding RNAs (like miRNA and long non-coding RNA) act as master regulators of cell behavior. In many cancers, these regulators allow for uncontrolled cell growth. RNA oncology seeks to restore balance by inhibiting microRNAs that promote cancer or replacing tumor-suppressor RNAs that have been lost. RNA has a few distinct advantages over traditional drugs. It provides versatility that can target proteins previously considered undruggable because they lacked a traditional binding pocket for small-molecule drugs.

Once the genetic sequence of a tumor is known, RNA-based therapies can be designed and manufactured relatively quickly. Targeting RNA does not require genomic alteration which eliminates the risk of permanent genome alteration. Unlike gene therapy that edits DNA, RNA is transient. It does its job and then degrades, which reduces the risk of permanent, unintended genetic changes.

One of the limitations and future areas of focus is extrahepatic delivery of RNA therapeutics. In part, the difficulty arises from the use of common non-viral carriers such as lipid nanoparticles and GalNAc (N-acetylgalactosamine) conjugates as they exhibit strong hepatic tropism.^[4] Targeting areas in the CNS, lung, and tumors is inefficient, and new delivery mechanisms are being developed to access these tissues and organs. These modalities include hybrid carriers, nanoparticle surface modifications, and exploratory ligands targeting tumor associated antigens or other components of the tumor microenvironment.^[5]

Tumors are especially difficult to penetrate given their dense extracellular matrix, stromal barriers, high interstitial fluid pressure, and convoluted vasculature. One approach to address this shortcoming includes encapsulating therapeutics in nanoparticles, which can extend the half-life of the drug and increase the likelihood of delivery. Another approach is to use polymer-based vectors and exosome-based delivery systems.^[6]^,[7] Many miRNA candidates have stalled in trials due to insufficient extrahepatic efficacy, even when using advanced carriers. In many cases, a low efficiency of delivery requires high doses, which can have safety concerns such as immune activation and off-target gene silencing. TransCode has advanced a new approach to improve delivery, which employs an iron oxide core that has been optimized to carry various payloads. It allows systemic delivery of nucleic acids to tumors and metastases outside the liver. The iron oxide core avoids ApoE-mediated hepatocyte uptake while the tumors are attracted to the sugars that comprise the nanoparticle’s dextran coating. This promotes rapid, preferential internalization by malignant cells while sparing normal tissue. The small size and positive charge of the nanoparticle allow it to penetrate the tumor and be endocytosed into the cell. Once inside the cell, the disulfide linker cleaves, releasing the miRNA inhibitor. The oligonucleotide then finds and binds to miR-10b and silences the RNA molecule.

miRNA

MicroRNAs are short, 19–24 nucleotide, non-coding RNAs that act as the genome’s master regulators. The nucleotides exert their influence on cells by binding and silencing target mRNAs. Unlike siRNA, which usually corresponds to a single gene, one miRNA can regulate hundreds of genes simultaneously, making them powerful tools for treating complex diseases like cancer. They play an important role as gene regulators and impact physiological processes associated with disease. miRNAs require only partial complementarity to recognize their targets and can bind to many different mRNAs with varying levels of affinity.

miRNAs are naturally transcribed from miRNA genes by the cell’s transcription machinery. The machinery relies on RNA polymerase and the epigenetic control of DNA methylation and histone modifications. Anti-miRNAs, which are also known as anti-miRNA oligonucleotides, are synthetic molecules designed to inhibit the activity of miRNAs. The anti-miRNAs bind to their target and sequester it, thus preventing its interaction with the complementary mRNAs.^[8]^,[9]

miRNAs play a critical role in tumorigenesis. They regulate key cellular processes such as proliferation and apoptosis, making them promising targets for cancer therapeutics. miR-155 was among the first oncogenic miRNAs identified and is highly expressed across multiple cancer types. Similarly, miR-21 is frequently upregulated in a wide range of both hematologic and solid malignancies. In addition to their oncogenic functions, miRNAs can also act as tumor suppressors by preventing the malignant transformation of normal cells. For example, miR-15a/16-1 negatively regulates cell proliferation, promotes apoptosis, and inhibits cell cycle progression in human cancer cell lines. Conversely, a 2013 study demonstrated that the absence of miR-155 impaired the accumulation of effector CD8⁺ T cells, resulting in increased susceptibility to both acute and chronic viral infections, as well as diminished anti-tumor immune responses. The molecule’s pleiotropic profile illustrates its complexity and broad implications.^[10]

