Zacks Small Cap Research Press Releases

NRXBF Worth a Look at This Stage

Fri, 17 Apr 2026 11:33:00 -0400

OTC: NRXBF

NurExone (OTC: NRXBF) is developing a product known as ExoPTEN that is designed to treat patients with central nervous system injuries, which include spinal cord damage, while also conducting preclinical tests for other conditions that ExoPTEN may be able to treat, such as glaucoma.

In the recently released annual report, the company revealed that it has improved its cash balance and limited expenses—two very important and positive developments for a clinical stage company.

Company management also recently announced important clinical results on the proprietary exosomes that are part of the ExoPTEN product. Test results showed that the company’s exosomes “suppress inflammation more effectively than untreated cells and commercial alternatives, even at low concentrations, with stronger effects as the doses increase.”

These findings provide a wider base for its ExoPTEN product and show how it is able to treat central nervous system injuries, as well as being a potential treatment for a much wider range of conditions. We believe this continues to build on the great potential that NRXBF has been showing, and that American investors should be paying attention to the potential upside this company has.

Earlier, in a preclinical study conducted at the Goldschleger Eye Institute at Sheba Medical Center, tests demonstrated that ExoPTEN’s biological activity increases with higher dosing levels. This is a significant finding as reproducibility is a key challenge, and these results confirm that ExoPTEN meets that standard. Further, functional measurements of retinal activity using scotopic threshold response electroretinography (STR-ERG) showed that both ExoPTEN doses improved visual signal strength in animals with optic nerve injury, with the high-dose group achieving response amplitudes comparable to those of uninjured eyes. This result demonstrates substantial functional recovery and, according to management, provides clear evidence of a dose-dependent therapeutic effect that aligns with ExoPTEN’s proposed biological mechanism.

Company management also recently announced that its preclinical study on ExoPTEN for the treatment of spinal cord injuries demonstrated that higher doses of the treatment led to regained motor function after a spinal cord injury. The study was conducted on small animals, which were given differing doses of ExoPTEN on the day of spinal compression surgery. The results show that 100% of animals treated with the higher dose regained walking ability in both front and hind legs, while only 1 out of 6 of the untreated animals achieved that milestone. This is an exciting result and provides further proof of the potential for ExoPTEN to be game-changing treatment.

To further the process, the company plans to initiate a Phase 1/2a clinical trial in the area of acute spinal cord injuries for ExoPTEN in 2026. Management detailed the study plans as involving adult patients with traumatic spinal cord injuries between spinal levels C5 and T10. Those patients will be treated within 3-to-7-day post injury. This marks a significant step forward for the company in our view. Given the preclinical results that we have outlined, we expect the trial to yield exciting results.

The company’s ExoPTEN therapy has received the Orphan Medicinal Product Designation by the European Medicines Agency (EMA). According to the company, the EMA’s Orphan Medicinal Product Designation offers incentives, including ten years of market exclusivity upon approval, access to grants and incentives from the European Commission and member states. Additionally, the company may benefit from free or reduced-cost scientific advice and assistance with clinical trial design, which can streamline the regulatory process and reduce development costs. Lastly, some European Union countries also provide tax credits and other financial incentives to support orphan drug development.

As we’ve noted before, the company received the Orphan Drug Designation for ExoPTEN in 2023 from the FDA in the United States. This designation was created by the FDA, which noted that supporting the development and evaluation of new treatments for rare diseases is a key priority for the agency. The FDA has authority to grant orphan drug designation to a drug or biological product to prevent, diagnose, or treat a rare disease or condition. Orphan drug designation qualifies sponsors for incentives, including:

Tax credits for qualified clinical trials
Exemption from user fees
Potential seven years of market exclusivity after approval

It was earlier test results from the use of ExoPTEN that sparked our enthusiasm for the company, because the initial test results are, in our view, truly remarkable. This isn’t a potential treatment that was arrived at quickly or easily, as research began at the University level and was conducted between January 2017 and May 2020, including testing the use of intranasal administration of exosomes driven from mesenchymal stem cells loaded with siRNA (a process that is described in more detail below). Testing targeted a complete spinal cord transection in rats, which is the strictest animal testing model, successfully demonstrating significant functional recovery. The company notes that the technology is successfully proven in additional preclinical studies, demonstrating that intranasal administration of ExoPTEN led to significant motor improvement, sensory recovery, and faster urinary reflex restoration. As mentioned, the research began at the University level, and the Company has been granted an exclusive worldwide license from the Technion and Tel Aviv University, which includes a patent application, to develop and commercialize the technology. In addition, the Company has developed its own intellectual property and now has five families of patents.

We continue to be enthusiastic about the prospects for NurExone and suggest that US investors follow the Canadians and look into NRXBF. We urge investors with a higher risk tolerance to take a look at NRXBF and consider whether this compelling story may be of interest.

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HCTI Releases Earnings and Shows Great Improvement

Thu, 16 Apr 2026 12:15:00 -0400

By Brad Sorensen, CFA

NASDAQ: HCTI

READ THE FULL HCTI RESEARCH REPORT

Healthcare Triangle, Inc. (NASDAQ: HCTI) operates at the intersection of healthcare delivery and cloud-based data infrastructure, positioning itself as a specialized provider of digital transformation solutions tailored to the highly regulated healthcare industry. The company’s core business centers on helping hospitals, life sciences firms, and payers migrate, manage, and optimize their data and applications in the cloud. With deep expertise in platforms such as electronic health records, interoperability frameworks, and compliance-driven architectures, Healthcare Triangle has carved out a niche as a partner capable of navigating both the technical and regulatory complexities that define modern healthcare IT.

In its recent earnings report, HCTI showed improved revenue and a much-improved balance sheet, with cash on hand rising to $7.6 million from $20,000 a year ago as the company continues to make progress towards its goals.

At its foundation, the company generates revenue through a mix of consulting services, managed services, and proprietary software offerings. Its consulting arm focuses on cloud migration and digital transformation, guiding healthcare organizations as they shift legacy systems into scalable, secure cloud environments. This is complemented by managed services that provide ongoing support, optimization, and compliance monitoring—areas that are increasingly mission-critical as healthcare providers face rising cybersecurity threats and regulatory scrutiny. On the software side, Healthcare Triangle has developed solutions that enable data interoperability, analytics, and patient-centric insights, aligning with the broader industry push toward value-based care and real-time decision-making.

