Market Signal Briefing

Protara Therapeutics, Inc. (TARA) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 6:45 PM EST

Company Participants

Jesse Shefferman - Co-founder, CEO, President & Director

Presentation

Unknown Analyst

Welcome, everyone. My name is [ Tai Pavumi ], and I'm welcoming you to the 44th JPMorgan Healthcare Conference. Our next presenting company is Protara Therapeutics. Protara is a clinical stage biotechnology company that's developing transformative therapies for people with rare cancer diseases. And presenting today is CEO, Jesse Shefferman. Please help me welcoming to the stage.

Jesse Shefferman
Co-founder, CEO, President & Director

Thank you. Thanks, [ Tai ]. Thank you to the JPMorgan team for having us. I'm looking forward to talking through the Protara story. Quick forward-looking statements. So as [ Tai ] 1said, Protara is a clinical stage company focused on oncology and in rare disease. In oncology, our primary focus is in non-muscle invasive bladder cancer, where we have 2 programs in late-stage development, 2 registrational studies in BCG-Unresponsive patients and in BCG-Naïve patients.

On the rare disease side, we have 2 products in clinical development. IV Choline Chloride is a phospholipid substrate replacement therapy for patients that are on parenteral support. That program is in Phase III with a PK-based endpoint. And we also have our lymphatic malformations program, TARA-002 for macrocystic and macrocystic-dominant mixed cystic lesions.

Just gives a sense of our portfolio. For a company of our size, we have a lot of ambition, and this is represented by the various programs that we have in late-stage development. In non-muscle invasive bladder cancer, our ADVANCED-2 study is a single-arm open-label study looking at BCG-Unresponsive patients with carcinoma in situ. There, we are significantly well enrolled in a registrational study that we anticipate will complete enrollment before the end of 2026.

We also

Entrada Therapeutics, Inc. (TRDA) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 6:45 PM EST

Company Participants

Dipal Doshi - CEO & Director

Conference Call Participants

Susmita Roy

Presentation

Susmita Roy

Good afternoon, everyone. My name is Susmita Roy. I'm an associate on the health care investment banking team here at JPMorgan. On behalf of JPMorgan, first of all, welcome. Thank you so much for taking the time to attend the conference. It's been a great conference so far. And to continue the festivities rolling, I'm thrilled to introduce Entrada Therapeutics for their company presentation today.

A little bit about Entrada before we get started. Entrada is focused on treating devastating diseases with intracellular targets. Last week, Entrada highlighted an important progress across its EEV portfolio for neuromuscular and ocular diseases. The company is advancing multiple clinical programs in people living with Duchenne muscular dystrophy in the U.K., EU and the U.S. In 2026, Entrada expects to have 4 clinical stage programs in its DMD franchise, complementing the ongoing clinical programs, progress of its myotonic dystrophy type 1 partnership, VX-670 with Vertex. The year is shaping up to have several value-driving catalysts.

I'm pleased to welcome on stage next to me, Entrada's Chief Executive Officer, Dipal Doshi, who can share more about Entrada's year ahead. And also on stage, we'll have Natarajan as well. Thank you for joining us this afternoon. I'm really pleased to hand it off to the team.

Dipal Doshi
CEO & Director

Great. Thank you. Thanks for the kind introduction and to the JPMorgan team for inviting us here to present. I look forward to talking more about the work that we're doing at Entrada.

Before I go too far, it's the normal disclaimer about making forward-looking statements. So just refer to our SEC filings

Q2: 2026-01-08 Earnings SummaryEPS of $0.10 beats by $0.03

 |

Revenue of

$224.69M

(-2.84% Y/Y)

beats by $16.32M

Neogen Corporation (NEOG) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 8:15 PM EST

Company Participants

Mikhael Nassif - CEO, President & Director

Presentation

Unknown Analyst

Good afternoon, everyone. Next up, we have Neogen, a global leader in food and animal safety providing diagnostic testing solutions used across the food supply chain and animal health markets worldwide. We're pleased to have with us Mike Nassif, President and CEO; and Bill Waelke from the IR team with us today. Over to you, team.

Mikhael Nassif
CEO, President & Director

Thank you, [ Prad ], and thank you all for being here. Before we start, I wanted to pose a question to you. Just think about your day to day. You probably grabbed something to you this morning, maybe grab something from the market to go for lunch. And maybe when you're not in a conference, you're at home buying groceries to make dinner your family or even if you have to buy baby formula. How many times do you pause and ask yourself, is this safe for me to consume before you buy it?

If you're like me, you probably never do that, right? We live under this cloak of comfort that our food is safe. And it's not trust that I think is really the opportunity that's ahead of us. The CDC -- according to the CDC, last year, there was 50 million food-borne illness cases. Of those, 100,000 were serious enough that they had to be hospitalized. And unfortunately, of those 100,000, 3,000 people lost their life to food-borne illnesses.

My name is Mike Nassif. I have the privilege of leading a company that is at the forefront of creating solutions to make sure that the food that we consume is safe. What we're going to talk about today

Myqorzo and Redemplo approved in China

Approval of Myqorzo for obstructive hypertrophic cardiomyopathy and Redemplo for familial chylomicronemia syndromeUnderscores Sanofi’s long-term commitment to China, reinforcing the ambition to provide transformative medicines to patients in disease areas with large unmet medical needs Paris, January 15, 2026. The National Medical Products Administration in China has approved two Sanofi-licensed innovative medicines, Myqorzo (aficamten) for the treatment of obstructive hypertrophic cardiomyopathy (oHCM), and Redemplo (plozasiran) for the reduction of triglyceride levels, in adult patients with familial chylomicronaemia syndrome (FCS) on the basis of dietary control.

“We are pleased to bring Myqorzo and Redemplo to patients in Greater China. Both medicines represent important advances in treatment options and address unmet medical needs among people living with complex conditions,” said Olivier Charmeil, Executive Vice President, General Medicines, Sanofi. “The latest approvals underscore Sanofi’s long-term commitment to bringing innovative medicines to Chinese patients.”

Myqorzo is a selective, small-molecule cardiac myosin inhibitor to improve functional capacity and relieve symptoms in patients with oHCM, in which the myocardium, the heart muscle, becomes abnormally thick. It is the most common monogenic inherited cardiovascular disorder. The approval was based on the positive pivotal SEQUOIA-HCM phase 3 study (clinical study identifier: NCT05186818) in patients with symptomatic oHCM.

Redemplo is a small-interfering RNA (siRNA) medicine, suppressing the production of apoc-III, an important target for reducing triglycerides in patients with FCS. FCS is a severe and rare disease where extremely high triglyceride levels can lead to various serious signs and symptoms including acute and potentially fatal pancreatitis, chronic abdominal pain, diabetes, hepatic steatosis, and cognitive issues. The approval was based on the positive pivotal PALISADE phase 3 study (clinical study identifier: NCT05089084) in patients with genetically confirmed or clinically diagnosed FCS.

About HCM
HCM is the most common inherited cardiovascular disorder, characterized by abnormal thickening of the heart muscle (myocardium). This leads to the left ventricle becoming smaller and stiffer, impairing its ability to relax and fill with blood, limiting the heart’s pumping function and exercise capacity. HCM symptoms include: chest pain, dizziness, shortness of breath, or fainting during physical activity.

HCM has two forms: oHCM (two-thirds of patients), where thickened muscle blocks blood flow, and non-obstructive HCM (one-third), where the muscle is thickened but blood flows normally.
HCM patients face serious complications including atrial fibrillation, stroke, and mitral valve disease. It's a leading cause of sudden cardiac death in young people and athletes due to dangerous heart rhythm abnormalities. Some patients have a high risk of progressive diseases leading to dilated cardiomyopathy and heart failure requiring transplantation.

About Myqorzo
Myqorzo (aficamten) is a selective, small-molecule cardiac myosin inhibitor discovered following an extensive chemical optimization program that was conducted with careful attention to therapeutic index and pharmacokinetic properties. Myqorzo was designed to reduce the number of active actin-myosin cross bridges during each cardiac cycle and consequently suppress the myocardial hypercontractility that is associated with HCM. In preclinical models, Myqorzo reduced myocardial contractility by binding directly to cardiac myosin at a distinct and selective allosteric binding site, thereby preventing myosin from entering a force producing state. Myqorzo is approved in the US and China.

Myqorzo, for the treatment of symptomatic oHCM, was designated breakthrough therapy and orphan drug in the US, and breakthrough therapy in China. On December 12, 2025, The European Medicines Agency’s Committee for Medicinal Products for Human Use adopted a positive opinion recommending marketing authorization in the EU with a final decision expected in the first quarter of 2026. In December 2024, Sanofi obtained exclusive rights to develop and commercialize Myqorzo in Greater China for treating both forms of HCM. These rights came through an agreement with Corxel Pharmaceuticals, who had acquired them from Cytokinetics.

About FCS
FCS is a severe and rare disease leading to extremely high triglyceride levels, over 880 mg/dL (9.94 mmol/L). Such severe elevations can lead to various serious signs and symptoms including acute and potentially fatal pancreatitis, chronic abdominal pain, diabetes, hepatic steatosis, and cognitive issues.

About Redemplo
Redemplo (plozasiran) is a siRNA medicine suppressing the production of apoC-III, a protein produced primarily in the liver that raises triglyceride levels by slowing their breakdown and clearance. By targeting apoC-III with sustained silencing, Redemplo delivers significant reductions in triglyceride levels. Redemplo has been studied in both genetically confirmed and clinically diagnosed patients living with FCS. Redemplo, for the treatment of FCS, was designated breakthrough therapy, fast track, and orphan drug in the US, orphan in the EU, and breakthrough therapy in China. Redemplo is approved in the US, Canada, and China for the treatment of FCS patients. Regulatory review is ongoing in the EU.

