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Pony Group Inc. operates as a travel service provider primarily in China and Hong Kong through its subsidiaries Pony HK and Universe Travel. The company offers car services including carpooling, airport pick-up and drop-off, and personal driver services, targeting individual and group travelers between Guangdong Province and Hong Kong. It also provides technological development and operation services such as IT system design and cloud platform development. Revenues are generated mainly from service fees charged for matching travelers with drivers and from technology service contracts. The company recognizes revenue under ASC 606 when performance obligations are satisfied, with customers generally paying in advance. Pony Group's business model relies on cooperation with car fleet companies and aims to provide a one-stop travel booking resource. The company leases office space in Hong Kong and maintains most cash in Chinese Yuan. As of December 31, 2025, Pony Group reported revenues of $141,393 and a net loss of $246,429, with liquidity constraints and a working capital deficit. Management has plans to raise additional capital to support operations. The company is subject to regulatory and political risks due to its operations in China and Hong Kong, including tax and national security laws, as well as U.S. regulatory scrutiny under the Holding Foreign Companies Accountable Act.

Highview Merger Corp. is a special purpose acquisition company (SPAC) incorporated in the Cayman Islands with the sole purpose of effecting a business combination with one or more target companies. The company has no operations or revenue and is classified as a shell company. It completed its initial public offering in August 2025, raising gross proceeds of $230 million, plus $6.6 million from a private placement. The proceeds are held in a trust account invested in U.S. government treasury obligations or money market funds. The company intends to identify and complete a business combination with middle-market companies valued between $750 million and $1.5 billion, primarily in North America or Western Europe, focusing on companies with strong management teams and growth potential. The management team has significant SPAC and investment experience. The company’s financial condition as of December 31, 2025, shows strong liquidity ratios but raises substantial doubt about its ability to continue as a going concern without completing a business combination.

Urgent.ly Inc. is a technology-driven connected mobility assistance platform that matches vehicle owners and operators with service professionals providing roadside assistance, maintenance, and repair services. Founded in 2013, the company shifted from direct-to-consumer offerings to focus on B2B and B2B2C markets, partnering with automotive OEMs, insurers, ride-hailing services, rental car companies, and fleet operators. Its platform integrates AI, machine learning, and real-time data to optimize service delivery, pricing, and dispatch efficiency. As of December 31, 2025, Urgent.ly had 58 active Customer Partners and approximately 13,500 Service Providers in North America. The company generates revenue primarily on a per-incident basis under multi-year contracts. Urgent.ly is pursuing growth through expanding its Customer Partner base, launching B2C subscription services, and geographic expansion. The company faces liquidity challenges and is subject to a pending merger agreement that may result in privatization.

VanEck Merk Gold ETF is a New York State investment trust formed in 2014, designed to provide investors with exposure to physical gold through exchange-traded shares. Each share represents a fractional undivided beneficial interest in the Trust's net assets, which consist solely of gold bullion held in allocated form, primarily London Bars and other specified gold bars and coins. Shares are issued and redeemed in large blocks called Baskets, transacted with Authorized Participants who are registered broker-dealers or securities market participants. Investors can trade shares on the NYSE Arca exchange under the symbol OUNZ and may elect to take physical delivery of gold by submitting a Delivery Application and paying applicable fees. The Trust is not actively managed, does not engage in derivative trading, and aims to track the price of gold less expenses. The Sponsor charges a 0.25% annual fee of NAV, paid in shares, and assumes most administrative and marketing expenses. The Trustee, Bank of New York Mellon, administers the Trust's operations, including valuation and share transactions, while the Custodian holds the physical gold in London vaults. The Trust's shares do not confer traditional corporate rights and are fully transferable. The Trust reported net income of over $1 billion for the fiscal year ended January 31, 2026, with shares appreciating in value and outstanding shares increasing. The Trust operates within the broader gold market context, where gold serves as both a commodity and a store of value, with ETFs playing a significant role in investment demand.

