Group 1: Harbour BioMed's Acquisition and Stake in Spruce Biosciences - Harbour BioMed exercised its warrant to acquire common stock in Spruce Biosciences, holding approximately 3.8% of total outstanding shares and 3.1% of fully diluted shares [1] - The warrant was issued to Harbour BioMed's subsidiary and minority shareholders of HBM Alpha Therapeutics in connection with a license and collaboration agreement with Spruce [2] Group 2: Collaboration and Development Efforts - The collaboration aims to advance the development of SPR202, a selective anti-corticotropin-releasing hormone monoclonal antibody for various disorders, including congenital adrenal hyperplasia [3] - Spruce Biosciences secured loan funding of up to $50 million from Avenue Capital Group for growth capital [3] Group 3: Strategic Collaborations and Financial Opportunities - Harbour BioMed announced a global strategic collaboration with AstraZeneca, established in March 2025, and a multi-year collaboration with Bristol Myers Squibb in December 2025 [4] - Potential payments to Harbour BioMed from Bristol Myers Squibb could total $90 million, with development and commercial milestones up to $1.035 billion, along with tiered royalties [5] Group 4: Market Performance of Spruce Biosciences - Benzinga Edge ranks Spruce Biosciences' momentum as weak, with a score of 21 out of 100, indicating underperformance relative to the broader market [6] - Spruce Biosciences shares were unchanged at $71.45 during premarket trading, near its 52-week low of $7.26 [7]

Upgrades - CFRA upgraded Pool Corp. (POOL) to Buy from Hold with a price target of $304 [2] - Piper Sandler upgraded SEI Investments (SEIC) to Overweight from Neutral with a price target of $102, increased from $93, citing SEI as a "clear beneficiary" of the expanding alternatives landscape [2] - TD Cowen upgraded Ametek (AME) to Buy from Hold with a price target of $230, up from $180, noting that backlog remains near highs and is expected to grow [3] Downgrades - TD Cowen downgraded Janus Henderson (JHG) to Hold from Buy with a price target of $49 after the company agreed to be acquired for $7.4 billion or $49.00 per share [4] - Piper Sandler downgraded Clearwater Analytics (CWAN) to Neutral from Overweight with a price target of $24.55, down from $27, following its agreement to be acquired for $24.55 per share in cash [4] - BMO Capital downgraded Brown & Brown (BRO) to Market Perform from Outperform with a price target of $88, down from $90, due to lower consensus organic growth estimates for 2026 [5] - Evercore ISI downgraded Coty (COTY) to In Line from Outperform with a price target of $7, citing a lack of visibility on timing and catalysts for potential value unlock [6] Initiations - Oppenheimer initiated coverage of Spruce Biosciences (SPRB) with an Outperform rating and a price target of $283, supported by FDA confirmation of compelling clinical biomarker data [7] - LifeSci Capital initiated coverage of Sionna Therapeutics (SION) with an Outperform rating and a price target of $60, highlighting multiple quality shots on goal with its therapies [7] - Oppenheimer initiated coverage of Aardvark Therapeutics (AARD) with an Outperform rating and a price target of $35, noting the company's differentiated obesity franchise [7] - JonesResearch initiated coverage of Septerna (SEPN) with a Buy rating and a price target of $43, forecasting $2.5 billion in unadjusted U.S. peak sales in 2035 [7] - Loop Capital initiated coverage of Malibu Boats (MBUU) with a Buy rating and a price target of $34, indicating the marine industry is in the late stages of inventory rationalization [7]

