• Sports investing is emerging as a recognized alternative asset class, attracting institutional capital.
• Media rights, digital expansion, and global fan engagement are driving up sports asset valuations, with the sector expected to surpass $700 billion in value by 2030.
• Brera focuses on sustainable football investment in growth-stage clubs rather than high-profile acquisitions; the company’s 2023 Nasdaq IPO was the first-ever listing of a multi-club ownership (“MCO”) group.
• A pending $2 billion IPO from Eagle Football Holdings could bring more visibility to the MCO model.

As sports investing gains traction among institutional investors, Brera Holdings (NASDAQ: BREA), a global sports investment group, is positioning itself as a public-market pioneer in the evolving space. With a growing global portfolio of sports clubs and a strategy grounded in sustainability and operational upside, Brera represents an emerging model for investors seeking exposure to professional sports.

Brera’s 2023 IPO on Nasdaq was the first-ever public listing of a multi-club ownership (“MCO”) group, placing it ahead of notable private MCOs like Red Bull, City Football Group, and Qatar Sports Investments. The company focuses on acquiring and developing men’s and women’s sports clubs with strong local roots, investing in infrastructure and professionalizing operations as a foundation for long-term value creation.

The company’s approach stands out in a sports investment landscape that is becoming increasingly attractive to institutional and retail investors alike. According to a recent Goldman Sachs report titled Getting in the Game: The Future of Sports Investing, rising media rights valuations, fan engagement opportunities, and a broader shift toward professionalized management are pushing sports toward becoming a mainstream asset class (https://ibn.fm/g3Gog). The report notes that institutional interest is rising in part due to the growing challenge of individual ownership, encouraging new models of participation and capital access.

Brera’s operations align with this shift. Its investment in Juve Stabia, a soccer club recently promoted to Italy’s Serie B and now contending for a Serie A berth, illustrates how Brera targets clubs with upside potential rather than legacy prestige. By focusing on scalable improvements and sustainable management, the company is aligning its model with what The Wall Street Journal recently described as the increasingly successful approach taken by U.S. investors in European football (https://ibn.fm/Zav7k).

Sports investing is no longer a niche for billionaires. As noted by Financial Content, the industry is projected to surpass $700 billion in value by 2030, driven by media, technology, and the increasing demand for live, unscripted content (https://ibn.fm/i6d56). These dynamics are reshaping how ownership is structured and opening the door for public market investors to gain exposure.

Brera’s strategy also gains relevance in light of recent developments around Eagle Football Holdings, an MCO led by U.S. businessman John Textor. According to City AM and Bloomberg, Eagle Football is preparing a $2 billion IPO, which would be the first large-cap listing of an MCO group (https://ibn.fm/quX11). Textor’s firm holds stakes in high-profile clubs across Europe and South America. Brera welcomed the news, noting that such a listing would bring added visibility to MCOs and further validate sports as a viable asset class.

“We wish John well on his IPO and look forward to the increased investor visibility this potential offering would bring to the MCO sector, as well as sports-as-an-asset-class overall,” said Dan McClory, Executive Chairman of Brera Holdings.

Brera continues to expand globally with a diversified portfolio approach. The company’s structure allows for international diversification, public market governance, and accessibility to investors who may otherwise find professional sports ownership out of reach. This model represents an alternative path to returns in a sector that combines financial performance with cultural relevance and fan engagement.

For more information, visit the company’s website at www.BreraHoldings.com.

NOTE TO INVESTORS: The latest news and updates relating to BREA are available in the company’s newsroom at https://ibn.fm/BREA

• Adageis delivers a user-friendly platform that helps providers identify high-value services while improving care quality.
• The company’s patented ProActive Care Platform leverages AI to shift providers from fee-for-service to value-based care models.
• The system integrates seamlessly with major EHR platforms to enhance operations without disrupting workflows.
• Adageis supports over 260,000 patient lives and expects that figure to more than double by the end of Q2 2025.
• The company is helping providers better understand insurance contract value and advocate for appropriate reimbursement.

For healthcare practices navigating the shift toward value-based care, the complexity of insurance contracts, quality metrics, and data reporting can be a barrier to better outcomes and stronger financial performance. Adageis, a growing healthcare technology company, is offering a unique streamlined and AI-powered software solution designed to make this transition simpler.

At the core of the company’s offering is the ProActive Care Platform, a patented, AI-centric engine that enables providers, health systems, ACOs, and CINs to identify and act on high-value opportunities within their existing operations. What sets Adageis apart is ease of use, giving practices clear, actionable insights on where value lies, and how to pursue it while maintaining or improving quality of care.

The platform has been rebranded as a fintech AI tool, focusing on helping providers navigate reimbursement structures, align with quality metrics, and increase revenue through optimized care.

