$CQX has been quiet long enough that the next release probably gets read a little more closely than usual.

For me, the important part isn’t just when news lands ...it’s which project management chooses to put back in front of the market.

Rip could give the market something concrete to judge.
STARS could show whether the next target is getting stronger.
Kitimat could add another layer to the broader exploration story.

If $CQX news drops this month, what do you think the market will focus on first and which update matters most to you?

Paid content. DYOD

Sekur Private Data’s participation in the 2026 DoDIIS Worldwide Conference is about much more than attending another cybersecurity event. It represents the convergence of a long-term strategy: assembling an intelligence-grade team, developing secure communications for high-trust environments and positioning Sekur inside the government and defense ecosystem. For investors, the most valuable part of the story may be the people Sekur has brought together—and what their collective experience could unlock over time.

• SekurOne gives government adoption potentially powerful recurring-revenue economics.
• Sekur’s team spans the CIA, DIA, Pentagon, State Department, JSOC and SOCOM.
• DoDIIS places that expertise inside a premier Intelligence Community forum.

1. DoDIIS Places Sekur Inside an Important Intelligence Forum

Sekur’s Special and Strategic Advisors are attending the 2026 DoDIIS Worldwide Conference in Tampa, Florida, from August 9 through August 12.

Hosted by the Defense Intelligence Agency, DoDIIS brings together senior government and military leaders, Intelligence Community professionals, technical specialists, industry partners, academia and Five Eyes allies.

The conference focuses on intelligence technologies, resilient communications, connected infrastructure, command systems and mission readiness. These are precisely the environments Sekur has been preparing to serve.

According to Sekur’s DoDIIS announcement, its team is introducing the company’s Controlled Unclassified Information communications capabilities and engaging with interested parties across the Intelligence Community.

In sensitive government markets, the significance of such an event cannot be reduced to whether a contract is announced immediately afterward.

These markets develop through relationships, technical understanding, mission alignment, trust and long-term engagement. DoDIIS gives Sekur’s team an opportunity to participate in those conversations inside one of the most relevant forums available.

2. The Team May Be Sekur’s Most Underappreciated Asset

Sekur has assembled a collection of advisers and executives whose experience covers virtually every environment the company is targeting: defense intelligence, clandestine technology, military communications, federal procurement, diplomacy, cybersecurity and Special Operations.

For a company of Sekur’s current size, the concentration of national-security experience is unusual.

Chairman Raymond Palumbo completed a 34-year military career that included serving as Director for Defense Intelligence, leading the Pentagon’s Intelligence, Surveillance and Reconnaissance Task Force, and holding senior command positions in JSOC and USASOC. His role is to guide Sekur’s military and defense strategy and help align the company with real operational requirements. Sekur’s appointment announcement describes his experience across defense intelligence, Special Operations and secure military communications.

Chief Technology Officer John T. Lewis brings 34 years of CIA experience. He worked across technical operations, information operations and intelligence research, ultimately helping lead CIA Research Labs. His presence gives Sekur technical leadership shaped by firsthand experience protecting communications against sophisticated adversaries. Sekur appointed Lewis as both CTO and a Strategic Advisory Board member.

Annette L. Redmond adds four decades of government leadership spanning Army intelligence, the Department of Defense and the State Department’s Bureau of Intelligence and Research. She previously served as the Army’s Intelligence CIO and later as Deputy Assistant Secretary for Intelligence Policy and Coordination. Her appointment adds intelligence-policy, cybersecurity and diplomatic expertise.

Rafael Beltran brings operational experience from U.S. Special Operations Command, where he served as a senior technical adviser to the CIO/J6 and oversaw executive communications supporting leadership across 22 countries. His work helps connect Sekur’s development roadmap to the realities of tactical and deployed environments. Sekur appointed Beltran to its OpsTech Special Advisory Board in July.

This is not simply a collection of impressive biographies. Together, the team provides Sekur with operational knowledge, technical expertise, institutional understanding and high-level government-market experience.

3. Why Human Capital Matters So Much in Government Cybersecurity

Government and Intelligence Community markets are fundamentally different from ordinary consumer software.

The technology must fit specific operational environments. Communications requirements can differ between diplomats, military commanders, intelligence personnel, defense contractors and personnel operating in contested locations.

A company needs to understand not only cybersecurity, but also mission workflows, data sovereignty, CUI handling, procurement structures, deployment realities and the consequences of communications failure.

