Market Signal Briefing

Aster token absolutely exploded Sunday after Binance founder CZ casually revealed he dropped over $2.5 million of his own money on it.

Journalist

Posted: November 3, 2025

Key Takeaways
Why has retail participation fallen so dramatically?
The arrival of ETFs in January 2024 was a major cause for the fall in small investor participation in Bitcoin flows to exchanges.

What does it mean for Bitcoin?
It will not affect Bitcoin or its price trends, though it does highlight how reality has shifted dramatically from the original vision that Satoshi had for Bitcoin.

Bitcoin [BTC] faced another wave of selling pressure on Monday, the 3rd of November. An earlier AMBCrypto report noted that this could be the early phase of a broader unwind, driven by stretched leverage and fading sentiment.

There was a risk of a deeper flush. The build-up of stablecoin firepower could catalyze a bullish reversal, and the recent weeks’ price action could be yet another market bottom.

Of course, the large liquidations last month left new investors hesitant to step in.

Retail participation has been dropping, but it was not just the recent chaos that has driven smaller participants away from onchain activity.

Charting the Bitcoin inflows from retail investors
The collapse in retail participation was not sudden and catastrophic, but steady and drawn out. In a post on CryptoQuant Insights, user Darkfost pointed out how retail inflows have fallen to just 20% of what they had been in early 2024.

Using the 90-day moving average of shrimp inflows to Binance, Darkfost observed that the launch of Spot Bitcoin ETFs in January 2024 accelerated the drop. For the uninitiated, these investors hold less than 0.1 BTC.

Average daily inflows sank from about 450 BTC early in the year to just 92 BTC at press time.

On top of that, this aligns with broader on-chain evidence showing smaller investors have been less active even as prices rallied.

Shrimp addresses hit slowdown
AMBCrypto’s review of Glassnode data confirmed the number of addresses holding at least 0.1 BTC stalled after a strong 2022 run. The count rose steadily until late 2023, reaching 4.58 million, but has since slipped to 4.44 million.

That slowdown implied many retail users shifted to ETF exposure rather than buying Bitcoin directly and moving it off exchanges. It suggested a structural shift in how newcomers gain BTC exposure.

Shrimp impact fades as institutions rise
The effect of falling small investor participation was likely negligible.

Since 2023, the lowest 7-DMA BTC inflow to Binance was 3,936.4 BTC in early July 2025. This was an order of magnitude bigger than the inflows from shrimp addresses by the end of 2023.

Shrimp-sized transactions no longer move the market needle. Institutional dominance and ETF vehicles have changed how retail interacts with the network.

The original vision of Bitcoin was to be used as a permissionless, peer-to-peer electronic cash. Much has changed in recent years, yet Bitcoin continues to function, though it does differ now from what Satoshi might have imagined.

Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories.
His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity.
Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution.
As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.

Charts indicate growing risk of a deeper decline to $100,000 or below, with consistent bias for put options in the options market. Nov 3, 2025, 1:00 p.m.

(Midjourney/Modified by CoinDesk)

What to know: Charts indicate a growing risk of a deeper decline to $100,000 or below, with consistent bias for put options in the options market.Altcoins including ethena (ENA), doublezero (2Z) and plasma (XPL) all faced heavy selling pressure.Bitcoin BTC$107,746.20 is trading under pressure after registering its first October loss since 2018. Charts indicate growing risk of a deeper decline to $100,000 or below, with consistent bias for put options in the options market.

The broader market continues to see capital outflows, as is evident from the decline in futures open interest.

STORY CONTINUES BELOW

According to Alex Kuptsikevich, the chief market analyst at The FxPro, the focus is on BTC's 200-day simple moving average at around $107,000.

"The ongoing testing of support since the second half of October is a significant reason for our caution regarding the market in the near term," he said in an email. "The most pessimistic scenario would be realised in the event of simultaneous pressure on the stock markets and a strengthening of the dollar. But optimists may also note the sequence of higher lows at the peaks of the sell-off."

Derivatives PositioningBy Omkar Godbole

BTC and ETH futures open interest (OI) remained largely unchanged in the past 24 hours, while OI in altcoins, including XRP, HYPE and DOGE dropped, indicating capital outflows from the broader market.However, the OI-normalized cumulative volume delta for BTC and ETH has declined in tandem with the broader market, suggesting that a bias towards short positions has driven the OI higher.Volmex's bitcoin and ether 30-day volatility indexes are on the rise again, pointing to renewed expectations for price turbulence. On the CME, BTC and ETH's annualized three-month basis remains locked below 10%. Positioning in ether futures and options remains elevated relative to bitcoin. On Deribit, BTC and ETH options show a bias for put options in the short- and near-dated expiries. Token TalkBy Oliver Knight

A woeful week of price action extended Monday with altcoins including ENA$0.3561, doublezero (2Z) and plasma XPL$0.2740 all facing heavy sell pressure.ENA and 2Z both slumped by 7% over the past 24 hours to compound a 30% decline over the past seven days. Plasma trades at $0.27, a stark contrast from this time last month when it was hovering around $0.90 the week after it went live.There is one reason for restrained optimism within the altcoin market: The average relative strength index is at 37.51/100, indicating oversold conditions that could lead to a relief rally.Much of that will depend on the direction of bitcoin BTC$107,746.20 and ether ETH$3,702.19, both of which are down to a lesser extent on Monday as they challenge levels of support at $107,500 and $3,700, respectively.A break to below these levels would cause a ripple effect across the altcoin market due to varying levels of liquidity which, coupled with potential derivatives liquidations, could spur a cascading effect.If bitcoin can move back above the $112,000 mark it would relieve bearish sentiment and give altcoins an opportunity to challenge previously resilient levels of resistance.The entire crypto market cap is at $3.59 trillion having lost $600 billion worth of value since Oct. 6.More For You

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Zcash Overtaking Monero Market Cap Points to Privacy-Coin Power Shift

20 minutes ago

Zcash's market cap rose to as high as $7.2 billion, while Monero's held around $6.3 billion.

What to know:

Zcash's market cap topped that of its more-established peer, monero, for several hours on Friday and again over the weekend.ZEC's rally is being driven by surging trading volume, technical breakouts and growing interest in privacy coins.Catalysts behind its outperformance include greater institutional acceptance and the endorsement of influential analyst and commentator Arthur Hayes.Read full story

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TL;DR

Miners moved 210,000 BTC to exchanges during October, while retaining a reserve of 1.89M BTC.
Binance received the largest portion, reflecting increased miner activity and potential profit-taking.
Despite this selling pressure, spot market buyers continue absorbing BTC, maintaining relatively low exchange balances and signaling ongoing accumulation and long-term confidence in Bitcoin.

Miners contributed to a noticeable increase in BTC exchange inflows last month, sending a total of 210,000 coins to trading platforms while keeping 1.89 million BTC in reserve. The trend accelerated in the past two weeks of October, with Binance receiving over 122,000 BTC. Analysts suggest that miners are preparing to secure profits after a period of producing coins at a loss, particularly as many pivot toward AI computation and data center investments.

Miners Increase Selling Pressure While Retaining Reserves
The surge in miner deposits coincided with Bitcoin dropping below its 200-day moving average, sliding into the $107,000 range in early November. Daily inflows included whale-sized transfers exceeding 10,000 BTC, putting short-term pressure on the market. Despite this, BTC remains relatively scarce on exchanges and OTC desks, as long-term accumulation continues. Miners’ reported reserves have declined from over 2M BTC last year, reflecting measured selling rather than panic.

The inflows to Binance since mid-October totaled approximately 108,000 BTC, suggesting a concentrated strategy rather than broad market dumping. Mining stocks have outperformed BTC in recent months, partly due to valuations tied to AI computing potential, highlighting a diversification trend in the sector.

Spot Markets Absorb Deposits, Limiting Immediate Impact
Even with elevated miner selling, spot market activity shows buyers continuing to absorb BTC deposits, redirecting coins to new wallets and supporting net accumulation. Spot exchanges now hold over 941,000 BTC, down slightly from prior levels. Netflows remained negative in October, but deposits coincided with over $4.5B of net accumulation, while USDT inflows exceeded $4B, hinting at potential new buying opportunities.

The BTC market exhibits caution rather than panic, with open interest dropping to around $32B and derivative markets becoming less attractive. Traders are closely watching the price for potential recovery above the 200-day moving average or for dips below $100,000. Overall, miner activity appears strategic, combining profit-taking with continued confidence in Bitcoin’s long-term value.

Key NotesCrypto analyst Crypto Patel remains bullish, forecasting a potential LTC price surge to $500–$1,000 in the next altcoin season.Analyst CryptoWZRD noted that LTC’s latest daily close was indecisive, advising patience until bulls stage a breakout past $101.50.Canary Capital Litecoin ETF saw strong initial inflows of $1.64 million AUM, holding around 18,000 LTC.
Over the broader crypto market sell-off, Litecoin

LTC
$91.55

24h volatility:
8.9%

Market cap:
$7.00 B

Vol. 24h:
$711.99 M

is once again facing strong selling pressure, correcting 8% in the last 24 hours, and currently testing support at $90. This has completely erased the LTC price gains past $100 last week, amid the launch of the Canary Capital Litecoin ETF. Despite this, market experts are hopeful that Litecoin can see a 10x rally over the next year.

Will LTC Price Rally to $1,000 Begin Soon?
Following a sharp drop off from $130 levels last month in October, LTC price has been oscillating in the $90-$100. Following the launch of the Canary Capital Litecoin ETF last week, the bulls were attempting a breakout past $100. However, the crypto market correction on Nov. 3 once again pushed the price to the $90 support.

Despite this, crypto market analyst Crypto Patel has expressed a bullish outlook on Litecoin (LTC). He suggested that the asset could surge between $500 and $1,000 in the next altcoin cycle.

According to Patel, Litecoin’s current levels below $90 present a strong accumulation opportunity. The market analyst believes that the LTC price is poised for a 10x upside once the altcoin season begins.

Crypto Patel noted that despite LTC not reaching a new all-time high after its third halving, unlike previous cycles, there remains a “real chance” for a breakout within the next year.

