Zacks Small Cap Research Press Releases

BLRX: New GLIX1 Data Touts Synergies

Tue, 01 Sep 2026 12:05:00 -0400

NASDAQ: BLRX

BioLineRx Ltd. (NASDAQ: BLRX) reported second quarter 2026 financial and operational results in an August 31^st press release. For the quarter, it produced license revenues of $294,000 and a net loss of $4.3 million. The joint venture (JV) with Hemispherian, which is developing GLIX1, has begun enrolling the second of five cohorts in the ongoing Phase I/IIa trial. It plans to begin dosing a third cohort in September 2026. The company generated new preclinical data for GLIX1 in combination with a PARP inhibitor^[1], which shows a synergistic effect between the two. Data from this study will be presented at the European Society for Medical Oncology Annual (ESMO) Congress in October. Days before the second quarter report, BioLineRx executed a $3.75 million capital raise. Its proceeds will support the advancement of the development pipeline.

2Q:26 Operational and Financial Results

BioLineRx reported second quarter sales of $294,000, producing a net loss of $4.3 million or $0.00 per share. The results were announced in a press release on August 31^st, 2026, followed by a conference call with management and the filing of Form 6-K providing additional information.

Below we summarize financial results for the three-month period ended June 30^th, 2026, compared to the same prior year period:

Total and license revenues were $294,000 from Ayrmid’s sale of Aphexda compared to $304,000. Ayrmid’s Aphexda product sales for 2Q:26 were $1.6 million vs $1.7 million;
Cost of revenues was $59,000 compared with $72,000. The amounts represent license fee and royalty pass-throughs to Biokine as a proportion of royalty on motixafortide revenues;
Research and development (R&D) expenses totaled $2.9 million, rising 27% from $2.3 million. The increase is attributable to spending on the new GLIX1 development program;
General and administrative (G&A) expenses were $865,000, up 314% from $209,000. The prior year period included a reversal of $0.8 million provision for doubtful accounts related to a milestone payment from Gloria;
Non-operating expense was $690,000 vs. $1.9 million, primarily reflecting changes in fair-value adjustments of warrant liabilities;
Net financial expense amounted to $76,000, reflecting interest expense exceeding interest income;
Net loss was $4.3 million or $0.00 compared to $3.9 million, also $0.00

Cash, equivalents, and short-term bank deposits as of June 30^th, 2026 totaled $13.1 million, down from the year end 2025 balance of $20.9 million. Cash burn for 1H:26 was $5.5 million, and net cash used in financing was $2.3 million. Financing cash outflows were related to loan repayments and lease liability repayments. At the end of the second quarter, loans were carried at $6.7 million on the balance sheet. The term loan is expected to be fully repaid by the end of 2027. Management reiterated its forecast of holding sufficient cash to support operations until 1H:27. During the third quarter and just prior to the second quarter earnings report, BioLine announced a $3.75 million capital raise which closed August 31^st, 2026, adding 1.35 million American Depositary Shares (ADS) and 2.02 million warrants.

GLIX1 Phase I/IIa Clinical Trial in the Treatment of Glioblastoma

BioLineRx announced the start of its Phase I/IIa clinical trial evaluating GLIX1 for the treatment of glioblastoma in a March 26^thpress release. As of late August, the trial has dosed the first patient at NYU Langone Health and added two additional sites at Northwestern University and Moffitt Cancer Center, which have and continue to enroll patients. In July, dosing for the second of five planned cohorts was started, and the third cohort is expected to dose its first patient in September. Management commented that they were pleased with drug safety and tolerability.

The Phase I/IIa GLIX1 trial is an open-label, multicenter trial. Its first part is a dose escalation study where an anticipated 30 glioblastoma patients will receive GLIX1 daily as monotherapy. It will seek a maximum tolerated and recommended dose for the next stage of the trial. The Phase I portion will also identify pharmacokinetics (PK), pharmacodynamics (PD), and preliminary efficacy. Trial updates are anticipated in 2H:26 and full results in 1H:27. Management is optimistic on enrollment, anticipating an efficient process and limited competition for patients from other investigational modalities. It also has a favorable view on the space, as few other treatments are showing success.

The Phase IIa portion will include additional indications beyond GBM, including newly diagnosed GBM and other select cancers. The study will evaluate GLIX1 as monotherapy and in combination with standard of care. It will also evaluate GLIX1 in combination with Poly (ADP-ribose) Polymerase (PARP) inhibitors. The Phase IIa expansion will identify preliminary efficacy, PD assessments, and dose optimization data.

BioLine issued a press release on July 8^th highlighting preclinical work with GLIX1 and the PARP inhibitor olaparib. Synergy between the two drugs showed better efficacy compared to a control arm and against each drug individually. The combination demonstrated comparable efficacy to that produced by the chemotherapy drug cisplatin. Dr. Ella Sorani explains that PARP inhibitors are approved as maintenance therapy following standard of care, which is resection and then chemotherapy, followed by a PARP inhibitor as maintenance. While it is still early in development and BioLine is in conversations with key opinion leaders on the path forward, BioLine’s initial thoughts are that the synergy offers additional options for development and expands the range of cancers and patient populations that can be treated with PARPi. In addition to ovarian cancer, this includes breast, prostate, and pancreatic cancer.

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^[1]^{PARP stands for poly (ADP-ribose) polymerase. It acts like a repair crew inside cells to fix broken strands of DNA.}

CVKD: Advancing Partnering Process for Cardiac Acute Critical Care Franchise

Mon, 31 Aug 2026 11:03:00 -0400

By David Bautz, PhD

NASDAQ: CVKD

READ THE FULL CVKD RESEARCH REPORT

Business Update

Launches Strategic Partnering Process for Cardiac Acute Critical Care Franchise

Cadrenal Therapeutics, Inc. (NASDAQ: CVKD) has launched a structured strategic partnering process for its Cardiac Acute Critical Care Franchise that is centered on three commercial pillars. At this time, the company will not be pursuing late-stage clinical trials for these assets, but instead will seek licensing, co-development, and commercialization partnerships.

Pre-Operative Safety (Frunexian IV): Frunexian is a Phase 2-ready asset that is intended for heparin-induced thrombocytopenia (HIT)-susceptible patients that are undergoing coronary artery bypass graft surgery.
Orphan Regulatory Acceleration (Tecarfarin): Tecarfarin has completed Phase 2 development and is being advanced into orphan cardiovascular indications, including Kawasaki disease, where Rare Pediatric Disease and Orphan Drug Designation could provide regulatory incentives, market exclusivity, and potential Priority Review Voucher eligibility.
Post-Operative Shield (CAD-1005): CAD-1005 is an intravenous 12-LOX inhibitor that has completed Phase 2 testing. It is being developed to prevent platelet hyperactivation and thrombotic risk in patients with post-operative HIT. In addition, the drug may also block the inflammatory cascade that leads to cardiac surgery-associated acute kidney injury (CSA-AKI).

