Market Signal Briefing

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto analyst Cyril has predicted that altcoin season could be on the horizon as Bitcoin dominance cools off. Crypto analyst Mark also flagged that the business cycle remains in an expansion stage, which could be bullish for altcoins. 

Altcoin Season On The Cards If Bitcoin Dominance Cools Off In an X post, Cyril noted that the altcoins vs BTC chart (Total market cap excluding top 10 to BTC) shows that altcoins are still historically compressed against Bitcoin. He further stated that these coins are sitting near long-term support similar to prior pre-altcoin season zones, like in 2020. 

As to what to expect, the analyst stated that Bitcoin stabilizes and dominance cools off, this setup favors an altcoin season rotation phase. Meanwhile, if BTC continues to outperform, then altcoins stay suppressed longer. As such, he declared that this is early-stage positioning and not peak euphoria. 

Source: Chart from Cyril on X Crypto analyst Mark also made a case for how the altcoin season could play out. He alluded to the dollar index chart, which he claimed makes it obvious that crypto is about to explode. The analyst noted that when the business cycle turns, liquidity improves, and then the Bitcoin price runs before altcoins outperform. 

Mark also noted that the business cycle has just printed back-to-back expansion months above 50 for the first time since early 2022. He claimed that these runs have lasted for 12 to 24 months. Alongside this bullish catalyst, the analyst highlighted other positives in the market. One is that altcoins are seeing multiple green monthly candles. 

Furthermore, these altcoins have seen the first bullish monthly MACD crossover in six years. The crypto market, led by Bitcoin, has been able to absorb the geopolitical shock without breakdown. Mark added that liquidity is quietly turning at the short end while regulatory clarity is approaching. As such, altcoin season could be on the horizon with these bullish catalysts. 

The analyst noted that what is playing out is a “rational, objective, historically consistent macro-cycle data.” He warned that it will all seem so obvious when it is too late. 

Social Volume Toward Altcoin Interest Is At An Extreme Low On-chain analytics platform Santiment revealed that social interest in altcoins is currently at an extreme low. They noted that historically, the rallies begin when social volume toward altcoin interest is at extreme lows. As such, Santiment mentioned that this is typically a buy signal as altcoin season occurs when market participants do not expect it. 

Notably, altcoins have begun to pick up again as Bitcoin rallied to $74,000 yesterday. Santiment specifically pointed to Dogecoin’s 15% gains over the last 24 hours, noting that it is no coincidence the pump began just after the crowd went historically bearish on altcoins. “It’s wise to be a contrarian to the echo chamber that is crypto social media,” the platform added.

Overall crypto market at $970 billion on the 1D chart | Source: TOTAL2 on Tradingview.com Featured image from Getty Images, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Sign Up for Our Newsletter! For updates and exclusive offers enter your email.

Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

Journalist

Posted: March 6, 2026

The market structure and recent activity from the Trump‑linked World Liberty Finance team suggest WLFI may be headed for a significant decline. While the broader market has been recovering, WLFI continues to struggle and lose value.

 At press time, the overall market was up 4.15% in the past 24 hours, but WLFI fell 3.55% to $0.1032. Despite the drop, trading volume surged more than 85% to $156.75 million, showing strong participation. 

Rising volume alongside falling prices indicates that traders and investors remain actively engaged with the token.

Why is WLFI’s price continuing to decline? Looking at the broader market and WLFI’s price, you might be wondering what is driving the asset’s price lower continuously.

The factor supporting the asset’s downside move appears to be the WLFI team itself. Recently, the crypto transaction tracker Onchain Lens shared a post on X noting that the team dumped a massive 16.71 million WLFI tokens, worth $1.74 million, into OKX.

The transaction tracker further noted that the team is likely to deposit more tokens into centralized exchanges (CEXs), which has added additional bearish pressure on the asset.

Source: X/OnchainLens

Apart from the team’s activity, another key factor driving WLFI’s price lower is a statement by U.S. Senator Elizabeth Warren, who slammed the Trump-based WLFI project. She stated that Donald Trump’s crypto company represents “the most disgraceful presidential corruption scandal in history.”

Source: X/blckchaindaily

She further noted that anyone who owns 10% or more of WLFI must disclose their holdings, adding that the bank application would be rejected.

WLFI price action eyes another 25% fall  Besides all this, WLFI’s daily chart shows that the token is at a make-or-break point, as it is hovering near the key support level of $0.097. This support level has held for WLFI since October 2025.

Source: TradingView

Based on the current price and historical performance, if WLFI fails to hold this key support at $0.097, it could drop by over 25% and potentially reach $0.070.

On the other hand, a price reversal is also possible if the price sustains above this level, as it has in the past. If that happens, WLFI could witness a strong upside move.

At press time, the technical indicator Average Directional Index (ADX), which measures trend strength, stands at 15.52—below the key threshold of 25, indicating that the asset currently has weak momentum.

Why traders eye short-leveraged positions Despite the weak momentum, derivatives data from CoinGlass shows that traders are strongly following the current trend by placing significant bets on the bearish side.

As per the latest data, intraday traders are over-leveraged at $0.101 on the lower side (support) and $0.111 on the upper side (resistance). At these levels, traders have built $1.22 million worth of long-leveraged positions and $5.64 million worth of short-leveraged positions.

Source: CoinGlass

This makes it clear that not only is the price falling, but market sentiment also appears to be bearish, as traders strongly believe that WLFI is unlikely to cross the $0.111 level anytime soon in the coming days. 

Final Summary The team behind World Liberty Finance, linked to U.S. President Donald Trump, has dumped a massive 16.71 million WLFI tokens worth $1.74 million. Price action suggests the asset is at a make-or-break level, and a further decline could lead to another 25% drop in the coming days. 

Bitcoin’s rebound above $73,000 earlier Thursday may appear encouraging, but onchain data suggests it is more likely a short-term "relief rally" rather than the start of a new bullish cycle, according to CryptoQuant.

"Bitcoin is still inside a bear market, despite the recent price rally," Julio Moreno, head of research at CryptoQuant, said in a report on Thursday. "Fundamental and technical indicators still point to a bear market environment [...] As such, the current rally is best interpreted as a relief rally inside the ongoing bear market."

The bitcoin price rallied as the cryptocurrency's apparent spot demand contraction improved significantly, narrowing from around -136,000 BTC at the start of 2026 to about -25,000 BTC, suggesting selling pressure has eased since early February, Moreno said.

At the same time, demand from U.S. investors has strengthened. The Coinbase bitcoin premium, a metric that tracks buying activity from U.S.-based traders, shifted from "deeply negative" earlier in February to its "most positive" level since October, signaling spot demand switched from contraction to growth.

Selling pressure from traders and long-term holders has also declined, helping support the recent rebound. Moreno noted that bitcoin traders’ unrealized losses recently reached levels last seen in July 2022, a point that historically tends to reduce marginal selling because traders are less inclined to exit positions when losses are already large.

Long-term holder selling has also slowed sharply, with the 30-day selling pace dropping from roughly 904,000 BTC on Nov. 26 to around 276,000 BTC today, the lowest level since June 2025.

Despite the rebound, Moreno said the broader market environment still reflects a bearish regime. The firm’s Bitcoin Bull Score Index remains at 10 out of 100, indicating that the fundamental and technical indicators typically associated with a bullish cycle have not yet recovered.

If bitcoin continues to move higher, the next key resistance levels could appear near $79,000 and $90,000, Moreno said. The first level corresponds to the lower band of the traders’ onchain realized price, which historically acts as resistance during bear markets, while the second level marks the broader traders’ realized price that previously capped a rally earlier this year.

"Indeed, this band acted as resistance in mid-January, after Bitcoin rallied from $80,000 to $98,000," Moreno said.

Bitcoin is currently trading at around $71,160, down nearly 3% over the past 24 hours, according to The Block's BTC price page.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Short seller Culper bets against ether, BitMine citing 'death spiral' riskThe short seller firm said that Ethereum's native token is "impaired," leaving treasury firm BitMine holding the bag while co-founder Vitalik buterin is selling. Mar 5, 2026, 9:14 p.m.

Short seller Culper Research is betting against ether (ETH) and ETH-linked stocks such as BitMine (BMNR), arguing that the network’s economics deteriorated following Ethereum’s latest network upgrade.

The firm said in a Thursday report that the December 2025 upgrade dubbed Fusaka flooded the network with excess blockspace and has "impaired ETH tokenomics." That drove transaction fees sharply lower. Because validators earn part of their income from those fees, the drop has reduced staking yields.

That dynamic could create a negative feedback loop, the report said, where declining validator yields reduce staking demand and network security.

The report also highlighted that Ethereum co-founder Vitalik Buterin sold nearly 20,000 ETH, worth around $40 million at current prices, this year, citing data from blockchain sleuth Lookonchain.

"Vitalik is selling, while bulls like Tom Lee are clueless as to ETH’s new reality," the report said. "We’re with Vitalik."

The report pushes back on bullish claims from Lee, chairman of Ethereum-centric treasury firm BitMine, who has pointed to rising transaction counts and active addresses as evidence of stronger network fundamentals.

Culper said those metrics are misleading. Its analysis claimed a significant share of the activity surge stems from address poisoning attacks, a scam tactic where attackers send small transactions to trick users into copying malicious wallet addresses. Culper estimated Ethereum fees have dropped roughly 90% since the upgrade.

"By Lee’s own logic, if utility is NOT going up, then ETH is in a death spiral," the report said. "This is exactly what we believe is happening."

The short thesis also targeted BitMine (BMNR), one of the largest corporate buyers of ether.

Since July, the company has accumulated roughly 4.4 million ETH as part of its treasury strategy. With ether prices down significantly from recent highs, those holdings are estimated to be 45% underwater, with BitMine sitting on roughly $7.4 billion in unrealized losses, DropsTab data shows.

BitMine did not return a request for comment by press time.

Read more: Vitalik Buterin reveals his bold new plan to fix Ethereum’s scaling problem

More For You

CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events.

What to know:

Disrupting a Stagnant Market: Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product.More For You

CleanSpark sold 97% of February bitcoin production to fund AI pivot

4 hours ago

The cash flow generated will support the bitcoin miner's expansion into AI and high-performance computing data centers.

What to know:

CleanSpark produced 568 BTC in February and sold 553 BTC, one of the highest production-to-sales ratios the company has reported, generating about $36.6 million in proceeds.The company is expanding AI-ready infrastructure, including a 300 MW Texas campus, while holding 13,363 BTC in treasury, with 1,086 BTC pledged as collateral.