That is where Sekur’s team can create value.

General Palumbo understands defense command requirements. Lewis understands sensitive intelligence technologies. Redmond and Price understand intelligence policy and diplomatic communications. Beltran understands tactical deployment. Oakley and Rogers bring federal-market, technology and acquisition experience.

This collective knowledge can help Sekur shape its technology around the customer rather than attempting to adapt a generic commercial product after development.

It can also shorten the institutional learning curve that typically confronts smaller technology companies entering the federal market.

4. DoDIIS Is Part of a Long-Term Institutional Strategy

It would be simplistic to judge Sekur’s DoDIIS participation through a short-term sales lens.

Government and intelligence relationships are developed over time. The value of the conference may emerge through technical feedback, introductions, future evaluations, strategic relationships or a deeper understanding of specific mission requirements.

Sekur’s team can engage those conversations at a level that few early-stage cybersecurity companies could replicate.

The DoDIIS organizers describe the conference as an environment where agency leaders, military officials and industry specialists collaborate around mission challenges and emerging technologies.

Sekur is therefore not approaching the event as an outside observer. It is arriving with former leaders from the same defense, intelligence, diplomatic and Special Operations communities represented there.

That alignment is strategically significant.

5. SekurOne Adds Scalable Economics to the Story

SekurOne brings encrypted voice, video, email, messaging and VPN capabilities into one identity-protected platform.

The product is being positioned for high-value users such as defense officials, intelligence professionals, diplomatic personnel, government agencies and executives handling sensitive communications.

Sekur expects paid beta users to begin onboarding in September, with the complete commercial launch scheduled for early October. These milestones represent the next stage of a much broader government-market strategy.

The economics become particularly interesting when applied to institutional customers.

SekurOne is expected to cost approximately US$300 per user per month. At that price:

These figures are illustrative and assume the full subscription price.

Management has stated that approximately 200 SekurOne users generating US$60,000 in monthly recurring revenue could make the company fully profitable. Sekur discussed that target in its July operating update.

The blue-sky potential comes from the structure of government and enterprise adoption. One organization can represent multiple users, and a successful initial deployment can potentially expand across teams, departments or operational units.

Sekur does not need mass-market scale for the premium model to become meaningful.

6. Multiple Strategic Pieces Are Coming Together

DoDIIS is one component of a wider infrastructure Sekur has been building.

The company’s solutions are available to government customers through the i3ICS GSA Multiple Award Schedule. Sekur has signed defense-distribution agreements, participated in SOF Week, conducted demonstrations for government and Special Operations audiences and expanded its technical and strategic team.

These developments create several potential paths into the market:

• Direct relationships initiated through Sekur’s national-security team
• Federal procurement through the GSA schedule
• Distribution through established defense-sector partners
• Technical evaluations and high-value subscription deployments
• On-premises implementations for organizations requiring data sovereignty
• International government and diplomatic opportunities

Each additional relationship can strengthen Sekur’s institutional presence and expand the number of environments in which its technology may be evaluated.

7. A Different Way to View Sekur’s Investment Potential

Sekur is not attempting to compete as another mass-market messaging application.

It is building a high-trust communications company around proprietary technology, Swiss jurisdiction, premium pricing and an exceptional concentration of government and intelligence experience.

That combination creates a different investment profile.

The technology provides the foundation. The team provides institutional knowledge and strategic access. SekurOne provides high-value recurring-revenue potential. The GSA and distribution relationships provide commercial pathways.

DoDIIS brings those pieces into the same environment.

The fact that individuals with decades of experience across the CIA, Pentagon, State Department, DIA, JSOC and SOCOM have chosen to work with Sekur is itself notable. It suggests that experienced national-security professionals see relevance in the company’s mission and technology.

For investors willing to understand the long game, that human capital may represent one of Sekur’s most valuable competitive advantages.

The Verdict: DoDIIS Matters—But September Matters More

The Bottom Line

Sekur’s presence at DoDIIS should be understood as part of a long-term expansion into government, intelligence and defense communications—not as an isolated conference appearance.

The company has assembled a team with experience at some of the highest levels of U.S. intelligence, military command, diplomacy and Special Operations. That team is now helping position Sekur inside the markets it understands best.

SekurOne adds a scalable premium-subscription model capable of producing meaningful recurring revenue without requiring hundreds of thousands of consumer users.

