TW's Take: QRHC continues to grow rapidly and the future looks very bright as indicated by this quote from the CEO, "We expect continued momentum in 2022 and the next several years from both organic and acquisitive sources." THE COLONY,...
Dan Carlson, TW Research (Dan) RJ and CJ, thanks for joining us today. I’d like to start out by saying I find it very interesting how, for a small company, first with inflammation and now with biomarkers such as EMACC...
Two weeks ago this newsletter was titled, "Don't Fight The Fed". That week I discussed why the market was headed lower. The bottom line was, and remains, liquidity is being taken from the system. This leads to lower valuations...
TW's Take: another positive step for Movano as they look poised to become the leaders in non-invasive glucose monitoring.  PLEASANTON, Calif., May 12, 2022 /PRNewswire/ -- Movano Inc. (Nasdaq: MOVE), a purpose-driven healthcare solutions company at the intersection of medtech and consumer devices, announces it...
TW's Take: continued visible progress on their internal programs, and behind the scenes on partnerships, positions TFF for a number of major catalysts over the balance of 2022. FORT WORTH, Texas, May 11, 2022 (GLOBE NEWSWIRE) --  TFF Pharmaceuticals, Inc. (NASDAQ: TFFP),...
TW's Take: this is excellent data that demonstrates remyelination in gray matter on top of the white matter data previously presented by IMEKA. XPro is proving itself to be a potentially game-changing treatment for a broad range of CNS...
Last week was the second week in a row where the TW portfolio was basically unchanged. A sign that markets are calming down? Actually, nothing could be further from the truth. The volatility in stocks is picking up daily...
BOCA RATON, FL., May 05, 2022 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB) (the “Company”), a clinical-stage immunology company focused on developing treatments that harness the patient’s innate immune system to fight disease, today reported its financial results for the...
TW's Take: very positive news for SPVNF as it opens up a new, fast growing market. Spectra7 is poised for a big 2nd half of 2022 and beyond. May 5th, 2022 SAN JOSE, CA - (PR NewsWire) – (TSXV:SEV) (OTCQB:SPVNF) Spectra7...
TW's Take: we continue to believe that, trading around 20% below cash on the books, NVNO represents a compelling risk/reward opportunity. The science here is very solid and the product stands an excellent chance of being approved and eventually...
TW's Take: the versatility of thin-film-freezing is set to open up a broad swath of products that will benefit from this technology. Continue to believe that TFFP is a disruptive platform that will take over a significant portion of...
TW's Take: Spectra7 is setting up for a big second half as demand remains robust and supply should increase dramatically. We wish Raouf a speedy recovery. San Jose, CA – May 2, 2022 – (TSXV:SEV) (OTCQB:SPVNF) Spectra7 Microsystems Inc. (“Spectra7” or the “Company”), a leading...
Thus endeth the worst month for the stock market since March of 2020. Friday's meltdown took the S&P to -9% for the month. It's getting very ugly out there. The last time the market was hit like this, it was...
TW's Take: quite positive that this trial is getting attention from ASCO, the preeminent  cancer meeting. We believe Cleveland Clinic is likely to also present some patient data along with the trial design. SAN JOSE, Calif., April 28, 2022 /PRNewswire/ -- Anixa...
LOS GATOS, CA / ACCESSWIRE / April 27, 2022 / Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, today provided a corporate update and announced financial results for the first quarter ended March 31, 2022. Recent Company Highlights Entered into new Joint Development Agreement...
TW's Take: further validation sets the stage for Atomera to become a disruptive force in the semiconductor industry over the coming years. LOS GATOS, CA / ACCESSWIRE / April 27, 2022 / Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company, today announced that...
~ This article is available for premium subscribers only. Please do not share the information here with non-premium subscribers or with company managements. Thank you. ~ This morning Nkarta (NKTX) released phase 1 data from their CAR-NK program. The published...
TW's Take: solid results from this FBIO partner company. CAR-T doesn't have the cachet it did a couple short years ago, but this program firing on all cylinders positions Mustang Bio for long-term success. WORCESTER, Mass., April 25, 2022 (GLOBE...
This past week in Charlottesville, The Boar's Head Women's Open took place. This is an annual tennis tournament featuring 32 professional tennis players, most of whom are ranked in the top 250 in the world. Several past winners of...
TW's Take: good news for a product that had been basically taken out of Wall Street's models. DUBLIN, Ireland, and Boston MA, April 22, 2022, Amryt (Nasdaq: AMYT), a global, commercial-stage biopharmaceutical company focussed on acquiring, developing and commercializing novel...
TW's Take: this is excellent data and positions Niclosamide well for potentially being a very useful covid-19 therapeutic. We are highly optimistic that UNION will exercise their option to take over development of the drug which, if it happens,...
TW's Take: Movano continues to position the company in advance of their products becoming available to the market. PLEASANTON, Calif., April 18, 2022 /PRNewswire/ -- Movano Inc. (Nasdaq: MOVE), a purpose-driven healthcare solutions company at the intersection of medtech and consumer devices, announced the expansion...
The bear market rally has ended. I hope you enjoyed the reprieve but it's likely to get worse before it gets better. I am going to keep banging on the drum marked "caution" for the foreseeable future. Love my...
TW's Take: further progress for Atomera as the technology's adoption has been slowed by Covid and the global semi-shortage but remains inevitable in our opinion. The finish line is getting closer and closer. LOS GATOS, CA / ACCESSWIRE / April 14, 2022 / Atomera...
TW's Take: exciting news as this trial is now off and running. I expect enrollment will be fairly quick as the trial design is exciting for patients and the data is highly supportive of the potential here. Boca Raton, Florida,...
TW's Take: Mycapssa will likely be a blockbuster for Amryt in the next few years. The data is compelling and the oral versus injectable will win market share all day long. DUBLIN, Ireland, and Boston MA, April 13, 2022, Amryt...
TW's Take: very positive data that demonstrates INB03 could be a potential partner drug for both the herceptin and TKI classes of drugs. Potentially multi-billion dollar market opportunity.  Boca Raton, Florida, April 11, 2022 (GLOBE NEWSWIRE) -- INmune Bio, Inc....
~ This article is available for premium subscribers only. Please do not share the information here with non-premium subscribers or with company managements. Thank you. ~ On Wednesday we had a Zoom call with Dr. Amit Kumar, the CEO of...
TW's Take: while Q1 is weak due to shipment delays, Q2 is setting up to be a solid to very big quarter. Second half could be stellar if they get supply. Design wins keep coming, which is key. April 7th,...
TW's Take: nice to see Moffitt getting more aggressive in taking this novel solid tumor CAR-T treatment out to the medical community. Success here is greatly discounted in the shares of Anixa. SAN JOSE, Calif., April 6, 2022 /PRNewswire/ -- Anixa Biosciences, Inc....
TW's Take: INKmune is proving itself to be the best performing NK therapy in both surviving in the toxic Tumor Micro Environment and demonstrating memory-like phenotypes, allowing INKmune treated cells to persist long after others have failed. Boca Raton, Florida,...
TW's Take: Finally!!! Great news that this trial has been given the go-ahead from the FDA. Possibly revolutionary for treatment of solid tumors as, if successful, it would be the first of its kind. We could hear preliminary results...
TW's Take: this is a very strong endorsement for continued rapid growth at Spectra7. March 30th, 2022 SAN JOSE, CA - (PR NewsWire) (TSXV:SEV) (OTCQB:SPVNF) Spectra7 Microsystems Inc. ("Spectra7" or the "Company"), a leading provider of high-performance analog semiconductor products for...
TW's Take: all patients treated with INKmune are doing better but this is just a teaser to the patient case studies that they will be presenting at the conference. Looking forward to more information on this exciting program. Boca Raton,...
TW's Take: all systems go for the VenoValve. Company funded through pivotal data and trading below net cash. 2nd generation product unveiled this summer. Lots to like, especially at this price. IRVINE, CA / March 28, 2022 / enVVeno Medical Corporation...
TW's Take: based on surveys conducted at AD/PD it's increasingly clear that inflammation is becoming a leading target for treating Alzheimer's, which positions INmune with the leaders in cutting edge therapeutic development in this space. Boca Raton, Florida, March 25,...
TW's Take: continued progress including being on schedule with the single chip solution is excellent news. Stock remains a binary play on RF glucose monitoring's efficacy. PLEASANTON, Calif., March 24, 2022 /PRNewswire/ -- Today, Movano Inc. (NASDAQ:MOVE) reported financial results for the three...
TW's Take: lots going on with TFF. While the street awaits partnerships, their internal programs advance on all fronts and they are hiring to increase bandwidth to handle all the opportunities. Exciting future awaits. FORT WORTH, Texas, March 24, 2022 (GLOBE NEWSWIRE)...
TW's Take: positive progress on this rare disease therapeutic. Trading below cash and holdings in public companies, Fortress is a great value play with many meaningful catalysts coming over the next couple years. MIAMI and SOLANA BEACH, Calif., March 21,...
TW's Take: we are finally(!) getting a TFF covid vaccine into testing. This is a positive sign as USAMRIID must like what they have seen so far from TFF to enter into a second CRADA. Progress has been slower...
TW's Take: this is the biggest Alzheimer's conference in Europe. INmune having 9 presentations is very impressive for a small company and really speaks to the quality of the data that XPro is generating in reducing neuro-inflammation as well...
Another week in the market, another leg down. Some pundits are saying we are now entering a bear market. Those of us who invest in micro-caps know that we've been mauled by the bear for over a year now....
TW's Take: an obvious setback for PRKR. We are trying to ascertain the significance of this ruling and will have more details soon. JACKSONVILLE, FL / ACCESSWIRE / March 11, 2022 / ParkerVision, Inc. (OTCQB:PRKR) today announced that on March...
TW's Take: excellent execution on their strategy of acquisitions and organic growth is propelling QRHC to record numbers. The multiple here remains a fraction of where peers have traded recently. THE COLONY, Texas, March 10, 2022 (GLOBE NEWSWIRE) -- Quest Resource...