Adageis’s system is designed to easily pair with existing electronic health record (“EHR”) systems. It is compatible with leading platforms like Epic, Allscripts, Cerner, AthenaHealth, and eClinicalWorks. This flexible integration approach ensures that clinics and providers can onboard without lengthy training or operational disruption.

Through a powerful application programming interface (“API”), the software analyzes patient data to surface value-based care opportunities, identify high-risk individuals, and highlight care gaps. These insights can then be used to prompt more timely interventions, coordinate more efficient care, and reduce avoidable healthcare costs.

A central feature of Adageis’s approach is its Patented Risk Engine (“PRE”), which leverages AI to improve population health management. The system continuously monitors patient data beyond the office visit and provides proactive care suggestions that can reduce emergency room visits, lower hospital admissions, and strengthen patient engagement.

As of April 2025, Adageis supports over 260,000 patient lives and has set ambitious near-term goals. By the end of Q2 2025, the company projects it will cover 580,000 lives, reach $100,000 in monthly recurring revenue, and onboard two to three new clients per month.

Another component of the platform is helping providers understand the full value of their insurance contracts. Adageis positions itself as an advocate for its clients, providing transparency and intelligence on what reimbursements practices should expect when delivering high-quality care. This kind of support can be especially beneficial for smaller organizations that may lack internal resources for revenue optimization.

Adageis is also in ongoing talks with investors to broaden its product offering, with a particular focus on tools tailored to the needs of small practices navigating the shift to value-based models.

For more information, visit the company’s website at www.Adageis.com.

NOTE TO INVESTORS: The latest news and updates relating to Adageis are available in the company’s newsroom at https://ibn.fm/Adageis

• Momentum suggests a positive trajectory in the private credit market in the coming year.
• FAVO Capital offers flexible capital solutions tailored to SMBs’ unique needs.
• The company’s approach exemplifies how private credit firms are leveraging technology to enhance their offerings.

The private credit market is on the cusp of substantial expansion in 2025, driven by a resurgence in global mergers and acquisitions (“M&A”), the digitization of lending processes and the emergence of innovative financing solutions tailored for small and medium-sized businesses (“SMBs”) (https://ibn.fm/pDNA4). This confluence of factors is reshaping the financial landscape, as companies such as FAVO Capital (OTC: FAVO) are strengthening their foothold in the growing space.

“Global M&A is recovering from its 10-year low, as global GDP outperformed expectations and central banks began easing monetary policy,” reported global financial services group Macquarie in a recent report. “Though activity levels remain well below the long-term average, last year deal volumes grew 7%, according to data from Preqin, and values increased 15% to $3.5 trillion, edging the market closer to pre-pandemic levels.” This uptick reflects growing confidence among dealmakers, fueled by improving economic conditions and pent-up demand, the report continued, with Bill Eckmann, head of Principal Finance and Private Credit at Macquarie Capital, emphasizing that while deal flow remains below normalized levels, the momentum suggests a positive trajectory for the coming year.

Parallel to the M&A resurgence, the digitization of lending is significantly transforming small business financing. By integrating new technologies and data into operations, digitization streamlines processes, making lending more accessible and efficient for both lenders and borrowers. This technological shift enhances the speed and accuracy of credit assessments, enabling lenders to better evaluate the creditworthiness of small businesses. Consequently, entrepreneurs benefit from expedited loan approvals and more tailored financing solutions.

However, the adoption of digital lending technologies is not without challenges, according to a recent article from the Bipartisan Policy Center (https://ibn.fm/dzHzF). Concerns regarding data privacy, security risks and the potential for algorithmic biases necessitate careful consideration and regulation. Ensuring that these digital tools are implemented responsibly is crucial to maintain trust and fairness in the lending process.

Amid these industry shifts, private credit firms are stepping up to bridge the financing gap for SMBs. FAVO Capital, for instance, is a rapidly growing private credit company dedicated to providing fast, efficient, and personalized funding solutions for small and medium-sized businesses. Recognizing the challenges businesses face in securing traditional financing, FAVO Capital offers flexible capital solutions tailored to their unique needs.

FAVO Capital has more than $138 million in total funding supporting more than 10,000 businesses. The company leverages artificial intelligence (“AI”)-powered analytics to provide faster, smarter funding decisions. Publicly listed and regulated, FAVO Capital is committed to transparency and investor confidence. The company has expanded its market reach, currently operating in 45 states and the Dominican Republic. FAVO’s fast, flexible financing can result in funding delivered within hours, as it executes on its strategic expertise combined with cutting-edge fintech solutions.

