Zacks Small Cap Research Press Releases

UFG: Uni-Fuels Strong 1st Quarter Revenue Growth Supports Price Target of $5.00

Thu, 25 Jun 2026 16:19:00 -0400

NASDAQ: UFG

1st Quarter Unaudited Results

Uni-Fuels (NASDAQ: UFG) revenue increased 64% year-over-year to $83.2 million, driven by higher marine fuel trading volumes and expanded commercial activities. Gross profit increased 85% year-over-year to $1.8 million, with gross margins improving to 2.2% from 1.9% in the prior-year period.

Operating loss was ($231,798), and the net loss was ($376,087). The quarter carried higher than normal SG&A expenses due to higher corporate communication expenses.

Marine fuel volumes increased 58% from the prior year period to over 140,000MT, reflecting growth in commercial activities and customer engagements across many key markets.

CEO Koh Kuan Hua stated, “We are encouraged by a promising start to 2026, which reflects the continued execution of our growth strategy. During the quarter, we delivered year-over-year growth in revenue and marine fuel volumes, and improved gross margins. Operational performance remained strong, although quarterly results were impacted by a net loss primarily attributable to corporate communication expenses incurred during the period. We remain focused on building on this momentum through disciplined execution of our growth initiatives, driving consistent performance, and improving returns on capital.”

Due to the stronger-than-expected 1^st quarter 2026 revenue performance and improved visibility on commercial activities, the company increased its full-year 2026 revenue guidance to a range of $320- $340 million, which is up from its prior guidance of 310 million to $330 million.

New Expansion Plan

On January 5, 2026, the company announced the next phase of its global expansion strategy, which focuses on scaling its global operations through organic growth across major maritime markets. As part of this approach, the company is evaluating potential strategic opportunities that may include acquisitions if these opportunities align with its long-term growth strategy.

This announcement builds on Uni-Fuels’ expansion to Dubai, Shanghai, and Limassol in 2025 and provides the strategic framework for additional office openings and operational initiatives designed to support long-term corporate development.

As part of this expansion plan, Uni-Fuels’ strategy is driven by the following priorities:

Supporting shipowners and operators across global shipping routes, including both major trade corridors and niche ports, with consistent service and execution standards.

Maintaining strong operational discipline, including counterparty risk management and regulatory compliance, as the company scales its activities.

Addressing increasing market and regulatory complexity, including the implementation of decarbonization-related measures such as the EU Emissions Trading System (EU ETS), which directly affect voyage economics, fuel selection, and emissions compliance obligations.

Supporting a growing diversity of marine fuel requirements, including conventional, transitional, and emerging fuels, as customers adapt fuel strategies in response to emissions-related cost considerations and fuel-intensity regulations such as FuelEU Maritime.

Strengthening scale, operational capability, and broadening geographic reachto meet customer needs in an evolving global bunker and regulatory landscape.

Valuation

We believe Uni-Fuels has the potential to deliver strong revenue growth and positive earnings over the next 10 years as it continues to expand into additional markets and executes on its sales and marketing efforts. We believe the company can generate strong double-digit annual revenue growth over the next 10 years. In the near term, we expect revenue growth in the 20%-30% range. The company should be able to maintain industry gross margins in the range of 1.5%-2.0%. As the company expands into higher margin ancillary services, we believe gross margins could exceed 2.0% depending on market conditions and industry dynamics.

Our primary valuation tool utilizes a Discounted Cash Flow process. Due to higher than expected SG&A expenses, we are maintaining our price target of $5.00 per share. This stock price level has been achieved as recently as October 2025.

The company provided 2026 revenue guidance of between $320 million and $340 million. At the midpoint, that would imply 26% revenue growth. Our 2026 full year revenue estimate is $332.5 million, and our 2026 EPS is $0.01 due to elevated investments in the company’s strategic growth plans. For 2027, our revenue estimate is $392.3 million, and our EPS estimate is $0.05.

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VQS.V: Expanding the Product Portfolio & Growing the Customer Base

Wed, 24 Jun 2026 16:20:00 -0400

By M. Marin

TSXV: VQS.V

READ THE FULL VQS.V RESEARCH REPORT

Ongoing initiatives to expand & upgrade the portfolio of tools and technology solutions

Toronto, Canada-based VIQ Solutions (TSXV: VQS.V) operates a technology platform that offers AI-enabled video capture software and audio recording with voice-to-text capabilities. The company believes its clients attain significant benefits from adopting VIQ technology as it continues to innovate, expand, and upgrade its portfolio of technology solutions.

Introducing new solutions has been a consistent element of VIQ’s strategy to provide an end-to-end suite of transcription solutions, often in response to customer feedback or requests. For instance, VIQ unveiled FirstDraft in March of 2021. As the name implies, FirstDraft, powered by aiAssist, enables faster turnaround of transcripts for early first draft review, in advance of editing. FirstDraft converts audio files to text quickly, leveraging the VIQ speech recognition engine, enabling faster turnaround than under prior methods.

The company continues to introduce new solutions to expand the tools it offers existing and prospective clients. Near-term R&D investments will primarily focus on targeted automation, advanced diarization (i.e., separating and identifying voices of different speakers for accurate transcription either by name or label), formatting automation, and standardizing quality assurance. VIQ’s plans to expand and upgrade its product portfolio follow what it calls its multi-year technology roadmap. The company’s strategy is to increase accuracy and strengthen the quality and consistency of its delivered solutions and customer service across its global footprint by leveraging its existing technology and extending and upgrading its offerings by introducing new solutions.

For example, earlier this month, VIQ announced the upcoming release of what it terms a new approach to audio capture to combine recording, streaming transcription, and translation, and offer secure remote access. The product is designed to enable clients to capture, stream, and access live proceedings on-site or remotely and subsequently accelerate workflows.

VIQ also recently introduced NetScribe Advanced Formatter, an advanced automation enhancement designed to streamline court documentation workflows. With its expanding product portfolio – including FirstDraft – the company believes it can address a greater portion of the TAM.

… Supports customer expansion & contract extensions, as tools contribute to up to 30% improvements in efficiency

Among the benefits VIQ sees when clients use its technology tools are streamlining their production costs and shortening turnaround times. VIQ cites regular daily use of NetScribe as contributing to up to 30% improvements in efficiency. Moreover, with a growing portfolio of tools and solutions, VIQ is optimistic that it can continue to expand its customer base and boost stickiness with existing customers. VIQ is also optimistic about its prospects to expand the Software-as-a-Service (SaaS) model, which gives clients access to VIQ software and services solutions, while generating consistent recurring revenue for the company. Importantly, the SaaS model generates recurring and predictable monthly revenue and also helps offset revenue fluctuations that arise from fluctuations in volumes.

As proof-of-concept that its tools enhance clients’ productivity and efficiency, VIQ recently extended two multi-year, multi-million-dollar contracts in its key U.S. and U.K. business units. The first extension is with a client in the Media space. The agreement extends the contract through 2Q 2029. It represents about US $1.6 million in annual revenue.

The second extension is with a UK government client. The agreement extends the contract until 3Q 2028 and represents about US $800k in annual revenue. VIQ has also renewed multiple client contracts in courts, law enforcement, and other government agencies in the U.S.

Recent contract extensions

Represents ~US$1.6m in annual revenue with Media client
Represents ~US$800k in annual revenue with UK Government client
Other extensions with U.S. courts, law enforcement, government agencies

Much of the company’s revenue comes from long-term contracts with government agencies and Fortune 500 companies, according to VIQ, and the company believes its long-term relationships with clients form a strong foundation for future growth and market penetration. High-profile companies that have been or are clients of VIQ's media business unit include Bloomberg, Fox News, and CNN, among others. The company continues to grow its customer base in its key verticals organically and via strategic acquisitions.

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UHAL: U-Haul Reports FY2026 Financial Results. Depreciation expense to decline in FY2027, relieving pressure on earnings. The announcement of a $350MM share repurchase plan coupled with an anticipated decline in depreciation fueled a subsequent 20%+ rally in the stock price.

Wed, 24 Jun 2026 11:06:00 -0400

By Steven Ralston, CFA

NYSE: UHAL

READ THE FULL UHAL RESEARCH REPORT

U-Haul Holding Company (NYSE: UHAL) reported financial results for the 2026 fiscal year ending March 31, 2026. Total revenues increased 3.6% to approximately $6.038 billion, primarily driven by a 2.3% increase (or $86.4 million) in self-moving equipment rental revenue, an 8.3% increase (or $74.5 million) in the self-storage business, and a 6.2% increase (or $31.4 million) in Other revenue business, which is primarily driven by moving and storage transactions related to U-Box.