$LTC to $500–$1000? Could Explode in the Next Alt Season

Below $90 is a good chance to accumulate. $500–$1000 is possible in the next alt season: 10x isn’t impossible.#Litecoin didn’t hit a new ATH after the 3rd halving, unlike the first two. Still a chance for a new high… pic.twitter.com/ucLTOIsvBR

— Crypto Patel (@CryptoPatel) November 3, 2025

However, looking at the current market action, crypto analyst CryptoWZRD shared a cautious outlook on LTC price move for the near term. He noted that the asset closed indecisively in its latest daily session.

According to the analyst, holding above $101.50 would keep Litecoin in a bullish zone, while a drop below that level could signal further downside. CryptoWZRD emphasized the need to wait for clearer and more stable price action.

LTC Daily Technical Outlook:$LTC closed indecisively. We need to wait for more healthy price action to get a trade opportunity. Holding above $101.50 is bullish territory. Otherwise, it can decline further. We have to wait for a mature chart formation to engage with a trade 🤔 pic.twitter.com/UPMfgaEfua

— CRYPTOWZRD (@cryptoWZRD_) November 3, 2025

Litecoin ETF Gets Good Start
The launch of Canary Capital Litecoin ETF last week has received a good response with $1.64 million in assets under management (AUM). This shows that the fund currently holds close to 18,000 LTC as of the current price. It happened as the fund scooped 5,000 LTC on the first day of trading, according to data by DiscoverLitecoin.

Maxi Doge (MAXI) Presale Grabs Limelight
Degen meme coin Maxi Doge (MAXI) has once again been on investors’ radar recently, raising close to $4 million in the ongoing presale. Some of the key features of dog-themed meme coins include staking rewards and upcoming partnerships focused on perpetuals-based trading. The surge signals rising investor confidence and optimism about the token’s long-term prospects.

Presale highlights:

Current price: $0.000266.
Funds raised: $3.88 million.
Ticker: MAXI.

Investors can purchase MAXI tokens using credit cards, debit cards, or cryptocurrencies. With its fast-growing momentum and sustained investor interest, Maxi Doge is positioning itself as one of the best crypto presales of 2025.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Litecoin (LTC) News, News

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Bhushan Akolkar on X

Berachain has halted its network to perform an emergency hard fork after a Balancer exploit, with losses topping $128 million across chains.

Strategy's holdings account for more than 3% of the total 21 million bitcoin supply — worth around $69 billion.

Shiba Inu (CRYPTO: SHIB) is down another 6% but is seeing growing recognition from major players, with T. Rowe Price filing for the first U.S. Spot Shiba Inu ETF.

CryptocurrencyTickerPriceMarket Cap7-Day TrendShiba Inu(CRYPTO: SHIB)$0.059639$5.7 billion-7.6%Dogecoin(CRYPTO: DOGE)$0.1746 $26.5 billion-14%Pepe(CRYPTO: PEPE)$0.056118  $2.6 billion-15%Trader Notes: Javon Marks highlighted a bullish divergence in Shiba Inu performance against Bitcoin, suggesting a potential breakout setup that could drive hundreds of percent in upside.

Statistics: The burn rate spiked by 957.9% in the past 24 hours, with 11.3 million SHIB permanently removed from circulation, according to Shibburn data.

Community News: Grayscale's latest Market Byte officially listed Shiba Inu under the Consumer & Culture crypto sector in the FTSE Grayscale Crypto Sectors framework, recognizing it as a leading project shaping community, culture, and entertainment in the crypto space.

Grayscale described SHIB as a dog-based meme coin with real economic value and digital collectible properties.

Shibarium, Shiba Inu's Layer-2 blockchain, rolled out a major security upgrade aimed at enhancing decentralization and reducing single-point-of-failure risks.

The network continues to show robust activity with over 1.5 billion transactions, 300,000 total accounts, and 272.7 million wallet addresses.

Read Next: 

Bitcoin Drops To $107,000 As Ethereum, XRP, Dogecoin Plummet Over 5%
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Balancer, one of Ethereum's most established automated market makers, has suffered what appears to be its largest-ever exploit. More than $100 million in digital assets were drained from its vaults in a sophisticated attack that has sent shockwaves through the crypto ecosystem.

Clearance expands menu and enables high-sensitivity troponin I measurement to aid in the diagnosis of myocardial infarction

, /PRNewswire/ -- The U.S. Food and Drug Administration ("FDA") has granted QuidelOrtho Corporation (Nasdaq: QDEL) ("QuidelOrtho"), a global leader of in vitro diagnostics, 510(k) clearance for the VITROS hs Troponin I Reagent Pack (the "VITROS hs Troponin I Assay"). The assay is intended for the quantitative measurement of cardiac troponin I (cTnI) in human plasma (heparin) to aid in the diagnosis of myocardial infarction (MI).

VITROS™ Immunodiagnostic Products hs Troponin I Assay

QuidelOrtho Receives FDA 510(k) Clearance

"Cardiovascular care depends on speed, accuracy and confidence," said Jonathan Siegrist, PhD, Executive Vice President of Research & Development & Chief Technology Officer. "With FDA clearance of our VITROS hs Troponin I Assay, clinicians using VITROS Systems can access high-sensitivity cardiac troponin testing that fits seamlessly into existing workflows and supports timely, guideline-aligned decision-making in emergency and acute settings."

The VITROS Systems are built on dry-slide, MicroWell and INTELLICHECK™ Technologies designed to deliver workflow efficiency, reliability and quality clinical results in laboratories worldwide. To learn more about VITROS Systems, visit: VITROS Systems | QuidelOrtho.

"Behind every test result is a person and a family. As part of our ongoing commitment to our clinically impactful cardiac menu, our VITROS hs Troponin I Assay can help clinicians evaluate suspected heart attacks with speed and confidence. With this FDA clearance, laboratories running VITROS Systems can bring that capability to more patients consistently, when minutes matter," said Siegrist.

The commercial rollout for U.S. laboratories operating VITROS Systems will begin later this year. For ordering information, validation support or technical documentation, customers should contact their QuidelOrtho representative. 

Why this clearance matters:

Heart disease is the leading cause of death for men and women aged 45 and over, and for most racial and ethnic groups in the U.S.
Every 34 seconds, someone in the U.S. dies from cardiovascular disease.
In 2023, 919,032 people in the U.S. died from cardiovascular disease, about 1 in every 3 deaths.
High-sensitivity troponin assays can save more lives by identifying patients having a heart attack earlier, allowing faster rule out of low-risk patients and improving clinical outcomes for both patient groups. Studies show that implementing an hs troponin pathway can reduce 30-day mortality by 12% and 1-year mortality by 10% in patients with suspected acute coronary syndrome ("ACS"). High-sensitivity troponin tests consistently improve the accuracy and efficiency of identifying ACS patients for better patient care and outcomes.
About QuidelOrtho Corporation

With expertise spanning clinical chemistry, immunoassay, immunohematology and molecular testing, QuidelOrtho Corporation (Nasdaq: QDEL) is a leading global provider of diagnostic solutions, delivering fast, accurate and reliable results that help improve patient outcomes – from the point of care to hospital, lab to clinic. Building on a legacy of innovation, QuidelOrtho works with healthcare providers to advance diagnostics that connect insights with solutions, defining a clearer path for informed decisions and better care.

QuidelOrtho is dedicated to advancing diagnostics to power a healthier future. For more information, please visit quidelortho.com and follow QuidelOrtho on LinkedIn, Facebook and X.

Investor Contact:
Juliet Cunningham
Vice President, Investor Relations
[email protected]

Media Contact:
D. Nikki Wheeler
Senior Director, Corporate Communications
[email protected]

SOURCE QuidelOrtho Corporation

At 11:54 GMT, Light Crude Oil Futures are trading $60.63, down $0.35 or -0.57%.

OPEC+ Output Decision Overshadowed by Demand Concerns
Oil prices remained largely unchanged despite OPEC+ announcing plans to pause output increases in early 2025. The coalition confirmed a modest 137,000 bpd hike for December but signaled a halt to further additions in Q1.

This decision underscores concern about oversupply heading into the new year, especially as prices fell over 2% in October, marking the third straight monthly decline and touching five-month lows on October 20.

ING’s Warren Patterson noted that the move reflects growing acknowledgment of a significant surplus in early 2025. However, he warned that uncertainty remains over the impact of U.S. sanctions on Russian oil flows, which could skew the supply balance.

Geopolitical Risks Countered by Surging U.S. Supply
Despite persistent geopolitical tensions—including a Ukrainian drone attack on Russia’s Tuapse oil port over the weekend—oil markets are showing limited bullish response. The attack reportedly damaged a ship and caused a fire, adding to supply-side instability from the region.

However, rising U.S. production continues to offset geopolitical risk. According to the Energy Information Administration, U.S. crude output hit a record 13.8 million bpd in August, reinforcing a well-supplied market narrative.

NEW YORK--(BUSINESS WIRE)--Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) (the “Company” or “MindMed”), a late-stage clinical biopharmaceutical company developing novel product candidates to treat brain health disorders, today announced the closing of its previously announced underwritten public offering of 21,131,250 common shares, without par value, which includes the exercise in full by the underwriters of their option to purchase an additional 2,756,250 common shares, at a public offering price of $12.25 per common share. All of the shares were offered by MindMed. The gross proceeds from this offering were approximately $259 million, before deducting underwriting discounts and commissions and offering expenses payable by MindMed.

MindMed intends to use the net proceeds from this offering to fund the research and development of its product candidates and working capital and general corporate purposes. MindMed may also use a portion of the net proceeds to invest in or acquire additional businesses or compounds that it believes are complementary to its own, although it has no current plans, commitments or agreements with respect to any future acquisitions as of the date of this press release.

Jefferies, Leerink Partners and Evercore ISI acted as joint book-running managers for the offering. Oppenheimer & Co. and LifeSci Capital acted as lead managers. The offering closed on October 31, 2025. No distribution of the offering occurred in Canada or to a person resident in Canada.

