Executive Summary
The May 20, 2026 batch of 23 NASDAQ-100 filings reveals a sharply bifurcated market: mega-cap semiconductor leaders NVIDIA and Analog Devices post explosive growth (85% and 37% YoY revenue gains), while micro-cap clinical-stage and pre-revenue companies (Immunovant, Aditxt, Loan AI, Mosaic) show accelerating cash burns, widening losses, and deteriorating balance sheets.
Period-over-period comparisons confirm an AI-driven investment cycle is compressing margins at scale—NVIDIA's R&D spend surged 58.5% YoY, Intuit's R&D rose 18.8%—despite strong top-line growth. Capital allocation trends diverge sharply: NVIDIA announced an $80B buyback and 25x dividend hike, and Starbucks retired $1.32B in debt, contrasting with cash-strapped biotechs drawing on dilutive equity offerings (Immunovant raised $544M). Insider activity shows no direct selling signals in this batch, but shareholder dissent at Iridium (13.2% against say-on-pay) and ADI's $29M severance program hint at governance and restructuring risks. The portfolio-level takeaway is a 'growth-at-a-cost' regime favoring dominant AI beneficiaries, while speculative names face a liquidity crunch.
Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →
Filing types in this digest: 10-Q · 8-K · 10-K · 13F
Tracking the trend? Catch up on the prior Nasdaq 100 Stocks SEC Filings digest from May 19, 2026.
Investment Signals (8)
- NVIDIA ↓ (BULLISH)▲
Record Q1 FY27 revenue of $81.6B (+85% YoY, +20% QoQ), Data Center $75.2B (+92% YoY), GAAP net income tripled to $58.3B. Board approved $80B additional buyback and dividend hike from $0.01 to $0.25/share (+2,400%). Non-GAAP EPS $1.87 (+140% YoY)
- Analog Devices ↓ (BULLISH)▲
Q2 FY26 record revenue $3.62B (+37% YoY), Industrial segment surged 56% and Communications 79%. GAAP operating margin improved 1,240 bps to 38.1%. Q3 guidance midpoint $3.9B (+7.7% QoQ) and adjusted EPS $3.30 (+67% YoY). Bookings at record levels across B2B
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Q3 FY26 revenue $8.56B (+10.4% YoY), service revenue +11.3% to $7.76B. Operating income +8.1% to $4.02B. However, announced 17% workforce reduction with $300-340M restructuring charges—a cost discipline signal masking margin pressure from R&D (+18.8%) and S&M (+10.8%) growth [BULLISH/NEUTRAL]
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IMVT-1402 D2T RA data shows ACR20 72.7%, ACR50 54.5%, ACR70 35.8% at Week 16 in difficult-to-treat population. In JAKi/anti-TNF failures (N=107), ACR20 72%. Cash runway to potential Graves' disease launch ($902M). Net loss widened 22% to $505.6M FY2026 but pipeline value supports thesis [BULLISH on catalyst]
- Gilead Sciences ↓ (BULLISH)▲
Issued $3.0B in senior notes (4 tranches, 4.25%-4.90%) for general corporate purposes including acquisitions. Debt financing at attractive rates signals M&A appetite and balance sheet confidence despite $3B new leverage
- Starbucks ↓ (BULLISH)▲
Completed $1.32B debt tender (upsized), retiring 5 series of senior notes early. No further purchases planned. Deleveraging and balance sheet optimization support credit profile; frees up cash flow for dividends/buybacks
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13F shows top holdings VOO ($16.1M), QQQ ($12.5M), SCHR ($10.2M). Largest single stock: JPM ($2.76M). Bitcoin ETF exposure at $553K. Conservative positioning suggests institutional caution on equity risk into mid-2026 [NEUTRAL/BEARISH on market]
- Iridium Communications ↓ (NEUTRAL)▲
Shareholders approved equity plan with 69.9M for/6.95M against (9.1% opposition). Say-on-pay had 13.2% against—elevated dissent but not controlling. $0.15/share dividend declared. Steady cash returns, manageable governance friction
Risk Flags (9)
- NVIDIA/China Exposure Risk↓ [HIGH RISK]▼
Q2 guidance assumes NO Data Center compute revenue from China. If this restriction persists or widens, it represents a ~$5-8B quarterly risk given DC revenue of $75.2B. GAAP gross margin slipped 10 bps QoQ despite revenue scale
- Analog Devices/Restructuring Severance↓ [MEDIUM RISK]▼
Recorded $29.1M in employee severance costs under global repositioning. Accrued special charges were $13.4M at May 2, down from $31.2M. Restructuring at a peak revenue cycle raises questions about cost structure sustainability
- Immunovant/Cash Burn Acceleration↓ [HIGH RISK]▼
FY2026 operating cash burn of $407.3M (up 8.3% YoY), net loss $505.6M (+22% YoY). R&D spend $456.7M (+26.5% YoY). Cash balance $902.1M provides ~2-year runway pre-commercialization, but any pipeline setback accelerates dilution risk
