Healthcare

• INVO Fertility, Inc. is a healthcare services and technology company focused on the fertility marketplace, expanding access to assisted reproductive technology (ART) care.
• Proprietary INVOcell® device enables in vivo fertilization and early embryo development, demonstrating equivalent pregnancy success and live birth rates as IVF.
• Auditors’ reports for December 31, 2025 and 2024 contain an explanatory paragraph relating to the ability to continue as a going concern.

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• Medpace Holdings, Inc. reported financial results for the second quarter of 2026, highlighting revenue growth, improving net bookings, and ongoing shifts in clinical trial composition and backlog management.
• Revenue for the quarter reached $707.3 million, representing a 17.2% increase year-over-year, while year-to-date revenue totaled $1.41 billion, up 21.7%.
• EBITDA rose 17.6% to $153.4 million in the quarter with a margin largely stable at 21.7%, and net income increased by 34.5% to $121.4 million, supported by a lower effective tax rate and higher interest income.

• The apparent 2024 profit crash to 26.4 million RMB was primarily an accounting artifact rather than an operational failure, driven by a massive 72.1 million RMB non-cash share-based compensation charge following the withdrawal of their A-share IPO. On an adjusted basis, profitability grew steadily from 97.5 million RMB in 2023 to 152.0 million RMB in 2025.
• Shengsheng’s industry-leading 36.94% gross margin is structurally anchored by its vertically integrated manufacturing of proprietary cold-chain materials (vacuum insulated panels and phase change materials). This buffer shields them from traditional third-party logistics margin erosion, though domestic pricing pressures are rising as clinical sponsors demand multi-vendor setups to reduce dependency.
• The company’s “global leader” marketing narrative is severely mismatched with its actual international commercial footprint, with US operations yielding only 19.4 million RMB in 2025. Upstream financing constraints among domestic biotechs have also begun deteriorating Shengsheng’s balance sheet, pushing trade receivables to 226 million RMB and extending collection times to 106 days.

• On Harmoni squamous NSCLC, SMMT expects FPS data in “backend of 2026” and believes interim OS data in 1H27 (with follow-up of low 20s months) to be “key focal point”
• On Harmoni-3 (2L EGFRm NSCLC post TKI), SMMT provided updated OS analysis (showing consistent HR of 0.76 for Asian and western patients). FDA PDUFA date on 14 November
• See inside for additional SMMT takeaways (on Ivonescimab’s competitions and commercial preparation) and catalyst table on ivonescimab

• Mitesco’s transition from healthcare clinics (“The Good Clinic”) to AI-powered sales automation (Vero’s “Robo Agent”) and edge computing (Centcore’s “TC/DC”) is an operational pivot born out of financial distress, rather than a natural strategic expansion.
• The recently announced up to $30 million equity line of credit with C/M Capital Partners is structurally restrictive and highly dilutive, providing minimal near-term liquidity due to Mitesco’s sub-$2 million market capitalization and daily volume constraints.
• Outstanding legacy liabilities of $19.49 million, including $3.45 million in legal settlements, combined with severe internal control weaknesses and chronic SEC filing delays, pose a high risk of involuntary restructuring or insolvency.

• Mitesco, Inc. is a holding company providing products, services, and technology through Centcore, LLC and Vero Technology Ventures, LLC.
• Centcore, LLC offers data center services, while Vero Technology Ventures develops AI-based software like “Robo Agent” for real estate, expected Q3 FY2026.
• Cash and cash equivalents were $7,000 as of June 30, 2026. Substantial doubt exists about the Company’s ability to continue as a going concern.

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Key points (machine generated)

• Nagai Reiben reported a 0.7% decrease in sales to 13,267 million yen for Q3 FY ending August 2026.
• Operating profit declined by 3.5% to 2,813 million yen, with ordinary profit down 1.2% to 2,958 million yen.
• A 12.3% increase in operating profit is expected for the full fiscal year due to a price increase and delayed projects.

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• Repligen Corporation has agreed to acquire BioLife Solutions (NASDAQ:BLFS) for approximately $1.5 billion, combining cash and stock in a transaction designed to strengthen Repligen’s position in cell therapy manufacturing.
• BioLife shareholders would receive $11.25 in cash and 0.1442 Repligen shares for each BioLife share, implying consideration of $31 per share.
• The proposed acquisition follows a strong operating period for Repligen, which reported 11% organic revenue growth in the first quarter of 2026 and preliminary second-quarter organic growth of approximately 13%.