Anti-miRNA can be used to inhibit oncogenic miRNAs using antisense oligonucleotides, antagomiRs, or miR-decoys. Delivery of these nucleotides is a challenge, and attempts have been made to transport them using lipid nanoparticles, viral vectors, and exosomes, among others.^[11] miRNA can also improve the performance of other drugs in combination. For example, Cochrane, et al. pointed out that restoration of miR-200c substantially increases sensitivity to microtubule-targeting agents such as paclitaxel.^[12]

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________________________

^[1]^{Zamecnik, P.C., Stephenson, M.L. Inhibition of Rous sarcoma virus replication and cell transformation by a specific oligodeoxynucleotide. Proceedings of the National Academy of Sciences (PNAS). January 1978.}

^{[2] Fire, A., et al. Potent and specific genetic interference by double-stranded RNA in Caenorhabditis elegans. Nature. February 1998.}

^{[3] Singh, A., et al. Advancements in RNA-based therapies from bench to bedside. Drug Discovery. February 2026.}

^{[4] Lee, J.W., et al. RNAi therapies: Expanding applications for extrahepatic diseases and overcoming delivery challenges. Advanced Drug Delivery Reviews. October 2023.}

^{[5] Makkar, S.K. Advances in RNA-based therapeutics: current breakthroughs, clinical translation, and future perspectives. Frontiers in Genetics. October 2025.}

^{[6] Gareev, I., et al. Methods of miRNA delivery and possibilities of their application in neuro-oncology. Non-coding RNA Research. October 2023.}

^{[7] Vaumann, V., Winkler, J. miRNA-based therapies: Strategies and delivery platforms for oligonucleotide and non-oligonucleotide agents. Future Medicinal Chemistry. May 2015.}

^{[8] Makkar, S.K. Advances in RNA-based therapeutics: current breakthroughs, clinical translation, and future perspectives. Frontiers in Genetics. October 2025.}

^{[9] Otmani, K., et al. The regulatory mechanisms of oncomiRs in cancer. Biomedicine & Pharmacotherapy. February 2024.}

^{[10] Dudda, J.C. et al. MicroRNA-155 Is Required for Effector CD8+ T Cell Responses to Virus Infection and Cancer. Immunity. April 2013.}

^{[11] Wu, H.H., et al. How MicroRNAs Command the Battle against Cancer. International Journal of Molecular Sciences. May 2024.}

^{[12] Cochrane, D.R., et al. MicroRNA-200c mitigates invasiveness and restores sensitivity to microtubule-targeting chemotherapeutic agents. Molecular Cancer Therapeutics. May 2009.}

INNMF Advancing Cancer Treatments

Fri, 05 Jun 2026 13:05:00 -0400

By Brad Sorensen, CFA

OTCQB: INNMF

READ THE FULL INNMF RESEARCH REPORT

Amplia Therapeutics (OTCQB: INNMF) is a clinical-stage drug development company that has a compelling oncology story centered on a differentiated scientific approach and a focused clinical strategy targeting some of the most difficult-to-treat cancers, including pancreatic cancer and ovarian cancer. The company’s pipeline is built around its lead asset, narmafotinib (AMP945), a highly selective inhibitor of focal adhesion kinase (FAK), an enzyme that plays a critical role in tumor growth, metastasis, and the dense stromal environment that makes cancers such as pancreatic tumors particularly resistant to treatment. By inhibiting FAK, narmafotinib is designed to disrupt tumor cell signaling while also modifying the tumor microenvironment, potentially making cancers more responsive to chemotherapy and improving patient outcomes.

The company’s strategy is focused at the present time on two key studies, ACCENT and PRROSE, the first focused on advanced pancreatic cancer, and the second on ovarian cancer, both diseases with historically poor survival rates. The ACCENT trial represents the most encouraging near-term value driver. In this study, narmafotinib is combined with the chemotherapy combination of gemcitabine and nab-paclitaxel (Abraxane), a regimen widely viewed as more tolerable than other combinations. Data from the trial have demonstrated response rates and progression-free survival outcomes that compare favorably to historical benchmarks for chemotherapy alone, suggesting that the addition of a FAK inhibitor may enhance treatment efficacy without introducing significant additional toxicity (see below Figure). This balance of improved efficacy and manageable safety is particularly important in pancreatic cancer, where patient tolerability often limits treatment intensity, and positions narmafotinib as a potentially meaningful advancement in the standard of care if results continue to mature positively.