ANIX Update

~ This article is available for premium subscribers only. Please do not share the information here with non-premium subscribers or with company managements. Thank you. ~ I touched base with Anixa (ANIX)'s CEO Dr. Amit Kumar yesterday. Here's a brief...
TW's Take: we believe that the VenoValve has a high likelihood of success in their pivotal trial and will likely be partnered/acquired shortly after results are published sometime in 2023.  IRVINE, CA / ACCESSWIRE / March 9, 2022 / enVVeno Medical...
TW's Take: it appears, now that Oleogel has failed, that the worst is over for Amryt and the value of the company will become evident through strong sales growth, cash flow generation and expanded opportunities for current products. DUBLIN, Ireland,...
TW's Take: positive news as the opportunity in NET is substantial and an oral solution would be greatly preferred by doctors and patients alike.  DUBLIN, Ireland, and Boston MA, March 8, 2022 Amryt (Nasdaq: AMYT), a global, commercial-stage biopharmaceutical company...
Volodymyr Zelenskyy is a hero. Contrary to what I thought would happen last week, Ukraine is putting up a valiant battle, holding off the Russian invaders and, in doing so, uniting a large portion of the world. It's amazing...
~ This article is available for premium subscribers only. Please do not share the information here with non-premium subscribers or with company managements. Thank you. ~ As most of my premium subscribers know, I missed the update call yesterday due...
TW's Take: "silicon verified improvements" means that potential customers can have high confidence in performance improvements from designing MST into their chips. MST remains a question of timing of adoption, not whether it will come or not. LOS GATOS, Calif.--(BUSINESS...
TW's Take: a solid endorsement of TFF's technology by one of largest manufacturers in the business. Catalent, an $18B company, will be using their 150 salespeople and 1,000 clients to help drive customers to developing thin film freezing versions...
~ This article is available for premium subscribers only. Please do not share the information here with non-premium subscribers or with company managements. Thank you. ~ Last week, TFF Pharma (TFFP) published pre-clinical data showing that their inhaled version of...
TW's Take: an expected outcome post the first CRL received by the Company. I believe this removes the overhang and investors can now focus on the great value here along with accelerating growth. DUBLIN, Ireland, and Boston, MA, February 28,...
By the time you read this newsletter, there's a good chance that the Ukraine will be begging for a ceasefire and, basically, surrendering to Russia. The lines are being redrawn on the next cold war, reinforcing the two facts...
TW's Take: the VenoValve continues to have pristine data from their first in human trial. The ongoing pivotal trial has a high likelihood of replicating this, putting the product in a great position to be sold at a substantial...
TW's Take: this is a very important PR for TFF. Not only does this demonstrate that TFF's version of niclosamide could be the best therapeutic against SARS-CoV-2 variants but UNION is highly likely to pick up their option in...
TW's Take: NVNO is making continued progress towards eventual approval of the VenoValve. Currently trading below cash, NVNO is a compelling opportunity. IRVINE, CA / February 16, 2022 / enVVeno Medical Corporation (NASDAQ:NVNO) (“enVVeno” or the “Company”), a company setting new...
TW's Take: Movano's unique glucose monitoring technology is the key to this company. We look forward to hearing the results from this sometime in the near future. PLEASANTON, Calif., Feb. 17, 2022 /PRNewswire/ -- Movano Inc. (NASDAQ:MOVE), a health technology company designing devices...
TW's Take: solid new hires with great backgrounds will help the launch of new products but also provides nice insider validation of the technology and the direction of the company. PLEASANTON, Calif. , Feb. 15, 2022 /PRNewswire/ -- Movano Inc. (Nasdaq: MOVE), a health...

End Game

Another wild week in the markets, which is simply par for the course. At this time investors are speculating over the number and timing of interest rate increases? Is inflation here to stay? Is the consumer about to freak...
~ This article is available for premium subscribers only. Please do not share the information here with non-premium subscribers or with company managements. Thank you. ~ This is a change from the trend of the last year. On the back...
TW's Take: the inevitability of MST taking significant market share is closer to reality than ever. Eventually licensees turn into royalty streams. With the stock down dramatically, the opportunity here is excellent. LOS GATOS, Calif.--(BUSINESS WIRE)-- Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials...

Metamorphosis

What a week in the markets, right? The past five days saw the biggest ever one day loss by a single company, followed shortly thereafter by the largest ever single day gain. Facebook's pummeling led to Amazon's surge. All...
When we had kids I was super excited to watch classic movies with them once they were old enough. Top on my list was Rocky. An all-time great, I imagined my kids humming the theme song as they climbed...
TW's Take: we continue to be concerned over the likelihood of Oleogel approval but find Amryt compelling based on approved products and its current valuation. Would be a buyer post the upcoming FDA decision on Oleogel. DUBLIN, Ireland, and Boston...
Over the last decade the amount of data generated, and stored, on a daily basis has absolutely exploded. There was more data stored in the last two years than in all prior history. There is no end to this...
TW's Take: with data from this program expected sometime in March, Niclosamide could be a very big value driver for TFF. UNION would have 45 days from data to pick up their option, which calls for $210M in milestone...
TW's Take: INKmune is just now beginning to break out of its shell. The world knows very little about this drug, but the results to date are outstanding. I expect to see market recognition of the value of this...
TW's Take: very good news as this drug looks to be best in class in a $25B market. Fortress ($FBIO) owns approximately 20% of Checkpoint ($CKPT) plus will receive a 4.5% royalty on the drug. WALTHAM, Mass., Jan. 25, 2022...
TW's Take: A positive, but not overwhelmingly so, result for ParkerVision that really sets things up nicely for the upcoming court cases against Intel.  JACKSONVILLE, FL / ACCESSWIRE / January 25, 2022 / ParkerVision, Inc. (OTCQB:PRKR) announced today that the Patent...
TW's Take: Spectra7 continues to operate well with design wins and growing backlog but supply chain issues are constraining growth. Still believe this is an excellent 2022 stock to own as we should return to hyper-growth in the 2nd...
TW's Take: good news for Lantern as they can qualify for a PRV (estimated value of $100M) with approval here, which certainly helps the ROI for this indication. Lantern is trading below cash value with compelling early-stage programs. When...
TW's Take: Covid is here to stay and Anixa is showing excellent early stage results in a program that has cost very little to get to this point. Hoping to see them partner the program sometime later this year. SAN...
~ This article is available for premium subscribers only. Please do not share the information here with non-premium subscribers or with company management. Thank you. ~ This past week I had the opportunity to catch up with Mark Lowdell, PhD,...
Knock me over with a feather but there's finally been some movement in the ParkerVision (PRKR) vs. Qualcomm (QCOM) trial in Orlando. This is very exciting for the Company as they have been waiting many years for their day...
TW's Take: LP-184 has blockbuster potential. Excited to see it enter human trials later this year.  DALLAS, Jan. 12, 2022 /PRNewswire/ -- Lantern Pharma (NASDAQ: LTRN), a clinical stage biopharmaceutical company using its proprietary RADR® artificial intelligence ("A.I.") platform to transform the cost,...
TW's Take: DERM continues to build out a strong core business. It is going to come down to execution and how well the sales team performs. The upside opportunity continues to expand. SCOTTSDALE, Ariz., Jan. 13, 2022 (GLOBE NEWSWIRE) --...
TW's Take: we believe that Mycapssa's unique oral delivery versus the competition will drive substantial sales for the product. Amryt is a compelling risk/reward opportunity but we remain concerned about the company's upcoming PDUFA date on Oleogel S-10 and...
So much for thinking 2022 was going to be an improvement over last year. Last Sunday I tested positive for covid then, on Monday, we lost power in a snowstorm. That outage lasted the better part of four days,...
TW's Take: Movano continues to progress towards development of an industry-leading health monitoring device. The glucose study in Q2 is very exciting as that represents the holy grail of non-invasive device monitoring.  PLEASANTON, Calif., Jan. 3, 2022 /PRNewswire/ -- Movano Inc. (NASDAQ:MOVE), a...
Investing in micro-cap stocks with a 3-5 year time horizon, which is my expectation for a holding period every time I enter a position, will by definition result in lots of volatility. That was certainly the case in 2021,...
TW's Take: Movano looks ready to exit stealth mode. We are big believers in the future of wearable medical technology and feel that Movano has an interesting, differentiated approach and the strong management team necessary to be a winner...
TW's Take: we continue to believe, and the data supports this, that TFF's internal programs are worth more than the current market cap of the Company. VORI will likely be partnered off during 2022 for an upfront in the...
Yesterday it was 70 degrees in Charlottesville. While playing platform tennis in a t-shirt and shorts, the comment was made that it seems unlikely to be a white Christmas this year. Not much has appeared "normal" during this seemingly endless...
TW's Take: more positive pre-clinical data supports the thesis that LP-284 may be effective in several types of rare cancers. DALLAS, Dec. 14, 2021 /PRNewswire/ -- Lantern Pharma (NASDAQ: LTRN), a clinical stage biopharmaceutical company using its proprietary RADR® artificial intelligence...
The irony of it all. While many companies scour the planet searching for potential gold mines, there's a garbage dump in the UK containing 500 million dollars in bitcoin sitting on a lost hard-drive. Bitcoin mining could take on...
TW's Take: the anti-inflammatory INB03 (also called XPro1595 in CNS indications) has broad-scale potential as TNF appears to be the master-cytokine, sparking inflammation that affects multiple diseases. I hope to see INB03 used in trials with partner drugs to...
TW's Take: excellent news as QRHC adds to their revenue and EBITDA substantially without issuing more shares, making this highly accretive. Quest is entering a sustained growth phase as they hit critical mass. The Company is well-run and the...
TW's Take: this program continues to make solid, albeit early-stage, progress. Covid isn't going away and Anixa has an opportunity here long-term. SAN JOSE, Calif. and STUTTGART, Germany, Dec. 7, 2021 /PRNewswire/ -- Anixa Biosciences, Inc. (NASDAQ: ANIX), a biotechnology company focused...
TW's Take: this drug, which has demonstrated great efficacy in a rare disease with no treatments, is likely to receive approval. With a PRV and $20 million upfront, this could be a nice catalyst for FBIO, which owns the...
TW's Take: the performance of Thin Film Freezing continues to excel in all aspects. This science day should help explain the multiple competitive advantages of TFF's powderization process. AUSTIN, Texas, Dec. 06, 2021 (GLOBE NEWSWIRE) -- TFF Pharmaceuticals, Inc. (NASDAQ: TFFP), a clinical-stage biopharmaceutical...