Reaches Alignment on Phase 3 Study Design for CAD-1005 in HIT

On August 31, 2026, Cadrenal announced a successful outcome to a Type D meeting with the U.S. FDA in which alignment was reached on key aspects of the protocol and statistical analysis plan for the Phase 3 registrational study of CAD-1005 in patients with HIT. Based on feedback from the FDA, the primary endpoint will be worsening of HIT based on progression of thrombotic events through Day 14 of treatment or hospital discharge. The worsening component of the primary endpoint will also include extension of an existing thrombus into a new vascular segment or bed. The updated composite primary endpoint will measure the proportion of Serotonin Release Assay positive (SRA+) patients with adjudicated new or worsening composite thromboembolic events through Day 14 or hospital discharge. The study will use placebo control with standard anticoagulation therapeutics for both the CAD-1005 and placebo arms. The safety population will include all patients who receive at least one dose of study drug and will include bleeding using standard International Society on Thrombosis and Haemostasis (ISTH) criteria.

CAD-1005 Phase 2 Data Presented at ISTH 2026

In July 2026, Cadrenal announced the presentation of late-breaking clinical data from the Phase 2 trial of CAD-1005 at the International Society on Thrombosis and Haemostasis (ISTH) 2026 Congress. The Phase 2 study demonstrated that CAD-1005 reduced clinically meaningful thrombotic events without increasing bleeding risk, supporting the hypothesis that selective inhibition of 12-LOX may interrupt the immune-mediated platelet activation responsible for thrombosis in HIT. Importantly, the trial also suggested that platelet count recovery alone may be an inadequate surrogate endpoint for clinical benefit. Highlights from the presentation include:

CAD-1005 is designed to address the root cause of coagulation by blocking the underlying 12-LOX immune signaling loop that promotes antibody-mediated platelet activation

Patients treated with CAD-1005 showed >25% reduction in new or worsening thrombotic events compared to the placebo arm (50% vs >75%)

There were no serious adverse events attributed to CAD-1005, no major bleeding events, and no deaths. While those treated with CAD-1005 had fewer thromboembolic events, there was no subsequent increase in major bleeding.

The trial showed that platelet count recovery rate is an inadequate surrogate for clinical efficacy since thrombotic events continue even after recovery.

CAD-1005 has received Orphan Drug and Fast Track designations from the U.S FDA and Orphan Drug status from the European Medicines Agency (EMA).

Expanding the Commercial Opportunity into CSA-AKI

Cardiac Surgery-Associated Acute Kidney Injury (CSA-AKI) remains a significant unmet medical need, occurring in approximately 20-30% of patients undergoing cardiac surgery, with severe cases affecting roughly 35,000 patients annually in the U.S. Despite advances in perioperative care, there are currently no FDA-approved pharmacologic therapies specifically indicated for the prevention of CSA-AKI. The inflammatory and thrombotic mechanisms implicated in CSA-AKI overlap with the biological pathways targeted by CAD-1005, providing a mechanistic rationale for expanding development into this indication.

While CSA-AKI may represent a substantially larger commercial opportunity than HIT, we believe the primary significance of this program is strategic rather than financial. By demonstrating potential activity across multiple acute inflammatory and thrombotic conditions, management broadens the commercial narrative surrounding CAD-1005 beyond a single orphan indication. We believe a platform with multiple clinical applications may be considerably more attractive to potential pharmaceutical partners than a single-indication asset.

Alexion Discontinues Phase 3 ARTEMIS Study in CSA-AKI

Alexion Pharmaceuticals (ALXN) initiated the Phase 3 ARTEMIS study to evaluate the effects of ravulizumab in patients with CSA-AKI (NCT05746559). Ravulizumab is a humanized monoclonal antibody that binds complement C5 to inhibit the terminal complement pathway (Vu et al., 2022). ARTEMIS was a Phase 3, randomized, double blind, placebo controlled, study with a primary outcome of reduction of major adverse kidney events (MAKE) at 90 days following surgery with cardiopulmonary bypass (CPB). On July 21, 2026, the company posted an update to clinicaltrials.gov indicating that the trial was terminated due to lack of efficacy.

The failure of the ARTEMIS study underscores the need for additional treatment options for CSA-AKI patients and offers the potential for first-in-class positioning for CAD-1005 in that indication. We do not believe there is any read-through from the ARTEMIS failure, as ravulizumab utilizes a mechanism of action distinct from CAD-1005.

Tecarfarin’s New Strategic Opportunity

In June 2026, Cadrenal announced a new strategic opportunity for tecarfarin as a treatment for pediatric patients with Kawasaki disease (KD) who develop coronary artery aneurysms that require chronic oral anticoagulation. Current long-term anticoagulation options for children with giant coronary artery aneurysms are limited and often complicated by variable dosing, dietary interactions, and frequent monitoring requirements associated with warfarin. Since tecarfarin is metabolized independently of CYP2C9, the drug has the potential to provide more predictable anticoagulation in this setting.

The company is seeking Rare Pediatric Disease Designation for tecarfarin in KD, which, if granted, would make the company eligible for a Priority Review Voucher (PRV) upon the approval of tecarfarin for the treatment of KD. PRVs are fully transferable, and recent transactions have generally ranged from $180 million to $205 million. While the clinical opportunity in KD is relatively modest, we believe the pursuit of tecarfarin in KD helps to reinforce the attractiveness of its portfolio ahead of partnering discussions.

Financial Update

On August 13, 2026, Cadrenal announced financial results for the second quarter of 2026. As expected, the company did not record any revenues for the three months ending June 30, 2026. R&D expenses in the second quarter of 2026 were $0.7 million compared to $1.1 million in the second quarter of 2025. The decrease was primarily due to lower expenses associated with chemistry, manufacturing, and controls (CMC), lower personnel expenses, and decreased professional fees. G&A expenses were $2.6 million in the second quarter of 2026 compared to $2.7 million in the second quarter of 2025.

As of June 30, 2026, Cadrenal had approximately $4.2 million in cash and cash equivalents. Based on the current operating plan, which includes no plan to commence a clinical trial unless sufficient funding to complete the trial is in place, we estimate the company has sufficient capital to fund operations through the first quarter of 2027. Cadrenal currently has approximately 3.6 million shares outstanding and, when factoring in stock options and warrants, a fully diluted share count of approximately 8.6 million.

