Market Signal Briefing

BioCardia, Inc. (BCDA) Q3 2025 Earnings Call November 12, 2025 4:30 PM EST

Company Participants

Miranda Peto Benvenuti
Peter Altman - CEO, President & Director
David McClung - Chief Financial Officer

Conference Call Participants

Lander Egaña-Gorroño - H.C. Wainwright & Co, LLC, Research Division
James Molloy - Alliance Global Partners, Research Division
Kumaraguru Raja - Brookline Capital Markets, LLC, Research Division

Presentation

Operator

Good afternoon, and welcome to the BioCardia Third Quarter Financial Results and Business Update Conference Call. [Operator Instructions] Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call.

I would now like to turn the call over to Miranda Peto of BioCardia Investor Relations. Please go ahead, Miranda.

Miranda Peto Benvenuti

Thank you. Good afternoon, and thank you for participating in today's conference call. Joining me from BioCardia's leadership team are Peter Altman, President and Chief Executive Officer; and David McClung, the company's Chief Financial Officer.

During this call, management will be making forward-looking statements, including statements that address BioCardia's expectations for future performance and operational results, references to management's intentions, beliefs, projections, outlook, analyses and current expectations. Such factors include, among others, the inherent uncertainties associated with developing new products, technologies and obtaining regulatory approvals. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors and cautionary statements described in BioCardia's report on Form 10-K filed with the SEC on March 26, 2025, and in subsequently filed reports on Form 10-Q.

The content of this call contains time-sensitive information that is

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- Refinancing transaction with proceeds to be utilized to repurchase or repay the 2026 Convertible Notes prior to or at maturity

CARLSBAD, Calif.--(BUSINESS WIRE)--Ionis Pharmaceuticals, Inc. (NASDAQ: IONS) announced today the pricing of $700.0 million aggregate principal amount of 0.00% Convertible Senior Notes due 2030 (the “notes”) in a private placement (the “offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Ionis also granted the initial purchasers of the notes an option to purchase, within the 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $70.0 million aggregate principal amount of notes from Ionis. The sale of the notes is expected to close on November 17, 2025, subject to customary closing conditions.

The notes will be general unsecured obligations of Ionis, and will not bear regular interest and the principal amount of the notes will not accrete. The notes will mature on December 1, 2030, unless earlier converted, redeemed or repurchased.

Ionis estimates that the net proceeds from the offering will be approximately $682.8 million (or approximately $751.2 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by Ionis.

Ionis expects to use approximately $267.6 million of the net proceeds from the offering to repurchase for cash $200.0 million in aggregate principal amount of its 0% Convertible Senior Notes due 2026 (the “2026 notes”) pursuant to the concurrent note repurchase transactions described below. Ionis expects to use the remaining net proceeds from the offering for additional repurchases of the 2026 notes from time to time following the offering, including the repayment of any remaining 2026 notes at maturity, and for general corporate purposes.

Before September 1, 2030, holders will have the right to convert their notes only upon the satisfaction of specified conditions and during certain periods. On or after September 1, 2030 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at any time. Upon conversion, Ionis will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. The conversion rate for the notes will initially be 10.1932 shares of Ionis’ common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $98.10 per share of Ionis’ common stock). The initial conversion price represents a premium of approximately 35.0% over the last reported sale price of $72.67 per share of Ionis’ common stock on November 12, 2025. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued or unpaid special interest, if any.

Ionis may not redeem the notes prior to December 6, 2028. Ionis may redeem for cash all or any portion of the notes (subject to certain limitations), at its option, on a redemption date on or after December 6, 2028 if the last reported sale price of Ionis’ common stock has been at least 130% of the conversion price for the notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Ionis provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date. However, Ionis may not redeem less than all of the outstanding notes unless at least $100.0 million aggregate principal amount of notes are outstanding and not called for redemption as of the time Ionis sends the related notice of redemption. No sinking fund is provided for the notes.

If Ionis undergoes a “fundamental change” (as defined in the indenture that will govern the notes), then, subject to certain conditions and limited exceptions, holders may require Ionis to repurchase for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date. In addition, following certain corporate events that occur prior to the maturity date or if Ionis delivers a notice of redemption, Ionis will, in certain circumstances, increase the conversion rate for a holder who elects to convert its notes in connection with such a corporate event or convert its notes called (or deemed called) for redemption during the related redemption period (as defined in the indenture that will govern the notes), as the case may be.

Concurrently with the pricing of the notes in the offering, Ionis entered into separate and individually negotiated transactions with certain holders of the 2026 notes to repurchase for cash $200.00 million in aggregate principal amount of the 2026 notes on terms negotiated with each holder (each, a “concurrent note repurchase transaction”). This press release is not an offer to repurchase the 2026 notes, and the offering of the notes is not contingent upon the repurchase of any of the 2026 notes.

In connection with any repurchase of the 2026 notes, Ionis expects that holders of the 2026 notes who agree to have their 2026 notes repurchased and who have hedged their equity price risk with respect to such notes (the “hedged holders”) will unwind all or part of their hedge positions by purchasing Ionis’ common stock and/or entering into or unwinding various derivative transactions with respect to Ionis’ common stock. The amount of Ionis’ common stock to be purchased by the hedged holders or in connection with such derivative transactions may be substantial in relation to the historic average daily trading volume of Ionis’ common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of Ionis’ common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. Ionis cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or Ionis’ common stock.

The notes and any shares of Ionis’ common stock issuable upon conversion of the notes have not been and will not be registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

About Ionis Pharmaceuticals

For three decades, Ionis has invented medicines that bring better futures to people with serious diseases. Ionis has marketed medicines and a leading pipeline in neurology, cardiometabolic and other areas of high patient need. As the pioneer in RNA-targeted medicines, Ionis continues to drive innovation in RNA therapies in addition to advancing new approaches in gene editing. A deep understanding of disease biology and industry-leading technology propels our work, coupled with a passion and urgency to deliver life-changing advances for patients.

Ionis' Forward-looking Statement

This press release includes forward-looking statements regarding the offering, including statements regarding the anticipated completion and timing of the offering, the expected repurchase of 2026 notes, including the concurrent note repurchase transactions, the expected unwind by the hedged holders of their hedge positions and the anticipated effects of such actions, and Ionis’ expected use of proceeds from the offering. Any statement describing Ionis’ expectations, intentions or beliefs is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, including, without limitation, changes in market conditions, whether Ionis will be able to satisfy closing conditions related to the offering, whether and on what terms Ionis may repurchase or repay any of the 2026 notes, the concurrent note repurchase transactions, the actions of the hedged holders and unanticipated uses of capital. Ionis’ forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Ionis’ forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Ionis. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Ionis’ programs are described in additional detail in Ionis’ annual report on Form 10-K for the year ended December 31, 2024 and most recent Form 10-Q, which are on file with the Securities and Exchange Commission, as well as other subsequent filings Ionis makes with the Securities and Exchange Commission from time to time. Copies of these and other documents are available from Ionis.

In this press release, unless the context requires otherwise, "Ionis," "Company," "we," "our," and "us" refers to Ionis Pharmaceuticals and its subsidiaries.