In the self-moving equipment rental business, revenues increased by 2.3% (or $86.4 million). In the in-town business, revenue per transaction grew compared to fiscal 2025. In the one-way market, transactions increased while revenue per transaction was flat compared to fiscal 2025. Miles driven per transaction continue to decline modestly, though the magnitude of the decreases is decreasing. The company added 55 new company-operated locations and achieved a net increase of approximately 1,400 independent dealers during the 2026 fiscal year, advancing management's stated goal of expanding the dealer network by several thousand locations and effectively dispersing equipment across the broader network.

In the self-storage area, revenues increased 8.3% (or $74.5 million) as average revenue per occupied square foot improved by 5%. New capacity was added throughout the year. During fiscal 2026, approximately 5.3 million net rentable square feet (66 new locations) were added, funded by an investment of $966 million in real estate acquisitions, new construction, and renovations, which was a $541 million decrease versus FY2025, reflecting a deliberate reduction in development spending. End-of-Period same-store occupancy was 71.1%, representing a 600 basis point decline from fiscal 2025, with management attributing approximately 450 basis points of that decline to the operational purge of delinquent storage room accounts, which was instituted in the second quarter of fiscal 2026. Average new customer rental rates increased approximately 3% year-over-year. Since the rates paid by customers moving out continue to be less than the rates for new customers moving in, the trend of positive pricing continues.

Other revenue increased 6.2% (or $31.4 million), primarily driven by a volume resurgence in the U-Box program. Both the number of moves and boxes in storage increased during fiscal 2026. However, revenue per transaction declined, reflecting the same trend toward shorter moves seen in the one-way truck rental market, as well as modestly more competitive market conditions. Management continues to expand the U-Box program's reach through the addition of warehouse space and storage containers. The company consolidated its warehouse footprint during the year, reducing the number of small-capacity warehouses (fewer than 100 boxes) by approximately 160 while adding 49 warehouses capable of storing more than 500 boxes, thereby increasing total container storage capacity by approximately 53,000 units while improving operational efficiency.

In self-moving/self-storage products & services, revenue increased 0.6% (or $2.1 million) during fiscal 2026, reflecting modest growth in supplies and ancillary product sales at U-Haul-owned and operated locations.

For the 2026 fiscal year, total costs and expenses increased 9.6% (or $492.7 million) to $5.605 billion. The operating margin declined 512 basis points from 12.3% in fiscal 2025 to 7.2% in fiscal 2026, which was reflected in the declines of net income and EPS. Operating expenses (associated with self-moving equipment rentals and self-storage) increased 4.3% (or $147.6 million), driven principally by $76.4 million in higher self-insured liability costs, $61.3 million in increased personnel costs (from a combination of employee benefit costs and salary and wage increases), and $29.5 million in higher fleet repair and maintenance expenses. In the prior year, fiscal 2025, there was a non-recurring $16.5 million cost associated with a transition to a new box supplier; excluding that item, all other operating costs declined $2.8 million versus the prior year.

Depreciation expense increased 34.3% (or $328.8 million) on a gross basis, with the most significant driver being rental equipment fleet depreciation, which increased $186.6 million to $879.3 million for the full 2026 fiscal year. Management began materially increasing the depreciation rate on the cargo van fleet during fiscal 2026 since resale prices weakened for the higher-cost vans purchased in 2023 and 2024. Furthermore, depreciation on box trucks increased because more than 14,000 units were purchased during fiscal 2026. Losses from the disposal of retired rental equipment totaled $117.6 million versus a net gain on disposals of $15.0 million in the prior fiscal year, a year-over-year negative variance of $132.6 million as resale values fell and the average cost basis of units sold increased. On a quarterly basis, depreciation has declined sequentially in the last two quarters and should continue to decline over the course of fiscal 2027 since management does not plan on growing the truck fleet in fiscal 2027.

Capital expenditures on rental equipment were $2.081 billion during fiscal 2026, a $218 million increase from the prior year; proceeds from the sale of retired rental equipment increased by $48 million to $700 million. Net equipment purchases were $1.381 billion in FY2026, and management estimates that net equipment purchases will be approximately $560 million during fiscal 2027.

Interest expense increased 23.3% in fiscal 2026, up $69.0 million to $364.8 million, due to an increase in the amount of debt outstanding. Income tax expense was $29.5 million for fiscal 2026, compared with $110.4 million in fiscal 2025, reflecting the decline in pretax earnings. Also during fiscal 2026, the company received $119.4 million in IRS tax refunds related to the completion of the agency's examination of tax years March 2014 through March 2021.

Earnings from operations decreased 39.6% (or $283.5 million) to $432.6 million compared to $716.2 million in fiscal 2025. For the 2026 fiscal year, net income declined 77.4% to $83.1 million (or $0.44 per diluted share of Non-Voting Common Stock), compared with $367.1 million (or $1.89 per diluted share) for fiscal 2025. Earnings per share of Voting Common Stock were $0.24 for fiscal 2026 compared to $1.69 in fiscal 2025.

Note: Management utilizes the two-class method, where distributed earnings (dividends) and undistributed earnings are allocated in a three-step process to each class of common stock. Our EPS calculation differs from the company's GAAP-compliant calculation in that we are attempting to illuminate the earnings power behind each voting share rather than adjust EPS for the distribution of dividends.

As of March 31, 2026, U-Haul Holding Company has a strong liquidity position in the Moving and Storage operating segment of approximately $1.479 billion (cash plus availability from existing loan facilities). Total debt in the Moving and Storage segment stood at $8.125 billion, with net debt to trailing twelve-month adjusted EBITDA of 4.3x. Working capital was approximately $4.272 billion on March 31, 2026. Moving and Storage adjusted EBITDA for the trailing twelve months ended March 31, 2026, was $1.646 billion, an increase of $26.1 million from the prior fiscal year.

In a notable capital allocation development, on May 22, 2026, the U-Haul Holding Company Board of Directors authorized a $350 million share repurchase plan spanning both the UHAL and UHAL.B share classes. The Board believes the stock is trading at a discount. The repurchase authorization is partly funded by a planned reduction in growth capital expenditures during fiscal 2027, since the pace of expansion over the last few years has created sufficient capacity, particularly in the truck rental fleet and self-storage.

By expecting the high EV-to-EBITDA valuation metric to be 10.8 at some point during the next 12 months, a target price of $73.85 is indicated.

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DFNS: Initiation of Global Aerospace & Defense Company Focused on Acquiring and Operating Mission-Critical Defense Businesses

Wed, 24 Jun 2026 09:40:00 -0400

By Tom Kerr, CFA

NASDAQ: DFNS

READ THE FULL DFNS RESEARCH REPORT

Overview

Although T3 Defense (NASDAQ: DFNS) has a history of being involved in the financial technology services industry, since September 2024, the company has transformed into a strategic acquirer and operator of aerospace and defense (A&D) businesses. T3 is building a portfolio of mission-critical suppliers and advanced technology companies and strategic infrastructure opportunities across the defense, aerospace, and advanced manufacturing sectors in Israel, Europe, and the U.S.

T3 is now positioned as a strategic platform company focused on acquiring, integrating, and scaling high-impact businesses in the aerospace and defense industries. The strategy targets Tier 2 and Tier 3 suppliers that form the industrial backbone of national security infrastructure, with particular emphasis on companies offering dual-use technologies, advanced AI applications, and critical manufacturing capabilities. The company’s goal is to acquire companies at attractive valuations with the ability to scale into larger enterprises.

The first step in this transformation was the company’s acquisition of Star 26, a holding company containing three defense-related businesses. In December 2024, T3 Defense announced a purchase agreement for the company, and the transaction was closed in January 2026.

The three core businesses under Star 26 include Rimon (energy systems, drones, and rugged infrastructure manufacturer), ITS (production engineering), and Positech (motion control technologies).

In addition, in 2025, the company acquired Tiltan Software (defense and aerospace software) and Nimbus Drones (unmanned aerial systems).

The company has the potential to expand on a global basis and is well connected to both the Israeli and U.S. defense ecosystems, with subsidiaries and partnerships tied to technologies used in areas such as Iron Dome-related systems, GPS-denied navigation, drone payloads, simulation systems, and AI-enabled military applications.

The company has identified a pipeline of more than 400 potential acquisition targets, primarily consisting of Tier-2 and Tier-3 manufacturers with good customer relationships and significant order backlogs. Many of these businesses are constrained by limited capacity and resources, creating opportunities for strategic growth and operational support.

Global military expenditure reached a record $2.7 trillion in 2024 and is expected to reach $2.9 trillion in 2025. This growth is being driven by the Russia-Ukraine conflict, Middle East and Asia-Pacific tensions, and broader geopolitical realignment. The U.S. remained the largest military spender at a proposed FY26 budget of $997 billion, which is the first-ever trillion-dollar defense request.

The company’s primary operations are currently based in Israel, and company headquarters are located in New York City.

The company controls a separate SPAC with cash in trust of $172.5 million, which will be used to make additional acquisitions (see below for more details). The company has provided a revenue outlook for 2026 in which they expect revenues to reach $26 million. Cash balances and short-term marketable securities were $7.9 million as of 3/31/26.

