Author: Mahrukh Rehan

Alibaba Group Holding Limited (BABA) has experienced an incline of 5.56% in the premarket today. However, the last trading session concluded at $161.52 with an increase of 3.54%.

Investment of RMB100 billion to Promote Common Prosperity

On 3 September 2021, BABA announced an RMB 100 billion (US$15.5 billion) investment in ten important programs aimed at promoting China’s shared prosperity. Alibaba Group Chairman and Chief Executive Officer Daniel Zhang will lead the Committee. The committee will be tasked with delivering on the major goals by 2025.

Last but not least, technology innovation, economic development, high-quality job creation, care for disadvantaged populations, and the establishment of a common prosperity development fund are among the five main topics addressed by the projects.

BABA announced  June Quarter 2021 Results

BABA reported June quarter 2021 results on 3^rd August 2021. Revenue increased by 34% year over year to RMB205,740 million (US$31,865 million). For the twelve months ended June 30, 2021, global annual active users of the Alibaba Ecosystem totaled over 1.18 billion, up 45 million from the previous twelve months. Moreover, operations generated RMB33,603 million (US$5,204 million) in net cash. Non-GAAP free cash flow was RMB20,683 million (US$3,203 million), down from RMB20,683 million in the prior year.

In the same quarter of 2020, BABA lost RMB36,570 million. This owed to a partial settlement in the sum of RMB36,570 million. RMB9,114 million (US$1,412 million) of the RMB18,228 million punishment imposed by the Chinese government earlier this year. China’s State Administration for Market Regulation is responsible for enforcing China’s Anti-monopoly Law.

Olympic Broadcasting Services

On 29^th July 2021, BABA announced that for the first time, during the Olympic Games in Tokyo 2020, Alibaba’s cloud technologies will assist service delivery for Rights-Holding Broadcasters. Built on Alibaba Cloud’s platform, OBS Cloud enables innovative content distribution models that improve operational efficiency and agility. Furthermore, Alibaba Cloud is Alibaba Group’s digital technology and intelligence backbone, as well as a Worldwide TOP Partner. OBS Cloud is a cloud-based broadcasting system developed by OBS and Alibaba. Lastly, it will assist to revolutionise the media business for the digital era.

BABA Provides Cloud Pin at the Olympic Games

At the Olympic Games Tokyo 2020, Alibaba Group, the IOC’s Worldwide TOP Partner, has launched the Alibaba Cloud Pin on 19^th July 2021. Moreover, it is a cloud-based digital pin for broadcasters and media practitioners. During the Olympic Games, the digital wearable allows media professionals to engage with one another and transfer social media contact information.

Yumanity Therapeutics, Inc. (YMTX) has seen an incline of 14.94% in the aftermarket. However, the last trading session closed at $9.17 with a decrease of 0.76%.

YMTX announces Inducement Grant Under Nasdaq Listing Rule 5635

YMTX announced the inducement grand under Nasdaq listing rule on 9^th September 2021. The company also reported the issuance of a non-statutory stock option for the purchase of up to 30,000 shares of YMTX common stock. Moreover, the option will vest over four years, with 25% of the shares vesting on the first anniversary of the employee’s new hiring date. The stock option has a ten-year duration and is subject to the terms and conditions.

The grant will be covered by an inducement plan as well as a stock option agreement. In compliance with Nasdaq Listing Rule, the stock option was provided to the employee as an inducement to join YMTX.

New Appointment in YMTX

YMTX reported a new appointment on 16^th August 2021. Michael D. Wyzga is the new Chief Financial Officer of the company. Mr. Wyzga has worked in the healthcare finance field for over a decade. He comes to the Company after serving as Vice President in the Healthcare Investment Banking division at Needham. Mr. Wyzga provided strategic and financial assistance to clients in the life sciences industry while at Needham, as well as executing several initial public offerings, follow-on issues, private placements, mergers and acquisitions, and other transactions.

Second Quarter 2021 Financial Results

YMTX revealed the financial results of its second-quarter 2021 on 12^th August. Cash, cash equivalents, and investments were $55.6 million compared to $85.3 million at the end of the previous fiscal year. The drop was attributable to expenditures associated with the Business’s reverse merger with Proteostasis Therapeutics. Research and development costs totaled $7.3 million, up from $3.9 million in the preceding year’s similar period.

General and administrative costs were $4.7 million in the second quarter of 2021, up from $2.6 million in the previous year’s similar period. Increased professional services expenses connected with operating as a public business were largely responsible for the increase. In addition, the business recorded a net loss of $10.5 million compared to a net loss of $7.0 million. Lastly, higher research and development costs, as well as higher general and administrative costs, contributed to the rise.