Bottom Picking

My constant refrain for most of 2021 has been that I don't like the market but love the stocks in my portfolio. I can honestly say that across the board I've built a collection of exciting companies that are...
TW's Take: long-lasting, memory-like NK cells is the holy grail of NK programs. While early stage (1st patient only), the data is compelling and this program is completely ignored by the market, creating an asymmetrical risk/reward scenario for INMB...
TW's Take: more technological advances. ATOM is well positioned for the next generation of chipmaking. Not IF but WHEN we will start to see revenue is the biggest question around them. LOS GATOS, Calif.--(BUSINESS WIRE)-- Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and...
The latest strain of Covid-19, officially called B.1.1.529 but dubbed Omicron, struck fear in the markets last week. Omicron appears to have 30 different mutations with many of them affecting the spike protein, which is the target of the...
TW's Take: we will know by March 17th if IV Tramadol is approved or not. Obviously, very binary for ATXI. Perhaps the better playgoing into the event is FBIO, which has limited upside, but possibly negligible downside from a...
Well, that didn't last long, did it? On Tuesday and Wednesday we saw what looked like a great reversal for biotech. The XBI opened dramatically lower on Tuesday then reversed into a nice gain. With a similar move on...
TW's Take: this request for additional information certainly increases the risks around the Oleogel PDUFA. Amryt is a reasonably priced stock even if it gets rejected. DUBLIN, Ireland, and Boston MA, November 23, 2021, Amryt (Nasdaq: AMYT, AIM: AMYT), a...
DUBLIN, Ireland, and Boston MA, November 22, 2021, Amryt Pharma plc (Nasdaq: AMYT, AIM: AMYT) (“Amryt” or the “Company”), a global, commercial-stage biopharmaceutical company dedicated to acquiring, developing and commercializing novel treatments for rare diseases, today announces its intention to cancel the admission...
TW's Take: shares of LTRN are incredibly cheap and they have funding for at least 3 years, so this move makes a ton of sense. Glad to see management appreciates the value they are creating here even if the...
Similar to how the richest billionaires are getting a disproportionate amount of the wealth in the US, the companies they founded are becoming an ever larger swath of the market by taking an increasing amount of the gains. Meanwhile,...
TW's Take: we believe that MST will be a game-changing technology that gains board scale acceptance over the coming years. Although it's expensive today, the stock will still be a great one over the next couple years if our...
TW's Take: great growth taking place here as Quest is achieving critical mass. Completely off the radar screen ESG opportunity. We expect the stock to be back at all-time-highs shortly as the Deere strike (large customer) ends. THE COLONY, Texas,...
TW's Take: Fortress continues to execute well and the sum of the parts here is greater than the current market cap.  NEW YORK, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress”), an innovative biopharmaceutical company focused...
TW's Take: a great update. Feels like TFF is on the precipice of big things. In a year, we will have forgotten all about the concerns over when the company will ink their first big deal. AUSTIN, Texas, Nov. 15, 2021 (GLOBE...
Higher interest rates and inflation are not good for long-term investment plays. When earnings are years out, a change in the discount rate can create a big swing in the current value of a company. Biotech is the worst...
TW's Take: this IPO is a positive for Fortress which owned 70% of DERM prior to the IPO. I believe the pricing is very attractive and expect DERM to trade up over the next year, adding value to Fortress...
TW's Take: more positive news on LP-184. This compound, although early in development, looks very promising and has blockbuster potential.  DALLAS, Nov. 11, 2021 /PRNewswire/ -- Lantern Pharma (NASDAQ: LTRN), a clinical stage biopharmaceutical company using its proprietary RADR® artificial intelligence ("A.I.") platform...
TW's Take: with a current market cap of $78 million, and funded through approval, the risk/reward here is compelling. I expect the product will be acquired if/when positive patient data comes through and the price will be a minimum...
TW's Take: more positive momentum for their business, this acquisition comes at around 5X EBITDA before synergies, so very reasonably priced with a great opportunity for additional organic growth. THE COLONY, Texas, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Quest Resource Holding...
On November 9th, I managed to catch up with Dr. Mark Lowdell, who runs the INKmune cancer program at INmune Bio (INMB). The call was overall extremely positive. He provided me with a lot more detail about the timing...
TW's Take: the functionality of MiQLab allows LexaGene to continually expand the range of the tests it can perform. The market is still awaiting EUA approval from the FDA as the big catalyst here, but, under the surface, the...
TW's Take: Voriconazole is a great example of a drug whose efficacy and addressable market can be greatly improved by Thin Film Freezing. Looking forward to seeing the data later this year and having the program move into a...