The PRROSE trial is investigating narmafotinib in combination with standard chemotherapy agents carboplatin and paclitaxel in women with high-grade serous ovarian cancer who have not responded adequately to initial platinum-based chemotherapy before surgery.

Beyond pancreatic and ovarian cancer, Amplia’s FAK inhibitor platform has broader potential applications in other fibrotic tumors and even non-oncology indications such as idiopathic pulmonary fibrosis, reflecting the central role of FAK signaling in both cancer progression and fibrotic disease and demonstrating the large potential upside Amplia has.

With an estimated 53,000 people expected to die from pancreatic cancer in 2026 in the US alone, the need for better and more effective treatments is urgent, and Amplia Therapeutics is giving hope to patients that the number of deaths may start to decrease. Doctors have described the process of finding a “cure” for pancreatic cancer as similar to attacking a large dam with pickaxes, with multiple pickaxes working on various parts of the wall. When the right pickaxes come together, the dam will break and a “cure” will be available—we believe that narmafotinib is one of those axes. With prospects like that, we believe INNMF is worth a look for investors with a longer time horizon and higher risk tolerance, with encouraging test results and solid management practices boding well for the future.

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IMNN: $10 Million Financing to Advance Phase 3 OVATION 3 Trial

Fri, 05 Jun 2026 10:40:00 -0400

By David Bautz, PhD

NASDAQ: IMNN

READ THE FULL IMNN RESEARCH REPORT

Business Update

$10 Million Financing to Advance Phase 3 OVATION 3 Trial

On May 4, 2026, Imunon, Inc. (NASDAQ: IMNN) announced a uniquely structured financing expected to provide up to $10 million in gross proceeds, helping to bolster the company's balance sheet as it advances enrollment in the pivotal Phase 3 OVATION 3 study of IMNN-001 in newly diagnosed advanced ovarian cancer. The financing consists of $2.5 million of non-convertible preferred stock and $7.72 million of secured promissory notes with 18-month maturities. Unlike many financings for small-cap biotechnology companies, the transaction does not include warrants and avoids the substantial discounts to market that often accompany traditional equity offerings.

At closing, Imunon received $10 million from the investor, with approximately $5 million immediately available to support operations and the remaining $5 million held as collateral backing a secured note structure. Importantly, the company can progressively unlock portions of the collateralized funds as it repays or redeems portions of the financing, creating a flexible source of future liquidity without requiring additional capital raises. This structure effectively provides Imunon with access to capital while preserving optionality as clinical milestones are achieved.

Management emphasized that the financing was specifically designed to support continued enrollment in OVATION 3 while maintaining a disciplined approach to capital management. The additional liquidity reduces near-term financing pressure and provides the company with greater flexibility to execute its clinical strategy from a stronger balance sheet position.

From a shareholder perspective, the transaction compares favorably to a conventional equity raise. The preferred shares are non-convertible, eliminating a potential source of future share issuance, while the absence of warrant coverage reduces long-term dilution overhang. In addition, the financing structure allows management to access additional capital through the release of collateralized funds as certain repayment thresholds are met, potentially reducing the need for future equity issuance.

Imunon recently announced updated data from the Phase 2 OVATION 2 trial of IMNN-001 in women with newly diagnosed ovarian cancer. Previously, the company had reported an 11.1-month increase in overall survival (OS) (40.5 vs. 29.4 months) in the IMNN-001 treatment arm compared to standard of care (SoC) chemotherapy alone. The updated data shows a median 14.7-month increase in OS (45.1 vs. 30.4 months) in women in the IMNN-001 treatment arm compared to SoC chemotherapy. In addition, for women being treated with IMNN-001, SoC chemotherapy, and poly ADP-ribose polymerase (PARP) inhibitors, the increase in median OS is now 24.2 months (65.6 vs. 41.4 months) compared to SoC chemotherapy and PARP inhibitors.

These results continue to show the positive impact that IMNN-001 is having on patients with newly diagnosed advanced ovarian cancer. There have been few notable advancements in the SoC for ovarian cancer in the past 30+ years, thus the now 14.7-month increase in OS, if it can be replicated in the ongoing Phase 3 OVATION 3 trial, could lead to a paradigm shift in how these patients are treated. Lastly, the increase in OS was accomplished with a favorable safety and tolerability profile and is another reason why IMNN-001 has received such a positive response from the medical community.