Andersen Group Inc. is a professional services firm specializing in independent tax, valuation, and financial advisory services primarily in the United States. Founded in 2002 by former Arthur Andersen leaders, the company has grown to over 2,300 employees across 26 U.S. locations. Andersen Group deliberately excludes audit and related attestation services, focusing instead on a broad range of tax and financial advisory offerings. The firm serves a diverse client base including individuals, family offices, businesses, and institutional clients. It is the founding member of Andersen Global, a large international association of independent firms, enabling global service delivery. Andersen Group's service lines include Private Client Services, Business Tax Services, Alternative Investment Funds, Valuation Services, and a U.S. National Tax Office staffed by senior professionals. The company invests heavily in training, professional development, and technology, including AI, to enhance service quality and operational efficiency. Andersen Group reported a net loss and negative earnings per share for fiscal 2025 but maintains strong liquidity ratios. The Andersen brand is recognized globally and supports client acquisition and talent recruitment.

Local Bounti Corporation is a U.S.-based controlled environment agriculture company founded in 2018, focused on producing sustainably grown leafy greens and related products. The company employs a proprietary Stack & Flow Technology that combines vertical farming for early plant growth with greenhouse farming for final maturation, aiming to optimize yield, unit economics, and sustainability. Local Bounti operates six facilities across multiple states, distributing products to major retailers nationwide. The company emphasizes sustainability, using significantly less water, land, and pesticides compared to traditional farming, and aligns its operations with multiple U.N. Sustainable Development Goals. Its business model includes ongoing facility expansion, product diversification, and leveraging technology such as AI and computer vision to improve growing processes.

iAnthus Capital Holdings, Inc. operates in the cannabis industry through a network of wholly owned subsidiaries across various U.S. states and Canada. The company manages cultivation, processing, and retail operations, with a strategic focus on key growth markets such as Florida, Maryland, New Jersey, Massachusetts, and New York. iAnthus has undertaken portfolio optimization efforts including divestitures and consolidation to strengthen its balance sheet and focus resources on core markets. The company applies U.S. GAAP accounting standards and maintains significant property, plant, and equipment assets related to its operations. Despite generating revenues, iAnthus has reported substantial net losses and faces liquidity challenges, with management expressing concerns about its ability to continue as a going concern without adjustments.

The WisdomTree Bitcoin Fund is a Delaware statutory trust operating as an exchange-traded fund (ETF) listed on the Cboe BZX Exchange under the ticker BTCW since January 2024. Its investment objective is to track the price of bitcoin by holding bitcoin assets, which are custodied by Coinbase Custody Trust Company LLC. The Trust is managed by WisdomTree Digital Commodity Services, LLC, which handles marketing, administration, and sponsor fees. Shares represent fractional beneficial interests in the Trust's net assets and are created and redeemed in blocks of 5,000 shares through cash transactions with Authorized Participants. The Trust does not engage in speculative trading, leverage, or derivatives and does not participate in bitcoin forks or airdrops. The Trust's net assets and share count have fluctuated significantly due to bitcoin price volatility and investor activity. The Trust provides investors with a traditional brokerage access point to bitcoin exposure without direct bitcoin custody or transfer risks.

Intensity Therapeutics, Inc. is a late-stage clinical biotechnology company focused on developing intratumoral therapies for solid tumors using its proprietary DfuseRx platform. Its lead product candidate, INT230-6, combines cisplatin, vinblastine sulfate, and an amphiphilic molecule (SHAO) to enhance drug dispersion and absorption within tumors, aiming to achieve high local tumor killing and systemic immune activation. The company has conducted multiple clinical trials, including Phase 1/2, Phase 2, and Phase 3 studies targeting various cancers such as soft tissue sarcoma and triple-negative breast cancer. INT230-6 has demonstrated promising safety and efficacy signals, including tumor necrosis and immune cell activation. The company has developed manufacturing processes under cGMP and has regulatory designations such as orphan drug status for soft tissue sarcoma. Financially, the company has incurred net losses and has limited cash runway, with clinical trial enrollment paused due to funding constraints but plans to resume upon securing additional capital. Competition includes large pharmaceutical and biotech companies developing immuno-oncology therapies. The company currently lacks commercial infrastructure but intends to build capabilities if regulatory approval is obtained.

Innoviva, Inc. operates as a publicly traded company listed on The Nasdaq Global Select Market under the ticker INVA. The company maintains strong liquidity with substantial cash reserves and current assets relative to liabilities as of the fiscal year ended December 31, 2025. Innoviva engages in strategic collaborations and acquisitions within the pharmaceutical sector, including partnerships with Glaxo Group Limited and acquisitions involving Entasis Therapeutics and La Jolla Pharmaceutical Company. The company has a history of timely SEC filings and is classified as a large accelerated filer. Recent FDA approval of its oral treatment NUZOLVENCE for gonorrhea marks a significant regulatory milestone. Market interest is evidenced by analyst coverage, buy recommendations, and active options trading.