Ionis Pharmaceuticals® is a trademark of Ionis Pharmaceuticals, Inc.

More News From Ionis Pharmaceuticals, Inc.

Company announcement – No. 23 / 2025

Zealand Pharma Announces Financial Results for the First Nine Months of 2025
With petrelintide advancing at full speed and topline data rapidly approaching for both petrelintide and survodutide, upcoming Capital Markets Day will set the stage for a catalyst-rich 2026.

Achieved key milestone in the petrelintide Phase 2 ZUPREME-1 trial in people with overweight and obesity, with the last participant completing the 28-week primary endpoint visit, paving the way for 42-week topline data in H1 2026.Approaching Phase 3 data in H1 2026 with survodutide, following last participant last visit in the 76-week SYNCHRONIZETM-1 trial in people with overweight and obesity without type 2 diabetes.Zealand Pharma is excited to outline a catalyst-rich 2026 at its upcoming Capital Markets Day on December 11, highlighting its ambition to become a generational biotech company driving the next wave of innovation in obesity. Copenhagen, Denmark, November 13, 2025 – Zealand Pharma A/S (Nasdaq: ZEAL) (CVR-no. 20045078), a biotechnology company focused on the discovery and development of innovative peptide-based medicines, today announced the interim report for the nine months ended September 30, 2025, and provided a corporate update.

Ready for key near-term data catalysts and driving the next wave of innovation
Adam Steensberg, President and Chief Executive Officer at Zealand Pharma said:
“I am highly encouraged by the strong execution across our clinical programs and the momentum behind our partnership with Roche. As we enter a catalyst-rich period for the company, I look forward to our Capital Markets Day in December, where we will set the stage for the rapidly approaching Phase 2 and 3 data readouts for petrelintide and survodutide. We will also share more about our ambitious research strategy that builds on Zealand Pharma’s unique expertise in peptide R&D and our strong foundation to lead the next wave of innovation in obesity”.

Key financial results for Q3 2025 year-to-date

DKK millionQ3-25
YTDQ3-24
YTDRevenue9,14654Net operating expenses1-1,4792-919Operating result7,6662-873Net financial items-6281 DKK millionSep-30,
2025Dec-31,
2024Cash position316,1699,022 Notes:
1. Net operating expenses consist of R&D, S&M, G&A and Other operating items.
2. Excluding transaction-related costs of DKK 196 million related to the Roche partnership agreement. Operating expenses including transaction fees for the period amount to DKK 1,675 million.
3. Cash position includes cash, cash equivalents and marketable securities.

Highlights in the third quarter of 2025
Obesity

Petrelintide, amylin analog. Reached a key milestone in the petrelintide monotherapy program with the completion of the 28-week primary endpoint visit for the last participant in the Phase 2 ZUPREME-1 trial in people with overweight and obesity. Chronic inflammation

ZP9830, Kv1.3 Ion Channel Blocker. In September 2025, the last participant was enrolled and randomized in the first-in-human single ascending dose clinical trial of ZP9830.
Events after the reporting date
Obesity

Petrelintide, amylin analog. In November 2025, enrollment of all trial participants has been completed in ZUPREME-2, the Phase 2 trial evaluating petrelintide versus placebo in people with overweight or obesity and type 2 diabetes.Survodutide, glucagon/GLP-1 receptor dual agonist. In October 2025, the last participant in the Phase 3 SYNCHRONIZETM-1 trial in people with overweight and obesity without type 2 diabetes completed the 76-week primary endpoint visit. Baseline characteristics for SYNCHRONIZETM-1 and SYNCHRONIZETM-2 were presented at the Obesity Society Annual Meeting (ObesityWeek) in Atlanta, U.S., in November 2025.Dapiglutide, GLP-1/GLP-2 receptor dual agonist. Development of dapiglutide has been paused as part of active portfolio management, focusing investments on programs with the greatest potential for clinical differentiation and long-term value creation.
Upcoming events next 12 months
Obesity

Petrelintide, amylin analog. In the first half of 2026, Zealand Pharma expects to report topline results from the 42-week Phase 2 ZUPREME-1 trial. In the second half of 2026, Zealand Pharma and Roche expect to initiate a Phase 3 program with petrelintide monotherapy. Petrelintide, amylin analog. In the second half of 2026, Zealand Pharma expects to report topline results from the Phase 2 ZUPREME-2 trial in people with overweight or obesity and type 2 diabetes. Petrelintide/CT-388, amylin+GLP-1/GIP fixed-dose combination. Zealand Pharma and Roche expect to initiate Phase 2 with petrelintide/CT-388 in the first half of 2026. Survodutide, glucagon/GLP-1 receptor dual agonist. Topline results from SYNCHRONIZETM-1 and SYNCHRONIZETM-2, the Phase 3 trials with survodutide in people with overweight and obesity without and with type 2 diabetes, respectively, are expected in the first half of 2026. Rare diseases

Glepaglutide in SBS. In the fourth quarter of 2025, Zealand Pharma expects to initiate a Phase 3 clinical trial of glepaglutide (EASE-5) that is anticipated to provide further confirmatory evidence for a regulatory submission in the U.S. Glepaglutide in SBS. The company expects potential regulatory approval in the EU in the first half of 2026. In parallel, the company is engaging in partnership discussions for future commercialization. Dasiglucagon in CHI. The ability of Zealand Pharma to resubmit the New Drug Application for dasiglucagon for the treatment of congenital hyperinsulinism is contingent on an inspection classification upgrade of a third-party manufacturing facility. Zealand Pharma has implemented a supply contingency plan that includes the qualification of an alternative supplier to ensure that the product can be made available to patients in need as quickly as possible. Chronic inflammation

ZP9830, Kv1.3 Ion Channel Blocker. Zealand Pharma expects to report topline data from the first-in-human single ascending dose clinical trial with ZP9830 in the first half of 2026. Corporate

Zealand Pharma Capital Markets Day. Zealand Pharma will host a Capital Markets Day in London on December 11, 2025. Speakers will include members of Management as well as external experts and thought leaders in obesity. The event will set the stage for the rapidly approaching Phase 2 and Phase 3 data readouts with petrelintide and survodutide, which have the potential to redefine the near-term future of weight management. Zealand Pharma will also share insights into the company’s ambitious research strategy aimed at leading the next wave of innovation. Financial guidance for 2025

The financial guidance, originally issued on February 20, 2025, has been narrowed from previously DKK 2.0-2.5 billion. Net operating expenses excluding Other operating items are now expected to be between DKK 2.0-2.3 billion, reflecting the decision to pause the development of dapiglutide, previously planned to advance to Phase 2b development in 2025. DKK millionUpdated
guidance
Nov 13, 20254,5Previous
guidance
Feb 20, 20254Revenue anticipated from existing and new license and partnership agreementsNo guidanceNo guidanceNet operating expenses2,000-2,3002,000-2,500 Notes:
4. Net operating expenses consists of R&D, S&M, and G&A, and excludes Other operating items.
5. Financial guidance based on foreign exchange rates as of November 12, 2025.