- Intuit/Massive Restructuring↓ [MEDIUM RISK]▼
17% workforce reduction, $300-340M charges. While cost discipline is positive, a cut of this magnitude indicates business model transformation pressure. Execution risk on headcount reduction while maintaining innovation velocity
- Aditxt/Liquidity Crisis↓ [HIGH RISK]▼
Cash collapsed from $3.2M to $269K in one quarter. Revenue only $12,159. Stockholders' equity swung to -$35.2M deficit. Derivative liabilities of $35.5M. Goodwill of $537K from Ignite Acquisition with no revenue integration visible. Going concern risk is extreme
- Welsbach Evolution Metals/Negative Equity & Liabilities [HIGH RISK]▼
Net loss $441.6M driven by $425.2M non-cash fair value loss. Stockholders' deficit -$24.6M, current liabilities $92.8M vs current assets $11.3M. Cash fell 53.9% to $5.4M. SPAC sustainability risk
- Loan Artificial Intelligence/Zero Cash Runway↓ [HIGH RISK]▼
No revenue, net loss $8,641, cash $0, stockholders' deficit -$198,347. Accumulated loss -$10.6M. Related party debt $177,767. Inability to fund operations without additional dilutive financing—delisting risk
- Mosaic ImmunoEngineering/Cash Nearing Zero↓ [HIGH RISK]▼
Cash dropped from $3,622 to $72—effectively insolvent. No revenue, net loss $175K. R&D spend only $15.9K suggesting pipeline inactivity. Relies entirely on convertible note financing. Going concern probable
- NVIDIA/Inventory Buildup↓ [MEDIUM RISK]▼
Inventories surged 20% QoQ to $25.8B. While demand-driven, this is the highest absolute inventory level in company history. Any demand moderation would trigger significant reserve risks
Opportunities (8)
- NVIDIA/Scale-Driven Margin Expansion↓ (OPPORTUNITY)◆
Despite 10 bps QoQ gross margin dip, operating margins expanded on revenue scale. $80B buyback authorization (10% of market cap) and 25x dividend increase show management's confidence in cash flow. With $50.3B operating cash flow in a single quarter, valuation normalizes as EPS compounds
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Communications revenue surged 79% YoY, Industrial +56%, indicating a broad-based industrial/telecom recovery. Q3 guidance implies continued momentum. At 38.1% GAAP operating margin with expansion trend, operating leverage is underappreciated
- Immunovant/D2T RA Data Catalyst↓ (OPPORTUNITY)◆
IMVT-1402 ACR20 72.7% in a population with mean 12.8 years disease duration and 6.1 DAS28-CRP score is compelling. With JAKi/anti-TNF failures responding at 72% ACR20, there is clear differentiation. Cash to potential Graves' launch; data readouts will be major catalysts
- Intuit/Post-Restructuring Margin Rebound↓ (OPPORTUNITY)◆
17% workforce reduction implies ~$2B annualized cost savings vs $300-340M one-time charge. As restructuring completes by October 2026, operating margins should expand 200-400 bps from current levels. Dividend $1.20/share declared
- Gilead/Strategic M&A Optionality↓ (OPPORTUNITY)◆
$3.0B debt raise at 4.25-4.90% for 'acquisitions and strategic transactions.' In a sector where biotech valuations are compressed, GILD has firepower and a strengthening balance sheet. Watch for bolt-on acquisitions in oncology or liver disease
- Starbucks/Capital Return via Deleveraging↓ (OPPORTUNITY)◆
Retired $1.32B in debt early. Upsized tender shows aggressive balance sheet optimization. With debt reduced, free cash flow can be redirected to dividends (current yield ~2.5%) or buybacks. Margin expansion from store remodels (ongoing) provides EPS lift
- Keurig Dr Pepper/Steady Dividend Compound↓ (OPPORTUNITY)◆
$0.23 quarterly dividend declared, record date June 26. At current price, ~3.8% yield. Beverage staples with pricing power offer defensive income in an uncertain growth environment
- Cadia Private Client/13F Overlay↓ (OPPORTUNITY)◆
Top holdings VOO, QQQ, and SCHR show a barbell strategy of equities and Treasuries. For institutional allocators, this signals hedging of equity risk. Bitcoin ETF exposure ($553K) is exploratory—watch for position growth in Q2 as a risk-on signal
Sector Themes (6)
- AI Infrastructure Super-Cycle Deepens◆
NVIDIA (+85% revenue, +211% net income) and Analog Devices (+37% revenue, +111% EPS) confirm enterprise AI spend is accelerating. ADI's communications (+79%) and industrial (+56%) imply the AI buildout is expanding beyond data centers into edge and networking. Expect continued CapEx intensity across the supply chain.