• Scribe priced above expectations, upsized its IPO, and opened 66.7% higher, highlighting exceptional institutional demand.
• The deal wasmore than 10x oversubscribed, supported by strategic investments from Eli Lilly and Sanofi.
• Although Phase 1 data is not expected until 2027, strong long-term holders should help preserve much of the IPO premium.

• Shanghai Shengsheng Pharmaceutical Cold Chain Technology is a leading integrated temperature-control supply chain service provider in China for the pharmaceutical and life science industry, with a core focus on clinical.
• Shanghai Shengsheng is the largest temperature-control supply chain service provider in China for the pharmaceutical and life science industry in 2025. Revenue increased from RMB614.2 million in 2023 to RMB727.6.
• Revenue was RMB727,574 in 2025, with a gross profit margin of 36.9% in the same year. Adjusted net profit was RMB151,984 in 2025.

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• Cosmos is a vertically integrated healthcare group with a portfolio that spans pharmaceutical and nutraceutical brands, pharmaceutical distribution, proprietary and contract manufacturing as well as an emerging set of technology- and services-oriented assets.
• Cosmos Health has announced record revenues, expanded business and impressive share buyback numbers and investors should start to pay attention.

• Boston Scientific is a leading global medical technology company with a diversified portfolio of minimally invasive devices across high-growth specialties, positioning it to benefit from long-term demographic trends such as an aging population.
• The company has demonstrated a strong track record of revenue and earnings growth, driven by both organic innovation and strategic acquisitions. However, it faces near-term headwinds, reflected in a downward revision of its full-year 2026 organic revenue growth guidance.
• Future performance will be contingent on successful integration of acquisitions, continued R&D investment to maintain a competitive product pipeline, and navigating a complex regulatory and competitive landscape.

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• Mitesco, Inc. is a holding company providing products, services, and technology through Centcore, LLC and Vero Technology Ventures, LLC.
• Centcore, LLC offers data center services, while Vero Technology Ventures develops AI-based software like “Robo Agent” for real estate, expected Q3 FY2026.
• Cash and cash equivalents were $7,000 as of June 30, 2026. Substantial doubt exists about the Company’s ability to continue as a going concern.

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• Samsung Biologics (207940 KS) reported 2Q26 revenue and operating profit of KRW1.3T (+30% YoY) and KRW586B (+23% YoY), driven by stable operations across Plants 1–4 and favorable Fx.
• The company is on track to meet the upper end of FY guidance range, driven by stable operation of Rockville facility, progressive ramp-up of Plant 5, and favorable Fx.
• Samsung Biologics announced all-cash public tender offer to acquire PolyPeptide, a leading global CDMO specializing in peptide-based API, for CHF1.5B. The transaction is expected to be completed this year.

• Eli Lilly has spent the past several years turning Zepbound and Mounjaro into the centerpieces of a rapidly expanding weight-loss and diabetes franchise.
• Now, that momentum is being challenged in federal court.
• Novo Nordisk alleges that Lilly’s advertising misleads consumers by presenting its medicines as outperforming Wegovy and Ozempic, while Lilly maintains that its campaigns accurately reflect direct scientific evidence.

• Agape ATP Corporation is a Nevada corporation engaged in the Health and Wellness Industry, supplying products and advisory services in the Malaysian market. The company is offering units of common.
• Agape ATP Corporation acquired Agape Superior Living Sdn Bhd, securing an established network marketing sales channel in Malaysia for 15 years.
• There is substantial doubt about the Company’s ability to continue as a going concern for the next twelve months.

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• Medpace is a high-growth, high-margin Contract Research Organization (CRO) that provides full-service clinical trial management, primarily for small to mid-sized biotechnology and pharmaceutical companies.
• The company’s key differentiator is its integrated, ‘high-science’ operational model, which combines therapeutic expertise with end-to-end control over the clinical trial process, including in-house labs and imaging. This approach resonates with clients who require deep scientific support and reliable execution for complex trials.
• While Medpace has a strong track record of organic growth and profitability, recent concerns have emerged regarding a declining book-to-bill ratio, signaling a potential slowdown in new business wins and increased cancellations. This, combined with a premium valuation relative to peers, presents a key risk for investors.