Core Insights - In September, the OTC market in the U.S. welcomed 30 new companies, a decrease of 9 compared to the previous month [1] - There were 5 companies that transitioned from OTC to the main board, an increase of 3 from August [1] - The new listings came from 6 countries, with Canada accounting for 47% of the new companies [1] - As of September 30, 2025, there are 12,278 companies listed on the U.S. OTC market, with a transaction volume of $61.2 billion for the month and $527.1 billion year-to-date [1] New Listings - The following companies were newly listed in September: - EMPIRE METALS LTD (OTCQX: EPMLF) - VERUSA HOLDING A S (OTCQX: VRSHF) - ACG Metals Limited (OTCQX: ACGAF) - FIRST NORDIC METALS CORP. (OTCQX: FNMCF) - Bitcoin Treasury Corporation (OTCQX: BTCFF) - Radisson Mining Resources Inc. (OTCQX: RMRDF) - Bonvenu Bancorp, Inc. (OTCQX: BBNA) - Associated Capital Group, Inc. (OTCQX: ACGP) - Horizon Kinetics Holding Corporation (OTCQX: HKHC) - Capstone Green Energy Holdings Inc. (OTCQX: CGEH) - Pacifica Silver Corp. (OTCQB: PAGFF) - BIONXT SOLUTIONS INC. (OTCQB: BNXTF) - Metalsource Mining Inc. (OTCQB: SFRIF) - Orogen Royalties Inc (OTCQB: OGNNF) - SUPERQ QUANTUM COMPUTING INC (OTCQB: QBTQF) - WESTERN STAR RES INC. (OTCQB: WSRIF) - Top End Energy Limited (OTCQB: SERPY, TNDEF) - Hamak Gold Limited (OTCQB: HASTF) - IMA TECH (OTCQB: IMAA) - TOKENWELL PLATFORMS INC. (OTCQB: TWELF) - Crypto Blockchain Industries, SA (OTCQB: CBIPF) - GREENLAND RES INC. (OTCQB: GRLRF) - Nexcel Metals Corp. (OTCQB: NXXCF) - Atex Resources Inc. (OTCQB: ATXRF) - Longevity Health Holdings, Inc. (OTCQB: XAGE) - PRINCE SILVER CORP (OTCQB: PRNCF) - Grayscale Near Trust (OTCQB: GSNR) - ConnectM Technology Solutions, Inc. (OTCQB: CNTM) - Eco Bright Future, Inc. (OTCQB: EBFI) - dMY Squared Technology Group, Inc. (OTCQB: DMYY, DMYYW) [1] Companies Transitioning to Main Board - Sono Group N.V. transitioned to NASDAQ with the ticker SSM on September 5, 2025, focusing on solar technology development and applications [2] - Sol Strategies, Inc. transitioned to NASDAQ with the ticker STKE on September 9, 2025, specializing in Solana blockchain infrastructure [3] - Spruce Biosciences, Inc. transitioned to NASDAQ with the ticker SPRB on September 15, 2025, focusing on innovative therapies for rare endocrine diseases [7] - Grayscale transitioned to NYSE MKT with the ticker GDLC on September 19, 2025, as a multi-asset cryptocurrency fund [8] - BTQ Technologies Corp. transitioned to NASDAQ with the ticker BTQ on September 26, 2025, focusing on quantum computing and cybersecurity [8]

Group 1: Telomir Pharmaceuticals Inc - Telomir Pharmaceuticals Inc's shares rose 31% to $1.86 in pre-market trading following the release of promising preclinical study results for its lead compound, Telomir-1 [1] - The preclinical study indicated that Telomir-1 was able to reverse abnormal DNA methylation in aggressive prostate cancer models [1] Group 2: Other Stocks in Pre-Market Trading - Spruce Biosciences Inc gained 90.9% to $248.89, while C3is Inc surged 73.3% to $3.83 in pre-market trading [5] - Aptevo Therapeutics Inc increased by 40.2% to $1.98, and Galecto Inc rose 37.5% to $5.10 [5] - Datavault AI Inc surged 27.8% to $2.66, reaffirming its 2H 2025 revenue guidance of $12 million to $15 million [5] - Processa Pharmaceuticals Inc gained 27.5% to $0.36, and BTQ Technologies Corp rose 25.7% to $11.44 [5] - DBV Technologies SA gained 12.8% to $14.99 after announcing the sale of approximately $30 million of ADSs [5] - Amkor Technology Inc jumped 11.2% to $33.99, announcing an expanded investment in semiconductor packaging and testing in Arizona [5] Group 3: Declining Stocks - Society Pass Inc shares dipped 24.6% to $4.00 after a significant jump of 276% on Monday [5] - Dermata Therapeutics Inc fell 19.1% to $4.35, and Aether Holdings Inc declined 16.8% to $4.51 [5] - SANUWAVE Health Inc dipped 14.4% to $34.99, cutting its FY25 revenue guidance from $48 million-$50 million to $44 million-$46 million [5] - Lazydays Holdings Inc fell 12.3% to $2.57, while NOVONIX Ltd tumbled 12.3% to $1.57 [5] - OneMedNet Corp dipped 12.1% to $2.25 after a significant jump of 149% on Monday [5]

Core Insights - Leap Therapeutics Inc. is currently trading at $0.69, reflecting a 9.15% decline in pre-market trading [1] - The company has announced a private placement led by Winklevoss Capital, raising $58.88 million through the issuance of common shares and warrants [2][5] - Leap is initiating a digital asset treasury strategy with the support of Winklevoss Capital, which will also fund the development of its therapeutic programs [3] Financial Performance - Leap reported a loss of $0.40 per share in Q2, which was worse than the analyst estimate of a $0.29 loss, with zero revenue reported [6] - The company has a market capitalization of $31.86 million and a yearly trading range between $0.22 and $4.79 [6] Stock Performance - Leap's stock has increased by 163.34% over the past six months, despite a significant decline of 73.48% since the beginning of the year [7] - The stock closed at $0.76 on Monday, marking a 43.15% increase for that day [7] Strategic Developments - As part of the private placement agreement, Leap will expand its board of directors to 12 members, with Winklevoss Capital nominating two directors [5] - The private placement is expected to close on Wednesday, pending customary closing conditions [5] Clinical Developments - Leap's therapeutic program, sirexatamab, recently completed a Phase 2 trial in colorectal cancer patients, with results to be presented at the ESMO Congress 2025 [4]

