Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

NurExone Biologic Inc. operates as a biotech company. The Company develops novel, biologic, and minimal-invasive treatment for spinal cord injury and traumatic brain injury. NurExone Biologic serves customers worldwide.

<ul><li>NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.</li><li> The technology involved also has the potential to more efficiently get other treatments to the area needed.</li><li> The company announced clinical tests that showed the company's proprietary exosomes "significantly reduced inflammation" in cell, both untreated and those treated with a commercially available product.</li></ul>

NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives. The technology involved also has the potential to more efficiently get other treatments to the area needed. The company announced clinical tests that showed the company's proprietary exosomes "significantly reduced inflammation" in cell, both untreated and those treated with a commercially available product.

NRXBF: Treatment Shows Inflammation Reduction

Soligenix, Inc. develops therapeutics and vaccines.  The Company researches treatments for gastrointestinal Graft-versus-Host disease and cancer, and develops vaccines for military and civilian applications.

<ul><li>On December 17, 2025, Soligenix, Inc. (SNGX) announced positive results from Cohort 3 of its ongoing Phase 2a trial of SGX302 (synthetic hypericin) in patients with mild-to-moderate psoriasis.</li><li>The patients in Cohort 3 were treated for 18 weeks, but in contrast to Cohorts 1 and 2 they were treated with an optimized gel formulation of synthetic hypericin.</li><li>The three evaluable patients (one patient withdrew for personal reasons) showed improvements in the Investigator Global Assessment (IGA), the Psoriasis Activity and Severity Index (PASI), the simplified psoriasis index, the dermatology life quality index, and the Skindex-29 questionnaire.</li></ul>

On December 17, 2025, Soligenix, Inc. (SNGX) announced positive results from Cohort 3 of its ongoing Phase 2a trial of SGX302 (synthetic hypericin) in patients with mild-to-moderate psoriasis.The patients in Cohort 3 were treated for 18 weeks, but in contrast to Cohorts 1 and 2 they were treated with an optimized gel formulation of synthetic hypericin.The three evaluable patients (one patient withdrew for personal reasons) showed improvements in the Investigator Global Assessment (IGA), the Psoriasis Activity and Severity Index (PASI), the simplified psoriasis index, the dermatology life quality index, and the Skindex-29 questionnaire.

SNGX: Positive Results for Phase 2a Trial in Psoriasis

Protalix BioTherapeutics  / Equity Bottom-Up

Protalix BioTherapeutics Inc. is a biotechnology company that has developed plant cell culture technology and a bioreactor system.

<ul><li>Protalix is a clinical and commercial pharmaceutical company using its proprietary ProCellEx plant-based expression system to pro duce thera peutic proteins for global markets.</li><li>The company has two commer cialized products, Elelyso that is marketed by Fiocruz in Brazil & Pfizer in the rest of the world for Gaucher Disease and Elfabrio which was approved in May 2023.</li><li>Chiesi Rare Disease will commercialize Elfabrio globally.</li></ul>

Protalix is a clinical and commercial pharmaceutical company using its proprietary ProCellEx plant-based expression system to pro duce thera peutic proteins for global markets.The company has two commer cialized products, Elelyso that is marketed by Fiocruz in Brazil & Pfizer in the rest of the world for Gaucher Disease and Elfabrio which was approved in May 2023.Chiesi Rare Disease will commercialize Elfabrio globally.

PLX: Secarna's Antisense Oligonucleotide Discovery Collaboration

TuHURA Biosciences, Inc. is a phase 3 registration-stage immuno-oncology company. The Company focuses on developing technologies to overcome resistance to cancer immunotherapy. TuHURA Biosciences operates in the United States.

<ul><li>TuHURA is a clinical-stage, oncology-focused biotechnology company advancing innate immune agonists, checkpoint inhibitors & antibody-drug conjugates (ADCs).</li><li>It offers the IFx platform technology featuring the IFx-2.0 tumoral injection delivery approach for Merkel cell carcinoma (MCC) & the IFx-3.0 intravenous delivery approach for lymphoma.</li><li>IFx encodes a bacterial protein to be expressed in cancer cells, activating the innate immune system & subsequent cascade that may eliminate the tumor.</li></ul>

TuHURA is a clinical-stage, oncology-focused biotechnology company advancing innate immune agonists, checkpoint inhibitors & antibody-drug conjugates (ADCs).It offers the IFx platform technology featuring the IFx-2.0 tumoral injection delivery approach for Merkel cell carcinoma (MCC) & the IFx-3.0 intravenous delivery approach for lymphoma.IFx encodes a bacterial protein to be expressed in cancer cells, activating the innate immune system & subsequent cascade that may eliminate the tumor.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Integer Holdings Corporation operates as a medical device manufacturing company. The Company designs and develops medical devices and power solutions for the medical and non-medical markets. Integer Holdings serves patients worldwide.

<ul><li>Integer Holdings Corporation saw its shares jump 2% in after-hours trading on December 17, 2025, after reports emerged that activist investor Irenic Capital had taken a stake exceeding 3% in the medical device contract manufacturer and privately urged its board to consider strategic alternatives—including a potential sale.</li><li>According to sources cited by the *Wall Street Journal*, Irenic believes Integer is undervalued and could attract acquisition interest from private equity firms or strategic buyers willing to pay a significant premium to its current market price.</li><li>The move comes after Integer stock declined nearly 45% year-to-date, leaving its market capitalization around $2.6 billion.</li></ul>

Integer Holdings Corporation saw its shares jump 2% in after-hours trading on December 17, 2025, after reports emerged that activist investor Irenic Capital had taken a stake exceeding 3% in the medical device contract manufacturer and privately urged its board to consider strategic alternatives—including a potential sale.According to sources cited by the *Wall Street Journal*, Irenic believes Integer is undervalued and could attract acquisition interest from private equity firms or strategic buyers willing to pay a significant premium to its current market price.The move comes after Integer stock declined nearly 45% year-to-date, leaving its market capitalization around $2.6 billion.

Integer Stock Pops After Activist Push—Is a Sale Next?