TL;DR:

Vlightup Inc. launched XRPL-based trade-finance rails using decentralized escrow for letters of credit, aiming to settle once conditions are met, without formal Ripple partnership. XRP ETF data cited showed XRP near $1.45, AUM near $1.1B, and 800M XRP locked, with about $52M daily volume and Bitwise leading inflows. The discussion highlighted “XRP yield,” including Doppler and Hex Trust, plus U.S. bank politics and Clarity Act friction shaping adoption. A Japanese payments startup has switched on a trade-finance and global payments platform built directly on the XRP Ledger, according to commentator Zach Rector. He cited an official release saying Tokyo-based Vlightup Inc. launched next-generation rails using multi-party, decentralized, consensus-based escrow settlement for letters of credit. The host said deals that once took days can now complete almost immediately once conditions are met. He also stressed this is not a formal Ripple partnership, but a practical build, without incentives involved. Organic XRPL adoption moves from theory to production.

🇯🇵 New Japanese Payment platform on the XRP Ledger.

They are looking to utilize, once available, smart escrows for trustless and conditional escrow settlement services.

For them it's the last friction left in TradFi.

I understand why they picked XRP without speaking japanese. https://t.co/VHc97lHDve pic.twitter.com/9p7OauZgHc

— Vet (@Vet_X0) March 4, 2026

Trade finance rails meet ETF inflows and yield narratives Vlightup’s roadmap centers on escrow logic. Rector highlighted plans to use smart escrows, once available, for trustless and conditional settlement services, framing it as the last friction point in traditional finance workflows. Rector called it the last friction left in TradFi today. The release described the firm as founded in 2022 and positioned as a Web3-focused fintech in Japan. By anchoring letters of credit to on-ledger conditions, settlement becomes rule-driven, auditable, and easier to operationalize across counterparties. Escrow-based settlement compresses cross-border timing and uncertainty for treasury teams.

On the market side, Rector pointed to XRP-insights.com data showing XRP around $1.45 and total XRP ETF assets under management near $1.1 billion. He said more than 800 million XRP are locked in the vaults, close to 1% of supply, and cited Bitwise CEO Hunter Horsley saying Bitwise’s XRP ETF is the biggest in U.S. inflows so far this week. Daily ETF trading volume reportedly hit about $52 million. Flows are rising, but conviction stays conditional amid macro risk calls. He cited war concerns and a private credit crisis as catalysts.

Rector argued XRP yield could become a major narrative as infrastructure matures. He highlighted Doppler’s partnership with Hex Trust to provide institutional-grade custody and yield infrastructure for wrapped XRP across multiple chains. He also cited political noise, including remarks from members of the Trump family criticizing major U.S. banks, and alleged lobbying to restrict higher-yield products via the Clarity Act. He pointed to other milestones, like nearly 11.6 billion ZBCN staked and Canton integrations such as Lattice Finance. Yield rails and regulation are converging around XRP in parallel right now.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Jake Chervinsky, CEO of the newly formed Hyperliquid Policy Center (HPC), has laid out a policy roadmap aimed at reshaping how decentralized finance (DeFi) is regulated in the United States. 

Hyperliquid Policy Center Pushes For Clear DeFi Rules In a recent interview with Flood, Chervinsky discussed both the center’s long-term objectives and the broader regulatory climate in Washington, where lawmakers and agencies are actively debating the future of digital assets.

Chervinsky described HPC as an independent research and advocacy organization dedicated to promoting clear and constructive rules for DeFi. Its mission, he explained, is to work directly with regulators to craft frameworks that allow Americans to participate in decentralized markets while maintaining appropriate oversight. 

One of the Hyperliquid Policy Center’s most immediate priorities is expanding lawful access to decentralized perpetual derivatives markets, an area that remains largely off-limits to US participants under current regulatory interpretations.

Beyond derivatives access, HPC is also focused on ensuring that developers building decentralized protocols are not swept into regulatory categories meant for traditional financial institutions. 

In his view, open-source developers creating non-custodial DeFi tools should not be treated as money transmitters or financial intermediaries simply because others use their software.

HPC Sets Three Regulatory Goals The interview also touched on the broader crypto market structure legislation, which is currently stuck in a deadlock in Congress amid ongoing negotiations between the banking and crypto sectors over key provisions.

For HPC, one of the most important elements of the CLARITY Act is explicit protection for DeFi developers. Chervinsky said the center is actively advocating for language that would shield builders of open-source, non-custodial software from being mischaracterized.

The executive also highlighted how real-world market activity can influence policy discussions. He pointed to a recent surge in trading volume on Hyperliquid during a weekend marked by activity tied to HIP-3. 

With traditional financial markets closed, decentralized trading continued uninterrupted, offering what he described as a practical demonstration of the advantages of 24/7 blockchain-based infrastructure. 

According to Chervinsky, examples like this resonate more strongly with policymakers than abstract arguments about blockchain’s potential. Looking ahead, Chervinsky outlined three benchmarks that would define success for HPC in the coming years. 

The first is working with the Commodity Futures Trading Commission (CFTC) to create a pathway that would allow US individuals and institutions to legally trade commodity-based perpetual futures on decentralized platforms such as Hyperliquid. 

The second goal involves pursuing a similar regulatory framework through the SEC to enable rulemaking around equity perpetuals. The third is securing passage of the CLARITY Act with robust protections for DeFi developers included in the final text.

The daily chart shows HYPE’s retracement to $30 on Thursday. Source: HYPEUSDT on TradingView.com At the time of writing, Hyperliquid’s native token, HYPE, was trading at $30.44. This represented a 5% loss over the previous 24 hours, in line with the broader crypto market’s retracement following a brief surge on Wednesday. 

Featured image from OpenArt, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

XRP liquidity on Binance drops, raising volatility risksXRP has seen an increased liquidity crunch on Binance, setting up for a potential price shift.

XRP on Binance. XRP has recorded a sharp decline in trading liquidity on Binance.XRP has suffered a dip in trading activity on the world’s largest cryptocurrency exchange, Binance. As per a recent update shared by a chartist, Steph is Crypto, XRP’s 30-day liquidity index on Binance has dropped to 0.097 from over 3 points during the 2022-2024 trading cycles.

Notably, a sharp drop in the liquidity index signals thinner order books and leaves an asset’s price prone to volatility. That is, there are fewer buy and sell orders, and the market depth is thinner than in previous market cycles.

HOT Stories

Less trading. The drop signals thinner order books and reduced market depth.The continued volatility of XRP’s price has triggered caution among traders. This has left fewer participants in the market space that are actively trading the coin. This development places XRP in a pivotal position for a possible uptick in price.

Generally, when liquidity is high, large orders get absorbed easily, and price movement is slower and more gradual. However, with XRP’s liquidity index on Binance far below 1 point, a large buy order can quickly accommodate the existing sell order.

This can lead to a price spike, and XRP can witness a positive shift in price momentum. In order for this to happen, XRP whales need to step in and accumulate a large amount of XRP at the current reduced price. It is only then that the coin could rapidly gain in price. 

SHIB burn rate surges as demand signals potential recoveryShiba Inu has shown mixed price action recently, but on-chain metrics indicate a possible recovery forming.

Up 53,954%. SHIB burn rate surged by five figures in the past 24 hours. Shiba Inu has continued to see mixed price actions, yet its on-chain metrics over the past day suggest that the asset may be preparing for a major recovery. While Shiba Inu has finally moved to the bullish side after multiple days of trading in deep red territory, the market has seen its burn rate follow with a massive surge of five figures, according to data from Shibburn.

SHIB rice up 6%. The price uptick appears linked to growing demand.Following this bullish momentum, Shiba Inu has flipped positive, surging by 6.35% over the last 24 hours, according to data from CoinMarketCap. 

With Shiba Inu now trading around $0.000005639, the surge in the SHIB price appears to have been driven by rising demand spurred by the sudden switch in investor sentiment seen across the broad crypto market.

The unexpected increase in the demand for Shiba Inu is evident in the asset’s exchange flow, which shows that reserves from all supported exchanges have decreased substantially over the last day.

With about 80.4 trillion SHIB currently sitting on all exchanges as of March 4, traders have moved out more tokens from exchanges over the last day, signaling an increase in buying activities.

Rockefeller boosts stake in Bitcoin treasury firm Strategy by 146%Rockefeller Capital Management disclosed a massive 146% increase in its stake in Strategy.

Up 148%. $198 billion Rockefeller expanded its MSTR holdings.Institutional adoption of Bitcoin proxy stocks continues to accelerate at a breakneck pace. According to a recent filing, legacy wealth manager Rockefeller Capital Management, which oversees a massive $198 billion in assets, has aggressively expanded its position in the Bitcoin treasury company Strategy Inc. (MSTR).

The firm increased its holdings by a rather impressive 146%. It currently holds a total of 198,283 shares. This position is worth approximately $28 million at press time. 

Institutional demand. Rockefeller Capital Management, which oversees about $198 billion in assets, expanded its MSTR holdings by 146%.Rockefeller is far from the only major player heavily accumulating MSTR. Over the past two weeks, a flurry of institutional filings and market data have highlighted an intense wave of interest in the Bitcoin treasury firm. 

In late February, Europe's largest asset manager with $2.8 trillion under management disclosed a massive 373% increase in its MSTR position. 

Amundi bought an additional 3.77 million shares, bringing its total holdings to a staggering 4.79 million shares ($641 million).  A day prior, South Korea's National Pension Service (NPS), the world's third-largest pension fund, boosted its position by 20% to 614,409 shares ($83.2 million).

Key takeaways:

ETH derivatives signal a shift to safety as professional desks hedge against downside risks and global instability.

Institutional preference for decentralization keeps Ethereum dominant despite its recent drop in network activity.

Ether (ETH) price dropped by 6% following a brief rally to $2,200 on Wednesday, tracking a downturn in US equities as the war in Iran entered its sixth day. Disruptions to global oil production and Middle East natural gas shipping pushed WTI crude prices to levels not seen since July 2024.

Investors lowered their economic growth outlook as the conflict escalated and moved to a risk-off posture. 

Traders’ sentiment was further pressured as the Trump administration faced a legal setback on its import tariffs. A Federal court on Monday rejected a Justice Department request to pause the case for 90 days, effectively striking down the administration's use of emergency powers for trade levies.

Ether remains caught in this macroeconomic crossfire, which has stifled momentum despite a 22% recovery from the $1,800 retest on Feb. 24. Onchain data and derivatives markets currently reflect significant apathy from bulls.

ETH 30-day futures annualized premium (basis rate). Source: Laevitas.chThe ETH 30-day futures annualized premium sits well below the 5% neutral threshold, signaling a lack of demand for bullish leverage. However, this metric is weighed down by the fact that ETH trades 58% below its August 2025 all-time high of $4,956. To gauge whether professional desks anticipate further downside, one must analyze the options market.

When whales and market makers seek protection against price drops, the ETH options skew (put-call) typically rises above the 6% neutral mark. Extreme market stress can push this indicator past 15%.