Conclusion

Overall, we view the recent financing as an important bridge that extends IMUNON's financial flexibility during a critical phase of development. While the transaction introduces modest debt obligations, its non-dilutive features, lack of warrants, and company-controlled access to capital make it substantially more shareholder-friendly than many alternative financing options available to development-stage biotechnology companies. As we had already accounted for financings in our model, our valuation remains at $25 per share.

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NewGenIVF Deepens Commitment to K25.ai with Additional $4 Million Investment

Thu, 04 Jun 2026 11:09:00 -0400

By Brad Sorensen, CFA

NASDAQ: NIVF

READ THE FULL NIVF RESEARCH REPORT

NewGenIVF Group's (NASDAQ: NIVF) announcement that it has exercised its top-up option and invested an additional $4 million into K25.ai represents a significant strategic milestone for the company. The transaction increases NewGen's ownership stake in the AI-native prediction market platform from 2% to 6%, bringing its total investment in K25.ai to $6 million and providing investors with a clearer picture of management's long-term vision for the company.

While NewGenIVF was originally known as a fertility and reproductive healthcare company operating IVF clinics throughout Asia, the company has undergone a dramatic transformation over the past two years. Management has increasingly repositioned NewGen as a diversified growth platform with exposure to real estate development, digital assets, artificial intelligence, decentralized finance, and emerging technology opportunities. The K25.ai investment appears to be one of the clearest examples yet of that strategic evolution.

The most important aspect of today's announcement is that management chose to deploy an additional $4 million only weeks after making its initial $2 million investment. Rather than simply retaining the option to invest further, NewGen acted quickly to increase its ownership position to 6%, suggesting a high level of conviction in both K25.ai's business prospects and the broader prediction market opportunity. This move effectively transforms K25.ai from a speculative portfolio investment into one of NewGen's most significant strategic assets.

K25.ai operates an AI-powered prediction market platform focused on Asia-Pacific markets. The company combines artificial intelligence, live-streaming content, creator communities, and prediction-based engagement to create interactive information markets around sports, entertainment, esports, and other live events. According to the company's announcement, the global prediction market industry processed more than $458 billion in volume during 2025, while industry forecasts project the sector could reach $1 trillion by 2030. NewGen's larger ownership position gives shareholders significantly greater exposure to what management believes is one of the fastest-growing categories in digital finance and information markets.

From a financial perspective, the transaction has several potentially attractive implications. First, NewGen's 6% stake carries a stated value of approximately $6 million based on K25.ai's $100 million valuation. Management noted that this stake alone exceeds NewGen's market capitalization as of June 3, 2026, highlighting what the company views as a disconnect between its public valuation and the value of its underlying assets. Second, NewGen still retains the option to acquire an additional 4% ownership interest, which could eventually raise its stake to 10% if management chooses to exercise the remaining option.

Equally important is what today's announcement says about NewGen's future strategic direction. Alongside the investment, the company formally adopted a Digital Asset Treasury Strategy designed to accumulate and hold digital assets such as Bitcoin and Solana while pursuing exposure to AI, digital assets, and information markets. Management stated that the strategy is intended to strengthen reserves, diversify assets, and create long-term shareholder value through exposure to high-conviction growth themes. This represents a notable shift away from a traditional healthcare operating company model toward a technology and digital asset-focused capital allocation strategy.

The company also announced plans to bring K25.ai founder Andy Cheung and two additional K25.ai co-founders onto NewGen's board of directors. Cheung's background includes senior leadership roles at OKX, Groupon Hong Kong, and other technology businesses, and his involvement could provide NewGen with additional expertise in digital assets, AI-driven platforms, and technology scaling. For investors, the board expansion suggests that NewGen intends to deepen its integration with K25.ai and further align itself with emerging technology sectors.

Taken together, today's announcement appears to represent much more than a simple portfolio investment. The additional $4 million commitment, the adoption of a digital asset treasury strategy, and the planned addition of technology-focused directors all point toward a company that is deliberately reinventing itself around AI, digital assets, and next-generation financial infrastructure. For investors who believe prediction markets, artificial intelligence, and digital assets will become increasingly important components of the global economy, NewGen's decision to substantially increase its K25.ai position should be viewed as a strong signal of management's conviction and a potentially important catalyst for future value creation.