What makes Healthcare Triangle particularly compelling is its alignment with several durable, long-term industry tailwinds. Healthcare is in the early innings of cloud adoption compared to other sectors, largely due to the complexity of data privacy laws such as HIPAA and the mission-critical nature of clinical systems. As a result, providers are increasingly turning to specialized vendors rather than generalist IT firms. HCTI’s focused expertise gives it a competitive advantage in this regard, as it can offer tailored solutions that address compliance, security, and performance simultaneously. Additionally, the proliferation of data—from electronic health records to wearable devices—is creating a growing need for advanced analytics and interoperability, both of which sit squarely within the company’s capabilities.

From an investment standpoint, the company presents a compelling growth narrative. Its business model benefits from a combination of project-based revenue, which drives near-term growth, and recurring managed services, which can improve revenue visibility and margin expansion over time. As the installed base of clients grows, the opportunity to cross-sell higher-margin software and analytics solutions becomes increasingly significant. This layered approach to revenue generation can, if executed effectively, lead to operating leverage and improving profitability.

Healthcare Triangle’s positioning within cloud and data services aligns it with some of the fastest-growing segments in healthcare IT. Strategic partnerships with major cloud providers enhance its credibility and extend its reach, while also reducing the need for heavy capital investment in infrastructure. This asset-light approach can support scalable growth without proportionate increases in cost, a key driver of long-term shareholder value.

That said, the company is not without risk. As a smaller player, it operates in a competitive landscape that includes both large, well-capitalized IT services firms and emerging niche providers. Execution will be critical, particularly in maintaining client relationships, delivering consistent service quality, and scaling operations efficiently. However, for investors willing to accept these risks, HCTI offers exposure to a high-growth segment of healthcare with meaningful secular drivers.

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COSM Earnings Show Rapid Revenue Growth

Thu, 16 Apr 2026 11:05:00 -0400

By Brad Sorensen, CFA

NASDAQ: COSM

READ THE FULL COSM RESEARCH REPORT

The latest earnings release from Cosmos Health Inc (NASDAQ: COSM) marks a clear inflection point in the company’s trajectory, with the financial results reinforcing a narrative of accelerating growth, improving operating efficiency, and expanding strategic optionality. The company delivered its strongest annual performance to date, with revenue reaching a record $65.3 million, representing 20% year-over-year growth—an outcome driven by strength across all core operating segments, including contract manufacturing, pharmaceutical distribution, and proprietary nutraceutical brands.

What stands out most in this report is not simply the top-line growth, but the sharp improvement in profitability metrics. Gross profit surged 83% to $7.9 million, significantly outpacing revenue growth and driving a meaningful expansion in gross margin to 12.1%. This margin expansion reflects a favorable shift in product mix toward higher-value offerings, particularly within the company’s contract manufacturing division and branded product portfolio. It also signals that Cosmos is beginning to benefit from operating leverage as scale increases—an important milestone for a company that has historically operated at thinner margins.

Further reinforcing this operational progress is the substantial improvement in earnings efficiency. Adjusted loss per share narrowed by approximately 82% year-over-year, indicating that while the company is not yet profitable on a GAAP basis, it is moving decisively in that direction. This trend, combined with an improvement in adjusted EBITDA, suggests that the underlying business is becoming structurally more efficient.

Equally important is the dramatic strengthening of the balance sheet. Cash increased nearly tenfold to roughly $3.5 million, providing the company with significantly greater financial flexibility. This liquidity improvement is further amplified by the establishment of a $300 million financing facility, which positions Cosmos to pursue growth initiatives, including expansion of its manufacturing footprint, continued product development, and the buildout of a digital asset treasury strategy. While unconventional, this capital strategy underscores management’s willingness to explore non-traditional avenues to enhance shareholder value and fund expansion.

From an operational standpoint, the earnings release highlights increasing visibility and durability in revenue streams. The company has secured long-term contract manufacturing agreements covering more than 12 million units of various products, providing a foundation of recurring revenue and improved forecasting confidence. At the same time, continued expansion of its proprietary brands—particularly Sky Premium Life—along with growing international demand (evidenced by repeat purchase orders in markets like the UAE) signals strengthening brand equity and distribution reach.

Looking ahead, the strategic pipeline adds another layer to the investment case. Cosmos is advancing a range of initiatives, including AI-driven drug repurposing efforts, patented oncology assets, and new nutraceutical launches such as Liv18, which we wrote about recently, targeting large and growing markets like liver health. These programs, while still developing, introduce potential high-margin revenue streams that could materially enhance the company’s long-term profile.

Taken together, this earnings report presents a company that is transitioning from a fragmented healthcare distributor into a more integrated, higher-margin platform with multiple growth vectors. The combination of accelerating revenue, expanding margins, improving earnings quality, strengthened liquidity, and a broadening strategic pipeline suggests that Cosmos Health is building momentum across both its core operations and its future-facing initiatives. For investors, the key takeaway is that the underlying fundamentals are moving in the right direction, with early signs that scale and strategy are beginning to translate into tangible financial progress, and should take a look at COSM at the beginning stages of what looks like a long and sustained ramp up.

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QNRX: Preparing to Commercialize Lead Asset Through Global Sales Infrastructure

Wed, 15 Apr 2026 13:07:00 -0400

By M. Marin

NASDAQ: QNRX

READ THE FULL QNRX RESEARCH REPORT

Quoin Pharmaceuticals (NASDAQ: QNRX) is a late clinical stage, specialty pharmaceutical company focused on developing treatments for rare and orphan diseases. The company is advancing its lead asset, QRX003, as well as pipeline assets. Ongoing clinical studies have generated positive data thus far, and QNRX plans to expand its clinical activities in 2H 2026. In addition, QRX003 has multiple regulatory designations in place and others under review that provide economic and potentially timeline benefits.

QRX003 is being evaluated for the treatment of NS, pediatric NS, and Peeling Skin Syndrome (PSS). QRX003 is a topical lotion with a broad-spectrum serine protease inhibitor that has demonstrated the ability to significantly downregulate the hyperactivity of the kallikreins in the skin that are responsible for the excessive skin shedding that is associated with NS and other dermatological diseases.