ETH 30-day options skew (put-call) at Deribit. Source: Laevitas.chThe ETH options skew reached 7% on Thursday after briefly touching neutral levels a day prior. This persistent skepticism among professional traders provides bears with the necessary leverage to fuel further uncertainty. Beyond external macro pressures, including US private credit losses and rising corporate layoffs, Ether continues to face its own idiosyncratic headwinds.

Ethereum is positioned to capture the pickup in DApps demandEthereum network activity has stagnated following a modest rally in early February. Consistent demand for blockchain utility remains essential for sustainable ETH price action and reducing inflationary pressure. The built-in burn mechanism of Ethereum depends on competition to enter the validation queue, a process typically fueled by decentralized exchange (DEX) activity.

Weekly DEX volumes and Ethereum DApps revenues, USD. Source: DefiLlamaWeekly DEX volumes on the Ethereum network recently hit $12.6 billion, falling from $20.2 billion one month prior. Decentralized application (DApp) revenues dropped to $14.1 million over seven days, marking a 47% decline from the previous month. Competing blockchains have seen a similar trend, as DEX volumes on Solana also decreased by 50% over the same 30-day window.

Despite the weak onchain metrics, ETH is well-positioned to capture an eventual pickup in DApp activity due to its dominance in total value locked (TVL). When including layer-2 scaling solutions, the Ethereum ecosystem accounts for nearly 65% of the total blockchain market TVL.

Total Value Locked (TVL) market share. Source: DefiLlamaThe Ethereum base layer holds $55.4 billion in TVL, while its leading competitor Solana, accounts for $6.8 billion. This gap serves as evidence of a preference among institutional investors for decentralization over the lower fees and faster user experiences offered by networks like Solana and BNB Chain.

The current weakness in Ether derivatives and onchain metrics does not necessarily signal an imminent price crash. Market sentiment can shift quickly toward a sustained bullish momentum if ETH reclaims the $2,400 level. For the moment, the Ether price remains closely tied to the broader risk-off sentiment, which reduces the odds of a sustainable bullish momentum.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

Rainberry, a company affiliated with the Tron network, will pay a $10 million fine. Charges against Sun will be dismissed. Mar 5, 2026, 9:54 p.m.

The U.S. Securities and Exchange Commission reached a settlement with Tron and founder Justin Sun on Thursday, the SEC said in a court filing.

Under the terms of the settlement, Rainberry Inc., one of the companies associated with the Tron network, will pay a $10 million fine and be barred from future violations of securities regulations. The SEC sued Sun and Tron in 2023, alleging violation of federal securities laws through the sale and airdropping of TRX.

"The remaining claims against Rainberry would be dismissed with prejudice," the filing said. "The Final Judgment would also dismiss all claims against Justin Sun, Tron Foundation, and BitTorrent Foundation."

With prejudice means the SEC would not be able to bring a similar case again in future for the same conduct.

"The Commission has reviewed and approved the terms of the settlement, as reflected in the Consent and proposed Final Judgment. Rainberry, Justin Sun, Tron Foundation, and BitTorrent Foundation have consented to entry of the Final Judgment," the filing said.

The proposed settlement is still subject to a federal judge's approval.

At the time the SEC, under the leadership of former Chair Gary Gensler, brought a number of lawsuits against crypto firms.

The SEC dropped most of these cases after President Donald Trump retook office last January, mostly under Commissioner Mark Uyeda, the acting chair. The commission is now run by Chairman Paul Atkins.

Sun bought about $80 million worth of World Liberty Financial tokens (WLFI) — the token tied to the company partially owned by Trump and his family — after Trump was reelected in 2024. The SEC's case against Sun was paused last year, alongside numerous other cases the agency brought against crypto firms.

More For You

CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events.

What to know:

Disrupting a Stagnant Market: Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product.More For You

U.S. banking agencies say capital should be same for standard or tokenized securities

9 minutes ago

The Federal Reserve and other banking regulators clarified that the capital tally in banks needs identical treatment whether securities are tokenized or not.

What to know:

The trio of primary U.S. banking regulators issued a document to clarify how much capital banks need to back tokenized securities, which they said should match regular, non-tokenized versions. The directive from the Federal Reserve and other agencies further inserts crypto assets into the regular course of business at banks, and treating the tokens and same as the underlying securities means the crypto aspect won't be financially penalized in their treatment by regulators.

Journalist

Posted: March 6, 2026

Amid rising downside risk, Solana [SOL] has struggled to hold above $90 since breaching it. As the broader market signaled recovery, the altcoin jumped to a local high of $94 before a slight pullback. 

As of this writing, SOL traded at $90.76, up 5.07% on the daily charts, adding to its 3% weekly gains. Amid this thin bearish structure, institutional investors have been squeezing, attempting to absorb the pressure. 

Institutions step in to buy Solana’s dip Solana recently struggled to make any gains because large entities, both whales and institutions, stepped back.

 Some of these investors capitulated and increased spending, while others sat on the sidelines preserving capital. However, sentiment among these two groups has shifted significantly over the past three weeks. 

For starters, Solana Spot ETFs have recorded significant and sustained capital inflows, recording net inflows for three consecutive days. 

Source: Sosovalue

Since recording net outflow in February, SOL ETFs have only recorded inflows. In fact, on the 4th of March, Net Inflow climbed to $19 million, the second-highest inflow since early January. 

Such massive inflows showed renewed interest in SOL assets among institutional investors, a key driver of the sustained price rally. 

Stablecoin transactions hit $650 billion  While markets and Solana struggled throughout February, the month proved a breakout season for stablecoins. According to the Grayscale report, on-chain activity for Solana’s stablecoin surged to a record high.

Stablecoin transaction volume on Solana climbed to a high of $650 billion, surpassing the record from October 2025 by more than 2x.

This was the largest volume among all other chains in February, reflecting Solana’s rising dominance. 

Source: Grayscale

These transactions were backed by over 5.3 million addresses, according to Artemis data. Recently, stablecoins have become major drivers for blockchain adoption, and the rising activity on Solana shows it is positioned for competition. 

Even more importantly, sustained network usage reflects the demand for the native token, and a continued rise could positively impact SOL.

Is the demand adequate to boost SOL? While SOL has recently struggled to keep an upward momentum, the return of institutional investors has strengthened the market structure.

Looking at the bias ratio, the altcoin holds above both short- and long-term deviations, indicating a gradual shift in momentum. Thus, the market has shown signs of a potential recovery from the February slip.

Source: SosoValue

The fact that Bias24 is higher shows that long-term recovery momentum is forming. At the same time, the Awesome Oscillator showed bears losing strength with the momentum shifting bullish.

Together, these indicators signaled a potential trend reversal if the momentum holds. Thus, if the demand witnessed recently sustains, SOL is likely to successfully retest $94 and eye a move above $100.

However, if market liquidity continues to shrink as investors step back, SOL will continue trading between $80 and $91.

Final Summary Transaction volume for Solana stablecoins hit a record high of $650 billion, surpassing all other major chains. SOL’s momentum is gradually flipping bullish amid increased capital inflows into Solana Spot ETFs. 

, /PRNewswire/ -- Equinix, Inc. (Nasdaq: EQIX), the world's digital infrastructure company®, announced that Moody's Ratings ("Moody's") has upgraded Equinix, Inc.'s senior unsecured ratings from Baa2 to Baa1. According to Moody's, the upgrade reflects the stable outlook of the company's established position in the global digital infrastructure market, the strong demand for data center capacity, and the expectation that credit metrics will remain strong. Additional credit strengths highlighted by Moody's include Equinix's geographic scale, customer diversity, excellent liquidity and continued growth in share of owned assets in its portfolio, which now account for 70% of recurring revenue as of Q4 2025.

"We are pleased to have received Moody's upgrade of our senior unsecured rating to Baa1," said Keith Taylor, Chief Financial Officer, Equinix. "This is a strong recognition of Equinix's financial discipline and the sustained demand for our global digital infrastructure portfolio. Also, it reflects our consistent capital management approach and proven ability to access global capital markets, as we continue to execute on our growth strategy."

About Equinix
Equinix, Inc. (Nasdaq: EQIX) shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI—quickly, efficiently and everywhere.

Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; increased costs to procure power and the general volatility in the global energy market; the challenges of building and operating IBX® and xScale® data centers, including those related to sourcing suitable power and land, and any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix filings with the Securities and Exchange Commission. In particular, see recent and upcoming Equinix quarterly and annual reports filed with the Securities and Exchange Commission, copies of which are available upon request from Equinix. Equinix does not assume any obligation to update the forward-looking information contained in this press release.

SOURCE Equinix, Inc.

Seasoned Life Sciences Executive Joins Galapagos with Strong Track Record in Change Management

Mechelen, Belgium; March 5, 2026, 22:01 CET — Galapagos NV (Euronext & NASDAQ: GLPG) today announced the appointment of Tania Philipp as Chief Human Resources Officer (CHRO), effective March 4, 2026. Ms. Philipp will also join the Management Committee. She succeeds Annelies Missotten, who will remain with the company through June 30, 2026, to ensure a smooth transition.

Ms. Philipp brings nearly three decades of experience as an executive-level human resources leader supporting the vision, mission and objectives of life sciences companies. Most recently, she served as an Executive Human Resources Consultant at Vor Bio, following several years as Chief People Officer and Vice President, Head of People, supporting the organization through key phases of development. Prior to that, she held HR leadership roles including Vice President, Human Resources at Tango Therapeutics, and senior HR roles at Bavarian Nordic and other life science organizations. Ms. Philipp holds an M.A. in Psychology from the University of the Pacific and attended Hollins University.

“We are delighted to welcome Tania to Galapagos,” said Henry Gosebruch, CEO of Galapagos. “Tania brings a proven ability to build strong cultures within early-stage life sciences organizations undergoing transformation. She will play a critical role as we build a high-performing, purpose-driven culture at Galapagos focused on brining meaningful medicines to patients.”

Gosebruch continued: “I also want to thank Annelies for her outstanding leadership and contributions during her time at Galapagos. I am grateful that we will continue to benefit from her experience and leadership over the next several months as we continue to execute our transformation.”

“I am excited to join Galapagos at this important moment in the Company’s evolution,” said Ms. Philipp. “I look forward to partnering with the leadership team to further strengthen our culture and ensure we are well positioned to execute our strategy and deliver meaningful value for patients and shareholders.”

About Galapagos

Galapagos is a biotechnology company built to bring meaningful medicines to patients with serious diseases in therapeutic areas of unmet need. The Company combines world-class deal making expertise with capital to identify, acquire, and advance promising opportunities that have the potential to drive value for patients and shareholders. Applying a modality-agnostic asset selection approach and operational flexibility, Galapagos prioritizes oncology and immunology & inflammation programs with clear clinical proof-of-concept in emerging areas. For more information, visit www.glpg.com or follow us on LinkedIn or X.