- R&D Inflation Eats Operating Margins◆
8/23 filings show R&D increases outpacing revenue growth. NVIDIA R&D +58.5% YoY, Intuit +18.8%, Immunovant +26.5%, Aditxt (proportional). The cost of innovation is rising; only scale players (NVIDIA, ADI) are converting revenue into expanding margins. Small/mid caps are seeing negative operating leverage.
- Capital Allocation Bifurcation: Cash Returns vs. Dilutive Survival◆
Mega-caps (NVIDIA $80B buyback, 25x dividend hike; Starbucks $1.32B debt retirement; KDP $0.23 dividend) are returning capital. Pre-revenue names (Immunovant $544M offering, Aditxt derivatives, Mosaic convertibles) are destroying equity value. The gap between 'haves' and 'have-nots' is record-wide.
- Debt Markets Open for High-Grade Borrowing, Tight for Junk◆
Gilead raised $3B at 4.25-4.90% semi-annual—attractive cost for 5-8 year money. This contrasts with micro-cap firms reporting related-party debt at high implicit rates (Loan AI, Mosaic). The credit window is open for investment-grade borrowers but closed for speculative grade.
- Restructuring Wave Signals Corporate Belt-Tightening◆
ADI ($29M severance), Intuit (17% workforce, $300-340M charges), and the severance programs at smaller firms indicate companies are preemptively cutting costs. This pattern often precedes or coincides with a macro slowdown. Watch if this spreads to other sectors beyond tech.
- Healthcare/ Biotech Data Readout Environment Strong◆
Immunovant's IMVT-1402 D2T RA data shows that well-designed FcRn programs can generate robust responses in hard-to-treat populations. With Immunovant cash-endowed ($902M), it is a bellwether for the broader autoimmune pipeline. Positive data here lifts sentiment across the anti-FcRn space.
Watch List (8)
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July/August earnings call. Management assumed zero Data Center revenue from China. Any change in export control policy direction could materially impact guidance. Watch for further gross margin commentary given 10 bps QoQ slip.
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Guided $3.9B revenue (+7.7% QoQ). Watch for Industrial and Communications momentum sustainability. Restructuring charges ($13.4M accrued remaining) indicate further actions; listen for cost rationalization timeline.
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17% workforce reduction, site closures. Key to watch: attrition costs, productivity impact, and whether FY27 guidance incorporates full restructuring benefit. Q4 FY26 (August) will show initial charge absorption.
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Company noted cash runway to potential launch. Watch for FDA meeting announcements and Phase 3 trial initiations for IMVT-1402 in Graves'. Any delay would pressure the stock given $505.6M burn rate.
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With $3B fresh debt for 'strategic transactions,' expect M&A in 2H 2026. Target likely in oncology or virology with $1-5B enterprise value. Any deal above $10B would signal shift in capital allocation strategy.
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13.2% against say-on-pay and 9.1% against equity plan. Watch for proxy advisor recommendations ahead of 2027 AGM. Compensation structure may need adjustment to avoid repeat dissent.
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Cash now $5.4M, negative working capital -$81.5M. Evolution Metals has $1.9M revenue but $441.6M net loss. Either a capital infusion or restructuring is imminent; filing for bankruptcy protection or reverse split possible.
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Cash $269K, negative equity $35.2M. Q2 2026 filing will likely include a going concern qualification. Common stock risk is extreme; any news of financing (or lack thereof) will be binary.