Conclusion

Cadrenal is transitioning from being primarily a clinical development story into a business development story. While additional clinical progress remains important, we believe future shareholder value will increasingly depend on management’s ability to secure attractive licensing or collaboration agreements for CAD-1005, tecarfarin, and frunexian. Positive Phase 2 data and pipeline expansion into additional indications collectively strengthen management’s negotiating position as the company initiates a formal partnering process. With no changes to our model, our valuation remains at $17 per share.

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CEO Chat with Tim Harrison, Managing Director of Ionic Rare Earths Limited

Mon, 31 Aug 2026 10:01:00 -0400

OTCQB: IXRRF ASX: IXR

Tom Kerr, CFA: Hello everyone, my name is Tom Kerr. I'm a senior equity analyst at Zacks Small Cap Research, and welcome to another episode of our Fireside Chat program. Today we have the managing director of Ionic Rare Earths Limited (OTCQB: IXRRF, ASX: IXR), Tim Harrison. Ionic is an innovative critical minerals company engaged in the recycling and production of rare earth oxides. The company is based in Australia, but primary operations are in the UK, with development projects in South America and Africa. Welcome, Tim.

Tim Harrison: Hi Tom, good to be here.

TK: I'm going to start with a series of questions. Before we get into your operations and your future development plans, some people may not be familiar with critical minerals. Can you explain in layman's terms what rare earth elements and rare earth oxides are?

TH: Rare earth elements are the seeds of technology. These are elements that effectively enhance alloys and other compounds that we use in everyday life. Down the bottom of the periodic table, the lanthanide series has fourteen elements known as rare earths, and typically we also add yttrium into that classification. And these elements, when added with other metals, making alloys and other compounds, effectively enrich the performance of those materials.

Today, one of the biggest applications and biggest focused areas is neodymium iron boron magnets. These are extremely powerful magnets that make electric vehicles work, that make wind turbines work. They're used in data centers and hard drives. They're going to be increasingly used in the deployment of robotics and AI, and these are, as the Japanese term them, known as the seeds of technology.

TK: Got it. And before we get into your technology and how innovative and helpful it is, maybe talk about the industry and why it's called critical minerals, and maybe tie in the China situation we're in right now.

TH: Critical in that when we consider where the materials come from and their importance in everyday life, in the development of new industries, in the development and maintaining the technologies we use today, but innovating new technologies for tomorrow. These have extremely high potential applications and importance in industry, but they are under extremely difficult supply potential metrics. And when we think about critical minerals, typically these are elements that have a very high potential application in industry, but they're under significant constraint on supply. And if we think about rare earths, the fact of the matter is that today, when we consider permanent magnets that are used in so many applications, 94% of global magnet capacity emanates from China.

China has an extreme amount of influence on the flow of these molecules into Western supply chains. Last year, they implemented export restrictions on a number of heavy rare earth elements. Effectively, that's going to the highest potential restriction of material into Western supply chains, and that reverberated across a number of industries. We saw auto OEMs having to stop production because they simply couldn't get access to the magnets that they need to make electric vehicles work. We're going to see increasingly more scrutiny in this as the export restrictions come back into play between now and November and the potential application of these materials in a range of other more strategic deployments, especially around military and defense. I think we're in a very unique place in time where this material is strategically and more critically required than at any other point in time today.

TK: Got it. And you guys have a unique application or technology, although you do have some mining assets and partnerships, I believe your focus is going to be on recycling. Maybe explain how that works and what's going on at the Belfast operation, which I think is a demonstration plant in the UK.

TH: We've been in rare earths now for over seven years. We've got an upstream asset in Uganda, which is a 45% rich, heavy rare earth asset. It's fully permitted. But as we looked at the value chain, as we looked at how we monetize the product out of that mine into a Western supply chain, we saw that, effectively, there was a lack of processing capability from refining all the way through to magnet manufacturing and recycling in the West. That led us to Belfast and a technology at Queen's University Belfast, which we acquired in late 2021, and we finalized that acquisition in April of 2022. And for the last four years, the business has been prioritizing investment in the technology, in commercializing our rare earth separation and refining technology, but accelerating the application of that technology in recycling.

And why recycling? Well, we actually see recycling as the fastest way to get molecules into a Western supply chain. We see that as the mechanism that can start to backfill latent capacity on metals, alloys, and magnet capacity today, but also being able to support the flow of non-Chinese magnet rare earths into new magnet capacity being built today.

We're seeing about eight facilities under construction right now in the US. About $15 billion, $16 billion committed across the mines and magnet strategy in the US market, of which $8 billion is focused on the magnet manufacturing base. And as we look at that capacity coming online, that's going to generate a lot of waste materials that we are able, through our technology, to turn back into high-purity oxides that can be used to start the ramp-up of that magnet capacity in the US market.

TK: Got it. The Belfast operation is effectively working. The technology works. It's not experimental. Now I believe there are plans to really scale it up with a much larger commercial recycling facility in the same area. Maybe go over the size, the numbers, or the timing of the full-scale commercial plant.

TH: That's right, Tom. In Belfast, we've built a demonstration plant where we've been processing a range of different magnet feedstocks and swarf, which is the waste material from the production of new magnets, processing that material, turning that into new oxides, and building supply chains. And with those supply chains that we've been building, we've validated that earlier this year. We're the first company in the West to now turn that end-of-life material into recycled oxides, which has been validated by Ford in one of their electric motors manufactured in the UK. We're producing oxides and selling those into the US at the moment, working closely with a magnet company there called Advanced Magnet Labs, where they are developing magnets for the defense complex. We're out there; we've validated the technology; it works.

We're producing roughly at around about 10 tons per annum of separated oxides, and our product is going to the relationships that we're cultivating across the Western supply chain. We're looking at commercializing the technology in Belfast. And if we think about what we're doing, a demonstration plant and scaling up to a commercial plant, it's effectively a 40-fold increase. The commercial production in Belfast will look at processing 1,200 tons per annum of magnet feedstock, and as product, approximately 400 tons per annum of separated magnet rare earth oxides. That will include those heavy rare earths that the Chinese have implemented export restrictions on, specifically dysprosium and terbium oxide. But we can also extract a range of other heavy rare earths that we see in magnet feedstock from time to time, which are substitution elements that the Chinese have used.

To build that Belfast plant, approximately 85 million pounds, so a bit over 100 million US dollars. And we anticipate NPV will be over 500 million post-tax USD and a payback of around 2.4 years. We've got extremely positive economics. And if we think about that Belfast design, that has been designed in a way that we can then look to hyperscale the technology across the markets where we're looking to deploy that technology. We've identified potentially up to twenty plants that could go straight into the US manufacturing base to support this build-out that's underway. But in addition to that, we're looking at deploying the technology into Brazil and other parts of the world where the supply chain, resilience, and sovereignty are a requirement for any government that's looking for their own supply of material.