For further information, contact Galapagos:
Investor Relations
Glenn Schulman

+1 412 522 6239
[email protected]

Media
Media
Katie Morris
+1 952 288 6821
[email protected]

Visit us at www.glpg.com or follow us on LinkedIn or X.

Forward-looking statements
This press release may include forward-looking statements, all of which involve certain risks and uncertainties. These statements are often, but not always, made through the use of words or phrases such as “will,” “long-term,” and “forward,” and any similar expressions. These statements include, but are not limited to, statements regarding the announced leadership transition and changes in our Management Committee and key personnel; Mr. Philipp’s expected responsibilities and potential contributions to the company, and the company’s strategic formation. Any forward-looking statements in this press release are based on our management’s current expectations and beliefs and are not guarantees of future performance. Forward-looking statements may involve unknown and known risks, uncertainties, and other factors which might cause our actual results, performance, or achievements to be materially different from any historic or future results, performance, or achievements expressed or implied by such statements. These risks, uncertainties, and other factors include, without limitation, the risk that Galapagos will encounter challenges retaining or attracting talent, that our leadership transition may be disruptive to our business operations, and risks related to our ability to effectively transfer knowledge during this period of transition. A further list and description of these risks, uncertainties, and other factors can be found in our filings and reports with the Securities and Exchange Commission (SEC), including in our most recent annual report on Form 20‐F filed with the SEC, as supplemented and/or modified by any other filings and reports that we have made or will make with the SEC in the future. Given these risks and uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. In addition, even if our results, performance, or achievements are consistent with such forward-looking statements, they may not be predictive of results, performance, or achievements in future periods. These forward-looking statements speak only as of the date of publication of this press release. We expressly disclaim any obligation to update any forward-looking statements in this press release, unless required by law or regulation.

Galapagos Appoints Tania Philipp as Chief Human Resources Officer

Company scheduled to meet with the FDA in mid-April 2026 to review the results of the Phase 3 EFZO-FIT™ study and determine the path forward for efzofitimod in pulmonary sarcoidosis.  Phase 2 EFZO-CONNECT™ study of efzofitimod in systemic sclerosis-related interstitial lung disease (SSc-ILD) on track to complete enrollment in the first half of 2026.

Company to host conference call and webcast at 4:30 pm ET / 1:30 pm PT Company to host conference call and webcast at 4:30 pm ET / 1:30 pm PT

ENGLEWOOD, Colo., March 05, 2026 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”), a leader in renewable fuels and chemicals as well as carbon management, today announced financial results for the fourth quarter and full year ended December 31, 2025 and provided an update on operating performance, cash flow, and progress across its carbon management and synthetic aviation fuel (“SAF”) growth platform. A quarterly earnings presentation of the financial results will also be posted to the Company's website at https://investors.gevo.com/news-events/events-presentations.

LOS ANGELES--(BUSINESS WIRE)--Law Offices of Frank R. Cruz Encourages Apollo Global Management, Inc. (APO) Shareholders To Inquire About Securities Fraud Class Action.

Dr. Alan Baratz, CEO of D-Wave (QBTS), talks about what he calls a "great year" for the company in 2025, and the profitability path the latest earnings paves. He notes 2026 sales of D-Wave's quantum computing products already outpaced all of last year.

LIMASSOL, Cyprus, March 05, 2026 (GLOBE NEWSWIRE) -- GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”) released its preliminary, unaudited financial and operational results for the fourth quarter and twelve months ended December 31, 2025.

Fourth quarter 2025 financial highlights:

Revenue of $90 million decreased by 8% year-over-year.Selling and marketing expenses of $35 million decreased by 25% year-over-year.Profit for the period, net of tax, of $14 million in Q4 2025 increased vs. $2 million in Q4 2024.Adjusted EBITDA1 of $15 million in Q4 2025 increased vs. $9 million in Q4 2024. Fourth quarter and twelve months 2025 financial performance in comparison

US$ millionQ4 2025Q4 2024Change (%)12M 202512M 2024Change (%)Revenue9098(8%)404421(4%)Platform commissions(18)(21)(13%)(85)(91)(7%)Game operation cost(15)(13)13%(57)(51)12%Selling and marketing expenses(35)(47)(25%)(159)(209)(24%)General and administrative expenses(9)(8)14%(35)(32)10%Profit/loss for the period, net of tax142N/M6926N/MAdjusted EBITDA215966%794287%Cash flows (used in)/generated from operating activities185N/M29293%
Fourth quarter 2025 financial performance

In the fourth quarter of 2025 our revenue decreased by $8 million (or 8%) year-over-year and amounted to $90 million, reflecting a decline in recognition of revenue from both current-period and prior-period bookings. This was mainly due to declining consumer spending levels in the current and preceding years, which reduced the amount of revenue recognized during the quarter. The decrease is consistent with our strategy to pursue more disciplined marketing spending and focus on attracting higher-quality, better-paying users rather than maximizing short-term volume.

Platform commissions decreased by $3 million (or 13%) in the fourth quarter of 2025 to reach $18 million, generally proportionate to the decrease in revenues.

Game operation cost increased by $2 million in the fourth quarter of 2025 and amounted to $15 million, mainly driven by an increase in investments in our IT infrastructure.

Selling and marketing expenses decreased by $12 million in the fourth quarter of 2025, amounting to $35 million. This decrease was driven by our continued focus on improving the efficiency of user acquisition activities. The decrease reflects a more selective approach to performance marketing, prioritizing channels that attract players with higher long-term value over broadscale campaigns aimed at short-term growth.

General and administrative expenses remained relatively stable at $9 million in the fourth quarter of 2025 vs. $8 million in the fourth quarter of 2024.

We recorded a profit for the period, net of tax, of $14 million in the fourth quarter of 2025 compared with $2 million in the same period of 2024, driven primarily by the factors above and i.) decrease of net financial expenses in Q4 2025 vs Q4 2024 in the amount of $3 million and ii.) decrease of share of loss of equity accounted associates by $6 million in Q4 2025 as compared with the same period of prior year. Adjusted EBITDA amounted to $15 million in the fourth quarter of 2025, an increase of $6 million compared with the same period in 2024 driven primarily by the same factors as those affecting the profit, except for the decrease of share of loss of equity accounted associates, which does not impact Adjusted EBITDA.

Cash flows generated from operating activities were positive $18 million in the fourth quarter of 2025 compared with positive $5 million in the same period in 2024.

Twelve months 2025 financial performance

In the year ended December 31, 2025, our revenue decreased by $17 million (or 4%) year-over-year and amounted to $404 million, reflecting a decline in recognition of revenue from both current-period and prior-period bookings. This was mainly due to declining consumer spending levels in the current and preceding years, which reduced the amount of revenue recognized during the year. The decrease is consistent with our strategy to pursue more disciplined marketing spending and focus on attracting higher-quality, better-paying users rather than maximizing short-term volume.

Platform commissions decreased by $7 million (or 7%) in the year ended December 31, 2025 to reach $85 million, generally proportionate to the decrease in revenues.

Game operation cost increased by $6 million in the year ended December 31, 2025 and amounted to $57 million, mainly driven by an increase in investments in our IT infrastructure.

Selling and marketing expenses decreased by $50 million in the year ended December 31, 2025, amounting to $159 million. This decrease was driven by our continued focus on improving the efficiency of user acquisition activities. The decrease reflects a more selective approach to performance marketing, prioritizing channels that attract players with higher long-term value over broadscale campaigns aimed at short-term growth.

General and administrative expenses increased by $3 million in the year ended December 31, 2025 and amounted to $35 million vs. $32 million in the year ended December 31, 2024. The increase was primarily driven by higher salary and related personnel expenses, reflecting the expansion of development activities and increased scale of operations across our game development studios.

We recorded a profit for the period, net of tax, of $69 million in the year ended December 31, 2025 compared with $26 million in the same period of 2024, driven primarily by the factors above and i.) decrease of net financial expenses in the year ended December 31 2025 vs the same period in 2024 in the amount of $7 million, ii.) increase in gain resulted from the change in fair value of share warrant obligation and other financial instruments by $3 million in the year ended December 31 2025 as compared with the same period of prior year and iii.) decrease of share of loss of equity accounted associates by $4 million in the year ended December 31, 2025 as compared with the same period of prior year. Adjusted EBITDA amounted to $79 million in the year ended December 31, 2025, an increase $37 million compared with the same period in 2024 driven primarily by the same factors as those affecting the profit, except for the increase in gain resulted from the change in fair value of share warrant obligation and other financial instruments and the decrease of share of loss of equity accounted associates, which do not impact Adjusted EBITDA.

Cash flows generated from operating activities remained the same, at $29 million, in the year ended December 31, 2025 vs. the same period of 2024. The divergence in earnings and cash flow dynamics reflects the significant impact of deferred revenue recognition on current-period income, which did not have a material effect on current-period cash flows.

Fourth quarter and twelve months 2025 operational performance comparison

 Q4 2025Q4 2024Change (%)12M 202512M 2024Change (%)Bookings ($ million)8894(7%)351404(13%)Bookings from in-app purchases8389(6%)331377(12%)Bookings from advertising45(18%)2027(25%)Share of advertising5.1%5.8%(0.7) p.p5.7%6.7%(1.0) p.p.MPU (thousand)262292(10%)281342(18%)ABPPU ($)1061024%98927%
Bookings declined in the fourth quarter and twelve months of 2025 to reach $88 million and $351 million, respectively, compared with $94 million and $404 million in the same period in 2024. The decline is primarily due to a decline in monthly paying users by 10% in the fourth quarter of 2025 vs. the same period in 2024 and by 18% in the year ended December 31, 2025 vs. the same period in 2024, which we attribute to the decrease of the user acquisition investments throughout 2024 and 2025, partially offset by an increase in ABPPU.

The share of advertisement sales as a percentage of total bookings decreased in the fourth quarter of 2025 to reach 5.1% compared to 5.8% in the same respective period in 2024 and decreased in the year ended December 31, 2025 to reach 5.7% compared to 6.7% in the same period in 2024. This decline was primarily driven by a global trend of declining CPM rates for advertising throughout 2024 and 2025.

Split of bookings by platformQ4 2025Q4 202412M 202512M 2024Mobile58%57%60%60%PC42%43%40%40%
In the fourth quarter of 2025 we recorded an increase in share of mobile to reach 58% vs. 57% in the same period in 2024 and decrease in share of PC to reach 42% vs. 43% in the same period in 2024. In the year ended December 31, 2025 the share in mobile and PC remained the same compared to same period in 2024.

Split of bookings by geographyQ4 2025Q4 202412M 202512M 2024US30%34%33%34%Asia18%21%19%22%Europe34%32%33%30%Other18%13%15%14%
Our split of bookings by geography in the fourth quarter and twelve months of 2025 vs. the same respective periods in 2024 saw a decrease in the share of bookings derived from the US and Asia and an increase in bookings derived from Europe and Other.