We are excited to see 2026 evolve and are anxious to learn how management of the company successfully manages this broad category of assets, and believe investors should take a good look at NIVF.

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FBLG: Phase 1/2 Trial of CYWC628 Underway

Thu, 04 Jun 2026 10:02:00 -0400

By David Bautz, PhD

NASDAQ: FBLG

Business Update

Phase 1/2 Trial of CYWC628 Underway

On June 3, 2026, FibroBiologics, Inc. (NASDAQ: FBLG) announced that the first patients have been dosed in the Phase 1/2 trial of CYWC628, the company’s allogenic fibroblast cell therapy that is being developed for the treatment of diabetic foot ulcers (DFUs). Approximately 120 individuals are expected to be enrolled in the study that will test topically administered allogenic fibroblast-spheroid cell-based therapy compared to standard of care (SoC). Treatment will last for up to 12 weeks with either a high or low dose of CYWC628 plus SoC or SoC alone. Outcomes being examined include safety and wound healing, along with the collection of key clinical data to support CYWC628 as a potential cell therapy for chronic wound management. An interim analysis will be performed following six weeks of treatment to assess the safety and efficacy endpoints.

Fibroblasts have excellent therapeutic potential in the treatment of DFUs due to the critical role they play in every stage of wound healing, including hemostasis, inflammation, proliferation, and remodeling. Importantly, fibroblasts are the key cells that secrete extracellular matrix proteins that maintain all the tissues and organs in the body.

The company does not utilize single cell fibroblasts for treatment, but instead a fibroblast spheroid, which is composed of approximately 3,000 fibroblasts and is administered to the top of the wound, at which time the cells migrate from the surface of the wound and release various cytokines and growth factors to initiate the wound healing process. The use of spheroids is more practical from a therapeutic perspective as they have higher viability than single cells, they don’t require pre-culturing before administration, they can be easily frozen and thawed, and they have a significantly higher potency and efficacy compared to single cells.

Background on Diabetic Foot Ulcers

Diabetic foot ulcers (DFUs) affect approximately 19 million individuals worldwide, with approximately 1.6 million in the U.S. (Armstrong et al., 2023). It’s estimated that approximately 19-34% of patients with diabetes will develop a foot ulcer during their lifetime and the incidence rate for recurrence is 40% within one year and 65% within five years (Armstrong et al., 2017). Two of the leading risk factors for developing foot ulcers are peripheral neuropathy (sensory, motor, and autonomic) and peripheral vascular disease. These conditions can combine to cause alterations to a patient’s foot and decrease their awareness to injuries, thus resulting in ulcer formation.

Standard treatment for DFUs includes debridement, off-loading, managing any infection, moisture control, and adequate glycemic control. Chronic foot ulcers that are resistant to treatment are the precursors to amputation in 80% of cases. Approximately 50-60% of ulcers become infected and require broad spectrum antibiotics, with 20% of moderate to severe infections leading to lower extremity amputations. Diabetics who develop a foot ulcer have a 5-year mortality rate of approximately 30%, which then exceeds 70% for those with an amputation (Armstrong et al., 2023). Hence, the necessity to quickly treat diabetic foot ulcers is of the utmost importance for a patient’s health.

FibroBiologics has conducted preclinical experiments for the treatment of wounds in a diabetic mouse model. The following graph shows wound closure following a single treatment of a wound with control, an FDA approved DFU treatment (Grafix™), and fibroblast spheroids. The results show that there was a 58.5% reduction in wound size within four days of treatment for the fibroblast spheroid-treated wounds compared to a 34.5% reduction in wound size for Grafix and 22% for control-treated wounds, which was significant at all time points evaluated.

A separate model tested the ability of multiple treatments to improve wound closure. The following graph shows wound closure following four treatments with a control, Grafix, and fibroblast spheroids. The results show that at Day 19, there was an average 83.8% wound closure for fibroblast spheroid-treated wounds compared to 66.0% for Grafix (P<0.05) and 51.2% for control-treated wounds (P<0.01).

Conclusion

The initiation of the Phase 1/2 trial of CYWC628 is a major milestone for FibroBiologics. The company has compiled extensive preclinical data showing the potential for fibroblast therapy in the treatment of chronic wounds and we look forward to the results from the Phase 1/2 trial. These data will be critical to the company both to better understand the role fibroblasts can play in healing DFUs as well as how fibroblast-based therapy can be utilized to treat chronic disease conditions.