TK: Got it. I guess every country or region on Earth has scrap magnets or swarf, as you call it, so there's probably a lot of opportunities.

TH: Yeah, there's a huge inventory of material out there because we use magnets in everyday life, right? They're in our phones, they're in our refrigerators, they're in our air conditioners, they're in a range of other applications. They're used in existing internal combustion engine vehicles, as well as in electric motors that make electric windows work or power steering, for example. And these magnets are out there, right? They're out there, and it's a matter of harnessing that material back into the supply chain. Infrastructure exists for this material to be aggregated and to flow back into the recycling footprint, and we're working with a range of different parties on aggregating that material and funneling that into our business.

TK: Got it. And back to the large-scale commercial plant in Belfast, I understand there's a lot of support from the UK government and other sources. Do you expect to be fully funded, or where does that funding come from basically?

TH: Yeah, if we think about that 85 million pounds that we're looking at for the Belfast facility, we've already received a 12 million pound grant from the UK government via the Automotive Transformation Fund. There's a huge effort underway in the UK around moving the automotive manufacturing base away from internal combustion engines to EVs. And that supports a government initiative whereby they're effectively trying to move the population to an EV base. And we anticipate additional support. We're in discussions with other parts of the UK government and other vehicles on additional funding. And we anticipate a substantial amount of that 85 million pounds will come from additional mechanisms within the UK government which are designed to deliver sovereignty around critical minerals and regional growth.

I feel like we're smack bang in the middle of an extremely exciting period, given that forecast consumption of magnets in the UK from that move towards EV rollout, but also the UK being the biggest adopter of offshore wind sees something in the order of around about 12% of global magnet consumption being in the UK per annum by the end of this decade. They're a huge adopter. From a government perspective, they're doing a lot of work in rare earths, but specifically that permanent magnet supply chain, and working closely with industry to make sure that they have all of the building blocks in the UK to be as self-reliant as they possibly can.

TK: It's an important project for sure. It's getting a lot of recognition and support from a lot of different governments. You guys have a couple other irons in the fire. I think you mentioned the African mine, and you also have a joint venture in Brazil. Maybe touch on those, both the Brazil plans and the Uganda mine plans.

TH: Brazil is effectively an extension of the work that we're doing in the UK. In Brazil, we've got a joint venture with another ASX-listed company called Viridis Mining & Minerals. We're working with them on a 50/50 joint venture called Viridion. And the focus of Viridion is to deploy our technology on both recycling and the primary refining of the products that they'll produce from the Colossus mine, to be able to separate that into a range of magnets and heavy rare earths. And that represents a tremendously exciting growth proposition for the company in a market that I think has huge potential to be a potential source of primary supply of rare earths into both the North American and European market.

I think Brazil has the potential to be a China too, supplying an alternative source of upstream rare earths that ultimately go into advanced manufacturing in the Northern Hemisphere. And as that happens, we're able to also then further grow our recycling business because as more magnets get produced, that will actually lead to more swarf being produced, which ultimately means a greater recycling involvement with the supply chain. I think that Brazilian opportunity is a really exciting one. A hugely supportive government down there. They want the value chain to be developed in Brazil. The support that we've had through Viridion, and the Brazilian government stakeholders down there, has been tremendous so far.

Then we've got our upstream asset, which is the Makuutu project, as I mentioned earlier. It's 45% heavy rare earths in the product. It's a low-capital development that's fully mine-permitted. We have our environmental permits in place. And actually, last month we announced the strategic review of the asset and are looking at how we can potentially fast-track the development of Makuutu, potentially in a separate vehicle or doing something strategically that can unlock the value of the asset.

If we think about the future direction of the business, we're really focusing on the development of our technology, the development of the recycling footprint, and developing that downstream supply chain value addition. And the new Ionic will really focus on that downstream, midstream, and downstream applications, and now we're looking at the best way in which we can unlock value from a fully permitted ionic adsorption clay deposit in Uganda.

TK: There has to be a value there. Could that be a funding source?

TH: Yeah, look, since we announced that, we've obviously been exploring things internally and talking with a range of different mechanisms. Makuutu is part of Forge, so it's an acknowledged project that's incredibly important to Western governments, so we see a strategic value in the asset. But yes, potentially there is value that can be unlocked from that asset. We obviously want to see Makuutu into production. We want to make sure that Makuutu has the resources and the focus to be able to do so. But yes, potentially there is a significant value unlock that comes from the Makuutu asset; that's what we're looking to try and identify, the best return for our shareholders right now.

TK: Great. Speaking of funding, I think at the end of the June 30th period, you had about 3.5 million Australian dollars in cash. And after that, you did a capital raise for, I think, another 8 million. Maybe talk about that as well as other funding sources; does that get you to the final investment decision, and so on.

TH: Yeah, where we are right now, Tom, yes, we just completed the raise here in Australia. That gives us a runway now to keep making good progress with our Belfast facility. We're in the process now of engaging those funding vehicles available to us in the UK and strategics, building together the final capital stack for the Belfast facility, and hopefully we're in a position to announce the outcome of that very shortly.

TK: Got it. One more business question, and you touched on the US opportunities briefly. Is there anything you can discuss about that? Who have you met with? What are the opportunities there? And obviously the US should be a huge opportunity if done properly.

TH: I think, Tom, if we look at what's happened in the US over the course of the last twelve, fourteen months, there's been a huge amount of activity as the US has really taken the lead on developing rare earth supply chains outside of China, right? Huge investment across the value chain. As I mentioned earlier, somewhere in the order of eight new magnet facilities are being announced and being funded, catalytic capital coming from the US government, which is then given the support from other investors to invest in those businesses, and we've seen a dramatic re-rating of those businesses.

Where we see growth for our technology is working closely with those new magnet facilities on being able to take the waste materials from the production of magnets. Because what needs to be understood is that when you start out making magnets, if you consider starting with a hundred units of rare earth oxides. By the time those oxides are turned into metals, then alloys, block magnets, and then finally the finished magnet, a hundred units here end up as somewhere between 60-75 units as a finished magnet going out the front door to customers. There's a tremendous amount of recirculating load of waste materials that get generated in the production of such magnets.