Asymmetric Risk

Intelligent investing can truly be boiled down to the understanding of risk and reward. In order to properly assess the potential risks of an investment, and to understand the potential rewards, an investor has to perform extensive due diligence....
TW's Take: another shot on goal here, this time for the enantiomer of LP-184. DALLAS, Nov. 4, 2021 /PRNewswire/ -- Lantern Pharma (NASDAQ: LTRN), a clinical stage biopharmaceutical company using its proprietary RADR® artificial intelligence ("A.I.") platform to transform the cost,...
TW's Take: nice to see the additional data on INKmune as the first patient in the program continues to exceed expectations. BOCA RATON, Fla., Nov. 03, 2021 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB) (the “Company”), a clinical-stage immunology...
TW's Take: still firing on all cylinders. Nov. 30th PDUFA date is key for Amryt. Approval of Oleogel gives them a PRV worth $100 million and a product with $1B potential. If approved, I expect the stock to more...
TW's Take: more good news as the lawsuits all seem to be trending in Parker's favor. We remain eager to see progress in the Qualcomm case moving towards a trial and are hopeful timelines don't shift for the Intel...
TW's Take: with over $73M in cash and a lot of programs moving into trials, Lantern is an amazing risk/reward opportunity. DALLAS, Nov. 1, 2021 /PRNewswire/ -- Lantern Pharma (NASDAQ: LTRN), a clinical stage biopharmaceutical company using its proprietary RADR®...
TW's Take: continued progress in building out the leading A.I. platform for oncology drug development. The value of RADR is hidden in the share price but will be monetized at some point in the future. DALLAS, Nov. 1, 2021 /PRNewswire/...
Back when i was a kid, every Halloween the news covered stories of some whack job that would hand out apples to kids. The apples supposedly contained razor blades hidden in them and were intended to do some real...
TW's Take: This is very exciting news for LexaGene as there is big potential around a possible Army contract and this should also help with the FDA on the human testing side. BEVERLY, Mass. USA – October 29, 2021 – LexaGene...
TW's Take: positive about the EPI tool finally being installed and fully functional. Also, comments about JDA customer and future ones very positive. Street looking for signed deals, so stock probably continues treading water here in the low 20's. LOS...
TW's Take: long-awaited news could lead to a rapid trial and UNION picking up the option on this drug sometime in Q1. This drug has broad possibilities beyond Covid-19 and could be a big winner for TFF over time. AUSTIN,...
TW's Take: yet further evidence that Lantern is on the leading edge in AI adoption and operations in drug development. Will make it easier and faster for them to scale and manage internal insights and the code that drives...
TW's Take: INmune is changing the way CNS drug development will happen in the future with their innovations. These presentations highlight the innovation they are bringing to clinical designs and outcomes for CNS. i.e., these look more like cancer...
TW's Take: exciting news for Anixa and for women as the first ever vaccine for breast cancer trial has launched. We believe that this phase 1 trial's design has a high likelihood of success in their biomarker endpoints and...
TW's Take: getting FDA approval would change the behavior of LexaGene stock dramatically. We hope to see this sometime in the first half of 2022.  BEVERLY, Mass., Oct. 25, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc. , ( OTCQB: LXXGF ; TSX-V: LXG ) (“LexaGene” or the...
Rode the train up to DC from Charlottesville on Friday night and, let me tell you, despite all the years and money thrown at Amtrak, they still manage to make trips a lot longer than they should be. On Friday,...
TW's Take: we believe the VenoValve will be a rapidly adopted and a very big product if and when it gets approved. The market opportunity is large and there are no competing products in the market. Meanwhile, the data...
TW's Take: nice to see these patents issued. More importantly, however, we are approaching the PDUFA date for Oleogel. With AMYT languishing around $12, the stock is a great risk/reward at this time. DUBLIN, Ireland, and Boston MA, October 19,...
In a slow week for news from our universe of companies, the biggest news was from TFF Pharma (TFFP) which announced pre-clinical success of their monoclonal antibody (mAb) Covid-19 therapeutic. In what I believe is a must-read piece for...
As the Delta variant of Covid-19 has demonstrated quite clearly, despite the success of the vaccine programs, the virus is here to stay. Getting vaccinated is by far the best way to ensure that the coronavirus will have minimal...
TW's Take: very bullish news. This is the first dry powder (inhalable) treatment to show positive results. It also validates the mAb platform as well as Augmenta's process. TFF and Augmenta are partners on two other products that should...
The markets had a nice bounce late last week. This was sparked by the government getting its act together enough to kick the debt ceiling can down the road until December. Yay! I guess having that risk off the table...
TW's Take: another significant positive for Fortress, which owns 72% of Cyprium. They also qualify for a Priority Review Voucher, worth roughly $100M. NIH does get 25% of that, but still very significant value for FBIO if approved, which...
Technology Accurately Identifies Pathogens and Predicts Antimicrobial Resistance In less than 30 years, drug resistant bacteria are predicted to kill 3 times more people on an annual basis than COVID-19 did in 2020 MiQLab is a diagnostic tool used...
TW's Take: patent protection in China is an unexpected surprise. We are looking forward to seeing the company begin both their human trials during Q4. SAN JOSE, Calif., Oct. 6, 2021 /PRNewswire/ -- Anixa Biosciences, Inc. (NASDAQ: ANIX) ("Anixa"), a biotechnology company focused...

October Awaits

September to remember? I had such high hopes. Sadly, it turned out to be a very forgettable month and I'm happy to have it behind me. I was concerned about the market going into the historically weakest month of the...
TW's Take: a positive that this patent helps broaden coverage of the technology in other cancers besides ovarian. If this CAR-T therapy proves effective, will be a game-changing event for Anixa. SAN JOSE, Calif., Oct. 1, 2021 /PRNewswire/ -- Anixa Biosciences,...
TW's Take: the veterinary market is an underserved, and underappreciated by investors, arena that can drive LexaGene's business over time as we await progress with the FDA. BEVERLY, Mass., Sept. 30, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc. , ( OTCQB: LXXGF ; TSX-V: LXG ) (“LexaGene”...
TW's Take: This provides Fortress with over $60 million in immediate cash and potentially close to another $150 million in milestones. That's around 60% of the current market cap so expect to see gains somewhere in the range of...
TW's Take: Lantern continues to be on the leading edge of combining A.I. and oncology drug development. This partnership should help them not only with getting LP-300 to market faster but on future clinical trials as well. With a...