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Clip Money Reports 81% Revenue Growth for Q1 2026 and Adds its First Bank Customer

Thu, 04 Jun 2026 09:32:00 -0400

By Lisa Thompson

OTC: CLPMF

READ THE FULL CLPMF RESEARCH REPORT

Clip Money (OTC: CLPMF) reported an impressive Q1 with gross margins popping to 22% from 9% in Q4 and negative 4% in last year’s quarter. The gross margin increased because of improved transaction economics and the distribution of volumes more broadly across the network. We expect the gross margin to increase sequentially to reach 30% by Q4, and ultimately end up at around 40-50%. Higher margins are also decreasing the cash burn. In Q1, the company only used $900,000 versus $1.1 million last year and $1 million in Q4 (despite higher revenues). We expect that Clip Money will need only one more cash raise of approximately $2-3 million to reach cash flow break-even, which is on track for Q1 2027, if not sooner. After that, the company will increase its sales to more aggressively scale and start to pay down debt. Thus far, to manage cash burn and minimize shareholder dilution, management has leveraged channel partners to support sales and marketing efforts.

As exciting as the improved profitability is, another milestone is that Clip Money went live with its first bank customer. This bank has a handful of commercial customers using the Clip Network to facilitate deposits for the bank in locations where the bank does not have a branch. The bank is a sales channel and commercial partner to bring more businesses into the Clip Money network.

Clip Money had 4,493 customer locations at the end of Q1 compared to 4,438 customer locations at year’s end. Key existing clients, including Hot Topic, Genesco, Dry Goods, Lids, Miss A, and Pac Sun, increased their locations. Additionally, in the quarter, a new, unannounced, and unnamed national retailer with over 400 total locations was onboarded.

The company ended the quarter with 536 ClipDrops installed, up from 473 last year, adding a net of 63 boxes. This brings the total to over 8,100 locations, including Green Dot and ATMs where customers can use Clip Money services.

Clip Money’s revenues grew 143% in 2025 and should grow over 90% in 2026. It is already at a $7.1 million revenue run rate and has been ramping revenues as it adds customers and expands its network. The company trades at a $14.0 million market cap and a $30.4 million enterprise value. We expect revenues to reach or exceed $11 million in 2026 and $16 million in 2027. At a growth rate of 92% this year and 50% next, we believe the company is worth at least 3.0 times 2027 revenues or $0.30 per share.

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MRDN: Popular Former Footballer as Brand Ambassador in Brazil; Expanded Serbia Reach

Wed, 03 Jun 2026 17:25:00 -0400

By M. Marin

NASDAQ: MRDN

READ THE FULL MRDN RESEARCH REPORT

Famous brand ambassador with same origins as MRDN to help market & expand brand reach beyond traditional sports betting

Meridian Holdings Inc. (NASDAQ: MRDN) licenses and operates online sports betting and gaming platforms globally. Meridian continues to advance its B2B and B2C expansion strategy, and core Meridianbet operations continue to scale, remaining focused on growth, organically and using strategic M&A that prioritizes acquisitions in high-barrier markets with limited licensing to complement organic growth.

Last week, MRDN announced that Serbian-born former football (soccer) player Dejan Petković has signed an agreement to become the company’s Global Brand Ambassador. Dejan Petković, known as Pet, is currently a television personality and analyst. He is regarded as one of the best-known and popular foreign players in Brazilian football history. He will launch Pet TV, a planned multimedia content platform focused on sport, culture, and entertainment, designed to extend the reach of the Meridian brand beyond traditional sports betting into lifestyle and entertainment content.

The company views Dejan Petković as a strong choice as representative, reflecting his popularity and that he was born in Serbia and gained fame in Brazil, similar to the company’s origins and entry into the Brazilian market. Petković came to Brazil in 1997 from Real Madrid and is broadly known in Brazil by his nickname “Pet.” Over the course of his football career in Brazil, he scored 167 goals across seven football clubs, including Flamengo, which he led to the 2009 Brazilian Championship, Vasco da Gama, Fluminense, Vitória, Santos, and Atlético Mineiro. He won three Bola de Prata awards. In 2001, he made an 89th-minute free kick for Flamengo, and he is one of only three foreigners to ever be inducted into the Maracanã Walk of Fame. He has also been named an Honorary Citizen of Rio de Janeiro. He has resided in Brazil since he retired in 2011 and serves as an Honorary Consul of the Republic of Serbia in Brazil.