Where we come in is we turn that material, and we're able to recycle that, working in collaboration with the magnet maker, to turn that back into oxides, which effectively makes sure that they become as efficient as possible with these strategic raw materials that are increasingly hard to find. We see huge growth in the US market. We've got an MOU with a US company called US Strategic Metals. We've been working through a range of different scenarios with them. We've got a technology collaboration agreement with another US company called Nth Cycle.

We're working with a range of different parties in addition to magnet manufacturers on the rollout of our technology, plus working closely with OEMs and companies across high-value, high-margin applications that need rare earths in their products. We've got a lot of discussions underway with various parties in the US. Belfast is obviously critical to that, but also in its own right, looking now at the expansion of the technology into the US market.

TK: Got it. Well, we're almost out of time. Maybe give us some closing comments, or is there anything we missed, or maybe just give your one- or two-minute investment thesis if we haven't missed anything.

TH: Yeah, look, Tom, I think what I would suggest investors draw their attention to is really the escalation that happens between now and November, where rare earths, but specifically heavy rare earths, become even more in focus because those export restrictions effectively come into force in November of this year. We're going to see increasing supply constraints on specifically heavy rare earths. We see a completely bifurcated market now for heavy rare earths in the West relative to what's happening in China.

If we look at the latest pricing on dysprosium and terbium, dysprosium is now trading at over $2,000 a kilo, which is tenfold the price of that material in China. We are seeing a massive bifurcation of markets. I think this is a once-in-a-generation opportunity, and we see huge growth that's about to happen across the industry, especially for companies like ours with unique technology that can produce those high-value materials with a very low capital footprint and very quick to deploy. I think it's a very exciting time right now, Tom.

TK: It's a great story, and I really appreciate the time today. To read all of our reports, investors can go to scr.zacks.com as well as our social media channels. And if you want more specific information on the company, you can go to their website at ionicre.com. There's a lot of great information there, a lot of details for investors to read, and it's a great story. Thank

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VIOT: The Chinese Consumer Pullback Impacted First Half Results. Valuation is Compelling as International Markets May Deliver Future Growth.

Fri, 28 Aug 2026 16:03:00 -0400

By Brian Lantier, CFA

NASDAQ: VIOT

READ THE FULL VIOT RESEARCH REPORT

Viomi Technology (NASDAQ: VIOT) reported first-half results before the market open on August 27th that fell short of our expectations, as the market struggles to find balance after the national water-purification subsidy program in China was not renewed in 2026. We have had some difficulty determining exactly how much demand was pulled forward into 2025 as a result of these subsidies, but it is clear, after reviewing the company's first-half results and those of other home appliance companies focused on the Chinese market, that the impact was far greater than we expected. We do feel that comparisons will get easier for the balance of 2026; however, given the nature of the company's products, it is unclear how quickly the domestic market will resume its growth trajectory. The Chinese shopping holidays in November and December should help second-half results, but we are electing to be conservative with our new forecasts.

It is worth noting that home goods sales (even those still eligible for subsidies) fell roughly 30% in China in the first half of 2026 as the effectiveness of broad subsidies has diminished over time. In effect, consumers have capitalized on these programs in 2024 or 2025 to upgrade water purification, heating, refrigeration, or cooking appliances, and given the long life expectancy of these appliances, there simply aren't enough domestic consumers to support the same level of demand each year. Companies with thriving international businesses and broad product lineups, such as Haier Smart Home (HKSE: 6690.HK), have weathered this period better than companies with less diverse product lineups or greater sales concentration in China.

While Viomi has not provided official guidance for the balance of 2026 and 2027, other large home appliance manufacturers based in China largely project a gradual recovery of the market in the back half of 2026, driven largely by International growth and stabilization of the domestic market. We believe that comparisons with the second half of 2025 will also become easier (the demand decline began in the second half of 2025), so investors should be able to see an improving trend in sequential sales.

We are electing to be conservative with our estimates for 2026 and 2027, as the company's expansion plans are as yet unproven. Rather than assuming the company will rapidly expand into new markets, we now assume the core business will grow in the low single digits, and that successful international expansion could provide upside to our model.

We are updating our revenue estimates to $230 million for 2026 and $241 million for 2027, which we believe is overly conservative, but we would like to see the company demonstrate a return to growth over a few periods before establishing higher goals. Our USD earnings per ADS for 2026 and 2027 are reduced to a loss of ($0.09)/ADS and ($0.05)/ADS, respectively. With nearly $2/ADS in cash on the balance sheet, we think the company's shares are attractively valued at current prices, and its buyback program could provide additional support.

We believe the company would be fairly valued at an industry-low 0.6x our 2027 Revenue estimate of $241 million, so we are maintaining our 12-month target at $2.25/ADS. We would note that if the company were to expand its share buyback program or reach a major offline retail distribution agreement, it could change our outlook, and the company's shares could find support sooner than anticipated.

We would encourage investors to review our full updated research report for Viomi Technology.

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LOT: Threading the Needle in the First Chicane. Lotus Technology Completes the Acquisition of Lotus UK and Starts to Turn the Corner.

Fri, 28 Aug 2026 12:06:00 -0400

By Brian Lantier, CFA

NASDAQ: LOT

READ THE FULL LOT RESEARCH REPORT

Lotus Reports First Half 2026 Earnings and Closes the Lotus UK Acquisition

The results in any one period are less important than the overall trend as Lotus (NASDAQ: LOT) repositions its brand and builds out its product portfolio in a rapidly evolving global auto market; however, we were very encouraged by several aspects of the company's first-half results for 2026.

Total sales for the first half were $268 million, roughly 11% above our forecast of $241 million that we updated in early August. Our concerns about the strength of China's luxury auto market appear to have been offset by domestic enthusiasm for the new PHEV version of the Eletre.

The company's total gross margin continued to improve, rising to 9.8% in the first half, exceeding our forecast of 9.7%, while gross margins on auto sales continued to inch upward, reaching 9.6% in the first half of 2026. We have been encouraged by Lotus's approach to pricing its models in 2026, which mirrors that of other premium auto manufacturers such as Lamborghini, Ferrari, and Porsche, who offer base models but several highly profitable option packages to boost overall auto margins.

Vehicle Updates:

In the first half of 2026, the company launched its Eletre BEV model in the Canadian market, making it the first Chinese-built luxury EV sold in Canada.

In May, Lotus introduced the Emira 420 Sport, which has been very well received by the automotive media. Our conversations with local dealerships indicate that this vehicle has led to an uptick in dealer foot traffic, but it is too early to say if it is translating to increased sales.

The company provided further color on the goals for the T-135 Supercar, to be launched in 2028. Building a 1,000-HP vehicle with a gross weight under 1.5 tons will be a challenge, but the company appears to be laser-focused on making it its signature sports car. Management noted that a typical 150 kW motor might weigh between 75-95 kilograms (165-210 lbs.); the company has leveraged Formula 1 technology to bring that weight down to just 20 kilograms (45 lbs.). That will certainly be music to the ears of Lotus purists.