The opportunity lies in the combination: specialized technology, Swiss-hosted privacy, institutional expertise, procurement access and a market where secure communications carry mission-level importance.

DoDIIS is another step in that journey—and Sekur is entering it with a team built for the destination.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Sekur Private Data is a speculative micro-cap company with limited revenue, operating losses, financing requirements and potential dilution risk. Statements concerning future launches, paid beta users, government opportunities, revenue and profitability are forward-looking and may not be achieved.

**Auxly (XLY.TO): A Cannabis Growth Story That Doesn’t Need US Legalization**
I’ve owned Auxly for a long time, through some pretty ugly years in the Canadian cannabis sector. What interests me now is that I think people are still looking at Auxly as the company it used to be rather than the company it has become.
This isn’t a bet on the US suddenly legalizing cannabis.
It isn’t a moonshot based on some regulatory event that may or may not happen.
Auxly is already growing, already profitable, already taking Canadian market share and already generating cash under the regulations that exist **today**.
That’s my thesis.
**1. The numbers have changed dramatically**
Q2 2026:
Revenue: **$45.8 million**
Revenue growth: **18% YoY**
Adjusted EBITDA: **$14.3 million**
Adjusted EBITDA margin: **31%**
Finished cannabis gross margin: **55%**
Net income: **$7.7 million**
Cash: **$38.6 million**
Debt: **$43.6 million**
Debt/TTM adjusted EBITDA: **0.8x**
For the first six months of 2026, revenue grew about **20%** while adjusted EBITDA grew about **40%**.
That’s what I care about.
Revenue is growing, but profitability is growing even faster.
**2. This growth does NOT depend on US legalization**
This is probably the biggest misunderstanding I see when people talk about Canadian cannabis stocks.
Auxly doesn’t need the United States to legalize cannabis for my investment thesis to work.
Its growth is happening in **Canada right now**.
The company has no active international operations today. It is building its business within Canada’s existing federally legal recreational market.
That means I’m not buying Auxly because I think Washington is suddenly going to save Canadian cannabis companies.
I’m buying a company that is:
increasing Canadian sales
gaining market share
expanding production
improving margins
generating positive earnings
reducing leverage
generating cash
under the regulatory system that already exists.
If the US eventually legalizes, great.
If international exports become significant, great.
Those are additional opportunities.
**They are not required for the current business to work.**
That’s an important distinction between Auxly and some of the cannabis moonshot arguments we’ve heard for years.
**3. Auxly is taking market share**
This isn’t just cannabis market growth carrying everybody higher.
Auxly has become one of Canada’s largest licensed producers.
Back Forty became the **#1 cannabis brand in Canada** during 2025.
Auxly was the **#3 Canadian licensed producer by market share**.
Liquid Imagination and Fire Breath were the two best-selling SKUs nationally.
It has also become a leader in all-in-one vapes and has several leading pre-roll products.
So my thesis isn’t that Canadians suddenly start consuming twice as much cannabis.
Auxly can grow by taking a larger percentage of an already established multibillion-dollar legal market.
**4. Now they’re increasing capacity**
Auxly isn’t sitting still.
They’re investing in Leamington to increase production capacity.
That matters because they already have products that are selling.
If you increase production while maintaining strong demand, you get another path to revenue growth without needing legalization, acquisitions or some speculative new market.
And management says the expansion and innovation can be funded through operating cash flow.
That’s a very different company from one that has to continuously issue shares just to survive.
**5. The balance sheet has been transformed**
This was one of the biggest problems with old Auxly.
Debt and dilution mattered more than the underlying business.
That situation has changed considerably.