In August 2025, Sanofi acquired the rights to develop and commercialize Redemplo in Greater China from Visirna Therapeutics, a majority-owned subsidiary of Arrowhead Pharmaceuticals.

About Sanofi
Sanofi is an R&D driven, AI-powered biopharma company committed to improving people’s lives and delivering compelling growth. We apply our deep understanding of the immune system to invent medicines and vaccines that treat and protect millions of people around the world, with an innovative pipeline that could benefit millions more. Our team is guided by one purpose: we chase the miracles of science to improve people’s lives; this inspires us to drive progress and deliver positive impact for our people and the communities we serve, by addressing the most urgent healthcare, environmental, and societal challenges of our time. 
Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY

Media Relations
Sandrine Guendoul | +33 6 25 09 14 25 | [email protected]
Evan Berland | +1 215 432 0234 | [email protected]
Léo Le Bourhis | +33 6 75 06 43 81 | [email protected]
Victor Rouault | +33 6 70 93 71 40 | [email protected]
Timothy Gilbert | +1 516 521 2929 | [email protected]
Léa Ubaldi | +33 6 30 19 66 46 | [email protected]
Ekaterina Pesheva | +1 410 926 6780 | [email protected] 

Investor Relations
Thomas Kudsk Larsen | +44 7545 513 693 | [email protected]
Alizé Kaisserian | +33 6 47 04 12 11 | [email protected]
Keita Browne | +1 781 249 1766 | [email protected]
Nathalie Pham | +33 7 85 93 30 17 | [email protected]
Thibaud Châtelet | +33 6 80 80 89 90 | [email protected]
Yun Li | +33 6 84 00 90 72 | [email protected]

Sanofi forward-looking statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates regarding the marketing and other potential of the product, or regarding potential future revenues from the product. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, and similar expressions. Although Sanofi’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, unexpected regulatory actions or delays, or government regulation generally, that could affect the availability or commercial potential of the product, the fact that product may not be commercially successful, the uncertainties inherent in research and development, including future clinical data and analysis of existing clinical data relating to the product, including post marketing, unexpected safety, quality or manufacturing issues, competition in general, risks associated with intellectual property and any related future litigation and the ultimate outcome of such litigation, and volatile economic and market conditions, and the impact that global crises may have on us, our customers, suppliers, vendors, and other business partners, and the financial condition of any one of them, as well as on our employees and on the global economy as a whole. The risks and uncertainties also include the uncertainties discussed or identified in the public filings with the SEC and the AMF made by Sanofi, including those listed under “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in Sanofi’s annual report on Form 20-F for the year ended December 31, 2024. Other than as required by applicable law, Sanofi does not undertake any obligation to update or revise any forward-looking information or statements.

All trademarks mentioned in this press release are the property of the Sanofi group.

Press Release

, /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against Bath & Body Works, Inc. ("Bath & Body Works " or "the Company") (NYSE: BBWI) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of BBWI during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD: June 4, 2024 to November 19, 2025

DEADLINE: March 16, 2026

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. Bath & Body Works strategy of "adjacencies, collaborations and promotions" failed to grow sales and increase customer metrics. The Company used brand collaborations to mask its poor performance. Based on these facts, Bath & Body Works' public statements were false and materially misleading throughout the class period.

If you are a shareholder who suffered a loss, contact us to participate .

WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT: 
David J. Schwartz
DJS Law Group
274 White Plains Road, Suite 1
Eastchester, NY 10709
Phone: 914-206-9742
Email: [email protected]

SOURCE DJS Law Group LLP

, /PRNewswire/ -- The DJS Law Group  reminds investors of a class action lawsuit against Fermi Inc. ("Fermi " or "the Company") (NASDAQ: FRMI ) for violations of the federal securities laws.

Shareholders who purchased shares of FRMI during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD:  pursuant and/or traceable to Fermi's initial public offering ("IPO") conducted in October 2025, and/or between October 1, 2025, and December 11, 2025, both dates inclusive (the "Class Period").

DEADLINE: March 6, 2026

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. Fermi's "Project Matador" campus was largely depending on a funding commitment from a single potential tenant who was at risk of terminating this commitment. The Company understated the extent to which it relied on this tenant to investors. Based on these facts, Fermi's public statements were false and materially misleading throughout the IPO period.

If you are a shareholder who suffered a loss, contact us to participate .

WHY DJS LAW GROUP?  DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.

Join the case to recover your losses.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

David J. Schwartz

DJS Law Group

274 White Plains Road, Suite 1

 Eastchester, NY 10709

Phone: 914-206-9742

Email: [email protected]

SOURCE DJS Law Group LLP

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Bath & Body Works, Inc. ("Bath & Body Works" or "the Company") (NYSE: BBWI) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between June 4, 2024 and November 19, 2025, inclusive (the "Class Period"), are encouraged to contact the firm before March 16, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. Bath & Body Works' strategy of seeking "adjacencies, collaborations and promotions" failed to grow its customer base and net sales. The Company then resorted to brand collaborations to "carry quarters" despite weak financial results. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Bath & Body Works, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.          

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE The Schall Law Firm

Vancouver, British Columbia--(Newsfile Corp. - January 14, 2026) - Chesapeake Gold Corp. (TSXV: CKG) ("Chesapeake" or the "Company") is pleased to announce that it has filed a prospectus supplement (the "Prospectus Supplement") dated January 14, 2026, to its short form base shelf prospectus (the "Base Shelf Prospectus") dated February 23, 2024, with the securities regulatory authorities in each of the provinces and territories of Canada, other than Québec, to qualify the public distribution of 3,751,500 units of the Company (the "Units") at an offering price (the "Offering Price") of $4.20 per Unit for gross proceeds of $15,000,300 in connection with the Company's previously announced "bought deal" public Offering (the "Offering") (see news releases dated January 12, 2026).

Each Unit will consist of one common share of the Company (each, a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of $5.65 at any time on or before that date which is 36 months following the Closing Date (as defined herein).

The Offering is being made pursuant to an underwriting agreement (the "Underwriting Agreement") dated January 14, 2026 among the Company and Red Cloud Securities Inc. ("Red Cloud") as lead underwriter and joint bookrunner, and Cantor Fitzgerald Canada Corporation, joint bookrunner (together with Red Cloud, the "Underwriters").

Pursuant to the Underwriting Agreement, the Company has granted to the Underwriters an option (the "Over-Allotment Option"), exercisable in whole or in part, at any time for a period of up to 30 days after and including the Closing Date, to purchase for resale at the Offering Price up to an additional 535,725 Units of the Company (the "Over-Allotment Units") at the Offering Price to cover over-allotments, if any, and for market stabilization purposes. The Prospectus Supplement to the Base Shelf Prospectus qualifies the grant of the Over-Allotment Option and the issuance of the Over-Allotment Units pursuant thereto.

The Company has agreed to pay the Underwriters a cash fee equal to 6% of the gross proceeds of the Offering (which shall be reduced to 2% for gross proceeds from the sale of Units to certain purchasers on the president's list (the "President's List") agreed to by the Company and Red Cloud), including in respect of any gross proceeds raised on the exercise of the Over-Allotment Option. The Underwriters will also receive, on the Closing Date (as defined herein), as additional compensation, non-transferable broker warrants (the "Broker Warrants") to purchase that number of Common Shares (the "Broker Warrant Shares") equal to 6% of the aggregate number of Units issued by the Company under the Offering (including pursuant to the exercise of the Over-Allotment Option) (which shall be reduced to 2% from the sale of Units to purchasers on the President's List). Each Broker Warrant shall entitle the holder thereof to acquire one Broker Warrant Share at a price of $4.20 per Broker Warrant Share for a period of 36 months from the Closing Date.

The full particulars of the Offering along with the possible exercise and issue of Over-Allotment Units pursuant to the Over-Allotment Option are set out in the Prospectus Supplement.

The Offering is expected to close on or about January 27, 2026 (the "Closing Date"), or on such date as agreed upon between the Company and Red Cloud. The closing of the Offering is subject to the Company receiving all necessary regulatory approvals, including the final approval of the TSX Venture Exchange.

Delivery of the Base Shelf Prospectus, the Prospectus Supplement, and any amendments to such documents will be satisfied in accordance with the "access equals delivery" provisions of applicable securities legislation. The Prospectus Supplement, the Base Shelf Prospectus, and any amendment, as applicable, are accessible under the Company's profile on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus, and any amendment, as applicable, may be obtained, without charge, from Red Cloud Securities Inc., attention: Victoria Ellis Hayes, 120 Adelaide St. West, 14th Floor, Toronto, Ontario, M5H 1T1, email: [email protected] by providing the contact with an email address or address, as applicable.

The securities described in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) or persons in the United States unless registered under the U.S. Securities Act and any other applicable securities laws of the United States or an exemption from such registration requirements is available. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within any jurisdiction, including the United States, in which such offer, solicitation or sale would be unlawful.

For Further Information:

For more information on Chesapeake, its Metates and Lucy Projects or proprietary oxidative leach technology, please visit our website at www.chesapeakegold.com or contact Jean-Paul Tsotsos at [email protected] or +1 778 731 1362.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

About Chesapeake

Chesapeake Gold Corp.'s flagship asset is the Metates Project ("Metates") located in Durango State, Mexico. Metates hosts one of the largest undeveloped gold-silver deposits in the Americas1 with over 16.77 million ounces of gold at 0.57 grams per tonne (g/t) and 423.2 million ounces of silver at 14.3 g/t within 921.2 million tonnes in the Measured and Indicated Mineral Resource category and a further 2.13 million ounces of gold at 0.47 g/t and 59.0 million ounces of silver at 13.2 g/t within 139.5 million tonnes in the Inferred Mineral Resource category. See the technical report titled "Metates Sulphide Heap Leach Project Phase I" dated January 13, 2023, and news release dated February 22, 2023.