Conference call today at 2 PM CET / 8 AM ET
Zealand Pharma’s management will host a conference call today at 2:00 PM CET / 8:00 AM ET to present results through the first nine months of 2025 followed by a Q&A session. Participating in the call will be Chief Executive Officer, Adam Steensberg; Chief Financial Officer, Henriette Wennicke; and Chief Medical Officer, David Kendall. The conference call will be conducted in English.

To receive telephone dial-in information and a unique personal access PIN, please register at https://register-conf.media-server.com/register/BI7925746c60164cb2a799f2cd553ae1ae. The live listen-only audio webcast of the call and accompanying slides presentation will be accessible at https://edge.media-server.com/mmc/p/96oja22m.  Participants are advised to register for the call or webcast approximately 10 minutes before the start. A recording of the event will be available following the call on the Investor section of Zealand Pharma’s website at https://www.zealandpharma.com/events/.

Financial Calendar for 2025

Q4/FY 2025February 19, 2026
About Zealand Pharma A/S
Zealand Pharma A/S (Nasdaq: ZEAL) is a biotechnology company focused on the discovery and development of peptide-based medicines. More than 10 drug candidates invented by Zealand Pharma have advanced into clinical development, of which two have reached the market and three candidates are in late-stage development. The company has development partnerships with a number of pharma companies as well as commercial partnerships for its marketed products.
Zealand Pharma was founded in 1998 and is headquartered in Copenhagen, Denmark, with a presence in the U.S. For more information about Zealand Pharma’s business and activities, please visit www.zealandpharma.com.

Forward-looking Statements
This company announcement contains “forward-looking statements”, as that term is defined in the Private Securities Litigation Reform Act of 1995 in the United States, as amended, even though no longer listed in the United States this is used as a definition to provide Zealand Pharma’s expectations or forecasts of future events regarding the research, development, and commercialization of pharmaceutical products, the timing of the company’s clinical trials and the reporting of data therefrom and the company’s significant events and potential catalysts in 2025 and financial guidance for 2025. These forward-looking statements may be identified by words such as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “possible,” “potential,” “will,” “would”, and other words and terms of similar meaning. You should not place undue reliance on these statements, or the scientific data presented. The reader is cautioned not to rely on these forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and inaccurate assumptions, which may cause actual results to differ materially from expectations set forth herein and may cause any or all of such forward-looking statements to be incorrect, and which include, but are not limited to, unexpected costs or delays in clinical trials and other development activities due to adverse safety events or otherwise; unexpected concerns that may arise from additional data, analysis or results obtained during clinical trials; our ability to successfully market both new and existing products; changes in reimbursement rules and governmental laws and related interpretation thereof; government-mandated or market-driven price decreases for our products; introduction of competing products; production problems; unexpected growth in costs and expenses; our ability to effect the strategic reorganization of our businesses in the manner planned; failure to protect and enforce our data, intellectual property and other proprietary rights and uncertainties relating to intellectual property claims and challenges; regulatory authorities may require additional information or further studies, or may reject, fail to approve or may delay approval of our drug candidates or expansion of product labelling; failure to obtain regulatory approvals in other jurisdictions; exposure to product liability and other claims; interest rate and currency exchange rate fluctuations; unexpected contract breaches or terminations; inflationary pressures on the global economy; and political uncertainty. If any or all of such forward-looking statements prove to be incorrect, our actual results could differ materially and adversely from those anticipated or implied by such statements. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. All such forward-looking statements speak only as of the date of this press release/company announcement and are based on information available to Zealand Pharma as of the date of this release/announcement. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. Information concerning pharmaceuticals (including compounds under development) contained within this material is not intended as advertising or medical advice.
Zealand Pharma® is a registered trademark of Zealand Pharma A/S.

Contacts
Adam Lange (Investors)
Vice President, Investor Relations
Zealand Pharma
Email: [email protected]

Neshat Ahmadi (Investors)
Investor Relations Manager
Zealand Pharma
Email: [email protected]

Rachel James-Owens (Media)
Vice President, Corporate Communications & Media Relations
Zealand Pharma
Email: [email protected]

Zealand Pharma Q3 2025 Interim Report

MARSEILLE, France--(BUSINESS WIRE)-- #immunotherapy--Regulatory News: Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA) (“Innate” or the “Company”) today announced its business update and financial results for the first nine months of 2025. “This quarter highlights strong execution across our key programs,” said Jonathan Dickinson, Chief Executive Officer of Innate Pharma. “With FDA clearance to initiate TELLOMAK-3, we are advancing lacutamab toward its confirmatory Phase 3 and potential accelerated approval.

Xero Limited (OTCPK:XROLF) Q2 2026 Earnings Call November 12, 2025 6:30 PM EST

Company Participants

Sukhinder Cassidy - Chief Executive Officer
Claire Bramley - Chief Financial Officer

Conference Call Participants

Eric Choi - Barrenjoey Markets Pty Limited, Research Division
Bob Chen - JPMorgan Chase & Co, Research Division
Garry Sherriff - RBC Capital Markets, Research Division
Kane Hannan - Goldman Sachs Group, Inc., Research Division
Roger Samuel - Jefferies LLC, Research Division
Rohan Sundram - MST Financial Services Pty Limited, Research Division
Nicholas Basile - CLSA Limited, Research Division
Siraj Ahmed - Citigroup Inc., Research Division
Paul Mason - E&P, Research Division
Andrew Gillies - Macquarie Research
Lucy Huang - UBS Investment Bank, Research Division
Sriharsh Singh - BofA Securities, Research Division

Presentation

Operator

Thank you for standing by, and welcome to the Xero Limited 2026 Interim Results Conference Call. I am joined by Xero's Chief Executive Officer, Sukhinder Singh Cassidy; and Chief Financial Officer, Claire Bramley. [Operator Instructions]

I would now like to hand the call over to Sukhinder Singh Cassidy, Chief Executive Officer of Xero. Please go ahead.

Sukhinder Cassidy
Chief Executive Officer

Good morning from Sydney, Australia. Thank you for joining our investor briefing today covering Xero's financial and operating results for the half year ending September 30, 2025. I'm Sukhinder Singh Cassidy and I'm with Claire Bramley, our CFO.

Our first agenda item is the summary of Xero's performance for the half year. I'll then pass to Claire to cover our financial results in more detail before I finish with strategic priorities and Xero's outlook. After that, we'll move to Q&A.

So moving to a summary of our results on Slide 5. We are very pleased with our H1 fiscal '26-year results, which clearly demonstrates our sustained revenue momentum and execution against our strategy. We continue to achieve strong revenue growth across our 3x3 portfolio. This, along with another meaningful increase in

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VICTORIA, Seychelles, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Bitget, the world’s largest Universal Exchange (UEX), has announced the official addition of LLYUSDT, MAUSDT, UNHUSDT stock index perpetual futures, expanding its range of Real World Asset (RWA) products for global traders. Bitget users can access these contracts with leverage of up to 10x.

The perpetual futures contracts are settled in USDT, with a tick size of 0.01 and isolated margin mode. They operate on a 24/5 schedule, trading from Monday 12:00 AM to Saturday 12:00 AM (UTC-4), with hourly funding fee settlements. While trading is available throughout the week, contracts will be closed during public holidays when underlying markets are inactive, ensuring fair price alignment with traditional markets.