Ra Medical Systems, Inc. (RMED) inclines to 11.3% in the aftermarket. However, the last trading session concluded at $2.92 with decrease of 3.63%.

RMED reported Second Quarter 2021 Financial results

RMED announced second quarter 2021 financial results on 16^th August 2021. Product sales were $0.3 million and service and other revenue came up to be $0.7 million. In the second quarter of 2020, net revenue was $0.9 million, while the net revenue from the vascular section was zero. The dermatological segment’s net revenue in the second quarter of 2021 was $1.0 million.

Total revenue cost was $1.5 million in the second quarter of 2021, compared to $1.2 million in the second quarter of 2020. The selling, general, and administrative expenditures were $3.7 million, which included $0.8 million in stock-based compensation. Lastly, on 4.1 million weighted-average shares issued, the net loss for the second quarter of 2021 was $5.2 million.

Sale of Pharos Dermatology Business

On 16^th August 2021, RMED reported that STRATA Skin Sciences has acquired the Pharos dermatology company for $3.7 million in cash. Psoriasis, vitiligo, atopic dermatitis, and leukoderma are all treated with the Pharos excimer laser, which is FDA-approved. The company thinks that this deal is in RMED’s best interests since they plan to maximize value with a strategy. This strategy will continue to focus on the big and expanding PAD market.

RMED’s strategy is to devote all of its efforts to achieving value-creating milestones for its next-generation DABRA catheter devices, as well as completing the clinical trial to secure an FDA atherectomy indication. Hence, the deal provides RMED with immediate liquidity to support these efforts while also reducing their future cash burn.

Guidewire-Compatible Catheter Design and Update on Atherectomy Trial Enrollment

On 29^th June 2021, RMED reported progress in finalizing the next-generation guidewire-compatible DABRA catheter design. DABRA is the company’s minimally invasive excimer laser technology for treating arterial blockages. The firm also reports that enrolment in its key atherectomy clinical study using the DABRA excimer laser system has reached 62 participants. Almost 100 people took part in this study. Finally, RMED has managed to make substantial progress to bring a guidewire-compatible platform of their next-generation catheter to market.

Oyster Point Pharma, Inc. (OYST) increased by 5.79% in the aftermarket. However, the last trading session closed at $11.05 with an incline of 0.36%.

OYST Reports Inducement Grants Under Nasdaq Listing Rule

On 1^st September 2021, OYST announced that the company’s Board of Directors issued inducement non-qualified stock options to 110 new employees to acquire an aggregate of 177,000 shares of common stock. Each preferred stock has an exercise price per share of $13.44.

However, Oyster Point’s is closing current value on the grant date and will vest over four years, with 1/4th of the underlying shares vesting on the first year anniversary. In line with NASDAQ Listing Rule, the Compensation Committee of Oyster Point’s Board of Directors authorised the awards.

Exclusive License Agreement with Ji Xing Pharmaceuticals to Develop and Commercialize OC-01 and OC-02 in Greater China

Ji Xing Pharmaceuticals has signed an exclusive license and partnership agreement to develop and market OC-01 and OC-02 nasal sprays on 5^th August 2021. Ji Xing is a Shanghai-based biotechnology firm created by RTW Investments, LP (RTW), with the goal of providing breakthrough medications to underserved Chinese patients suffering from refractory, severe, and life-threatening illnesses. This deal strengthens the cash position while allowing OYST to provide OC-01 (varenicline) and OC-02 (simpinicline) nasal sprays. Lastly, these are for patients with dry eye illness throughout the world.

New Chairperson Appointment to Board of Directors

OYST announced the appointment of the new chairperson to the board of directors on 2^nd August 2021. Donald Santel is the new non-executive Chairperson and a Director of Oyster Point Pharma. He is also a member of the Compensation Committee. Moreover, Don joined the Board on July 30, 2021, and will succeed Ali Behbahani, M.D. as Chairperson. Donald is thrilled to join a business that is focused on being a pioneer in developing treatments. He is looking forward to working closely with Jeff and the rest of the Board as they grow this firm over the next few years.

Build-A-Bear Workshop, Inc. (BBW) rose by 5.04% in the aftermarket. However, the last trading session concluded at $16.46 with a decrease of 2.83%.

BBW Celebrates Back to School Season

On 7^th September 2021, Build-A-Bear announced that it has added some magical new items to its Harry Potter-themed collection. Guests may wear new clothes and accessories to express their House pride, participate in a quest to gather House relics, or fly away with Hedwig and Buckbeak! Moreover, the company is excited to be bringing more magical fun to Build-A-Bear Workshop.