Forward-looking Statements

This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements include, without limitation, statements with respect to the Offering, the completion of the Offering and the timing in respect thereof, and the timely receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Such forward looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: the continued advancement of the Company's technology; conditions in general economic and financial markets; the price of gold and silver; the availability and costs of mining equipment and skilled labour; accuracy of assay results; geological interpretations from drilling results; timing and amount of capital expenditures related to drilling programs; performance of available laboratory and other related services; future operating costs; and the historical basis for current estimates of potential quantities and grades of target zones, assuming the recovery of the San Vicente 3 concession on the Metates.

The actual results could differ materially from those anticipated in these forward looking statements as a result of risk factors, including the risks to development of the Company's technology, timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling and testing results and other geological data; receipt, maintenance and security of permits and mineral property titles, including the recovery of the San Vicente 3 mineral concession; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; changes in project parameters as plans continue to be refined; accidents, labour disputes and other risks of the mining industry; and political instability.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

________________________
1 Mexico's biggest undeveloped gold deposits. Bnamericas, Published Tuesday, November 24, 2020.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/280470

Source: Chesapeake Gold Corp.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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Shares of Trip.com Group plunged sharply on Thursday after China’s top market regulator said it had opened an antitrust investigation into the online travel services provider, triggering the company’s steepest selloff since its Hong Kong listing in 2021.

The stock fell nearly 22% in Hong Kong, making Trip.com the worst performer on the Hang Seng index for the session.

The decline followed a 17% drop in the company’s American depositary receipts overnight in New York.

The selloff put the shares on course for their worst day in Hong Kong since they were listed in April 2021.

China’s State Administration for Market Regulation (SAMR) late Wednesday said it was investigating Trip.com due to “suspected abuse of its dominant market position and monopolistic practices,” according to a CNBC translation of the statement in Mandarin.

Antitrust probe triggers sharp market reaction Copy link to section

Trip.com’s Hong Kong-listed shares were trading around 457.6 Hong Kong dollars at the time of writing, after losing roughly a fifth of their value.

Market data showed the fall erased tens of billions of Hong Kong dollars in market capitalization in a single day.

The regulator said it had begun the probe following initial investigations.

Trip.com later confirmed it had received a formal notice of investigation from SAMR and said it would “actively cooperate” with authorities, adding that its business operations were functioning as usual.

The investigation echoes previous high-profile enforcement actions against major Chinese technology firms.

In 2021, SAMR fined Alibaba Group a record 18.2 billion yuan ($2.8 billion) after it was found guilty of monopolistic practices, a case that marked a turning point in Beijing’s regulatory scrutiny of internet platforms.

Analysts flag pricing practices, potential fines Copy link to section

Analysts at Nomura said the Trip.com probe could have been prompted by concerns from hotel operators about the company’s influence over pricing.

According to Nomura, some hoteliers have complained about Trip.com’s interference in pricing and, in certain cases, its insistence on maintaining the lowest hotel-room prices compared with those offered on rival travel platforms.

Under China’s antitrust law, companies found to have abused a dominant market position can face fines of between 1% and 10% of their revenue in the previous year.

Citi analysts said this implies a potential fine of between 490 million yuan and 4.9 billion yuan, or roughly $70 million to $700 million, for Trip.com based on their calculations.

Nomura said the investigation is unlikely to fundamentally undermine Trip.com’s dominant position in China’s online travel market.

However, it could weaken the company’s influence over hotels, particularly independent operators that often rely heavily on online travel agencies for customer traffic, the bank said.

Tourism outlook remains strong despite scrutiny Copy link to section

Trip.com is the largest online travel provider in Asia by market capitalization and one of the biggest globally.

The company has stakes in UK-based flight aggregator Skyscanner, Indian travel company MakeMyTrip, and several other Chinese travel providers.

The probe comes at a time when China’s tourism sector is expected to continue its recovery and expansion.

Travel marketing and technology firm China Trading Desk estimates that mainland Chinese travelers are expected to take about 165 million to 175 million cross-border trips in 2026, up from an estimated 155 million last year.

Domestic travel has also shown steady growth.

Travel consultancy Dragon Trail International said that in 2025, 501 million Chinese traveled domestically during the Chinese New Year holiday period, a 5.9% year-on-year increase.

Tourism spending during the period reached 6.77 billion yuan, up 7%.

The upcoming Chinese New Year holiday, scheduled to be observed between Feb. 5 and Feb. 23, is expected to be another major test of travel demand, even as regulatory scrutiny adds uncertainty for the sector’s largest players.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of VET either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

PureTech Health plc (PRTC) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 7:30 PM EST

Company Participants

Robert Lyne - CEO & Director
Eric Elenko - Co-Founder & President

Conference Call Participants

Bhavana Balakrishnan

Presentation

Bhavana Balakrishnan

Good evening, everybody. Thank you so much for joining us today on day 3 of the JPMorgan Healthcare Conference. My name is Bhavana Balakrishnan. I'm an associate with the Healthcare Investment Banking team. Today, we're joined by the management of PureTech. And with us, we have Robert Lyne, Chief Executive Officer; Eric Elenko, Co-Founder and President. Over to you, Robert.

Robert Lyne
CEO & Director

Wonderful. Thank you very much, Bhavana, and thank you for everyone who's turned up today and for those who are joining on the webcast. I'm delighted to be here and thank JPMorgan for the opportunity to present to you all. So as Bhavana said, I'm Robert Lyne. I'm the CEO here at PureTech Health. I've been in the business 2 years now. I've previously held a number of senior leadership roles and CEO roles in various London-listed life science businesses and was delighted to step into the CEO role here at PureTech at the end of last year. So as we move through the presentation, there may be a number of forward-looking statements that we'll be making. I'll refer you to our SEC filings in that regard.

So as an introduction to PureTech Health, we have a proven hub-and-spoke model for drug development. So what does that mean? And how does that differentiate us from other drug development businesses? Well, what we do is we take a derisked diversified approach to developing a number of potential new therapeutic treatments for patients. We do this with a hub approach where a centralized lean, efficient hub looks at novel opportunities to develop dramatically different treatments

Google's parent was the biggest winner among the "Magnificent Seven" stocks over the last 12 months. Its momentum could continue.

For some reason, Wall Street analysts aren't excited about Google parent Alphabet (GOOG 0.04%) (GOOGL 0.04%). The consensus 12-month price target for the stock reflects a minuscule potential upside.

I don't get it. Alphabet has been the most magnificent of the so-called "Magnificent Seven" stocks over the last 12 months. All the ingredients for continued momentum appear to be in place.

Should investors believe Wall Street's uninspiring price target for Alphabet? I don't think so. Here are five reasons to buy this high-flying stock like there's no tomorrow.

Today's Change

(

-0.04

%) $

-0.13

Current Price

$

335.84

1. Alphabet remains an advertising juggernaut Advertising on Google Search, YouTube, the Google Network, and other related products continues to generate more than 72% of Alphabet's total revenue. The great news for the company is that this ad revenue is growing, jumping 12.6% year-over-year in the third quarter of 2025.

Contrary to ominous predictions after OpenAI launched ChatGPT in late 2022, generative AI has provided a catalyst for Google Search instead of being a "Google killer." Search engine traffic has increased as a result of Google's implementation of genAI integration with AI Overviews and AI Mode. GenAI products such as Imagen4 are also helping customers create more and better online ads.

2. Google Cloud's momentum seems unstoppable Generative AI has also created a massive tailwind for Google Cloud, Alphabet's cloud platform. Google Cloud remains the fastest-growing of the big three cloud service providers. The unit's revenue soared 34% year-over-year to $15.2 billion in Q3. Google Cloud's backlog increased 46% quarter-over-quarter to $155 billion.

Alphabet CEO Sundar Pichai mentioned in the Q3 earnings call that Google Cloud signed more deals of over $1 billion in the first nine months of 2025 than it did in the previous two years combined. I believe this momentum is practically unstoppable right now, especially with more organizations implementing agentic AI solutions.

3. Google Gemini is a force to be reckoned with Alphabet's large language model (LLM), Google Gemini, is the key driver behind the company's AI success thus far. I fully expect that Gemini will continue to attract customers to Google Cloud and help Google Search stay at the top, especially with the recent launch of version 3.0.

Guess what the No. 1 overall AI model is on LMArena's leaderboard? Google Gemini 3.0 Pro. And Gemini 3.0 Flash ranks third. Alphabet has thrown down the gauntlet. Google Gemini is a force to be reckoned with.

Image source: Getty Images.

4. Waymo is a rising star The robotaxi market holds the potential to be huge within the next few years. Alphabet's Waymo unit is the leader in this market.

Waymo currently offers autonomous ride-hailing services in Atlanta, Austin, Los Angeles, Phoenix, and the San Francisco area. It's planning to expand soon to 12 additional cities, including London, England.

I predict that Waymo will be worth hundreds of billions of dollars within the next few years. It's off to a good start for my prediction to be fulfilled. Alphabet is in discussions to raise an additional $15 billion or so in funding for Waymo, which would peg its valuation at up to $110 billion.

5. Alphabet has multiple other ways to grow The best stocks offer something called optionality. This term refers to the fact that they have multiple paths to growth.

Google plans to launch AI-powered glasses this year. I think that the company will be a top contender in the smart glasses market and give Meta Platforms (META 2.47%) a run for its money.