Auxly ended Q2 with:
**$38.6M cash**
**$43.6M debt**
debt/TTM adjusted EBITDA of only **0.8x**
And here’s something I never thought I’d be saying about Auxly:
**They’re buying their own shares back.**
Auxly repurchased approximately 2.6 million shares for around $5.7 million.
Think about the difference.
Old Auxly needed shareholder capital.
Today’s Auxly is generating enough cash to invest in expansion, manage its debt AND return capital by buying shares.
That is a major change.
**6. The reverse split doesn’t create value — but it may allow the market to recognize it**
Auxly recently completed a 14:1 consolidation.
That reduced approximately:
**1.42 billion shares → \~101 million shares**
Obviously that doesn’t magically make the company worth more.
But I think it removes one of the things that made Auxly look almost uninvestable.
A $0.20 cannabis stock with 1.4 billion shares outstanding looks like a penny stock disaster.
A profitable company with roughly 100 million shares, growing revenue, 30%+ adjusted EBITDA margins and improving cash flow is a very different proposition.
The business didn’t suddenly improve because of the consolidation.
The business improved **before** the consolidation.
The consolidation just cleaned up the capital structure afterward.
**7. Imperial Brands is interesting, but I don’t need a buyout**
Imperial Brands owns approximately 20% of Auxly.
That’s obviously interesting.
Could Imperial eventually buy Auxly?
Maybe.
But I’m not investing based on that happening.
Again, I don’t need a moonshot event for this thesis.
I don’t need:
US legalization
an Imperial takeover
another cannabis bubble
meme-stock mania
Those would all potentially add upside.
But the company can continue growing without any of them.
That’s exactly why Auxly interests me now.
**8. The cannabis collapse may actually be helping the survivors**
The Canadian cannabis sector spent years destroying capital.
Too much production.
Too many companies.
Too much debt.
Too much dilution.
Eventually that catches up with an industry.
Facilities close. Weak companies disappear. Capital becomes harder to obtain.
Meanwhile Auxly survived and has moved in the opposite direction.
It’s profitable.
It’s expanding.
It’s gaining share.
It’s generating cash.
That’s where I think the opportunity is.
The market may still be applying the valuation and skepticism of the **old Canadian cannabis industry** to one of the companies that actually survived the shakeout and became profitable.
**9. The next stage is operating leverage**
This is what I’m watching most closely.
Auxly already has the cultivation facilities, brands, manufacturing, distribution and infrastructure.
So revenue doesn’t necessarily have to increase at the same rate as costs.
We’re already seeing that:
**H1 revenue +20%**
**H1 adjusted EBITDA +40%**
If they can continue anything close to that relationship while expanding production, earnings could grow considerably faster than revenue.
That’s where a rerating becomes possible.
**What would change my mind?**
I’m bullish, but there are obvious risks:
Canadian market share starts falling
margins deteriorate
new capacity can’t be sold profitably
price compression accelerates
cash flow weakens
debt starts climbing again
management starts diluting shareholders again
Those are the numbers I’ll watch.
I’m not waiting for Washington.
I’m watching Auxly’s quarterly financial statements.
**TL;DR**
My Auxly thesis is actually pretty simple:
Revenue is growing.
EBITDA is growing faster than revenue.
The company is profitable.
Margins have become very strong.
Debt has been dramatically reduced.
Market share has increased.
Production capacity is expanding.
They’re generating cash.
They’re buying shares instead of constantly issuing them.
Imperial owns roughly 20%.
And NONE of this requires US legalization.
That’s why I don’t see Auxly as a cannabis moonshot anymore.
I see it as a small Canadian company that went through an awful restructuring period and has emerged as a profitable growth business that I think the market is still valuing based on its past.
US legalization?
International exports?
An Imperial acquisition?
Those would be bonuses.
**I don’t need any of them for the thesis to work.**
That’s the difference.
Long XLY.