Note:

Due to rounding, the numbers presented throughout this release may not precisely add up to the totals. The period-over-period percentage changes are based on the actual numbers and may therefore differ from the percentage changes if those were to be calculated based on the rounded numbers.

The figures in this release are preliminary and unaudited. The Company’s 2025 Annual Report on Form 20-F, which will include the Company’s audited financial statements as of for the year ended December 31, 2025, is expected to be published within the prescribed filing period.

About GDEV

GDEV is a gaming and entertainment holding company, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games, among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated over 550 million installs and more than $2.5 billion of bookings worldwide. For more information, please visit www.gdev.inc.

Contacts:

Investor Relations
Roman Safiyulin | Chief Corporate Development Officer
[email protected]

Cautionary statement regarding forward-looking statements

Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

The forward-looking statements contained in this press release are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s 2024 Annual Report on Form 20-F, filed by the Company on March 31, 2025, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Presentation of Non-IFRS Financial Measures

In addition to the results provided in accordance with IFRS throughout this press release, the Company has provided the non-IFRS financial measure “Adjusted EBITDA” (the “Non-IFRS Financial Measure”). The Company defines Adjusted EBITDA as the profit/loss for the period, net of tax as presented in the Company's financial statements in accordance with IFRS, adjusted to exclude (i) goodwill and investments in equity-accounted associates' impairment, (ii) loss on disposal of subsidiaries, (iii) income tax expense, (iv) other financial income, finance income and expenses other than foreign exchange gains and losses and bank charges, (v) change in fair value of share warrant obligations and other financial instruments, (vi) share of loss of equity-accounted associates, (vii) depreciation and amortization, (viii) share-based payments expense and (ix) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. The Company uses this Non-IFRS Financial Measure for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that this Non-IFRS Financial Measure is a useful financial metric to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. This Non-IFRS Financial Measure is not intended to replace, and should not be considered superior to, the presentation of the Company’s financial results in accordance with IFRS. The use of the Non-IFRS Financial Measure terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.

Reconciliation of the profit for the period, net of tax to the Adjusted EBITDA

US$ millionQ4 2025Q4 202412M 202512M 2024Profit for the period, net of tax1426926Adjust for:    Income tax expense0.9155Adjusted finance income/expenses3(0.2)0.7(3)(2)Share of loss of equity-accounted associates2(1)548Change in fair value of share warrant obligations and other financial instruments(0.2)(0.6)(4)(0.9)Depreciation and amortization2276Share-based payments0.10.20.61Adjusted EBITDA1597942
______________________________
1 For more information, see section titled “Presentation of Non-IFRS Financial Measures” on the last two pages of this report, including the reconciliation of the profit for the period, net of tax to the Adjusted EBITDA.

2 The financial information presented for the comparative periods of 2024 may not reconcile exactly with the amounts previously published for those periods. This is due to the reclassification of the Impairment loss on loan receivables from Royal Ark to the Share of loss of equity-accounted associates line.

3 Adjusted finance income/expenses consist of finance income and expenses other than foreign exchange gains and losses and bank charges, net.

LEHI, Utah--(BUSINESS WIRE)--Pattern Group Inc. (NASDAQ: PTRN), a leader in accelerating brands on global ecommerce marketplaces leveraging proprietary technology and AI, today announced financial results for the fourth quarter and full year ended December 31, 2025. “2025 was a defining year for Pattern. We delivered record results, exceeding our prior expectations and demonstrating our ability to scale with discipline,” said Dave Wright, Co-Founder and CEO of Pattern. “Our results were driven.

, /PRNewswire/ -- Viking Therapeutics, Inc. ("Viking") (NASDAQ: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced that the company will participate at multiple upcoming investor conferences. 

Details of the company's participation are as follows:

Leerink Partners Global Healthcare Conference 2026
Details: Viking management will participate in a fireside chat and in 1-on-1 meetings
Conference Date: March 8-11, 2026
Fireside Chat Timing: 10:40 – 11:10 a.m. Eastern on Tuesday, March 10, 2026
Location: Miami, FL 2026 Jefferies Biotech on the Beach Summit
Details: Viking management will participate in 1-on-1 meetings
Conference Dates: March 10-11, 2026
Location: Miami, FL A live webcast of the Leerink presentation may be accessed via a link on the Viking Therapeutics website in the Investors & Media section under Webcasts.  Additionally, a replay of the webcast will be available on the Viking website following the conference. 

About Viking Therapeutics, Inc.

Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development of novel first-in-class or best-in-class therapies for the treatment of metabolic and endocrine disorders. Viking's research and development activities leverage its expertise in metabolism to develop innovative therapeutics designed to improve patients' lives. Viking's clinical programs include VK2735, a novel dual agonist of the glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptors for the potential treatment of various metabolic disorders. The company is evaluating its subcutaneous formulation of VK2735 in a Phase 3 obesity program that includes two Phase 3 clinical trials (VANQUISH-1 and VANQUISH-2). Data from a Phase 1 and a Phase 2 trial evaluating subcutaneous VK2735 demonstrated an encouraging safety and tolerability profile as well as positive signs of clinical benefit. Concurrently, the company is evaluating an oral formulation of VK2735 in obesity. Viking is also developing VK2809, a novel, orally available, small molecule selective thyroid hormone receptor beta agonist for the treatment of lipid and metabolic disorders. The compound successfully achieved both the primary and secondary endpoints in a Phase 2b study for the treatment of biopsy-confirmed non-alcoholic steatohepatitis (NASH) and fibrosis. In a Phase 2a trial for the treatment of non-alcoholic fatty liver disease (NAFLD) and elevated LDL-C, patients who received VK2809 demonstrated statistically significant reductions in LDL-C and liver fat content compared with patients who received placebo. The company's newest program is evaluating a series of internally developed dual amylin and calcitonin receptor agonists (or DACRAs) for the treatment of obesity and other metabolic disorders. In the rare disease space, Viking is developing VK0214, a novel, orally available, small molecule selective thyroid hormone receptor beta agonist for the potential treatment of X-linked adrenoleukodystrophy (X-ALD). In a Phase 1b clinical trial in patients with the adrenomyeloneuropathy (AMN) form of X-ALD, VK0214 was shown to be safe and well-tolerated, while driving significant reductions in plasma levels of very long-chain fatty acids (VLCFAs) and other lipids, as compared to placebo.

For more information about Viking Therapeutics, please visit www.vikingtherapeutics.com.

SOURCE Viking Therapeutics, Inc.

Revenue up 58% in Fourth Quarter, 53% for Year; Member Growth of 55% for Year
Achieves Positive Net Income in Fourth Quarter; Significantly Narrows Net Loss for Full Year
Delivers Positive Adjusted EBITDA for Full Year

SAN FRANCISCO, March 05, 2026 (GLOBE NEWSWIRE) -- Omada Health, Inc. (Nasdaq: OMDA), the virtual between-visit healthcare provider, today reported financial results for the fourth quarter and full year ended December 31, 2025.

2025 Fourth Quarter and Full-Year Highlights
Highlights are for the fourth quarter and full year 2025, except where otherwise noted.

Total members

886,000 at year end, up 55% year over year
Revenue

$76 million in the fourth quarter, up 58% year over year$260 million for the full year, up 53% compared with 2024 GLP-1 Leadership

Omada has now supported more than 150,000 members on GLP-1s, compared with more than 50,000 at the end of 2024Published research demonstrating the effectiveness of Omada’s programs, including data showing members in our GLP-1 Care Track, compared with published real-world evidence, achieved greater average weight loss and largely maintained weight, on average, one year after discontinuing GLP-1 therapyAnnounced plans in November to launch a new prescribing offering that will combine Omada’s evidence-based behavior change program with medication management for anti-obesity medications, including GLP-1sToday, announced GLP-1 Flex Care, a new option that gives employers a structured way to connect eligible employees with clinical evaluation, prescribing, and ongoing medical oversight for GLP‑1s—alongside Omada’s lifestyle and behavioral support—without taking on employer financial coverage for GLP-1s, providing another flexible pathway to balance access, affordability, and durable outcomes across diverse GLP‑1 coverage strategies Program Innovation

During 2025, launched OmadaSpark and Meal Map, AI-powered tools that support members with wellness education alongside our human coachesIn February of 2026, announced Omada for Cholesterol to address a highly prevalent, often under‑treated condition that frequently co‑exists with diabetes, hypertension, and obesity, further strengthening its multi‑condition platform capabilities and expanding the scope of Omada’s cardiometabolic care “Our 2025 performance reflects a pivotal year for Omada, marked by strong growth, important profitability milestones, and continued momentum across our business,” said Sean Duffy, co‑founder and CEO of Omada Health. “We demonstrated GLP‑1 companion support innovation, advanced our member‑facing AI capabilities, and introduced meaningful program expansions—all designed to support our members in achieving durable health improvements and serving as a foundation for progress toward our long‑term mission to bend the curve of chronic disease.”

Other Fourth Quarter and Full Year 2025 Financial Highlights

Gross margin of 71% in the fourth quarter, up from 67% in Q4 2024, and gross margin of 66% for the year compared with 61% in 2024Non-GAAP gross margin of 73% in the fourth quarter, up from 69% in Q4 2024, and non-GAAP gross margin of 68% for the year compared with 63% in 2024Net income of $5 million in the fourth quarter, compared with a net loss of $8 million in Q4 2024, and a net loss of $13 million for the year compared with a net loss of $47 million in 2024Adjusted EBITDA of $8 million in the fourth quarter, compared with an adjusted EBITDA loss of $4 million in Q4 2024, and adjusted EBITDA of $6 million for the year compared with an adjusted EBITDA loss of $29 million in 2024Cash and cash equivalents of $222 million Please see the Non-GAAP Financial Measures section below and reconciliations of GAAP to non-GAAP measures at the end of this press release.

Financial Outlook
For the year ending December 31, 2026, Omada expects:

Revenue in the range of $312 million to $322 million, with the midpoint representing 22% growth compared with 2025Adjusted EBITDA in the range of $7 million to $15 million We have not provided an outlook for net loss (GAAP) or a reconciliation of expected adjusted EBITDA to net loss (GAAP) because net loss (GAAP) on a forward-looking basis is not available without unreasonable effort due to the potential variability and complexity of the items that are excluded from adjusted EBITDA, such as loss on debt extinguishment; provision for income taxes; depreciation and amortization; share-based compensation; change in fair value of warrant liabilities; amortization of intangible assets; and loss on disposal of property and equipment.

Conference Call

Omada Health will host a conference call at 1:30 p.m. PT/4:30 p.m. ET today, March 5, 2026, during which management will discuss fourth quarter and full-year 2025 results.