Filing Analyses
(23)
20-05-2026
Analog Devices Inc. (ADI) reported a strong Q2 FY2026 with revenue of $3.62B, up 37% YoY from $2.64B, and net income of $1.18B, more than doubling from $570M. The Industrial segment surged 56% YoY and Communications grew 79%, while Automotive revenue was nearly flat at +2% YoY. The company also recorded $29.1M in new employee severance costs under global repositioning actions during the quarter.
- · Distributor channel revenue was $2.07B (57% of total) in Q2 FY2026, up from $1.48B (56%) in Q2 FY2025.
- · Direct customer revenue was $1.52B (42% of total) in Q2 FY2026, up from $1.13B (43%) in Q2 FY2025.
- · Accrued special charges for global repositioning actions stood at $13.4M at May 2, 2026, down from $31.2M at January 31, 2026, after $17.9M in severance payments during Q2.
- · Total assets measured at fair value were $2.23B as of May 2, 2026, including $703M in government/institutional money market funds and $398M in corporate obligations (Level 2).
- · Total liabilities measured at fair value were $33.9M, consisting of forward foreign currency exchange contracts ($10.0M) and interest rate derivatives ($23.9M).
- · Other comprehensive income for Q2 FY2026 was $2.3M, driven by foreign currency translation gains ($1.3M) and derivative gains ($0.6M).
- · Provision for income taxes increased to $148.5M in Q2 FY2026 from $56.2M in Q2 FY2025, reflecting higher pre-tax income.
20-05-2026
NVIDIA reported record Q1 FY27 revenue of $81.6B, up 85% YoY and 20% QoQ, driven by Data Center revenue of $75.2B (+92% YoY). GAAP net income surged 211% YoY to $58.3B. However, GAAP gross margin declined slightly sequentially from 75.0% to 74.9%, and the company noted it is not assuming any Data Center compute revenue from China in its Q2 outlook. The Board approved an additional $80B share repurchase authorization and raised the quarterly dividend from $0.01 to $0.25 per share.
- · GAAP operating expenses were $7.6B in Q1 FY27, up 52% YoY and 12% QoQ.
- · Non-GAAP diluted EPS was $1.87, up 140% YoY and 18% QoQ.
- · GAAP income tax expense was $11.6B in Q1 FY27, up from $3.1B in Q1 FY26.
- · Total assets increased to $259.5B as of April 26, 2026, from $206.8B as of January 25, 2026.
- · Cash and cash equivalents were $13.2B at quarter end, up from $10.6B.
- · Marketable equity securities surged to $30.2B from $12.9B sequentially.
- · Accounts receivable rose to $40.7B from $38.5B sequentially.
- · Inventories increased to $25.8B from $21.4B sequentially.
- · Total shareholders' equity grew to $195.5B from $157.3B sequentially.
- · Q2 FY27 revenue outlook of $91.0B (+/-2%) implies ~12% sequential growth.
- · Full year fiscal 2027 GAAP and non-GAAP tax rates expected between 16.0% and 18.0%.
- · NVIDIA is transitioning to a new reporting framework with two market platforms: Data Center and Edge Computing.
- · Data Center compute revenue (previous sub-market) was $60.4B, up 77% YoY.
- · Data Center networking revenue (previous sub-market) was $14.8B, up 199% YoY.
- · GAAP gross margin declined 0.1 percentage points sequentially to 74.9%.
- · Non-GAAP gross margin also declined 0.1 percentage points sequentially to 75.0%.
- · The company is not assuming any Data Center compute revenue from China in its Q2 outlook.
20-05-2026
AITX announced that its subsidiary RAD has signed an agreement with a global healthcare organization. The filing is a Form 8-K furnished under Item 8.01, with the press release attached as Exhibit 99.1. No financial terms or specific performance metrics were disclosed, and the filing is not deemed filed for Exchange Act purposes.
- · The agreement is with a global healthcare organization (name not disclosed).
- · The press release was issued on May 20, 2026.
- · The filing is furnished under Item 8.01 and is not deemed filed under Section 18 of the Exchange Act.
20-05-2026
Entravision Communications Corp. mutually terminated its Cooperation Agreement with Alexandra Seros and related trusts on May 18, 2026. The agreement had been in place since May 4, 2023, and governed board nomination rights and stock ownership commitments. As a result, all rights and obligations under the agreement have been terminated, but Thomas Strickler (originally nominated under the agreement) will remain on the board. No financial figures are disclosed in this filing.
- · The Cooperation Agreement was originally dated May 4, 2023.