The company has begun accepting orders for the Eletre X PHEV in Europe and targets deliveries in Q4 2026.

Lotus UK acquisition

As a result of this acquisition, the historic sports car manufacturing facility in Hethel, responsible for producing the Lotus Emira, will now be part of Lotus Technology.

This is part of management's broader strategy to build "One Lotus", which will combine the sports car and British engineering operations with the EV expertise and technology platform of the Chinese operations.

We look forward to a complete update on this transaction, including more details on Lotus UK's recent financial performance, current staffing levels, and the combined company's vision going forward.

Focus 2030 Goals:

The company reiterated that its annual sales volume target is 30,000 vehicles, and that hitting that goal by 2030 would imply more than 35% growth in vehicle deliveries from 2025 to 2030. The company also said it is still targeting gross margins above 20% and total SG&A and R&D costs below 25% of sales by 2030, which would make the company EBIT positive.

Valuation:

One of the key aspects of our investment thesis in Lotus Technology is the belief that 2025-2026 represented the bottom of the cycle for Lotus. Based on the latest financial report, the company appears to be well on its way to making that a reality. It will be important for the company to maintain momentum in the luxury market in China in the second half of 2026, successfully launch the Eletre X in Europe, and begin to penetrate the Canadian market with the Eletre BEV, but the signs are that the company is off to a very good start.

Given the significant debt on the balance sheet, we believe enterprise value-to-revenue may be a more prudent measure, and that 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.

With regard to the stock price, Lotus’s shares have performed exceptionally well over the past three weeks since our earnings preview and are now trading at roughly their highest valuation since early June. We continue to think that long-term holders can be opportunistic when building positions in Lotus, as the shares are likely to remain volatile during this transition period.

We encourage investors to review our updated research report for a more complete overview of the first half results for Lotus.

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ORMP: Investment Gains Contributed to Strong 2Q26 EPS, While Inclusion in Russell Indexes Arguably Boosts Awareness

Fri, 28 Aug 2026 09:30:00 -0400

By M. Marin

NASDAQ: ORMP

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Gains on investment portfolio + service agreement income contributed to 2Q26 EPS of $2.76

Oramed Pharmaceuticals (NASDAQ: ORMP) leverages its strong balance sheet, with $15.2 million of cash and equivalents and $50.6 million of cash and equivalents plus short-term investments, to allocate capital to investments in the biomedical and other areas. In our view, ORMP has substantial liquidity as it pursues investments and strategic opportunities and indirectly advances the oral drug delivery platform.

Gains on its investment portfolio and financial income, along with payments from service agreements such as ORMP’s agreement with Alpha Tau, contributed to 2Q26 EPS of $2.76. For example, ORMP invested in and formed a strategic collaboration with Alpha Tau Medical (NASDAQ: DRTS), an Israeli oncology therapeutics company developing an innovative alpha-radiation cancer therapy called Alpha DaRT™ (which stands for Diffusing Alpha-emitters Radiation Therapy). Alpha DaRT represents a novel approach to cancer treatment that leverages the use of alpha radiation to treat solid tumors. It is localized alpha particle radiotherapy designed to destroy solid tumors with precision, while minimizing damage to surrounding healthy tissue. Conventional gamma/beta radiation relies on oxygen-dependent, single-strand DNA breaks. Conversely, Alpha DaRT directly damages the cell DNA, inducing irreparable double-strand DNA breaks that are known to be highly destructive to cancerous cells regardless of the cell’s lifecycle stage or level of oxygenation. In this way, Alpha DaRT delivers more precise alpha radiation that minimizes damage to healthy tissue around the tumor. Alpha Tau’s technology platform can be used alone or in conjunction with other cancer treatment modalities.

The companies also entered into a three-year service agreement for Oramed to provide investor and shareholder outreach, business strategic guidance, and capital markets expertise to Alpha Tau per ORMP’s refocused operating strategy, for which Alpha Tau agreed to pay a non-refundable fee of $3.0 million over three years and issue warrants to ORMP for purchase of up to 3.2 million shares. Under its services agreement with Alpha Tau, ORMP is entitled to receive six semi-annual payments aggregating to $3.0 million, which is recorded as Other income.

Believe inclusion in Russell indexes could continue to raise awareness of ORMP prospects

The company’s shares were added to the U.S. small-cap Russell 2000® and broad-market Russell 3000® Index in the June Russell reconstitution. The 2026 Russell 2000 and Russell 3000 reconstitution became effective at the market open on June 29, 2026. Trading volume in ORMP shares rose substantially on several days ahead of reconstitution. We believe inclusion in these Russell indexes could continue to raise awareness of Oramed within the investment community, which we view as a positive. In part, this reflects that many institutional investment managers use Russell indexes as benchmarks. Roughly $12.2 trillion in assets are benchmarked against the Russell US indexes, according to FTSE Russell data.

This inclusion comes as the company’s strategy has transitioned to acquiring interests in a portfolio of entities, as indicated. Several recent investments have yielded strong returns and ORMP is optimistic about its ability to continue to create shareholder value by actively operating the businesses of companies in which it has a majority stake.

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QNRX: Believe Conditional FDA Approval of Proposed Brand Name Reflects QRX003 Nearing Potential Commercialization

Thu, 27 Aug 2026 15:25:00 -0400

By M. Marin

NASDAQ: QNRX

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Among broadest development pipelines focused on rare dermatologic diseases, with three core markets identified – U.S., EU, Japan – & partnership sales network for ROW

Quoin Pharmaceuticals (NASDAQ: QNRX), a late clinical stage, specialty pharmaceutical company focused on developing treatments for rare and orphan diseases, provided a business update earlier this month. As the company advances lead asset QRX003 and pipeline assets, QNRX has made strong advances in recent months. For example, Quoin recently received FDA conditional approval for the proposed brand name for QRX003 for Netherton Syndrome (NS): QYLEKI™. QNRX is most advanced in studying QRX003 for NS, but it is also studying this asset for Peeling Skin Syndrome (PSS), per its strategy to design assets to treat multiple indications and potentially broaden their commercial prospects and scalability.