The securities in the offering were offered by the Company pursuant to a shelf registration statement on Form S-3 (File No. 333-280548) that was filed with the U.S. Securities and Exchange Commission (“SEC”) on June 28, 2024, and became effective upon filing. The offering was made by means of a prospectus supplement and accompanying prospectus that form a part of the shelf registration statement. A final prospectus supplement and accompanying prospectus relating to and describing the terms of the offering was filed with the SEC and SEDAR+ on October 31, 2025 and is available on the SEC’s website at www.sec.gov and on SEDAR+’s website at www.sedarplus.ca. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, by contacting the following: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388 or by email at [email protected]; Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at [email protected]; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About MindMed

MindMed is a late-stage clinical biopharmaceutical company developing novel product candidates to treat brain health disorders. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative product candidates targeting neurotransmitter pathways that play key roles in brain health.

MindMed trades on NASDAQ under the symbol MNMD.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release related to the Company constitute “forward-looking information” within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and is therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “will,” “may,” “should,” “could,” “intend,” “estimate,” “plan,” “anticipate,” “expect,” “believe,” “potential” or “continue,” or the negative thereof or similar variations. Forward-looking information in this press release includes, but is not limited to, statements regarding the anticipated use of the net proceeds from the offering. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. These forward-looking statements are based on our current expectations, estimates, forecasts and projections about the offering, our business and the industry in which we operate and management’s beliefs and assumptions, including the non-occurrence of the risks and uncertainties that are described in our filings made with the SEC and the applicable Canadian securities regulators or other events occurring outside of our normal course of business, and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.

More News From Mind Medicine (MindMed) Inc.

DURHAM, N.C.--(BUSINESS WIRE)--Precision BioSciences, Inc. (Nasdaq: DTIL), a clinical stage gene editing company utilizing its novel proprietary ARCUS® platform to develop in vivo gene editing therapies for high unmet need diseases, today announced financial results for the third quarter ended September 30, 2025, and provided a business update. “Throughout the third quarter, we made strong progress across our gene editing pipeline and reported compelling Phase 1 safety and efficacy data for PBG.

RIYADH, Saudi Arabia--(BUSINESS WIRE)--Imagine a traveler’s perfect day planning itself, rerouting around a rainstorm, prompting a café to add staff before the lunch rush, suggesting a quiet gallery when crowds swell. This is the promise of Agentic Tourism, an AI-powered operating model introduced in a new white paper by TOURISE and Globant, a digitally native company that helps organizations thrive in a digital and AI-powered future, with strategic contribution from Kearney. The report, titled Tourism’s AI Takeover: Reinventing Travel through Agentic Tourism, presents a practical framework for transforming the tourism experience, making it more seamless, intelligent, and emotionally resonant.

In 2024, tourism generated 10.9 trillion dollars, nearly 10 percent of global GDP, and is projected to reach 16.5 trillion dollars by 2035. AI in the tourism market is expected to grow from 3.4 billion dollars in 2024 to 13.9 billion dollars by 2030; destinations face a clear choice, evolve with coordinated AI adoption or risk fragmentation, inefficiency, and diminished traveler satisfaction.

Released ahead of the inaugural TOURISE Summit in Riyadh this November 11 to 13, 2025, the white paper offers a roadmap for public and private sector leaders to apply AI across five key dimensions: experience, operations, sustainability, wellbeing, and economic opportunity. The goal is to help destinations across the entire tourism ecosystem act now, scale responsibly, and remain human-centered.

A Coordinated Model for the Future of Travel

Agentic Tourism introduces a system of autonomous AI agents governed by people and shared standards. These agents are designed to deliver measurable impact. They aim to reduce wait times, boost satisfaction scores, increase eco-friendly bookings, and unlock new economic value. The model includes five agent archetypes:

Experience Maximizer curates and adapts itineraries in real time, managing disruptions and enhancing personalization.

Operations Optimizer balances staff, assets, and services to improve efficiency and reduce bottlenecks.

Regeneration Guardian surfaces environmental and social impacts to promote responsible travel choices.

Wellness Agent uses contextual data to support traveler health, comfort, and safety.

Opportunity Connector matches visitors’ interests to local networks, events, and collaborators to create economic value.

The white paper serves as a strategic playbook, helping tourism destinations, governments, operators, platforms, and communities implement these innovations without losing the human touch that defines meaningful travel.

“Agentic Tourism is not just a model. It is a movement and those who adopt it first will shape the trajectory of future sector disruption,” said His Excellency Ahmed Al-Khateeb, Minister of Tourism and Chairman of the Board of TOURISE, “AI empowers every country to embrace an era that uplifts both established and emerging destinations, ensuring inclusive access for all. To accelerate innovation across tourism and its converging sectors, TOURISE will continue to collaborate with industry experts on a series of white papers presenting actionable data and high-impact research to address the sector’s most pressing challenges.”

“Tourism’s next chapter will be championed by destinations that orchestrate technology around people, not the other way around,” said Martín Migoya, CEO and Co-Founder at Globant, “Agentic Tourism provides a blueprint to digitize end-to-end digital experiences so hosts, travel operators, and destinations can transform isolated innovations into interconnected, adaptive and meaningful interactions at every journey.”

Download the full white paper and request an invitation to the TOURISE Summit at TOURISE.com.

About TOURISE

TOURISE is the world’s premier platform shaping a new horizon for global tourism.

Powered by the Saudi Ministry of Tourism, the inaugural TOURISE Summit will take place 11–13, November 2025 in Riyadh. TOURISE will convene visionaries from government, business, investment, and academia to unlock the innovations that will drive holistic impact initiatives and transformative deals that will reset the industry and build a tourism sector that is sustainable, equitable, and future-focused.

Physically exclusive and digitally inclusive, TOURISE will ensure broad global participation while providing targeted access to visionaries shaping the future of global tourism. Following the Summit, TOURISE will extend as a year-round platform where bold ideas become real-world solutions.

This is where the next 50 years of tourism are shaped. Together, we are unstoppable.

For more information about TOURISE, visit www.TOURISE.com and connect with the focused solutions.

About Globant

At Globant, we help organizations thrive in a digital and AI-powered future. Our industry-focused solutions combine technology and creativity to accelerate enterprise transformation and design experiences customers love. Through digital reinvention, our subscription-based AI Pods, and Globant Enterprise AI platform, we turn challenges into measurable business results and promised savings into real impact.

We have more than 30,000 employees and are present in over 35 countries across 5 continents, working for companies like Google, Electronic Arts, and Santander, among others.

We were named a Worldwide Leader in AI Services (2023) and a Worldwide Leader in Media Consultation, Integration, and Business Operations Cloud Service Providers (2024) by IDC MarketScape report.

We are the fastest-growing IT brand and the 5th strongest IT brand globally (2024), according to Brand Finance.

We were featured as a business case study at Harvard, MIT, and Stanford.

We are active members of The Green Software Foundation (GSF) and the Cybersecurity Tech Accord.

We are global partners of Open AI, NVIDIA, AWS and Unity bringing world-class technology together to accelerate innovation across industries.

For more information, visit www.globant.com. Sign up to get first dibs on press news and updates.

November 03, 2025 07:05 ET

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Unicycive Therapeutics, Inc.

LOS ALTOS, Calif., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Unicycive Therapeutics, Inc. (Nasdaq: UNCY), a clinical-stage biotechnology company developing therapies for patients with kidney disease (the “Company” or “Unicycive”), today announced that Shalabh Gupta, M.D., Chief Executive Officer, will participate in a fireside chat at the Guggenheim 2nd Annual Healthcare Innovation Conference on Monday, November 10, 2025, at 3:30 p.m. ET.

A link to the live and archived webcast may be accessed on the Unicycive website under the Investors section: Events and Presentations. To schedule a 1x1 meeting with management, please contact your conference representative.

About Unicycive Therapeutics

Unicycive Therapeutics is a biotechnology company developing novel treatments for kidney diseases. Unicycive’s lead investigational treatment is oxylanthanum carbonate, a novel phosphate binding agent currently under review by the U.S. Food and Drug Administration (FDA) for the treatment of hyperphosphatemia in patients with chronic kidney disease who are on dialysis. Unicycive’s second investigational treatment UNI-494 is intended for the treatment of conditions related to acute kidney injury. It has been granted orphan drug designation (ODD) by the FDA for the prevention of Delayed Graft Function (DGF) in kidney transplant patients and has completed a Phase 1 dose-ranging safety study in healthy volunteers. For more information, please visit Unicycive.com and follow us on LinkedIn and X.

Investor Contact:

Kevin Gardner
LifeSci Advisors
[email protected]

Media Contact:

Layne Litsinger
Real Chemistry
[email protected]

SOURCE: Unicycive Therapeutics, Inc.

KING OF PRUSSIA, Pa., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a leading global provider of indirect tax solutions, today announced financial results for its third quarter ended September 30, 2025 and the adoption of its first-ever stock repurchase program.

“Vertex delivered a solid third quarter with double-digit revenue growth and robust profitability, along with very strong cash flow,” said David DeStefano, Vertex’s President, Chief Executive Officer and Chairperson of the Board. “As we look forward, we remain very confident in our long-term market opportunity. We believe cloud migrations as well as ever-increasing complexity in tax regimes worldwide will continue to drive strong demand for our solutions, especially with companies that are currently using home-grown solutions for indirect tax compliance.”

Mr. DeStefano continued, “As I segue into my new role as non-executive chairperson of Vertex’s Board of Directors, we are very excited to welcome my successor, Christopher Young, to Vertex as President and CEO later this month. It’s a testament to our business and our market opportunity that we were able to attract a blue-chip candidate like Chris to lead this Company to the next level. He has deep experience leading and scaling large- and mega-cap technology companies, and in his most recent role as a member of the executive leadership team at Microsoft, he had a front-row seat to Microsoft’s push into Artificial Intelligence over the past several years. We look forward to introducing him to the investment community in the coming months.”