This new Stock Futures Index Futures allows traders to gain onchain exposure to some of the world’s largest companies such as, Eli Lilly And Co, Montage Gold Corp, UnitedHealth Group Inc, all while leveraging the flexibility of crypto derivatives. Bitget’s stock futures segment recently surpassed $3 billion in cumulative trading volume, showing the growing demand for tokenized equity and institutional-grade products.

This new milestone comes in quick succession as Bitget hit $1 billion in cummulative trading volume two weeks ago. Bitget then launched a limited-time 90% trading fee reduction campaign across all stock futures contracts. Running until January 31, the campaign allows both new and existing users to enjoy ultra-low trading fees while exploring the expanding universe of tokenized stock futures. The initiative reflects Bitget’s goal of making traditional market access more affordable and frictionless through blockchain infrastructure.

Bitget continues to prioritize transparency, security, and product innovation across its derivatives ecosystem. While Stock Index Perpetual Futures are currently not supported on Unified Account trading, the exchange will continue to evaluate upgrades based on user demand and evolving market conditions. By combining the accessibility of crypto derivatives with traditional market exposure, Bitget continues to expand its UEX model, bridging digital assets with global equities and enabling a wider range of strategies for all traders.

For full details, users can visit here.

About Bitget

Established in 2018, Bitget is the world's largest Universal Exchange (UEX), serving over 120 million users with access to millions of crypto tokens, tokenized stocks, ETFs, and other real-world assets on a single platform. The ecosystem is committed to helping users trade smarter with its AI-powered trading tools, interoperability across tokens on Bitcoin, Ethereum, Solana, and BNB Chain, and wider access to real-world assets. On the decentralized side, Bitget Wallet runs as the leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built-in the platform.

Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: [email protected]

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d08afe61-e602-41b7-8dc2-ed65eb39132b

Draganfly Inc. (DPRO) Q3 2025 Earnings Call November 12, 2025 5:30 PM EST

Company Participants

Rolly Bustos
Cameron Chell - President, CEO & Director
Paul Sun - Chief Financial Officer

Presentation

Rolly Bustos

All right. To respect everybody's time, I think we will get going right away. So again, greetings, and welcome to all the shareholders and stakeholders for joining us today for the Draganfly 2025 Q3 Earnings Call. My name is Rolly Bustos, and I am the Internal Investor Relations representative here at Draganfly. We appreciate you joining us.

As always, we'll start with our CEO and President, Cameron Chell, recapping the third quarter earnings highlights. Next will be a more detailed financial review with our CFO, Paul Sun. We will conclude, as always, by addressing the pre-submitted questions we have received. You are welcome to reach out to me any time at [email protected], if you have further questions.

I remind everyone that this presentation may include forward-looking information and statements. These statements are not guarantees of future performance or financial results and undue reliance should not be placed on them. Any future events or financial results may differ from what might be discussed here.

The company's results and statements are accurate as of today, November 12, 2025. We're under no obligation to update or renew these statements outside of material press release disclosure going forward. The full forward-looking disclaimer can be found on the screen right now. So Cam, if you're ready, please go ahead.

Cameron Chell
President, CEO & Director

Sounds great. Thanks, Rolly. Really appreciate that. And thank you, everybody, for taking the time to be with us today. We really deeply appreciate your time and consideration. So maybe just to hit the highlights out of the gate. So our revenue for Q3 2025 was $2.155 million, an increase of 14.4% year-over-year, that includes $1.6 million of product sales and about $530,000

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The industrial conglomerate said it assumes the global economic environment will stabilize, and targets comparable revenue growth in the range of 6% to 8% for fiscal 2026.

US President Donald Trump has officially signed a bill ending the longest-ever US government shutdown. Bitcoin (ETH), Ethereum (ETH), XRP, and the broader crypto market saw a slight bounce.

TLDR:

Bitcoin holds steady above $100K despite $2.7B ETF outflows this month.
ETF outflows account for just 1.5% of total Bitcoin ETF assets.
Analysts note price resilience may signal short-term accumulation.
Traders eye possible $150K target if bullish structure continues.

Bitcoin has maintained its position above the $100,000 mark despite ongoing ETF outflows. 

At press time, data from CoinGecko shows BTC trading at $102,321, down 0.91% in the last 24 hours. Over the past week, the asset has declined by just 0.98%, signaling resilience amid selling pressure. 

Analysts note that the recent stall in outflows could shape the next directional move for the cryptocurrency.

ETF Flows Reflect Cautious Market Behavior
According to data shared by Bloomberg’s Eric Balchunas, Bitcoin ETFs have seen $2.7 billion in outflows over the past month. 

He noted that this represents about 1.5% of total assets, meaning 98.5% of funds remain invested. The data suggests investors are reducing exposure but not exiting the market entirely. This pattern indicates a measured sentiment rather than a wholesale retreat.

About $2.7b has come out of the bitcoin ETFs in the past month, new chart from @JSeyff puts it into context, and shows the two steps fwd one step back pattern, it represents just 1.5% of total assets = 98.5% of aum hanging tough. pic.twitter.com/pNlhD6pMcZ

— Eric Balchunas (@EricBalchunas) November 11, 2025

Crypto trader Daan Crypto Trades observed that ETF flow patterns often act as short-term sentiment indicators. He noted that when large outflows occur without a price drop, the market may be forming a short-term base. 

Conversely, when inflows fail to push prices higher, it can mark a local top. The analyst emphasized that watching price reaction to ETF movements provides valuable context in ongoing cycles.

Bitcoin’s current position mirrors these dynamics. Despite notable outflows and fading sentiment, the price has held firm near $100K. Market participants view this consolidation as a potential sign of absorption before the next decisive move.

Source: Daan/x
Traders Debate Next Move Toward or Away From $150K
Market analyst HovWaves shared an alternative bullish outlook, suggesting Bitcoin may be setting up for an extended fifth wave higher. 

His chart analysis points to a possible BTC surge toward the $150K region once the current correction phase concludes. However, he added that a deeper pullback could occur if the market confirms a local top.

In a bearish scenario, a retracement to $69K, or even near $40K, remains possible, consistent with Bitcoin’s historical drawdowns. Yet traders emphasize that holding above the six-figure mark indicates sustained institutional support despite temporary ETF outflows.

$BTC

I forgot to get this alt bullish BTC count posted for you guys from last week(threaded)

The alt bullish count is that we're ramping up for an extended 5th

Currently working on Wave 2 of 5

That would carry prices much higher before this run is over

My primary though is… pic.twitter.com/IFqRo3RkwF

— Hov (@HovWaves) November 12, 2025

Price data from CoinGecko shows steady volume at $70.1 billion, underlining continued trading activity. As market flows stabilize, investors are closely watching whether Bitcoin can reclaim momentum or remain range-bound through November.

A crypto crash that has cost investors billions of dollars is happening, with popular names like Uniswap, World Liberty Financial (WLFI), and Pepe (PEPE) falling by double digits from their highest levels this year. 