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• Tempus AI has moved to deepen its position in precision oncology through a definitive agreement to acquire Personalis, its existing partner in molecular residual disease testing.
• Announced on July 20, 2026, the transaction values the remaining Personalis equity at $16.25 per share and implies an enterprise value of roughly $1.5 billion, net of Tempus’ existing stake.
• The consideration is structured primarily as stock, although Tempus may elect to fund up to half in cash, with closing expected in late 2026 or early 2027, subject to shareholder and regulatory approvals.

• Opaque Capital Structure and Going-Concern Risk: Despite a nominal asset base of $24.91 million, Agape ATP is in severe financial distress with only $220,779 in cash against an accumulated deficit of $12.13 million. Virtually all of the company’s current assets ($24.12 million) are tied up in an unallocated, illiquid investment deposit with Bi Cheng Investment Management, raising massive red flags about capital recoverability and solvency.
• MLM Segment in Structural Decline: The core network marketing business (Agape Superior Living) is deteriorating, with management aggressively cutting MLM expenses by 53.5% in a desperate pivot. The network suffers from extreme distributor concentration and high churn, meaning the departure of a few key multi-level marketing leaders in Malaysia could instantly trigger a complete collapse of their remaining sales pipeline.
• Renewable Energy Pivot is Executionally Unfeasible: The company’s highly publicized green energy ventures—including a 300 MWp solar farm in Sabah and 50 EV charging stations—are viewed as paper-only press releases designed to pump speculative retail interest. With near-zero cash and no technical track record, the company cannot meet the strict capital and compliance hurdles set by Malaysian regulators like the Sustainable Energy Development Authority (SEDA).

• The “SaaS” label is marketing; the reality is a low-margin, high-touch services business. While pure software segments boast gross margins above 70%, CareCloud’s consolidated GAAP gross margins hover in the 33% to 35% range. The structural drag comes from high-touch implementation, manual legacy data cleanups, and the intensive operational labor required to run Revenue Cycle Management (RCM), despite aggressive offshoring to Pakistan.
• Customer churn is structurally high and driven by consolidation, not product failure. Churn in their core target market—independent practices with 1 to 10 providers—is structurally high at 12% to 14% annually. As independent practices are acquired by larger health systems or private equity-backed groups, they are systematically migrated off CareCloud to enterprise platforms like Epic or Athenahealth.
• The M&A-driven growth engine has run out of fuel. CareCloud’s historical strategy of buying distressed RCM books of business at 0.3x to 0.5x revenue and cutting costs via offshore migration is no longer viable. High debt service costs on their credit facilities, combined with a lack of organic cross-sell conversion (which remains below 8%), has forced the company into a defensive restructuring posture.

• Telix has continued to outperform operationally in 2026, but future upside is increasingly dependent on pipeline execution, regulatory approvals and therapeutic progress PSMA imaging continues to gain market share Higher R&D spending accelerates pipeline development Regulatory catalysts could drive the next re-rating

• On July 22, 2026, Arrowhead Pharmaceuticals, Inc. (ARWR) announced positive results for the SHASTA-3 and SHASTA-4 trials of plozasiran in patients with severe hypertriglyceridemia (sHTG).
• The results shared by the company included a 79% and 81% median triglyceride reduction from baseline in SHASTA-3 and SHASTA-4, respectively.
• In addition, Arrowhead reported a statistically significant reduction in acute pancreatitis (AP) events versus placebo, including a 100% event reduction in high-risk patients (TG > 880 mg/dL and a history of AP).

• Strategic backing includes a $7.5 million private placement from Sanofi affiliates and an anchor investment indication from Eli Lilly.
• Scribe is developing next-generation CRISPR therapies targeting large cardiovascular markets, with initial Phase 1 data expected in 1H 2027.
• Although early-stage and small in size, strong institutional sponsorship and industry validation support an optimistic view on the offering.

• Near-term debt obligation reduced, strengthening the balance sheet.
• On July 15, 2026, Seneca Partners filed a Schedule 13D confirming that its affiliated V-Co Investors converted $1.1 million of convertible debt into equity as part of a $1.6-million financing, reducing near-term debt obligations and simplifying Vivos’ capital structure while reinforcing support from an existing anchor investor.
• The Streeterville secured note remains outstanding, with up to $4.5 million conditionally convertible into equity under the extended exchange agreement.