FAVO Capital’s approach exemplifies how private credit firms are leveraging technology to enhance their offerings. By utilizing technology-driven underwriting and alternative financing solutions, the company empowers businesses with the capital they need without the restrictions of traditional lenders. This strategy not only accelerates the funding process but also provides more customized financing options that align with the specific requirements of SMBs.

For more information, visit the company’s website at FAVOCapital.com.

NOTE TO INVESTORS: The latest news and updates relating to FAVO are available in the company’s newsroom at https://ibn.fm/FAVO

• CEO Dr. Richard Lu discussed SolarBank’s vertically integrated business model on a recent GotStocks podcast.
• SolarBank is an expanding developer, builder, operator, and owner of clean energy projects across North America, maintaining a $184 million portfolio of assets generating recurring revenue.
• The company’s flexible supply chain strategy helps mitigate any tariff risks while reducing costs.
• Going forward, a recently announced up to $100 million transaction with CIM Group is set to fund up to 97 MW of U.S. community solar projects.

Disseminated on behalf of SolarBank Corporation

Dr. Richard Lu, CEO of SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., offered insights into the company’s operations, strategy, and unique competitive position during a recent interview on IBN’s GotStocks podcast (https://ibn.fm/UCIdQ). The conversation centered on SolarBank’s dual role as both a developer and long-term owner of solar energy assets, an approach that differentiates the firm in a competitive market.

“SolarBank is both a developer and an independent power producer,” Lu said. The company identifies suitable sites, secures permits, engages utilities, and finances projects. “As a developer, we secure sites for clean and renewable energy project development. We bring the projects to the attention of local utilities, making sure that we have great interconnection, and we work with local authorities and communities to get these projects permitted. Then, we work to put financing together. That’s the developer’s job.”

Unlike many developers who sell assets post-permitting, SolarBank continues through construction and operations, maintaining a long-term relationship with the asset.

Lu cited key clients such as Honeywell, Qcells, and True Green Capital as examples of SolarBank’s operations and maintenance partnerships. The company has built a $184 million asset base since going public in 2023, generating recurring revenue streams from its portfolio.

What sets SolarBank apart, Lu emphasized, is its vertically integrated model. Most clean energy developers in North America offload assets after development, leaving construction and maintenance to third parties. SolarBank, by contrast, manages every stage from concept to ownership. “When I started SolarBank more than 10 years ago, I decided to create a true ‘A-Z’ one-stop team to develop, build, operate and own those assets. That gives us quite a few advantages,” Lu said. “We do not decide electricity price, regulators do. So, if we want to be profitable, there are only two things to do: increase productivity or reduce cost. Vertical integration allows us to control the focus, the speed, and the simplicity of every step to deliver value to our investors.”

The CEO also pointed to SolarBank’s supply chain flexibility as a way to maintain margins amid rising solar equipment tariffs. While many companies depend on Chinese suppliers, SolarBank has sourced primarily from Southeast Asia since its founding. Recently, it has favored equipment from Indonesia, and Lu indicated that U.S. suppliers may become part of the mix. “Now we’re actually looking at maybe buying U.S. products,” he explained, adding that this supply chain flexibility is how the company has managed to make sure to get the best value for its investors.

Lu also highlighted the experience of his leadership team, which collectively brings over a century of clean energy expertise. That, coupled with a vertically integrated model and diversified sourcing, offers what can be described as an unusually stable foundation for future growth.

SolarBank’s evolving strategy includes a transition from pure project development toward long-term asset ownership. This allows the company to benefit from stable, predictable returns over decades. Its long-term revenue model was further underscored by a recently announced up to $100 million financing with CIM Group to fund the construction of up to 97 megawatts of community solar projects in the United States (https://ibn.fm/JqMv7).

The transaction supports SolarBank’s continued development of distributed solar power projects, systems typically located close to end users and connected to local utilities. These projects play an important role in expanding renewable energy access and support policy goals at the state and federal levels in both Canada and the U.S.

During the interview, Lu expressed confidence in the company’s long-term financial sustainability. “When you’re working with visionary companies like CIM, and when you have a company like SolarBank, I would say that in the foreseeable future, you will have a quite sizable recurring revenue for 25–35 years,” he said.

For more information, visit the company’s website at SolarBankCorp.com.

This report contains forward looking information. Please refer to the press release entitled “US$100 Million Transformative, Project Financing Announced by SolarBank and CIM Group to Fund 97 MW of Renewable Energy Assets in the United States” for additional details on the statements, risks and assumptions. There are several risks associated with the transaction and development of the projects. The development of any project is subject to receipt of interconnection approval, receipt of a community solar contract, required permits, the continued availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives. The transaction is subject to the execution of definitive documentation. SolarBank will also need to secure the financing required to develop the projects to mechanical completion and substantial completion, as prior to such milestone none of the funding from the transaction will be available.

NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN

• Siyata Mobile is gaining traction across North America with its purpose-built push-to-talk (PTT) devices and Uniden(R)-branded cellular signal boosters.
• Its SD7 handset offers a rugged, LTE-based replacement for traditional two-way radios in public safety and industrial sectors.
• Signal boosters enhance connectivity in vehicles, buildings, and remote zones, supporting mission-critical communications.
• Distribution wins with major U.S. carriers and public sector agencies highlight growing demand and deployment momentum.
• The company’s carrier-integrated model aligns with rising needs for scalable, reliable communication infrastructure.

Siyata Mobile Inc. (NASDAQ: SYTA) is a technology company providing advanced communication solutions for frontline workers, emergency responders, and mobile workforces. Its core offerings include the SD7 push-to-talk handset and Uniden(R)-branded signal boosters, both designed to improve operational connectivity where traditional networks fall short. These products are FCC- and IC-certified and distributed through Tier-1 carriers, integrators, and government purchasing channels.

The company’s integrated model supports wide-scale deployments across North America, offering a cost-effective alternative to legacy land mobile radios. Siyata is actively expanding in sectors such as logistics, education, and public safety, where communication uptime is essential.

Operations

Siyata’s SD7 device delivers instant, secure LTE-based PTT communication, eliminating the range and cost limitations of legacy systems. Its signal boosters improve cellular performance in vehicles and structures, ensuring coverage in areas with weak reception. Together, these products support customers requiring rugged, dependable connectivity solutions.

Recent deployments include school systems, logistics providers, and local governments. Siyata’s direct alignment with carrier platforms enables broad scalability and integrated provisioning for enterprise and public clients.

Market Opportunity

The global PTT market is projected to grow from $29.9 billion in 2023 to $47.7 billion by 2030, driven by demand for broadband-based communication tools. At the same time, the signal booster market is expected to reach $3.6 billion by 2030. Siyata’s SD7 and Uniden(R) product lines directly address both trends, serving customers who need affordable, reliable mobile communication.

Backed by major carriers and government frameworks, Siyata is positioned to capitalize on these growing sectors with carrier-certified solutions built for scale.

Leadership Team

Marc Seelenfreund, CEO and Founder, brings over 20 years of telecom leadership and spearheads Siyata’s growth strategy.

Peter Goldstein, Chairman, is a capital markets expert with decades of public company experience.

Gerald Commissiong, Independent Director, contributes cross-sector business and governance expertise.

Daniel Kim, CFO, oversees finance and compliance, with a background in SEC reporting and telecom operations.

For more information, visit the company’s website at https://ir.siyata.net.

• Medical technology company Intelligent Bio Solutions has launched Arabic, Italian, and Spanish websites to support expansion into key international markets.
• The move opens digital access to over 1.4 billion people across Latin America, the Middle East, and Southern Europe.
• The rollout aligns with increased demand for non-invasive workplace drug testing and compliance tools.
• INBS’s flagship fingerprint sweat-based drug screening system is currently used by over 450 clients in 24 countries.
• The company plans a U.S. market launch in 2025 as it continues to develop additional biosensor applications.

Intelligent Bio Solutions (NASDAQ: INBS), a medical technology company specializing in rapid, non-invasive testing solutions, is expanding its international footprint by launching localized websites in Arabic, Italian, and Spanish. The initiative is part of the firm’s strategy to boost commercial activity across high-potential regions with growing demand for workplace safety and compliance solutions (https://ibn.fm/odRAg).

The multilingual rollout is intended to remove key barriers to digital engagement and facilitate sales pipeline development across Latin America, the Middle East, and Southern Europe. Together, these areas represent over 1.4 billion people—a significant commercial audience for INBS’s fingerprint drug testing technology.

“This is not just a translation project; it’s a commercial growth engine,” said Harry Simeonidis, President and CEO of Intelligent Bio Solutions. The company believes that a localized online presence will not only attract more inbound traffic but also help convert interest into partnerships and sales by aligning with regional expectations and regulatory environments. “By localizing our online presence and sales infrastructure to make it ready for use by customers across the globe, we are building scalable access to high-potential markets. These initiatives are the foundation for strengthening distributor relationships, increasing lead generation, and facilitating faster market penetration worldwide,” Simeonidis added.

At the core of the company’s offering is the Intelligent Fingerprinting Drug Screening System, a portable solution that analyzes fingerprint sweat for substances including opiates, methamphetamine, cocaine, and cannabis. The system collects samples in seconds and delivers results in under ten minutes. Unlike traditional urine or saliva tests, INBS’s technology is designed to be hygienic, quick, and easy to deploy on-site.