QNRX’s Ichthyosis focused platform is most advanced regarding NS, as noted, but the company also continues to advance QRX003 into additional rare dermatologic indications. In addition to treatment of NS, QRX003 is also being evaluated for pediatric NS and PSS. Quoin recently received FDA IND clearance to initiate a Phase 2 study of QRX003 in PSS. Separately, QNRX also announced a positive clinical update from its ongoing pediatric NS Compassionate Use program. QNRX has indicated that the recent FDA clearance for PSS represents the first-ever clearance for formal clinical study for a potential PSS therapy. Concurrently, QRX009, QNRX’s topical rapamycin platform, remains on track to launch clinical activities in multiple indications that have limited or no other approved treatments.

Quoin has identified three core markets - the U.S., E.U, and Japan – for QRX003 and potentially other assets once/if they are commercialized. With both QRX003 and QRX009 advancing, the company believes it is developing one of the broadest development pipelines focused on rare dermatologic diseases. Assessing assets for multiple indications can help spread costs over an expanded base.

The company has made significant progress towards launching in these core markets. For example, Quoin has established a Japanese subsidiary to commercialize QRX003 in that key market, where Japan's regulatory authority, MHLW, granted Orphan Drug Designation (ODD) for QRX003 in NS. Japan’s ODD designation is expected to 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. In addition, the company has multiple regulatory designations for QRX003 in place and/or under review in these and other regions.

As QNRX continues to expand IP protection portfolio, U.S. Notice of Allowance for a patent covering combination treatment for NS received

In terms of protecting its assets and IP, QNRX received a U.S. Notice of Allowance for a patent covering combination treatment for NS (U.S. Patent Application No. 18/428,570, titled Combination Treatment for Netherton Syndrome). The company continues to file multiple patent applications to protect its assets and IP. The company has filed numerous patent applications to protect its IP. Recently, QNRX filed patents for novel topical rapamycin formulations. Quoin has filed U.S. and international patent applications for novel topical rapamycin formulations targeting microcystic lymphatic malformations, venous malformations and angiofibromas. The products are being developed using Quoin’s in-licensed proprietary Invisicare® delivery technology. The company believes this represents an important measure in expanding its pipeline addressing rare dermatological diseases.

QNRX believes it is on track to initiate its Phase 3 NS trial by year-end 2026 and potentially file a New Drug Application (NDA) in 2027 for QRX003 as the first approved treatment for NS. At its Type C meeting with the FDA for QRX003 in NS in March 2026, the FDA indicated that a single Phase 3 study might be sufficient to support regulatory approval.

Quoin is currently conducting two pivotal clinical studies for QRX003 in NS that have generated positive data thus far. Specifically, clinical data to date have demonstrated clear evidence of rapid, prolonged, and almost complete skin healing following twice-daily application of QRX003 to the treatment areas, along with the almost complete elimination of key symptoms such as chronic, debilitating pruritus, and have facilitated zero nightly sleep disturbances.

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ONCY: FDA Provides Alignment on Registrational Pathway for Pelareorep in CRC

Thu, 27 Aug 2026 10:10:00 -0400

By David Bautz, PhD

NASDAQ: ONCY

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Business Update

Alignment Reached with FDA on Potential Registrational Pathway in CRC

On August 18, 2026, Oncolytics Biotech, Inc. (NASDAQ: ONCY) announced it had received written feedback from the FDA regarding the potential expansion of the ongoing REO 033 trial into a pivotal Part B study. REO 033 is a randomized study evaluating pelareorep in combination with folinic acid, fluorouracil, and irinotecan (FOLFIRI) and bevacizumab for the second-line treatment of patients with RAS-mutant, microsatellite stable (MSS) metastatic colorectal cancer (CRC). Pelareorep is a systemically delivered oncolytic virus designed to selectively replicate in cancer cells and enhance anti-tumor immunity.

The company had specifically sought confirmation that the existing randomized Part A design could support a pivotal expansion, as well as regulatory guidance on the potential use of objective response rate (ORR) to support accelerated approval and progression-free survival (PFS) to support full approval. The FDA’s written feedback was sufficiently supportive that Oncolytics elected to forego a planned Type D meeting and instead intends to pursue an ‘End-of-Phase’ meeting to finalize key elements of the registration program.

Importantly, management indicated that its discussions with the FDA also addressed the ability to incorporate blinding and blinded, centralized tumor-response adjudication into Part B while preserving the overall REO 033 framework. The company now expects the eventual Part B sample size and statistical plan to be determined based in part on the initial efficacy data generated in Part A, with final agreement on these elements to be reached with the FDA. The ongoing Part A is enrolling 60 patients and was specifically designed to generate the clinical data needed to inform a potential pivotal expansion.

The company is therefore prioritizing rapid completion of Part A, with management expecting all trial sites to be activated by the end of August 2026 and initial tumor response data potentially available in 1Q27. Following supportive interim Part A data, Oncolytics plans to move quickly into Part B start-up activities, potentially allowing the existing randomized study to transition directly into a pivotal trial rather than requiring a separate registrational study. The FDA feedback supports a potentially efficient approval strategy in which ORR could support accelerated approval while PFS would provide the basis for full approval.

Fast Track Designation for Pelareorep in Second-Line and Later Anal Cancer

In July 2026, Oncolytics announced that the U.S. FDA has granted Fast Track designation to pelareorep in combination with checkpoint inhibitor for the treatment of patients with inoperable, locally recurrent, or metastatic squamous cell carcinoma of the anal canal (SCAC) who have progressed on or were intolerant to one or more prior lines of therapy.

Fast Track designation allows for more frequent interactions with the FDA during development, a rolling review of a Biologics License Application (BLA), and eligibility for Priority Review. The program is intended to facilitate the development and expedite the review of treatments for serious diseases with significant unmet medical needs.

Earlier this year, Oncolytics announced it had reached alignment with the FDA on a pivotal study for pelareorep in unresectable metastatic SCAC, which is expected to be a single, randomized controlled clinical trial with the ability to seek both accelerated approval and full approval at different points in the trial.

Pelareorep has been evaluated in SCAC in the GOBLET study, an ongoing multi-cohort clinical trial investigating pelareorep in combination with checkpoint inhibition and chemotherapy, as appropriate, across gastrointestinal malignancies (NCT07280377). In Cohort 4, pelareorep was combined with the PD-L1 inhibitor atezolizumab in patients with second-line or later SCAC, representing a heavily pretreated population with limited therapeutic options. Updated data from this cohort demonstrated evidence of clinical activity, including a 30% overall response rate and a median 17-month duration of response.

Notably, the pattern of response observed in GOBLET Cohort 4 is consistent with pelareorep’s proposed mechanism as an immune primer. Treatment was associated with tumor shrinkage across multiple patients, including both partial responses and prolonged stable disease, suggesting that the combination of pelareorep and checkpoint inhibition may overcome resistance mechanisms that limit the efficacy of PD-1/PD-L1 blockade alone. While cross-trial comparisons should be interpreted cautiously, the observed activity compares favorably to historical benchmarks for checkpoint inhibitor monotherapy in this setting, where response rates are generally low and disease control is limited.