Third Quarter 2025 Financial Results

Total revenues of $192.1 million, up 12.7% year-over-year.Software subscription revenues of $164.8 million, up 12.7% year-over-year.Cloud revenues of $92.0 million, up 29.6% year-over-year.Annual Recurring Revenue (“ARR”) was $648.2 million, up 12.4% year-over-year.Average Annual Revenue per direct customer (“AARPC”) was $133,484 at September 30, 2025, compared to $118,800 at September 30, 2024, and $130,934 at June 30, 2025.Net Revenue Retention (“NRR”) was 107%, compared to 111% at September 30, 2024, and 108% at June 30, 2025.Gross Revenue Retention (“GRR”) was 95%, consistent with both September 30, 2024 and June 30, 2025.Income from operations of $4.3 million, compared to $4.9 million for the same period in the prior year.Non-GAAP operating income of $37.1 million, compared to $33.4 million for the same period in the prior year.Net income of $4.0 million, compared to $7.2 million for the same period in the prior year.Net income per basic Class A and Class B shares of $0.03 and net income per diluted Class A and Class B shares of $0.02, compared to net income per basic Class A and Class B shares of $0.05 and net income per diluted Class A and Class B shares of $0.04 for the same period in the prior year.Non-GAAP net income of $28.6 million and Non-GAAP diluted earnings per share (“EPS”) of $0.17.Adjusted EBITDA of $43.5 million, compared to $38.6 million for the same period in the prior year. Adjusted EBITDA margin of 22.6%, compared to 22.7% for the same period in the prior year.
Definitions of certain key business metrics and the non-GAAP financial measures used in this press release and reconciliations of such measures to the most directly comparable GAAP financial measures are included below under the headings “Definitions of Certain Key Business Metrics” and “Use and Reconciliation of Non-GAAP Financial Measures.”

Financial Outlook

For the fourth quarter of 2025, the Company currently expects:

Revenues of $192.0 million to $196.0 million; andAdjusted EBITDA of $40.0 million to $42.0 million. For the full-year 2025, the Company currently expects:

Revenues of $745.7 million to $749.7 million;Cloud revenue growth of 28%; andAdjusted EBITDA of $159.1 million to $161.1 million.
John Schwab, Chief Financial Officer added, “Our fourth quarter revenue guidance indicates a continuation of the trends we have witnessed in 2025, which primarily reflects lower than historical growth from existing customers. In addition, we are increasing full year Adjusted EBITDA guidance to reflect the improved profitability we delivered in the third quarter.”

The Company is unable to reconcile forward-looking Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, without unreasonable efforts because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact net income (loss) for these periods but would not impact Adjusted EBITDA. Such items may include stock-based compensation expense, depreciation and amortization of capitalized software costs and acquired intangible assets, severance expense, acquisition contingent consideration, changes in the fair value of acquisition contingent earn-outs, amortization of cloud computing implementation costs in general and administrative expense, adjustments to the settlement value of deferred purchase commitment liabilities, transaction costs, and other items. The unavailable information could have a significant impact on the Company’s net income (loss). The foregoing forward-looking statements reflect the Company’s expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. The Company does not intend to update its financial outlook until its next quarterly results announcement.

Important disclosures in this earnings release about and reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below under “Use and Reconciliation of Non-GAAP Financial Measures.”

$150 Million Class A Common Stock Repurchase Program

On October 30, 2025, as part of the Company's capital allocation strategy to maximize long-term stockholder value, the Company’s Board of Directors authorized a stock repurchase program, which will enable the Company to repurchase up to $150 million of the Company's outstanding shares of Class A common stock. Under the program, share repurchases may be made from time to time in one or more open market or privately negotiated transactions, and/or through other legally permissible means in accordance with applicable rules and regulations promulgated under the Securities Exchange Act of 1934, as amended.

The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. Any repurchased shares will be available for use in connection with the Company’s stock plans and for other corporate purposes. This repurchase program has no termination date and may be modified, suspended or discontinued at any time.

Conference Call and Webcast Information

Vertex will host a conference call at 8:30 a.m. Eastern Time today, November 3, 2025, to discuss its third quarter 2025 financial results.

Those wishing to participate may do so by dialing 1-412-317-6026 approximately ten minutes prior to start time. A listen-only webcast of the call will also be available through the Company’s Investor Relations website at https://ir.vertexinc.com.

A conference call replay will be available approximately one hour after the call by dialing 1-412-317-6671 and referencing passcode 10203709, or via the Company’s Investor Relations website. The replay will expire on November 17, 2025 at 11:59 p.m. Eastern Time.

About Vertex

Vertex, Inc. is a leading global provider of indirect tax solutions. The Company’s mission is to deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence. Vertex provides solutions that can be tailored to specific industries for major lines of indirect tax, including sales and consumer use, value added and payroll. Headquartered in North America, and with offices in South America and Europe, Vertex empowers the world’s leading brands to simplify the complexity of continuous compliance.

For more information, visit www.vertexinc.com or follow us on Twitter and LinkedIn.

Forward Looking Statements

Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies, and our stock repurchase program. Forward-looking statements are based on Vertex management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited to: our ability to maintain and grow revenue from existing customers and new customers, and expand their usage of our solutions; our ability to maintain and expand our strategic relationships with third parties; our ability to adapt to technological change and successfully introduce new solutions or provide updates to existing solutions; risks related to failures in information technology or infrastructure; challenges in using and managing use of Artificial Intelligence in our business; incorrect or improper implementation, integration or use of our solutions; failure to attract and retain qualified technical and tax-content personnel; competitive pressures from other tax software and service providers and challenges of convincing businesses using native enterprise resource planning functions to switch to our software; our ability to accurately forecast our revenue and other future results of operations based on recent success; our ability to offer specific software deployment methods based on changes to customers’ and partners’ software systems; our ability to continue making significant investments in software development and equipment; our ability to sustain and expand revenues, maintain profitability, and to effectively manage our anticipated growth; our ability to successfully diversify our solutions by developing or introducing new solutions or acquiring and integrating additional businesses, products, services, or content; our ability to successfully integrate acquired businesses and to realize the anticipated benefits of such acquisitions; risks related to the fluctuations in our results of operations; risks related to our expanding international operations; our exposure to liability from errors, delays, fraud or system failures, which may not be covered by insurance; our ability to adapt to organizational changes and effectively implement strategic initiatives; risks related to our determinations of customers’ transaction tax and tax payments; risks related to changes in tax laws and regulations or their interpretation or enforcement; our ability to manage cybersecurity and data privacy risks; our involvement in material legal proceedings and audits; risks related to undetected errors, bugs or defects in our software; risks related to utilization of open-source software, business processes and information systems; risks related to failures in information technology, infrastructure, and third-party service providers; our ability to effectively protect, maintain, and enhance our brand; changes in application, scope, interpretation or enforcement of laws and regulations; global economic weakness and uncertainties, including the economic uncertainty created by the changing legal, regulatory, or taxation landscape in the United States, and disruption in the capital and credit markets; business disruptions related to natural disasters, epidemic outbreaks, including a global endemic or pandemic, terrorist acts, political events, or other events outside of our control; our ability to comply with anti-corruption, anti-bribery, and similar laws; our ability to protect our intellectual property; changes in interest rates, security ratings and market perceptions of the industry in which we operate, or our ability to obtain capital on commercially reasonable terms or at all; our ability to maintain an effective system of disclosure controls and internal control over financial reporting, or ability to remediate any material weakness in our internal controls; risks related to our Class A common stock and controlled company status; risks related to our indebtedness and adherence to the covenants under our debt instruments; our expectations regarding the effects of the Capped Call Transactions and regarding actions of the Option Counterparties and/or their respective affiliates; and the other factors described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities Exchange Commission (“SEC”), on February 27, 2025 and may be subsequently updated by our other SEC filings.

All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.

Definitions of Certain Key Business Metrics

Annual Recurring Revenue (“ARR”)

We derive the vast majority of our revenues from recurring software subscriptions. We believe ARR provides us with visibility to our projected software subscription revenues in order to evaluate the health of our business. Because we recognize subscription revenues ratably, we believe investors can use ARR to measure our expansion of existing customer revenues, new customer activity, and as an indicator of future software subscription revenues. ARR is based on monthly recurring revenues (“MRR”) from software subscriptions for the most recent month at period end, multiplied by twelve. MRR is calculated by dividing the software subscription price, inclusive of discounts, by the number of subscription covered months. MRR only includes direct customers with MRR at the end of the last month of the measurement period. AARPC represents average annual revenue per direct customer and is calculated by dividing ARR by the number of software subscription direct customers at the end of the respective period.

Net Revenue Retention Rate (“NRR”)

We believe that our NRR provides insight into our ability to retain and grow revenues from our direct customers, as well as their potential long-term value to us. We also believe it demonstrates to investors our ability to expand existing customer revenues, which is one of our key growth strategies. Our NRR refers to the ARR expansion during the 12 months of a reporting period for all direct customers who were part of our customer base at the beginning of the reporting period. Our NRR calculation takes into account any revenues lost from departing direct customers or those who have downgraded or reduced usage, as well as any revenue expansion from migrations, new licenses for additional products or contractual and usage-based price changes.

Gross Revenue Retention Rate (“GRR”)

We believe our GRR provides insight into and demonstrates to investors our ability to retain revenues from our existing direct customers. Our GRR refers to how much of our MRR we retain each month after reduction for the effects of revenues lost from departing direct customers or those who have downgraded or reduced usage. GRR does not take into account revenue expansion from migrations, new licenses for additional products or contractual and usage-based price changes. GRR does not include revenue reductions resulting from cancellations of customer subscriptions that are replaced by new subscriptions associated with customer migrations to a newer version of the related software solution.

Customer Count

The following table shows Vertex’s direct customers, as well as indirect small business customers sold and serviced through the company’s one-to-many channel strategy.