Gyrodyne, LLC operates as a real estate management and investment company focused on medical office and industrial properties located in New York State. Its primary assets are two property complexes: Flowerfield in Suffolk County and Cortlandt Manor in Westchester County. The company’s business model centers on managing these properties, enhancing their value through entitlement processes to increase development flexibility, and then selling the assets strategically. Gyrodyne is currently in a liquidation phase, intending to sell all properties, settle liabilities, distribute proceeds to shareholders, and dissolve. The company’s leases generally require tenants to reimburse operating costs, and it maintains a portfolio with significant tenant concentration. Gyrodyne’s operations include managing legal challenges related to property subdivision approvals and negotiating sales agreements contingent on regulatory approvals. The company also manages financing through secured loans and seeks to modify credit facilities to support operations through the liquidation timeline.

Bio Essence Corp is a California-based company incorporated in 2000, specializing in herbal health, diet, and vitamin nutritional supplements. The company previously operated through subsidiaries focused on manufacturing and traditional Chinese medicine products but sold or dissolved these entities by early 2024. Currently, Bio Essence manages its operations directly and outsources manufacturing and OEM services. The company recognizes revenue primarily from sales of goods and manufacturing services, following ASC 606 revenue recognition standards. It maintains a small workforce of 4 full-time employees and operates in a single business segment. The company has a history of accumulated deficits and faces liquidity constraints as reflected in its financial ratios. It is engaged in a legal dispute related to lease and contract obligations and has initiated a capital raise through a Regulation A Tier 2 offering.

PermRock Royalty Trust holds an 80% net profits interest in certain oil and natural gas properties located in the Permian Basin, Texas. The Trust does not operate the properties but receives monthly payments based on net profits from the sale of production after deducting applicable costs. The underlying properties are operated by T2S Permian Acquisition II LLC since March 31, 2025. Oil and natural gas production is sold to third-party purchasers under short-term contracts at market prices. The Trust distributes monthly cash dividends to unitholders derived from net profits income. The Trust's assets and operations are geographically concentrated in the Permian Basin, exposing it to regional operational and market risks. The Trust is subject to various risks including commodity price volatility, regulatory compliance costs, and operational risks associated with the underlying properties.

Retractable Technologies, Inc. is a Texas-incorporated company since 1994 specializing in manufacturing and marketing safety medical products, predominantly syringes with retractable needles, for the healthcare industry. Its products, marketed under VanishPoint®, Patient Safe®, and EasyPoint® brands, are designed to protect healthcare workers from needlestick injuries and reduce medication waste through low dead space syringe designs. The company operates manufacturing facilities in Little Elm, Texas, and China, with approximately 62.6% of products sourced from Chinese manufacturers in 2025. It distributes products primarily in the U.S. through distributors and a direct marketing network, with purchasing decisions largely influenced by group purchasing organizations. The company is subject to extensive regulatory oversight including FDA and international certifications. Tariffs on Chinese imports, notably a 120% tariff on syringes and needles, have materially impacted costs and operations, prompting increased domestic manufacturing capacity funded partly by a U.S. government Technology Investment Agreement. The company reported $38.3 million in net sales and a net loss of $12.6 million for 2025, with liquidity supported by cash and investments. Insider buying by the CEO has been active in 2025.

BioLineRx Ltd. operates as a biopharmaceutical company specializing in the development of therapies for oncology and rare diseases. The company’s lead product, APHEXDA (motixafortide), received regulatory approval in September 2023 for stem-cell mobilization in multiple myeloma. BioLineRx has strategically out-licensed motixafortide rights in Asia to Gloria and globally (excluding Asia) for non-solid tumor indications to Ayrmid, resulting in the cessation of its independent U.S. commercialization activities and a refocus on development operations in Israel. The company retains development rights for motixafortide in solid tumors outside Asia, including ongoing investigator-initiated clinical trials in pancreatic cancer. BioLineRx pursues growth through in-licensing additional assets with potential for differentiation in oncology and rare diseases, emphasizing cost-effective clinical development and success-based payments. The company’s financials reflect limited direct product revenues, primarily from royalties and milestone payments, with a net loss reported for 2025 and a focus on managing cash burn and liquidity.