• On the 17th July 2026 , JBM (Healthcare) (2161 HK), a consumer healthcare company, announced the spin-off of 100%-held JPJ, the group’s branded PCM products and Chinese medicine clinic services.
• Listing is slated for the HKEx, market conditions permitting. An application proof has been lodged. JBM intends to hold at least 50% of JPJ post listing.
• My calcs suggest JBM is fairly valued here – before assigning any holdco discount post spin-off. FWIW, JBM was itself spun-off from Jacobson Pharma (2633 HK) in February 2021.

• The Proposed Spin-Off of JPJ (TCM) Limited Lacks Commercial Substance: Creating a three-tier listed structure (Jacobson Pharma to JBM Healthcare to JPJ) serves as financial engineering rather than operating synergy. It will exacerbate holding company discounts across the group and severely restrict JBM’s post-transaction equity liquidity, leaving JBM as an hollowed-out holding company.
• Clinic Acquisitions Dilute JPJ’s High-Margin Heritage Profile: JPJ’s historical strength lies in its dominant 9.2% market share in the Hong Kong Proprietary Chinese Medicine (PCM) space, backed by high-margin legacy brands like Po Chai Pills. However, its recent downstream expansion into lower-margin, labor-and-rent-intensive clinic chains (Kenford and King Pui) compresses consolidated margins and threatens the return-on-capital profile.
• Severe Corporate Governance and Transfer Pricing Risks Exist: High ownership concentration under Derek Sum, combined with rapid connected transactions—such as selling a stake in Li Chung Shing Tong in November 2024 at HK$460 per share and buying it back in June 2026 at HK$600 per share—indicates value leakage from minority shareholders of JBM to the parent. JPJ’s massive HK$506.8 million net current liabilities as of March 31, 2026, highlights major intercompany restructuring risks.

• ImmVira, a China-based clinical-stage biotech company, is seeking a Hong Kong Chapter 18A listing. Citigroup and CICC are the joint sponsors.
• In our previous note, we looked at the company’s core product MVR-T3011, including its mechanism and clinical data, as well as its management and investor backing.
• In this note, we look at developments in the company’s assets and the competitive setting.

• Bumrungrad Hospital (BH TB) shares advanced 27% over the last one year, while its larger peer Bangkok Dusit Medical Services (BDMS TB) shares fell 8% over the same period.
• Financial performance of these two companies justifies their respective share price movements. BH maintained its financial performance superiority to BDMS in recent times.
• Share price movement is not expected to change direction soon. BH shares are trading at EV/EBITDA of 12.6x, higher than BDMS (11.4x). Higher growth and superior profitability justify premium valuation.

• High Tide is the largest cannabis retailer in Canada operating 228 stores across Alberta, Ontario, Saskatchewan, BC, and Manitoba.
• Beyond traditional physical cannabis stores in Canada (Canna Cabana), the company markets Cannabidiol (CBD) and consumption accessories online across Canada, U.S., U.K. and Europe.
• More recently, HITI closed the acquisition of a 51% ownership stake in Remexian Pharma GmbH, a leading low-cost medical cannabis importer and wholesaler in Germany, which is a high-growth market.

• We remain bullish (as of our 4/21/26 Compass) on the S&P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).
• With that said, we have expressed our concern over the past two weeks in our reports, particularly as it relates to a prolonged consolidation for QQQ/Technology (XLK).
• We continue to believe a consolidation/continuation of the short-term downtrends is likely through mid-to-late-August amid ongoing choppy price action for semiconductors (SOXX), memory (DRAM), and optical equipment/photonics (EUV) names.

• Personalis has become one of the market’s most closely watched precision-oncology stocks after reports indicated that the company is evaluating a potential sale following takeover interest from Merck and two other bidders.
• The timing is striking.
• Personalis shares had already risen nearly 100% in 2026 before the report surfaced, lifting its market capitalization to roughly $1.6 billion and raising a difficult question for investors: how much takeover upside may still remain after such a sharp rally?

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: In Australia, currently four pair trade opportunities persist across three sectors.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Ascentage Pharma (6855 HK) has filed for a likely future at-the-market equity offering program of American depositary shares to raise up to US$ 200M.
• Company reported revenue of RMB 574.1M in 2025, down 41.5%, largely because of high base effect. Revenue from Olverembatinib was up 81% YoY. Lisaftoclax garnered RMB 70.6M in sales.
• Losses will continue and R&D expenses, commercialization cost will be catered to by the likes of above ADS offering and previous placement proceeds. 2027 likely to be an inflection point.