Wizarding World lovers will be enthralled by these new additions to our Harry Potter collection. Whether a person is looking for the ideal present for the Harry Potter enthusiast in life or adding a new furry companion to one’s own collection, this fascinating variety offers something for everyone!

Increased Revenues and Pre-tax Income in Fiscal 2021 Second Quarter

BBW reported second-quarter fiscal 2021 results on 26^th August 2021. According to the report:

• Total revenue was $94.7 million, up 134.7 per cent from $40.4 million in the second quarter of fiscal 2020.
• Net retail sales were $91.3 million, up 132.1 per cent from $39.3 million in the second quarter of fiscal 2020.
• Temporary shop closures and the online exclusive releases of certain big, licenced titles boosted digital demand in 2020.
• Moreover, the Commercial and international franchise revenue was $3.4 million in the second quarter of fiscal 2020.
• The gross profit margin in the second quarter of fiscal 2020 was 53.2 per cent, compared to 18.7 per cent in the second quarter of fiscal 2019. Lastly, in comparison to the second quarter of fiscal 2020, the gross profit margin increased by 3,450 basis points, and by 910 basis points from the second quarter of fiscal 2019.

Increased Revenues and Pre-Tax Income in Fiscal 2021 First Quarter

BBW announced first-quarter fiscal 2021 results on 26^th May 2021. According to the reports published by the company:

• Total revenue was $91.7 million, up 96.7 per cent from $46.6 million in the first quarter of fiscal 2020.
• Net retail sales were $89.2 million, up 95.4 per cent from $45.6 million in the first quarter of fiscal 2020.
• Revenues from commercial and international franchises were $2.5 million in the first quarter of fiscal 2020.
• Compared to 17.3 per cent in the fiscal 2020 first quarter and 45.3 per cent in the fiscal 2019 first quarter, the gross profit margin was 52.8 per cent. Despite continued effects from the pandemic and periodic shop closures owing to local limitations, the gross profit margin increased by 3,550 basis points in 2020 and 750 basis points in 2019. Last but not least, the 2021 results reflected increased product margins and a reduction in fixed occupancy costs.

America First Multifamily Investors, L.P. (ATAX) saw a push of 5.25% in the aftermarket. However, the last trading session closed at $6.09 with a decline of 1.14%.

Closing of Public Offering of Beneficial Unit Certificates

On 28^th September 2021, ATAX stated that it has completed its previously announced underwritten public offering of 4,750,000 beneficial unit certificates. Moreover, it represented assigned limited partnership interests for $6.10 per BUC. The Partnership also stated that the underwriters had fully exercised their option to acquire an additional 712,500 BUCs for $6.10 each. As a consequence of the offering, the Partnership issued 5,462,500 BUCs in total. Lastly, the Partnership received about $31.5 million in net proceeds from the offering.

Sale of Vantage at Bulverde

On 31^st August 2021, ATAX reported that the managing member of Vantage at Bulverde sold Vantage at Bulverde. It is a 288-unit market-rate multifamily property situated in Bulverde. The Partnership first invested in the property in March 2018, and it has already committed $8.6 million in equity.

The Partnership got about $18.9 million in net cash at the close of the sale. Furthermore, the value of the company’s equity investing approach for the benefit of unitholders is demonstrated by the investment in the Vantage at Bulverde property. The company promises to keep working with Vantage to explore possibilities for more investment in this asset class as a result of achievements like this.

ATAX Extends Maturity of $50 Million Line of Credit

ATAX announces extending the maturity of a $50 million line of credit on 25^th August 2021. Bankers Trust Company engaged in an Amended and Restated Credit Agreement with a maximum investment of $50 million for a guaranteed non-operating line of credit. The Amended Credit Agreement adjusts certain provisions of the Partnership’s previous Credit Agreement with Bankers Trust.

Also, the Partnership also signed a new Revolving Note with a margin based on the Wall Street Journal Prime Rate plus a margin. The Amended Credit Agreement cements our long-standing partnership with Bankers Trust. Lastly, the $50 million Non-operating LOC is a wonderful source of capital for ATAX’s investment purchases.

ATAX announced Second Quarter 2021 Financial Results

ATAX published second quarter 2021 financial results on 5^th August 2021. According to the report:

• On the Partnership’s initial investment of $10.7 million in November 2017, profits from the sale of Vantage at Powdersville in South Carolina totalled $20.1 million.
• Advance cash totalling $26.5 million for five current GIL investment commitments.
• Obtained a fresh line of credit from two financial institutions for up to $40.0 million.