A live audio webcast of the call will be available online at https://investors.omadahealth.com. A replay will be available shortly after the conclusion of the call at the same link and will remain accessible for approximately 12 months.

Those participating via conference call can pre-register using the following link:
https://register-conf.media-server.com/register/BI58c6d7a71730445093f7ea7c02d33e97

About Omada Health

Omada Health (Nasdaq: OMDA) is reverse engineering the way healthcare is delivered in America, putting the space between doctor visits–where health is won or lost–at the center of care. Today's healthcare system poorly serves chronic conditions that require ongoing support outside of the exam room, like obesity, diabetes, hypertension, cholesterol, and musculoskeletal conditions. Omada’s virtual-first model combines human-led care teams, connected devices, and AI-enabled technology to deliver personalized care at scale, including support for GLP-1 therapy. Omada has served more than two million members since launch across 2,000+ employers, health plans, pharmacy benefit managers, and health systems. Learn more at omadahealth.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements contained in this press release include, but are not limited to, statements we make regarding our GLP-1 leadership, plans to launch a new prescribing offering and the benefits of the offering, program innovation and related capabilities, ability to deliver measurable results, business trends, growth prospects and future financial and operating results, and our financial outlook.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, macroeconomic and industry conditions and other factors. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, the following: our limited operating history and ability to manage our growth effectively; our history of net losses and ability to maintain profitability; the ability of our programs to achieve and maintain market acceptance; changes in the healthcare industry and competition; the growth and success of our customers and channel partners; the number of individuals covered by our programs and the number of our programs covered by our customers; the level of member engagement in our programs; our ability to maintain and grow customer and channel partner relationships; concentration of a substantial portion of our sales among a limited number of customers and channel partners; our ability to attract new customers and channel partners and increase member enrollment from existing and new customers and channel partners; our ability to increase the size of our organization; our dependence on a limited number of third-party suppliers; the impact of seasonality on our financial results; our ability to achieve widespread brand awareness and the impact of any negative media coverage; our ability to develop and release new programs and services; cybersecurity threats; our dependence on the interoperability of our programs and connected devices with third-party devices, operating systems and applications; changes in laws or regulations or the implementation of existing laws and regulations; compliance with privacy and security laws and regulations; our and our affiliated professional entities’ compliance with healthcare regulatory laws; any modification in U.S. Food and Drug Administration enforcement policies; our dependence on our relationships with affiliated professional entities; and other risk factors identified in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025, which is being filed at or around the date hereof.

All forward-looking statements in this press release are based only on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required under applicable law.

Investor Relations Contact:
Allan Kells
[email protected]

Media Contact:
Rose Ramseth
[email protected]

Omada Health, Inc.Consolidated Balance Sheets (in thousands, except share and per-share amounts)(unaudited)  As of December 31,  2025   2024 Assets   Current assets   Cash and cash equivalents$222,036  $76,392 Accounts receivable, net(1) 34,585   23,417 Inventory 4,486   3,296 Deferred commissions, current 3,539   3,017 Prepaid expenses and other current assets(2) 8,288   6,937 Total current assets 272,934   113,059 Property and equipment, net 7,942   5,625 Operating lease right-of-use asset -   447 Deferred commissions, non-current 8,711   9,214 Intangible assets, net 2,414   4,263 Goodwill 13,240   13,240 Other assets 165   5,044 Total assets$305,406  $150,892     Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)   Current liabilities   Accounts payable(3)$10,276  $4,168 Accrued expenses and other current liabilities(4) 40,392   29,840 Operating lease liability, current -   415 Deferred revenue(5) 25,058   19,530 Total current liabilities 75,726   53,953 Long term debt -   29,771 Warrant liabilities, non-current -   2,252 Other liabilities, non-current -   285 Total liabilities 75,726   86,261 Commitments and contingencies   Redeemable convertible preferred stock, $0.001 par value per share; no shares and 120,689 shares authorized as of December 31, 2025 and December 31, 2024, respectively; no shares and 118,219 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $0 and $455,588 as of December 31, 2025 and December 31, 2024, net of issuance costs -   449,034 Stockholders’ equity (deficit)   Common stock, $0.001 par value per share; 750,000 and 181,500 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 58,429 and 8,157 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 58   8 Additional paid-in capital 686,366   59,555 Accumulated deficit (456,744)  (443,966)Total stockholders’ equity (deficit) 229,680   (384,403)Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)$305,406  $150,892  (1) Includes amounts from a related party of $22.8 million and $13.2 million as of December 31, 2025 and December 31, 2024, respectively.
(2) Includes amounts from a related party of $0.3 million and $0.1 million as of December 31, 2025 and December 31, 2024, respectively.
(3) Includes amounts from a related party of $1.0 million and $0 as of December 31, 2025 and December 31, 2024, respectively.
(4) Includes amounts from a related party of $4.9 million and $2.2 million as of December 31, 2025 and December 31, 2024, respectively.
(5) Includes amounts from a related party of $18.8 million and $13.2 million as of December 31, 2025 and December 31, 2024, respectively.

Omada Health, Inc.Consolidated Statements of Operations and Comprehensive Loss (in thousands, except per-share data)(unaudited)  Three Months Ended
December 31, Year Ended
December 31, 2025   2024   2025   2024 Revenue       Services(1)$71,651  $45,438  $241,043  $157,789 Hardware(2) 4,195   2,540   19,167   12,011 Total revenue 75,846   47,978   260,210   169,800 Cost of revenue       Services(3) 13,768   10,834   51,839   42,520 Hardware 8,416   5,011   37,432   24,403 Total cost of revenue 22,184   15,845   89,271   66,923 Gross profit 53,662   32,133   170,939   102,877 Operating expenses       Research and development(4) 11,552   9,190   40,683   35,923 Sales and marketing(5) 24,613   18,089   90,044   68,053 General and administrative(6) 14,216   11,954   52,184   42,555 Total operating expenses 50,381   39,233   182,911   146,531 Operating income (loss) 3,281   (7,100)  (11,972)  (43,654)Other income (expense), net       Interest expense (13)  (1,097)  (2,534)  (4,506)Interest income 1,891   174   5,305   805 Loss on debt extinguishment -   -   (2,109)  - Change in fair value of warrant liabilities -   (227)  (1,468)  218 Total other expense, net 1,878   (1,150)  (806)  (3,483)Income (loss) before provision for income taxes 5,159   (8,250)  (12,778)  (47,137)Provision for income taxes -   -   -   - Net income (loss) and comprehensive income (loss)$5,159  $(8,250) $(12,778) $(47,137)        Net income (loss) per share       Basic$0.09  $(1.04) $(0.35) $(6.11)Diluted$0.08  $(1.04) $(0.35) $(6.11)        Weighted-average shares outstanding       Basic 58,056   7,951   36,639   7,721 Diluted 63,930   7,951   36,639   7,721  (1) Includes amounts from a related party of $49.5 million and $25.9 million for the three months ended December 31, 2025 and 2024, respectively and $157.7 million and $88.0 million for the year ended December 31, 2025 and 2024, respectively.
(2) Includes amounts from a related party of $3.1 million and $1.8 million for the three months ended December 31, 2025 and 2024, respectively and $12.1 million and $6.5 million for the year ended December 31, 2025 and 2024, respectively.
(3) Includes amounts from a related party of $1.2 million and $0.9 million for the three months ended December 31, 2025 and 2024, respectively and $5.0 million and $3.4 million for the year ended December 31, 2025 and 2024, respectively.
(4) Includes amounts from a related party of $0.6 million and $0.4 million for the three months ended December 31, 2025 and 2024, respectively and $2.2 million and $1.7 million for the year ended December 31, 2025 and 2024, respectively.
(5) Includes amounts from a related party of $6.8 million and $4.2 million for the three months ended December 31, 2025 and 2024, respectively and $26.1 million and $15.2 million for the year ended December 31, 2025 and 2024, respectively.
(6) Includes amounts from a related party of $0.4 million and $0.3 million for the three months ended December 31, 2025 and 2024, respectively and $1.5 million and $1.1 million for the year ended December 31, 2025 and 2024, respectively.

Omada Health, Inc.Share-based Compensation Summary (in thousands)(unaudited)  Three Months Ended
December 31, Year Ended
December 31, 2025
 2024
 2025
 2024
Services cost of revenue$65 $57 $169 $219Research and development 594  458  2,228  1,713Sales and marketing 1,255  621  3,918  2,602General and administrative 1,831  1,176  6,640  4,886Total share-based compensation expense$3,745 $2,312 $12,955 $9,420 Omada Health, Inc.Consolidated Statements of Cash Flows (in thousands)(unaudited)  Three Months Ended
December 31, Year Ended
December 31,  2025   2024   2025   2024 Operating activities       Net income (loss)$5,159  $(8,250) $(12,778) $(47,137)Adjustments to reconcile net loss to net cash provided by (used in) operating activities       Depreciation and amortization 1,447   1,278   5,491   4,803 Share-based compensation 3,745   2,312   12,955   9,420 Loss on debt extinguishment -   -   2,109   - Loss on disposal of property and equipment 6   -   8   2 Amortization of debt issuance costs -   98   285   389 Non-cash operating lease expense -   187   447   728 Change in fair value of warrants -   227   1,468   (218)Provision for credit losses(1) (296)  1,009   1,189   1,760 Amortization of deferred commissions 872   742   3,339   2,643 Changes in operating assets and liabilities       Accounts receivable(2) 7,157   871   (12,357)  (8,805)Inventory (1,338)  (1,527)  (1,190)  318 Prepaid expenses and other current assets(3) 161   (1,197)  (1,409)  (1,853)Deferred commissions (1,191)  (1,550)  (3,510)  (6,422)Other non-current assets 70   78   251   409 Accounts payable(4) 4,916   (1,089)  6,289   399 Operating lease liabilities -   (202)  (415)  (783)Accrued expenses and other current liabilities(5) 2,770   3,661   10,552   5,343 Deferred revenue(6) (2,099)  (3,180)  5,528   4,645 Other non-current liabilities -   45   -   180 Net cash provided by (used in) operating activities 21,379   (6,487)  18,252   (34,179)        Investing activities       Purchases of property and equipment (199)  (184)  (1,322)  (596)Capitalized internal-use software costs (1,147)  (785)  (4,510)  (3,267)Net cash used in investing activities (1,346)  (969)  (5,832)  (3,863)        Financing activities       Proceeds from exercise of stock options 3,375   1,284   9,368   3,329 Payment of deferred offering costs 1   (1,171)  (4,283)  (4,538)Repayment of Midcap term facility principal -   -   (30,963)  - Payment of debt extinguishment costs -   -   (1,430)  - Proceeds from initial public offering, net of underwriting discounts and commissions -   -   160,532   - Net cash provided by (used in) financing activities 3,376   113   133,224   (1,209)        Net increase (decrease) in cash and cash equivalents 23,409   (7,343)  145,644   (39,251)Cash and cash equivalents at beginning of period 198,627   83,735   76,392   115,643 Cash and cash equivalents at end of period$222,036  $76,392  $222,036  $76,392  (1) Includes changes in related party balances of $0.5 million and $0.2 million for the three months and year ended December 31, 2025 and 2024, respectively.
(2) Includes changes in related party balances of $9.1 million and $5.3 million for the three months and year ended December 31, 2025 and 2024, respectively.
(3) Includes changes in related party balances of $0.2 million and $0.1 million for the three months and year ended December 31, 2025 and 2024, respectively.
(4) Includes changes in related party balances of $1.0 million and $0 million for the three months and year ended December 31, 2025 and 2024, respectively.
(5) Includes changes in related party balances of $2.7 million and $0.7 million for the three months and year ended December 31, 2025 and 2024, respectively.
(6) Includes changes in related party balances of $5.7 million and $3.9 million for the three months and year ended December 31, 2025 and 2024, respectively.