• Scribe Therapeutics is expected to list on the Nasdaq under the ticker SCTX, offering approximately 7.15 million shares at a price range of $13.00 to $15.00 per share, targeting approximately $100 million in gross proceeds.
• The company is developing next-generation CRISPR-based genetic medicines designed to improve the precision, specificity, and safety of gene editing therapies.
• Its lead programs focus on cardiovascular and metabolic diseases, representing some of the largest potential markets within genomic medicine.

• Scribe Therapeutics is set to revive biotech IPO activity with a CRISPR-focused offering backed by strategic investors Eli Lilly and Sanofi.
• The clinical-stage biotech’s lead candidate, STX-1150, remains early with Phase 1 data expected in 1H27, requiring investor patience.
• Scribe’s CRISPR platform targets large cardiovascular markets, supported by blue-chip partnerships and prominent venture investors including Andreessen Horowitz.

• Late-Stage biotech targeting OSA with AD109, an investigational oral therapy, has submitted an NDA following positive Phase 3 results in approximately 1,300 patients.
• Addresses an estimated 80 million U.S. adults with obstructive sleep apnea, offering a potential first oral pharmacologic treatment for a large underserved market.
• Backed by Morningside Ventures and Sectoral Asset Management, with over $200 million raised to support late-stage development and potential commercialization.

• Over five sessions, directors and substantial shareholders filed 50 interests for 20 stocks, including acquisitions and disposals.
• Kopernik Global Investors increased its stake in Golden Agri-Resources to 7.07% through acquisitions, reflecting institutional conviction.
• HealthBank Holdings raised S$2.67 million through a share placement to finance new businesses and strategic investments.

• Short sellers were active the week of July 13.
• Borrow costs exploded on several names, led by a leveraged ETF tracking Micron hitting 441% of float.
• Earnings season drove positioning on both sides – bears loaded up on some names while covering hard on others.

• Scribe Therapeutics (NASDAQ: SCTX) has filed for an initial public offering of 7.15 million shares priced between $13.00 and $15.00 per share, targeting gross proceeds of approximately $100.1 million at the midpoint of the range.
• At a midpoint price of $14.00, Scribe would debut with an implied market capitalization of approximately $226.5 million based on 16.18 million shares outstanding following the offering and concurrent private placement.
• The IPO is being led by Leerink Partners, Goldman Sachs, Guggenheim Securities, and Wells Fargo Securities.

• JPJ (TCM) Limited is a leading Hong Kong-based proprietary Chinese medicine group with a vertically integrated business model centered on trusted heritage brands.
• Ranked first in Hong Kong PCM market by end-market sales in 2025 (9.2% share), revenue grew 16.9% CAGR from HK$339.3M (FY2024) to HK$463.8M (FY2026).
• FY2026 revenue was HK$463,814, with profit for the year at HK$80,893, but net current liabilities reached HK$506.8 million.

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• Abeona is a clinical-stage biopharmaceutical company transitioning into a commercial entity with its lead gene therapy, Zevaskyn, for the treatment of recessive dystrophic epidermolysis bullosa (RDEB).
• The company has begun generating revenue, reporting $8.7 million in Q1 2026, and is expanding its commercial footprint by increasing the number of qualified treatment centers in the U.S.
• Strategic pipeline expansion is underway with the recent in-licensing of ABO-701, a T cell therapy for advanced prostate cancer, diversifying the company’s focus beyond rare genetic diseases.

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• Mani Inc (7730 JP) 9MFY26 revenue increased 9.5% YoY to ¥24.4B while operating margin improved 320bps to 30.7%. Dental segments reported margin improvement from 10.4% to 18.2%.
• Underperformance of dental segment because of recall and margin erosion had been a major concern. Q3FY26 sales recovered to around 87% of the pre-recall level.
• FY26 guidance witnessed upward revision. They now expect FY26 revenue to be ¥32.9B (up 9.8% YoY), operating profit at ¥9.7B (up 18%) and net income to be ¥6.8B (up 46%).

• BioVie Inc. is a clinical-stage company developing innovative drug therapies for neurological, neurodegenerative disorders, and advanced liver disease. It acquired NE3107 (bezisterim) in June 2021.
• BioVie secured a $13.1 million clinical trial grant in April 2024. It completed enrollment for PD Phase 2b and Long COVID Phase 2 studies by May 2026.
• As of March 31, 2026, BioVie had $13.1 million cash and $17.5 million total assets, but an accumulated deficit of $368.6 million raises going concern doubt.