Quoin is currently conducting two pivotal clinical studies for QRX003 in Netherton Syndrome (NS). Quoin expects to report topline data in 2H 2026. Clinical data thus far has demonstrated clear evidence of rapid, prolonged, and almost complete skin healing following twice-daily application of QRX003 to the treatment areas. The company believes QRX003 is on track to potentially become the first approved treatment for NS and believes the worldwide NS commercial opportunity could exceed $1 billion.

Company believes multiple regulatory designations reinforce QRX003’s potential

Once QRX003 and potentially other assets are commercialized, Quoin has identified three core markets - the U.S., E.U, and Japan - and has multiple regulatory designations for QRX003 in place and/or under review in these and other regions. Specifically, the FDA and European Medicines Agency (EMA) have granted QRX003 Orphan Drug Designation (ODD) for the treatment of NS. Following a meeting with Japan’s regulatory authority, the Japanese Ministry of Health, Labour and Welfare (MHLW), Quoin recently submitted an application for Orphan Drug Designation for QRX003 for the treatment of NS for that market (see below) and is optimistic that it will be granted.

QRX003 also received U.S. FDA-granted Fast Track Designation for the treatment of NS on March 11, 2026. Fast Track Designation is designed to expedite the review of drugs that treat serious conditions and fill an unmet medical need, and potentially enable more frequent interactions with the FDA, as well as potential qualification for Accelerated Approval and Priority Review.

Among other benefits, these designations provide economic incentives or credits and potentially can accelerate the timeline for attaining regulatory approval and market exclusivity for a period for QRX003, if approved. The drug candidate has also been granted FDA Rare Pediatric Disease (RPD) Designation for the treatment of NS. With this designation, Quoin potentially could obtain a tradable Priority Review Voucher valued at $150 million to $200 million in non-dilutive cash.

The company believes these designations reinforce the potential of QRX003 as a therapeutic candidate as it advances clinical studies towards a potential New Drug Application (NDA). Moreover, the potential for an expedited regulatory pathway is supported by the significant increase in approvals of products to treat rare and orphan diseases in recent years.

The MHLW confirmed that QRX003 qualifies for both ODD and Fast Track regulatory review in Japan. Japan’s ODD designation would provide benefits such as R&D subsidies, tax credits for qualified clinical testing, reduction of MHLW application fees, priority review and ten years of market exclusivity, if QRX003 is approved.

Separately, Quoin also filed an application for Breakthrough Medicine Designation for QRX003 with the Saudi Food and Drug Authority (SFDA) for the treatment of NS. Such designation would allow for accelerated regulatory review and could enable earlier patient access and reimbursement in Saudi Arabia, where Quoin has formed a distribution partnership with Genpharm for QRX003 (for Saudi Arabia and other MENA countries), potentially as early as 2H 2026, establishing QRX003 as the first approved treatment anywhere for NS.

QNRX has established a worldwide sales network to prepare for commercializing QRX003, other assets

Quoin provided an update from its constructive Type C meeting with the FDA for QRX003 in NS in March 2026. Following the meeting, the FDA indicated that a single Phase 3 study might be sufficient to support regulatory approval. The FDA also indicated it might be open to an alternative study design for Phase 3 that likely would not include a traditional upfront vehicle or placebo control. Quoin plans to initiate its Phase 3 study and complete patient recruitment in 2026. Subsequently, the company targets potentially filing for NDA approval in 2027.

As QNRX moves QRX003 forward in clinical development towards potential regulatory approval and commercialization, its go-to-market plan centers on a proprietary sales infrastructure for core markets the U.S., E.U. and Japan, as noted, and QNRX has established an extensive distribution network for QRX003 and potentially other assets in its pipeline encompassing at least 61 countries through distribution agreements, including:

Australia
New Zealand
The Middle East
Central and Eastern Europe
Turkey
Canada
China
Taiwan
Hong Kong
Singapore
Major countries in Latin America

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HOVR: Remains focused on the big picture. Still expecting a complete, full-scale prototype in 2026.

Wed, 15 Apr 2026 12:34:00 -0400

By Brian Lantier, CFA

NASDAQ: HOVR

READ THE FULL HOVR RESEARCH REPORT

On Tuesday morning, before the market opened, New Horizon Aircraft (NASDAQ: HOVR) (referred to as "Horizon Aircraft" or "Horizon") released its third -quarter 2026 financial results and provided a business update for investors. The company continues to make steady progress toward several of our milestones, increase R&D spending, control administrative costs, sign key collaboration agreements, and maintain a relatively healthy balance sheet.

Second Quarter Results

As most investors are aware, Horizon Aircraft is still a pre-revenue company, working to develop its hybrid-electric vertical takeoff and landing aircraft – the Cavorite X7. As in previous quarters, the company's reported third-quarter results reflect the operating costs for the period, as it is not projected to generate revenue for several years. Research and development costs in the quarter were CAD 4.28 million, exceeding our estimate of CAD 3.1 million by CAD 1.2 million, or 39%. One of the biggest concerns of investors a year ago was whether Horizon was investing enough in R&D to support a program to build a full-scale prototype, and we believe that the latest investments demonstrate that Horizon is investing in the right ways to build the Cavorite X7.

The company continues to effectively manage its general and administrative costs, which at CAD 3.3 million were slightly higher than our forecast but in line with previous quarters.

Ultimately, we believe that the operating cash burn of CAD 11.8 million through the first nine months of the year is a more relevant figure for investors to focus on. The burn rate accelerated in Q3 due to additional R&D expenditures and a reduction in accrued liabilities, but we still believe a core burn rate of roughly CAD 4-5 million is manageable for the company given its cash balances of CAD 19.7 million.

Balance Sheet:

The company's liquidity position remains relatively strong, with CAD 19.7 million in cash on the balance sheet, representing 90% of total assets as of 2/28/26. We anticipate that, over time, the company will begin investing in equipment and building its full-scale prototype, which will shift the asset mix toward long-term assets. We are comfortable with the company's balance sheet position.

Valuation:

We have not made any adjustments to our DCF model, and our 12-month target price for the shares is unchanged at $3.25, representing more than 100% upside from the current price. Given the stock's past volatility and negative sentiment among industry investors, we think the shares could continue to trade in a wide range over the coming months. We would encourage investors to read our full updated report for a comprehensive overview of Horizon Aircraft and the eVTOL market.