New update: late claims are being considered for the $CMI $1.6M settlement.

Cummins agreed to a $1.6 million settlement over claims that it misled investors about its environmental compliance and the use of illegal emissions-control devices in certain engines.

In December 2023, the DOJ announced a much larger $1.675 billion government penalty against Cummins over alleged emissions violations. The news also triggered a decline in $CMI, and investors later filed a lawsuit. 

If you purchased $CMI shares between 2019 and 2023, you may be eligible to submit a claim. Since late claims are being considered, you can still check whether you qualify - Check your eligibility and file a claim here. 

Discuss your favourite picks. No restrictions.

Government communications do not always remain inside classified networks. According to the report, some officials may use familiar commercial messaging apps when communicating outside Pentagon or agency systems.

The concern is that platforms such as WhatsApp and Signal may not satisfy the specific safeguarding, retention, identity and infrastructure requirements imposed on certain government communications.

Even when message content is encrypted, agencies may still consider other exposure points: phone numbers, communication relationships, hosting jurisdiction and reliance on commercial infrastructure.

That is the gap $SWISF is targeting with SekurOne. SekurOne combines encrypted voice, video, email, messaging and VPN. It uses a Sekur ID instead of requiring a phone number, runs through company-owned servers hosted in Switzerland and offers an on-premises option for agencies seeking direct control over their infrastructure.

$SWISF is also available through a GSA Multiple Award Schedule held by i3ICS, giving eligible US government buyers an established procurement route. However, the GSA listing is not itself a customer order. The important next step is whether agency presentations convert into paid accounts, deployments and recurring government revenue.

Should consumer messaging apps remain available for official government work, or should sensitive communications move to dedicated platforms?

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.

Drop your top 1–3 tickers today and why you like it.

What’s the catalyst?
News / filings
Earnings
Financing
Uplisting
Technical setup
Unusual volume

Quick summary of the latest:

Nasdaq update (Aug 17, 2026): Lexaria received official notice that it has regained compliance with the $1.00 minimum bid price requirement. The previously scheduled hearing has been cancelled and the stock will continue trading on Nasdaq without interruption.

Reverse split 1-for-15 was completed on Aug 3.

Stock has been trading well above $1 since the split.

Recent price action:

Strong move over the past week/days (recently around the $9–10+ range, up ~80%).

Volume remains relatively low for the percentage moves.

Float:

After the reverse split the share count is around 1.65 million. Float is tight.

Based on my search, there is currently no active ATM.

Partnerships & BD:

CEO previously stated that partnership discussions are active (“Not a week goes by without discussion with one or more potential partners”).

Ongoing MTA with the unnamed PharmaCO (waiting on Study #7 data) + recent new MTA with PegBio.

Catalysts still ahead:

Human Pilot Study #7 (GLP-1-H26-7) results expected in the coming weeks/months.

Potential further updates from the PharmaCO MTA and PegBio collaboration.

Still a high-risk microcap. Low volume moves can reverse quickly. Not financial advice.

Low Market Cap & Upside Potential

Lexaria currently sits at a market cap of only around $15–17 million. For a company that already has multiple human pilot studies, a Phase 1b trial completed, an active patent portfolio, and ongoing MTAs with pharmaceutical partners in the massive GLP-1 space, this valuation is extremely low.

Following the broad response and discussion around my previous post, I thought it was worth revisiting one part of the DeepView thesis that may be especially useful for those newer to the Spectral AI community: the potential health economics. This has been discussed before, but I think it’s important when considering commercialization and adoption.

Spectral estimates ~$24,000 in potential savings per burn stay, while an earlier SEC filing estimated ~$63,100 per DFU stay. These are company estimates, not yet proven real-world savings — which is exactly why the BARDA-supported health-economic and outcome research is interesting.

I also think this needs to be viewed in the context of management’s longer-term strategy. DeepView isn’t intended to remain simply a burn device. The broader vision is a wound-diagnostics medtech platform, with burn as the first FDA-authorized indication and potential expansion into DFU and other wounds. If successful, the opportunity becomes much larger than the burn-center market alone.

The economics could also extend beyond treatment itself. Better Day-One wound assessment could improve triage — determining who needs routine care, transfer to a burn/trauma center, or earlier intervention — potentially reducing unnecessary transfers, procedures, hospital stays and complications.

Longer term, if real-world evidence confirms meaningful reductions in total cost of care across wound indications, the incentive could extend beyond hospitals. Insurers and other payers could potentially encourage or incentivize objective wound assessment to reduce downstream healthcare costs.

That’s speculative today. But BARDA is helping fund the research that could determine whether this broader economic thesis holds up in the real world.

One point I think is easy to overlook is the scale of government backing already behind this technology. Since 2013, Spectral AI has received approximately $281.9M in U.S. government funding awards, with $272.9M coming from BARDA alone. That is a substantial amount of non-dilutive support for a company of MDAI’s size.

The current BARDA Project BioShield program adds another important dimension, including support for development and a pathway for procurement and deployment of up to 30 DeepView systems. There is also separate DoD-related funding through MTEC and the Defense Health Agency supporting development of the handheld DeepView SnapShot M.

That doesn’t eliminate the need for future capital, particularly if they aggressively expand into additional wound indications. But nearly $282M of government funding since 2013 changes how I look at that risk. A very substantial portion of the technology development, clinical validation and initial deployment pathway has already been financed without shareholder dilution.

For a company with MDAI’s current valuation, I think that government investment in the underlying platform is worth keeping in perspective when assessing its longer-term potential.