- · The termination is mutual between the Company and the Stockholders.
- · Thomas Strickler will remain on the board despite the termination of the agreement.
20-05-2026
Analog Devices Inc. reported record fiscal Q2 2026 revenue of $3.62 billion, up 37% YoY, with growth across all end markets led by Industrial and Communications. GAAP diluted EPS rose 111% to $2.40, while adjusted diluted EPS increased 67% to $3.09. However, operating cash flow for the quarter was only $872 million (24% of revenue), and the company guided Q3 revenue of $3.9 billion with adjusted EPS of $3.30.
- · Record bookings across B2B markets (Industrial, Automotive, Communications) in Q2.
- · Q2 FY26 GAAP operating margin improved to 38.1% from 25.7% YoY; adjusted operating margin improved to 49.0% from 41.2%.
- · Q3 FY26 guidance: revenue $3.9B ± $100M, GAAP operating margin ~39.0% ±150 bps, adjusted operating margin ~49.0% ±100 bps, GAAP EPS $2.60 ±$0.15, adjusted EPS $3.30 ±$0.15.
- · Board declared quarterly dividend of $1.10 per share, payable June 16, 2026 to holders of record June 2, 2026.
- · TTM free cash flow of $4.565B represents 36% of revenue.
- · Q2 FY26 stock repurchases totaled $773M; dividends paid $536M.
20-05-2026
Immunovant reported its Q4 and FY2026 financial results, highlighting promising preliminary data for IMVT-1402 in difficult-to-treat rheumatoid arthritis (D2T RA) with ACR20/50/70 response rates of 72.7%, 54.5%, and 35.8% at Week 16. The company ended the quarter with $902.1M in cash, providing runway to the potential launch of IMVT-1402 in Graves' disease. However, net loss widened to $147.9M for Q4 FY2026 (up 39% YoY) and $505.6M for the full year (up 22% YoY), driven by increased R&D spending including $39M in costs related to the discontinuation of batoclimab after two Phase 3 TED studies failed to meet their primary endpoints.
- · ACR20/50/70 response rates at Week 16 in D2T RA trial: 72.7%, 54.5%, 35.8% (non-responder imputation for dropouts)
- · In the subset of patients who failed both a JAK inhibitor and anti-TNF inhibitor (N=107): ACR20 72.0%, ACR50 53.3%, ACR70 37.4%
- · Baseline disease activity: mean 24.2 tender joints, 16.7 swollen joints, DAS28-CRP score of 6.1; mean time since diagnosis 12.8 years
- · 86.7% (143/165) of evaluable patients had failed two prior mechanisms of advanced therapies
- · Non-GAAP R&D expenses Q4 FY2026: $136.0M (vs $87.2M in Q4 FY2025); Non-GAAP net loss Q4 FY2026: $137.0M (vs $94.9M)
- · Non-GAAP R&D expenses FY2026: $426.9M (vs $333.9M FY2025); Non-GAAP net loss FY2026: $449.9M (vs $364.7M)
- · Non-cash stock-based compensation: $11.1M in Q4 FY2026 ($55.7M full year) vs $11.7M in Q4 FY2025 ($49.5M full year)
- · Weighted-average shares outstanding (basic/diluted) for FY2026: 182,421,233 vs 151,573,553 in FY2025
- · Topline data from potentially registrational trials in GD and MG expected in calendar year 2027
- · CLE proof-of-concept trial fully enrolled, topline data expected H2 2026
- · Immunovant discontinued batoclimab after two Phase 3 TED studies failed primary endpoint; safety profile consistent with prior studies
20-05-2026
Immunovant, Inc. filed its 10-K for the fiscal year ended March 31, 2026, reporting a net loss of $505.6M, widening from $413.8M in FY2025 and $259.3M in FY2024. Revenue remained absent as the company continues to invest heavily in R&D, which increased 26.5% YoY to $456.7M. However, the company strengthened its balance sheet with cash and cash equivalents rising 26.4% to $902.1M, supported by $544.2M in net proceeds from an underwritten offering.
- · Net cash used in operating activities was $407.3M in FY2026, up from $375.9M in FY2025.
- · Stock-based compensation expense rose to $55.7M in FY2026 from $49.5M in FY2025.
- · Accrued expenses increased significantly to $96.6M as of March 31, 2026, from $50.7M a year earlier.
- · Accounts payable decreased to $7.5M from $17.7M.
- · The company had no revenue and no acquired in-process R&D in FY2026 or FY2025.