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• Propanc Biopharma, Inc. is a development-stage healthcare company focused on developing new cancer treatments for pancreatic, ovarian, and colorectal cancer patients. Its lead product candidate, PRP, is a novel pro-enzyme.
• Propanc Biopharma received Orphan Drug Designation from the FDA for PRP for pancreatic cancer in 2017. The company also filed new provisional patent applications and executed a service agreement in.
• As of March 31, 2026, the company reported $443,702 in cash and $14,333,780 in total assets, but incurred a significant net loss and is in default on certain loans.

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• Valion Bio is a late-stage biopharmaceutical company advancing Entolimod for acute radiation syndrome and oncology, having recently pivoted and established Velocity Bioworks.
• Valion Bio secured exclusive worldwide rights to Entolimod, a lead program with FDA Fast Track and Orphan Drug designations for ARS, supported by extensive trials.
• The auditor’s report raises substantial doubt about Valion Bio’s ability to continue as a going concern, requiring significant additional funding for long-term operations.

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• Immvira Bioscience Inc. is a clinical-stage biotechnology company focused on novel oncolytic immunotherapies and engineered exosome therapies, aiming to be a global leader in bladder cancer treatment.
• Immvira, incorporated in 2015, has a pipeline of two oncolytic immunotherapy candidates and five engineered exosome assets. MVR-T3011 received FDA Fast Track Designation for HNSCC in March 2024.
• The company reported a loss of RMB(518,861) for 2025, with net current liabilities of RMB(2,390,634) as of May 31, 2026.

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• Scribe Therapeutics is a clinical-stage biotech company engineering in vivo CRISPR technologies for disease prevention and durable therapeutic intervention, funding development via IPO.
• Scribe initiated a first-in-human trial for STX-1150 (LDL-C reduction), with initial data expected in H1 2027, and received $25.7 million grant funding.
• The company reported a net loss of $(17,347) for Q1 2026, an accumulated deficit of $(175,054), and substantial doubt about its going concern ability.

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• Eli Lilly and Company has intensified its push beyond obesity and diabetes by agreeing to acquire AtaiBeckley for as much as $3.8 billion, including $2.8 billion upfront and up to $1 billion tied to milestones.
• The proposed transaction would give Lilly control of BPL-003, a late-stage psychedelic nasal spray being developed for treatment-resistant depression, with pivotal data expected in early 2029 and estimated peak annual sales potential of $1 billion to $2 billion.
• The move follows a strong first quarter in which Lilly’s revenue rose 56%, while its immunology, oncology and neuroscience products collectively grew 160%.

• AstraZeneca has agreed to acquire exclusive global development and commercialization rights to Zegfrovy, a lung cancer treatment developed by China’s Dizal Pharmaceutical, in a transaction worth up to $1.5 billion.
• The company will pay $600 million upfront, with as much as $900 million in additional payments linked to specified milestones, while Dizal will also receive tiered royalties on future sales.
• Zegfrovy is already approved in the United States and China for adults with locally advanced or metastatic non-small cell lung cancer, giving AstraZeneca an asset that has moved beyond the earliest and riskiest stages of drug development.

• Starton Holdings, a clinical-stage biotechnology company, uses its proprietary continuous delivery platform to improve cancer therapies, funding STAR-LLD development via an IPO.
• The company holds 8 issued patents and has STAR-LLD-SC in Phase 2a for RRMM. STAR-LLD-OCR entered human study in Q1/2026.
• The company reported a $15.4 million net loss for 2026 and an $89.2 million accumulated deficit, raising substantial doubt about its “going concern” ability.

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• Encore Medical is a structural heart device company focused on transcatheter closure of cardiac defects, developing and marketing septal occlusion products. This offering finances U.S. clinical trials for stroke and.
• Encore Medical has over 35,000 successful global implants and CE Mark approval. FDA IDE approval for a U.S. stroke trial targets a potential $1.5 billion market.
• Encore Medical reported $2.58 million revenue in 2025, but incurred a $0.92 million net loss. An auditor opinion raises substantial doubt about its ability to continue as a going concern.