The company also controls publicly traded Water IO (TASE: WATR) with a 67% ownership stake. The company is currently engaged in smart hydration technology products. Going forward, Water IO will likely make acquisitions in the defense & aerospace sectors. In April 2026, Water IO announced a non-binding letter of intent involving a transaction that would give it control of Israeli defense company Meteor Aerospace. The proposed deal is structured as a $10 million investment or loan by Water IO. If completed, Meteor would issue shares representing 51% ownership on a post-investment basis, which would make Meteor a controlled subsidiary of Water IO.

Based on a discounted cash flow calculation using conservative estimates, we believe DFNS stock to be worth approximately $1.50 per share.

Valuation

We believe T3 Defense can generate double-digit revenue growth over the next 10 years through organic growth and accretive acquisitions. We believe gross margins can reach the mid-to-high 30% range and, over the long term, approach 40%. Typically, Israeli defense companies have higher than industry-average gross margins due to a greater emphasis on software, sensors, and simulation technology rather than large-scale platform manufacturing. We believe EBITDA margins will be slightly positive in 2027 and grow significantly thereafter.

Our primary valuation tool utilizes a Discounted Cash Flow process. Under the scenario described above, we arrive at a target valuation of $1.50 per share. Our target price may be conservative as it incorporates a high discount rate of 12.5% due to the unpredictability of earnings, prevailing interest rates, and the timeline for reaching its margin goals on an annual basis. Also, this price target is based on the current portfolio of companies and does not take into account future acquisitions.

We also use forward price/sales multiples to validate our target price. The average 2027 price/sales multiple for small-cap defense companies based on 2027 revenue estimates is approximately 3.3x.

That would provide a price target of $1.83 per share for DFNS based on our 2027 revenue estimates.

Summary

T3 Defense is positioning itself as a defense-focused holding company whose mission is to build what it calls an “asymmetric edge” for modern national security. The company’s strategy is to acquire, integrate, and scale smaller aerospace and defense businesses that operate in critical areas of the defense industrial base.

T3 Defense is seeking to build a platform company that owns and operates multiple specialized defense technology businesses rather than relying on a single product line. The company focuses on acquiring and scaling businesses involved in key areas of modern defense and national security, including AI for battlefield decision-making, drones and counter-drone systems (UAV/C-UAS), command-and-control technologies, 3D mapping and surveillance solutions, aviation maintenance and infrastructure, as well as tactical robotics and advanced manufacturing capabilities.

Our primary valuation tool utilizes a Discounted Cash Flow process. Under the scenario described above, we arrive at a target valuation of $1.50 per share. Our target price may be conservative as it incorporates a high discount rate of 12.5% due to the unpredictability of earnings, prevailing interest rates, and the timeline for reaching margin goals on an annual basis. Also, this price target is based on the current portfolio of companies and does not take into account future acquisitions.

Comparable defense peers trade at approximately 3.3x projected 2027 sales, suggesting meaningful upside if T3 Defense executes on its growth strategies.

Using 2026 as the starting point for ongoing operations with five closed acquisitions, we believe strong revenue growth is expected beyond 2026, and that the company’s current market capitalization significantly undervalues the company’s long-term potential for strong, high margin revenue growth and sustained free-cash-flow generation.

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SNES: Hantavirus Quarantine Ends, as Outbreak Underscores Need to Control Rodent Populations

Tue, 23 Jun 2026 17:25:00 -0400

By M. Marin

NASDAQ: SNES

READ THE FULL SNES RESEARCH REPORT

Hantavirus quarantine finally ends as outbreak calls attention to the many severe issues rodent infestations can cause, and the need to control rodent populations

As SenesTech, Inc. (NASDAQ: SNES), a leader in solutions for managing and reducing rodent populations, moves forward with its growth initiatives, the recent outbreak of hantavirus highlights the risks posed by rodent infestations. The World Health Organization (WHO) identified the outbreak as a strain of hantavirus, the Andes virus, which is “spread mainly by rodents,” per the CDC, and has a 40% fatality rate or roughly 40x that of COVID-19, according to the New York Times. The World Health Organization (WHO) was first notified about cases aboard the ship last month, and it was not until this past weekend – almost seven weeks later – that the quarantine ended for many passengers.

The recent hantavirus outbreak calls attention to the many severe issues rodent infestations can cause and the need to control rodent populations. Rodent populations can create other health problems, as well as food contamination and waste that can also exacerbate food security issues, among other issues. Yet, businesses or homeowners are often reluctant to report an infestation. Thus, rodent infestation is a fairly pervasive problem, although the issue is often undisclosed. The problem is likely to be much larger than people perceive because rat infestations are often not reported.

While it seems evident that infestations need to be managed, the way to manage the problem is evolving from complete reliance on chemical agents to multifaceted, or Integrated Pest Management (IPM) programs that include birth control tools such as those offered by SenesTech. Chemical rodenticides—the most widely used rodent control measure—are widely used throughout the world. However, the use of chemical agents raises issues concerning environmental safety and persistence, and rodents generally develop some resistance to the chemicals over time. Many traditional solutions are also considered inhumane.

Traditional methods alone are thus less effective and can also harm non-target organisms and the environment. For these and other reasons, the EPA has tightened rules on highly toxic rodenticides, and many regulators are restricting the use of second-generation anticoagulant rodenticides (SGARs). In fact, many regulators are imposing other restrictions on the use of SGARs. Specifically, federal regulations prohibit consumer retailers from selling SGARs, limiting their use to licensed pest management professionals (PMPs), as well as certain agricultural users. California signed the California Ecosystems Protection Act (AB 1788) in 2020, imposing greater restrictions on the use of SGARs to protect the state’s native wildlife.

Conversely, SNES products are considered sustainable, effective, and ethical. SNES’ solutions differ from more traditional rodent control measures; the company develops birth control solutions to contain animal pest populations through fertility control. Integrated pest management programs (IPMs) combine traditional and fertility control methods, particularly as SNES’ ContraPest and Evolve products do not have the issues related to SGARs noted above.

SNES growth strategy includes broadening product portfolio to expand addressable market

SNES is also broadening its product portfolio in order to expand its addressable market. The recently introduced Evolve product line is expected to expand SNES’s addressable market to the consumer market, as well as to appeal to segments of the company’s traditional professional pest control market. The objective to expand its reach to a broader range of customers appears to be gaining traction, as evidenced by the company’s recent financial and operating results.

In addition, SNES implemented a packaging redesign. The packaging refresh includes better descriptions of the product and how it is to be used. The redesign is expected to improve online and shelf visibility and strengthen the consumer understanding of what differentiates its product line. SenesTech also continues to redesign the e-commerce section of SenesTech.com in order to improve the customer experience, simplify navigation, boost conversion rates, and support subscription growth. In addition, digital advertising initiatives and broader marketing efforts – slated to launch in 3Q26 – are expected to boost awareness of SenesTech products and support both online and in-store retail sales.

Sizable and growing market opportunity

The company believes the market opportunity for non-poison rodent control remains significant and is growing. The anticipated growth is expected to be driven by ongoing urbanization combined with regulatory restrictions on traditional rodenticides and rising demand for safer, sustainable pest-management solutions. The company has recently introduced or intends to implement several initiatives to drive growth, including:

Expanding the product line
Redesigning the packaging to better communicate product benefits
Emphasizing the DTC, online channels & redesigning its proprietary e-commerce website
Managing its Amazon store itself
Digital advertising measures
Strategically increasing focus on large-scale opportunities
Opportunistically adding international markets
Improving operational efficiency to expand margins
Developing relationships with agricultural companies

E-commerce Growth: Amazon Direct Management

With the original ContraPest product and new Evolve product line, SNES now has a broadening product portfolio that is expected to appeal to the consumer, as well as the professional market segments. With products for the consumer market, the company is focusing more efforts on the direct-to-consumer (DTC) and e-commerce channels. As a result, the company has refocused its efforts on online sales, including the SenesTech e-commerce portal and Amazon, as well as through big box retailers.

SenesTech also redesigned the e-commerce section of SenesTech.com in order to improve the customer experience, simplify navigation, boost conversion rates, and support subscription growth to support both targeted B2B and B2C increases. SNES’s B2B strategy also encompasses increased focus on large-scale opportunities across targeted verticals, including pest management, agriculture, municipalities, distributors, and other sizable commercial markets. The emphasis on DTC is also expected to support B2B revenues through increased brand awareness, as noted, and inbound lead generation.

SenesTech believes that strengthening its control of the customer channel improves its ability to capture more value as adoption of its growing product line expands. In 2025, SNES began managing Amazon sales of Evolve Rat and Evolve Mouse directly, transitioning from third-party management to strengthen product presentation and customer communications, leverage performance data to optimize marketing, and retain a greater portion of e-commerce economics. (The transition led to roughly $200k, technically a reduction in revenue, in 4Q25.)