Financial Update

On August 12, 2026, Oncolytics filed Form 10-Q with financial results for the second quarter of 2026. As expected, the company did not report any revenues in the second quarter of 2026. R&D expenses in the second quarter of 2026 were $4.3 million compared to $1.9 million in the second quarter of 2025. The increase was primarily due to increased personnel-related expenses and clinical trial costs. G&A expenses in the second quarter of 2026 were $5.1 million compared to $2.7 million in the second quarter of 2025. The increase was primarily due to increased public company-related expenses and personnel-related expenses.

As of June 30, 2026, Oncolytics had approximately $4.1 million in cash and cash equivalents. Subsequent to the end of the quarter, the company sold approximately 2.3 million common shares pursuant to an Open Market Sale Agreement signed in April 2026 with Jefferies LLC for net proceeds of approximately $1.8. As of August 10, 2026, Oncolytics had approximately 127.5 million shares outstanding and, when factoring in stock options and warrants, a fully diluted share count of 156.4 million.

Conclusion

Now that the company has reached alignment with the FDA regarding the REO 033 trial, we look forward to additional updates regarding patient enrollment and the potential for initial data in 1Q27. Fast Track designation for pelareorep in SCAC is further validation of the company’s technology and we look forward to additional updates on that program as the year progresses. With no changes to our model, our valuation remains at $6 per share.

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MLPNF: Millennial Potash Drill Result Extends Potash Footprint Beyond the 2025 MRE

Wed, 26 Aug 2026 15:55:00 -0400

By Steven Ralston, CFA

TSXV: MLP | OTCQB: MLPNF

Summary

Drillhole BA-006 has been completed. The hole intersected 80m of cumulative potash mineralization.
BA-006 extends the known mineralized footprint beyond the boundaries used in the November 2025 MRE
In addition, BA-006 expands the known potash mineralization to the southwest and to the west toward the coast.
Furthermore, BA-006 intersected Cycles IX and X evaporite sequences, which had not previously been documented at the Banio Project.

Millennial Potash Corp. (TSXV: MLP, OTCQB: MLPNF) announced today the completion of drillhole BA-006 at the North Target of its Banio Potash Project in Gabon, a result with meaningful implications for the ongoing expansion of the project's Mineral Resource Estimate (MRE). Drilled to 674m, the hole intersected approximately 80m of cumulative potash mineralization in seams characterized by interbedded carnallite and halite, reinforcing the scale of the deposit ahead of an expected updated MRE targeted for later this year.

The location is also significant. Collared closer to the coast and southwest of the existing resource area, BA-006 extends the known mineralized footprint beyond the boundaries used in the November 2025 MRE, which is comprised of a Measured MRE of 648.2 million tonnes grading 15.7% KCl, an Indicated MRE of 1.8 billion tonnes grading 15.6% KCl, and an Inferred MRE of 3.56 billion tonnes grading 15.6% KCl. Because the new intercept is situated outside the modeled area, it bodes well for incremental tonnage potential once the analytical assay results are available.

Equally significant is the identification of Cycle IX and Cycle X evaporite sequences, which had not previously been documented at the Banio Project. Their presence suggests the potash-bearing stratigraphy may thicken to the west, expanding the vertical extent of mineralization beyond what prior drilling defined. Combined with the fact that BA-006 remained in mineralization at termination depth, the results point to further upside both laterally and at depth.

Taken together, the BA-006 result advances management's objectives of an updated MRE and thereafter a Definitive Feasibility Study (DFS), both of which are targeted for completion by the end of 2026.

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TRC: 2Q26 Arguably Reflects Benefits of Cost Containments, Growth & Optimization Measures

Wed, 26 Aug 2026 14:09:00 -0400

By M. Marin

NYSE: TRC

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2Q26 arguably reflects benefits of cost containments, growth & optimization measures

Tejon Ranch Company (NYSE: TRC) reported 2Q26 results that arguably reflect the benefits of its cost containment measures. Recent measures include streamlining efforts expected to deliver $2.0 million in annual cost savings. Moreover, combined with a greater than 56% improvement in revenues and other income, including equity in earnings of unconsolidated joint ventures, contributed to a year-over-year increase in adjusted EBITDA to $8.4 million compared to $5.7 million in 2Q25. Additional growth and optimization measures include crop diversification expected to boost and smooth farming segment results and land monetization initiatives, among other steps.

TRC believes that revenue and adjusted EBITDA improvements underscore the progress it is making in executing its strategy. Revenue also benefited from the company’s Dedeaux land sale, which also launched a new industrial joint venture at Tejon Ranch Commerce Center (TRCC). TRC recently began construction on Building 1B through the joint venture with Dedeaux Properties, adding 510,500 square feet of Class A space to the industrial portfolio.

The TRCC industrial portfolio is 100% leased. The TRCC commercial portfolio, wholly owned and through JVs, is 95% leased. As of June 30, 2026, occupancy at the Outlets at Tejon was 92%. TRC holds a 60% economic stake in the new TRCC Dedeaux JV. During the quarter, TRC’s multifamily, mineral resources, and ranch operations segments also grew. These improvements contributed to a $4.3 million increase in net income attributable to common stockholders to $2.6 million, or $0.10 per share, compared to a loss of $1.7 million, or ($0.06/share) in 2Q26.

TRC believes opening of Hard Rock Casino Tejon contributes to elevated leasing at Terra Vista & other benefits

Leasing at Terra Vista continues, and the development continues to stabilize. It is now more than 80% leased. In addition, TRC continues to see elevated activity at TRCC related to the leasing of Terra Vista and the opening of the Hard Rock Casino Tejon.

When fully completed, Terra Vista is expected to be the largest rental community in Kern County. If/when Terra Vista reaches stabilized occupancy, recurring monthly leasing revenue will 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. Outlet traffic increased about 25% year over year, and outlet sales per square foot rose 11%. Positive trends are also apparent in fuel sales at the TRCC travel centers, which are operated under a JV with TravelCenters of America Inc.

As Tejon Ranch moves ahead with its industrial and residential development plans, we believe it is taking advantage of market trends, including growing populations in nearby communities served by TRCC. The company believes it has a clear plan for delivering shareholder value and providing transparency to shareholders as it pursues the plan to improve and grow free cash flow. Moreover, California’s acute housing shortage, a growing issue, is arguably a positive tailwind, we believe.

For example, the Building an Affordable California Act is a measure 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.

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