CustomersQ3 2024Q4 2024Q1 2025Q2 2025Q3 2025Direct4,8554,9154,8884,8624,856Indirect448464481504516Total5,3035,3795,3695,3665,372 Use and Reconciliation of Non-GAAP Financial Measures

In addition to our results determined in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and key business metrics described above, we have calculated non-GAAP cost of revenues, non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expense, non-GAAP selling and marketing expense, non-GAAP general and administrative expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, Adjusted EBITDA, Adjusted EBITDA margin, free cash flow and free cash flow margin, which are each non-GAAP financial measures. We have provided tabular reconciliations of each of these non-GAAP financial measures to its most directly comparable GAAP financial measure.

Management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate financial performance and liquidity. Our non-GAAP financial measures are presented as supplemental disclosure as we believe they provide useful information to investors and others in understanding and evaluating our results, prospects, and liquidity period-over-period without the impact of certain items that do not directly correlate to our operating performance and that may vary significantly from period to period for reasons unrelated to our operating performance, as well as comparing our financial results to those of other companies. Our definitions of these non-GAAP financial measures may differ from similarly titled measures presented by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, the financial information prepared in accordance with GAAP, and should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 27, 2025, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, to be filed with the SEC.

We calculate these non-GAAP financial measures as follows:

Non-GAAP cost of revenues, software subscriptions is determined by adding back to GAAP cost of revenues, software subscriptions, the stock-based compensation expense, and depreciation and amortization of capitalized software and acquired intangible assets included in cost of subscription revenues for the respective periods.Non-GAAP cost of revenues, services is determined by adding back to GAAP cost of revenues, services, the stock-based compensation expense included in cost of revenues, services for the respective periods.Non-GAAP gross profit is determined by adding back to GAAP gross profit the stock-based compensation expense, and depreciation and amortization of capitalized software and acquired intangible assets included in cost of subscription revenues for the respective periods.Non-GAAP gross margin is determined by dividing non-GAAP gross profit by total revenues for the respective periods.Non-GAAP research and development expense is determined by adding back to GAAP research and development expense the stock-based compensation expense and transaction costs related to acquired technology included in research and development expense for the respective periods.Non-GAAP selling and marketing expense is determined by adding back to GAAP selling and marketing expense the stock-based compensation expense and the amortization of acquired intangible assets included in selling and marketing expense for the respective periods.Non-GAAP general and administrative expense is determined by adding back to GAAP general and administrative expense the stock-based compensation expense, amortization of cloud computing implementation costs and severance expense included in general and administrative expense for the respective periods.Non-GAAP operating income is determined by adding back to GAAP loss or income from operations the stock-based compensation expense, depreciation and amortization of capitalized software and acquired intangible assets included in cost of subscription revenues, amortization of acquired intangible assets included in selling and marketing expense, amortization of cloud computing implementation costs in general and administrative expense, severance expense, acquisition contingent consideration, changes in the fair value of acquisition contingent earn-outs, and transaction costs, included in GAAP loss or income from operations for the respective periods. Non-GAAP net income is determined by adding back to GAAP net income or loss the income tax benefit or expense, stock-based compensation expense, depreciation and amortization of capitalized software and acquired intangible assets included in cost of subscription revenues, amortization of acquired intangible assets included in selling and marketing expense, amortization of cloud computing implementation costs in general and administrative expense, severance expense, acquisition contingent consideration, adjustments to the settlement value of deferred purchase commitment liabilities recorded as interest expense, changes in the fair value of acquisition contingent earn-outs, and transaction costs, included in GAAP net income or loss for the respective periods to determine non-GAAP income or loss before income taxes. Non-GAAP income or loss before income taxes is then adjusted for income taxes calculated using the respective statutory tax rates for applicable jurisdictions, which for purposes of this determination were assumed to be 25.5%. Non-GAAP net income per diluted share of Class A and Class B common stock (“Non-GAAP diluted EPS”) is determined by dividing non-GAAP net income by the weighted average shares outstanding of all classes of common stock, inclusive of the impact of dilutive common stock equivalents to purchase such common stock, including stock options, restricted stock awards, restricted stock units and employee stock purchase plan shares. Additionally, the dilutive effect of shares issuable upon conversion of the senior convertible notes is included in the calculation of Non-GAAP diluted EPS by application of the if-converted method.Adjusted EBITDA is determined by adding back to GAAP net income or loss the net interest income or expense (including adjustments to the settlement value of deferred purchase commitment liabilities), income tax expense or benefit, depreciation and amortization of property and equipment, depreciation and amortization of capitalized software and acquired intangible assets included in cost of subscription revenues, amortization of acquired intangible assets included in selling and marketing expense, amortization of cloud computing implementation costs in general and administrative expense, stock-based compensation expense, severance expense, acquisition contingent consideration, changes in the fair value of acquisition contingent earn-outs, and transaction costs, included in GAAP net income or loss for the respective periods.Adjusted EBITDA margin is determined by dividing Adjusted EBITDA by total revenues for the respective periods.Free cash flow is determined by adjusting net cash provided by (used in) operating activities by purchases of property and equipment and capitalized software additions for the respective periods.Free cash flow margin is determined by dividing free cash flow by total revenues for the respective periods.
We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-GAAP financial measures in conjunction with the related GAAP financial measures.