1st full month of Amazon transition to in-house management saw e-commerce sales up 163% y/y

In 2025, e-commerce revenue increased 88% year-over-year compared to 2024, driven by strong growth on Amazon and the company's direct-to-consumer website. SNES’s e-commerce channel now represents more than 50% of the company’s total annual revenue. SNES substantially completed its transition from third-party e-commerce management of Amazon sales of Evolve products during March 2026, improving visibility into customer behavior, enhancing control over advertising and media buying, expanding opportunities for customer engagement, and obtaining greater control over overall channel economics.

Management expects direct control to drive higher revenue and stronger margins once fully integrated. SenesTech is optimistic about the traction it is seeing with its DTC and subscription measures. April 2026 was the first full month of SNES’s direct in-house management of its Amazon e-commerce management. E-commerce sales for April 2026 advanced 163% year-over-year to a record $146k compared to $56k in April 2025 and 47% sequentially compared to $99k in March 2026. Subscription-based recurring revenue advanced 198% year-over-year to a record $36k for the month compared to $12k in April 2025, while subscription-based customers grew 109%. The company believes these metrics provide early positive evidence supporting the benefits of its evolving e-commerce strategy, growing DTC focus, and recurring revenue subscription business model.

Opportunities in international markets…

The company’s focus is on the domestic market. SNES also has some international sales at this early stage in its development. Evolve secured regulatory approval in New Zealand (with the initial stocking order shipped to exclusive partner Evicom) and expanded its international footprint in Belize by adding the Belize Raptor Center as an official distributor. SNES continues to support its international distribution partners as they introduce the company’s fertility products to new markets. The focus will be on international markets where the regulatory process would be expected to be cost-efficient.

Earlier this month, SNES expanded the Evolve® Rodent Birth Control™ product line into Bermuda through a distribution agreement with Animal and Garden House. Bermuda is a small island, and urban areas and surrounding marine ecosystems are in close proximity, making the use of traditional rodenticides challenging, reflecting concerns regarding runoff, non-target exposure, and impacts on wildlife, among other factors. In addition to Belize, other existing and expanding deployments of Evolve in the region include the U.S. Virgin Islands.

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CEO Chat with Danny Yeung, Co-Founder and CEO of Prenetics Global

Tue, 23 Jun 2026 16:54:00 -0400

NASDAQ: PRE

Brad Sorensen, CFA: Hello, everyone. Thank you for joining us. I'm really thrilled to be here. I'm Brad Sorensen, CFA, Senior Analyst here with Zacks Small Cap Research, and I'm thrilled to be joined by the CEO of Prenetics Global (NASDAQ: PRE), one of the most exciting companies that I'm covering right now. Prenetics has a great story, and I wanted to bring CEO Danny Yeung on board to tell us about it. So, Danny, welcome, and let's just start with a brief history, how you transitioned from the old to the very exciting new Prenetics, and how that process worked, and how it's going so far.

Danny Yeung: Sure, thank you so much, Brad. I'm very excited to be on here to share our journey. Just a quick background of myself, I’ve always been an entrepreneur. I grew up in the US and moved to Hong Kong in 2010. My company was then acquired by Groupon. So I led East Asia as their CEO from 2010 to 2014. So, a lot of direct-to-consumer branding, marketing, and customer acquisition experience. I left that in 2014 and started Prenetics as a life sciences testing company. When COVID hit, we pivoted to doing significant PCR work to the tune of $800 million in revenue across three years. We listed the company in 2022, and of course, post-COVID, PCR testing died, and we knew we needed to do something dramatically different. Just through my business network that I've been able to forge, especially here in Asia, I had a good friend who knew David Beckham. He asked me if I wanted to meet David in London. There's no downside to meeting David Beckham, so I was like, of course, that would be my honor.

I met with David in London, and we got really excited. We got along really well. He was very intrigued by my consumer and life sciences background over the course of the last 12 or 13 years, and we were wondering how we could potentially create something together, and this is what started IM8. It started basically from his own and his and Victoria's problem, which was that they were traveling constantly, every single week, to a new location. They didn't like their supplement regimen because they were taking countless supplements every day, 10, 12, 14, 15 supplements, and many days, they weren't consistent with it, because it's just very difficult to pack, and that's where the idea came from. Given my background in life sciences and consumer, there must be a better way. So, we started IM8 in December of 2024 officially, and then David came on as the co-founder, not just as an ambassador of the brand.

For the last 30 years, everyone's been wanting to ask David to do something in this category. He's rejected it until now. If he puts his name on it, this literally has to be the best thing in the market, and that's what we've been able to create. We launched in December of 2024. Our first month, revenue was $600k USD. Last month, May 2026, in our 18^th or 19^th month of business, we hit $16.7 million. So, the journey's been quite crazy. It's a very crowded space, but we hit $100 million ARR within 11 months of launch, which has never ever been done before in the supplement category. This year, we will do full-year revenues, and we project up to $190 to $210 million in our second year of full operations.

BS: It's been an amazing growth rate and an amazing transformation of a company. As you said, there are a lot of supplements out there, and obviously IM8 has really taken hold. David's put his name on it, which is a big plus, and obviously a big endorsement. What makes IM8 better than the other million substances that are out there as supplements?

DY: When David and I came up with this, everyone said, " Hey, this is such a crowded space, unregulated,” etc. So, we focused really on the product. The product must be good. What we wanted to solve initially was that our product is in a powder format. It’s one sachet that replaces 16 different supplements you normally would have to take otherwise. So, all of your multivitamins, your greens, your digestive enzymes, your CoQ10, your MSM, your prebiotics, probiotics, and postbiotics. It's the replacement of 16 different supplements in a powder format that you mix every day with water, and the taste is great. So, it's very simple. It's a new category.

We created this category, and, again, starting with the product, and then we have David. Now we have Aryna Sabalenka, the world number one tennis player. She takes it every day. In fact, her story was that her performance coach gave it to her to try. She took it for three months at the beginning of last year. And every day, Sabalenka trained at World No. 1, so they're monitoring every little detail about her diet and supplementation. After three months, she felt noticeably better from a recovery, energy, and mental perspective. She had her team reach out to me, and when I got the email that day, I was like, " Wow, is this a joke?!” The world number one player wants to partner with us. On top of Aryna, we got Ollie Bearman, and a few months ago, we announced Giannis, two-time MVP, NBA champion, and they're all taking it on a daily basis. Also, Jay Shetty, Inter Miami — that was a 12-month-plus process because we needed approvals from the medical doctor, their nutritionists, and, of course, the owners to get into the team, and now we're firmly in the team as part of their daily regimen.

BS: I just want to point out to investors, a lot of athletes endorse a lot of things, but the athletes endorsing this, and then David being a co-founder, these athletes are very particular about what they put in their bodies. They make their living on it. And like Danny just said, you have the trainers and doctors and coaches test these things to make sure they're right, and they have to meet all these standards. Having these elite athletes as part of this team and using it, not just endorsing it, but using it on a daily basis, is a huge endorsement for it.

DY: Yeah, and it's very public as well. If you look at Aryna, when she plays, her team of coaches all have the white IM8 caps on. From day one, we've also separated from the crowd because we ran clinical trials from the San Francisco Research Institute. 95% of individuals had noticeably better energy, 85% had better gut health, and 80% slept better. Also, it's NSF certified for sport, so that means if you are a professional athlete, it's free from any contaminated substances. We have all these certificates and quality assurances made in the USA, so people are freely able to take this product.

BS: Initially, that's what gets people to use it, and I think that's great, but I want you to talk a little bit about the subscriptions, because that's the sustainable revenue. That's what's really grown, and once people subscribe and they keep re-upping their subscriptions, that attests to how great they think this product is.

DY: A hundred percent. I can say this with full transparency: it doesn't matter who we have; we can have Beckham, all the top athletes in the world, but if the product doesn't work, people are not going to continue to subscribe to the product, especially at our price points, which are at the premium level. It has to work; it has to perform. 80% of new customers that come in today are subscription customers, which is also an industry benchmark high. Our average order value today is $240, so on average, any new customer coming in, they're paying $240, typically for a three-month subscription to the product, and we have seen retention rates being very, very high, especially for the quarterly cohort.

BS: That's great. You mentioned the quality earlier. I think one thing investors would be wondering is, this growth is great, but do you have the quality manufacturing capacity to be able to sustain this growth?

DY: Yes, a hundred percent. From day one, we knew this would be successful, but we didn't know to what extent, so we wanted to select a manufacturer that had scaling capacity. Everything's made in a USA FDA-registered, NSF-registered facility, so they have significant scale to help scale with us. We have no worries in terms of that. We actually added another manufacturer. Currently, it's manufactured in New Jersey. We also added another manufacturer in Dallas just to give us optimal coverage in case anything happens.

BS: Excellent. I also, in covering your company, know that you’re using AI to advance products. Explain to investors how you use AI to enhance your operations and your business.