The company currently has over 450 active accounts in 24 countries. Its clients include firms in sectors such as construction, logistics, manufacturing, mining and transportation, industries where safety compliance and rapid screening are essential.

According to INBS, the international response to its product has been encouraging, particularly after enhancements to its multilingual functionality. The reader interface now supports use in non-English-speaking settings, making it easier for international distributors and clients to adopt the platform.

This expansion comes at a time when several regions targeted by the company are experiencing increased regulatory scrutiny around workplace drug use. For example, countries in the Gulf Cooperation Council are tightening safety enforcement, creating a favorable environment for non-invasive, rapid testing tools. In Latin America, the drug screening market is forecast to reach $1.1 billion by 2030, according to market insights from Grand View Research. Spanish, one of the newly supported languages, is the official language in 20 countries in the region.

The Italian-language rollout is expected to support entry into the Southern European market, which shares similar occupational safety requirements and healthcare infrastructure dynamics with the rest of the European Union.

Alongside the language-specific websites, the company is increasing investment in digital lead generation and building a broader distributor network to support physical and operational presence in new territories. These steps are part of what INBS describes as a localization strategy, aligning its commercial operations with market-level demand.

Looking ahead, INBS is preparing to enter the multibillion-dollar U.S. market in 2025. The company believes the potential total addressable market in the U.S. for its drug testing technology is substantial. Market research undertaken by Grand View Research shows that the U.S. accounted for approximately 28% of the global drug screening market in 2023, reinforcing its position as one of the largest markets globally.

For more information, visit the company’s website at https://ibs.inc.

NOTE TO INVESTORS: The latest news and updates relating to INBS are available in the company’s newsroom at https://ibn.fm/INBS

• NRx Pharmaceuticals is advancing a pipeline of innovative therapies targeting multibillion-dollar unmet needs in central nervous system disorders.
• The company’s lead candidate, NRX-100 (preservative free IV ketamine), NDA in process with the FDA, has been granted Fast Track designation by the FDA for acute suicidal depression, and a patent for this novel formulation has been filed with the U.S. Patent and Trademark Office.
• NRX-101 (oral D-cycloserine/lurasidone), has received FDA Breakthrough Therapy designation, expediting its development.
• HOPE Therapeutics, NRx’s interventional psychiatry subsidiary, is targeting $100M in forward looking revenue by year-end 2025, through development of a national clinic network treating suicidal depression, treatment-resistant depression, PTSD and related central nervous system (“CNS”) disorders.
• The company’s experienced leadership team has a proven track record in pharmaceutical development and commercialization.
• NRx is positioned to address large and growing markets with its novel depression treatments, non-opioid therapeutic solutions and directly helping patients in HOPE clinics nationwide.

NRx Pharmaceuticals (NASDAQ: NRXP) is a clinical-stage biopharmaceutical company developing therapies for central nervous system disorders, particularly suicidal depression and PTSD. The company is leveraging its patented NMDA receptor modulation platform with two drugs, NRX-100 (preservative-free ketamine) and NRX-101 (D-cycloserine/lurasidone), that have received FDA Fast Track and Breakthrough Therapy designations, respectively. Both address acute unmet medical needs, in that there is no FDA-approved medication for suicidal depression and PTSD. The only approved treatment today is electroshock therapy.

A New Drug Application (“NDA”) for its lead investigational drug, NRX-100 (preservative free intravenous ketamine), is being filed for use as treatment for suicidal depression, a condition for which existing treatments remain limited. FDA has approved the company’s Pediatric Study Plan and granted a $4.3 million filing fee waiver to support this application. Additionally, the company is working to bring NRX-101 (D-cycloserine/lurasidone) to the market; the product is positioned to be the first FDA-approved oral therapy for suicidal bipolar depression.

Both new drugs are part of the growing focus on neuroplastic therapies that treat life-threatening CNS diseases by stimulating the growth of new synaptic connections within the brain. Research has shown that suicidal depression is associated with high levels of NMDA receptor activity in the brain, with atrophy of brain cell connections. Administration of NMDA antagonist drugs such as NRX-100 and NRX-101 is associated in increased levels of brain glutamate, formation of new synapses, and documented clinical improvement in well-controlled clinical trials.

NRx has also established HOPE Therapeutics, a wholly owned subsidiary focused on delivering interventional psychiatric care through a nationwide clinic network. HOPE Therapeutics aims to become the first coordinated system of care for suicidal depression, treatment-resistant depression and PTSD, combining ketamine therapies, transcranial magnetic stimulation (“TMS”), digital therapeutics, and other precision psychiatry tools in a safe, professional clinical environment. NRx plans to spin HOPE out as an independent, publicly traded company in the near term.