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• Lexaria is a biotechnology company seeking to enhance the bioavailability of multiple drug agents using DehydraTECH (DHT), its technology employing oral and topical delivery.
• It combines lipophilic APIs with specific fatty acid and carrier compounds, followed by dehydration.
• DHT offers several attractive features: 1) substantial improvement in bioabsorption in terms of time to measurable plasma levels & AUC, 2) brain permeation, 3) taste masking & 4) side effect reduction.

• GridAI Technologies is a diversified technology and life sciences company developing energy orchestration software for AI data centers and biopharmaceuticals. This prospectus registers shares for resale by selling stockholders, from.
• GridAI develops energy orchestration software for AI data centers and Adrulipase for exocrine pancreatic insufficiency. It anticipates 18 months of liquidity and has 16 employees.
• The company reported an accumulated deficit of $212.1 million and negative working capital of $13.7 million as of March 31, 2026. Auditors expressed substantial doubt about its going concern.

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• NeuroSpectrum Insights is a pre-revenue medical device company commercializing GyriCalc, a patented software for autism diagnosis using MRI images, targeting U.S. and Canadian markets.
• GyriCalc received FDA 510(k) marketing clearance in July 2025, demonstrating a 94% autism identification rate, with a second study initiated in July 2026.
• The company reported a net loss of $(1,826,397) in 2025 and an accumulated deficit of $(7,677,091) by March 2026, raising going concern doubts.

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• Mesoblast Ltd (MSB AU) achieved its target of at least 300 patients treated in Phase 3 trial of rexlemestrocel-L for chronic low back pain (CLBP) associated with degenerative disc disease.
• Mesoblast’s sole commercialized product, Ryoncil recorded revenue of $36M for Q4FY26, up from $30M in Q3FY26. For FY26, the drug recorded revenue of $115M, against guidance of $110–120M.
• Mesoblast seems to be well-positioned for long-term growth. The company is expected to become profitable in FY27. Next catalyst is FY27 Ryoncil revenue guidance to be announced in late August.

• USBC, Inc. is a publicly traded fintech company developing a U.S. dollar-denominated tokenized deposit offering on blockchain technology, incorporating digital identity.
• USBC is developing a tokenized deposit offering, formalized collaborations, initiated Phase 1 of its delivery strategy, and divested its legacy sensor business.
• USBC has a history of net losses, needs additional capital, and has $15.0 million in borrowings, with a 21.6% Bitcoin collateral margin call trigger.

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• Zoetis has agreed to acquire VitalRADS, a Texas-based provider of veterinary teleradiology and imaging services, extending a commercial relationship that began in August 2025.
• Under that partnership, VitalRADS supplied remote radiology interpretations through the Zoetis Virtual Laboratory, giving clinics access to specialist reviews without requiring an on-site radiologist.
• The proposed transaction, expected to close in the third quarter of 2026, would add a network of board-certified veterinary specialists covering more than 25 species, alongside VitalPACS cloud-image storage, an outpatient imaging center in Cypress, Texas, and mobile ultrasound operations in Houston and Seattle.

• CTT Pharmaceutical Holdings specializes in drug delivery systems, focusing on fast dissolving oral strips. Proceeds from an Equity Line of Credit may fund working capital and manufacturing.
• CTT targets the nicotine market, where smoking causes over 480,000 American deaths annually. Net loss decreased from $250,229 in 2024 to $155,907 in 2025.
• CTT reported total assets of $86,168 in 2025 and cash of $7,089 as of March 2026. Auditors issued a “going concern” qualification.

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• On July 13, 2026, Oncolytics Biotech, Inc. (ONCY) provided a regulatory update on REO 033, the ongoing randomized controlled trial evaluating pelareorep in combination with FOLFIRI and bevacizumab for the second-line treatment of patient with RAS-mutated, MSS-stable metastatic colorectal cancer.
• The company has activated nearly half of the planned clinical sites, with the remaining sites expected to be activated by the end of August 2026.
• In the first half of August 2026, Oncolytics plans to conduct a Type D meeting with the FDA to discuss the potential addition of Part B to REO 033.

• Eli Lilly courting AtaiBeckley. Eli Lilly (NYSE: LLY) has announced that it intends to acquire AtaiBeckley (NASDAQ: ATAI) in a deal worth up to $3.8 billion.
• The run time to complete is short, with the transaction expected to close this quarter. 
• Under the terms of the definitive agreement, LLY will pay ATAI shareholders $6.75 per share or $2.8 billion in upfront payment plus up to $2.50 per share of additional cash payments worth up to $1 billion in the form of a contingent value right (CVR).