DY: Starting with myself, I'm very AI optimized, and that sets the stage for the rest of the team members through operations, supply chain, finance, and, of course, what a consumer sees through our marketing efforts. One thing that I think goes slightly underappreciated is that if you look at Meta, we have about 3,000 ads running at any given time. That allows us massive distribution on a global basis, because we ship to 43 countries right now, and we're testing 600 to 800 ads on a weekly basis. This involves consistent testing and a lot of diversity, so it's not just the same type of ad. The more creative diversity that you have, the higher the likelihood that the Meta AI algorithm will be able to show it to individuals who are most likely to purchase. Now we're able to do this at scale, utilizing AI content, AI statics, and of course, a combination of real individuals, real people, for the video pieces, but it's all together in terms of how the organization utilizes this.

BS: It's amazing the scale you can get with AI and the targeted advertising you can get now, and if companies like yours use it strategically and don't just throw it against a wall and see what works, that's a huge advantage. IM8: incredible growth, but investors are always wondering, how does that growth continue, and are there going to be new products? It sounds like this is kind of an all-in-one product. Are there new products that you guys are looking at that Prenetics is going to come out with in the future?

DY: Yes. With that being said, we've been able to, in 18, 19 months, build a very strong international brand, just because of the level of people that use our product. We've also heard from some of our existing customers – for example, 30% of our customers are parents – so naturally, we're looking to develop a kids' gummy, which, again, would be a best-in-class kids’ gummy. We're looking into the hydration category as well, so electrolytes, because again, we have lots of athletes on board, so they're also looking for additional support when they're training. And there are a lot of individuals out there who don't like to drink water, so we can give them a healthy option as an alternative. So that's where the hydration/electrolytes come into play. We're also looking at the creatine category because creatine has a lot of significant benefits, greater than just for muscle. These are all new SKUs that we're going to be launching in the Q4, Q1 time frame. I'm very excited about that. We launched a longevity SKU last October, and with the combination of that, we've already seen the uplift in AOV, which now equals Essentials for Longevity, equals The Beckham Stack, which right now, 35-40% of customers opt for.

BS: Investors that haven't, you should look at the growth rate, the IM8 growth rate, the subscription growth rate; it's all out there. It's amazing and then they're adding these new products to it. We're winding down here, Danny, and I can say I'm really excited about it. There's IM8 and all the celebrity endorsers, but at the core, it's a great, great product, and customers have responded very enthusiastically to it. I wanted to give you a chance to leave investors with a message, the way they should look at Prenetics and the growth rate going forward, and why they should invest in Prenetics.

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DISCLOSURE: Zacks Investment Awareness (ZIA) is a Zacks SCR product. The Zacks SCR analyst conducting this Chat hereby certifies that the views expressed accurately reflect the personal views of the analyst about the subject securities and issuer. Zacks SCR certifies that no part of any analyst’s compensation was, is, or will be, directly or indirectly, related to the recommendations or views expressed in this Chat. Zacks SCR believes the information used for the creation of this Chat has been obtained from sources considered to be reliable, but we can neither guarantee nor represent the completeness or accuracy of the information herewith. Such information and the opinions expressed are subject to change without notice. This text is not a verbatim transcript. This transcript has been edited and does not reflect the video-recording exactly. You may find the video recording in its entirety here. Full Disclaimer HERE.

LABT: Initiating Coverage of Lakewood-Amedex; Building a Next-Generation Antimicrobial Platform

Tue, 23 Jun 2026 09:20:00 -0400

By David Bautz, PhD

NASDAQ: LABT

READ THE FULL LABT RESEARCH REPORT

We are initiating coverage of Lakewood-Amedex Biotherapeutics, Inc. (NASDAQ: LABT) with a valuation of $12.00. Lakewood-Amedex is a clinical-stage anti-infective company developing a proprietary class of antimicrobial compounds known as Bisphosphocins^®. While many biotechnology companies are focused on developing incremental improvements to existing therapeutic approaches, Lakewood-Amedex is pursuing what may represent an entirely new antimicrobial class. The company's lead candidate, Nu-3, is currently being advanced for the treatment of infected diabetic foot ulcers (iDFU), an indication where infection control remains a critical determinant of patient outcomes and where antibiotic resistance continues to complicate treatment decisions.

We believe Lakewood-Amedex occupies a unique position within the anti-infective sector. The company combines a clinical-stage lead asset addressing a significant unmet medical need with a platform technology that may have applications across multiple high-value infectious disease indications. The upcoming Phase 2a study of Nu-3 represents the next major value-creating event and has the potential to provide the first meaningful clinical validation of the Bisphosphocin platform.

A Potentially New Class of Antimicrobials: Most antimicrobial innovation over the past several decades has involved modifications of existing antibiotic classes that remain vulnerable to established resistance mechanisms. Bisphosphocins were developed as a distinct antimicrobial class and have demonstrated broad-spectrum activity against Gram-positive organisms, Gram-negative organisms, multidrug-resistant pathogens, and biofilms in preclinical studies with no indications of resistance development.

Positioned to Address One of the Largest Global Healthcare Challenges: Antimicrobial resistance continues to represent a growing public health and economic burden worldwide. The World Health Organization (WHO) has identified AMR as a major healthcare priority, while economic analyses suggest that resistance-related costs could reach trillions of dollars globally over the coming decades. Any antimicrobial platform capable of maintaining activity against resistant organisms while reducing the emergence of new resistance mechanisms would address a substantial unmet need.

Nu-3 Targets a Large and Underserved Diabetic Foot Ulcer Market: DFUs affect approximately one-third of diabetic patients during their lifetime, with roughly half of those ulcers becoming infected. Infection is one of the primary drivers of hospitalization, wound progression, and eventual amputation. Current treatment relies heavily on systemic antibiotics despite increasing concerns regarding resistant pathogens and limited tissue penetration into poorly vascularized wound environments. Nu-3's topical administration strategy may provide an opportunity to deliver high antimicrobial concentrations directly to the site of infection while minimizing systemic exposure.

Multiple Pipeline Expansion Opportunities: Beyond diabetic foot ulcers, Lakewood-Amedex is advancing additional Bisphosphocin compounds for catheter-associated urinary tract infections and pulmonary infections. These indications represent large commercial opportunities where biofilms, resistant pathogens, and limitations of current therapies continue to create significant unmet medical needs. If the platform is validated clinically, the potential addressable market could extend far beyond the initial diabetic foot ulcer indication.

Extensive Intellectual Property Portfolio: The company has assembled a substantial intellectual property estate surrounding the Bisphosphocin platform, including composition-of-matter, formulation, and therapeutic-use patents. According to company filings, the portfolio currently consists of 71 issued patents and 28 pending patent applications worldwide, providing a potentially important competitive advantage as development progresses.

Valuation

We value Lakewood-Amedex using a probability-adjusted discounted cash flow (DCF) model that takes into account potential future revenues for Nu-3 in iDFU, which represents the most advanced asset in the pipeline, along with a modest value assigned to the broader Bisphosphocin platform to reflect the optionality associated with the company’s preclinical CAUTI and pulmonary infection programs.

Diabetes continues to be one of the fastest-growing chronic diseases worldwide, with approximately 590 million adults globally currently living with the disease, including approximately 38 million in the U.S. and over 60 million across the five largest E.U. pharmaceutical markets (France, Germany, Italy, Spain, and the U.K.) (International Diabetes Federation). A substantial proportion of diabetic patients develop foot ulcers, and published reports indicate that up to 50% of those ultimately end up becoming infected. Thus, we estimate that there are approximately one million infected diabetic foot ulcers in the U.S. each year, with a significantly larger opportunity globally.

Infected DFUs represent a significant unmet medical need due to the combination of bacterial infection, impaired wound healing, recurrent disease, hospitalization risk, and the potential risk of amputation. We believe these characteristics support a premium-priced product capable of delivering both antimicrobial activity and improved clinical outcomes.

We anticipate the Phase 2a trial of Nu-3 being conducted in 2026, followed by a larger Phase 2b trial in 2027. Assuming successful clinical development, we model a partner-sponsored Phase 3 program beginning in 2029 and extending into 2030 with the potential for regulatory approval in 2031. We believe a $1,500 treatment-course price is reasonable when compared with advanced wound-care products currently used in DFUs. Importantly, unlike wound-healing products such as Regranex^®, Nu-3 is being developed specifically for infected DFUs, potentially positioning the product to address both infection management and wound healing within a patient population at elevated risk of hospitalization and amputation.

We currently model for direct commercialization in the U.S. and partnership-based commercialization internationally. We estimate peak revenues of approximately $500 million and $300 million seven years after launch in the U.S. and E.U., respectively. Using a 25% probability of success and a 12% discount rate leads to a net present value for Nu-3 in iDFU of $97 million.