Pet TV multimedia campaign to extend brand reach into lifestyle & entertainment content

His appointment as Brand Ambassador is designed to boost Meridian’s brand visibility with one of the most engaged sports audiences globally and to extend our reach beyond traditional sports betting channels. By integrating content, culture, and entertainment through Pet TV, we are creating new avenues to connect with our users and support long-term growth across our ecosystem.

We believe the appointment just ahead of the 2026 FIFA games, which we believe could also present benefits, is propitious. Brazil is one of the largest markets in which MRDN operates and is expected to represent billions of dollars in gross gaming revenue market. The Brazilian population is generally considered to be ardent soccer fans, and the upcoming FIFA World Cup games could also be a potential catalyst for growth in Brazil, as well as in other markets, depending on the outcome of matches, as MRDN believes wagering could be impacted by how well the Brazilian team fares. The 2026 World Cup will be the first to have 48 teams playing, up from 32. Moreover, tournament hosting by three countries - Canada, Mexico, and the U.S. and featuring a new format with 104 matches, might also boost reach and interest in sports betting across various markets, we believe.

… While Expanse Studios strengthens & extends distribution in Serbia

Separately, MRDN subsidiary Expanse Studios recently signed a strategic distribution agreement with MaxBet, one of Serbia’s leading omni-channel gaming operators and a subsidiary of Flutter Entertainment plc (NYSE: FLUT, nr). Expanse Studios is a leading B2B iGaming content provider that specializes in slots, crash games, turn-based strategies, and card games. Expanse has a growing portfolio of more than 70 proprietary titles and 1,500+ casino brands across Europe, LATAM, and North America.

The agreement expands Expanse’s reach across the Serbian market by integrating with MaxBet’s infrastructure. Expanse titles are already live and accessible with MaxBet. Serbian online gambling revenue is projected to reach $186 million by 2029, according to MRDN, with MaxBet controlling an estimated 15%-20% online market share in Serbia.

Meridian 2Q26 revenue guidance represents 18%-23% y/y anticipated growth

Separately, MRDN is optimistic about its business outlook and issued 2Q26 revenue guidance of $51 million to $53 million. This would represent 18% to 23% year-over-year anticipated growth compared to 2Q25 revenue of $43.2 million, reflecting continued momentum in core Meridianbet operations in Brazil and elsewhere and incremental contribution from new Expanse markets, among other factors.

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NVX: Growth Expected From Multiple Sources, as Prospective Customer Base Expands & Diversifies

Wed, 03 Jun 2026 14:45:00 -0400

By M. Marin

NASDAQ: NVX

READ THE FULL NVX RESEARCH REPORT

Rapidly rising energy demand challenges aging, often inadequate power grid & drives need for storage technologies

Novonix (NASDAQ: NVX) is building a North American vertically integrated synthetic graphite supply chain to support multiple sectors, as it diversifies its product portfolio in addition to supplying material to the battery sector to encompass additional key verticals. The expansion beyond the battery space is expected to enable NVX to further allocate production from its Chattanooga, Tennessee, facility. The facility is on track to become the first large-scale synthetic graphite manufacturing plant in North America, according to NVX, which believes it has first mover advantage as an early manufacturer of synthetic graphite in North America.

Energy storage installations projected to average ~11% annual growth through 2034

There are multiple factors driving the anticipated growth in demand for synthetic graphite, including installations of electric storage systems (ESS), among others. Electricity and/or other energy sources such as solar energy are used to charge energy storage systems, which then supply electricity as needed and to support electric power grids. Installations of energy storage increased 43% year-over-year in 2025, according to Reuters, citing Wood Mackenzie, and are projected to grow at an average annual rate of nearly 11% through 2034.

Total demand for energy is projected to rise by as much as 25% by 2030 and nearly double by 2050, according to the U.S. Department of Energy (DOE), in turn challenging an aging and often inadequate power grid. Deploying storage technologies is one of the solutions the DOE has outlined. Key uses and benefits of ESSs, according to the U.S. Energy Information Administration (EIA), include balancing grid supply and demand and improving quality and reliability, arbitraging peak / non-peak demand pricing, storing and smoothing renewable electricity generation and power, backing-up power, as well as integrating with microgrids. ESSs are being integrated into microgrids that supply a relatively small geographic area or customer base to provide some or all of the uses and benefits of electricity storage listed above. Domestic demand for power rising at unprecedented rates, reflecting energy-intensive AI data centers, manufacturing reshoring, electric vehicles (EVs), and other factors.