Market Overview - U.S. stocks showed mixed trading, with the Nasdaq Composite gaining over 150 points, while the Dow decreased by 0.16% to 46,684.03 and the S&P 500 rose by 0.40% to 6,742.80 [1] - Information technology shares increased by 0.9%, while real estate stocks fell by 0.8% [1] Company Highlights - Advanced Micro Devices (AMD) shares surged over 27% following a significant agreement with OpenAI to deploy up to 6 gigawatts of AMD Instinct GPU power for AI infrastructure [2] - The initial phase of the agreement includes a rollout of 1 gigawatt of AMD Instinct MI450 GPUs in the second half of 2026, with plans for further expansions [2][3] - Spruce Biosciences, Inc. shares increased by 298% after receiving U.S. FDA breakthrough therapy designation for its enzyme replacement therapy [8] - OneMedNet Corporation shares rose by 130% after selecting Palantir Technologies for healthcare AI operations [8] - Critical Metals Corp shares gained 92% after entering a securities purchase agreement to raise $35 million [8] - Quantum Computing Inc shares dropped by 11% following a $75 million oversubscribed private placement announcement [8] - Skye Bioscience, Inc. shares fell by 53% after failing to meet primary endpoints in a study [8] - Dragonfly Energy Holdings Corp shares decreased by 22% after pricing a $25 million public offering [8] Commodity Market - Oil prices increased by 0.8% to $61.37, while gold rose by 1.7% to $3,976.90 [6] - Silver traded up by 1.1% to $48.490, whereas copper fell by 1.2% to $5.0485 [6] European Market - European shares were mixed, with the eurozone's STOXX 600 slipping by 0.02% and Spain's IBEX 35 Index falling by 0.10% [7] - London's FTSE 100 decreased by 0.11%, while Germany's DAX 40 rose by 0.11% and France's CAC 40 dipped by 1.30% [7] Asian Market - Asian markets closed mixed, with Japan's Nikkei 225 gaining 4.75%, Hong Kong's Hang Seng index falling by 0.67%, and India's BSE Sensex increasing by 0.72% [9]

Market Overview - U.S. stocks showed mixed trading, with the Nasdaq Composite gaining over 150 points, while the Dow decreased by 0.16% to 46,684.03 and the S&P 500 rose by 0.40% to 6,742.80 [1] - Information technology shares increased by 0.9%, while real estate stocks fell by 0.8% [1] Company Highlights - Advanced Micro Devices (AMD) shares surged over 27% following a significant agreement with OpenAI to deploy up to 6 gigawatts of AMD Instinct GPU power for AI infrastructure [2] - The initial phase of the agreement includes a rollout of 1 gigawatt of AMD Instinct MI450 GPUs in the second half of 2026, with plans for further expansions across multiple generations of AMD's data center chips [2][3] - Spruce Biosciences, Inc. shares increased by 298% after receiving U.S. FDA breakthrough therapy designation for its enzyme replacement therapy for Sanfilippo Syndrome Type B [8] - OneMedNet Corporation shares rose by 130% after selecting Palantir Technologies to enhance its healthcare AI and real-world data analytics operations [8] - Critical Metals Corp shares gained 92% after entering a securities purchase agreement to raise $35 million through a private investment in public equity transaction [8] - Quantum Computing Inc shares dropped 11% following a $75 million oversubscribed private placement announcement [8] - Skye Bioscience, Inc. shares fell by 53% after its monotherapy arm did not meet primary endpoint in a study [8] - Dragonfly Energy Holdings Corp shares decreased by 22% after pricing a $25 million underwritten public offering [8] Commodity Market - Oil prices increased by 0.8% to $61.37, while gold rose by 1.7% to $3,976.90 [6] - Silver traded up 1.1% to $48.490, whereas copper fell by 1.2% to $5.0485 [6] International Markets - European shares were mixed, with the eurozone's STOXX 600 slipping 0.02% and Spain's IBEX 35 Index falling 0.10% [7] - Asian markets closed mixed, with Japan's Nikkei 225 gaining 4.75% and Hong Kong's Hang Seng index falling 0.67% [9]