Alphabet's famous "Other Bets" could pay off in several ways. While Waymo is the most prominent member of the group, don't overlook the potential for drone delivery company Wing and healthcare technology unit Verily.

Quantum computing could also be a lottery ticket for Alphabet. Google Quantum AI has achieved two of the six milestones on its roadmap. Does Alphabet need this lottery ticket to deliver market-beating gains over the next few years? No, but quantum computing could help make the stock an even bigger winner.

Guardian Pharmacy Services, Inc. (GRDN) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 7:30 PM EST

Company Participants

Ashley Stockton - Head of Investor Relations & Senior Director
Fred Burke - CEO, President & Director
David Morris - CFO, Executive VP & Director

Conference Call Participants

Harry Pearson

Presentation

Harry Pearson

All right. Hello, and thank you for coming this afternoon. My name is Harry Pearson. I'm an associate with the health care investment banking team here at JPMorgan. It's my pleasure to introduce the Guardian Pharma Services team. We have Fred Burke, President and CEO; David Morris, Chief Financial Officer; and Ashley Stockton, Senior Director of Investor Relations.

We're going to have a presentation then with a little moderated Q&A. If you guys want to take it away.

Ashley Stockton
Head of Investor Relations & Senior Director

Sure. Thank you. Good afternoon. I'm Ashley Stockton, Senior Director of Investor Relations for Guardian Pharmacy Services. Before I start, I just need to make a quick disclaimer here. Please note that today's discussion will include forward-looking statements, including those related to our expected results from 2025 and our outlook for future financial performance and industry and market conditions.

These forward-looking statements are subject to important risks and uncertainties, and we encourage you to review the cautionary note on forward-looking statements included in today's slide deck, which has been furnished on a Form 8-K filed with the SEC and is available on our Investor Relations website as is the slides that we'll be using today.

So thank you for joining. I have with me today, Fred Burke, President and CEO; as well as David Morris, CFO, both co-founders, along with Kendall Forbes. The team founded the company in 2004 and bring decades of experience building and scaling health care services businesses, including a prior nuclear pharmacy platform that was sold

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Nutanix, Inc. ("Nutanix" or "the Company") (NASDAQ: NTNX) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Nutanix reported its financial results for Q1 2026 on November 25, 2025. The Company's revenue was near the bottom of its prior guidance. The Company blamed a "revenue shift from Q1 to future periods," as well as factors including customer demand for flexible start dates. The Company lowered its full-year revenue projection. Based on this news, shares of Nutanix fell by 17.8% on the next day.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm 
Brian Schall, Esq.
310-301-3335
[email protected]
www.schallfirm.com

SOURCE The Schall Law Firm

Disc Medicine, Inc. (IRON) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 6:00 PM EST

Company Participants

John Quisel - CEO, President & Director

Conference Call Participants

Bhavana Balakrishnan

Presentation

Bhavana Balakrishnan

Good afternoon, everybody. Thank you so much for joining us on day 3 of the J.P. Morgan Healthcare Conference. My name is Bhavana Balakrishnan, and I'm an associate from the health care investment banking team. We are here today for the presentation of Disc Medicine, and we're joined by John Quisel, Chief Executive Officer. And I'll turn it over to you, John.

John Quisel
CEO, President & Director

Great. Thank you. All right. Great to be here. Thanks, everyone, for taking sometime today. I guess Wednesday afternoon, we've reached maybe the exhaustion stage of the conference. But thanks to the J.P. Morgan team for providing a speaking slide for us here.

Okay. So it's -- we're about the -- 3 years public listed here at Disc. It's been an exciting run, highly productive. We look forward to next year being a really exciting year. We're on the cusp of approval of our lead program, and then we have a whole pipeline behind that progressing well. So we'll walk through all that today.

First, a few disclaimers. We'll be making forward-looking statements. Everything should be taken in context with what we filed on our website and with the SEC. And 3 clinical programs, we'll be talking about, DISC -- sorry, bitopertin, DISC-0974 and DISC-3405. These are investigational agents, and they're not approved as therapies anywhere in the world.

So a quick rundown. I'll -- for those less familiar with the story, I'll give a brief intro of who we are here at Disc. And then we'll run through our lead program, some of the background, the progress towards approval and then some launch

MONTREAL, Jan. 14, 2026 (GLOBE NEWSWIRE) -- Velan Inc. (TSX: VLN) (“Velan” or the “Company”), a world-leading manufacturer of industrial valves, announced today financial results for its third quarter ended November 30, 2025. All amounts are expressed in U.S. dollars unless indicated otherwise.

THIRD-QUARTER HIGHLIGHTS FROM CONTINUING OPERATIONS

IFRS MEASURES

Sales of $71.7 million, versus $73.4 million last year.Gross profit of $27.2 million, or 37.9% of sales, compared to $28.3 million, or 38.6% of sales, last year.Operating income of $5.9 million, compared to an operating loss of $62.4 million a year ago.Net income1 of $3.0 million, or $0.14 per share, versus a net loss of $47.8 million, or $2.22 per share, last year.Solid financial position with access to total liquidity of approximately $86 million and a net cash position of $20.2 million as at November 30, 2025.
NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES

Backlog2 of $296.8 million, up 8.0% since the beginning of the fiscal year.Bookings2 of $77.9 million, versus $59.1 million last year.Adjusted net income2 of $4.0 million, versus adjusted net income of $8.5 million last year.Adjusted EBITDA2 of $9.5 million, compared to $14.3 million last year. NINE-MONTH HIGHLIGHTS FROM CONTINUING OPERATIONS

IFRS MEASURES INCLUDING SIGNIFICANT TRANSACTIONS (see below)

Sales of $211.5 million, compared to $212.0 million for the same period last year.Gross profit of $63.5 million, or 30.0% of sales, versus $65.1 million, or 30.7% of sales, last year.Operating income of $2.4 million, compared to an operating loss of $64.4 million a year ago.Net income of $19.2 million, or $0.89 per share, versus a net loss of $51.2 million, or $2.37 per share last year.Net income of $77.8 million, including discontinued operations, compared to a net loss of $63.1 million for the same period last year.
NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES

Bookings of $221.3 million, versus $230.5 million last year.Adjusted net income of $2.9 million, versus adjusted net income of $11.5 million last year.Adjusted EBITDA of $16.7 million, compared to $23.9 million last year.
"Velan delivered solid performance in the third quarter of fiscal 2026, driven by the execution of high-margin projects and a tight management of operating expenses," said James A. Mannebach, Chairman of the Board and CEO of Velan. “Our backlog sustained its momentum, reaching $296.8 million at the end of the quarter, driven by bookings rising nearly 32% year over year during the period. This improvement includes an important contract of more than $20 million CAD from Ontario Power Generation for three reactors being refurbished at the Pickering Nuclear Generation Station, confirming our leadership position in the fast-growing nuclear sector.”

"Looking ahead, the recently proposed sale of the Velan family’s majority share ownership in the Company to Birch Hill Equity Partners Management Inc. should provide a dynamic, results-oriented environment conducive to leveraging our strengths. We are looking forward to accelerating the execution of our business strategy and achieving our growth objectives to maximize shareholder value,” added Mr. Mannebach.

"Higher late-stage, work-in-process inventory raised our working capital requirements for a second consecutive quarter," said Rishi Sharma, Chief Financial and Administrative Officer of VeIan. “Nevertheless, our balance sheet remains strong with a positive net cash position, $86 million in liquidities available to invest in expansion opportunities, and expected cash inflows as working capital normalizes.”

FINANCIAL RESULTS
in ‘000s of U.S. dollars, excluding per share amounts)
Three-month periods endedNine-month periods endedNovember 30,
2025November 30,
2024November 30,
2025November 30,
2024From continuing operations    Sales$71,660 $73,404 $211,500 $211,998 Gross profit$27,177 $28,305 $63,478 $65,087 Gross margin37.9% 38.6% 30.0% 30.7% Administration costs$16,457 $17,003 $50,147 $48,348 Restructuring expenses$1,305 $74,468 $7,369 $81,301 Other expenses (income)$3,565 ($782)$3,520 ($192)Operating income (loss)$5,850 ($62,384)$2,442 ($64,370)Net income (loss)$2,996 ($47,835)$19,162 ($51,191)Net income (loss) from discontinued operations- ($14,262)$58,599 ($11,890)Net income (loss)$2,996 ($62,097)$77,761 ($63,081)(in dollars per share – basic and diluted)    Net income (loss) from continuing operations$0.14 ($2.22)$0.89 ($2.37)Net income (loss) from discontinued operations- ($0.66)$2.71 ($0.55)Net income (loss)$0.14 ($2.88)$3.60 ($2.92) NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES (From continuing operations, in ‘000s of U.S. dollars, excluding per share amounts)
Three-month periods ended
Nine-month periods ended
November 30,
2025
November 30,
2024
November 30,
2025
November 30,
2024
Adjusted EBITDA$9,542 $14,260 $16,680 $23,852 Adjusted net income (loss)$3,955 $8,502 $2,892 $11,499 per share - basic and diluted$0.18 $0.39 $0.13 $0.53 
BACKLOG AND BOOKINGS

BACKLOG
(‘000s of U.S. dollars)
As at
    November 30,
2025
February 28,
2025
    Backlog$296,776 $274,877     for delivery within the next 12 months$238,481 $225,662      BOOKINGS
(‘000s of U.S. dollars)
Three-month periods ended
Nine-month periods ended
November 30,
2025
November 30,
2024
November 30,
2025
November 30,
2024
Bookings$77,927 $59,056 $221,326 $230,474 
As at November 30, 2025, the backlog from continuing operations stood at $296.8 million, up $21.9 million, or 8.0%, from $274.9 million at the beginning of the fiscal year. Currency movements had an $8.9 million positive effect on the value of the backlog during the first nine months of fiscal 2026 mainly due to the strengthening of the euro versus the U.S. dollar. Excluding currency movements, the increase reflects bookings exceeding shipments in the first nine months of fiscal 2026. As at November 30, 2025, 80.4% of the backlog, representing orders of $238.5 million, is deliverable in the next 12 months, versus 83.4% of last year’s backlog. This shift in the delivery schedule is driven by the securing of an increasing number of long-term larger contracts for the nuclear and defense sectors.