Cash is King

After several weeks of lower stock prices, the market this past week decided that the looming bankruptcy of the world's largest real estate debt issuer wasn't a big deal after all. The fact that China's Evergrande was being compared...
TW's Take: very positive data. Inhaled tacrolimus is showing itself to be everything TFF claims for their products; equally efficacy at lower doses, resulting in fewer side effects. TAC alone represents a billion dollar opportunity for TFF and more...
TW's Take: while the news out of HJLI is not earth-shattering, the conference call was very bullish. It appears the opportunity in front of the VenoValve has gotten larger and the excitement around the product is growing. "Paradigm changing...
The markets had another downward-trending week since the last newsletter. However, the overall tone of the market felt better from a micro-cap investing standpoint and my bi-polar attitude (loving my stocks, not liking the market) feels rather appropriate. Despite...
TW's Take: as this promising treatment moves into the clinic later this year, there will be increased attention paid to Anixa and their partner, Moffitt. If this treatment is successful, it will be the first solid-tumor CAR-T that has...
TW's Take: good news that we expected would come as the Company continues to execute very well. The Chiasma acquisition will lead to much higher revenues over the next couple years and if their, very important, PDUFA date for...
As I wrote about last week, we are entering what is historically the worst stretch of time for the market. I'm not sure why this is the case, but September is by far the toughest month for stocks. This...
TW's Take: while the Company didn't need the money at this time, bringing on board Perceptive Advisors, which is probably the best healthcare fund in existence, is a coup for Hancock Jaffe. I expect to see this deal trade...
TW's Take: Nice to see Dr. Kumar begin to build out the team around himself. Anixa is about to get very busy with two programs entering the clinic in the next several months. SAN JOSE, Calif., Sept. 7, 2021 /PRNewswire/...
TW's Take: more positive news for the MiQLab, which is rapidly becoming the best in class product for veterinary lab use. BEVERLY, Mass. – September 3, 2021 – LexaGene Holdings, Inc. (OTCQB: LXXGF; TSX-V: LXG) ("LexaGene" or "the Company"), a  molecular...
TW's Take: this is yet more positive news as ParkerVision moves down the path in their much larger suits against Qualcomm and Intel. Very encouraged that they see additional settlements in the "near future". Since Zyxel is a manufacturer...
I read this week where someone said, "the short story is always sexier." There's certainly a lot of truth in that. Here in September of 2021, we are confronted with a myriad of major problems: a pandemic, runaway inflation,...
TW's Take: the veterinary market could grow into a cash cow for LexaGene over the next few years. We should start to see uptake from these conferences in terms of orders and increased market recognition. BEVERLY, Mass., Sept. 03, 2021...
TW's Take: Lantern is making all the right moves to set themselves up for long-term success. DALLAS, Sept. 2, 2021 /PRNewswire/ -- Lantern Pharma (NASDAQ: LTRN), a clinical stage biopharmaceutical company using its proprietary RADR® artificial intelligence ("A.I.") platform to transform the...
TW's Take: outstanding that demonstrates XPro195 is very effective in clearing neuroinflammation and reducing biomarkers associated with declining cognition. Very important PR that positions INmune as a leader in Alzheimer's therapies. This is a step in the direction of...
TW's Take: I feel like a broken record when I continually say that LP-184 is proving itself to be a highly potent molecule with potential blockbuster status across several different types of cancer. DALLAS, Aug. 30, 2021 /PRNewswire/ -- Lantern Pharma (NASDAQ: LTRN),...
TW's Take: great news that will allow this exciting program to start human trials sometime in the next 6 months (hopefully by year-end).  SAN JOSE, Calif., Aug. 30, 2021 /PRNewswire/ -- Anixa Biosciences, Inc. (NASDAQ: ANIX), a biotechnology company focused on...
I'm calling it a month. Normally, I'd wait until August is officially over before recapping things, but, since we only have two days of trading left, and since we are looking at a September to Remember (fingers crossed, big...
In July, INmune Bio (INMB) dosed their first cancer patient with INKmune. Last night, we got an update on the program. Admittedly, there's only been one patient dosed but...with this statement from the press release, INmune has just leapfrogged...
TW's Take: while this program is still in the early stages of development, this demonstrates they are heading in the right direction with their efforts. Bigger news will be dosing of first patient in the breast cancer vaccine trial,...
While the bankers and fund managers are heading out to the Hamptons for vacation, micro-cap earnings season kicked in last week and news flow in general seems to be picking up. I've been saying that the 2nd half of...
TW's Take: more positive news on LP-184 which we believe has blockbuster potential. GBM is a serious disease with no treatment options for patients. Success here would be huge for many people. DALLAS and BALTIMORE, Aug. 19, 2021 /PRNewswire/ -- Lantern Pharma...
TW's Take: Excellent news as the 2-year data will be helpful when they file for approval on the upcoming pivotal trial. Expect to see patients entered into that trial starting in September. The value here, with great product execution,...
TW Research (TW): Dr. Lowdell, thanks for speaking with us today. I know you’ve been involved with INKmune since the very beginning and was hoping that we could start with the origins of the program. Where did the idea...
TW's Take: another strong quarter of solid execution. Quest is a generating cash, growing rapidly, and well positioned as an ESG play.  THE COLONY, Texas, Aug. 16, 2021 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) ("Quest"), a national...
TW's Take: an exciting early stage program with a world-class partner. The risk/reward of Anixa is very skewed to the positive at current valuations. SAN JOSE, Calif., Aug. 18, 2021 /PRNewswire/ -- Anixa Biosciences, Inc. (NASDAQ: ANIX), a biotechnology company focused...
TW's Take: LP-184 is a compelling opportunity in multiple cancers. We continue to believe that Lantern is dramatically undervalued relative to the opportunities they have with multiple therapies in the clinic and a differentiated A.I. platform technology. DALLAS, Aug. 16,...
The markets seem to be quieting down as summer heats up and traders are heading to the beach for the last few weeks of August. It really feels like we are entering a "stock pickers" market as the action...
TW's Take: TFF continues to have lots of balls in the air. The second half should be exciting with many catalysts coming together. AUSTIN, Texas, Aug. 12, 2021 (GLOBE NEWSWIRE) -- TFF Pharmaceuticals, Inc. (NASDAQ: TFFP), a clinical-stage biopharmaceutical company focused on developing and commercializing...
TW's Take: LexaGene is building the leading point of care PCR diagnostic system. Eventually, the market will catch on to what they are doing.  BEVERLY, Mass., Aug. 12, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., (OTCQB: LXXGF; TSX-V: LXG) a...
TW's Take: more positive news backing development of LP-184, which is proving itself to be a potentially blockbuster drug with potential efficacy in many indications. DALLAS, Aug. 11, 2021 /PRNewswire/ -- Lantern Pharma (NASDAQ: LTRN), a clinical stage biopharmaceutical company using...
TW's Take: Good execution but conservative guidance due to possible (as yet unseen) impact from the Delta Virus. Love this company longer term. We'll see if the market looks through the guidance and focuses on the bright future. LIVERMORE, Calif.--(BUSINESS...
If you've been reading this newsletter for longer than two weeks, you likely have come to realize that I'm an investor not a trader. Quite simply, my philosophy is to look for stocks that have the potential to return...
TW's Take: another quarter of excellent results and raised guidance. Amryt is firing on all cylinders. With the acquisition of Chiasma officially completed, expect to see revenues continue to increase rapidly and guidance adjusted higher. Oleogel approval and this...
TW's Take: while we await the Alzheimer's data later in August, the INKmune program seems to be showing excellent activity at two weeks. Quellor data coming soon and, with the very fluid covid situation, it's not a surprise that...
TW's Take: this is great news as it not only accelerates the program but demonstrates the FDA's appreciation of the necessity for a solution to CVI. The first patient should be dosed in the next 60 days which is...
The "bull" market continued this past week although it showed signs of tiring. Which is good because the bull ride we've been on resembles one at the Calgary Stampede. While the S&P 500 hits new highs, micro-cap growth is...
TW's Take: very exciting news as TFF's internal program (with partner Augmenta) appears to be effective against all strains of Covid-19. Expect to see the drug partnered sometime in the future as they progress it towards clinical trials. TFF...
TW's Take: Very exciting news. The data is compelling and improves over time. Meanwhile, having a rigorous, placebo controlled trial that only lasts 6 months demonstrates just how exciting this is. INmune will be done with their placebo controlled,...
Last week wasn't a bad week for the markets at all. With a nice two day rally to end the week, the Russell 2000 and S&P 500 both gained 1% over the five trading days. This was quite the...
TW's Take: Markman rulings are roughly 90% predictive of the winner of a court case, so this is obviously very good news for Parker. It should also help them in their attempts to settle other, smaller disputes. Expect to...
TW's Take: this is very positive pre-clinical data in a large disease with not many good treatment options. LP-184 is a potentially multi-billion dollar drug opportunity for Lantern and doesn't get enough credit in the market. DALLAS, July 20, 2021...
TW's Take: INmune's data on reducing neuro-inflammation is industry leading. Their lack of cognitive testing has led to a discounted valuation versus peers that should begin to close as they move into phase 2. The trial design will likely...
With the S&P 500 hitting new highs recently, continuing the rally from last March's lows, we are all having a great time, right? Uhhh, maybe not. The last nine months of 2020, and first two of this year, are fading...
TW's Take: a smart move putting quality investors into the stock and getting enough cash to take them through phase 2. Painful to stop the short term move but momentum should return in front of the upcoming Alzheimer's data...
TW's Take: we continue to believe that TAC represents a potential $1B drug and the data continues to be much better than expected or standard of care. This drug alone more than justifies a significant premium to the current...
TW's Take: great news as this program had been long-delayed by Covid. NK companies routinely achieve valuations higher than INMB's current market cap. This exciting program has the potential to generate significant returns to investors over the next couple...
In a holiday shortened week, this newsletter comes from Kentucky where the TW household is attending a family wedding. Throw in a side journey to hit the Bourbon Trail and it's a fun-filled weekend that got an additional shot...
TW's Take: we believe the market is missing the exciting opportunity in the vet space for LexaGene. Cash flow increasing monthly. Vet alone can make this a profitable company.  BEVERLY, Mass., July 07, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc. , ( OTCQB: LXXGF ; TSX-V:...
To steal a line from Charles Dickens, "It was the best of times. It was the worst of times. Then it was pretty darn good again." And now we have reviewed the first six months of 2021 and can...
TW's Take: LexaGene's progress towards an EUA continues. The valuation is compelling and if an EUA is achieved, expect to see the stock trading much higher. BEVERLY, Mass., July 02, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc. , ( OTCQB: LXXGF ; TSX-V: LXG ) (the “ Company ”),...
TW's Take: Journey continues to expand and is an underappreciated, cash-flow generating, piece of the Fortress puzzle. NEW YORK and SCOTTSDALE, Ariz., June 30, 2021 (GLOBE NEWSWIRE) -- Journey Medical Corporation (“Journey Medical”), a partner company of Fortress Biotech, Inc....
As the market seems to be slowly settling into summer, volatility is dropping and news flow is getting sparse. Amazing to think this is the last newsletter before the 4th of July. The pandemic seemed to drag on forever...
TW's Take: this is potentially a major breakthrough for regions of the world where cold-chain drug distribution doesn't exist. Looking forward to more information in the near future on this exciting program. MENLO PARK, Calif. and AUSTIN, Texas, June 22,...
Back in February, on our trip to Miami, I was fortunate to be introduced to a friend of a friend named "Phil". Phil just happens to be one of, if not the, best backgammon players in the world. Backgammon is...
TW's Take: the platform being developed by LexaGene has great functionality. The MiQLab is a disruptive force for diagnostics. BEVERLY, Mass., June 17, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., ( OTCQB: LXXGF ; TSX-V: LXG ) a molecular diagnostics company, is pleased to announce that...
Yesterday afternoon, INmune Bio (INMB) announced that they had taken out a loan from Silicon Valley Bank with the use of proceeds a repurchase of warrants owned by Xencor (XNCR). This is an outstanding financial deal for INmune and...
TW's Take: very positive expression of confidence on the part of management and a wonderful deal for shareholders. Very happy to be rid of the overhang from those warrants. LA JOLLA, Calif, June 14, 2021 (GLOBE NEWSWIRE) -- INmune Bio,...
TW's Take: a nice acquisition at 5X EV/EBITDA is immediately accretive and fits in with their strategy perfectly. Expect more like this in the near future as Quest continues to roll up this fragmented industry. QRHC is a very...
TW's Take: LexaGene is making great headway in the veterinary space. Very encouraged by their progress of late and believe there is a ton of value in this stock. BEVERLY, Mass., June 14, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc. , ( OTCQB: LXXGF ; TSX-V:...
It was another great week for TW as the pendulum appears to be swinging full speed in our direction. This while the overall market continues to push to new highs and all eyes remain fixated on the Fed, inflation,...
TW's Take: this data just reinforces that Alexion will move forward with their purchase. With Alexion set to be acquired later this year themselves, that will start a 6 month clock to close with Caelum. Fortress stands to be...
TW's Take: the safety and efficacy data are excellent. Looking forward to the KOL call next week for additional details. WORCESTER, Mass., June 11, 2021 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”) (NASDAQ: MBIO), a clinical-stage biopharmaceutical company focused on...
TW's Take: the science behind MiQLab continues to demonstrate disruptive qualities. While the market awaits EUA approval, the stock has languished and represents a compelling opportunity. BEVERLY, Mass., June 10, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc. , ( OTCQB: LXXGF ; TSX-V: LXG ) a molecular...
Yesterday the FDA gave a highly controversial approval to Biogen (BIIB) for the first ever treatment of Alzheimer's. In doing so, the FDA has not only given Biogen a shot in the arm but has dramatically changed the prospects...
TW's Take: watch the testimonial! This product is disruptive and going to be a big deal over the next year once it gets FDA approval and starts being sold into labs for human samples. BEVERLY, Mass., June 07, 2021 (GLOBE...
TW's Take: this call should lay out a compelling thesis for the long-term disruptive case for thin film freezing. We believe this delivery technology will be ubiquitous in a few years. AUSTIN, Texas, June 07, 2021 (GLOBE NEWSWIRE) -- TFF...
TW's Take: more good news on Oleogel-S10. If the drug is approved, as expected, AMYT is a bargain at current prices. DUBLIN, Ireland, and Boston MA, June 7, 2021, Amryt (Nasdaq: AMYT, AIM: AMYT), a global, commercial-stage biopharmaceutical company dedicated...
Greetings from Ashland, Oregon where my tour of the west coast is ending in fine fashion. The biking here is outstanding, the meals our crew cooks up are incredible but the ability to write a coherent newsletter is rather...
TW's Take: the size of the veterinary market is greatly underappreciated by the market and makes LexaGene a great value play here. BEVERLY, Mass. USA – June 3, 2021 – LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”), a molecular diagnostics...
TW's Take: this is excellent news and positions AMYT for a big move in the second half of 2021. With the Chiasma acquisition, if the EB drug is approved, Amryt will be generating a LOT of free cash-flow over...
TW's Take: The key quote from this PR, "We look forward to advancing this novel compound into Phase 2 studies in two CNS indications later this year.” Enough said. LA JOLLA, Calif, June 02, 2021 (GLOBE NEWSWIRE) --  -- INmune...
TW's Take: continued positive execution for Amryt. We hope to see priority review designation with approval later this year. AMYT should move higher into the PDUFA date as they are extremely undervalued and the clinical results are highly supportive...
TW's Take: a positive step that demonstrates the company's confidence in getting approval in the US for their diagnostic product. BEVERLY, Mass. USA – June 1, 2021 – LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”), a molecular diagnostics...