As the company moves its development and commercialization strategy forward, NVX provided more than 100 samples of synthetic graphite to 15 customers and prospects in 2025 for battery, energy storage, and industrial applications and continues to deliver additional samples to prospective industrial customers. The company has already signed upfront commitments for a substantial amount of production capacity with offtake agreements with major industry players, including Panasonic.

Recent BTS sale enables focus on synthetic graphite business, while maintaining exposure to the potential upside of cathode business through retention of 15% stake

To focus on advancing its synthetic graphite business, the company completed the previously announced sale of NOVONIX Battery Technology Solutions (BTS) to former CEO Dr. Chris Burns. NVX receives a 15% equity stake in the developing cathode business, which has rebranded as Dryve Battery Materials Inc. BTS was not a core business for the company. The divestiture therefore, was consistent with the company’s objective to focus on the synthetic graphite business, while still retaining exposure to the potential upside if, as management expects, the cathode business progresses.

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POET Hits the Big Time With Funding and a $50 million Order from Lumilens

Mon, 01 Jun 2026 17:08:00 -0400

By Lisa Thompson

NASDAQ: POET

READ THE FULL POET RESEARCH REPORT

It has been a heck of a ride since early April when we did our last update. The stock was at $6.11 then, and hit an intraday high of $20.81 before settling to its current price. It now has $825 million in the bank after its recent capital raises. POET’s (NASDAQ: POET) biggest potential customer has shifted to Lumilens, with its big hyperscaler connections, which swooped in with a $50 million order and a warrant arrangement to keep product flowing in the future. As we saw with the $290 million in customer prepayments at Tower Semiconductor, if you actually want to secure an allocation of product in this industry, you need to lock it up, because not everyone will get their orders filled. Because of this, POET is not looking for new customers, just new employees who can fulfill the current demand.

As for Lumilens, it is a venture-backed startup building next-generation silicon photonics and optical interconnects designed specifically to scale AI data centers and GPU clusters. It was founded in 2024 and is backed by Mayfield and Spark Capital. Despite its age, it is far along its sales and production path. Its founders are highly experienced in the industry and have built and sold major players. The CEO and founder is a highly successful serial tech entrepreneur who previously founded Contrail Systems and Volterra, which were bought by Juniper Networks and F5 Networks. The co-founder is a hardware engineer from major networking giants like Cisco, Juniper Networks, and Aruba. The product strategist has experience at Fujitsu, Cisco, and Lumentum. This company has hyperscalers as customers, and we believe POET is providing product to one of them through Lumilens.

As exciting as data centers are, the company may be even more important to the AI server market, where there is also a huge demand. There is so much interest in Blazar that the company may not even need more high-speed transceiver customers.

Post its $400 million raise with MMCAP, the company has $825 million in cash. It is using some of it to buy manufacturing equipment, tools, and testing equipment, as well as to hire the needed staff. It loaned $30 million to a company with technology it is interested in for working capital. It also used $3 million to invest in Lessengers’ last funding round. Some of the cash is to be used for acquisitions to support its strategy of providing differentiated products to the high-speed transceiver and light source markets.

The company reports that it is making steady progress this quarter in ramping production to the volumes that will be needed in 2027. While it remains on track to ship optical engines to multiple customers this year, expected revenues this quarter will likely be pushed out by a few to several weeks. Shipments will begin in the second half of 2026 to customers previously disclosed as well as to undisclosed new customers.

POET has placed orders with equipment suppliers to expand its wafer production capacity by 10X and is evaluating alternatives for increasing its optical engine assembly and test capacity to meet the volume requirements for 2027 and 2028. Assembly and test operations are currently being done at two Malaysian contract manufacturers. At least one of those current partners and other contract manufacturers in Malaysia has expressed a strong interest in investing in the equipment that will be needed for POET’s expansion.

Management’s extreme focus on manufacturing readiness is exemplified by its recent hiring of Sandeep Kumar, previously SVP of Silicon Labs, as Chief Operating Officer. His mission is to bring the disciplines of semiconductor manufacturing to the assembly and test processes at the Malaysian contract manufacturers. He is in the process of recruiting a senior team experienced with new product introduction, manufacturing, and quality assurance.

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