Bookings from continuing operations amounted to $77.9 million in the third quarter of fiscal 2026, compared to $59.1 million a year ago. The increase reflects higher bookings by North American operations from the nuclear and the oil & gas sectors, as well as higher bookings recorded by Italian and Chinese operations. These factors were partially offset by lower bookings recorded by German operations due to large orders received in last year’s third quarter. Currency movements had a negligible effect on the value of bookings for the quarter.

In the first nine months of fiscal 2026, bookings from continuing operations totaled $221.3 million, compared to $230.5 million in the first nine months of fiscal 2025. The decrease is mainly attributable to lower bookings recorded in North America and Germany due to large orders received last year, partially offset by higher bookings recorded by Italian operations. Currency movements had a $0.8 million positive effect on the value of bookings for the period.

THIRD QUARTER RESULTS

Sales from continuing operations totaled $71.7 million, a decrease of $1.7 million or 2.4% compared to $73.4 million for the same period last year. The variation reflects lower shipments from Italian operations, following strong sales in last year’s third quarter, partially offset by higher sales from Indian and German operations. Currency movements had a $0.6 million positive effect on sales for the period.

Gross profit from continuing operations was $27.2 million, versus $28.3 million last year. As a percentage of sales, gross profit remained relatively steady, reaching 37.9% compared to 38.6% last year, driven by higher-margin projects, though partially offset by lower absorption due to reduced volume and tariff impacts. Currency movements had a $0.2 million positive effect on gross profit for the period.

Administration costs from continuing operations amounted to $16.5 million, or 23.0% of sales, compared to $17.0 million, or 23.2% of sales, last year. The variation is mainly attributable to cost reduction initiatives.

The Company incurred restructuring expenses of $1.3 million consisting of transaction-related costs. In last year’s third quarter, the Company incurred restructuring expenses of $74.5 million, including $69.1 million in asbestos-related costs and $5.4 million in transaction-related costs.

Adjusted EBITDA from continuing operations, excluding non-recurring elements, was $9.5 million, versus $14.3 million in the third quarter of fiscal 2025. The decrease is primarily attributable to lower gross profit and an increase in other expenses, mainly attributable to unfavourable currency movements. These factors were partially offset by the favourable reversal of a provision.

Net income from continuing operations was $3.0 million, or $0.14 per share, compared to a net loss of $47.8 million, or a loss of $2.22 per share, a year earlier. Net loss from discontinued operations for last year’s third quarter was $14.3 million, or a loss of $0.66 per share. As a result, net income was $3.0 million, $0.14 per share, compared with a net loss of $62.1 million, or a loss of $2.88 per share, last year.

Adjusted net income from continuing operations, excluding non-recurring elements, was $4.0 million, or $0.18 per share, versus adjusted net income of $8.5 million, or $0.39 per share, a year ago.

NINE-MONTH RESULTS

Sales from continuing operations amounted to $211.5 million, a decrease of $0.5 million, or 0.2%, compared to $212.0 million for the nine-month period ended November 30, 2025. The variation reflects changes in customers’ delivery schedules, disruptive effects related to the ongoing evolution of global tariff schemes, and non-recurring revenue of $5.2 million in last year’s nine-month period. These factors were mostly offset by higher sales in Korea and India. Currency movements had a $2.1 million positive effect on sales for the period.

Gross profit from continuing operations was $63.5 million, compared to $65.1 million last year. As a percentage of sales, gross profit was 30.0%, compared to 30.7% last year. The variation reflects the factors mentioned above. Currency movements had a $0.5 million positive effect on gross profit for the period.

Administration costs from continuing operations were $50.1 million, or 23.7% of sales, compared to $48.3 million, or 22.8% of sales, in the nine-month period ended November 30, 2024. The variation reflects higher professional fees and higher sales commissions, partially offset by cost reduction initiatives and lower freight costs.

The Company incurred restructuring expenses of $7.4 million, including $8.1 million in transaction-related costs, partially offset by a $0.8 million reversal of asbestos-related costs. Last year, restructuring expenses of $81.3 million included asbestos-related costs of $73.7 million transaction-related costs of $7.6 million.

Adjusted EBITDA from continuing operations, excluding non-recurring elements, was $16.7 million, versus $23.9 million in the first nine months of fiscal 2025. The decrease is primarily attributable to lower gross profit, higher administration costs, and an increase in other expenses. These factors were partially offset by the provision reversal mentioned above.

Net income from continuing operations was $19.2 million, or $0.89 per share, compared to a net loss of $51.2 million, or a loss of $2.37 per share, in the prior year. Net income from discontinued operations was $58.6 million, or $2.71 per share, versus a net loss from discontinued operations of $11.9 million, or $0.55 per share, last year. As a result, net income was $77.8 million, or $3.60 per share, compared with a net loss of $63.1 million, or a net loss of $2.92 per share, a year ago.

Adjusted net loss from continuing operations, excluding non-recurring elements and the tax effects of the transactions, was $2.9 million, or $0.13 per share, versus adjusted net income of $11.5 million, or $0.53 per share, a year ago.

FINANCIAL POSITION

As at November 30, 2025, the Company held cash and cash equivalents of $36.3 million and short-term investments of $0.4 million. Bank indebtedness stood at $16.1 million, while long-term debt, including the current portion, amounted to $17.7 million. In total, the Company has $86.0 million in cash and available credit to fund its growth and investment objectives.

OUTLOOK

As at November 30, 2025, orders amounting to $238.5 million, representing 80.4% of a total backlog of $296.8 million, are expected to be delivered in the next 12 months. Given these orders, and despite the current uncertainty related to tariffs, the Company expects to conclude fiscal 2026 with another solid performance.

SUBSEQUENT EVENT

On January 14, 2026, the Company announced that its controlling shareholder, Velan Holding Co. Ltd. (“Velan Holding”), the sole holder of the Company’s multiple voting shares, has agreed to sell its 15,566,567 multiple voting shares and one subordinate voting share (representing approximately 72.1% of the Company’s outstanding shares and 92.8% of its aggregate voting rights) to funds managed by Birch Hill Equity Partners Management Inc. (“Birch Hill”), at a price of C$13.10 per share, for aggregate gross proceeds of C$203,922,040.80 to Velan Holding and two other entities associated with shareholders of Velan Holding (the “VH Transaction”). Pursuant to a pre-closing reorganization, Velan Holding will, among other things, convert 2,290,075 multiple voting shares into the same number of subordinate voting shares. Therefore, giving effect to such pre-closing reorganization, 13,276,492 multiple voting shares and 2,290,076 subordinate voting shares will be sold to Birch Hill on closing of the VH Transaction (representing approximately 72.1% of the Company’s outstanding shares and 91.9% of its aggregate voting rights) (collectively the “VH Transaction Shares”).

The VH Transaction is expected to close in the first half of 2026, subject to the receipt of the required regulatory approvals and other customary closing conditions. The completion of the VH Transaction is not subject to any financing condition or approval by the Company’s shareholders.

The Company estimates that transaction related fees will be approximately $12 million, as well as additional change of control triggered costs of approximately $5 million relating mostly to the vesting and accelerated vesting of various incentive plans already in place at the time of the transaction. Of this total amount, $4 million has already been paid or accrued.

DIVIDEND

While Velan is not a party to the VH Transaction, the Company has entered into a cooperation agreement with Birch Hill (the “Cooperation Agreement”) to facilitate the consummation of the VH Transaction, notably as regards the obtaining of the applicable regulatory approvals.

Under the terms of the Cooperation Agreement, the Company has agreed to suspend the declaration of dividend payments until closing, with ordinary course dividends currently planned to resume thereafter, as, if and when declared by the Board.

SIGNIFICANT TRANSACTIONS

On March 31, 2025, the Company announced the closing sale of its French subsidiaries Velan S.A.S. and Segault S.A.S. for a total consideration of $208.2 million (€192.5 million) and net consideration of $183.1 million. Based on the net book value at the closing of the transaction and related costs, a gain of $95.8 million was recorded in the first quarter of fiscal 2026. The sale also triggered the recognition of a cumulative translation adjustment of $12.5 million. These amounts were recorded as part of results from discontinued operations.

Concurrently with the sale of its French subsidiaries, the Company entered into an agreement to sell its current and future exposure to asbestos-related litigation in the United States. Part of the proceeds received from the sale of the French assets was used on April 3, 2025, to pay an amount of $143.0 million for this settlement.

CONFERENCE CALL NOTICE

Financial analysts, shareholders, and other interested individuals are invited to attend the third quarter conference call to be held on Thursday, January 15, 2026, at 8:00 a.m. (EST). The toll-free call-in number is 1-800-990-4777 or by RapidConnect URL: https://emportal.ink/4awUyQ3. The material that will be referenced during the conference call will be made available shortly before the event on the company’s website under the Investor Relations section (https://velan.com/investor-relations). A recording of this conference call will be available for seven days at 1-289-819-1450 or 1-888-660-6345 and entering the replay code 05881.