Non-GAAP Financial Measures

We use certain financial measures not calculated in accordance with accounting principles generally accepted in the United States (“GAAP”) to supplement the financial information in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expense, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP operating expenses, non-GAAP operating expenses (as a % of revenue), adjusted EBITDA, adjusted EBITDA margin, and free cash flow.

We define non-GAAP gross profit and non-GAAP gross margin as gross profit and gross margin, excluding share-based compensation expense, amortization of intangible assets, and depreciation and amortization.

We define non-GAAP general and administrative expenses as total general and administrative expenses reported on our consolidated statements of operations, excluding share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. We define non-GAAP research and development expenses as total research and development expenses reported on our consolidated statements of operations, excluding share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. We define non-GAAP sales and marketing expenses as total sales and marketing expenses reported on our consolidated statements of operations, excluding share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. We define non-GAAP operating expenses as total operating expenses reported on our consolidated statements of operations, excluding share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment. We define non-GAAP operating expenses margin as non-GAAP operating expenses divided by GAAP total revenue reported on our consolidated statements of operations.

We define adjusted EBITDA as net loss and comprehensive loss reported on our consolidated statements of operations, excluding the impact of interest expense, interest income, change in fair value of warrant liabilities, loss on debt extinguishment, provision for income taxes, share-based compensation expense, amortization of intangible assets, depreciation and amortization, and loss on disposal of property and equipment.

Free cash flow is net cash used in operating activities less purchases of property and equipment and capitalized internal-use software costs.

We believe these non-GAAP financial measures, when taken collectively with GAAP financial information, are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making. However, there are a number of limitations related to the use of non-GAAP financial measures. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.

Key Metric

Total Members: A member is a person who is enrolled in one of our virtual care programs and that generated a billing event in the preceding 12 months. We believe growth in the number of members is a key indicator of the performance of our business for both investors and management as we monitor the performance of our business, as members primarily drive services revenue. The number of members depends, in part, on our ability to successfully market our services to new customers and channel partners, our ability to sell additional programs to existing customers and channel partners, and our ability to promote awareness of our programs among covered individuals and to encourage their enrollment.

Reconciliation of GAAP to Non-GAAP Financial Measures

The following tables reconcile to the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:

Omada Health, Inc.Reconciliation of GAAP to Non-GAAP Financial Measures - Adjusted EBITDA (in thousands)(unaudited)  Three Months Ended
December 31, Year Ended
December 31,  2025   2024   2025   2024          (in thousands, except percentages)GAAP net income (loss) and comprehensive income (loss)$5,159  $(8,250) $(12,778) $(47,137)Add:       Interest expense 13   1,097   2,534   4,506 Interest income (1,891)  (174)  (5,305)  (805)Change in fair value of warrant liabilities —   227   1,468   (218)Loss on debt extinguishment —   —   2,109   — Provision for income taxes —   —   —   — Share-based compensation expense 3,745   2,312   12,955   9,420 Amortization of intangible assets 440   501   1,851   2,007 Depreciation and amortization(1) 1,007   777   3,640   2,796 Loss on disposal of property and equipment 5   —   8   2 Adjusted EBITDA$8,478  $(3,510) $6,482  $(29,429)GAAP net income (loss) and comprehensive income (loss) margin (as a percentage of revenue) 6.8% (17.2)% (4.9)% (27.8)%Adjusted EBITDA margin (as a percentage of revenue) 11.2% (7.3)%  2.5% (17.3)% (1) Depreciation and amortization includes depreciation of property and equipment and amortization of capitalized internal-use software costs

Omada Health, Inc.Reconciliation of GAAP to Non-GAAP Financial Measures  (in thousands)(unaudited)  Three Months Ended
December 31, Year Ended
December 31,  2025   2024   2025   2024          (in thousands, except percentages)GAAP gross profit$53,662  $32,133  $170,939  $102,877 Add:       Share-based compensation expense 65   57   169   219 Amortization of intangible assets 440   438   1,755   1,755 Depreciation and amortization(1) 927   683   3,294   2,406 Non-GAAP gross profit 55,094   33,311   176,157   107,257 GAAP gross margin (as a percentage of revenue) 70.8%  67.0%  65.7%  60.6%Non-GAAP gross margin (as a percentage of revenue) 72.6%  69.4%  67.7%  63.2% (1) Depreciation and amortization includes depreciation of property and equipment and amortization of capitalized internal-use software costs

GAAP Research and development expense$11,552  $9,190  $40,683  $35,923 Less:       Share-based compensation expense 594   458   2,228   1,713 Depreciation and amortization(1) 27   19   88   83 Non-GAAP research and development expense$10,931  $8,713  $38,367  $34,127 Non-GAAP research and development expense (as a % of revenue) 14%  18%  15%  20%        GAAP Sales and marketing expense$24,613  $18,089  $90,044  $68,053 Less:       Share-based compensation expense 1,255   621   3,918   2,602 Amortization of intangible assets —   63   94   252 Depreciation and amortization(1) 34   28   121   118 Non-GAAP sales and marketing expense$23,324  $17,377  $85,911  $65,081 Non-GAAP sales and marketing expense (as a % of revenue) 31%  36%  33%  38%        GAAP General and administrative expense$14,216  $11,954  $52,184  $42,555 Less:       Share-based compensation expense 1,831   1,176   6,640   4,886 Depreciation and amortization(1) 19   47   138   189 Loss on disposal of property and equipment 5   —   8   2 Non-GAAP general and administrative expense$12,361  $10,731  $45,398  $37,478 Non-GAAP general and administrative expense (as a % of revenue) 16%  22%  17%  22%        GAAP operating expense$50,381  $39,233  $182,911  $146,531 Less:       Share-based compensation expense 3,680   2,255   12,786   9,201 Amortization of intangible assets —   63   94   252 Depreciation and amortization(1) 80   94   347   390 Loss on disposal of property and equipment 5   —   8   2 Non-GAAP operating expense$46,616  $36,821  $169,676  $136,686 GAAP operating expense (as a % of revenue) 66.4%  81.8%  70.3%  86.3%Non-GAAP operating expense (as a % of revenue) 61.5%  76.7%  65.2%  80.5% (1) Depreciation and amortization includes depreciation of property and equipment and amortization of capitalized internal-use software costs

Omada Health, Inc. Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow        (in thousands)       (unaudited)        Three Months Ended
December 31, Year Ended
December 31,  2025   2024   2025   2024 Net cash provided by (used in) operating activities$21,379  $(6,487) $18,252  $(34,179)Purchases of property and equipment (199)  (184)  (1,322)  (596)Capitalized internal-use software development costs (1,147)  (785)  (4,510)  (3,267)Free Cash Flow$20,033  $(7,456) $12,420  $(38,042)Other cash flow components:       Net cash used in investing activities$(1,346) $(969) $(5,832) $(3,863)Net cash provided by (used in) financing activities$3,376  $113  $133,224  $(1,209)

March 05, 2026 16:05 ET  | Source: CAMP4 Therapeutics

GLP toxicology studies ongoing for CMP-002, with initiation of global Phase 1/2 clinical trial in SYNGAP1 patients expected as early as 2H 2026

Entered strategic collaboration with GSK to advance RNA-based therapeutic discoveries, received $17.5 million upfront and eligible for milestone-based payments in addition to tiered royalties

Completed private placement with upfront gross proceeds of $50 million, with potential for up to an additional $50 million of gross proceeds, as well as underwritten offering of common stock of $30 million in gross proceeds, extending cash runway into 2028

CAMBRIDGE, Mass., March 05, 2026 (GLOBE NEWSWIRE) -- CAMP4 Therapeutics Corporation (“CAMP4”) (Nasdaq: CAMP), a clinical-stage biopharmaceutical company developing a pipeline of regulatory RNA-targeting therapeutics designed to upregulate gene expression with the goal of restoring healthy protein levels to treat a broad range of genetic diseases, today announced financial results for the full year ended December 31, 2025, and provided recent corporate highlights.

"In 2025, we brought our SYNGAP1 program to the forefront of our pipeline and made significant progress against our goal of bringing a potential first-in-class treatment for SYNGAP1-related disorder into the clinic,” said Josh Mandel-Brehm, President and Chief Executive Officer of CAMP4. “Our GLP toxicology studies for CMP-002 are ongoing, and we continue to expect to initiate a global first-in-human Phase 1/2 clinical trial as early as the second half of 2026. We also made progress in our mission of developing potentially disease modifying medicines for patients with disorders marked by suboptimal gene expression by exploring new candidates for both in-house development and potential partnerships and signed a collaboration agreement with GSK to identify and develop ASO drug candidates for multiple gene targets relevant to neurodegenerative and kidney disease indications. Finally, we strengthened our balance sheet through a combination of equity financing and non-dilutive capital from collaboration partners to ensure that CAMP4 is well-capitalized to achieve its goals.”

Corporate Highlights:

Presented compelling preclinical data for SYNGAP1 program showing that haploinsufficient SYNGAP1 mice treated with CMP-002 demonstrated an increase in SYNGAP1 protein levels and that treatment rescued multiple SYNGAP1-dependent behavioral phenotypes. This data further demonstrated that CMP-002 administration led to a significant increase in SYNGAP1 protein levels in relevant brain regions in non-human primates (NHPs).Initiated GLP toxicology studies for CMP-002 in support of future clinical trial applications, which could enable initiation of a global Phase 1/2 clinical trial in patients as early as H2 2026.Entered a strategic research, collaboration, and license agreement with GSK to identify and develop antisense nucleotide (ASO) drug candidates for multiple gene targets relevant to neurodegenerative and kidney disease indications. CAMP4 received a $17.5 million cash upfront payment and has the potential to receive up to $440 million upon achievement of certain development and commercial milestones, in addition to tiered royalties on future product sales.Completed oversubscribed private placement for gross proceeds of up to $100 million, $50 million of which was received in the form of an upfront payment in September, as well as underwritten offering of common stock with gross proceeds of $30 million in December to fund further development of CMP-002.Conducted analysis from single ascending dose (SAD) and multiple ascending dose (MAD) portions of the CMP-001 Phase 1 clinical trial and made strategic decision to pause further investment in the development of CMP-001 and explore potential partnership opportunities.
Full Year 2025 Financial Results

Cash and cash equivalents as of December 31, 2025, were $109.5 million, compared to $64.0 million as of December 31, 2024. The Company believes that its current cash and cash equivalents will be sufficient to fund its planned activities into 2028.