Vertex, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)       As of September 30, As of December 31,(In thousands, except per share data) 2025   2024  (unaudited)  Assets     Current assets:     Cash and cash equivalents$313,506  $296,051 Funds held for customers 25,287   30,015 Accounts receivable, net of allowance of $15,069 and $16,838, respectively 131,502   164,432 Prepaid expenses and other current assets 48,532   36,678 Investment securities available-for-sale, at fair value (amortized cost of $0 and $9,147, respectively) —   9,157 Total current assets 518,827   536,333 Property and equipment, net of accumulated depreciation 202,655   177,559 Capitalized software, net of accumulated amortization 35,917   36,350 Goodwill and other intangible assets 396,997   363,021 Deferred commissions 28,812   27,480 Deferred income tax asset 22   19 Operating lease right-of-use assets 10,496   11,956 Long-term investment 15,000   — Other assets 13,132   14,073 Total assets$1,221,858  $1,166,791 Liabilities and Stockholders' Equity     Current liabilities:     Accounts payable$35,374  $36,215 Accrued expenses 39,788   35,169 Customer funds obligations 22,904   27,406 Accrued salaries and benefits 23,729   14,581 Accrued variable compensation 29,101   45,507 Deferred revenue, current 333,636   339,326 Current portion of operating lease liabilities 4,236   3,995 Current portion of finance lease liabilities 71   77 Purchase commitment and contingent consideration liabilities, current 27,100   35,100 Total current liabilities 515,939   537,376 Deferred revenue, net of current portion 5,407   4,840 Debt, net of current portion 336,913   335,220 Operating lease liabilities, net of current portion 10,093   12,585 Finance lease liabilities, net of current portion 61   10 Purchase commitment and contingent consideration liabilities, net of current portion 79,000   87,400 Deferred income tax liabilities 7,950   9,918 Deferred other liabilities 2,023   90 Total liabilities 957,386   987,439 Stockholders' equity:     Preferred shares, $0.001 par value, 30,000 shares authorized; no shares issued and outstanding —   — Class A voting common stock, $0.001 par value, 300,000 shares authorized; 77,315 and 70,670 shares issued and outstanding, respectively 77   71 Class B voting common stock, $0.001 par value, 150,000 shares authorized; 82,156 and 86,481 shares issued and outstanding, respectively 82   86 Additional paid in capital 304,177   278,389 Accumulated deficit (39,101)  (53,315)Accumulated other comprehensive loss (763)  (45,879)Total stockholders' equity 264,472   179,352 Total liabilities and stockholders' equity$1,221,858  $1,166,791  Vertex, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)             Three months ended Nine months ended September 30, September 30,(In thousands, except per share data) 2025   2024   2025   2024  (unaudited) (unaudited)Revenues:           Software subscriptions$164,824  $146,254  $473,429  $414,527 Services 27,288   24,181   80,304   73,793 Total revenues 192,112   170,435   553,733   488,320 Cost of revenues:           Software subscriptions 50,034   43,641   138,738   131,030 Services 20,762   16,270   59,485   48,286 Total cost of revenues 70,796   59,911   198,223   179,316 Gross profit 121,316   110,524   355,510   309,004 Operating expenses:           Research and development 19,929   15,621   61,397   47,080 Selling and marketing 47,385   42,111   143,994   123,143 General and administrative 44,609   41,499   133,029   112,915 Depreciation and amortization 6,372   5,214   18,439   15,432 Change in fair value of acquisition contingent earn-outs (4,000)  —   (16,400)  — Other operating expense (income), net 2,701   1,183   10,109   (442)Total operating expenses 116,996   105,628   350,568   298,128 Income from operations 4,320   4,896   4,942   10,876 Interest income, net (1,245)  (2,938)  (4,012)  (2,471)Income before income taxes 5,565   7,834   8,954   13,347 Income tax expense (benefit) 1,520   613   (5,260)  (1,722)Net income 4,045   7,221   14,214   15,069 Other comprehensive (income) loss:           Foreign currency translation adjustments, net of tax (286)  (8,955)  (45,125)  (1,609)Unrealized loss (gain) on investments, net of tax —   (24)  9   (26)Total other comprehensive income, net of tax (286)  (8,979)  (45,116)  (1,635)Total comprehensive income$4,331  $16,200  $59,330  $16,704             Net income per share of Class A and Class B, basic$0.03  $0.05  $0.09  $0.10 Net income per share of Class A and Class B, dilutive$0.02  $0.04  $0.09  $0.09  Vertex, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)       Nine months ended September 30,(In thousands) 2025   2024  (unaudited)Cash flows from operating activities:     Net income$14,214  $15,069 Adjustments to reconcile net income to net cash provided by operating activities:     Depreciation and amortization 70,797   61,448 Amortization of cloud computing implementation costs 2,895   2,994 Provision for subscription cancellations and non-renewals (498)  (470)Amortization of deferred financing costs 2,041   1,345 Change in fair value of contingent consideration liabilities (16,200)  (2,275)Change in settlement value of deferred purchase commitment liability —   423 Write-off of deferred financing costs —   276 Stock-based compensation expense 46,249   36,459 Deferred income taxes (3,029)  (8,615)Non-cash operating lease costs 2,440   2,038 Other (60)  (151)Changes in operating assets and liabilities:     Accounts receivable 35,819   15,593 Prepaid expenses and other current assets (14,489)  (10,245)Deferred commissions (1,332)  (1,302)Accounts payable (963)  4,535 Accrued expenses 4,362   (851)Accrued and deferred compensation (10,910)  3,032 Deferred revenue (6,784)  9,411 Operating lease liabilities (3,191)  (2,856)Payments for purchase commitment and contingent consideration liabilities in excess of initial fair value (200)  (4,367)Other 2,114   2,197 Net cash provided by operating activities 123,275   123,688 Cash flows from investing activities:     Acquisition of businesses and assets, net of cash acquired —   (71,755)Long-term investment (15,000)  — Property and equipment additions (69,342)  (47,520)Capitalized software additions (16,444)  (16,357)Purchase of investment securities, available-for-sale (2,398)  (12,246)Proceeds from sales and maturities of investment securities, available-for-sale 11,607   14,610 Net cash used in investing activities (91,577)  (133,268)Cash flows from financing activities:     Net increase (decrease) in customer funds obligations (4,502)  6,032 Proceeds from convertible senior notes —   345,000 Principal payments on long-term debt —   (46,875)Payments on third-party debt —   (3,904)Payment for purchase of capped calls —   (42,366)Payments for deferred financing costs —   (11,374)Proceeds from purchases of stock under ESPP 1,782   1,443 Payments for taxes related to net share settlement of stock-based awards (27,178)  (19,990)Proceeds from exercise of stock options 7,706   4,689 Payments for purchase commitment and contingent consideration liabilities —   (7,580)Payments of finance lease liabilities (50)  (70)Net cash provided by (used in) financing activities (22,242)  225,005 Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,271   810 Net increase in cash, cash equivalents and restricted cash 12,727   216,235 Cash, cash equivalents and restricted cash, beginning of period 326,066   89,151 Cash, cash equivalents and restricted cash, end of period$338,793  $305,386 Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets, end of period:     Cash and cash equivalents$313,506  $278,979 Restricted cash—funds held for customers 25,287   26,407 Total cash, cash equivalents and restricted cash, end of period$338,793  $305,386  Summary of Non-GAAP Financial Measures
(Unaudited)  Three months ended  Nine months ended
  September 30,
  September 30,
 (Dollars in thousands, except per share data) 2025   2024   2025   2024 Non-GAAP cost of revenues, software subscriptions$30,673  $28,549  $83,392  $83,470 Non-GAAP cost of revenues, services$19,421  $15,712  $55,424  $46,157 Non-GAAP gross profit$142,018  $126,174  $414,917  $358,693 Non-GAAP gross margin 73.9%  74.0%  74.9%  73.5%Non-GAAP research and development expense$16,766  $12,897  $51,370  $39,061 Non-GAAP selling and marketing expense$43,406  $38,454  $129,872  $111,149 Non-GAAP general and administrative expense$38,437  $35,837  $113,110  $94,037 Non-GAAP operating income$37,121  $33,409  $100,642  $98,449 Non-GAAP net income$28,582  $27,079  $77,967  $75,501 Non-GAAP diluted EPS$0.17  $0.16  $0.47  $0.46 Adjusted EBITDA$43,493  $38,623  $119,081  $113,881 Adjusted EBITDA margin 22.6%  22.7%  21.5%  23.3%Free cash flow$30,152  $18,365  $37,489  $59,811 Free cash flow margin 15.7%  10.8%  6.8%  12.2% Vertex, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)             Three months ended Nine months ended September 30, September 30,(Dollars in thousands) 2025   2024   2025   2024 Non-GAAP Cost of Revenues, Software Subscriptions:           Cost of revenues, software subscriptions$50,034  $43,641  $138,738  $131,030 Stock-based compensation expense (1,218)  (894)  (4,678)  (3,437)Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues (18,143)  (14,198)  (50,668)  (44,123)Non-GAAP cost of revenues, software subscriptions$30,673  $28,549  $83,392  $83,470             Non-GAAP Cost of Revenues, Services:           Cost of revenues, services$20,762  $16,270  $59,485  $48,286 Stock-based compensation expense (1,341)  (558)  (4,061)  (2,129)Non-GAAP cost of revenues, services$19,421  $15,712  $55,424  $46,157             Non-GAAP Gross Profit:           Gross profit$121,316  $110,524  $355,510  $309,004 Stock-based compensation expense 2,559   1,452   8,739   5,566 Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues 18,143   14,198   50,668   44,123 Non-GAAP gross profit$142,018  $126,174  $414,917  $358,693             Non-GAAP Gross Margin:           Total Revenues$192,112  $170,435  $553,733  $488,320 Non-GAAP gross margin 73.9 %  74.0 %  74.9 %  73.5 %            Non-GAAP Research and Development Expense:           Research and development expense$19,929  $15,621  $61,397  $47,080 Stock-based compensation expense (3,163)  (2,001)  (10,027)  (7,296)Transaction costs —   (723)  —   (723)Non-GAAP research and development expense$16,766  $12,897  $51,370  $39,061             Non-GAAP Selling and Marketing Expense:           Selling and marketing expense$47,385  $42,111  $143,994  $123,143 Stock-based compensation expense (3,391)  (2,951)  (12,432)  (10,101)Amortization of acquired intangible assets – selling and marketing expense (588)  (706)  (1,690)  (1,893)Non-GAAP selling and marketing expense$43,406  $38,454  $129,872  $111,149             Non-GAAP General and Administrative Expense:           General and administrative expense$44,609  $41,499  $133,029  $112,915 Stock-based compensation expense (4,102)  (3,730)  (15,051)  (13,496)Severance expense (1,199)  (927)  (1,973)  (2,388)Amortization of cloud computing implementation costs – general and administrative expense (871)  (1,005)  (2,895)  (2,994)Non-GAAP general and administrative expense$38,437  $35,837  $113,110  $94,037  Vertex, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
(Unaudited)             Three months ended Nine months ended September 30, September 30,(In thousands, except per share data) 2025   2024   2025   2024 Non-GAAP Operating Income:           Income from operations$4,320  $4,896  $4,942  $10,876 Stock-based compensation expense 13,215   10,134   46,249   36,459 Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues 18,143   14,198   50,668   44,123 Amortization of acquired intangible assets – selling and marketing expense 588   706   1,690   1,893 Amortization of cloud computing implementation costs – general and administrative expense 871   1,005   2,895   2,994 Severance expense 1,199   927   1,973   2,388 Acquisition contingent consideration —   100   200   (2,275)Change in fair value of acquisition contingent earn-outs (4,000)  —   (16,400)  — Transaction costs 2,785   1,443   8,425   1,991 Non-GAAP operating income$37,121  $33,409  $100,642  $98,449                         Non-GAAP Net Income:           Net income$4,045  $7,221  $14,214  $15,069 Income tax expense (benefit) 1,520   613   (5,260)  (1,722)Stock-based compensation expense 13,215   10,134   46,249   36,459 Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues 18,143   14,198   50,668   44,123 Amortization of acquired intangible assets – selling and marketing expense 588   706   1,690   1,893 Amortization of cloud computing implementation costs – general and administrative expense 871   1,005   2,895   2,994 Severance expense 1,199   927   1,973   2,388 Acquisition contingent consideration —   100   200   (2,275)Change in fair value of acquisition contingent earn-outs (4,000)   —    (16,400)   —  Transaction costs 2,785   1,443   8,425   1,991 Change in settlement value of deferred purchase commitment liability – interest expense —   —   —   423 Non-GAAP income before income taxes 38,366   36,347   104,654   101,343 Income tax adjustment at statutory rate(1) (9,784)  (9,268)  (26,687)  (25,842)Non-GAAP net income$28,582  $27,079  $77,967  $75,501             Non-GAAP Diluted EPS:           Non-GAAP net income$28,582  $27,079  $77,967  $75,501 Interest expense (net of tax), convertible senior notes(2) 903   923   2,709   1,524 Non-GAAP net income used in dilutive per share computation$29,485  $28,002  $80,676  $77,025             Weighted average Class A and B common stock, diluted 162,171   162,138   162,494   161,387 Dilutive effect of convertible senior notes(2) 9,498   8,194   9,498   5,462 Total average Class A and B shares used in dilutive per share computation 171,669   170,332   171,992   166,849 Non-GAAP diluted EPS$0.17  $0.16  $0.47  $0.46                         (1) Non-GAAP income before income taxes is adjusted for income taxes using the respective statutory tax rates for applicable jurisdictions, which for purposes of this determination were assumed to be 25.5%.(2) We use the if-converted method to compute diluted earnings per share with respect to our convertible senior notes. Interest expense and additional dilutive shares related to the notes are added back to the calculation when their impact is dilutive. In periods when the impact is anti-dilutive, there is no add-back of interest expense or additional dilutive shares related to the notes. Vertex, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
(Unaudited)             Three months ended Nine months ended September 30, September 30,(Dollars in thousands) 2025   2024   2025   2024 Adjusted EBITDA:           Net income$4,045  $7,221  $14,214  $15,069 Interest income, net (1,245)  (2,938)  (4,012)  (2,471)Income tax expense (benefit) 1,520   613   (5,260)  (1,722)Depreciation and amortization – property and equipment 6,372   5,214   18,439   15,432 Depreciation and amortization of capitalized software and acquired intangible assets – cost of subscription revenues 18,143   14,198   50,668   44,123 Amortization of acquired intangible assets – selling and marketing expense 588   706   1,690   1,893 Amortization of cloud computing implementation costs – general and administrative expense 871   1,005   2,895   2,994 Stock-based compensation expense 13,215   10,134   46,249   36,459 Severance expense 1,199   927   1,973   2,388 Acquisition contingent consideration —   100   200   (2,275)Change in fair value of acquisition contingent earn-outs (4,000)  —   (16,400)  — Transaction costs 2,785   1,443   8,425   1,991 Adjusted EBITDA$43,493  $38,623  $119,081  $113,881             Adjusted EBITDA Margin:           Total revenues$192,112  $170,435  $553,733  $488,320 Adjusted EBITDA margin 22.6 %  22.7 %  21.5 %  23.3 %                          Three months ended Nine months ended September 30, September 30,(Dollars in thousands) 2025
   2024   2025   2024 Free Cash Flow:           Cash provided by operating activities$62,467  $41,396  $123,275  $123,688 Property and equipment additions (26,436)  (17,771)  (69,342)  (47,520)Capitalized software additions (5,879)  (5,260)  (16,444)  (16,357)Free cash flow$30,152  $18,365  $37,489  $59,811             Free Cash Flow Margin:           Total revenues$192,112  $170,435  $553,733  $488,320 Free cash flow margin 15.7 %  10.8 %  6.8 %  12.2 %                 Investor Relations Contact:
Joe Crivelli
Vertex, Inc.
[email protected]

Media Contact:

Rachel Litcofsky
Vertex, Inc.
[email protected]

SALT LAKE CITY , Nov. 3, 2025 /PRNewswire/ -- As business leaders worldwide focus on re-energizing workforces after years of upheaval, Kevin Guest, Executive Chairman of USANA Health Sciences (NYSE: USNA), is urging CEOs to lead with renewed authenticity, empathy, and moral clarity—principles he calls "the real foundation of sustainable success." "No doubt, technology and strategy will always matter," Guest said.