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CLPMF: Clip Money Reports 143% Revenue Growth For 2025

Tue, 14 Apr 2026 14:15:00 -0400

By Lisa Thompson

OTC: CLPMF

READ THE FULL CLPMF RESEARCH REPORT

Clip Money (OTC: CLPMF) continued on its growth track as expected, increasing revenues in 2025 by 143% and ending the year with a positive gross margin of 8.2% and a revenue run rate of $7.2 million. Claire’s, now the company’s largest customer, was fully onboarded in October, so it did not contribute a full quarter of revenue in Q4. Despite Q4 being a quarter where retailers tend to not want to make any changes so close to Christmas, Clip Money signed and added Swarovski (260 stores in North America), Tumi (204 stores in the US), Spring Step (12 stores in US outlet malls), Earthbound (139 in the US), Kako Klaw (13 US locations), and Pop Mart (37 US stores) in addition to Claire’s (780 US stores). Clip Money had 4,438 customer locations at year’s end, up 77% from the end of 2024.

The company ended the year with 530 ClipDrops installed compared to 444 last year, adding a net 86 boxes. This makes a total of over 8,100 locations, including Green Dot and ATMs at which customers can use Clip Money services.

Going forward, we expect gross margins to continue to improve despite being flat from Q3 to Q4 in 2025. We expect the gross margin in Q1 to be in the teens. Clip Money ended the year generating about $600,000 a month in recurring revenue as expected. At that rate, it should be able to easily double revenue next year. With expanding margins and increased revenue, Clip Money is still on track to reach operating breakeven by the end of 2026.

Given we expect the company to possibly double revenues next year, we believe it deserves the higher end of the range. At only 3.0 times EV/2027 sales, the stock would be $0.30 per share.

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DYLLF: Flagship Tumas Project Continues to be Developed by Pre-Production Work Streams; Price Sensitivity Analysis of Tumas Project; Updates on Mulga Rock & Alligator River Projects; Commentary on Recent Price Action of Uranium

Mon, 13 Apr 2026 15:46:00 -0400

By Steven Ralston, CFA

OTCQX: DYLLF | ASX: DYL

READ THE FULL DYLLF RESEARCH REPORT

SUMMARY OF RECENT EVENTS

Continuing Development of flagship Tumas Project

Greg Field Assumed role of CEO on February 2, 2026

Sensitivity Analysis of Tumas Project to the Price of Uranium

Mulga Rock Project Update

Potential Production Profile of Tumas & Mulga Rock Projects

Alligator River Project Update

Commentary on Price of Uranium

Deep Yellow Limited (OTCQX: DYLLF) (ASX: DYL) is an advanced-stage uranium exploration & development company with projects in Namibia and Australia. The management's strategy involves developing its flagship Tumas Project in Namibia toward production while also advancing the Mulga Rock and Alligator River Projects, both situated in Australia and acquired through a merger with Vimy Resources Limited in August 2022.

A broad array of pre-construction activities is designed to prepare the Tumas Project for a rapid execution of full-scale construction once the Final Investment Decision (FID) is made to formally approve the capital expenditures necessary to proceed with the full-scale development and construction of the Project. The ongoing pre-construction work includes optimizing engineering plans, preparing the mine site and developing the required infrastructure. The FID is contingent on a uranium price that economically justifies the development of a greenfield uranium project.

TUMAS PROJECT in Namibia (100%)

Strategically, management continues to utilize the FID deferral period by re-risking the Tumas project through pre-production work streams. Over the last four months, bulk earthworks, which commenced in October 2025, were at least 70% complete in mid-March compared to 24% as of mid-December 2025.

The company’s latest presentation provided the first photographic evidence of physical earthworks progress. The scope of the bulk earthworks program includes excavating to competent ground conditions, terracing for the process plant, constructing laydown areas and backfilling, as well as completing the perimeter access roads. The completion of the bulk earthworks program is expected to be in April 2026.

Detailed engineering has advanced from 44% complete in July 2025 to over 65% complete of Phase 3 as of late February 2026.

Procurement of major equipment has progressed to over 70% tendered compared to partial advancement in July 2025. In late 2025, orders for vendor data were placed on all long lead equipment.

Power Supply Agreement with NamPower: A significant milestone was the execution of the Power Supply Agreement (which is subject to the FID). The agreement defines a 22 km, 220 kV dedicated power line; the power supply grid connection is in the detailed design phase. The power system is planned to be supplemented by solar componentthrough a BOOT (Build, Own, Operate and Transfer) arrangement, which is targeted to supply 30%+ of the mine’s power requirements. Negotiations with a preferred supplier for the BOOT contract are continuing.

Water Supply: Deep Yellow will be responsible for the design and construction of the 65 km water pipeline and any associated infrastructure. The preliminary design has been completed, and the company has received tenders for a design & construction contract. Negotiations with NamWater for a Water Supply Agreement are continuing.

2026 Timeline: The Tumas Project schedule timeline slide in the company’s March 2026 presentation frames the FID target window within2026, with construction, infrastructure and mining activities mapped up to 2029. The timeline also explicitly notes that offtake strategy is “aligned with retaining maximum exposure to long-term market fundamentals.” Management is waiting for uranium prices increase to a level that reflects the upcoming structural supply gap.

Management continues to effectively execute on its staged development strategy in order to position the Tumas Project for rapid commencement of the construction phase once the uranium market supports the economics for initiating this greenfield project. Management continues to target 3Q of calendar 2027 for first production from Tumas.

Sensitivity Analysis of Tumas Project to the Price of Uranium

The company’s March 2026 presentation provided some key economic metrics from the 2025 Tumas DFS, along with an NPV₈sensitivity bar graph under four U₃O₈price scenarios (US$75/lb., US$82.50/lb., Trade Tech FAM-2 scenario and US$110/lb.). Though some economic metrics at US$82.50/lb. U₃O₈price scenario are displayed, with the long-term contract price at US$91.50 per/lb., it appears, in our opinion, that the FID is dependent on a price between US$100/lb. and US US$110/lb. The economics include a by-product credit for vanadium pentoxide (V₂O₅, aka red cake).

The 2025 Tumas DFS was first made available through a 65-page Annexure to a news release titled "Final Investment Decision Deferred for Tumas Project" on April 5, 2025.

https://api.investi.com.au/api/announcements/dyl/68edf25d-927.pdf

LEADERSHIP TRANSITION

On December 2, 2025, the Board of Directors appointed Greg Field as CEO, but due to a non-compete obligation, his tenure was initially expected to commence no later than May 1, 2026. However, on January 14, 2026, the Board confirmed that Greg Field would assume the role of CEO on February 2, 2026.