R&D Expenses: Research and development (“R&D”) expenses for the year ended December 31, 2025, were $38.2 million, compared to $38.8 million for the year ended December 31, 2024. The decrease was primarily driven by a gain on lease modification and decreased clinical costs associated with CMP-001.

G&A Expenses: General and administrative (“G&A”) expenses were $17.4 million for the year ended December 31, 2025, compared to $14.9 million for the year ended December 31, 2024. The change was primarily driven by an increase in professional expenses.

Net Loss: Net loss for the year ended December 31, 2025, was $80.4 million compared to $51.8 million for the year ended December 31, 2024. The increase in net loss was primarily driven by a $29.8 million non-cash loss recognized due to a change in fair value of the derivative tranche liability related to our September private placement.

About CAMP4 Therapeutics
CAMP4 is developing disease-modifying treatments for a broad range of genetic diseases where amplifying healthy protein may offer therapeutic benefits. Our approach amplifies mRNA by harnessing a fundamental mechanism of how genes are controlled. To amplify mRNA, our therapeutic ASO drug candidates target regulatory RNAs (regRNAs), which act locally on transcription factors and are the master regulators of gene expression. CAMP4’s proprietary RAP Platform™ enables the mapping of regRNAs and generation of therapeutic candidates designed to target the regRNAs associated with genes underlying haploinsufficient and recessive partial loss-of-function disorders, of which there are more than 1,200, in which a modest increase in protein expression may have the potential to be clinically meaningful. For more information, visit camp4tx.com.

Forward-Looking Statements
This press release contains forward-looking statements which involve risks, uncertainties and contingencies, many of which are beyond the control of the Company, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements other than statements of historical facts contained in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, statements concerning the anticipated timing to advance the Company’s SYNGAP1 program into a clinical trial; the Company’s plan to pursue partnership opportunities to support the further development of CMP-001; the development of ASO drug candidates for multiple gene targets relevant to neurodegenerative and kidney disease indications; the potential of the Company’s platform technology; the Company’s receipt of future contingent milestones and/or royalties; the potential to receive up to $50 million in additional gross proceeds in connection with the Company’s September 2025 private placement; the Company’s strategy, goals, business plans and focus; the therapeutic potential of the Company’s product candidates; and the Company’s cash runway guidance. The forward-looking statements in this press release speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially from those anticipated in the forward-looking statements, including, but not limited to: the Company’s limited operating history, incurrence of substantial losses since the Company’s inception and anticipation of incurring substantial and increasing losses for the foreseeable future; the Company’s need for substantial additional financing to achieve the Company’s goals; the uncertainty of clinical development, which is lengthy and expensive, and characterized by uncertain outcomes, and risks related to additional costs or delays in completing, or failing to complete, the development and commercialization of the Company’s current product candidates or any future product candidates; delays or difficulties in the enrollment and dosing of patients in clinical trials; the impact of any significant adverse events or undesirable side effects caused by the Company’s product candidates; potential competition, including from large and specialty pharmaceutical and biotechnology companies; the Company’s ability to realize the benefits of the Company’s current or future collaborations or licensing arrangements and ability to successfully consummate future partnerships; the Company’s ability to obtain regulatory approval to commercialize any product candidate in the United States or any other jurisdiction, and the risk that any such approval may be for a more narrow indication than the Company seeks; the Company’s dependence on the services of the Company’s senior management and other clinical and scientific personnel, and the Company’s ability to retain these individuals or recruit additional management or clinical and scientific personnel; the Company’s ability to grow the Company’s organization, and manage the Company’s growth and expansion of the Company’s operations; risks related to the manufacturing of the Company’s product candidates, which is complex, and the risk that the Company’s third-party manufacturers may encounter difficulties in production; the Company’s ability to obtain and maintain sufficient intellectual property protection for the Company’s product candidates or any future product candidates the Company may develop; the Company’s reliance on third parties to conduct the Company’s preclinical studies and clinical trials; the Company’s compliance with the Company’s obligations under the licenses granted to the Company by others, for the rights to develop and commercialize the Company’s product candidates; risks related to the operations of the Company’s suppliers; and other risks and uncertainties described in the section “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as well as other information the Company files with the Securities and Exchange Commission. The forward-looking statements in this press release are inherently uncertain and are not guarantees of future events. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond the Company’s control, you should not unduly rely on these forward-looking statements. The events and circumstances reflected in the forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Moreover, the Company operates in an evolving environment. New risks and uncertainties may emerge from time to time, and management cannot predict all risks and uncertainties. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. Except as required by applicable law, the Company does not undertake to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Contacts

Investor Relations:
Sara Michelmore
Milestone Advisors
[email protected]

Media:
Sofia Bermudez
LifeSci Communications
[email protected]

 CAMP4 Therapeutics Corporation
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except for share and per share data)
 ​Year ended December 31,​ 2025   2024 Revenue​ ​Research and collaboration revenue$3,498  $652 Operating expenses​ ​Research and development 38,202   38,817 General and administrative 17,357   14,923 Impairment of right-of-use asset 494   — Total operating expenses 56,053   53,740 Loss from operations (52,555)  (53,088)Other (expense) income, net:​ ​Interest income 2,174   1,330 Change in fair value of derivative tranche liability (29,830)  — Other expense (192)  (33)Total other (expense) income, net (27,848)  1,297 Net loss$(80,403) $(51,791)Net loss per share attributable to common stockholders, basic and diluted$(2.65) $(11.04)Weighted average shares of common stock outstanding, basic and diluted 30,380,567   4,690,094 ​
December 31,​Condensed Balance Sheet Data 2025   2024 (in thousands)​ ​Cash and cash equivalents$109,517  $64,039 Working capital(1)​98,581  56,785 Total assets 117,808   78,307 Total liabilities 70,104   15,163 Accumulated deficit (292,156)  (211,753)Total stockholders' equity 47,704   63,144  (1) Working capital is defined as total current assets less total current liabilities. See our consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025, for further details regarding our current assets and current liabilities.

Nyxoah to Release Fourth Quarter and Full Year 2025 Financial Results on March 19, 2026

Mont-Saint-Guibert, Belgium – March 5 2026, 10:05pm CET / 4:05pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), that develops breakthrough treatment alternatives for Obstructive Sleep Apnea (OSA) through neuromodulation, today announced that the Company will release financial results for the fourth quarter and full year of 2025 on Thursday, March 19, 2026. Company management will host a conference call to discuss financial results that day beginning at 10:30pm CET / 4:30pm ET.

A webcast of the call will be accessible via the Investor Relations page of the Nyxoah website or through this link: Nyxoah's Q4 and FY 2025 Earnings Call Webcast. For those not planning to ask a question of management, the Company recommends listening via the webcast.

If you plan to ask a question, please use the following link: Nyxoah's Q4 and FY 2025 Earnings Call . After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, the Company suggests registering a minimum of 10 minutes before the start of the call.

The archived webcast will be available for replay shortly after the close of the call.

About Nyxoah

Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat OSA. Nyxoah’s lead solution is the Genio system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.

Following the successful completion of the BLAST OSA study, the Genio system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company announced positive outcomes from the DREAM IDE pivotal study and receipt of approval from the FDA for a subset of adult patients with moderate to severe OSA with an AHI of greater than or equal to 15 and less than or equal to 65.

For more information, please visit http://www.nyxoah.com/.

Caution – CE marked since 2019. FDA approved in August 2025 as prescription-only device.

Forward-looking statements

Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or management’s current expectations regarding the Genio system; the potential advantages of the Genio system; Nyxoah’s goals with respect to the potential use of the Genio system; the Company's commercialization strategy and entrance to the U.S. market; the Company's results of operations, financial condition, liquidity, performance, prospects, growth, future revenue and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025 and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward-looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward- looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Contacts:
Nyxoah
John Landry, CFO
[email protected]

Rémi Renard
Head of Investor Relations & Corporate Communication
[email protected]

ENGLISH_4Q&FY25 Earnings Call Announcement

Day One Biopharmaceuticals is maintained at a "Strong Buy" rating, driven by robust pipeline progress and multiple upcoming catalysts. The company's OJEMDA achieved FDA approval and delivered 172% year-over-year revenue growth in 2025, with label expansion efforts underway in pivotal phase 3 trial. Two novel ADC programs, Emi-Le and DAY-301, target high-value oncology indications, with key clinical data readouts expected in mid- and late 2026.

UniQure needs to run another study to prove that its gene therapy "actually helps people with Huntington's disease," a senior U.S. Food and Drug Administration official said on a call with reporters Thursday.

The official, who requested anonymity before discussing sensitive information, confirmed the agency has asked the company to run a placebo controlled trial of its treatment, which is administered directly into the brain. UniQure has said that type of study isn't ethical because it would require putting people under general anesthesia for hours, a characterization the official disputed.

"So what is really going on? UniQure is the latest company to make a failed therapy for Huntington's patients," the official said. "They likely acknowledge or understand at some deep level that their trial failed years ago, and instead of doing the right thing and running the correct clinical study, UniQure is performing a distorted or manipulated comparison in the mind of FDA."

The comments mark the latest development in a messy public spat between UniQure and the FDA, and as the agency comes under fire for a number of recent drug approval application rejections, including some where companies have accused it of going back on previous guidance. FDA Commissioner Marty Makary in an interview with CNBC's Becky Quick last week seemingly criticized UniQure's gene therapy for Huntington's disease. Makary didn't name UniQure but described its treatment.

watch now

UniQure then accused the FDA of reversing its stance that the company's clinical trial data would be sufficient to seek approval. UniQure's study used an outside database to measure how patients with Huntington's disease might decline without treatment, known as an external control. UniQure has said it wouldn't be feasible to run a true randomized, double-blind placebo-controlled study, considered the gold standard, because it wouldn't be ethical to make people undergo a sham hours-long brain surgery.

The FDA official said the agency "never agreed to accept this distorted comparison" and the FDA "never makes such assurances." Instead, the "FDA will always say, 'Well, we have to see the data when we get it.'"

UniQure didn't immediately comment.

The company's stock rose more than 10% on Thursday and has fallen 58% this year as of Thursday afternoon.