NRx is headquartered in Wilmington, Delaware. HOPE is headquartered in Miami, Florida.

NRx Product Portfolio

NRx Pharmaceuticals’ pipeline includes multiple late-stage therapeutic candidates targeting psychiatric and neurological disorders:

• NRX-100: A preservative free intravenous ketamine formulation (patent pending); an NDA for the product is being filed with the FDA for acute suicidal depression, backed by strong clinical trial data and Fast Track designation from the FDA.
• NRX-101 (oral D-cycloserine/lurasidone): A patent protected oral therapy with a dual mechanism targeting NMDA and 5-HT2A receptors, designed for patients with suicidal treatment-resistant bipolar depression. The drug has received Breakthrough Therapy designation from the FDA; an NDA for Accelerated Approval is planned for 2025.
• Expanded Research: The company is further evaluating NRX-101 as a potential non-opioid treatment for chronic pain and as a therapy for complicated urinary tract infections.

NRx’s therapeutic pipeline is designed to address conditions with limited or no treatment options, with the potential to improve patient outcomes and expand the standard of care.

HOPE Therapeutics

HOPE Therapeutics, a wholly owned subsidiary of NRx Pharmaceuticals, is establishing a national network of psychiatry-led clinics focused on suicidal depression, treatment-resistant depression, PTSD and related central nervous system (“CNS”) disorders. Its care model integrates ketamine therapy, TMS, digital therapeutics, and supervised psychiatric support to deliver rapid, measurable outcomes.

The company is targeting more than 30 clinic acquisitions by year-end 2025. Recent progress includes agreements to acquire Kadima Neuropsychiatric Institute and Dura Medical and a letter of intent with Neurospa TMS, strengthening HOPE’s foundation in interventional psychiatry.

HOPE projects $100 million in forward looking annual revenue and profitability by year-end 2025. Positioned as a stand-alone care delivery company, HOPE offers NRx a potential future spinout opportunity to unlock additional shareholder value.

Market Opportunity

The need for innovative treatments in mental health and pain management is substantial. Suicide is a leading cause of death in the United States, claiming nearly 50,000 lives each year, with over 12 million adults seriously considering suicide annually, according to the CDC.

Suicidal depression, an acutely life-threatening condition, affects approximately 12 million Americans. Despite this prevalence, the only approved intervention remains electroconvulsive therapy (“ECT”), a treatment with significant side effects and limited access. NRx aims to address this urgent gap with NRX-100, a preservative-free intravenous ketamine formulation being developed as the first FDA-approved treatment for suicidal depression.

Additionally, approximately 7 million Americans suffer from bipolar depression, a condition where nearly half of patients will attempt suicide during their lifetime and one in five may die by suicide. NRX-101, NRx’s oral drug candidate, targets this critical unmet need as a potential first-in-class therapy specifically for bipolar depression.

Beyond mood disorders, chronic pain affects over 50 million individuals in the U.S., and PTSD impacts more than 12 million people—conditions for which few non-opioid or fast-acting treatments are available. By addressing these high-risk, underserved populations, NRx Pharmaceuticals is positioned to enter multiple billion-dollar markets and reshape the standard of care for severe psychiatric and neurological illnesses.

Leadership Team

Jonathan C. Javitt, Founder, Chairman and Chief Executive Officer of NRx and Co-CEO of HOPE, brings four decades of experience in pharmaceutical and medical device development. He has led blockbuster drug and device programs at major companies, including Allergan, Merck, and Novartis, and has served as an advisor to four U.S. presidential administrations.

Michael Abrams, Chief Financial Officer, has nearly 30 years of experience in finance, having served in executive roles as an SEC-licensed securities professional, followed by executive roles as a CFO, including positions at Arch Therapeutics and FitLife Brands. His expertise spans investment banking, corporate finance, and business strategy.

Matthew Duffy, Chief Business Officer, NRx, Co-CEO of HOPE, has over 35 years of experience in healthcare commercialization, business development and investment banking. He has held leadership roles at Pfizer, MedImmune, and Lev Pharmaceuticals. He has also served as an SEC-licensed professional at Laidlaw Venture Partners, and several other financial institutions, specializing in corporate strategy and partnerships.

Rick Panicucci, Chief Technology Officer, has more than 25 years of leadership in pharmaceutical manufacturing and process development. He has held key positions at Novartis, WuXi AppTec, and other major companies, leading multiple approved New Drug Applications.

For more information about the company, visit NRx’s website at https://ir.nrxpharma.com.