While Nu-3 represents the primary driver of value today, we believe the Bisphosphocin platform possesses strategic importance beyond the lead compound. The company has generated encouraging preclinical data in catheter-associated urinary tract infections (CAUTI), pulmonary infections, and additional localized infections disease settings. While we do not assign indication-specific valuations, we assign the platform a value of $25 million to reflect future development optionality.

Combining the net present value for Nu-3 in iDFU, the platform, and the company’s current cash position leads to a net present value for Lakewood-Amedex of $130 million. Dividing by the fully diluted share count (approximately 2.8 million) plus an additional 8 million shares to account for additional financings leads to a valuation of $12 per share.

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TRC: Takeaways From Recent Virtual Meeting With TRC and From Company Annual Meeting

Mon, 22 Jun 2026 13:45:00 -0400

By M. Marin

NYSE: TRC

READ THE FULL TRC RESEARCH REPORT

Issues facing gubernatorial candidates underscore California’s acute housing shortage

We met recently with Tejon Ranch Company (NYSE: TRC) virtually and present our takeaways from the meeting, as well as from the company’s Annual Shareholders Meeting, in this report. As Tejon Ranch moves ahead with its industrial and residential development plans, we believe California’s acute housing shortage, a growing issue, is highlighted in the California gubernatorial race as all candidates confront questions about measures to improve the situation. The Building an Affordable California Act is one such measure. TRC indicated that it helped author the act, which is intended to update California’s approval process to enable construction of essential projects more economically and quickly. Specifically, the act aims to streamline reviews and eliminate delays, reduce frivolous lawsuits that block essential projects, while concurrently protecting California's environmental, worker and tribal cultural standards.

TRC noted this act at its Annual Shareholders Meeting last month as the company updated shareholders on its planned path to produce shareholder value by advancing its planned MPCs (master-planned communities): Mountain Village, Grapevine and Centennial at Tejon Ranch. As TRC hopes to obtain entitlement for Centennial, it believes the act and growing need for new housing stock could be catalysts. The company’s primary goal going forward is to convert higher percentages of its land assets into recurring EBITDA and cash flow, which includes advancing the planned MPCs.

At the annual meeting, management emphasized three main points:

It is taking advantage of market trends, including growing populations in nearby communities served by TRCC
The company has a clear plan for delivering shareholder value (and providing transparency to shareholders as it pursues the plan)
TRC is making progress to improve and grow free cash flow

In terms of taking advantage of market trends, this includes meeting the needs and benefitting from growing populations in Kern County and nearby communities served by TRCC. Population growth and job creation in Kern County are among the highest in the state.

TRC also reiterated that its approach would continue to leverage a JV model to balance its upfront capital requirements and retain exposure to development return on investment.

This is also the approach TRC took regarding Building 1B, on which it recently began construction through a joint venture with Dedeaux Properties, adding 510,500 square feet of Class A space to an industrial portfolio that remains nearly fully leased. The commercial and retail portfolio was 95% leased as of the end of 1Q26 and the company indicated that the industrial portfolio was fully leased as of last month.

The company believes that its approach draws on aspects taken by multiple land companies it cites as successful that deploy capital efficiently and TRC expects to follow suit.

On the residential side, Terra Vista has delivered 228 units and ended 1Q26 71% leased. TRC believes it is on track for Terra Vista to reach a stabilized level shortly. If/when Terra Vista reaches stabilized occupancy, recurring monthly leasing revenue to help offset fluctuations in the farming and mineral segments.

Management believes the opening of the nearby Hard Rock Casino Tejon has had a positive impact in terms of boosting traffic past the Tejon Ranch Commerce Center (TRCC) and contributing to fuel and food revenue increases at the TRCC TA Petro Travel Center and retail sales at the Outlets at Tejon. In 1Q26, outlet traffic increased roughly 22% year-over-year and outlet sales per square foot increased 12%. Elevated activity also reflects leasing of Terra Vista units. The company anticipates that the casino and Terra Vista will continue to drive increased traffic and commercial activity across the TRCC.

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NSRX: NS002 June KOL Event

Mon, 22 Jun 2026 12:04:00 -0400

By John Vandermosten, CFA

NYSE: NSRX

READ THE FULL NSRX RESEARCH REPORT

Nasus Pharma Ltd. (NYSE: NSRX) held a virtual Key Opinion Leader (KOL) event on June 10^th, 2026, featuring two distinguished physicians representing the allergy space: Michael S. Blaiss, MD, and Joel Brooks, DO, MPH. They were joined by Nasus’ CEO, Dan Teleman, Chief Development Officer, Dr. Dalia Megiddo, and CFO Eyal Rubin. The presentation provided a review of Nasus, its lead candidate NS002, and the Phase II clinical trial results for the treatment of anaphylaxis. KOLs shared their opinions on unmet needs, approved therapies, and trends in the anaphylaxis space. A day prior to the webcast, Nasus reported results from its preclinical pharmacokinetic (PK) and safety study of intranasal ondansetron, intended to treat chemotherapy and post-operative nausea and vomiting. It was a good week for the company and a step forward for its pipeline assets.

Nasus Pharma NS002 Virtual KOL Event

On June 10^th, Nasus held a KOL event to discuss NS002 for the treatment of anaphylaxis. The event featured two KOLs and Nasus management team members. Michael S. Blaiss, MD, from the Medical College of Georgia, Good Samaritan Health Center of Gwinnett, and Joel Brooks, DO, MPH, from Columbia University Vagelos College of Physicians and Surgeons, were the featured guests. CEO Dan Teleman, Chief Development Officer Dr. Dalia Megiddo, and CFO Eyal Rubin represented Nasus management. Mr. Teleman began with an introduction to Nasus Pharma and the KOL guests. Details on the background of NS002 can be found in our May 22^ndinitiation.

Nasus’ CEO handed the call off to Dr. Blaiss to provide background on anaphylaxis. The condition rapidly occurs as allergens bind to high-affinity Immunoglobulin E (IgE) receptors on mast cells, and cross-linking activates the mast cell and triggers degranulation. This is followed by the release of histamine and other inflammatory signals, which provoke an allergic reaction. If the reaction is widespread, it can be considered anaphylaxis. When this occurs, standard of care treatment is epinephrine.

Dr. Blaiss continued, noting that there is an estimated range of 1.6% to 5.1% of the population that has experienced an anaphylactic episode and that the prevalence has increased over the last one or two decades. Food allergies are the largest contributor to anaphylaxis, especially in children. Adults have a higher rate of anaphylaxis from medications. These allergens can lead to symptoms that progress within minutes, including urticaria (hives), bronchospasm, cardiovascular collapse, and death. Epinephrine is the only first-line treatment for the condition, as antihistamines and steroids are adjunctive only. The following exhibit illustrates anaphylaxis and epinephrine’s effect on it.

A significant hurdle to treating anaphylaxis presented by Dr. Blaiss is patients’ failure to use epinephrine despite having it. He cited fear of needles, leaving at home due to large size, concern about pain for self or child, device complexity, and difficulty administering under stressful or anaphylactic conditions as reasons why it is not used. In some cases, the product is administered, but important steps are missed. A specific example of this was that the injector should be held in place for five seconds following the administration of the medicine. Another important step frequently skipped is the administrator massaging the site for 10 seconds after injection to improve absorption. New approaches can simplify the limitations of injected epinephrine.

The following slide from Dr. Blaiss highlighted the timeline for anaphylaxis and the critical epinephrine threshold required to counteract the allergic response. He related this to the recent Phase II data for NS002 and how the faster time to threshold can provide life-saving benefits to patients experiencing anaphylaxis.

The next segment of Dr. Blaiss’ presentation reviewed the results from the NS002 Phase II study. We provided a summary of the results in our March 16^thnote. The presentation provided a helpful summary of performance metrics for the key epinephrine products in the space, which we include below.

Dr. Brooks accepted the baton from Dr. Blaiss and continued the webcast by describing the growing epidemic of allergy. According to his resources, 8% of US children have IgE-mediated food allergy, and 10.8% of adults report a food allergy. Peanut, milk, shellfish, and tree nuts are the primary categories in descending prevalence. These allergies produce a 42% emergency department (ED) visit rate and a 19% ED visit for food-allergic children per year.

These allergies create a burden for patients and their families related to unpredictable exposure threats that are far-ranging. Dr. Brooks highlighted anxiety, dietary restrictions, and social isolation as the most common. Availability of epinephrine can, in part, alleviate these burdens if it is easily accessible. Dr. Brooks identified several elements that, if improved, could help: 1) Improved carry rate; 2) Greater use of epinephrine when needed in place of OTC medications; and 3) Accelerated use of epinephrine. Timely administration of epinephrine may even allow the afflicted individual to return to their activities without an ED visit.