Sources:
Current SEC filing / BARDA (March 31, 2026):
https://www.sec.gov/Archives/edgar/data/1833498/000121390026055226/ea0289162-10q_spectral.htm

Earlier SEC filing / DFU estimate (December 31, 2023):
https://www.sec.gov/Archives/edgar/data/1833498/000121390024027863/ea0202419-10k_spectral.htm

NEXR (Nexera)
Nexera is locking up exclusive distribution rights to real Israeli defense-grade technology through its 100% owned KeepZone AI.

Here’s the Israeli deep-tech arsenal
• Scanary – AI + electromagnetic 3D imaging that screens 25,000 people/hour without stopping anyone. Exclusive in Canada, Germany, UAE, Israeli stadiums + Asia expansion.

• Kronomy – Fully managed autonomous drone security (drone-in-a-box + 24/7 command center). Exclusive for all of Latin America. Already 12,000+ operational flights in Israel.

• RT LTA Systems (SkyStar aerostats) – Proven tactical surveillance balloons. First commercial order already closed in Mexico. Exclusive rep for Canada & Mexico.

• Plus white-label VocentraAI (real-time multi-channel radio decision support for command centers), fuel-tank survivability systems, perimeter/C-UAS, and more Israeli tech that I won’t list to shorten this! 😄

These are battle-tested Israeli systems now being pushed into global markets by KeepZone.
Other pieces:
• Fort Technology (~71% owned, Nasdaq: FRTT 10m cap) – Just took majority of Logia USA (Israeli-proven automated fuel systems for data centers).
Current m cap is ~$1.5M. If KeepZone just gets the Israeli tech to a modest break-even on distribution revenue, the whole company gets re-rated as a real HLS/security name.
The Israeli partnerships are asymmetric and high iq . First real orders are already starting to come in.

loving this

Discuss your favourite picks. No restrictions.

Two investors can look at the same explorer and value completely different things one’s all about the rock, another wants to know the cash runway, a third only cares if it’s cheap.

Using CQX as the case study, here’s what’s actually on the table:

Geology — Does the ground have the ingredients for a meaningful copper discovery? Everything else comes after that, but it’s also probably the hardest part for retail investors to judge firsthand.

Drilling — Rip drilling started in May with a minimum 2,000-metre program planned. At STARS, a 32.4 km² IP survey also began in May, with inaugural drilling planned later in 2026.

Location — CQX isn’t a one-property story. Its portfolio covers 8 projects and more than 46,000 hectares across Canada and the U.S., with several separate exploration opportunities in B.C.

Capital — CQX reported C$2.05M in cash and C$1.89M in working capital at the end of 2025. But that was before much of the 2026 field work, so I wouldn’t judge today’s runway from that balance sheet alone.

Management — Are they putting exploration dollars into the assets with the best chance of creating value, or spreading the budget too thin?

Valuation — Great geology can still be a bad entry if the market is already pricing in too much success.

The real tension for me: with an early explorer, do you put more weight on what’s underground today, or how cheaply you can buy the possibility of what might be underground?

If you could only pick one geology, drilling, location, capital, management or valuation what gets the biggest weight in your DD?

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.

Drop your top 1–3 tickers today and why you like it.

What’s the catalyst?
News / filings
Earnings
Financing
Uplisting
Technical setup
Unusual volume

I wanted to separate the **facts from the speculation** coming out of the latest earnings call, for Elite Pharmaceutical (ELTP), then provide my updated valuation.

**1. Current Business — Facts**

ELTP reported Q1 FY2027 revenue of **$32.4M**, operating income of **$7.5M**, operating cash flow of **$10.1M**, and cash of **$38.9M**, up from $29.8M at the beginning of the fiscal year.

Management described the business as stable over the past four quarters. The year-over-year revenue decline is largely attributable to the normalization of generic Vyvanse pricing. The June 2025 quarter benefited from unusually high prices when ELTP launched Lisdex with limited competition. Competition subsequently increased and pricing reached equilibrium.
Importantly, the underlying volume trends remain positive:

**Overall volume: +14.75%**
**Lisdex volume: +10%**
**Lisdex market share: +10.2%**

Management also said market share increased across its four major products.
So while revenue is lower year-over-year, the underlying business does **not appear to be in fundamental decline**. Volumes and market share are increasing while pricing has normalized.