NOTE TO INVESTORS: The latest news and updates relating to NRXP are available in the company’s newsroom at https://ibn.fm/NRXP

Rep. Morgan Luttrell (R-Texas), a retired Navy SEAL, is part of a rising wave of Republican lawmakers advocating for the therapeutic use of psychedelics to treat PTSD, depression, and suicidality among veterans—a movement recently spotlighted by The Wall Street Journal. After undergoing ibogaine and DMT therapy in Mexico in 2018, Luttrell described the experience as transformative, helping him confront trauma and save his marriage. Now in Congress, he’s pushing for science-based, medically supervised access to Schedule I drugs like ibogaine, psilocybin, and MDMA. Joined by fellow veterans in office, including Rep. Dan Crenshaw (R-Texas) and Rep. Jack Bergman (R-Mich.), Luttrell is helping lead legislative efforts to fund clinical trials through the VA and Pentagon, despite resistance from some conservatives and recent regulatory setbacks like the FDA’s rejection of an MDMA therapy from Lykos Therapeutics. 

Amid this shift, NRx Pharmaceuticals (NASDAQ: NRXP) and its subsidiary HOPE Therapeutics are emerging as leaders in veteran-focused psychedelic innovation. HOPE is developing ketamine-based treatments for acute suicidality and major depression and is building a nationwide network of interventional psychiatry clinics. The company recently signed a $7.8 million debt financing agreement to support clinic acquisitions and has announced partnerships with Kadima and Dura Medical to accelerate its rollout. With more than 6,400 veteran suicide deaths reported in 2022, advocates argue these alternative therapies could offer urgent relief where conventional treatments have failed. As Republican support grows and the Trump-aligned VA signals openness to new approaches, companies like NRx are poised to play a central role in advancing the next generation of mental health care for veterans. 

• Q1 milestones are representative of Soligenix’s commitment to advance its pipeline of therapeutic candidates, focusing on areas with significant unmet medical needs.
• The company noted positive interim results from the ongoing open-label, investigator-initiated study (“IIS”) evaluating extended HyBryte(TM) treatment.
• Soligenix announced the release of a publication describing the preclinical efficacy of CiVax(TM), a thermostabilized subunit vaccine against SARS-CoV-2.

Soligenix (NASDAQ: SNGX), a late-stage biopharmaceutical company dedicated to developing and commercializing treatments for rare diseases, recently announced its financial results for the first quarter of 2025, alongside a summary of the company’s latest accomplishments (https://ibn.fm/OMQmM). These milestones are representative of Soligenix’s continued commitment to advance its pipeline of therapeutic candidates, focusing on areas with significant unmet medical needs.

“Our strategic focus remains on advancing our clinical programs, and we anticipate several significant development milestones,” said Soligenix CEO and president Christopher J. Schaber, PhD. “These include top-line results in 2026 from our actively enrolling phase 3 confirmatory study of HyBryte(TM) [synthetic hypericin] for early-stage cutaneous T-cell lymphoma (‘CTCL’). Furthermore, we expect to report top-line results in the second half of this year from our ongoing phase 2 studies of SGX945 (dusquetide) in Behçet’s disease and SGX302 (synthetic hypericin) in mild-to-moderate psoriasis.”

Among its recent accomplishments, last month Soligenix announced positive interim results from the ongoing open-label, investigator-initiated study (“IIS”) evaluating extended HyBryte(TM) treatment (https://ibn.fm/KrWyY). The study followed patients with early-stage CTCL for up to 54 weeks. “Following 18 weeks of treatment, 75% of patients achieved treatment success, reinforcing HyBryte as a potentially safe and fast-acting therapy for this chronic and underserved cancer,” the company reported.

Earlier this year, Soligenix announced the release of a publication describing the preclinical efficacy of CiVax(TM), a thermostabilized subunit vaccine against SARS-CoV-2 (https://ibn.fm/hjvcX). According to the announcement, “using custom-developed immunoassays, the combination of a primary adenovirus vaccine (COVID-19 Vaccine AstraZeneca) coupled with a CiVax(TM) booster was shown to induce broader protection against COVID-19 variants in non-human primates than a two-shot mRNA series (such as the Moderna vaccine Spikevax(R) or the Pfizer vaccine Cominarty(R)) in humans.”

The report, entitled “Use of a Multiplex Immunoassay Platform to Investigate Multifaceted Antibody Responses in SARS-CoV-2 Vaccinees With and Without Prior Infection,“ was published in the COVID journal. It was released in collaboration with Dr. Axel Lehrer, a professor in the Department of Tropical Medicine, Medical Microbiology and Pharmacology at John A. Burns School of Medicine at the University of Hawaiʻi.