Mr. Field brings complementary production and operating mining capabilities. Mr. Field has extensive considerable execution skills and experience in multiple large-scale resource projects, including the Oyu Tolgoi copper & gold underground project in Mongolia, the Rincon lithium processing plant in Argentina and the AP60 aluminum smelter in Canada.

It is pertinent to mention that quite a few members of Deep Yellow’s technical team have extensive uranium experience and had critical roles in the development, construction and operation of the of the Langer Heinrich and Kayelekera uranium mines. In addition, Ausenco Services Pty Ltd, which was selected as the preferred EPCM (Detailed Engineering and the Engineering, Procurement and Construction Management) contractor for the Tumas Project in June 2025, has specialized uranium processing expertise.

MULGA ROCK PROJECT in Western Australia (100%)

Acquired through the acquisition of VIMY, the Mulga Rock Project, which is located in Western Australia, has two mineralized areas, Mulga Rock East (consisting of the Ambassador and Princess deposits) and Mulga Rock West (Emperor and Shogun deposits). Deep Yellow’s primary focus in Australia is on the major resource areas in Mulga Rock East.

Mulga Rock is the only uranium play in Western Australia that has been granted mining leases and development approval, thereby reaching "Substantial Commencement" status, which clears the pathway to development under Western Australia mining regulations.

The current MRE is104.8 Mlbs. U₃O₈ Eq.

Mulga Rock Project Update

Since the results of the mini-pilot program were reported in July 2025, development work at Mulga Rock has focused on trade-off studies and process refinement work. The mini-pilot program tested extraction techniques and metal separation & recovery processes. The results provided sufficient data to revise the process flowsheet for the MRP in which uranium, base metals (Cobalt, Copper and Nickel) and rare earth elements (REEs) can be recovered. Trade-off studies are currently underway.

In late October 2025, Atlas Geophysics completed ground gravity and passive seismic surveys in order to explore for northeasterly extensions of the Mulga Rock East deposits. This geophysical work is a low-cost, early-stage project to start exploring for additional resources at Mulga Rock. The ground gravity survey consisted of acquiring data from 2,025 new gravity stations at spacings of 50 m to 100 m. The seismic survey consisted of 213 new passive seismic stations at spacings of 200m. Final deliverables were received in early November 2025, but the preliminary results are still in the process of being interpreted.

Revised Definitive Feasibility Study

A revised Definitive Feasibility Study incorporating uranium, base metals and rare earth elements is anticipated to be completed in the third quarter of calendar 2026. Process operating costs are expected to benefit greatly from the production cost credit due to the addition of critical minerals (base metals and rare earth elements) as byproducts. Also, there will be a complete revision of the Ore Reserve Estimate (ORE) with updates to the mining method, grade control, costs and scheduling.

Metallurgical Test Work (FY 2025)

During fiscal 2025, a mini-pilot plant tested the beneficiation of 1.4 tonnes of selected composite bulk samples (composed of fresh ore collected through a diamond core drilling program at the Ambassador deposit). The test work results validated and further optimized the processing methods to recover uranium, base metals and rare earth elements (REEs) at the Mulga Rock Project. The results fundamentally transformed the Mulga RockProject from a uranium-only project to a multi-metal operation with improved economics and lower operating costs by utilizing critical mineral revenue offsets.

Two major breakthroughs occurred during the development of an updated process design for Mulga Rock. First, a pathway was developed to commercially extract uranium from a lignite deposit. Second, an innovative process was developed that allows the use of in-pit saline processed water, which eliminates the need for freshwater (and a freshwater borefield) in the process. Incorporating the advancements made during the mini-pilot plant test is expected to materially reduce operating costs (through the benefits from by-product production) and the environmental impact (by using in-pit saline processed water).

Other than the breakthroughs mentioned above, the process flow sheet involves beneficiation, natural & oxidative acid leaching of the beneficiation concentrate, a uranium Resin-in-Pulp (RIP) extraction circuit, a base metal &critical mineral RIP extraction circuit, uranium elution and refining, critical minerals elution refining and then in-pit tailings disposal (i.e., backfilling abandoned open pit surface mines with tailings).

The results of the 3-month mini-pilot plant metallurgical study were released on July 10, 2025. Overall indicated recoveries from the mini-pilot plant test were uranium 85%, nickel 50%, cobalt 50%, copper 77%, zinc 89%, and Rare Earth Elements (REEs), specifically neodymium, praseodymium, dysprosium and terbium 50%.

POTENTIAL PRODUCTION PROFILE of TUMES & MULGA ROCK PROJECTS

The March 2026 corporate presentation also provided an expectation for the company’s production profile. By year 7, annual production is expected to reach 7.1 Mlbs.

ALLIGATOR RIVER PROJECT in the Northern Territory (100%)

Alligator River Project Update

In the second half of calendar 2025, Deep Yellow completed exploratory field and drilling programs at the Alligator River Project in the Northern Territory of Australia. In addition to geological mapping, surface soil & rock chip geochemical sampling and targeted high-resolution geophysical seismic surveys, a 10-hole (4,660m) drilling program was completed targeting priority prospects at the Such Wow, TP14, Q14 and Angularli. The Northern Territory Government co-funded the drilling program at the Q14 and TP14 prospects.

A drill program was conducted between August 27^th and November 3^rd, 2025, which was comprised of 10 diamond core holes (2,754m) and 9 RC holes (1,906 m). A drilling highlight was at the previously untested Q14 prospect, where drill hole ARRC0025 intercepted a 22 m wide zone (from 78m–100m) with 8m at 458 ppm eU₃O₈ from 84 m, which was confirmed by diamond twinhole ARDD0025, which returned 3m at 523 ppm eU₃O₈ from 77m. In addition, the geology at Q14 shares features with the historic Nabarlek deposit.

At Such Wow, drilling intersected strongly altered sandstones within a strike-slip fault corridor identified that are consistent with unconformity-related uranium deposits.

High-resolution seismic surveys at the Condor prospect indicated the prospectivity for Ranger-style uranium mineralization.

Additionally, part of the surface soil sampling included termite mound sampling, which identified several strong geochemical anomalies north of the Angularli deposit that were subsequently targeted by the drill program.