SaverOne 2014 Ltd. develops and commercializes transportation safety technologies designed to reduce car accidents caused by driver distraction, particularly from mobile phone use. Its core technology detects, analyzes, and locates cellular phone radio frequency signals inside vehicles to selectively block dangerous phone applications for drivers. The company’s main product lines include the Driver Distraction Prevention Solution (DDPS) and an Advanced Driver-Assistance System (ADAS) for vulnerable road user detection. The DDPS aftermarket product is commercially available and targets private vehicles, commercial trucks, and buses globally, with a Generation 2.0 version launched in late 2022. The OEM DDPS product is in early development for integration into vehicle manufacturing. The ADAS VRU detection solution is also in development, aiming to enhance vehicle safety by detecting pedestrians and cyclists even in non-line of sight conditions. SaverOne’s business model combines hardware sales with monthly subscription fees for safety services and value-added analytics. The company has established multiple commercial agreements and distribution partnerships across North America, Europe, and Israel, and participates in regulatory committees to influence driver distraction safety standards. Financially, SaverOne reported modest revenue and significant net losses in 2024, with liquidity ratios indicating adequate short-term financial health as of the end of 2025.

Hoth Therapeutics, Inc. operates as a clinical-stage biopharmaceutical company focused on developing novel therapies addressing unmet medical needs. Its pipeline includes topical treatments for cancer drug side effects (HT-001), therapies for mast cell cancers and anaphylaxis (HT-KIT), treatments for Alzheimer’s disease (HT-ALZ), eczema (BioLexa), asthma and allergies (HT-004), and obesity-related conditions (HT-VA). The company holds exclusive licenses and patents for its product candidates and platforms across multiple jurisdictions. It conducts clinical trials primarily in the US and Europe and relies on contract manufacturing organizations for production. Commercialization plans involve partnerships with pharmaceutical companies. The company has a small workforce and operates with limited internal manufacturing capabilities. Financially, it has reported net losses and maintains liquidity through cash reserves and investments [S1].

Bank of the James Financial Group Inc. operates as a regional bank headquartered in Lynchburg, Virginia. It is publicly traded on NASDAQ under the ticker BOTJ. The company provides banking services typical of regional banks, including deposit taking and lending, though detailed product and segment information is not disclosed in the available filings. The company has demonstrated profitability with reported net income and earnings per share for 2025, and maintains a dividend policy with quarterly cash dividends. Recent leadership changes include the retirement of a co-founder and director.

Vine Hill Capital Investment Corp. operates as a special purpose acquisition company (SPAC) incorporated in the Cayman Islands. Its primary business objective is to complete a business combination with CoinShares International Limited, a public company specializing in digital asset management and cryptocurrency investment products. The company is listed on the Nasdaq Stock Market under multiple tickers representing its units, shares, and warrants. The business combination agreement outlines the terms and conditions for the merger, including approvals from shareholders and regulatory bodies. CoinShares offers a range of ETFs and ETPs focused on cryptocurrencies and blockchain-related assets, including recent product launches in the U.S. market. The combined entity aims to leverage CoinShares' digital asset capabilities and expand its market presence.

Healthier Choices Management Corp. operates primarily in the vaporizer market, focusing on patented technologies such as the Q-Cup and Imitine. The company manages and seeks to expand its intellectual property portfolio through its wholly owned subsidiary, HCMC Intellectual Property Holdings, LLC. It markets its patented vaporizer products directly to consumers and pursues licensing and strategic partnerships to monetize its patents. The company completed a spin-off of its Grocery and wellness business segment in 2024, now operating solely in the vaporizer and intellectual property space. HCMC does not manufacture its products but contracts third-party manufacturers to produce to its specifications. The company faces intense competition from large tobacco companies and operates under significant regulatory oversight, including FDA regulations governing electronic cigarettes as tobacco products. Financially, the company reported a net loss and has liquidity constraints but has taken measures to improve its financial position.

Verde Clean Fuels, Inc. is a Delaware-based company listed on Nasdaq under the ticker VGAS. The company operates in the clean fuels sector, with a focus on projects such as the Permian Basin development, which was suspended in early 2026 due to market dynamics favoring natural gas. The company maintains strong liquidity with over $57 million in cash and equivalents as of the end of 2025. Financial results show a net loss for the fiscal year 2025, reflecting ongoing investment and development activities. Insider transactions and recent investment inflows indicate active shareholder engagement and capital support.