ABOUT VELAN

Founded in Montreal in 1950, Velan Inc. (www.velan.com) is one of the world’s leading manufacturers of industrial valves, with sales from continuing operations of US$295.2 million in its last reported fiscal year. The Company employs 1,283 people and has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

SAFE HARBOUR STATEMENT

This news release may include forward-looking statements, which generally contain words like “should”, “believe”, “anticipate”, “plan”, “may”, “will”, “expect”, “intend”, “continue” or “estimate” or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in the Company’s filings with the appropriate securities commissions. While these statements are based on management’s assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

NON-IFRS AND SUPPLEMENTARY FINANCIAL MEASURES

In this press release, the Company has presented measures of performance or financial condition which are not defined under IFRS (“non-IFRS measures”) and are, therefore, unlikely to be comparable to similar measures presented by other companies. These measures are used by management in assessing the operating results and financial condition of the Company and are reconciled with the performance measures defined under IFRS. The Company has also presented supplementary financial measures which are defined at the end of this report. Reconciliation and definition can be found below.

Adjusted net income (loss), Adjusted net income (loss) per share, Earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA

 Three-month periods endedNine-month periods ended(in thousands, except per share amounts; certain totals may not add up due to rounding)November 30,
2025
$ November 30,
2024
$November 30,
2025
$November 30,
2024
$Reconciliation of net income (loss) from continuing operations to adjusted net income (loss) from continuing operations and adjusted net income (loss) from continuing operations per share      Net income (loss) from continuing operations2,996 (47,835)19,162 (51,190)Adjustments for:      Asbestos-related costs- 69,064 (754)73,745 Transaction-related costs959 3,972 7,594 5,554 Other restructuring expenses- - - 89 Deferred tax assets related to the transactions  (16,699) (16,699)Non-recurring tax recovery on France transaction- - (23,110)- Adjusted net income (loss) from continuing operations3,955 8,502 2,892 11,499 per share – basic and diluted0.18 0.39 0.13 0.53 Reconciliation of net income (loss) from continuing operations to Adjusted EBITDA from continuing operations     Net income (loss) from continuing operations2,996 (47,835)19,162 (51,190)Adjustments for:     Depreciation of property, plant and equipment1,732 1,545 5,084 5,090 Amortization of intangible assets and financing costs595 570 1,655 1,557 Finance costs – net259 442 893 966 Income tax expense (recovery)2,655 (14,930)(17,483)(13,993)EBITDA8,237 (60,208)9,311 (57,570)Adjustments for:     Asbestos-related costs- 69,064 (754)73,745 Transaction-related costs1,305 5,404 8,123 7,556 Other restructuring expenses- - - 121 Adjusted EBITDA9,542 14,260 16,680 23,852 
The term “Adjusted net income (loss)” is defined as net income or loss attributable to Subordinate and Multiple Voting Shares plus adjustment, net of income taxes, for costs related to restructuring and to the proposed transaction. The terms “Adjusted net income (loss) per share” is obtained by dividing Adjusted net income (loss) by the total amount of subordinate and multiple voting shares. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The term “EBITDA” is defined as adjusted net income plus depreciation of property, plant & equipment, plus amortization of intangible assets, plus net finance costs, plus income tax provision. The term “Adjusted EBITDA” is defined as EBITDA plus adjustment for costs related to restructuring and to the proposed transaction. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Definitions of supplementary financial measures

The term “Net new orders” or “bookings” is defined as firm orders, net of cancellations, recorded by the Company during a period. Bookings are impacted by the fluctuation of foreign exchange rates for a given period. The measure provides an indication of the Company’s sales operation performance for a given period as well as well as an expectation of future sales and cash flows to be achieved on these orders.

The term “backlog” is defined as the buildup of all outstanding bookings to be delivered by the Company. The Company’s backlog is impacted by the fluctuation of foreign exchange rates for a given period. The measure provides an indication of the future operational challenges of the Company as well as an expectation of future sales and cash flows to be achieved on these orders.

The term “book-to-bill” is obtained by dividing bookings by sales. The measure provides an indication of the Company’s performance and outlook for a given period.

The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Contact: Rishi Sharma, Chief Financial and Administrative OfficerMartin Goulet, M.Sc., CFAVelan Inc.MBC Capital Markets AdvisorsTel: (438) 817-4430Tel.: (514) 731-0000, ext. 229 1 Net income or loss refer to net income or loss attributable to Subordinate and Multiple Voting Shares.
2 Non-IFRS and supplementary financial measures – more information at the end of this report.

Consolidated Statements of Financial Position     (in thousands of U.S. dollars)         As at   November 30, February 28,   2025 2025   $ $ Assets           Current assets     Cash and cash equivalents 36,320 34,872 Short-term investments 383 358 Accounts receivable 78,615 62,612 Income taxes recoverable 5,711 5,617 Inventories 154,933 134,969 Deposits and prepaid expenses 4,162 3,689 Derivative assets 249 24 Assets held for sale - 176,762   280,373 418,903       Non-current assets     Property, plant and equipment 50,398 51,349 Intangible assets and goodwill 6,375 5,893 Deferred income taxes 5,193 25,101 Other assets 740 720         62,706 83,063       Total assets 343,079 501,966       Liabilities           Current liabilities     Bank indebtedness 16,097 2,508 Accounts payable and accrued liabilities 76,726 78,776 Income taxes payable 2,304 1,818 Customer deposits 11,559 22,338 Provisions 7,875 153,957 Derivative liabilities 145 480 Current portion of long-term lease liabilities 1,560 1,437 Current portion of long-term debt 3,722 2,096 Liabilities held for sale - 110,883   119,988 374,293       Non-current liabilities     Long-term lease liabilities 4,221 4,727 Long-term debt 13,967 14,107 Income taxes payable - 692 Deferred income taxes 1,339 737 Customer deposits 11,908 3,876 Other liabilities 5,090 4,796         36,525 28,935       Total liabilities 156,513 403,228       Total equity 186,566 98,738       Total liabilities and equity 343,079 501,966  Consolidated Statements of Income (loss)
(in thousands of U.S. dollars, excluding number of shares and per share amounts)
 Three-month periods ended
  Nine-month periods ended
  November
30, November
30,  November
30, November
30,  2025 2024  2025 2024  $ $  $ $             Sales 71,660 73,404  211,500 211,998       Cost of sales44,483 45,099  148,022 146,911       Gross profit27,177 28,305  63,478 65,087       Administration costs16,457 17,003  50,147 48,348 Restructuring expenses1,305 74,468  7,369 81,301 Other expense (income)3,565 (782) 3,520 (192)      Operating income (loss)5,850 (62,384) 2,442 (64,370)      Financing expenses(259)(442) (893)(966)      Net income (loss) before income taxes5,591 (62,826) 1,549 (65,336)      Income tax expense (recovery)2,655 (14,930) (17,483)(13,993)      Net income (loss) for the period from continuing operations2,936 (47,896) 19,032 (51,343)Results from discontinued operations- (14,262) 58,599 (11,890) 2,936 (62,158) 77,631 (63,233)      Net income (loss) attributable to:     Subordinate Voting Shares and Multiple Voting Shares2,996 (62,097) 77,761 (63,081)Non-controlling interest(60)(61) (130)(152)      Net income (loss) for the period2,936 (62,158) 77,631 (63,233)      Net income (loss) per Subordinate and Multiple Voting Share     Basic and diluted from continuing operations0.14 (2.22) 0.89 (2.37)Basic and diluted from discontinued operations- (0.66) 2.71 (0.55)Basic and diluted from all operations0.14 (2.88) 3.60 (2.92)      Dividends declared per Subordinate and Multiple(0.07)0.02  (0.38)0.02 Voting Share(CA$ 0.10)(CA$ 0.03) (CA$ 0.53)(CA$ 0.03)            Total weighted average number of Subordinate and     Multiple Voting Shares      Basic and diluted21,585,635 21,585,635  21,585,635 21,585,635  Consolidated Statements of Comprehensive Loss
(in thousands of U.S. dollars)
 Three-month periods ended
  Nine-month periods ended
  November
30, November
30,  November
30, November
30,  2025 2024  2025 2024  $ $  $ $             Comprehensive loss            Net income (loss) for the period2,936 (62,158) 77,631 (63,233)      Other comprehensive income (loss)     Foreign currency translation of foreign subsidiaries11,226 1,188  6,035 (740)Foreign currency translation of foreign subsidiaries from discontinued operations- (4,297) - (2,123)Reclassification of foreign currency translation from discontinued operations- -  12,456 -       Comprehensive loss 14,162 (65,267) 96,122 (66,096)      Comprehensive income (loss) attributable to:     Subordinate Voting Shares and Multiple Voting Shares14,222 (65,206) 96,252 (65,944)Non-controlling interest(60)(61) (130)(152)      Comprehensive loss 14,162 (65,267) 96,122 (66,096)            Other comprehensive loss is composed solely of items that may be reclassified subsequently to the consolidated statement of loss.       Consolidated Statements of Changes in Equity
(in thousands of U.S. dollars, excluding number of shares)
                               Equity attributable to the Subordinate and Multiple Voting shareholders   Share capital Contributed
surplus Accumulated
other
comprehensive
lossRetained
earningsTotalNon-
controlling
interestTotal equity          Balance - February 29, 202472,695 6,260 (38,692)141,914 182,177 1,082 183,259           Net Loss for the period- - - (63,081)(63,081)(152)(63,233)Other comprehensive Income- - (2,863)- (2,863)- (2,863)          Comprehensive Income (loss)- - (2,863)(63,081)(65,944)(152)(66,096)          Other- 95 - - 95 - 95 Dividends              Multiple Voting Shares- - - (333)(333)- (333)Subordinate Voting Shares- - - (129)(129)- (129)          Balance - November 30, 202472,695 6,355 (41,555)78,371 115,866 930 116,796           Balance - February 28, 202572,695 6,355 (47,141)65,952 97,861 877 98,738           Net Income (loss) for the period- - - 77,761 77,761 (130)77,631 Other comprehensive income (loss)- - 6,035 - 6,035 - 6,035           Comprehensive Income (loss)- - 6,035 77,761 83,796 (130)83,666           Reclassification of foreign currency translation to discontinued operations (note 6)- - 12,456 - 12,456 - 12,456 Dividends         Multiple Voting Shares- - - (5,980)(5,980)- (5,980)Subordinate Voting Shares- - - (2,314)(2,314)- (2,314)          Balance - November 30, 202572,695 6,355 (28,650)135,419 185,819 747 186,566  Consolidated Statements of Cash Flow
(in thousands of U.S. dollars)
 Three-month periods ended
  Nine-month periods ended
  November 30, November 30,  November 30, November 30,  2025 2024  2025 2024  $ $  $ $       Cash flows from           Operating activities     Net income (loss) for the period2,936 (62,158) 77,631 (63,233)Less: results from discontinued operations- 14,262  (58,599)11,890 Net income (loss) for the period from continuing operations2,936 (47,896) 19,032 (51,343)Adjustments to reconcile net loss to cash used by operating activities5,188 45,240  (9,538)54,424 Changes in non-cash working capital items(15,804)2,647  (50,679)16,243 Cash provided (used) by operating activities from continuing operations (excluding Asbestos settlement)(7,680)(9) (41,185)19,324 Asbestos Settlement transaction- -  (143,553)- Cash provided (used) by operating activities from continuing operations(7,680)(9) (184,738)19,324       Investing activities     Short-term investments- (193) (33)472 Additions to property, plant and equipment(1,721)(4,039) (4,653)(7,860)Additions to intangible assets- (981) - (1,083)Proceeds on disposal of property, plant and equipment25 31  1,158 177 Net change in other assets26 258  13 (190)Cash provided (used) by investing activities from continuing operations (excluding proceeds on disposal of France assets) (1,670)(4,923) (3,515)(8,484)Proceeds on disposal of France assets- -  182,363 - Cash provided (used) by investing activities from continuing operations (1,670)(4,923) 178,848 (8,484)      Financing activities     Dividends paid to Subordinate and Multiple Voting shareholders(1,539)-  (8,294)- Net change in revolving credit facility- -  - - Increase in long-term debt2,168 506  3,311 1,090 Repayment of long-term debt(392)(242) (1,904)(6,753)Repayment of long-term lease liabilities(420)-  (1,232)(425)Cash provided (used) by financing activities from continuing operations(183)264  (8,119)(6,088)      Effect of exchange rate differences on cash 279 (315) 1,868 26       Net change in cash during the period from continuing operations(9,254)(4,984) (12,141)4,778 Net change in cash during the period from discontinued operations- 9,581  8,745 4,641 Net change in cash during the period(9,254)4,597  (3,396)9,419       Net cash – Beginning of the period29,477 37,045  32,364 27,283       Net cash – End of the period20,223 32,061  20,223 32,061       Net cash is composed of:     Cash and cash equivalents36,320 35,051  36,320 35,051 Bank indebtedness(16,097)(2,990) (16,097)(2,990)      Net cash – End of the period20,223 32,061  20,223 32,061       Supplementary information     Interest received (paid)320 (206) 42 (623)Income taxes paid(1,288)(3,618) (4,152)(8,389)