The 2025 exploratory programs advanced management’s geological understanding of the Alligator River Project.

UPDATE ON THE URANIUM INDUSTRY

The spot price of U₃O₈rallied 46.8% from $63.50 per lb. U₃O₈ in mid-March 2025 to $94.28 per lb. in January 2026, before easing down to $84.25 in March 2026. Meanwhile, the long-term contract price has risen 14.4% to US$91.50 per/lb. from $80.

In November 2025, contract volume through the first nine months of 2025 had been very low, with only 50 Mlbs having been contracted in the long-term contract market, well below the estimated level of global replacement of 180 Mlbs +/- 25 Mlbs. However, a surge of demand for 66 Mlbs during the fourth quarter brought the full-year 2025 total volume to 116 Mlbs. Utility buyers started reacting to the realization that the structural supply deficit is deepening. Major producing mines are entering the end of their production cycles, coupled with declines in secondary supply. Nevertheless, despite the 4Q rally, the annual volume of 116 Mlbs remained below the estimated replacement rate.

For a brief period in January 2026, the uranium market shifted into backwardation, when the spot market traded at a premium to the contract market. This was a sign of a tightening near-term market that often precedes and later coincides with periods of increased demand, usually driven by nuclear-powered utilities shifting from deferred to active procurement as forward inventory coverage tightens. Currently, nuclear-powered utilities hold roughly 18–24 months of inventory versus a traditional target of 30–36 months.

VALUATION

Broadly speaking, the public uranium companies can be grouped into three segments: producers, development companies and exploration companies. Producers are actively mining and generating revenues. Exploration companies are prospecting and/or drilling to establish mineral resources. In between these two segments are the development companies that already have established resources and are advancing through the process to bring a mine in operation, generally from the point of initiating a Pre-Feasibility Study to the actual construction of a mine. The comparable companies to Deep Yellow fall into this category.

Further, the comparable companies have been narrowed through quantitative factors, particularly those with a market capitalization over $700 million and trading above $1.00 per share. This process captures a range of well-funded junior uranium development companies, which are listed in the table above. Currently, the P/B valuation of these comparable companies is depressed in the 2.88-to-12.08 range. With the expectation that Deep Yellow’s stock can attain a P/B ratio of 5.4, our valuation price target is US$2.54.

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LOT: Margin gains due to strong service revenue highlight Q4 performance. 2026 still poised to be turnaround year for Lotus despite a challenging economic backdrop.

Mon, 13 Apr 2026 12:19:00 -0400

By Brian Lantier, CFA

NASDAQ: LOT

READ THE FULL LOT RESEARCH REPORT

Lotus Technology Reports Fourth Quarter 2025 Results

Before the market opened on April 10, Lotus Technology (NASDAQ: LOT) reported its unaudited fourth-quarter and full-year results for 2025, which showed the emergence of interesting trends in the sales mix and continued emphasis on cost controls. Despite challenges in the Chinese premium auto market, which contracted by roughly 5% in 2025, the company grew slightly in China, delivering 2,960 units during the year.

In our initiation piece on March 23, we noted that we believed the sales for Lotus likely bottomed out in Q2/Q3, when tariff uncertainty was at its peak, and that the company would see a gradual recovery through the balance of 2025 into 2026.

Service revenues significantly outperformed our model in the fourth quarter, rising to $30.9 million, well above our estimate of $8.7 million. Service revenue growth was driven by R&D service revenue. The company has made a concerted effort in recent quarters to commercialize its internal IP through licensing arrangements, and those efforts appear to be paying real dividends at the end of 2025. It may take a few quarters to get a clear understanding of how we should model these licensing revenues.

Lotus made significant advances in containing costs in 2025, with R&D, Sales and Marketing, and G&A costs all falling sharply during the year. The company invested a bit more in R&D and G&A in the fourth quarter than we had anticipated, and thus its total operating costs were up roughly 2% sequentially from the third quarter to the fourth quarter.

Economic headwinds continue to build as commodity inflation has remained sticky worldwide. The higher prices for key inputs may slow Lotus's return to profitability a bit, but ultimately, 2026 is about the company demonstrating it can be competitive in new markets with new models. The launch of the company's PHEV gives it a full suite of power platforms – combustion engines, BEVs, and PHEVs- to meet all customer needs.

Valuation

We have applied a 1.2x multiple to our 2027E EV revenue projection to reflect the company’s position as a premium luxury EV manufacturer, and a 0.5x multiple to our 2027 Sportscar revenue, which is roughly in line with the valuations assigned to luxury Chinese EVs and legacy companies like Aston Martin. Given the significant debt on the balance sheet, we feel that enterprise value to revenues may be a more prudent measure, and we believe a consolidated EV/Revenue of 3.0 may be appropriate. The average of our revenue multiples and EV/Revenue calculations yields a 12-month price target of $1.80/share. We believe that if the company’s PHEV proves to be more successful than currently forecast, or if the Eletre’s entry into Canada exceeds expectations, our target could be conservative.

We would encourage investors to read both our March initiation report and the full version of this update to get a complete picture of Lotus Technology.

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IZOZF Makes Good Progress Toward Revenue Generation

Fri, 10 Apr 2026 11:11:00 -0400

By Brad Sorensen, CFA

OTC: IZOZF

READ THE FULL IZOZF RESEARCH REPORT

Izotropic (OTC: IZOZF) is an emerging medical device company aiming to transform breast imaging with its innovative IzoView Breast CT system. At its core, Izotropic’s mission is straightforward but ambitious: to make breast cancer detection faster, clearer, and more comfortable for patients—particularly for the large number of women whose dense breast tissue makes traditional mammograms less effective. The company holds exclusive global rights to its technology from the University of California, Davis, where the underlying breast CT platform was developed over many years of academic research. With that foundation, Izotropic is now working to bring this technology to market through a dedicated imaging system that could redefine how clinicians see and diagnose breast cancer.

Izotropic represents a rare opportunity in an area that combines cutting-edge imaging innovation with a substantial unmet clinical need. The global market for breast imaging is growing steadily, and nearly half of women fall into the “dense breast” category, a demographic that standard mammography often struggles to serve. IzoView directly targets this challenge by producing true three-dimensional CT images of the breast without the painful compression required by traditional scans. This technology offers clearer visualization of tissue structure and lesions, which can potentially improve both detection rates and diagnostic confidence.