Humacyte, Inc. is a biotechnology company focused on developing and commercializing regenerative medicine products, including Symvess® for vascular trauma. The company operates as an emerging growth company and is listed on the Nasdaq Stock Market. Its business model involves product sales and development of pipeline candidates. In 2025, Humacyte generated limited revenue primarily from product sales and reported a net loss. The company has undertaken cost-saving measures to improve financial health and has secured financing through term loans and equity offerings to support its operations and development programs.

Muzero Acquisition Corp is a newly formed special purpose acquisition company (SPAC) incorporated in the Cayman Islands in October 2025. Its sole purpose is to identify and complete a Business Combination with one or more target businesses, initially focusing on technology-enabled companies but not limited to any sector or geography. The company completed its IPO in February 2026, raising over $201 million, which is held in a Trust Account to fund the Business Combination. The management team brings investment and operating experience across various industries, including technology and artificial intelligence. The company has no operating revenues or business operations until it consummates a Business Combination. It must complete the Business Combination within 24 months of the IPO or liquidate and return funds to shareholders. The company’s structure offers potential target businesses access to public capital markets and strategic support post-combination.

Empery Digital Inc., formerly known as Volcon, Inc., is a Delaware corporation that transitioned its business focus in 2025 from electric off-road vehicles to a digital asset treasury strategy centered on Bitcoin. The company raised significant capital through private placements and uses proceeds to acquire Bitcoin and manage its capital structure by issuing and repurchasing equity. It divested its four-wheel vehicle business to Venom-EV LLC, retaining the E-Bike product line, the Brat, which it sells domestically and internationally through distributors. Manufacturing is outsourced to a single Chinese manufacturer, exposing the company to supply chain and tariff risks. Empery Digital also operates vehicle financing arrangements and generates income from Bitcoin derivative trading. The company faces competition in both digital asset holdings and E-Bike markets and operates under evolving regulatory frameworks for digital assets [S1].

Fennec Pharmaceuticals Inc. develops and commercializes PEDMARK®, a sodium thiosulfate injection product. The company holds patents covering PEDMARK® with expiration dates in 2038 and 2039 and has engaged in litigation to protect these patents. In March 2026, Fennec settled a patent infringement lawsuit with Cipla, which had filed an ANDA for a generic version of PEDMARK®. Under the settlement, Cipla agreed not to market its generic product until September 1, 2033, or earlier under certain conditions. Fennec's financials as of the fiscal year ending December 31, 2025, show revenues of $44.6 million and a net loss of $9.7 million. The company maintains a strong liquidity position with a current ratio of 6.37 and a cash ratio of 3.5. Fennec operates with a focus on protecting its intellectual property and managing cybersecurity risks. The company is publicly traded on the Nasdaq Capital Market under the ticker FENC.

Dillard's, Inc. operates as a fashion apparel, cosmetics, and home furnishings retailer primarily in the southwestern, southeastern, and midwestern United States. The company runs 271 stores, including clearance centers, and an online store offering a broad merchandise selection. It also operates a construction segment through CDI Contractors, LLC, which handles store construction and remodeling. The company emphasizes exclusive private label brands to differentiate its merchandise and maintain competitive pricing. Dillard's sources products from multiple suppliers without long-term purchase commitments but maintains strong supplier relationships. The company’s fiscal year ends near January 31, with significant sales concentration in the holiday quarter. Dillard's also manages a private label credit card program through a long-term alliance with Citibank, which provides ongoing cash compensation based on portfolio earnings. The company employs over 29,000 associates and maintains a comprehensive information security program. Its operations face risks from supply chain disruptions, supplier compliance, and market competition.

Northpointe Bancshares, Inc. operates as a bank holding company with a focus on mortgage finance and retail banking services. Its primary business segments are the Mortgage Purchase Program (MPP), which provides collateralized mortgage purchase facilities to independent mortgage bankers nationwide, and Retail Banking, which includes residential lending, digital deposit banking, and loan servicing. The company leverages a proprietary digital platform to deliver services nationwide, supported by loan production offices in multiple states and a centralized operating center in Michigan. Northpointe is the largest bank headquartered in Michigan and a significant provider of mortgage warehouse financing. The company has strategically repositioned its business since 2022 to exit lower-margin correspondent lending, expand private-label subservicing, and increase specialized residential loan holdings, resulting in improved profitability and cost efficiency. It manages a range of risks through board oversight and maintains strong capital and liquidity positions. The company completed its IPO in February 2025 and is listed on the NYSE under ticker NPB.