Purpose-built to enable organizations to deploy their own secured, compliant and automated environments for AI-ready sovereign workloads

, /PRNewswire/ -- IBM (NYSE: IBM) today announced IBM Sovereign Core, the industry's first AI-ready sovereign-enabled software for enterprises, governments and service providers to build, deploy and manage AI-ready sovereign environments. Organizations around the world are facing a growing imperative to exercise control over their technology infrastructure. Driven by evolving regulatory requirements, and the need for auditable governance, enterprises and governments are seeking self-managed environments where they maintain complete operational authority, particularly as they deploy AI workloads that amplify sovereignty concerns.

Digital sovereignty goes beyond data residency. It encompasses who operates and controls the technology environment, how data is accessed and governed, where workloads execute, and under whose jurisdiction AI models run. Yet most organizations lack a destination to land, modernize, and re-host applications under sovereign control, including applications that will incorporate AI capabilities, and have continuous compliance reporting capabilities. "Gartner® predicts that more than 75% of all enterprises will have a digital sovereignty strategy by 2030, often sovereign cloud strategies1."

"Businesses are facing growing pressure to innovate while meeting tightening regulatory requirements and recognizing the importance of controlling how sensitive data and AI workloads are accessed and operated," said Priya Srinivasan, General Manager, IBM Software Products. "This shift is creating an urgent need for sovereign solutions that deliver AI-ready environments. With IBM Sovereign Core, we are helping clients move faster and with confidence— combining openness, compliance, and operational autonomy to meet the demands of the AI era, without the need to sacrifice sovereignty requirements."

Sovereignty as a Software Foundation

IBM Sovereign Core will help customers achieve verifiable sovereignty and full operational control. Sovereign Core is purpose-built software to build, deploy, and manage cloud-native and AI workloads under an organization's own authority, within chosen jurisdictions, built on Red Hat's open source foundation. Unlike approaches that layer sovereignty controls onto existing architectures, Sovereign Core makes sovereignty an inherent property of the software itself. Organizations can gain:

Customer-operated control plane: organizations maintain direct operational authority over software operations, deployment decisions, and system configurations without intermediation from a vendor not in region. In-boundary identity and keys: all authentication, authorization, encryption keys, and access management remain within jurisdiction boundaries under customer control. Ongoing compliance enablement and generated evidence of continuous compliance: comprehensive operational data, system telemetry, and audit trails are generated, stored, and managed within the sovereign boundary, including automated identity. Governed AI inference: AI model deployment and hosting, local GPU clusters, local inference execution and agent operations occur under local governance with traceability and oversight, without exporting data to external providers. Ease of deployment: delivering sovereignty at scale with consistency and flexibility allowing organizations to stand up isolated environments with built-in multitenancy capabilities within a matter of days of deployment; choice of hardware and infrastructure. "The sovereign AI conversation has focused on data residency, but that's only part of the equation," said Sanjeev Mohan, Principal, SanjMo. "IBM Sovereign Core addresses the harder question: who controls the system and can you prove it to regulators? IBM takes a holistic approach spanning data, operations, technology, and assurance, with continuous monitoring. As AI moves into production, that kind of ongoing accountability becomes non-negotiable."

"AI is accelerating the pace at which sovereignty questions move from theory to daily operations," said Erik Fish, Director of Geotechnology at Eurasia Group. "As geopolitics, regulation, and data governance increasingly converge, governments and enterprises must move while demonstrating clear control over critical data and infrastructure. The challenge is no longer a trade-off between openness and sovereignty, but governing data, access, and infrastructure amid growing regulatory and geopolitical constraints." 

Operational Independence Through Environment Choice

Customers can deploy IBM Sovereign Core in the environment of their choice – whether in on-premises data centers, supported in-region cloud infrastructure or through IT Service Providers. IBM is collaborating with IT Service Providers globally, starting with an initial rollout in Europe with Cegeka in Belgium and the Netherlands and Computacenter in Germany. These partnerships allow local operational independence and compliance management, while enabling IT Service Providers to offer differentiated sovereign services to enterprises preparing for and running AI-scale workloads.

"As organizations navigate increasingly complex compliance and regulatory requirements, we're seeing strong demand for digital platforms and software that allows sensitive data to remain within controlled, compliant boundaries," said Gaetan Willems, VP Cloud & Digital Platforms, Cegeka. "Partnering with IBM to offer a pre-architected solution through our in-country environment enables us to deliver enterprise-ready software to our clients, while allowing them to address local compliance standards."

"With IBM Sovereign Core, we can focus on configuring the software to each client's specific use cases rather than spending months piecing together disparate components and validating sovereignty controls," said Christian Schreiner, Unit Director Cloud, Computacenter. "It can significantly accelerate our time-to-value and let us help clients who previously couldn't consider AI solutions at all."

IBM Sovereign Core Availability

Starting in February, IBM Sovereign Core will be available in tech preview, with full general availability planned for mid-year 2026. At GA, additional capabilities will be introduced.

To learn more about IBM Sovereign Core, read our blog here, and join us virtually for the IBM Tech Summit, January 27, register here.  To join the waitlist for IBM Sovereign Core Tech Preview, visit here.

IBM's statements regarding its plans, directions, and intent are subject to change or withdrawal without notice at IBM's sole discretion. Information regarding potential future products is intended to outline our general product direction and it should not be relied on in making a purchasing decision.

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.

1 Gartner, The Future of Cloud in 2030: AI-Enabling Cloud Services. 6 August 2025, Dennis Smith. Al. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

Contact:
Michele Brancati
[email protected]

SOURCE IBM

A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, March 25, 2024. REUTERS/Gonzalo Fuentes/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesMicrosoft to buy 2.85 million credits over 12 yearsTotal value between $171-$228 million, source saysTech giant aims to be carbon negative by 2030LONDON, Jan 15 (Reuters) - Microsoft (MSFT.O), opens new tab has agreed with Indigo Carbon to buy a record 2.85 million soil carbon credits linked to regenerative agriculture in the United States, as the tech giant aims to become "carbon negative" by 2030 despite surging emissions linked to AI.

While Microsoft - the world's biggest buyer of carbon removal credits - did not disclose the cost of the 12-year tie-up, a person with knowledge of the deal said it falls within the historic range of $60 to $80 a ton for Indigo Carbon's credits, which would value the deal at between $171 million and $228 million.