Uniswap price has plunged by 21% from its highest level this week, while WLFI has pared back some of the recent gains and fell by 15% from this week’s high. Pepe Coin price has plunged by about 65% from its highest level this year. The Bitcoin price has also dropped to nearly $100,000.

Crypto crash triggered by fear in the market
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The primary reason why the crypto crash is happening is that investors are still fearful in the market. The closely-watched Crypto Fear and Greed Index has dropped to 25, a sign that it may move to the extreme fear zone soon. 

Crypto Fear and Greed Index has fallen | Source: CMCThis is an important number that looks at the sentiment among traders in the crypto industry. It looks at the momentum in terms of prices, social media activity, performance in the derivatives market, and market composition among others.

The index was inspired by a similar gauge that was created by CNN Money many years ago. This index largely focuses on the stock market and looks at things like the stock breadth, strength, put and call options, volatility, and safe-haven demand. Even this index has moved to the fear zone of 34.

Cryptocurrency prices often underperform the market when the Fear and Greed Index is in the fear zone. 

There are a few reasons why there is fear in the market. For example, traders are still concerned about the recent liquidation event, where 1.6 million investors were wiped out. Over $20 billion disappeared in just a day.

The other reason for the fear is that the recent attempts to rebound are facing substantial resistance.

Use of leverage in the crypto industry is falling
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The crypto market crash is also happening because of the ongoing retreat in open interest in the industry. Data compiled by CoinGlass shows that the futures open interest in the industry has dropped by 0.6% in the last 24 hours to $141 billion. This is a big drop considering that the interest stood at over $225 billion before the liquidation event in October. 

Crypto futures open interest | Source: CoinGlassUniswap’s open interest jumped to $782 million earlier this week after the developers announced major changes to its tokenomics. It then started moving downwards and currently stands at $575 million. 

Pepe, on the other hand, has seen its open interest plunge to $198 million, down from the year-to-date high of $1.02 billion. Donald Trump’s World Liberty Financial (WLFI) has seen its open interest tumble to $270 million from a record high of over $1 billion. 

Institutional demand waning
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The crypto crash is also happening amid lagging demand for cryptocurrencies from institutional investors. This situation is being seen in two main areas: DAT and ETF. 

ETF inflows into popular coins like Bitcoin and Ethereum has largely stalled. For example, Bitcoin ETFs suffered a $1 billion outflow last week, bringing the cumulative figure to about $60.2 billion. Ethereum ETFs have lost over $2 billion in assets in the past few months. 

Meanwhile, demand from Digital Asset Treasury (DAT) companies like Strategy, Metaplanet, Trump Media, and Tron Inc. has all plunged. 

Looking ahead, there are two main catalysts that may drive the crypto market higher. The first one is that the SEC has started approving spot altcoin ETFs, some of which are seeing strong demand. This process will likely accelerate now that the government shutdown has ended. Also, the Federal Reserve is expected to continue cutting rates this year, a move that will benefit the industry.

On Nov. 11, an Argentine court froze Libra tokens held by Hayden Davis—the central figure in a Libra scandal—and two suspected intermediaries, citing suspicions the assets were used to bribe public officials. The move follows Circle’s earlier freeze of USDC linked to the Libra team.

In recent years, crypto issuers have occasionally frozen tokens linked to flagged addresses—typically in response to exchange hacks or scams aimed at stopping bad actors. Yet the fact that issuers can unilaterally lock holders’ funds runs counter to one of crypto’s core principles: “not your keys, not your coins.” The question now is whether this power represents a justified safeguard for public safety—or a ticking time bomb beneath the reserves of individuals and institutions alike.

Summary

Hayden Davis, a person behind the Libra token promoted by Argentine President Javier Milei, had his Libra tokens frozen through the Argentine court.
Davis is still not convicted. Allegedly, he was involved in sniping schemes with YZY and Melania tokens. The former happened after the scandal with Milei.
While governments and token issuers usually freeze the tokens of bad actors, the very existence of such a mechanism casts a shadow on cryptocurrency principles.
The new report by Bybit analysts claims 16 blockchains already have freezing mechanisms, and 19 more will soon be able to add them too.

Hayden Davis’ tokens were frozen
Davis, a twenty-something crypto entrepreneur, proved persuasive enough to reportedly enlist Argentine President Javier Milei, U.S. First Lady Melania Trump, and even Kanye West in promotional efforts tied to his memecoins — Libra, Melania, and YZY. While Davis now faces legal troubles, none of his ventures have yet led to a conviction. For retail investors, however, his projects have already caused hundreds of millions in losses.

Launched on February 14 and promoted by Milei, the Libra token had no real use case — a classic memecoin. Its price collapsed soon after debut, erasing investor funds. Davis, through his company Kelsier Ventures, reportedly earned around $100 million from Libra — roughly the same amount he made from the Melania token. Total investor losses across the schemes are estimated at $250 million.

Davis’s profits came through “crypto sniping,” a high-speed trading strategy that uses automation to capitalize on new token launches or sharp price movements tied to exchange listings and liquidity events. His familiarity with upcoming projects allowed Kelsier Ventures to act seconds before public announcements, securing massive early gains.

In the Libra case, Davis allegedly used a “one-sided liquidity” technique to conceal sell orders while leaving buy data visible. Investors saw green candles and apparent momentum, unaware that large-scale dumping was underway. The same maneuver was reportedly used in March to unload Melania tokens.

In May, a U.S. judge ordered the freezing of $57 million in USDC linked to the Libra launch. Circle, the stablecoin’s issuer, complied and froze the assets. Yet by August 20, the tokens were reportedly unfrozen, allowing Davis and his associates to regain access to the funds.

Reports don’t specify exactly how the Libra tokens are being frozen. Libra is built on the Solana blockchain, which includes a freeze account feature that temporarily suspends token issuance. Circle likely used this mechanism to freeze USDC on the Solana addresses associated with the Libra launch. However, there is no evidence that it was used in the Libra case. According to Chainalysis, the government can “freeze” someone’s assets simply by sending them to the government-controlled wallet.

https://twitter.com/cryptodotnews/status/1988230241119334407

Blockchain can freeze tokens
While it’s not clear how Libra tokens are frozen, there is no secret that centralized stablecoin issuers can freeze user funds. More than that, the GENIUS Act, signed by President Trump into law on July 18, requires the U.S. and foreign stablecoin issuers to freeze funds if appropriate. The requirement stems from the fact that stablecoin issuers in the U.S. are treated as financial institutions; thus, they must comply with all applicable laws.

However, even before the passage of the GENUS Act, stablecoin issuers were freezing funds during hacking incidents or preventing scam operations, and Circle’s freezing of Libra’s USDC is not an isolated case. For instance, the Cetus Protocol hack on May 22, 2025, that drained $200 million in crypto, led the Sui Foundation to freeze $162 million in stolen tokens. 

While the move saved most funds, it raised concerns about the inherent risks of such a concentration of control. It prompted Bybit’s Lazarus Security Lab to research the capabilities of leading blockchains to freeze user assets. The report titled “Examine The Impact of Fund Freezing Ability in Blockchain” was released on Nov. 12, 2025. 