GSR IV Acquisition Corp. is a special purpose acquisition company (SPAC) incorporated in May 2023 in the Cayman Islands. Its sole purpose is to identify and complete an initial business combination with one or more target companies. The company completed its IPO in September 2025, raising gross proceeds of $230 million, which are held in a Trust Account invested primarily in money market funds with U.S. government securities. As of the end of 2025, the company had not commenced operations and has no operating revenues. It generates non-operating income from interest and dividends earned on the Trust Account. The company has a high current ratio, reflecting strong liquidity. Its business strategy is to leverage the management team's experience in SPAC mergers and capital markets to target high-growth companies in sectors such as software, technology-enabled manufacturing and services, mobility, transportation, and companies addressing environmental, social, and governance (ESG) issues. The company has established acquisition criteria focusing on financial stability, market leadership, barriers to entry, growth potential, strong management, and ESG focus. The initial business combination must meet Nasdaq listing rules, including a fair market value test of at least 80% of the Trust Account assets. If the company does not complete a business combination within the prescribed timeframe, it may seek shareholder approval to extend or otherwise liquidate and return funds to shareholders. The company incurs administrative expenses, including fees paid to the Sponsor for office and support services, which cease upon completion of a business combination or liquidation.

Lifeloc Technologies, Inc specializes in breath alcohol testing devices utilizing fuel cell technology, which it has developed and refined over many years. The company operates globally, relying on third-party suppliers and service providers, and faces risks from natural disasters, geopolitical instability, and economic fluctuations. It serves customers including law enforcement and workplace safety sectors, with a notable concentration of sales to a few customers lacking long-term contracts. The company is engaged in a merger agreement to acquire Electronic Systems Technology, Inc. and has recently secured financing to support growth initiatives. Lifeloc maintains a strong liquidity position but reported a net loss for the fiscal year ending 2025. Its common stock is traded on OTC markets and is controlled predominantly by a principal stockholder.

Avidia Bancorp, Inc. is the holding company for Avidia Bank, headquartered in Hudson, Massachusetts, serving the western suburbs of Boston and eastern Worcester County. The bank operates 10 offices and offers a range of deposit accounts, including certificates of deposit, IRAs, money market accounts, savings, and checking accounts, as well as Health Savings Accounts nationwide through its Avidia Health program. The company’s lending activities focus on one-to-four-family residential mortgages, commercial real estate loans, commercial and industrial loans (notably condominium association and dental practice loans), and to a lesser extent, home equity, multifamily, construction, land, and consumer loans. The loan portfolio is managed with attention to interest rate risk, with a mix of fixed and adjustable-rate loans. The company also provides payments processing services as a sponsor bank, partnering with ISOs and fintechs to offer card issuing, card acquiring, and ACH payment solutions, generating substantial payment volumes and low-cost deposits. The company faces significant competition from a variety of financial institutions and fintech providers in its market area. The company completed its stock conversion in 2025, enabling capital growth and shareholder initiatives including dividends and an ESOP.

AIM ImmunoTech Inc. is an immuno-pharmaceutical company headquartered in Florida, specializing in the development of Ampligen, a double-stranded RNA molecule targeting cancers, viral diseases, and immune disorders. Ampligen is approved for commercial sale in Argentina for Chronic Fatigue Syndrome but remains unapproved by the FDA in the United States. The company is focusing its development efforts on late-stage pancreatic cancer, conducting clinical trials including the DURIPANC Phase 2 study evaluating Ampligen in combination with AstraZeneca's immune checkpoint inhibitor durvalumab. AIM also markets Alferon N Injection (Interferon alfa). The company generates revenue primarily from clinical treatment programs under cost recovery protocols. AIM faces challenges including limited supplier agreements for manufacturing materials and maintaining compliance with NYSE American listing requirements due to negative stockholders' equity. The company has raised capital through rights offerings and ATM sales agreements to support ongoing operations and clinical development.