- · Total assets grew to $957.0M from $776.2M, primarily due to higher cash balances.
- · Total liabilities increased to $104.4M from $68.8M.
- · The company issued 26.2 million shares in an underwritten offering during FY2026, raising $543.7M before costs.
20-05-2026
Intuit Inc. announced its fiscal Q3 2026 financial results on May 20, 2026, and provided forward-looking guidance. Concurrently, the company disclosed a plan to reduce its workforce by approximately 17% and consider site closures, expecting $300M to $340M in restructuring charges primarily in Q4 FY2026. The Board also approved a cash dividend of $1.20 per share, payable on July 17, 2026.
- · Restructuring charges are primarily future cash expenditures for severance and employee benefits.
- · Substantially all restructuring actions expected to be completed by first fiscal quarter ending October 31, 2026.
- · Dividend record date is July 9, 2026; payment date is July 17, 2026.
- · The filing includes forward-looking statements with risks related to macroeconomic uncertainty, AI development, and competition.
20-05-2026
Keurig Dr Pepper Inc. announced a regular quarterly dividend of $0.23 per share, payable on July 10, 2026, to shareholders of record as of June 26, 2026. The dividend was declared by the Board of Directors and disclosed via an 8-K filing on May 20, 2026.
- · The dividend is payable in U.S. dollars.
- · Record date for the dividend is June 26, 2026.
- · Payment date is July 10, 2026.
- · The filing was made under Items 8.01 and 9.01 of Form 8-K.
20-05-2026
Adient plc filed an 8-K on May 20, 2026, disclosing that representatives will hold investor meetings in May 2026 and furnished an investor presentation as Exhibit 99.1. The filing is a Regulation FD disclosure and does not contain financial results or material changes.
- · The filing is an 8-K under Items 7.01 and 9.01.
- · The investor presentation is furnished, not filed, for SEC purposes.
- · The registrant is Adient plc, an Irish company with ordinary shares listed on NYSE under symbol ADNT.
20-05-2026
Gilead Sciences issued $3.0 billion in senior notes across four tranches: $500M 4.250% notes due 2028, $1.0B 4.400% notes due 2029, $1.0B 4.600% notes due 2031, and $500M 4.900% notes due 2034. Net proceeds will be used for general corporate purposes including acquisitions and strategic transactions. The offering was underwritten by Barclays, BofA Securities, and Citigroup.
- · The Notes were issued under an Eleventh Supplemental Indenture to the Base Indenture dated March 30, 2011.
- · Interest is payable semi-annually on each series of Notes until their respective maturity dates.
- · The Company may redeem some or all of the Notes at any time at applicable redemption prices.
- · The offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-273745).
- · The Underwriting Agreement was entered into on May 14, 2026, with Barclays, BofA Securities, and Citigroup as representatives.
20-05-2026
Starbucks Corporation completed the settlement of its cash tender offers on May 20, 2026, purchasing a total of approximately $1.32 billion in aggregate principal amount of its senior notes across five series, with a total purchase price (including accrued interest) of about $1.30 billion. The company did not purchase any of its 4.000% Senior Notes due 2028, 4.900% Senior Notes due 2031, or 4.800% Senior Notes due 2033, leaving those series fully outstanding. The tender offers were upsized and settled early, with no further purchases planned.
- · The tender offers were originally announced on May 4, 2026, and upsized via a press release on May 15, 2026.
- · The company elected to settle on the Early Settlement Date and does not intend to purchase any additional notes.
- · No purchases were made for the 4.000% Senior Notes due 2028, 4.900% Senior Notes due 2031, or 4.800% Senior Notes due 2033; those series remain fully outstanding as per the latest 10-Q filed April 28, 2026.
20-05-2026
Adicet Bio, Inc. filed an amended 10-K/A to correct an omission in its original 2025 annual report regarding disclosure controls and procedures. Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of December 31, 2025, and that internal control over financial reporting was also effective at the reasonable assurance level. The amendment does not change any financial statements or other disclosures from the original filing.
- · The amendment corrects an omission in the original 10-K filed March 12, 2026, adding statements about the effectiveness of disclosure controls and procedures.
- · No changes were made to the consolidated financial statements or other items in the original filing.
- · The company is a non-accelerated filer and a smaller reporting company, and its internal control over financial reporting is not subject to auditor attestation.