Thin Film Freezing, the drug delivery method being developed by TFF Pharma (TFFP), is an exciting technology that has the potential to change the method of delivery for a significant portion of the therapeutics currently in existing as well...
TW's Take: nice to see the support for this early stage program from the NIH. SAN JOSE, Calif., May 26, 2021 /PRNewswire/ -- Anixa Biosciences, Inc. (NASDAQ: ANIX), a biotechnology company focused on the treatment and prevention of cancer and infectious...
TW's Take: PRKR is going to keep the Western District of Texas busy with lawsuits as the list of infringers continues to grow. Expect to see many of these cases settle, a trend started last week by Buffalo, Inc....
The pendulum had swung too far. Simply put, companies that are funded and executing on their gameplan cannot go down forever. Eventually they find a bottom and bounce. The lower the bottom, the bigger the bounce. This week we bounced....
TW's Take: this is close to the best possible news Anixa could have asked for. It appears they will definitely be dosing their first patients before EOY. With two potentially blockbuster programs entering human trials in 2021, ANIX is...
TW's Take: after years of battle, Parker has finally landed their first blow. This is a significant victory in that it demonstrates the tide has turned and will set a precedent for other litigants to follow. I expect we'll...
TW's Take: a very strong quarter. QRHC remains an under-appreciated growth stock trading at a very reasonable price. The ESG aspect of their business could result in a significant re-rating of the stock soon. THE COLONY, Texas, May 17, 2021...
TW's Take: this is a high risk trial with a very large potential reward if successful.  WORCESTER, Mass. and DUARTE, Calif., May 18, 2021 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”) (NASDAQ: MBIO), a clinical-stage biopharmaceutical company focused on translating...
TW's Take: Disappointing sales from their Journey dermatology division however other programs continue to move forward and Fortress' sum of the parts remains much greater than its current valuation.  NEW YORK, May 16, 2021 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc....
This past week saw yet another ugly market for micro-caps as the whole investment community seems to be increasingly worried about inflation and interest rates. Between this and the fact that there was no gas at the pumps in...
TW's Take: better than expected data leading to TFF increasing the target sales for TAC to over $1B is a positive development, especially as they plan to start their pivotal trial later this year. Sales from Plus Products should...
The pandemic-inspired rally of 2020 was an unexpected surprise for many companies, particularly those in biotech, which soared last year. The access to capital, low interest rates and government spending on Covid programs led to a major rally in...
TW's Take: Cosibelimab has the potential to be a very big drug in the PD-(L)1 space with best in class safety and better pricing than competitors. Data this Q4, approval sometime around year-end 2022. NEW YORK, May 12, 2021 (GLOBE...
TW's Take: This drug is a good fit for FBIO and potentially a massive home run if efficacy can be shown in Chronic Kidney Disease. NEW YORK, May 10, 2021 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress” or...
TW's Take: we are encouraged to see the Company rapidly expanding their sales team. Vet diagnostics is easily a big enough industry to drive LexaGene to profitability and we look forward to seeing rapid adoption in this space. BEVERLY, Mass.,...
Okay, I was early. I admit it. But, unless growth stocks never rally again, biotech in particular, I'm 100% convinced that buying at these levels is absolutely the right thing to be doing. Check out where my stocks are trading...
TW's Take: enough progress to lead to the creation of a new company focused on developing these therapeutics is a positive development. This is a low cost program with large potential and is likely not at all reflected in...
TW's Take: INmune continues to make solid progress on all fronts. The rest of 2021 should have some exciting catalysts with Quellor data, Xpro data and phase 2 starting, and INKmune dosing first patients. We continue to be big...
TW's Take: nice to see the guidance increased and it's obvious that the core business is going very well at Amryt, but the key today is their acquisition of Chiasma, a deal we love. 8.7% YoY revenue growth in...
TW's Take: we have been expecting Amryt to make an acquisition and this one is exciting. The prospects for MYCAPSSA are quite strong and the synergies between the two firms are outstanding. Amryt's big date is later this year...
Biotech stocks continue to take it on the chin. This is the result of an overall shift from growth to value in the market as investors continue to pile into the post-Covid reopening plays. In the near-term, this trade...
DALLAS, May 3, 2021 /PRNewswire/ -- Lantern Pharma Inc. (NASDAQ: LTRN), a clinical stage biopharmaceutical company using its proprietary RADR® artificial intelligence ("A.I.") platform to transform oncology drug discovery and development today announced financial results for the first quarter ended March...
TW's Take: this is very exciting news for Lantern as it is the first time they have licensed their RADR platform for third party drug development. As RADR grows more powerful, we expect many more licensing opportunities to present...
There are times when stock picking isn't the most important part of your investment strategy. When all that matters is being in the right sector of the market. At those times, traders are looking great and investors, those of...
TW's Take: we continue to believe that Quest represents a differentiated offering in the traditional business of waste disposal. In a world increasingly focused on recycling, ESG, low carbon footprint, etc, QRHC is very well positioned. THE COLONY, Texas, April...
TW's Take: the rapid growth of datapoints on their A.I. platform is cementing Lantern (LTRN) as a leader in this field. A.I. is changing the pace of oncology drug development and their unique RADR® product has Lantern well positioned...
TW's Take: our take is that LP-184 has the potential to be a billion dollar or more asset as it has shown potential potency and efficacy in many kinds of cancers. Lantern's A.I. screening program, RADR, continues to drive...
Earlier this year I was preaching caution. The markets were en fuego and, simply put, this cannot last. While I run pretty fully invested and am looking for long-term gains, I'm not naive. Most people reading this newsletter aren't...
TW's Take: more overwhelmingly positive data from the VenoValve presented at the leading global vascular symposium. We continue to think the product will be approved by midsummer 2023 but likely sold prior to this at multiples of the current...
We had the opportunity to meet virtually with INmune Bio (INMB) recently. In that meeting, with their CFO, David Moss, and Director of Neuroscience, CJ Barnum, we discussed the role of inflammation in many diseases and how XPro1595 works...
TW's Take: Obviously not a positive, but I'm not concerned about this making it into the clinic eventually. It's a high-risk/high-reward program. The vast majority of the value here is in the vaccine program which looks really low risk...
Last week I wrote about INmune Bio (INMB). In that piece, In Defense of INmune, I discussed the increasing spread between perception of what's going at INmune versus the reality. On Friday it seems someone noticed as the stock...
TW's Take: "Atomera's MST technology enables further transistor dimensional scaling for faster computation without compromising power efficiency in leading and mature nodes." Bringing in an engineer experienced in development and transfer of technologies into customer facilities is further demonstration...
TW's Take: excellent data as LexaGene now starts ramping up their sales team. The vet space has the potential for thousands of units and is ripe for MiQLab to take significant share of the significant rapid screening requirements of...
TW's Take: while the size of the contract is not specified, getting into a DARPA program is a very positive validation of TFF's technology. We continue to believe Thin Film Freezing is a disruptive tech that will change the...
I invest in "public venture capital" stocks. The typical company around here is early stage, has no revenue and is burning cash on a daily basis. They are not without risk. On the other hand, the potential for each of...
TW's Take: an incremental positive for HJLI. Stock needs to get above $7 and clean out the last of the sellers from the recent financing before it can really start to move higher, sustainably. IRVINE, CA / ACCESSWIRE / April...
DUBLIN, Ireland, and Boston MA, April 6, 2021, Amryt (Nasdaq: AMYT, AIM: AMYT), a global, commercial-stage biopharmaceutical company dedicated to acquiring, developing and commercializing novel treatments for rare diseases, is pleased to announce the appointment of Sheila Frame as President...
TW's Take: with Covid, and its various strands, destined to be here for a while, this is a nice development in a low cost but potentially high reward program. Looking forward to approval of their CAR-T IND as the...
TW's Take: approval of the IDE in under 30 days demonstrates both the need for the product as well as the robust data provided from the first-in-human trial. We believe this product will be approved and will likely be...
My wife and I spent Good Friday in the car, driving up to Massachusetts to visit my number one newsletter fan; my mother. It was a long day but certainly well worth the effort. The drive was eerily reminiscent of...
TW's Take: on the surface a nice positive, adding a $24M product to the portfolio. Look forward to understanding the terms of this transaction more and what it means for cash flow generation. SCOTTSDALE, Ariz. and NEW YORK, April 01,...
TW's Take: while disappointed in the stretched timeline for EUA approval, this is a very positive update. The vet market is sufficiently large to build a very profitable business on its own and LexaGene's product is best-in-class. Hiring additional...
TW's Take: LP-184 is a very potent molecule. Combined with the resources of RADR, Lantern continues to find more potential treatments for the drug. Hopkins is a leader in brain cancer and a very positive endorsement of the opportunity...
TW's Take: if approved, Oleogel-S10 is likely to become Amryt's largest drug franchise in very short order. Expect to hear about the acceptance and priority review status in Q2. Possible Priority Review Voucher grant in Q4 as well, which...
TW's Take: very encouraging data as a label expansion into FCS would potentially double the addressable market for the drug. Amryt continues to increase the value of their existing franchises while moving forward on their potentially blockbuster EB product,...
TW's Take: solid news that the company has raised some capital and this, "we remain confident that we will soon have new licensees of our technologies." Disappointed that the court has pushed it out to late in the year,...
TW's Take: further progress as they march towards hopeful approval in EB, which should make Oleogel-S10 their largest product in short order. DUBLIN, Ireland, and Boston MA, March 29, 2021, Amryt (Nasdaq: AMYT, AIM: AMYT), a global, commercial-stage biopharmaceutical company...
Investing in micro-caps always involves a high degree of risk. This risk can come in many different forms as well. For example, looking at the Risk Factors section on TFF Pharma (TFFP)'s recent 10-K filing they have the following...
TW's Take: enough cash to bring in another program, created an internal sterile vaccine line and last until 2024 is a good thing at this stage of the game. The deal was well placed as evidenced by the excellent...
A week in the market seems like an eternity these days, right? I mean, just last week Anixa (ANIX) was trading at $8 a share. They were on the verge of filing their second IND and fundamentally firing on all...
TW's Take: very positive step forward in broadening the indications for Myalept. Management of Amryt continues to execute well and the stock remains deeply discounted relative to its peer group. DUBLIN, Ireland, and Boston MA, March 23, 2021, Amryt (Nasdaq:...
TW's Take: "potentially best in class efficacy" sounds very good to us. LP-184 has great potential in many types of cancer. Lantern has a potential blockbuster drug on their hands. DALLAS, March 23, 2021 /PRNewswire/ -- Lantern Pharma Inc. (NASDAQ: LTRN), a clinical...
TW's Take: this IND filing has been years in the making, with Moffitt making many upgrades to the program. Success in solid tumors would be the first for any CAR-T program and likely result in significant upside for shares...
TW's Take: this further expands the market opportunity for Myalepta, allowing continued growth of this franchise. We remain excited about AMYT as the expected approval of their EB therapeutic later in 2021 approaches. DUBLIN, Ireland, and Boston MA, March 22,...
My Investment Style...It's Not For Everyone But It Works For Me I'm often asked why I don't trade more often. Many of my stocks make big (25-50% or more) moves and I sit on my hands. Hopefully this helps explain...
TW's Take: the stereoisomer of LP-184, which has shown tremendous potential in many solid tumors, this new therapeutic also has many exciting potential uses in targeting various cancers. By employing their proprietary RADR A.I. technology, Lantern can find appropriate...
I've always thought that technical analysts were like lawyers; you can always find one who will tell you what you want to hear. That said, there are some technical indicators that I believe have merit in helping at times of...
With a disruptive platform comes lots of opportunity. I have been hammering on investors for months, saying that TFF Pharma (TFFP) has the opportunity to change the delivery of a broad range of therapeutics. Up to 40% of all...
TW's Take: growth is coming quicker, which is going to really show the street how cheap this stock is. A hidden gem in my portfolio. Low risk, great team, likely trading much higher over the next couple years. THE COLONY,...
TW's Take: 2021 is just getting started for Anixa which will launch trials of one vaccine program and expects to file an IND in CAR-T for ovarian cancer soon. Major catalysts on two programs being developed in partnership with...
TW's Take: the company is executing on all fronts, highlighted by this partnership with the US government which is very validating of the technology. The company remains undervalued based on either of the internal programs, both of which are...
TW's Take: 2021 is shaping up as an exciting year with many milestones on the calendar, the highlight of which will be multiple IND-enabling studies on LP-184, which looks like a very promising drug candidate. DALLAS, March 10, 2021 /PRNewswire/...
TW's Take: yet another shot on goal for TFF. The broad potential of their drug delivery platform is driving companies to work with them across multiple drug classes and product lines. TFF has yet to fail to convert a...
TW's Take: Greenlight Biosciences is well funded and led by a highly-regarded scientist. The potential behind this partnership is significant. TFF is by far the best technology for RNA delivery. The market will likely not get it immediately, but...
TW's Take: Amryt's team has continually demonstrated positive progress in expanding their existing franchises.  DUBLIN, Ireland, and Boston MA, March 8, 2021, Amryt (Nasdaq: AMYT, AIM: AMYT), a global, commercial-stage biopharmaceutical company focussed on acquiring, developing and commercializing novel treatments for...
Good Morning Vietnam! Okay, I'll confess to exaggerating a little; I neither live nor work in a war zone. It only just felt like someone was taking napalm to my portfolio on a daily basis the last couple weeks....
TW's Take: important progress as Anixa gets ready to file their IND for this potentially blockbuster solid-tumor CAR-T therapy. SAN JOSE, Calif., March 4, 2021 /PRNewswire/ -- Anixa Biosciences, Inc. (NASDAQ: ANIX), a biotechnology company focused on the treatment and prevention of...
TW's Take: both internal programs continue to exceed expectations. If there was ever a doubt that TFF's product works, this should definitively put that to bed. We believe both TAC and VORI will be billion dollar products eventually and...
Growing nicely and trading under 20 times 2020 EBITDA, Amryt Pharma (AMYT) has somehow managed to build a global franchise in rare diseases yet to stay off of most investors’ radar screens. However, with a big catalyst coming later...
TW's Take: positive news for LexaGene putting more cash on the balance sheet as the company moves ever closer to their EUA filing. BEVERLY, Mass., March 02, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc. , ( TSX-V: LXG ; OTCQB: LXXGF ) (the “ Company ”), a molecular diagnostics...
TW's Take: an incremental positive. Next big announcement is going to be another JDA, which I would think is likely a 2nd half event. LOS GATOS, CA / ACCESSWIRE / ­­ March 2, 2021 / ­­ Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology licensing company,...
TW's Take: this is a coming out party of sorts for Aevitas, another partner company in Fortress' stable. The "alternative complement pathway" space is hot and dry AMD is a potentially massive market. Another quality shot on goal for...
TW's Take: $20M into the coffers of Fortress Bio (FBIO) along with a PRV worth around $100M by the summer of 2023 is great news. Fortress has many balls in the air and this is a great example of...

