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Partnerships

IKT

Inhibikase Therapeutics, Inc. (NASDAQ:IKT) announced outcomes of its pre-NDA meeting with the FDA regarding IkT-001Pro, a prodrug of imatinib mesylate for treating blood and stomach cancers. The FDA's feedback was positive, suggesting no need for a formal risk analysis of medication errors and allowing the pursuit of all 11 indications previously approved for imatinib mesylate. The company plans further discussions with the FDA on cardiopulmonary applications of IkT-001Pro in April 2024. IkT-001Pro aims to be a safer alternative to imatinib, with potential benefits for patients with Stable-Phase Chronic Myelogenous Leukemia.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:51 pm

MARA

Marathon Digital Holdings, Inc. (NASDAQ:MARA) has introduced Anduro, a new multi-chain layer-two network on Bitcoin, designed to expand Bitcoin's functionality and encourage its adoption. Anduro aims to facilitate the creation of sidechains for innovation within the Bitcoin ecosystem, with Marathon developing the first two sidechains, Coordinate and Alys. This initiative could potentially introduce a new source of fee revenue for Marathon and increase Bitcoin's adoption by enhancing its programmability and scalability.

Portfolio Pulse from Happy Mohamed

February 28, 2024 | 9:45 pm

FSR

LCID

RIVN

Fisker Inc (NYSE:FSR) is set to report its Q4 financial results, with analysts expecting a significant revenue increase to $310.8 million from last year's $306,000, despite missing revenue estimates for three consecutive quarters. The anticipated loss per share is 27 cents, an improvement from the previous year's 54 cents. Analyst ratings vary, with Goldman Sachs and Barclays having negative outlooks, while Citigroup remains positive. Fisker's shift to a dealer-based sales model and recent dealer partnerships are in focus, alongside its production and delivery numbers for the Fisker Ocean vehicles. The company's stock has fallen 90% over the last year, trading at less than $1.

Portfolio Pulse from Chris Katje

February 28, 2024 | 9:42 pm

OKTA

Okta, Inc. (NASDAQ:OKTA) announced new executive appointments to strengthen its go-to-market team and drive growth. Eric Kelleher is promoted to President, Customer Experience & Communications, Ed Daly to Chief Customer Officer, and Christine Halvorsen joins as CTO, Public Sector. These moves underscore Okta's commitment to customer engagement and innovation, following the company's growth to over $2 billion in revenue and nearly 19,000 customers. The appointments aim to enhance customer experiences, brand loyalty, and identity security solutions.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:36 pm

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

LCID

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