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Regenerative farming covers a range of actions such as reducing tilling, using cover crops and letting livestock graze to improve the ability of the soil to capture climate-damaging carbon emissions and retain water.

Market data firm Sylvera said it had seen an increase in demand for such credits last year, including a deal by Microsoft for 2.6 million credits from Agoro Carbon, which previously held the record for the biggest deal.

Largest buyers of durable carbon removal credits"It's bringing the importance of soil carbon removal into corporate climate action, and really for Indigo, solidifying our reputation and leadership on high-integrity carbon credits," Meredith Reisfield, Indigo's senior director for policy, partnerships and impact told Reuters in an interview.

Farmers also benefit financially, receiving 75% of the average weighted cost of a credit from any given issuance or crop year, she added.

"Microsoft is excited by Indigo’s approach to regenerative agriculture that delivers measurable results through verified credits and payments to growers," Phillip Goodman, Director of Carbon Removal at Microsoft said in a press release.

Being carbon negative means Microsoft plans to ensure it facilitates more removals of carbon than the amount its operations globally emit.

In the voluntary carbon market, projects can be awarded credits for each ton of carbon dioxide they remove from the atmosphere and companies can buy these credits to offset emissions from their business operations.

Indigo helps identify areas where emissions can be cut or removed and then works with the farmers to develop the projects and sell the credits.

Many scientists say carbon-removal projects are essential for the world to slow global warming by offsetting emissions from industries, such as power generation, that continue to use fossil fuels.

Sceptics say there are wider concerns about measurement and permanence of removal credits and say removal technologies can distract from emissions reductions.

Reporting by Susanna Twidale and Simon Jessop Editing by Tomasz Janowski

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Simon leads a team tracking how the financial system and companies more broadly are responding to the challenges posed by climate change, nature loss and other environmental, social and governance (ESG) issues including diversity and inclusion.

Xvivo Perfusion AB (publ) (XVIPY) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 7:30 PM EST

Company Participants

Christoffer Rosenblad - Chief Executive Officer

Conference Call Participants

Vidhushi Taduri

Presentation

Vidhushi Taduri

Hi, everyone. Hope you're enjoying day 3 of the JPMorgan Healthcare Conference. My name is Vidhushi Taduri, and I'm an associate in the health care team here at JPM. It's my pleasure to introduce XVIVO's CEO, Christoffer Rosenblad, who will be presenting to you today. Over to you.

Christoffer Rosenblad
Chief Executive Officer

Thank you so much, and welcome to XVIVO's presentation. XVIVO is a company that scientifically pushed the boundaries of organ care prior to transplantation. And since you so amicably introduced me, I would jump to the XVIVO's vision. Today, organ failure is the most common cause of mortality. XVIVO is determined to change this and one day make sure that our vision come true, which is that nobody should die waiting for an organ.

Alex, on this picture used to live in Perth, Australia, which is a very remote town in Australia. Before XVIVO, Alex would have died due to organ shortage or too far distances to recover new heart. Now she got enrolled in the XVIVO Australian study for the Heart Assist Transport device, and she did receive a heart from across the country. And this would have been impossible without XVIVO's technology. And I actually met her in Europe. Today, she's living her fullest life. She's taking her PhD in Amsterdam in the Netherlands and living a normal life like the rest of us going to the gym every day.

So what do we do in XVIVO? This is an overview. If we start with the company's XVIVO, it actually means outside the body. And that is exactly where we operate in the transplant

Nvidia logo and Chinese flag are seen in this illustration taken August 27, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

Jan 15 (Reuters) - China is working to set rules on how many advanced artificial intelligence chip companies can buy from foreign makers such as Nvidia (NVDA.O), opens new tab, Nikkei Asia reported on Thursday, citing two people familiar with the matter.

The Chinese central government is working on rules that will likely regulate the total volume of cutting-edge AI chips local companies can purchase, effectively allowing some sales by Nvidia instead of banning them outright, the report added.

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Reuters could not immediately verify the report. Nvidia declined to comment.

This follows the Trump administration's decision on Tuesday to give a formal green light to the sale of U.S.-based Nvidia's H200 chips to China.

U.S. lawmakers and former officials questioned Trump's decision on Wednesday, arguing that the move erodes America's AI edge and threatens to electrify Beijing's military.

Reuters reported exclusively on Wednesday that Chinese customs authorities have told customs agents this week that Nvidia's H200 AI chips are not permitted to enter China.

The Chinese government summoned domestic technology companies to meet where they were explicitly instructed not to purchase the chips unless necessary, sources told Reuters.

Reporting by Disha Mishra in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Liquidia Corporation (LQDA) 44th Annual J.P. Morgan Healthcare Conference January 14, 2026 8:15 PM EST

Company Participants

Roger Jeffs - CEO & Director
Michael Kaseta - COO & CFO

Conference Call Participants

Ben Davis

Presentation

Ben Davis

Hello, everyone. My name is Ben Davis. I'm an associate with the JPMorgan Healthcare Investment Banking team, and I hope you're all enjoying your third day of the 2026 JPMorgan Healthcare Conference. It's my privilege to introduce Liquidia team. CEO, Roger Jeffs, will be presenting. Afterwards, he'll be joined by CFO, Michael Kaseta, on stage for a Q&A at the end.

Roger Jeffs
CEO & Director

Great. Thank you, Ben, and thank you for all of you here today. Also, thank you to those online who are listening in. I'm going to give the corporate overview really to give you a sense of kind of how we did in 2025. As a preview to that, we had a spectacular year, and also then give you a look into the future, kind of where we're headed above and beyond where we are today.

Also, I want to say that I'm joined here today with Rusty Schundler, our General Counsel; Scott Moomaw, our Chief Commercial Officer; Jason Adair, our Chief Business Officer; and Rajeev Saggar, our Chief Medical Officer. Usual forward-looking statements, and I'll refer you to our SEC filings for the true risks and uncertainties.

So for those of you who may be new to the story, Liquidia is a biopharmaceutical company driven by science and passion with patients as our North Star. And our purpose is to improve inhaled drug delivery to by employing proprietary and better formulations to focus on particularly the prostacyclin class of therapeutics to change and improve the standard of care for patients with high unmet need.

What

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- UCSD's Dr. Davey Smith, former ACTIV-2 Protocol Chair, endorses 'Xafty' as "The weapon to end the virus war." 
- Announces "One Drug, Two Tracks" strategy: Targeting Dengue in Vietnam and Respiratory Viruses (Flu, COVID, RSV) in the U.S. with the same drug. 
- Dr. Davey Smith: "With this multi-virus treatment, 2026 may mark the inaugural year of modern treatments that can treat multiple viruses with one drug, perhaps even viruses that haven't hit us yet."

, /PRNewswire/ -- Hyundai Bioscience (KOSDAQ: 048410) today announced a groundbreaking roadmap to combat global viral epidemics, officially declaring its entry into Phase 2 clinical trials in the United States.

Presenting at the Biotech Showcase 2026, the company unveiled its pre-emptive therapeutic strategy using Xafty™, a broad-spectrum antiviral drug. The presentation highlighted a bold transition: "Preparation in Vietnam is complete. Now, it is America."

- Dr. Davey Smith: "The Broad-Spectrum Weapon We Have Been Waiting For."

The core of the announcement centered on the clinical strategy designed in collaboration with Dr. Davey Smith, Professor of Medicine and Assistant Vice Chancellor at the University of California, San Diego (UCSD).

Dr. Smith, a world-renowned expert who previously led the U.S. government's ACTIV-2 COVID-19 trials, diagnosed the current U.S. healthcare crisis as a "tripledemic" of Influenza, RSV, and COVID-19 variants, for which there is no unified countermeasure.

In a statement regarding the new clinical design, Dr. Smith emphasized, "We now have a promising weapon to fight multiple viruses at the same time. Xafty's 'Basket Trial' design is the only efficient way to solve this multi-viral crisis." He further urged, "There is no time to lose. We must proceed with the trials necessary with maximum speed to deliver this solution to patients who are currently defenseless."

- "One Drug, Two Tracks": A Universal Solution

Hyundai Bioscience presented its unique "One Drug, Two Tracks" global strategy. The company is using the same drug (Xafty) to target:

* Dengue Fever in Vietnam (Track 1)

* Upper-Respiratory Infection Viruses in the US (Track 2)

This approach validates the drug's breadth and potency, demonstrating its potential to treat both mosquito-borne and respiratory viral infections. This mechanism is analogous to modern antibiotics that can treat multiple bacterial types with a single drug.

Mr. Jason Kim, CEO of Hyundai Bioscience USA, stated, "At the showcase, we confirmed that our strategy, designed with Dr. Smith, perfectly aligns with the unmet needs of the U.S. medical field. Our preparation is complete. We are ready to submit our IND application to the FDA immediately."

- Vision: "2026, The Inaugural Year of a Virus-Free Era"

The announcement concluded with a historic vision for global public health, articulated by Dr. Smith. "For too long, we have been chasing after variants," Dr. Smith noted. "But with this pre-emptive, broad-spectrum approach, we are finally getting ahead of the curve. I am confident that this trial will be a turning point for modern antivirals that can tackle multiple viruses with one drug."

About Hyundai Bioscience:

Hyundai Bioscience is a biotechnology company focused on developing novel drug delivery systems (DDS) to repurpose existing drugs for new therapeutic applications. The company is a member of the US Medical CBRN Defense Consortium (MCDC). Its lead candidate, Xafty (CP-COV03), is an oral antiviral drug based on niclosamide, modified for enhanced bioavailability.

This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially. The Company undertakes no obligation to update these statements except as required by law.

Media Contact:
Jason Kim
[email protected]
(562)964-3910

SOURCE Hyundai Bioscience

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Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.