Researchers analyzed the code of 166 blockchains and found that 16 blockchains can freeze holders’ funds without their consent. The report calls it a reintroduction of central authority over funds, which “runs counter to the core principle of decentralization.”

According to Lazarus Security Lab, 16 of the analyzed blockchains already have mechanisms to freeze users’ assets unilaterally. Nineteen more blockchains could support this option in the future. Most of these blockchains use hardcoded freezing (public blacklist), config file-based freezing (private blacklist), and on-chain smart contract freezing. The list of blockchains that already have (and sometimes use) such mechanisms includes BNB Chain, Sui, VeChain, Cosmos, and 12 others.

The report aims to shed light on existing asset freeze mechanisms so token holders can assess risks adequately. Sometimes, people claim their crypto funds are frozen without an apparent reason. Given all that, some risk management is a must.

The long-awaited moment for the XRP community has finally arrived. Nasdaq has officially certified the listing of Canary Capital’s XRP ETF under the ticker $XRPC, clearing it for launch tomorrow at market open. The certification came through a letter from Nasdaq Regulation dated November 12, 2025, confirming that the Canary XRP ETF met all listing and registration requirements.

This makes Canary Capital the first firm to successfully bring a spot XRP ETF to the U.S. market, a milestone that many see as a big step forward for XRP’s mainstream adoption.

What the ETF Means for InvestorsThe ETF’s approval marks a major moment in the growing wave of crypto-backed funds. However, investors are being advised to manage their expectations. While excitement is building across the XRP community, the ETF’s early impact on price could be limited.

According to information from Gemini, ETF issuers are required to buy a small amount of XRP as seed capital before launch. This initial purchase helps fund the ETF but is not a large-scale acquisition that would immediately move markets. 

As Gemini explained, “The issuer must buy some XRP in advance, but it’s a small, specific amount called ‘seed capital,’ not the large-scale holdings you might be thinking of.”

Only One XRP ETF Launching for NowAlthough more than 20 XRP ETF filings have been submitted, only Canary’s fund will debut tomorrow. Analysts and community members are eager to see how market inflows react to this single launch, as it may mean how XRP’s price could behave once other funds roll out in the coming weeks.

Statement from Canary Funds CEOCanary Funds CEO Steven McClurg shared his thoughts on the historic launch and told Eleanor Terrett, “We are very excited to go effective with the first single-token spot XRP ETF. This would not have been possible without the leadership of Chairman Atkins, Commissioner Pierce, and all the other fine people at the SEC who are pro-free markets!”

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Follow up to the hour updates on what is happening in crypto today, November 13. Market movements, crypto news, and more!

Canary Capital has taken another step in its crypto exchange-traded fund expansion, filing with the Securities and Exchange Commission for a new product tied to a memecoin.

Summary

Canary Capital filed to launch the first U.S. spot ETF tracking MOG Coin.
Filing coincides with the launch of Canary’s spot XRP ETF on Nasdaq.
New Treasury guidelines open path for staking in Solana and Ethereum ETFs.

Canary Capital Group LLC has filed an application with the U.S. SEC to launch the Canary MOG ETF, a fund that would track the price of MOG Coin. 

The filing, made on Nov. 12, marks a significant attempt to list a U.S. ETF tied directly to a memecoin. The fund will hold actual Mog Coin (MOG) tokens in custody rather than using futures contracts.

Inside the Canary Capital’s MOG ETF filing
The ETF will operate as a trust, similar to approved Bitcoin and Ethereum spot funds, giving investors regulated access to MOG through regular brokerage accounts. Its goal is to reflect MOG’s spot market price while accounting for management costs. 

MOG is defined as an Ethereum token that is socially driven and tied to meme culture rather than traditional blockchain functionality. According to the filing, the ETF will issue and redeem shares in large blocks backed by MOG or equivalent cash, making it accessible to both institutions and retail traders.

Since the MOG ETF is not a traditional investment fund, it is exempt from the 1940 Investment Company Act. Rather, it will adhere to the same framework as other spot crypto ETFs. 

Crypto ETF momentum grows
The MOG ETF filing comes as the U.S. crypto ETF market accelerates following recent regulatory activity. Canary’s XRP ETF is set to begin trading on Nasdaq on Nov. 13, marking the first U.S. spot XRP ETF under the Securities Act of 1933. The fund offers direct exposure to XRP without futures contracts and charges a management fee of 0.50%. 

Elsewhere, Solana ETFs from Bitwise and Grayscale, launched in October, have seen strong demand, now holding over $500 million in assets. The U.S. Treasury’s new Revenue Procedure 2025-31, issued on Nov. 10, provides a path for spot crypto ETFs to stake proof-of-stake assets like SOL and ETH. This might offer potential yields of 5–7%. 

TLDR:

Table of Contents

TLDR:Cypherpunk Acquires Over 200K Zcash in Treasury PushPrivacy and Self-Sovereignty at the Core of Cypherpunk’s VisionGet 3 Free Stock Ebooks

Cypherpunk invested $50M to acquire 203,775.27 ZEC, signaling a long-term privacy asset strategy shift.
The firm will trade under ticker CYPH from November 13 after its Leap Therapeutics rebrand.
Winklevoss Capital led the $58.88M private placement that financed Cypherpunk’s Zcash treasury move.
Zcash’s zk-SNARKs technology and fixed 21M supply underpin Cypherpunk’s privacy-focused blockchain vision.

Cypherpunk Technologies, formerly Leap Therapeutics, has entered the digital asset space with a decisive move. The Nasdaq-listed firm confirmed its rebranding and the launch of a $50 million Zcash treasury initiative. 

The transition also includes a ticker change to CYPH effective November 13. The company’s pivot marks one of the most aggressive corporate shifts toward privacy-focused blockchain assets in 2025.

Cypherpunk Acquires Over 200K Zcash in Treasury Push
According to a company press release, Cypherpunk Technologies used proceeds from a recent $58.88 million private placement to purchase 203,775.27 ZEC at an average price of $245.37 per token. The acquisition underscores the firm’s long-term bet on Zcash, one of the most established privacy-preserving cryptocurrencies.

The financing round was led by Winklevoss Capital, the only institutional investor in the placement, which contributed the majority of funds raised. 

The firm’s new strategy focuses on positioning Zcash as a core treasury asset alongside its operational rebrand. The company emphasized that the decision aligns with a broader mission to promote privacy-focused blockchain infrastructure.

As part of the leadership restructuring, Khing Oei has been named Chairman of the Board, while Will McEvoy assumes the role of Chief Investment Officer. Both appointments took effect on November 11. 

According to the company, this leadership team will oversee treasury growth and digital asset management as part of its expanded corporate mission.

Trading under the CYPH ticker begins on November 13, allowing investors to engage with the stock under its new identity. The firm’s previous Chairman, Christopher Mirabelli, will remain on the board, ensuring continuity during the transition.

Privacy and Self-Sovereignty at the Core of Cypherpunk’s Vision
Cypherpunk’s new strategy is grounded in the belief that privacy represents both a social necessity and an economic opportunity. The company described privacy as the “silent precondition of freedom,” emphasizing its role in enabling speech, association, and personal autonomy in the digital age.