Miami Advice

The past year has been all about the pandemic. First it was about selling everything. Like every other market meltdown, it was viewed as the end of the world. But, we all know the Fed's policy going forward is...
TW's Take: These are very important data as TFF continues to prove the viability of the thin film freezing technology in vaccine development. The validation from Dr. Dye is terrific support and continues to point to a broad portfolio...
TW's Take: with various strains of Covid-19 appearing, one could see the disease being here for many years and a therapeutic being greatly needed. Thus, this program has significant upside potential, however it is likely little valued by the...
When I started in this business in the 1980s, "Heard on the Street" was a market moving column in the Wall Street Journal. R. Foster Winans, the writer at that time, would delve into rumors that were floating around...
TW's Take: this is really a non-event for LexaGene, in terms of the business, however it is nice to get someone with a very strong accounting background on the board. BEVERLY, Mass. USA – Feb 12, 2021 – LexaGene Holdings, Inc., (TSX-V:...
TW's Take: nothing exciting in this report...just that the company continues to execute on their business plan. The rest of the year should see several more JDAs with revenues starting sometime in 2022. LOS GATOS, CA / ACCESSWIRE /­­ February 10, 2021 / ­­ Atomera...
TW's Take: while they will not incorporate these tests into their EUA application, LexaGene will be able to roll out additional tests broadly post approval, differentiating them from their competitors. LexaGene Holdings, Inc. , ( TSX-V: LXG ; OTCQB: LXXGF ) (the “ Company ”), a molecular diagnostics...