The next segment of the webcast examined data regarding treatment adherence. Most adults and adolescents were willing to immediately use intranasal epinephrine, with the strongest desire among the needle-phobic group. A greater proportion of adults were also willing to carry an intranasal epinephrine device vs. an autoinjector. Patient priorities emphasize faster symptom relief and higher delivery success rate. Caregivers were more concerned with route of administration.

Following the KOL presentations, the event opened up for analyst questions, which revolved around real-world usage of intranasal epinephrine. Participants wanted to know how the practitioners would prescribe, which patients they would prescribe to, the relative benefit of NS002 compared to approved products, and anecdotal examples of intranasal epinephrine use. Other questions revolved around performance and initial commercialization hurdles for neffy and the spectrum of allergy and anaphylaxis, specifically where epinephrine is appropriate.

Ondansetron NS003 Data Report

Nasus issued a June 9^thpress release summarizing the results from a preclinical PK and Safety Study of intranasal ondansetron. The asset is designated NS003 and is being developed for chemotherapy and post-operative nausea and vomiting. The preclinical study compared NS003 to an intravenous (IV) formulation of ondansetron in an animal study. The data demonstrated a PK profile for NS003 comparable to IV, with similar time to maximum concentration (T_max) and area under the curve (AUC) results. In a separate toxicology study, NS003 demonstrated a favorable safety profile at four times the test dose, with no adverse effects observed. Nasus Pharma is now preparing to initiate a first-in-human PK study in the third quarter of 2026.

Ondansetron Mechanism of Action

Ondansetron is a selective 5-HT3 (serotonin type 3) receptor antagonist, widely known under the brand name Zofran. It's one of the most commonly prescribed antiemetics in both oncology and surgical settings. Ondansetron works by blocking 5-HT3 receptors, which are found both peripherally on vagal afferent nerve terminals in the gastrointestinal tract and centrally in the chemoreceptor trigger zone of the area postrema,^[2] and in the nucleus tractus solitarius (NTS^[3] in the brainstem. The emetic reflex driving nausea and vomiting after chemotherapy or surgery is heavily mediated by serotonin release from enterochromaffin cells in the gut wall. When cytotoxic chemotherapy damages these cells, or when surgical/anesthetic stimuli trigger their release, serotonin binds to 5-HT3 receptors on vagal afferents, sending signals up to the brainstem vomiting center. Ondansetron sits on those receptors and blocks serotonin from activating them, interrupting the reflex at both the peripheral gut level and the central trigger zone level. It has essentially no effect on dopamine receptors, which distinguishes it mechanistically from older antiemetics like metoclopramide or prochlorperazine.

Nasus management has identified approximately one million patients in the United States that undergo chemotherapy and 800,000 that receive radiotherapy every year. A proportion of these patients experience nausea and vomiting that would benefit from antiemetic treatment. Nasally administered ondansetron may provide a convenient, portable, and outpatient method for managing this condition.

Summary

Nasus held a KOL event to communicate with investors and to discuss the treatment landscape and unmet needs for anaphylaxis. Two KOL speakers were joined by senior members of Nasus management to present recent clinical trial data for NS002, discuss products available for anaphylaxis, and explore their drawbacks. The group reviewed EpiPen, neffy, and Anaphylm along with solutions offered by NS002. After an extensive discussion of the benefits of nasal administration, the call opened up for analyst questions. A day prior to the KOL event, Nasus shared results for NS003 demonstrating comparable performance for its asset vs. IV ondansetron. The company indicated its intent to begin a human clinical trial for NS003 later this year. More importantly, we expect to see NS002 start a pivotal study, which is planned to begin in 4Q:26 and generate topline data by early 2027.

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________________________

^[1]^{In contrast to the parenthetical note in the Anaphylm heading, we note that it received a CRL and is being prepared for resubmission.}

^{[2] The area postrema is the anatomical brain structure located in the medulla oblongata on the floor of the fourth ventricle.}

^{[3] The NTS acts as the primary relay station for interoceptive information, continuously monitoring & regulating the body's internal environment.}

CRDF: Phase II Update; Survival Advantage Extended

Mon, 22 Jun 2026 11:41:00 -0400

By John Vandermosten, CFA

NASDAQ: CRDF

READ THE FULL CRDF RESEARCH REPORT

Updated Results from CRDF-004

Cardiff Oncology, Inc. (NASDAQ: CRDF) presented interim data from its CRDF-004 trial at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago. The event took place from May 29^th to June 2^nd, 2026. The oral presentation was entitled Onvansertib plus standard-of-care chemotherapy plus bevacizumab in first-line RAS-mutated metastatic colorectal cancer (mCRC): Interim results from the phase 2 randomized CRDF-004 trial. It reiterated topline data from the Phase II CRDF-004 trial, highlighting 72.2% overall response rate (ORR) for the 30 mg + FOLFIRI^[1] + bevacizumab (bev) arm compared to 42.1% ORR in the control arm, which consisted of FOLFIRI + bev. Data was presented by Heinz-Josef Lenz, MD, in a rapid oral session.

Dr. Lenz also participated in Cardiff’s conference call held on June 3^rd, along with another key opinion leader (KOL), Josep Tabernero, MD, PhD. Company management was represented by CEO Mani Mohindru, PhD. The call included a presentation which summarized the findings as of the March 18^th, 2026, cutoff. Nine of 36 patients in the Onvansertib + FOLFIRI/bev arm remain on treatment, while only 1 patient remains on treatment in the FOLFIRI/bev arm. Depth of response for the onvansertib group is also notable with seven of the onvansertib patients achieving near complete or complete responses compared to none in the control group.

New data included breakdowns by subgroup showing consistent benefit in each for ORR and progression free survival (PFS). When the 30 mg onvansertib + FOLFOX^[2] arm was compared to the FOLFOX arm, there was no meaningful benefit. Cardiff provided a rationale for the difference in performance between FOLFIRI and FOLFOX, acknowledging the multi-pronged impact on angiogenesis from irinotecan, onvansertib, and bev.

Rationale for Onvansertib Synergy with FOLFIRI

The CRDF-004 data show improved performance for the FOLFIRI arms in both ORR and hazard ratio relative to the FOLFOX arm. During Cardiff’s presentations, stakeholders have repeatedly sought an explanation for the difference between the two chemotherapy standards of care. In response, the Cardiff team developed a mechanistic rationale for onvansertib’s synergy with FOLFIRI but not FOLFOX. They conclude that onvansertib and irinotecan both cause HIF1-α suppression, which has anti-angiogenic effects. Irinotecan induces DNA damage primarily by targeting topoisomerase I, which is essential for relieving torsional strain. Onvansertib inhibits the DNA-repair pathway that is activated following irinotecan-induced DNA damage, creating synergy between the two. FOLFOX is thought to be less effective because oxaliplatin has a low impact on HIF1-α suppression and no shared antiangiogenic effect. Oxaliplatin-induced DNA damage uses nucleotide excision repair and excludes PLK1. Oxaliplatin acts as a platinum-based alkylating-like agent that directly binds to the DNA architecture, forming physical obstructions that block replication and transcription.

CRDF-004 Latest Data

CRDF-004 is ongoing and has not yet reached median PFS (mPFS) in either the 20 mg or 30 mg arms as of the March 18^th, 2026 data cut. While ORR was unchanged from the previous update in February 2026, numerous hazard ratios were reported, and the categories presented were not consistent between the January update and the June update, making direct comparisons difficult.^[3] We see the combined 30 mg + FOLFIRI/bev HR as the relevant number, as this is the regimen that will be investigated in the pivotal trial. In January, the blinded independent central review (BICR) HR was reported as 0.38 for onvansertib 30 mg vs. FOlFIRI/bev. While still compelling, in June, the HR for this group was reported as 0.55 for the BICR assessment and 0.57 for the investigator assessment.^[4] The confidence interval for both crossed 1, thwarting statistical significance, but an expected result given the small N. The deterioration in the HR may have contributed to share price weakness following the ASCO presentation.

The trend for mPFS was a consistent positive in both the January and June updates. For both period observations, mPFS had not yet been reached for either the 20 mg and 30 mg onvansertib + FOLFIRI/bev arms, signaling a durable benefit for a material portion of the population. This was consistent for both the BICR and investigator assessment approaches.

Cardiff’s presentation included several data breakdowns that examined the performance of the 30 mg onvansertib + FOLFIRI/bev group. In almost all categories (age, liver only disease, side of tumor, etc.), the onvansertib group offered ORR and PFS benefits (slides 17 and 18). Toxicities were reviewed on slide 19. We focus on the 30 mg onvansertib arm +FOLFIRI/bev safety profile, which, in our opinion, was not materially different than the FOLFIRI control arm, especially when looking at Grade 3 or greater events. Cardiff noted that onvansertib showed no unexpected, overlapping, or new toxicities when compared to the FOLFIRI or FOLFOX arms.