SummaryDatadog is positioned to benefit from accelerating AI-driven cloud workloads, leveraging rapid product innovation in observability and security.
AI revenue for DDOG grew 253% YoY, now representing 11% of total revenue, with significant runway as AI adoption expands across its customer base.
DDOG stands out for comprehensive AI observability features, strong integrations, and a large customer base, though faces risk from hyperscaler competition.
NicoElNino/iStock via Getty Images

By Anthony Goh, Senior Investment Research Analyst @ Khaveen Investments

In our last coverage of Datadog, Inc. (DDOG), we highlighted how the cloud observability and security company's growth performance has been in line

Analyst’s Disclosure:I/we have a beneficial long position in the shares of DDOG 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.

No information in this publication is intended as investment, tax, accounting, or legal advice, or as an offer/solicitation to sell or buy. Material provided in this publication is for educational purposes only and was prepared from sources and data believed to be reliable, but we do not guarantee its accuracy or completeness.

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.

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Fast Track Designation was granted for BB-301 following FDA review of positive interim clinical study results and proprietary Responder Analysis planned for use in pivotal study for BB-301 BB-301 has also been granted Orphan Drug Designation from both FDA and EMA All six patients enrolled into Cohort 1 met the formal statistical criteria for response to BB-301, representing a 100% response rate Following the administration of BB-301, Cohort 1 patients experienced significant continuing reductions in dysphagic symptom burden, post-swallow residue accumulation, time required to consume fixed volumes of liquid, and improved pharyngeal closure during swallowing First patient in Cohort 2 successfully treated with BB-301 in fourth quarter of 2025Benitec plans to meet with the FDA in 2026 to confirm the BB-301 pivotal study designDr. Sharon Mates, who served as Chairman, Chief Executive Officer, and Co-founder of Intra-Cellular Therapies Inc., appointed to the Benitec Biopharma Board of Directors as previously disclosed
HAYWARD, Calif., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Benitec Biopharma Inc. (NASDAQ: BNTC) (“Benitec” or “Company”), a clinical-stage, gene therapy-focused, biotechnology company developing novel genetic medicines based on its proprietary “Silence and Replace” DNA-directed RNA interference (“ddRNAi”) platform, today provides positive interim clinical results for the BB-301 Phase 1b/2a Clinical Trial. Following administration of BB-301, Cohort 1 patients demonstrated significant and sustained improvements across multiple clinical measures including dysphagic symptom burden, post-swallow residue accumulation, time required to consume fixed volumes of liquid, as well as improved pharyngeal closure during swallowing. All six patients enrolled into Cohort 1 met the formal statistical criteria for response to BB-301, representing a 100% response rate. Following review of these encouraging interim data, the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to BB-301 for the treatment of OPMD with dysphagia. BB-301 was also previously granted Orphan Drug Designation from both the FDA and European Medical Association (EMA).

“Progressive dysphagia is a severe, life-threatening complication of OPMD which impacts 97% of OPMD patients, often leading to serious health risks, such as chronic choking, malnutrition, aspiration pneumonia, and death. We are excited by the profound effect that BB-301 can potentially have on this progressive disease as demonstrated by the interim clinical trial results for Cohort 1, where 100% of patients were responders” said Jerel A. Banks, M.D., Ph.D., Executive Chairman and Chief Executive Officer of Benitec Biopharma Inc. “Securing Fast Track designation for BB-301 reflects the strength of our clinical data and the urgency of the unmet need in OPMD. This recognition validates our team’s scientific and strategic execution, and we look forward to continued collaboration with the FDA as we advance toward a pivotal clinical trial.”

The pre-treatment data for Cohort 1 patients reflect the first six months of Natural History Study follow-up and the final pre-treatment visit (i.e., the Phase 1 Screening Visit)

The interim post-treatment data for Cohort 1 patients reflect the following:

12-months of post-BB-301-treatment follow-up for Patient 1 and Patient 29-months of post-BB-301-treatment follow-up for Patient 36-months of post-BB-301-treatment follow-up for Patient 4 and Patient 5; and3-months of post-BB-301-treatment follow-up for Patient 6 As the total dysphagic symptom burden experienced by OPMD patients has several known underlying contributors, the development of a multi-component composite endpoint to evaluate the potential treatment effects of BB-301 allows for incorporation of multiple discrete assessments that, in total, assess disease progression and treatment benefit of BB-301.

The BB-301 Responder Analysis (the multi-component composite endpoint) is comprised of a combination of patient-reported outcome results, objective assessment results, and swallowing capacity assessment results:

Patient-Reported Outcome assessment results include: Sydney Swallow Questionnaire or “SSQ” resultsObjective Assessment Results include: Videofluoroscopic swallowing study results (Pharyngeal Area at Maximum Constriction or “PhAMPC”, Post-Swallow Pharyngeal Residue as measured by Total Pharyngeal Residue or “TPR” and Normalized Residue Ratio Scale or “NRRS”, Frequency of sequential swallows or “SEQ”)Functional Swallowing Capacity Assessment Results include: Clinically administered drinking assessment results (as measured by the cold-water timed drinking test or “CWDT”)
Following the administration of BB-301, Cohort 1 patients experienced clinically significant reductions, and met the formal statistical criteria for response, in the following assessments:

Summary of Cohort 1 Results

To date, the Benitec OPMD Natural History Study and the BB-301 Phase 1b/2a Clinical Trial represent the only clinical studies ever conducted which employ serial evaluation of the dysphagic symptom burden of OPMD patients and serial radiographic evaluation of the anatomical and functional elements of swallowing in OPMD patients at a frequency of approximately every 3-months. Positive interim clinical study results demonstrate the significant and durable clinical benefit achieved by patients treated with BB-301.

Company Webcast Information:

Webcast title: Interim BB-301 Phase 1b/2a Clinical Study Update

A live webcast of the interim clinical data presentation, will be held at 8:00 AM ET on Monday, November 3, 2025, and can be accessed by clicking here.

The event replay and corresponding slides will be placed on the News & Events tab on the Investor page of the Benitec website.

About BB-301
BB-301 is a novel, modified AAV9 capsid expressing a unique, single bifunctional construct promoting co-expression of both codon-optimized Poly-A Binding Protein Nuclear-1 (PABPN1) and two small inhibitory RNAs (siRNAs) against mutant PABPN1 (the causative gene for OPMD). The two siRNAs are modeled into microRNA backbones to silence expression of faulty mutant PABPN1, while allowing expression of the codon-optimized PABPN1 to replace the mutant with a functional version of the protein. We believe the silence and replace mechanism of BB-301 is uniquely positioned for the treatment of OPMD by halting mutant expression while providing a functional replacement protein. BB-301 has received Orphan Drug Designation from the EMA and Orphan Drug and Fast Track Designations from the FDA.

About Benitec Biopharma, Inc.
Benitec Biopharma Inc. (“Benitec” or the “Company”) is a clinical-stage biotechnology company focused on the advancement of novel genetic medicines with headquarters in Hayward, California. The proprietary “Silence and Replace” DNA-directed RNA interference platform combines RNA interference, or RNAi, with gene therapy to create medicines that simultaneously facilitate sustained silencing of disease-causing genes and concomitant delivery of wildtype replacement genes following a single administration of the therapeutic construct. The Company is developing Silence and Replace-based therapeutics for chronic and life-threatening human conditions including Oculopharyngeal Muscular Dystrophy (OPMD). A comprehensive overview of the Company can be found on Benitec’s website at www.benitec.com.

Forward Looking Statements
Except for the historical information set forth herein, the matters set forth in this press release include forward-looking statements, including statements regarding Benitec’s plans to develop and commercialize its product candidates and the clinical utility and potential attributes and benefits of ddRNAi and Benitec’s product candidates, and other forward-looking statements.

These forward-looking statements are based on the Company’s current expectations and subject to risks and uncertainties that may cause actual results to differ materially, including unanticipated developments in and risks related to: the success of our plans to develop and potentially commercialize our product candidates; the timing of the completion of preclinical studies and clinical trials; the timing and sufficiency of patient enrollment and dosing in any future clinical trials; the timing of the availability of data from our clinical trials; the timing and outcome of regulatory filings and approvals; the development of novel AAV vectors; our potential future out-licenses and collaborations; the plans of licensees of our technology; the clinical utility and potential attributes and benefits of ddRNAi and our product candidates, including the potential duration of treatment effects and the potential for a “one shot” cure; our intellectual property position and the duration of our patent portfolio; expenses, ongoing losses, future revenue, capital needs and needs for additional financing, and our ability to access additional financing given market conditions and other factors; the length of time over which we expect our cash and cash equivalents to be sufficient to execute on our business plan; unanticipated delays; further research and development and the results of clinical trials possibly being unsuccessful or insufficient to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of patients in clinical trials; determinations made by the FDA and other governmental authorities and other regulatory developments; the Company’s ability to protect and enforce its patents and other intellectual property rights; the Company’s dependence on its relationships with its collaboration partners and other third parties; the efficacy or safety of the Company’s products and the products of the Company’s collaboration partners; the acceptance of the Company’s products and the products of the Company’s collaboration partners in the marketplace; market competition; sales, marketing, manufacturing and distribution requirements; greater than expected expenses; expenses relating to litigation or strategic activities; the impact of, and our ability to remediate, the identified material weakness in our internal controls over financial reporting, the impact of local, regional, and national and international economic conditions and events; and other risks detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission. The Company disclaims any intent or obligation to update these forward-looking statements.