Zcash, launched in 2016 as a Bitcoin fork, employs advanced zero-knowledge proofs (zk-SNARKs) to allow transaction validation without disclosing amounts or participants. The protocol’s continuous evolution, including upgrades like Halo 2, enhances scalability and security without relying on trusted setups.

Zcash remains one of the few privacy coins maintaining consistent network development and decentralization metrics. Its capped supply of 21 million coins mirrors Bitcoin’s monetary model, but with embedded privacy utility. 

Cypherpunk’s move positions it to benefit from this dual nature, monetary soundness with enhanced confidentiality.

The company framed Zcash as a form of “digital privacy in asset form,” viewing it as a counterbalance to Bitcoin’s transparency. As blockchain adoption expands across financial systems, Cypherpunk aims to lead corporate engagement with privacy technologies that protect user sovereignty in a data-driven world.

5 minutes ago

The average cost of Bitcoin during Q3 last year was $61,000, in contrast to $114,500, according to BitFuFu, which led more miners to buy up machines and use cloud mining to get some for themselves.

48

Singapore-based cloud Bitcoin miner BitFuFu doubled its third-quarter revenue from the previous year, driven by demand for cloud mining and equipment as miners sought to capitalize on the rising price of Bitcoin.

Total revenue increased 100% to $180.7 million compared to the same period last year, with cloud mining making up $122 million, according to BitFuFu’s Q3 earnings report on Wednesday.

The increase was sparked by strong demand for cloud-mining solutions, users buying up mining equipment, and the continued expansion of mining capacity.

BitFuFu has doubled its third-quarter revenue compared to last year, thanks to a surge in cloud mining interest. Source: BitFuFuBitFuFu operates its own mining farms, where it mines Bitcoin (BTC) directly. Additionally, it sells mining machines, provides hosting services, and allows users to rent or purchase hash rate for a fee. 

Cloud mining demand increasing with hashrateBitFuFu’s cloud-mining users increased over 40% to 641,526 compared to the same time last year, and mining equipment sales raked in $35 million, compared to only $0.3 million the same time last year. 

The average cost of Bitcoin during Q3 last year was $61,000, in contrast to $114,500.

“This growth reflects strong demand for mining machines, supported by the sustained upward trend in Bitcoin prices,” the miner said.

The network hashrate has also been on the rise and is sitting at 1.19 billion, up from 687.19 million one year ago, according to analysis platform Ycharts. Cloud mining enables users to mine cryptocurrency without needing to maintain and upgrade the hardware themselves.

Mining Bitcoin contributed to earnings as wellBitcoin miners have been shifting capacity toward AI and high-power computing hosting services following the April 2024 halving which cut mining rewards.

However, BitFuFu CEO Leo Lu said continuing to self-mine Bitcoin has continued to contribute to the company’s growth and revenue.

“Our strong third-quarter results demonstrate the benefits of our differentiated dual-engine model, combining recurring cloud-mining revenue with direct participation in Bitcoin price appreciation through our self-mining operations.”“This model gives us multiple levers to manage volatility and sustain profitability through cycles, and our strong balance sheet provides the flexibility to invest where returns are most compelling,” he added.

BitFuFu mined 174 Bitcoin in Q3, and also increased its total holdings by 19% to 1,962 coins compared to the same time in 2024.  

Magazine: Big Questions: Did a time-traveling AI invent Bitcoin?

According to market reports, crypto analyst Crypto Patel has put forward bold targets for Dogecoin, saying the memecoin could reach $2 and $5 this cycle.

At the time of his post, DOGE was trading around $0.17, making those estimates equal to roughly 1,076% and over 2,800% gains from that level.

The call has drawn attention because it ties price hopes to repeating chart behavior rather than fresh fundamentals.

Chart Patterns And Historical Runs
According to the analyst’s charts, DOGE has formed a long-running descending triangle since its $0.75 peak in 2021. Traders are being shown a breakout followed by a retest pattern.

Reports point to similar setups in past rallies: in 2017 DOGE moved from about $0.00022 to $0.019 — roughly 9,800% — and in 2021 it climbed from about $0.0025 to $0.75, a surge of over 32,000%. Those runs are the basis for the “fractal confluence” argument that history could repeat.

DOGECOIN READY FOR ITS NEXT HISTORIC MEGA RUN 🚀

Breakout ✅

Retest ✅

Structure locked and loaded for a parabolic explosion!

The same pattern that sent $DOGE flying in 2017, 2021 is repeating again on the monthly timeframe and this time, the move looks even more powerful.… pic.twitter.com/yZIFHthnm5

— Crypto Patel (@CryptoPatel) November 11, 2025

A Recent Breakout, Retest Highlighted As Trigger
Based on reports, DOGE cleared the triangle in December 2024 during a US President Donald Trump-led crypto market boom, pushing above $0.48. The coin then came back to test the former trendline, which some traders call a normal step after a breakout.

Other analysts have flagged similarities between today’s action and the token’s early bull runs, and some see that as confirmation for more upside.

DOGE price forecast in the next 30 days. Source: CoinCodex
Short-Term Indicators Looking Up
Technical numbers show a nearer-term forecast of a rise of 13.51% to $0.2002 by December 12, 2025. Current readings described by data providers list sentiment as Bearish and the Fear & Greed Index at 20 (Fear).

Over the last 30 days DOGE had 13/30 (43%) green days and about 6.71% price volatility. Those numbers suggest that, for now, traders remain cautious even as longer-term charts are cited as bullish.

XRP market cap currently at $147 billion. Chart: TradingView
Bitwise DOGE ETF
Reports note that Bitwise moved forward with a DOGE ETF filing under Section 8(a) using CF Benchmarks’ settlement price, an action that could draw institutional interest if it progresses.

Meanwhile, on-chain snapshots indicate that large holders are trimming supply, while retail activity has ticked up and some momentum indicators have turned higher.

According to Bitwise, its fund would use the CF DOGE-Dollar Settlement Price from CF Benchmarks to calculate net asset value, which provides transparent, rules-based pricing across venues.

If approved, this structure could make DOGE more accessible to institutions needing a regulated vehicle, potentially boosting order book depth and easing inflows or outflows.

This increased access, combined with clearer pricing, could explain the recent movements in the market value of DOGE.

Featured image from Gemini, chart from TradingView

The sharp move unfolded within a $0.0121 range as price action confirmed a textbook lower-high, lower-low formation.Updated Nov 13, 2025, 5:18 a.m. Published Nov 13, 2025, 5:17 a.m.

The memecoin broke below the critical $0.1720 level on heavy volume as sellers dominated the London session, testing the resilience of long-term technical support.

News BackgroundDogecoin extended its decline Tuesday, tumbling 5.5% from $0.1831 to $0.1730 as bearish momentum accelerated across European trading hours. The sharp move unfolded within a $0.0121 range as price action confirmed a textbook lower-high, lower-low formation.

STORY CONTINUES BELOW

The breakdown gathered speed at 14:00 GMT, when trading volume exploded to 500.6 million tokens — 77% above the 24-hour average of 283 million. Heavy selling emerged at the $0.1789 resistance zone, triggering a cascade through successive support levels until buyers stabilized the move near $0.1719.