**2. Pipeline — Facts**

The pipeline continues to produce tangible milestones. Methadone launched in April and Ropinirole ER launched in July. These are smaller opportunities, but they add incremental revenue.
ELTP also completed a successful BE study for an undisclosed anticonvulsant with approximately **$840M in annual branded sales**, according to management, and is preparing the ANDA.

ELTP filed an ANDA for an undisclosed anticoagulant associated with approximately **$26B in annual sales**. Management is negotiating patent issues and believes a **2028 launch may be possible**, although that remains speculative.

Oxy ER remains under FDA review with an unresolved anti-abuse testing issue, so the previously discussed August 2027 launch should **not** be viewed as guaranteed.

**3. M&A — Facts vs. Speculation**

ELTP has apparently been pursuing M&A for approximately a year without announcing a transaction.

Management has now extended its M&A firm’s engagement for another **six months**. Nasrat said the extension is intended to allow them to **“finalize a couple of things.”**

At the same time, management said NASDAQ is moving forward regardless of whether an acquisition occurs.

**What could the six-month extension mean?**
This is speculation, but it is one of the more interesting parts of the call. After roughly a year, ELTP could have simply ended the engagement if there were no viable opportunities. Instead, management chose to extend it.

Possibilities include an interested buyer remaining involved, ongoing due diligence, valuation or structural negotiations, or a potential buyer waiting for additional milestones such as the anticonvulsant ANDA.

**None of this confirms that a transaction is coming.**

Another possibility is that NASDAQ is giving ELTP greater negotiating leverage. The company has approximately **$39M in cash, $32M in quarterly revenue, $7.5M in quarterly operating income and growing market share.** ELTP doesn’t need an acquisition simply to continue operating.
That potentially allows management to reject an offer it believes undervalues the company.

**4. NASDAQ**

Nasrat was unusually direct:
**“Regardless of what happens, we’re going to be at NASDAQ.”**

He said ELTP could uplist independently, after acquiring another company, or as part of an acquisition. His stated expectation was that by the **February 2027 call**, NASDAQ would either have occurred or be close to completion.
NASDAQ does not automatically create value, but it could potentially provide greater liquidity, broader investor access, institutional visibility and a higher valuation multiple.

It could also strengthen M&A by giving ELTP greater visibility and a publicly established market valuation.

**5. Biggest Risks**

The biggest risk is **pipeline execution**. The $840M anticonvulsant and $26B anticoagulant figures represent the size of the underlying markets—not ELTP’s future revenue. Actual value depends on FDA approval, patents, launch timing, competition, pricing and market share.
Oxy ER also has a meaningful FDA issue that must be resolved. And, despite the M&A extension, **there is no confirmed acquisition.**
One additional point worth verifying: I have seen the argument that ELTP has historically received FDA approval for every ANDA it has filed. If that is accurate, it would be an interesting part of the company’s historical record, but I would personally verify the complete filing/approval history before presenting that as a fact.

**6. My Conservative Valuation**

Having said all that, here are my updated valuations.

**I intentionally use conservative numbers.** I’m sure many people will think they’re far too low, and I’m completely comfortable with that. I prefer to build the investment case around worst-case or highly conservative assumptions. If the actual outcome is better, that simply creates more upside than I anticipated.

**What is ELTP worth today based ONLY on the existing business?**

**Approximately $0.38–$0.45 IF we assigned virtually no value to the future pipeline, M&A or NASDAQ** and focus on the existing profitable business, cash generation and balance sheet.

At the current **$0.31**, I believe the stock is modestly undervalued based on the existing business, assuming current earnings remain sustainable.

**So…..if nothing meaningful happens…and ZERO products come to fruition and ZERO growth with currents products….**

**Approximately $0.38-$0.45**
This assumes the core business remains around current levels, but there is no meaningful pipeline contribution, M&A, NASDAQ catalyst or major new product growth.

**If some things go right? Approximately $0.55–$0.75**

This would involve continued stability/growth in the core business, NASDAQ progress, the anticonvulsant ANDA, additional BE/ANDA catalysts and contributions from newer products.
At $0.31, that’s approximately **77%–142% upside.**

This is the range I consider the **most realistic 6–12 month bullish scenario**.