Riding the Waves

This is without a doubt the most amazing market of my career. It's obviously a bull market as indexes continue to head higher. But, within the belly of the beast, it's absolutely rocking and rolling. Some of the moves taking...
~ Trade alerts discuss changes to Tailwinds' managed portfolios. They are available for premium subscribers only. The information contained here is not meant to be shared, especially with Company managements. Thank you. ~ Spent a while on the phone with...
TW's Take: nice to have the clinical hold removed, allowing this program to proceed. MBIO is a compelling valuation (thanks to PRVs) in biotech, which is certainly an oddity in this space. We continue to believe it has tremendous...
What a crazy way to end a wild month, huh? As GameStop (GME) continued to rally in the face of shorts, Robin Hood required a bailout and individual investors rejoiced in their apparent obliteration of several hedge funds. The carnage...
A Markman Hearing is a pretrial hearing in a U.S. District Court during which a judge examines evidence to determine the appropriate meanings of relevant key words used in a patent claim. For investors, this is an often overlooked part of a...
TW's Take: this is great news for PRKR. Not only does it set them up very well in this large patent case versus Intel, one can expect other, smaller suits to start settling as the writing is on the...
When you write a newsletter, being speechless is not a great place to be. However, what I'm seeing in the market right now leaves me without words. Is the price action unparalleled in history? Quite possibly. But it sure does...
This morning INmune (INMB) presented data from their phase 1b trial in Alzheimer's Disease and hosted a KOL call to discuss the data. Although it traded higher initially, the stock is now down post the call. This volatility based...
TW's Take: amazing data. INmune is on a path to be part of the solution for Alzheimer's Disease, a massive market. This is incredibly exciting. LA JOLLA, Calif, Jan. 21, 2021 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB) (the...
Frequently I hear from investors that something sounds, "too good to be true." And, being honest, more often than not, that's the case. But, not always... I heard that frequently about Atomera (ATOM) when I said it's possible to extrapolate...
TW's Take: as usual, the biggest knock on this company was expectations of a financing. With this very large deal over, LTRN is now positioned to execute on their strategy. With LP-184 getting closer to an IND filing later...
This week Eli Lilly (LLY) reported data from their phase 2 Alzheimer's trial, TRAILBLAZER-ALZ. Based on the results of this data, shares in LLY rallied substantially, adding over $20B in market cap. That's not a typo. The market values...
TW's Take: the ability to rapidly diagnose different strains of Covid is a strength of LexaGene's open source system and a key differentiator versus the competition. It should BEVERLY, Mass., Jan. 13, 2021 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc. , ( TSX-V: LXG ; OTCQB: LXXGF )...
TW's Take: very excited to see this data which will only reinforce and add to the smaller set of outstanding interim data the Company presented last summer. Expect to hear more tangential stories of cognitive benefits on the call....
Nothing seems to be able to get in the way of this bull market. An insurrection in DC? Yawn. The next administration taking on big tech? Nobody cares. Covid-19 running crazy globally? That just means more stimulus and Robin...
At one point last year I wrote about Atomera (ATOM) as being the ultimate FOMO stock. Despite the fact that they had yet to sign a contract and despite the fact that the stock had gone up around 300%,...
TW's Take: this is the first of what I believe will be many JDAs. The snowball has started down the ski hill.  LOS GATOS, CA / ACCESSWIRE / January 5, 2021 / Atomera Incorporated (NASDAQ:ATOM), a semiconductor materials and technology...
TW's Take: we are very excited about this. ADC's are proving to be very effective and also companies focused on this space are in high demand at premium valuations. This should reflect well on the share price of Lantern...
Tailwinds' Take: LexaGene is executing on their path to becoming a very disruptive force in the point-of-care diagnostics space. BEVERLY, Mass., Dec. 30, 2020 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc. , ( TSX-V: LXG ; OTCQB: LXXGF ) (the “ Company...
They say the best presents come in small packages, right? Well, Santa is delivering this year in a big way. And, the best gifts he's giving investors are in the smallest stocks. We are in the middle of a...
TW's Take: while this trial likely has a low-probability of success, if it does work it could be game changing for MBIO and also for patients suffering from the deadly disease. Mustang is a partner company of Fortress Bio...
TW's Take: very exciting news for Anixa as the FDA not only accepted this IND filing but did so very quickly, a positive signal from a notoriously fickle group. Anixa will be in human trials sometime in the first...
This week saw a continued rally in the market with smaller stocks continuing their outperformance. It has been an impressive run and looks likely, as I mentioned last week, to continue until we get a stimulus package. At that...
If you position yourself for success, sometimes you get lucky, right? It’s become common knowledge that A.I. is changing the way all companies do business, but Lantern Pharma was an early adopter in understanding the potential of A.I. in...
TW's Take: adoption is continuing. With an expected EUA application in early 2021, LexaGene is poised to disrupt the point-of-care diagnostics industry. BEVERLY, Mass. USA – Dec 17, 2020 –  LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”), a molecular diagnostics company...
TW's Take: Hopkins is the world leader in GBM. This announcement means that there are now three leading research institutes working with LP-184 on different cancers. LP-184 has the potential to be a blockbuster drug for Lantern Pharma. DALLAS, Dec....
TW's Take: excellent news that Avenue is moving forward so quickly. Remains to be seen what the timeline is to FDA approval and what the new label looks like. Lots of questions, but this is definitely positive forward progress. NEW...
TW's Take: rolling submission and breakthrough designation are great pieces of news for FBIO's partner company. Approval expected next year. NEW YORK, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress”), an innovative revenue-generating company focused on...
TW's Take: success in asthma would greatly increase the Target Addressable Market for Voriconazole as well as speed enrollment of the upcoming pivotal phase 2 trial.  AUSTIN, Texas--(BUSINESS WIRE)--Dec. 15, 2020-- TFF Pharmaceuticals, Inc. (NASDAQ: TFFP), a clinical-stage biopharmaceutical company focused on...
Tailwinds' Take: Positive news as products are shipping while we approach the pivotal EUA application coming soon. BEVERLY, Mass., Dec. 15, 2020 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., (TSX-V: LXG; OTCQB: LXXGF) (the “Company”), a molecular diagnostics company that develops fully automated rapid...
Tailwinds' Take: LP-184 is proving to be a very valuable drug for fighting multiple types of cancer, especially as a co-therapy with the standard of care. GBM is a particularly deadly disease and showing benefits here would be outstanding...
SAN JOSE, Calif., Dec. 14, 2020 /PRNewswire/ -- Anixa Biosciences, Inc. (NASDAQ: ANIX), a biotechnology company focused on the treatment and prevention of cancer and infectious diseases, today announced that it and partner OntoChem GmbH have verified that one of their...
WORCESTER, Mass., Dec. 07, 2020 (GLOBE NEWSWIRE) --  Mustang Bio, Inc. (“Mustang”) (NASDAQ: MBIO), a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic...
That certainly was a crazy week. The news from our companies was positive, the news on the CoronaVirus was negative, volatility within our coverage universe continues to uptick and the small cap rally doesn't want to end. It all...
Tailwinds' Take: ATOM continues to make progress towards what we believe will be a well-accepted platform with large uptake from the semiconductor industry over the next few years. Availability to model in CAD will certainly speed adoption. LOS GATOS, CA /...
November was truly a month to remember for the markets. The best month in over 40 years for the Russell 2000 saw that index climb a whopping 18%. This outpaced the S&P and Nasdaq as smaller companies are really...
Dr. Amit Kumar and Anixa Biosciences have added another potential jewel to their crown. With the licensing of a promising ovarian cancer vaccine from the Cleveland Clinic, they have increased to four the number of programs under their control....
Tailwinds' Take: this expansion of Anixa's relationship with The Cleveland Clinic demonstrates the value of their partnership. Dr. Tuohy's group is a leader in cancer vaccine research and both programs have significant potential. SAN JOSE, Calif., December 1, 2020 /PRNewswire/...
The market's rally, especially in small-cap, continued this past week and Tailwinds' stocks participated along with the broader indexes. In particular, performance of our portfolio was led by Anixa (ANIX) on the back of their long-awaited news of an...
Tailwinds' Take: Mustang continues to march towards successfully obtaining approval for their novel drugs. We believe MBIO is deeply discounted relative to the value of their current programs and their manufacturing platform. Mustang is a Fortress Bio (FBIO) partner...
Tailwinds' Take: Yay! This long-awaited IND filing is game-changing for Anixa as it marks a significant milestone and brings them to the verge of human testing. SAN JOSE, Calif., Nov. 23, 2020 /PRNewswire/ -- Anixa Biosciences, Inc. (NASDAQ: ANIX), a biotechnology...
Tailwinds' Take: planned expansion into Europe is a positive for this program. We continue to be very supportive of MBIO heading into their data being presented at ASH in two weeks. Mustang is a partner of Fortress Bio (FBIO). WORCESTER,...
Thanksgiving is usually a time to gather with friends and family to celebrate life. My favorite holiday of the year, it was always a time to reconnect with my cousins who I hadn't seen since the summer. Good food,...
Tailwinds' Take: We expect to see continued ramp-up of installations now that manufacturing has been ironed out and product is rolling out to the first users. BEVERLY, Mass., Nov. 18, 2020 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc. , ( TSX-V: LXG ; OTCQB: LXXGF ) (the “ Company ”),...