Importantly, the CRDF-004 trial achieved its key goals and endpoints, generating a 30% improvement in ORR in the 30 mg arm. mPFS has not yet been reached, illustrating the favorable survival benefit of onvansertib. The main objective of CRDF-004 was to determine whether adding onvansertib to standard first-line therapy could improve outcomes in patients with RAS-mutated metastatic colorectal cancer, and to identify the best regimen to move into Phase III. CRDF-005 is the trial intended to formally test ORR and PFS with adequate statistical power.

Nerviano Dispute

Earlier this year, Nerviano Medical Sciences sent written notice to Cardiff alleging that it was in a material breach of the onvansertib license agreement between the two. Brief details of the interaction were included in the 2025 Form 10-K. Nerviano attributed the breach to the failure of Cardiff to name a Nerviano employee as joint inventor for US patents 12,144,813 and 12,263,173. Cardiff maintains that there is no breach and that the agreement does not require Cardiff to name Nerviano employees on patents that have been developed exclusively by Cardiff. It seeks injunctive relief requiring Nerviano to continue performing under the agreement and for the court to declare that it did not breach the agreement. Details of the event are in a Form 8-K filed on May 19^th, 2026. On May 27, 2026, Nerviano notified Cardiff that it was terminating the agreement. Cardiff asserted that the termination notice was legally ineffective, factually unsupported, and procedurally improper, and that it would continue to perform under the agreement.

The patent licensed by Nerviano has an expiry of May 2030, and it is likely that a full five years of patent term extension (PTE) will be allowed. With the PTE, the effective end of protection related to Nerviano’s intellectual property is 2035. We believe that the wording in the original license arrangement will be key to the outcome. As equity analysts, we do not provide legal opinions and lack complete visibility into the patents' development; however, we can point investors to the language in the agreement dated March 13^th, 2017, with Cardiff’s predecessor Trovagene. The language states that Trovagene/Cardiff has entire rights to intellectual property it solely develops:

10.2 Ownership of Inventions. Subject to the terms hereof, including the licenses and other rights granted hereunder, all Inventions shall be owned as follows:

Nerviano shall own the entire right, title and interest in and to all Inventions (including all patents and other intellectual property rights thereto) made solely by its employees or others acting on behalf of Nerviano (or solely by such persons and Third Parties performing work for Nerviano) in the performance of the Development Plan or other activities undertaken under this Agreement (“After-Developed Nerviano Inventions”). All After-Developed Nerviano Inventions will be included in the license and right granted under Article 3 above;

Trovagene [now Cardiff] shall own the entire right, title and interest in and to all Inventions (including all patents and other intellectual property rights thereto) made solely by its employees or others acting on behalf of Trovagene (or solely by such persons and Third Parties performing work for Trovagene) in the performance of the Development Plan or other activities undertaken under this Agreement;

(c) The Parties shall jointly own all Joint Inventions (as defined below). Nerviano’s rights in and to each Joint Invention (including all patent rights and other intellectual property rights to it) will be included in the license and rights granted under Article 2 above, and, subject to such license and rights, each Party may make, use, sell, keep, license or assign its interest in Joint Inventions and otherwise undertake all activities a sole owner might undertake with respect to such Joint Inventions, without the consent of and without accounting to the other Party. “Joint Inventions” means Inventions for which it is determined, in accordance with United States patent law, that both: (i) one or more employees, consultants or agents of Nerviano or any other persons obligated to assign such Invention to Nerviano; and (ii) one or more employees, consultants or agents of Trovagene or any other persons obligated to assign such Invention to Trovagene, are joint inventors.

AACR Poster

Cardiff presented a poster at the 2026 American Association for Cancer Research (AACR) Annual Meeting held in San Diego, California, from April 17 to 22. The title of the poster is PLK1 inhibitor onvansertib potentiates the antitumor efficacy of trastuzumab deruxtecan (T-DXd) and reverses its resistance in therapy-resistant HER2-low breast cancer models. It summarized preclinical work that examined the combination of trastuzumab deruxtecan (T-DXd) (Enhertu) with onvansertib and its effect on patient-derived xenograft models. Tumor volumes were measured using monotherapy of T-DXd and onvansertib, and the combination of the two compared with a control. The xenograft models consistently showed that the combination therapy limited and even reversed tumor growth.

The poster concluded that onvansertib enhances T-DXd efficacy and overcomes its resistance across triple negative breast cancer (TNBC) and hormone receptor positive (HR+) breast cancer models. The combination induces synergistic DNA damage and apoptosis. The authors claim that PLK1 inhibition offers a strategy to deepen and prolong T-DXd response in advanced HER2-low breast cancer resistant to first-line therapies.

Next Steps for Onvansertib

Following meetings with the FDA, Cardiff has essentially finalized its design of the anticipated Phase III registrational trial for onvansertib in 1H:26. The trial will be designated CRDF-005 and will evaluate 30 mg of onvansertib with FOLFIRI and bev vs. the standard of care of FOLFIRI/bev in first line RAS-mutated mCRC. In its May 2026 investor presentation, management provided a preliminary trial design that seeks to enroll first line mCRC patients that are KRAS and NRAS positive, presenting unresectable tumors. Dual primary endpoints are anticipated to be ORR and PFS, with secondary endpoints of DoR and OS.

The trial is expected to enroll approximately 640 patients and is designed with greater than 90% statistical power for its key efficacy endpoints, including PFS and ORR. The FDA has indicated the potential for accelerated approval based on ORR and durability of response. While Cardiff has received its input from the FDA, the company is awaiting feedback from the European Medicines Agency (EMA). We anticipate a focus on raising capital in the near term and a launch in 2027.

Updates to Estimates and Valuation

We update our valuation to reflect the anticipated cost of the Phase III study and timing for its start. In our initiation, we had anticipated that the Phase III would begin mid-year 2026; however, this is unlikely given the absence of a timeline by management. We think a 2027 start to the trial is more likely at this point. This change pushes back all of our regulatory milestones and sales estimates by six months.

Part of the delay is due to the capital raise necessary to fund the Phase III. Cardiff’s CEO made it clear during recent presentations that Cardiff must secure significant capital prior to the start of the trial. While the anticipated cost of the study was not given, management provided a framework to estimate it. CRDF-005 is expected to enroll 640 patients at a cost of approximately $200,000 to $300,000 per patient. This provides a cost range of $128 to $192 million. The midpoint is about 5% to 10% higher than our initial numbers.

We reduce our probability of success from 60% to 50%, which previously reflected a smooth path forward for onvansertib. The recent increase in tension between Nerviano and Cardiff raises the risk profile, and our probability of success is now more aligned with a more historical level of 50% for Phase III assets. While we think the publicly available contract language favors Cardiff’s position, the dispute raises the possibility of delays and loss of the license.

The result of the adjustments to our model generates an updated valuation of $7.50 per share.

Company Pipeline

Milestones

Topline release from CRDF-004 – January 27^th, 2026
Nerviano sends notice alleging material breach of onvansertib licensing agreement – February 2026
Investor Presentation at Oppenheimer Healthcare Life Sciences Conference – February 2026
Presentations at TD Cowen, Barclays & Leerink healthcare conferences – March 2026
Mani Mohindru appointed President and CEO – April 2026
Meetings with FDA for Phase III trial design – April 2026
Josh Muntner appointed as Chief Financial Officer – April 2026
Ajay Aggarwal, MD, appointed as Chief Operating Officer – April 2026
Onvansertib and trastuzumab poster presentation at AACR – April 2026
Cardiff files suit against Nerviano disputing breach of license agreement – May 2026
ASCO presentation of CRDF-004 data – June 2^nd, 2026
Webcast to discuss Phase II CRDF-004 data – June 3^rd, 2026
Jefferies Global Healthcare Conference Participation – June 4^th, 2026
Further details provided on Phase III and regulatory strategy – mid-2026
Launch of Phase III onvansertib trial (CRDF-005) – 2027

Summary

Cardiff updated results for CRDF-004 as of March 18^th, 2026, reporting a less favorable HR, but a continuation of PFS in more than half of the onvansertib population. This indicates continued separation between the onvansertib group and the control and extension of survival. We update our valuation based on the new data, a later start to the CRDF-005 trial, and operating cost adjustments to our model. Cardiff and license partner, Nerviano, are in dispute, and while it appears that Cardiff holds the dominant position, risk remains until the dispute is settled. We adjust our valuation to $7.50 per share.

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^[1]^{FOLFIRI is a combination chemotherapy regimen that includes folinic acid, fluorouracil and irinotecan.}

^{[2] FOLFOX is a combination chemotherapy that includes folinic acid, fluorouracil and oxaliplatin.}

^{[3] In Cardiff’s presentation, the PFS HRs were combined then separated for BICR and Investigator Assessment, then combined and separated for the 20 and 30 mg doses. It did not provide a HR for the same population in both presentations, frustrating direct comparisons.}

^{[4] Due to the low number of BICR progression events, Cardiff noted that it used a combined BICR/investigator approach for the PFS events and used the earliest date measured as a conservative estimate.}