As the company moves closer to commercialization and revenue recognition, being strategic with finances is important. The recent earnings report shows that management is taking that responsibility seriously—increasing cash balances, minimizing expenses, and narrowing the loss per share to a breakeven point. This solid balance sheet and financial management allow flexibility in pursuing business opportunities such as those described below.

As mentioned, company management recognizes that breast cancer and issues with standard breast imaging access and quality exist across the world and has recently announced an agreement to establish an entity known as Izotropic Africa with an entity referred to as “a business group (BG)”. According to the company, the new entity intends to license, market, distribute, and evaluate manufacturing and/or assembly of IzoView Breast CT and certain follow-on products in all of Africa and the Gulf Cooperation Council: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

This area has an urgent need for advanced breast cancer screening, with estimates suggesting over 200,000 cases of breast cancer annually and mortality rates exceeding 50% due to delayed diagnoses and the limited access to advanced care many of the citizens have. Additionally, the company reports that the addressable market for advanced imaging devices is expected to exceed $500 million by 2030.

The details of the agreement are that BG will hold a 60% interest and Izotropic will hold a 40% interest—subject to the final structure being agreed to by both parties by April 30, 2026. Other terms of the agreement indicated BG has committed to developing and executing an annual business plan focused on the sales, marketing, and distribution of IzoView and any follow-on products in Africa and the Gulf Cooperation Council. BG has also committed to securing a major hospital site in Morocco in Q1, 2026 for installation of an IzoView Breast CT Imaging System to serve as a research data collection and clinical study and approval location forming the foundation for regulatory engagement and market entry within the region, initiating approval processes with government health ministries in the designated territories, and assessing the feasibility of establishing manufacturing and/or assembly capabilities in Morocco to serve Africa and the Gulf area.

Lastly, the parties have agreed upon an estimated first-year start-up budget, pursuant to which Izotropic’s 40% share is estimated at USD $120K. Izotropic has agreed to advance 25% (USD $30K) for the first three-month period against its portion of those estimated costs. All financial contributions and operational commitments of Izotropic beyond the initial capital advance remain subject to execution of the formal agreement and securing of financing.

This entity in Africa is already showing progress in the region, with the company announcing that Izotropic Africa has entered into partnership discussions with the Mohammed VI Foundation for Science & Health (FM6SS). According to the company, the FM6SS operates as a public utility institution under the patronage of King Mohammed VI, supporting healthcare reform, research advancement, innovation, and institutional partnerships within Morocco. Management notes that as part of these discussions, an IzoView device valued at $500K would be placed at a leading hospital in Morocco at no cost as a clinical research site to support local clinical evaluation and regulatory approvals. The discussions also include the evaluation of opportunities for localized manufacturing and assembly initiatives in Morocco, with the kingdom’s geographic position at the intersection of Europe, Africa, and the Middle East providing access to regional markets with established logistics channels. This is another step in growing the scope of the IzoView technology and toward opening up vast new markets for the game-changing device.

For investors, Izotropic represents a higher-risk, high-potential opportunity that has a management that is clearly aggressively expanding its market opportunity. In our view, the company’s valuation remains modest relative to the scale of the problem it is addressing and the potential impact of its technology. We believe this agreement is another sign that IZOZF is poised to move higher as its superior technology begins to be distributed throughout the world—and investors with a higher risk tolerance should consider investing before the train leaves the station.

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HURA: 2025 Financial Results

Thu, 09 Apr 2026 11:32:00 -0400

By John Vandermosten, CFA

NASDAQ: HURA

READ THE FULL HURA RESEARCH REPORT

Operational and Financial Results

On April 1^st, 2026, TuHURA Biosciences, Inc. (NASDAQ: HURA) reported 2025 financial and operational results and filed its Form 10-K with the SEC. The company is conducting Phase III and Phase Ib/IIa trials in Merkel cell carcinoma (MCC) and is expected to soon start a Phase Ib/II trial for TBS-2025 in acute myeloid leukemia (AML). The IFx-2.0 Phase III is expected to read out in 2027. The TBS-2025 anti-VISTA asset is now the subject of FDA meetings centering on the development plan, and clinical trials could begin in 2H:26. Other program work includes the identification of a lead antibody drug conjugate (ADC) in AML, along with initiation of proof-of-concept studies. Outside of operational efforts, TuHURA added new team members and is presenting at scientific and investor conferences. Below, we summarize the company’s 2025 financial results.

TuHURA generated no revenues in 2025 and expended $31.8 million on operational activities related to advancing IFx-2.0, TBS-2025, and other programs, producing a net loss of $30.1 million or $0.63 per share. For the year ending December 31^st, 2025, and versus the same prior year period:

Research & development expense totaled $20.5 million, increasing 54% from $13.3 million on higher facilities, salary and personnel related costs, greater clinical spending on IFx-2.0 and TBS-2025, and increased allocations to the preclinical IFx-3.0, myeloid derived suppressor cell (MDSC), and REM-001 programs;
General & administrative expense totaled $11.2 million, which includes acquisition related costs of $3.7 million. The total was up markedly from $4.3 million, due to increases in non-cash stock compensation, merger transaction costs, and expenses related to being a public company;
Other items included $2.2 million that consisted of grant income related to Kintara’s REM-001 asset and reimbursements from Health and Human Services, and amounts related to share settlement to former Kineta employees, and employee retention tax credit. The most significant item was $1.6 million in income related to the fair value of Kineta merger holdback shares, partially offset by a $185,000 loss on Kineta employee separation payments;
Net interest expense was $489,000;
Net loss was $30.1 million or $0.63 per share. Removing the nonoperating items from the “Other” line item produces a net loss of $32.3 million or $0.67 per share.

As of December 31^st, 2025, TuHURA held $3.6 million in cash on its balance sheet. Cash burn for 2025 was $27.7 million while net cash generated from financing sources was $19.9 million, which consisted of proceeds from a bridge note, warrants, and common stock issuance, partially offset by capital raising costs and transaction and liability payments related to Kintara. In October, TuHURA entered into a $3.0 million loan agreement, of which $1.5 million of the loan was advanced upon execution. In November, TuHURA entered into an at-the-market (ATM) facility with HC Wainwright as its sales agent, along with the filing of a Form S-3 registration statement, making available $50 million in capacity for the ATM. Following the end of the reporting period, the second and third tranches of December’s $15.6 million raise were completed. This added gross proceeds of $7 million.