Urban-gro, Inc. (UGRO) experiences an incline of 5.52% in the aftermarket. However, the last trading session concluded at $12.87 with a decrease of 3.88%.

XS Financial Enters into Strategic Partnership with UGRO

On 5^th October 2021, URGO and XS have formed a strategic collaboration. This agreement allows XS Financial to provide CAPEX leasing options to urban-gro clients while also giving XS customers access to urban-vendors gro’s and increased purchasing power.

Many of the industry’s major multi-state and single-state operators have entrusted XS Financial and UGRO with their business. By funding the purchase of equipment for a common MSO client, the two firms have already proved their mutual success. Last but not least, the company is expanding its syndication desk, giving XS more non-recourse and non-dilutive capital market access.

Second Quarter 2021 Financial Results

UGRO announced second-quarter 2021 financial results on 11^th August 2021. In the second quarter of 2021, urban-gro turned a profit, earning $1.3 million in net income compared to a net loss of $1.6 million in the first quarter of 2021. This owed to increased revenues, gross profits, and debt forgiveness. In Q2 2021, revenue reached a new high of $12.8 million, up from $12.0 million in Q1 2021 and $4.0 million in Q2 2020.

Moreover, Adjusted EBITDA reached a new high of $0.6 million, up from $0.5 million in the first quarter. Revenues grew by 201 per cent to $24.9 million in the first half of 2021. From a loss of $2.3 million, adjusted EBITDA increased by $2.3 million to $1.1 million, while income from operations increased by $2.7 million to $0.4 million.

Acquisition of MJ12 Design Studio

UGRO announced the acquisition of MJ12 Design Studio on 2^nd August 2021. 2WR of Georgia and 2WR of Colorado have been acquired by MJ12 Design Studio. The purchase expands urban-capabilities gro’s to include early-stage conceptual design and planning. This will result in the industry’s first fully-integrated architectural, engineering, and cultivation systems firm serving the cannabis and food-focused CEA sectors.

Moreover, the $9.1 million deal was a mix of cash and UGRO common stock (issued from corporate treasury stock from a previous buyback program). Lastly, this is done with a contingent consideration of up to $2.0 million dependent.

The Glimpse Group, Inc. (VRAR) has seen a sudden increase of 5.34% in the aftermarket. However, the last trading session closed at $7.31 with an incline of 0.83%.

QReal Hires Leading Instagram Enterprise Augmented Reality Experience Designer, Ege Islekel, as Creative Manager

On 5^th October 2021, VRAR stated that the company has hired Ege Islekel as the Creative Manager. Mr Islekel started designing the Facebook Spark AR Experience in early 2018 after completing his master’s degree. He became one of the most popular designers in the Facebook Spark AR Community.

Mr Islekel has designed and built over 100 branded AR Instagram effects for well-known worldwide businesses. He has a lot of expertise with AR filters, photorealistic rendering, 3D modelling, and animation, and he’ll now be in charge of QReal’s Instagram AR Lens development and AR design process.

Acquisition of 11th Subsidiary Company: XR Terra

VRAR stated on 30^th September 2021 that it has purchased the assets of XR Terra, a Boston-based firm, with a closing date of October 1, 2021.

Moreover, XR Terra was created in 2019 in response to the rising demand for a structured, outcome-oriented training program. XR Terra collaborates with XR specialists, business partners, and academic institutions to develop an industry-driven training programme with the objective of graduating market-competitive XR talent and matching each programme graduate with XR jobs at top companies. Lastly, XR Terra made around $0.5 million in revenue in its first fiscal year of operation, mostly from direct to consumer (B2C) sales.

VRAR reported the fiscal Year 2021 Financial Results

VRAR announced the fiscal year 2021 financial results on 28^th September 2021. Total revenue for the year ended June 30, 2021, was about $3.42 million. Despite severe COVID-19-related obstacles, this growth was accomplished because of the acquisition of new clients. The gross profit margin for the year ended June 30, 2021, was about 57 per cent. Furthermore, the rise in gross profit margin was largely attributable to increasing income from services. For the year ended June 30, 2021, the cash-based gross profit margin was approximately 74 per cent, excluding the stock option-based cost of revenue costs, compared to roughly 53 per cent for the year ended June 30, 2020. Finally, operating costs for the fiscal year ended June 30, 2021, was about $6.67 million.

Achieve Life Sciences, Inc. (ACHV) has seen an incline of 6.56% in the aftermarket. However, the last trading session closed at $8.39 with an increase of 1.08%.

