Streetbeat News

Partnerships

ACLX

Arcellx reported a strong financial position as of December 31, 2023, with $729.2M in cash and equivalents, expected to fund operations into 2027. Collaboration revenue soared to $110.3M in 2023, thanks to a deal with Kite Pharma. R&D expenses saw a slight increase in Q4 but decreased annually due to accounting treatments. G&A expenses rose due to stock-based compensation, leading to a net income of $20.5M in Q4 2023, a significant improvement from a net loss in the previous year.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:29 pm

GOOG

GOOGL

RDDT

Reddit's IPO prospectus reveals a heavy reliance on advertising revenue, a significant partnership with Alphabet Inc. for data licensing, and challenges in turning a profit despite 19 years in operation. The company's valuation expectations above $5 billion raise questions given its current financials and strategy, including a directed share program aimed at creating demand among its user base.

Portfolio Pulse from Surbhi Jain

February 28, 2024 | 9:27 pm

SNOW

Snowflake (NYSE:SNOW) announced the retirement of CEO Frank Slootman and the appointment of Sridhar Ramaswamy as the new CEO. Ramaswamy, previously Senior VP of AI at Snowflake and co-founder of Neeva, will focus on accelerating Snowflake's AI strategy and innovation. Slootman will continue as Chairman of the Board.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:14 pm

ARQT

Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) and Sato Pharmaceutical Co., Ltd. have entered into a strategic collaboration and licensing agreement for the development, manufacture, and commercialization of topical roflumilast in Japan. Arcutis will receive a $25 million upfront payment and is eligible for up to $40 million in milestone payments, plus tiered double-digit royalties. The agreement expands the market for Arcutis's steroid-free treatments for skin conditions in Japan.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:03 pm

SONY

UMGNF

WBD

Universal Music Group NV (UMGNF) is in a dispute with TikTok over music rights, leading to the removal of songs from artists like Harry Styles and Coldplay from the platform. The disagreement centers on payment and AI music use protections. Universal's catalog represents 20-30% of TikTok's popular music. Negotiations with TikTok have stalled, unlike TikTok's successful deals with Sony Group Corp. (SONY) and Warner Bros. Discovery Inc's Warner Music Group (WBD).

Portfolio Pulse from Franca Quarneti

February 28, 2024 | 7:47 pm

F

LCID

LI

RIVN

TSLA

WKSP

Li Auto, Rivian, and Lucid reported their latest earnings with mixed results. Li Auto's shares surged over 25% after reporting a profit, a first among China's EV startups. Rivian and Lucid saw their shares fall due to stagnant production. Worksport Ltd announced it will present at the Centurion One 7th Annual Growth Conference, highlighting its solar-powered tonneau cover and partnership with Ford's F-150 Lightning. The EV market faces challenges from macroeconomic and geopolitical uncertainties.

Portfolio Pulse from Upwallstreet

February 28, 2024 | 6:30 pm

NFLX

Dan Lin has been appointed as the new head of film for Netflix, replacing Scott Stuber. Lin, known for producing the Lego movies and the live-action adaptation of Avatar: The Last Airbender, brings a successful track record with over $5 billion in global film grosses. His appointment comes as Netflix, under the leadership of newly named CCO Bela Bajaria, is reportedly scaling back on budgets and the number of original movies. Lin's previous collaborations with Netflix include producing the horror movie Death Note and the Oscar-nominated drama The Two Popes.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 6:27 pm

TGTX

TG Therapeutics Inc (NASDAQ:TGTX) reported Q4 2023 revenues of $43.97 million, surpassing the consensus of $40.06 million, driven by strong Briumvi U.S. net product revenue of $39.9 million. The company received European Commission approval for Briumvi, partnering with Neuraxpharm for ex-U.S. commercialization. With the successful launch of Briumvi in Europe and additional patents extending protection through 2042, TG Therapeutics forecasts FY 2024 Briumvi U.S. net product revenue of $220 million to $260 million. Shares surged 26.4% to $17.58.

Portfolio Pulse from Vandana Singh

February 28, 2024 | 6:20 pm

TBLA

Taboola.com's shares experienced increased trading volume following a note from Needham indicating that Apple has contracted Taboola.com to monetize Apple News in Canada and Australia. This new partnership is attributed to Taboola's previous success with Yahoo in November 2022, which attracted numerous high-quality brand buyers to Taboola for the first time.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 6:17 pm

DBX

Half Moon Capital, LLC has issued an open letter to Dropbox's Board of Directors, urging a course correction due to concerns over the company's decision to 'deemphasize' its Family Plan. Half Moon Capital criticizes this move as it believes it has contributed to a decline in paying users and left Dropbox vulnerable to competition. The investment firm, being a long-term investor and a user of the service, highlights that the Family Plan accounted for over 50% of new paying user additions in 2023. They argue that the management's view of the Work Family Plan as a loophole is a misinterpretation and that its absence has made Dropbox's entry-level plan significantly more expensive than competitors. Half Moon Capital urges the immediate reinstatement of the Work Family Plan to prevent further value destruction and to help Dropbox return to a more favorable growth trajectory.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 6:03 pm