Space Asset Acquisition Corp. is a special purpose acquisition company (SPAC) incorporated in the Cayman Islands on September 12, 2025. It was formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar Business Combination with one or more businesses. The company is not limited to any particular industry or geographic region but intends to focus on companies in the global space economy, including technology and defense sectors. The company completed its Initial Public Offering on January 29, 2026, issuing 23 million Units and raising gross proceeds of $230 million. Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant. As of December 31, 2025, the company had no operating revenues and had incurred a net loss of $64,829 related to formation and administrative expenses. The company had current liabilities of $450,560 and no cash or cash equivalents reported at that date. The company has a Completion Period until January 29, 2028, to consummate its initial Business Combination, after which mandatory liquidation and dissolution will occur if no combination is completed. The company’s initial shareholders own approximately 26% of the issued and outstanding ordinary shares and may exert substantial influence on shareholder votes. The company may amend its charter or governing instruments to facilitate completion of a Business Combination, subject to shareholder approval thresholds under Cayman Islands law.

Immix Biopharma, Inc. is a clinical-stage biopharmaceutical company developing cell therapies targeting AL Amyloidosis and select immune-mediated diseases. The company operates through its wholly-owned Australian subsidiary and its cell therapy division, Nexcella, which merged into the company in 2024. Its lead product candidate, NXC-201, is a CAR-T cell therapy currently in Phase 1/2 clinical trials (NEXICART-2) for relapsed/refractory AL Amyloidosis. The company has received FDA Breakthrough Therapy Designation for NXC-201 and is progressing toward a Biologics License Application submission. Immix Biopharma has reported positive clinical data including a 70% complete response rate and a favorable safety profile. The company finances its operations primarily through equity financings and grants, with significant cash reserves as of late 2025. It faces typical risks of early-stage biotech firms including regulatory, clinical, and financing uncertainties.

Gesher Acquisition Corp. II is a special purpose acquisition company (SPAC) incorporated in August 2024 in the Cayman Islands. Its business model is to identify and complete a Business Combination with one or more target companies, primarily focusing on Israeli companies with international business in Asia, Europe, or North America. The company completed its IPO in March 2025, raising gross proceeds of approximately $144 million, which are held in a Trust Account to be used for the Business Combination. The company has no operating revenues and has not yet selected a target. Its management team has prior SPAC experience and focuses on sectors including mobility, electric vehicles, robotics, agricultural technologies, and financial technology. The company must complete its Business Combination by December 24, 2026, or liquidate and return funds to shareholders. It may raise additional capital through equity or debt to complete the transaction if necessary.

K&F Growth Acquisition Corp. II is a special purpose acquisition company (SPAC) incorporated in the Cayman Islands in July 2024. It was formed to identify and complete a Business Combination with one or more target companies in any industry. The company completed its IPO in February 2025, raising gross proceeds of approximately $287.5 million, with additional private placement proceeds of $9.2 million. The net proceeds were placed in a Trust Account to be used for the Business Combination. The company has not yet identified or entered into a definitive agreement with a target business and has no operating revenues. Its management team, led by Co-CEOs Edward King and Daniel Fetters, has prior experience completing a SPAC Business Combination. The company targets businesses with equity valuations greater than $1 billion, focusing on highly defensible business models with sustainable competitive advantages and strong secular growth. It maintains strong liquidity and reported net income for the fiscal year ended December 31, 2025. The company must complete its Business Combination by November 6, 2026, or liquidate and return funds to shareholders.

Enveric Biosciences, Inc. is a biotechnology company focused on developing next-generation, small-molecule neuroplastogenic therapeutics aimed at addressing unmet needs in psychiatric and neurological disorders. The company’s lead drug candidate, EB-003, is a novel derivative of N,N-Dimethyltryptamine (DMT) designed to selectively engage serotonin receptors 5-HT 2A and 5-HT 1B to potentially provide fast-acting and durable antidepressant and anxiolytic effects without inducing hallucinations. EB-003 is currently in preclinical development, having completed short-term dose-range finding toxicology studies and advancing into IND-enabling safety pharmacology and longer-term toxicology studies. Enveric also pursues development of additional non-hallucinogenic molecules in its EVM401 Series targeting addiction and neuropsychiatric disorders. The company acquired MagicMed Industries in 2021, gaining access to the Psybrary™ proprietary library of psychedelic-inspired compounds, which includes a large portfolio of patent-protected chemical structures. Enveric holds rights to 19 active patent families related to psychedelic-inspired compounds and cannabinoid conjugates, some of which are licensed to third parties. The company has established a scientific advisory board comprising experts in psychiatry and psychopharmacology to guide its clinical development programs. As of December 31, 2025, Enveric had no approved products, reported a net loss of $8.77 million, and held $2.84 million in cash and equivalents with a current ratio of 5.38. The company has significant liquidity needs and may require additional funding to continue its operations and advance clinical trials.