Investor Relations Contact:

Irina Koffler
LifeSci Advisors, LLC
(917) 734-7387
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/82289b3c-6338-4e34-9274-b0507edf6346

IREN has signed a multi-year deal with Microsoft to use its cloud-based graphics processing services.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. 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.

November 03, 2025 7:17 AM EST | Source: First Phosphate Corp.
Saguenay, Quebec--(Newsfile Corp. - November 3, 2025) - First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) ("First Phosphate" or the "Company") is pleased to announce that its common shares have now been listed for trading on the Tradegate Exchange ("Tradegate") in Germany (TDG: KD0).

This expanded access on Tradegate will allow European investors to trade in the shares of First Phosphate directly within EU market hours as well as during extended trading hours across all major European time zones, improving convenience and exposure for the Company's shares internationally.

The Tradegate listing complements First Phosphate's existing listings on the Canadian Securities Exchange (PHOS), the OTCQX Best Market in the United States (FRSPF), and the Frankfurt Stock Exchange (KD0).

Tradegate's focus on international issuers enables broader market participation for investors interested in aligning with First Phosphate's vision of onshoring the lithium iron phosphate ("LFP") battery supply chain in North America and Europe using North American critical minerals.

First Phosphate has recently produced commercial-grade LFP 18650 battery cells using North American critical minerals. Please see: https://firstphosphate.com/north-american-lfp-battery-cells.

The high-purity phosphoric acid and iron powder for these LFP 18650 battery cells was produced using rare igneous anorthosite rock extracted from the First Phosphate Bégin-Lamarche property in the Saguenay-Lac-Saint-Jean region of Quebec, Canada.

About Tradegate Exchange

Tradegate, based in Berlin, is Europe's largest stock exchange specialised in the execution of private investor orders. Tradegate emerged from the over-the-counter trading platform Tradegate, which quickly became the most popular trading venue for private investors since its founding in the year 2000. On January 4, 2010, Tradegate began trading as the first newly established stock exchange in Germany since more than 150 years. The exchange is operated by Tradegate Exchange GmbH (also based in Berlin), which is owned 42.84% by Deutsche Börse AG and 42.84% by Tradegate AG; the remaining 14.32% of the GmbH are held by Verein Berliner Börse e. V.

About First Phosphate

First Phosphate (CSE: PHOS) (OTCQB: FRSPF) (TDG: KD0) (FSE: KD0) is a mineral development and cleantech company dedicated to building and onshoring a vertically integrated mine-to-market LFP battery supply chain for North America. Target markets include energy storage, data centers, robotics, mobility and national security. First Phosphate's flagship Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean, Quebec is one of North America's rare igneous phosphate resources, yielding high-purity phosphate with minimal impurities.

Follow First Phosphate:

X : https://x.com/FirstPhosphate
LinkedIn : https://www.linkedin.com/company/first-phosphate

Forward-Looking Information and Cautionary Statement

This release includes certain statements that may be deemed "forward-looking information". Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In particular, this press release contains forward-looking information relating to, among other things, the Company's plans for vertical integration into North American supply chains, and the potential benefits of the listing of the Company common shares on Tradegate including broader market participation for investors interested in aligning with First Phosphate's vision of onshoring the LFP battery supply chain in North America and Europe using North American critical minerals. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions; there being no significant disruptions affecting the activities of the Company or inability to access required project inputs; permitting and development of the projects being consistent with the Company's expectations; the accuracy of the current mineral resource estimates for the Company and results of metallurgical testing; certain price assumptions for P2O5 and Fe2O3; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the Company's relationship with First Nations and other Indigenous parties remaining consistent with the Company's expectations; the Company's relationship with other third party partners and suppliers remaining consistent with the Company's expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained in this release is qualified by these cautionary statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272884

Dana Incorporated targets 10–10.5% margins and $1B in shareholder returns by 2027, but execution risk remains high. DAN's Q3 margins held at 8.5% despite weak volumes; aggressive buybacks support EPS and provide technical price support near $20. Heavy customer concentration (Ford, Stellantis) and cyclical truck demand pose risks to margin targets and financial stability.

November 03, 2025 6:00 AM EST | Source: Rua Gold Inc.
Vancouver, British Columbia--(Newsfile Corp. - November 3, 2025) - Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) ("RUA GOLD" or the "Company") is pleased to announce that it has engaged ICP Securities Inc. ("ICP") to provide automated market making services, including use of its proprietary algorithm, ICP Premium™, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation.

The Company will pay ICP a monthly fee of C$7,500 plus applicable taxes. The agreement between the Company and ICP commenced on November 1, 2025, and has an intial term of four (4) months (the "Initial Term"). It will automatically renew for subsequent one (1) month terms (each an "Additional Term"), unless either party provides at least 30 days written notice prior to the end of the Initial Term or any Additional Term. There are no performance-based factors in the agreement and no stock options or other forms of compensation are being issued in connection with the engagement. ICP and its clients may, from time to time, acquire or hold securities of the Company.

ICP is an arm's-length party to the Company. ICP's market making activity will be conducted primarily to correct temporary imbalances in the supply and demand of the Company's shares. ICP will be responsible for all costs associated with buying and selling the Company's shares, and no third party will provide funds or securities for the market making services.

OPTION GRANT

The Company granted 200,000 options (each, an "Option") to Mr. Simon Delander of the Company in accordance with the Company's stock option plan dated July 24, 2024. Each Option is exercisable into one Common Share at an exercise price of $1.02 per Common Share for five years following the date of grant. The Options are subject to a 2-year vesting period with 100,000 Options vesting on October 20, 2026 and 100,000 Options vesting on October 20, 2027.

ABOUT ICP SECURITIES INC.

ICP Securities Inc. is a Toronto based CIRO dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP Premium™, that enhances liquidity and quote health. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.

ABOUT RUA GOLD

RUA GOLD is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of RUA GOLD's two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.

The Company's Glamorgan Project solidifies RUA GOLD's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga.

For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.

CONNECT AND SHARE

LinkedIn: https://www.linkedin.com/company/rua-gold
X: https://x.com/RuaGold
YouTube: https://www.youtube.com/@RUA_GOLD/
Facebook: https://www.facebook.com/ruagold.inc
Instagram: https://www.instagram.com/ruagold.inc/

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 release.

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and specifically include statements regarding: the Company's strategies, expectations, planned operations or future actions, including but not limited to exploration programs at its Reefton and Glamorgan projects and the results thereof. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward-looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272929

November 03, 2025 06:00 ET

 | Source:

The Ensign Group, Inc.

SAN JUAN CAPISTRANO, Calif., Nov. 03, 2025 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign™ group of companies, which invest in and provide skilled nursing and senior living services, physical, occupational and speech therapies, other rehabilitative and healthcare services, and real estate, announced today that it acquired the operations of The Health Center of Eastview, a 90-bed skilled nursing facility located in Birmingham, Alabama which is subject to a long-term, triple net lease with a third-party landlord. This acquisition was effective as of November 1, 2025.

“We are thrilled to add another operation to our growing Alabama market, said Barry Port, Ensign's Chief Executive Officer. “We can’t wait to continue building on our recent growth in the Southeast and this facility is the perfect next step to do that,” he added.

Tyler Albrechtsen, President of Southstone Healthcare LLC, Ensign’s Alabama-based subsidiary, commented, “We are excited to get to work with such a talented group of caregivers and look forward to providing top notch quality of care to the residents and families of The Health Center of Eastview.”

In a separate transaction on the same day, Ensign announced that it acquired the real estate and operations of the following seven skilled nursing facilities (i) Stonehenge of American Fork, a 90-bed skilled nursing facility located in American Fork, Utah; (ii) Stonehenge of Cedar City, a 50-bed skilled nursing facility located in Cedar City, Utah; (iii) Stonehenge of Ogden, a 52-bed skilled nursing facility located in Washington Terrace, Utah; (iv) Stonehenge of Orem, a 34-bed skilled nursing facility located in Orem, Utah; (v) Stonehenge of Richfield, a 30-bed skilled nursing facility located in Richfield, Utah; (vi) Stonehenge of South Jordan, a 32-bed skilled nursing facility located in South Jordan, Utah; (vii) Stonehenge of Springville, a 50-bed skilled nursing facility located in Springville, Utah. The real estate assets were purchased by subsidiaries of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company and operations were leased to Ensign-affiliated operators, subject to a long-term lease effective as of November 1, 2025.

These acquisitions bring Ensign's growing portfolio to 369 healthcare operations, which includes 47 senior living operations, across 17 states.  Ensign subsidiaries, including Standard Bearer, own 155 real estate assets.   Mr. Port reaffirmed that Ensign is actively seeking opportunities to acquire real estate and to lease both well-performing and struggling skilled nursing, senior living and other healthcare related businesses throughout the United States.

About Ensign™

The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and senior living services, physical, occupational and speech therapies and other rehabilitative and healthcare services at 369 healthcare facilities in Alabama, Alaska, Arizona, California, Colorado, Idaho, Iowa, Kansas, Nebraska, Nevada, Oregon, South Carolina, Tennessee, Texas, Utah, Washington and Wisconsin. More information about Ensign is available at http://www.ensigngroup.net.

Contact Information
The Ensign Group, Inc., (949) 487-9500, [email protected]

SOURCE: The Ensign Group, Inc.