“The CiVax(TM) vaccine has demonstrated broad and robust immune responses in mice, which has been recapitulated in NHPs and further shown to yield protection against infection with COVID-19 variants of concern,” said Lehrer. “The rapid-onset, multivariant booster response with CiVax(TM) in a heterologous or mixed prime-boost approach further supports the broad-spectrum utility of our vaccine candidate.”

Regarding its financial report, Soligenix reported no revenue for the quarter ended March 31, 2025, compared to $0.1 million for the prior quarter ended March 31, 2024. The report noted that the decrease in revenue was primarily related to a decrease in revenue associated with the zero-margin grant for the HyBryte(TM) IIS.

As of March 31, 2025, the company’s cash position was approximately $7.3 million. “We are committed to allocating resources responsibly to achieve our strategic goals and near-term milestones,” stated Schaber. “While this cash balance provides sufficient operating runway through December 2025, we continue to evaluate all strategic options, including partnership, merger and acquisition, government grants, and potential financing opportunities to advance our late-stage pipeline and the company.”

For more information, visit www.Soligenix.com.

NOTE TO INVESTORS: The latest news and updates relating to SNGX are available in the company’s newsroom at https://ibn.fm/SNGX

• Experienced leadership contributes to key performance indicators.
• Dr. Eric Poma brings more than 30 years of experience to his new role as CLDI CEO.
• His expertise will help the company develop and advance proprietary groundbreaking therapies.

Effective leadership is a cornerstone of organizational success, particularly in the dynamic and high-stakes realm of biotechnology. Recognizing the pivotal role of seasoned leadership, Calidi Biotherapeutics (NYSE American: CLDI) has announced the appointment of Eric Poma, PhD, as its new Chief Executive Officer and member of the board of directors (https://ibn.fm/qMEu4). This strategic transition underscores Calidi’s commitment to advancing its innovative cancer therapies under experienced guidance. Dr. Poma succeeds Allan Camaisa, who will continue to serve as a board member.

The significance of experienced leadership is well-documented. Research indicates that companies with strong leadership are 2.3 times more likely to outperform their competitors financially (https://ibn.fm/JtCzz). Moreover, companies that appoint new CEOs often experience a notable improvement in performance metrics, such as the Z-Score, reflecting enhanced strategic direction and reduced insolvency risk (https://ibn.fm/g1fpy). These findings highlight the tangible benefits that seasoned leaders bring to organizational performance and stability.

Dr. Poma brings more than three decades of experience in the biopharmaceutical industry, with a robust track record in oncology-focused leadership. Prior to joining Calidi, he served as CEO of Molecular Templates (NASDAQ: MTEM), where he successfully raised more than $250 million in equity financing and secured more than $150 million through strategic partnerships with major pharmaceutical companies, including Takeda, Vertex and Bristol Myers Squibb. His tenure at Molecular Templates was marked by significant advancements in clinical program development and strategic collaborations.

In addition to his role at Molecular Templates, Dr. Poma has held senior positions at Innovive Pharmaceuticals and ImClone Systems Inc., primarily focusing on business development. His early career as a healthcare and biotechnology analyst with Eagle Advisors provided him with a comprehensive understanding of the financial and strategic aspects of the biotech industry. This diverse background equips Dr. Poma with a unique perspective on both the scientific and commercial facets of biopharmaceutical development.

“I am thrilled to be joining Calidi at this exciting time, as the company progresses RTNova, its systemic, enveloped virotherapy platform with transient gene therapy payload delivery to the clinic with CLD-400 and continues to advance its CLD-101 and CLD-201 programs clinically,” said Dr. Poma. “I appreciate the solid foundation Allan Camaisa has established at Calidi, the strong team that he has assembled and the opportunity to advance these groundbreaking therapies. I look forward to leveraging my experience not only as a biotech CEO but also as a former business development executive and healthcare fund analyst, to drive and increase shareholder value.”

Calidi board chair James Schoeneck expressed confidence in Dr. Poma’s leadership, stating, “We are pleased to welcome Eric as Calidi’s new CEO, given his deep experience in life science leadership with a focus on oncology, as Calidi advances its systemic enveloped virotherapy platform to the clinic and prepares for a company-sponsored, dose escalation trial of CLD-201 in adult patients with solid tumors.”

As Calidi Biotherapeutics continues to pioneer targeted antitumor virotherapies, the appointment of Dr. Poma as CEO represents a strategic move to harness experienced leadership for the company’s next phase of growth. His extensive background in oncology, successful track record in fundraising and strategic partnerships, and comprehensive understanding of the biotech landscape position him to effectively steer Calidi’s innovative therapies through clinical development and toward commercialization.

For more information, visit www.CalidiBio.com.

NOTE TO INVESTORS: The latest news and updates relating to CLDI are available in the company’s newsroom at https://ibn.fm/CLDI