Despite modest stabilization late in the session, DOGE remained pinned near the lows. Attempts to rebound toward $0.1732 met immediate selling pressure, while elevated activity of 12.5 million tokens per hour during the recovery phase suggested distribution rather than accumulation.

Price Action SummaryDOGE’s session structure reflects deteriorating momentum with declining support strength. The failure to reclaim $0.1789 resistance validates a near-term bearish trend, while compression around $0.1730 highlights uncertainty among short-term traders.

The $0.1719 zone absorbed multiple retests, forming a fragile base that may define the next pivot for directional traders. Volume tapering from peak levels hints at temporary seller exhaustion, but without follow-through buying, the market remains vulnerable to another downside test.

Technical AnalysisWith no major fundamental triggers, price action remains purely technical. DOGE’s breakdown below its short-term moving averages reinforces the broader bearish bias that has persisted since early November. The hourly RSI sits near 38, indicating mildly oversold conditions but not yet capitulation.

Market analyst Kevin (@Kev_Capital_TA) highlights the weekly 200-EMA near $0.16 as Dogecoin’s structural “line in the sand.” That level has held through six previous retests since summer, marking the boundary between cyclical pullback and long-term trend reversal.

A decisive close below $0.17 would shift sentiment decisively bearish, while sustained defense above $0.1720 may allow for a near-term consolidation phase or relief bounce toward $0.1760.

What Traders Should KnowThe immediate focus is whether the $0.17 handle can hold under continued pressure. Institutional order-flow metrics suggest systematic de-risking rather than panic liquidation — leaving room for a technical rebound if volume subsides further.
Failure of the $0.1720–$0.1719 support cluster could expose the $0.1650–$0.1600 zone, where the weekly moving average sits as last-ditch structural support.

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The Japan Exchange Group (JPX) is considering measures to limit the growth of red-hot "digital-asset treasury" companies (DATs), Bloomberg reports. 

The shares of Tokyo-based Metaplanet, one of the largest Bitcoin treasury firms, have plunged by 7%.

Potential measuresJPX is looking at Stricter application of backdoor listing rules that make it possible for private companies to go public via mergers or acquisitions without a standard IPO. JPX may prohibit companies from pivoting to crypto accumulation if they were initially listed as a traditional business. 

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Companies will also be required to undergo audits when they change their focus to crypto.

Notably, the report says that no official decision has been made, and these are private discussions. 

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JPX has no formal ban on crypto accumulation by listed companies, but it is currently monitoring potential risks. 

Metplanet's plunge Metaplanet famously pivoted from hotels to crypto in 2024, copying the playbook of Michael Saylor's Strategy (Microstrategy).

The company managed to accumulate a total of 30,000 Bitcoins while aiming for as many as 210,000 coins. 

After stealing the show with its massive rally in 2024, the company's shares have now collapsed by roughly 75% from the mid-June peak. 

The regulatory pushback will further complicate Metaplent's predicament. 

Since September, three listed companies have paused plans to buy crypto because choosing crypto as a business strategy could limit their fundraising, the Bloomberg report says. 

NEW ORLEANS, Nov. 12, 2025 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until November 17, 2025 to file lead plaintiff applications in a securities class action lawsuit against Cytokinetics, Incorporated (NasdaqGS: CYTK), if they purchased or otherwise acquired the Company’s securities between December 27, 2023 and May 6, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.

Get Help

Cytokinetics investors should visit us at https://www.claimsfiler.com/cases/nasdaq-cytk or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Cytokinetics and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On March 10, 2025, the Company disclosed that the U.S. Food and Drug Administration (“FDA”) had decided not to convene an advisory committee meeting to review the Company’s New Drug Application (“NDA”) for its aficamten product. Then, on May 6, 2025, the Company disclosed that it had held multiple pre-NDA meetings with the FDA discussing safety monitoring and risk mitigation but chose to submit the NDA without a Risk Evaluation and Mitigation Strategy, instead relying on labeling and voluntary education materials.

On this news, the price of Cytokinetics’ shares fell, closing at $33.04 per share on May 7, 2025.

The case is Seidman v. Cytokinetics, Incorporated, et al., No. 25-cv-07923.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

NEW ORLEANS, Nov. 12, 2025 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until December 8, 2025 to file lead plaintiff applications in a securities class action lawsuit against WPP plc (NYSE: WPP), if they purchased or otherwise acquired the Company’s shares between February 27, 2025 and July 8, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.

Get Help

WPP investors should visit us at https://claimsfiler.com/cases/nyse-wpp/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

WPP and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On July 9, 2025, the Company published a trading update for the first half of 2025, disclosing that it had allegedly “seen a deterioration in performance as Q2 has progressed” due to both “continued macro uncertainty weighing on client spend and weaker net new business than originally anticipated,” as well as “some distraction to the business” as a result of the continued restructuring of WPP Media a.k.a. GroupM. The Company further disclosed that its CEO “will retire from the Board and as CEO on 31 December 2025.”

On this news, the price of WPP’s shares fell from a closing price of $35.82 per share on July 8, 2025 to $29.34 per share on July 9, 2025, a decline of about 18.1% in the span of just a single day.

The case is Marty v. WPP plc, 25-cv-08365.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

Q3: 2025-11-12 Earnings SummaryEPS of -$0.20 beats by $0.01

 |

Revenue of

$378.00K

(-77.78% Y/Y)

misses by $1.20M

Absci Corporation (ABSI) Q3 2025 Earnings Call November 12, 2025 4:30 PM EST

Company Participants

Alexander Khan - VP of Finance & Head of Investor Relations
Sean McClain - Founder, CEO, President & Director
Zachariah Jonasson - Chief Business Officer & CFO
Andreas Busch - Chief Innovation Officer & Member of Scientific Advisory Board

Conference Call Participants

Vamil Divan - Guggenheim Securities, LLC, Research Division
Brendan Smith - TD Cowen, Research Division
Sean Laaman - Morgan Stanley, Research Division
Gil Blum - Needham & Company, LLC, Research Division
Lut Ming Cheng - JPMorgan Chase & Co, Research Division
Srikripa Devarakonda - Truist Securities, Inc., Research Division

Presentation

Operator

Thank you for standing by. My name is Rochelle, and I will be your operator today. At this time, I would like to welcome everyone to the Absci Q3 2025 Business Update. [Operator Instructions]

I will now turn the conference call over to Alex Khan, VP, Finance and Investor Relations. Please go ahead.

Alexander Khan
VP of Finance & Head of Investor Relations

Thank you. Earlier today, Absci released financial and operating results for the quarter ended September 30, 2025. If you haven't received this news release or if you would like to be added to the company's distribution list, please send an e-mail to [email protected]. An archived webcast of this call will be available for replay on Absci's Investor Relations website at investors.absci.com for at least 90 days after this call.

Joining me today are Sean McClain, Absci's Founder and CEO; and Zach Jonasson, Chief Financial Officer and Chief Business Officer. Andreas Busch, Absci's Chief Innovation Officer, will also join for Q&A following prepared remarks.

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking within the meaning of the federal securities laws. These statements involve material risks and uncertainties

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