Anti-VISTA (TBS-2025) Program

TuHURA closed the Kineta acquisition in June 2025, bringing the latter’s anti-VISTA asset into the fold. Now designated TBS-2025, the candidate is a VISTA-blocking immunotherapy developed to reverse immunosuppression in the tumor microenvironment (TME). It is a fully-human engineered IgG1 monoclonal antibody that was designed to bind to VISTA through a unique epitope at physiologic and acidic pH levels. The product is being developed as an intravenous infusion. Under TuHURA’s aegis, TBS-2025 is expected to be the subject of a Phase Ib/II trial in patients with relapsed/refractory (r/r) mutated nucleophosmin 1 (mutNPM1) AML.

Based on research that has demonstrated that mutated NPM1 and DNMT3A result in high expression of VISTA on the surface of leukemic blasts.^[1] The presence of VISTA on these cells is believed to be the primary mechanism by which leukemic cells escape immune recognition and attack, resulting in a low treatment response rate and a short duration of response in AML.

This February, TuHURA filed an Investigational New Drug (IND) Application with the FDA for TBS-2025. It submitted the document to the Division of Hematologic Malignancies for the treatment of mutNPM1 r/r AML in combination with a menin inhibitor. If cleared, the Phase Ia portion plans to enroll 14 patients and the Phase II, 26 subjects. TuHURA’s next steps with the TBS-2025 program are to determine a starting dose in an abbreviated Phase Ib trial. The subsequent Phase II trial will investigate TBS-2025 in combination with a menin inhibitor for patients with mutNPM1 r/r AML who were previously untreated with a menin inhibitor. These studies are slated to begin in 2H:26.

In the press release announcing the IND, Dr. Bianco pointed out that leukemogenic mutations common in AML may drive the expression of VISTA on the surface of leukemic cells, which in turn shut down the immune response. The anti-VISTA antibody’s mechanism raises the shield so the immune system can kill these cells. He continued, noting that complete response rates using menin inhibitors as monotherapy are below 25% and of short duration. Adding TBS-2025 to the treatment paradigm may markedly increase both the magnitude of response and its duration. Success in this endeavor would provide TuHURA the data it needs to seek an accelerated approval route with the FDA.

In March 2026, TuHURA announced that Dr. Craig Tendler would lead the anti-VISTA program in AML. Dr. Tendler’s first public association with TuHURA was the company’s announcement that he would join TuHURA’s board of directors in March 2025. Last month, it was announced that he would take on the responsibilities consistent with those of Chief Medical Officer (CMO) and lead the TBS-2025 program. He will continue his role on the board. A press release provided a biography for the thirty-year industry veteran, noting his tenure at Johnson & Johnson. Joining Dr. Tendler is Amanda Garofalo, who was announced as SVP of Clinical Operations on April 7^th, 2026. She will assist with the development of TBS-2025 and TuHURA’s other clinical programs.

Menin Inhibitor Background

Menin inhibitors are a targeted therapy for NPM1-mutated r/r AML that work by disrupting the menin-dependent transcriptional program that leukemic cells use to maintain HOX/MEIS1 expression, which helps drive survival and differentiation block.^[2] In practice, these small molecules can induce differentiation and remissions in this disease, and they are now part of the treatment landscape for this molecular subtype, with activity seen most often in heavily pretreated patients. NPM1-mutated AML is biologically dependent on menin-mediated signaling, so blocking menin can turn off an oncogenic program rather than just broadly killing dividing cells. That makes menin inhibition especially relevant in r/r mutNPM1 AML, where options are limited and targeted therapy is needed.^[3]^,[4]

TBS-2025 may pair well with a menin inhibitor because the combination targets two different resistance layers in AML. Anti-VISTA antibodies may reverse immune suppression in the tumor microenvironment, while menin inhibitors suppress the leukemic oncogenic transcription program in mutNPM1 AML. In murine mutNPM1 AML, loss of VSIR (the gene encoding VISTA) was associated with an immune response and improved survival. This suggests VISTA blockade could help the immune system clear leukemic cells that remain after menin inhibition.^[5]

Financing and Corporate Update

TuHURA announced a registered direct offering on December 9^th that raised $15.6 million through the issuance of 9,462,423 shares of common stock and warrants. The purchase price for the equity shares was set at $1.65 and the exercise price for the warrants was $1.95. Warrants can be exercised six months after issue. The closing of the transaction was scheduled to occur in three tranches, with all completed by the end of February 2026.

Phase III IFx-2.0 Trial in MCC

TuHURA launched its pivotal Phase III study for its IFx-2.0 candidate in Merkel cell carcinoma (MCC) in June 2025. In the latest earnings report, TuHURA provided its latest set of milestones for the program. They include obtaining Orphan Drug Designation for IFx-2.0 in MCC in 1H:26, reporting preliminary data from the Phase Ib/IIa study of IFx-2.0 in 2H:26, and a topline readout of the Phase III study in 2H:27.

IFx-2.0 will prepare for a new drug application using the FDA’s accelerated approval program under a special protocol assessment (SPA). The trial was designed with the input of the FDA’s Oncology Center of Excellence (OCE). Accelerated approval allows the sponsor to use surrogate endpoints that predict clinical benefit. In most cases, an accelerated approval will require post-market confirmatory trials to verify the clinical benefit. However, in this case, the FDA has indicated that secondary endpoints that demonstrate clinical benefit may be used. If successfully achieved, the trial may satisfy the requirements for full approval.

Upcoming Milestones

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^[1]^{NPM1 and DNA methyltransferase 3A (DNMT3A) are two of the most common mutations in AML and typically co-mutated in myelodysplasia (MDS).}

^{[2] Differentiation block refers to a state where leukemia cells are held in an immature, rapidly dividing stage and are unable to mature into functional white blood cells.}

^{[3] Isidori, A., Marconi, G. The role of menin inhibitors in acute myeloid leukemia. Current Opinion in Oncology. November 2025.}

^{[4] Fiskus, W., et al. Effective Menin inhibitor-based combinations against AML with MLL rearrangement or NPM1 mutation (NPM1c). Blood Cancer Journal. January 2022.}

^{[5]TuHURA Biosciences Pipeline. Accessed April 2026.}