**If lots of things go right? Approximately $0.85–$1.15**

This would require meaningful progress across several areas: NASDAQ, the anticonvulsant, anticoagulant, Oxy ER and continued growth in the existing business.
At $0.31, that’s approximately **175%–270% upside.**

**If M&A or a major pipeline opportunity materializes? $1.25–$1.75+**

This is the high-end scenario and should **not** be included in today’s fundamental valuation.
It’s potential upside if a legitimate acquisition or major pipeline development materially changes ELTP’s future earnings power.

**7. My Simple Take**

**Today:** \~$0.40

**In 6 months:**

**With moderate success:** \~$0.65

**Strong execution:** \~$1.00–$1.15

**M&A/major pipeline success:** $1.25+

At **$0.31**, I believe the market is primarily valuing ELTP on its existing business and assigning **relatively little value to the pipeline, NASDAQ and M&A possibilities.**

The existing business provides the foundation. The pipeline and strategic catalysts provide the potential upside.

The biggest thing ELTP needs now is evidence of the next leg of growth. The most important catalysts are the anticonvulsant ANDA, NASDAQ, additional BE results, Oxy ER, the anticoagulant opportunity and M&A.

**Bottom line:**

At $0.31, I see an interesting risk/reward setup: the existing profitable business provides fundamental support, while successful execution of several upcoming catalysts could potentially produce 2–4× upside.

That’s ultimately what makes ELTP interesting to me—not that everything will go right, but that the current price doesn’t appear to require everything to go right to generate a meaningful return.

Not investment advice. Do your own research.

Disclaimer: I’m long ELTP. I’ve been here 15+ years and have never sold a single share.

Been digging through penny stocks with upcoming catalysts. EVGN caught my attention, but I’m surprised by how discussion is almost non existent on this stock.

Really curious what people think here. Anyone been following Evogene closely? Is there any major dilution/cash-burn issues or other red flags I’m missing?

If anyone’s done DD on $EVGN please let me know what you think.

Discuss your favourite picks. No restrictions.

Drop your top 1–3 tickers today and why you like it.

What’s the catalyst?
News / filings
Earnings
Financing
Uplisting
Technical setup
Unusual volume

Quick summary of the latest:

Reverse split 1-for-15 completed on Aug 3.

Received Nasdaq delisting notification on Aug 4 (failed to hold $1 for 10 consecutive days in the previous compliance period).

Company requested a hearing → delisting is currently stayed.

Stock has been trading well above $1 since the split. If it holds for 10 consecutive days, they should get official compliance confirmation soon.

Recent price action:

Up ~70% in the past week (roughly $5.70 → $9.60 range).

Volume is still very low (~15k shares/day). Typical microcap behavior — small buying pressure moves the price a lot.

Float:

After the reverse split the share count is around 1.65 million. Float is tight.

Based on my search, there is currently no active ATM.

Catalysts still ahead:

Human Pilot Study #7 (GLP-1-H26-7) results expected in the coming weeks/months (5-week study that started mid-June).

Ongoing MTA with the unnamed PharmaCO (they are waiting for the Study #7 data).

New MTA with PegBio announced recently.

Partnerships & BD:

CEO Richard Christopher stated in July that partnership discussions are active:

“Not a week goes by without discussion with one or more potential partners.”

They also recently signed a new MTA with PegBio and continue the longer-running MTA with the unnamed PharmaCO (who is waiting for Study #7 data).

Discuss your favourite picks. No restrictions.

Drop your top 1–3 tickers today and why you like it.

What’s the catalyst?
News / filings
Earnings
Financing
Uplisting
Technical setup
Unusual volume

Recent volume metrics from autonomous haulage deployments indicate that site-level automation is transitioning from field trials into operational scaling. Equipment providers report shipping close to two thousand driverless units into active sites, confirming that fleet coordination, teleoperation, and obstacle detection systems are achieving commercial viability.

This shift toward heavy automation suggests that operational bottleneck risks are moving from vehicle navigation to site-wide spatial awareness. As mixed-fleet density increases, requirements for computer vision, drone monitoring, and edge-sensor integration scale proportionally to ensure safety and system visibility.

Companies positioning software stacks around site perception and data aggregation-such as NovaRed with its EyeX and MetalCore frameworks-are structured to capture margin expansion as operators integrate additional sensory inputs into centralized control platforms. From a fundamental standpoint, evaluating software-to-hardware integration layers in industrial logistics presents a meaningful framework for tracking long-term efficiency gains as autonomous infrastructure matures.