Expansion of Cytisinicline Clinical Operations Team and Granting of Inducement Awards

On 13^th August 2021, ACHV announced the employment of a Director of Clinical Operations, a Senior Manager of Clinical Trials, and a Senior Director of Biometrics to the company’s Clinical Operations Team. Firstly, the Board of Directors of ACHV approved three additional employment incentive stock option awards. Secondly, in line with Nasdaq Listing Rule 5635(c), ACHV issued the stock options to these individuals as a substantial incentive for signing employment agreements with the company.

Thirdly, the stock options are structured similarly to Achieve’s 2018 Equity Incentive Plan, with a per-share exercise price equal to the closing price of Achieve’s common stock on the grant date. ACHV options vest over the course of four years, with 25% vesting on the first anniversary of the workers’ individual start dates. Lastly, the stock options have a 10-year duration and are subject to the stock option agreements’ terms and restrictions.

Second-quarter 2021 Results

ACHV announced second-quarter 2021 financial results on 12^th August 2021. According to the report, at 17 clinical locations across the United States, the Phase 3 ORCA-2 study enrolled 810 adult smokers. The main objective in the six and twelve-week cytisinicline treatment groups is biochemically confirmed during the last four weeks of therapy compared to placebo. The cash, cash equivalents, and restricted cash balances of the firm were $42.1 million as of June 30, 2021. Total operating expenditures were $11.3 million and $19.3 million, respectively, for the three and six months ended June 30, 2021. Lastly, the company lost $11.3 million and $19.3 million in the three and six months.

ACHV Announces Two Patents Granted by USPTO for Novel Cytisinicline Dosing and Administration Regimen

On 11^th August 2021, The United States Patent and Trademark Office (USPTO) has issued U.S. Patent No. 11,083,715 and U.S. Patent No. 11,083,716 for a new 3.0 mg TID cytisinicline dosage regimen. The patents cover the planned 3.0 mg commercial dosage of cytisinicline given TID. They are based on findings from the ORCA-1 clinical trial, which looked at different doses and administrations of the drug.

Moreover, the claims of ACHV will encompass this innovative dosage and administration route. Not only this but it promotes the decrease and/or cessation of smoking and vaping in treatment-naive and refractory patients who have failed previous smoking cessation therapies. The patents will expire in the third quarter of 2040, except for any possible patent term extensions.

Lava Therapeutics B.V. (LVTX) has experienced a decline of 13.92% in the aftermarket. However, the last trading session concluded at $7.11 with an incline of 16.94%.

LVTX to Present its Bispecific Gamma Delta T Cell Engagers

On 7^th October 2021, LVTX announced that the chief scientific officer, Hans van der Vliet, will speak at the AACR-NCI-EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics. The Conference will take place within 7-10^th October 2021.

Furthermore, Gamma delta T cells play an essential role in antitumor immunity. Hans is excited to present the platform approach to leveraging the powerful and precise anticancer capabilities of V9V2 T cells. He will also disclose the preclinical results from the LVTX program revealing an appealing therapeutic window that supports going into the clinic last quarter.

Second Quarter 2021 Financial Results

LVTX reported second-quarter 2021 financial results on 16^th August 2021. As of June 30, 2021, cash and cash equivalents were €128.4 million, up from €12.9 million at the end of 2020. Moreover, proceeds from the Series C funding and subsequent IPO during the first quarter of 2021 contributed to the growth in cash and cash equivalents of LVTX, which was somewhat offset by operational expenditures.

Moreover, the research and license revenue grew to €0.9 million and €1.8 million, respectively, compared to €0.6 million and €1.8 million for the same period last year. Increases in personnel and expenditures connected with the start of our LAVA-051 clinical study contributed to the rise for the three months. Lastly, general, and administrative expenditures were €1.9 million and €3.3 million, respectively.

New Appointment to LPTX

LPTX announced the new appointments in the company on 27^th July 2021. Amy Garabedian is the new general attorney and corporate secretary. Ms. Garabedian is a seasoned executive in the life sciences business with substantial corporate and transactional experience. LVTX welcomes Amy to the executive team with great pleasure. Amy’s demonstrated expertise in a wide range of complex strategic legal and corporate matters.

Amy Garabedian has over 15 years of expertise advising pharmaceutical and biopharmaceutical firms. Moreover, Ms Garabedian was most recently an associate general counsel at Spark Therapeutics (Roche). There she assisted in the official start of the first gene therapy in the United States. She also oversaw key business development transactions that enabled preclinical, clinical, and standalone executable development.