Market Overview - U.S. stocks showed mixed performance with the Dow Jones index falling over 100 points, down 0.23% to 46,651.42, while NASDAQ rose 0.37% to 22,865.21 and S&P 500 gained 0.20% to 6,729.08 [1] - In commodities, oil increased by 0.7% to $61.28, gold rose 1.8% to $3,977.90, silver was up 1.1% to $48.485, and copper fell 1.4% to $5.0365 [6] Company Highlights - Advanced Micro Devices (AMD) shares surged over 27% following a significant agreement with OpenAI to deploy up to 6 gigawatts of AMD Instinct GPU power for AI infrastructure, with an initial rollout of 1 gigawatt of MI450 GPUs planned for the second half of 2026 [2][3] - Spruce Biosciences, Inc. saw its shares increase by 316% to $36.73 after receiving U.S. FDA breakthrough therapy designation for its enzyme replacement therapy for Sanfilippo Syndrome Type B [9] - OneMedNet Corporation's shares surged 143% to $2.4999 after selecting Palantir Technologies to enhance its healthcare AI and real-world data analytics operations [9] - Society Pass Incorporated's shares rose by 113% to $2.9987 [9] - Lixiang Education Holding Co., Ltd. experienced a drop of 58% to $1.19 [9] - Skye Bioscience, Inc. shares fell 54% to $2.18 after failing to meet primary endpoints in a study [9] - Dragonfly Energy Holdings Corp. shares decreased by 28% to $1.36 following a $25 million public offering priced at $1.25 per share [9] International Markets - European shares were mixed, with the eurozone's STOXX 600 gaining 0.1%, while Spain's IBEX 35 Index and London's FTSE 100 both fell by 0.1% [7] - Asian markets closed mixed, with Japan's Nikkei 225 gaining 4.75%, Hong Kong's Hang Seng index falling 0.67%, and India's BSE Sensex rising 0.72% [10]

Company Developments - Advanced Micro Devices (NASDAQ:AMD) shares surged over 27% following a landmark agreement with OpenAI to deploy up to 6 gigawatts of AMD Instinct GPU power for AI infrastructure [2][3] - The initial phase includes a rollout of 1 gigawatt of AMD Instinct MI450 GPUs in the second half of 2026, with plans for further expansions across multiple generations of AMD's data center chips [2] Market Movements - Spruce Biosciences, Inc. (NASDAQ:SPRB) shares increased by 316% after receiving U.S. FDA breakthrough therapy designation for its enzyme replacement therapy for Sanfilippo Syndrome Type B [9] - OneMedNet Corporation (NASDAQ:ONMD) shares surged 143% after selecting Palantir Technologies to enhance its healthcare AI and real-world data analytics operations [9] - Society Pass Incorporated (NASDAQ:SOPA) shares rose by 113% [9] - Lixiang Education Holding Co., Ltd. (NASDAQ:LXEH) shares fell 58% [9] - Skye Bioscience, Inc. (NASDAQ:SKYE) shares dropped 54% after failing to meet primary endpoint in a study [9] - Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) shares decreased by 28% following a $25 million public offering announcement [9] Commodity Updates - Oil prices increased by 0.7% to $61.28, while gold rose by 1.8% to $3,977.90 [6] - Silver traded up 1.1% to $48.485, whereas copper fell by 1.4% to $5.0365 [6]

Core Viewpoint - Premarket trading is showing notable activity with significant price movements indicating potential investment opportunities before the market opens [1] Premarket Gainers - Concorde International Group Ltd. (CIGL) increased by 53% to $3.94 [3] - Fermi Inc. Common Stock (FRMI) rose by 13% to $36.99 [3] - Kodiak AI, Inc. (KDK) also saw a 13% increase, reaching $6.76 [3] - AngioDynamics, Inc. (ANGO) gained 12%, trading at $12.45 [3] - Angel Studios, Inc. (ANGX) was up 11% at $8.51 [3] - Spruce Biosciences, Inc. (SPRB) increased by 9% to $9.75 [3] - K Wave Media Ltd. (KWM) rose by 9% to $2.66 [3] - Shoals Technologies Group, Inc. (SHLS) saw an 8% increase, trading at $8.59 [3] - StableX Technologies, Inc. (SBLX) was up 7% at $5.65 [3] Premarket Losers - Uni-Fuels Holdings Limited (UFG) decreased by 51% to $2.42 [4] - Akanda Corp. (AKAN) fell by 13% to $2.91 [4] - Equifax Inc. (EFX) dropped 11%, trading at $224.57 [4] - TransUnion (TRU) also saw an 11% decline, reaching $73.24 [4] - Bolt Biotherapeutics, Inc. (BOLT) decreased by 11% to $4.99 [4] - Dogwood Therapeutics, Inc. (DWTX) fell by 8% to $6.50 [4] - Galaxy Payroll Group Limited (GLXG) decreased by 8% to $4.52 [4] - Old Market Capital Corporation (OMCC) dropped 7% to $5.08 [4] - Entero Therapeutics, Inc. (ENTO) fell by 7% to $3.96 [4] - Flux Power Holdings, Inc. (FLUX) decreased by 7% to $3.74 [4]