- · No material changes in internal control over financial reporting occurred during the year ended December 31, 2025, other than a remediation plan described in the prior year's 10-K.
20-05-2026
Cadiz Inc. posted a shareholder letter on May 20, 2026, providing business updates. The letter discusses project financing, pipeline construction, ATEC expansion, and hydrogen opportunities. However, the filing contains no specific financial figures or quantitative performance data, and forward-looking statements are subject to risks including delays, regulatory changes, and market conditions.
- · The shareholder letter was posted on the company's website at www.cadizinc.com.
- · The filing is furnished under Item 7.01 and not deemed filed for Section 18 purposes.
- · Forward-looking statements include expectations on project financing, construction timing, and ATEC technology commercialization.
- · Risks include delays in permits, regulatory changes, tariffs, inflation, and supply chain disruptions.
20-05-2026
NVIDIA reported a record-breaking first quarter for fiscal 2027, with revenue surging 85% YoY to $81,615M and net income tripling to $58,321M, driven by massive gains in marketable equity securities and strong operational performance. However, the company experienced a slight other comprehensive loss of $41M (vs. a gain of $158M in the prior year) and a significant increase in inventories to $25,797M, up 20% from the prior quarter, signaling potential supply chain buildup. Cash flow from operations nearly doubled to $50,344M, while the company returned $20,170M to shareholders through share repurchases and dividends.
- · Gross profit margin improved to 75.0% from 60.5% YoY.
- · Total operating expenses increased 51.5% YoY to $7,621M, driven by R&D growth of 58.5%.
- · Other income (expense), net swung from a loss of $180M to a gain of $15,929M, primarily due to gains from equity securities.
- · Income tax expense rose to $11,582M from $3,135M, reflecting higher pre-tax income.
- · Total assets grew 25.5% sequentially to $259,474M, largely from increases in marketable equity securities and non-marketable securities.
- · Total liabilities increased 29.3% sequentially to $64,000M, driven by higher accrued liabilities and operating lease liabilities.
- · Stock-based compensation expense rose 30.8% YoY to $1,928M.
- · Net cash used in investing activities surged to $26,429M from $5,216M, primarily due to $18,582M in purchases of non-marketable securities.
- · The company repurchased 108 million shares for $20,170M in Q1 FY27, compared to 126 million shares for $14,503M in Q1 FY26.
- · Weighted average diluted shares outstanding decreased slightly to 24,391M from 24,611M YoY.
20-05-2026
Aditxt, Inc. reported a net loss of $16.2M for Q1 2026, widening from a $6.0M loss in Q1 2025, driven primarily by an $11.8M non-cash charge from the change in fair value of derivative liabilities. Revenue increased significantly to $12,159 from $1,018 in the prior year period, though gross profit remained minimal at $2,868. The company's cash position deteriorated sharply, falling to $268,852 from $3.2M at year-end 2025, and total stockholders' equity swung from positive $3.95M to a deficit of $35.2M, largely due to $35.5M in derivative liabilities.
- · Goodwill of $537,383 was recorded as of March 31, 2026, compared to $0 at December 31, 2025, likely related to the Ignite Acquisition.
- · The company issued 36,000 shares of Series A-2 Preferred stock in connection with the Ignite Acquisition, with a par value of $36.
- · A non-cash derivative liability of $13,736,777 was recognized from a conversion feature on warrants, and $9,913,157 from a conversion feature on preferred stock.
- · The weighted average shares outstanding increased dramatically from 29 in Q1 2025 to 20,174 in Q1 2026, reflecting significant equity issuances.
- · Net loss per share improved from $(198,072.98) in Q1 2025 to $(790.49) in Q1 2026 due to the increase in share count.
- · Cash paid for interest decreased to $152,965 in Q1 2026 from $1,264,504 in Q1 2025.
- · The company had no sales and marketing expenses in Q1 2026, compared to $50,920 in Q1 2025.
- · Total current liabilities increased to $13,341,573 as of March 31, 2026 from $12,220,193 as of December 31, 2025.
- · The company's accumulated other comprehensive income increased to $1,361,975 from $1,254,170, primarily due to a $107,805 change in fair value of the Evofem note receivable.
- · Non-controlling interest deficit deepened to $(1,897,497) from $(1,656,022).
20-05-2026
Iridium Communications Inc. held its 2026 Annual Meeting on May 20, 2026, where stockholders approved all four proposals, including the election of eleven directors, advisory say-on-pay, ratification of KPMG as auditor, and the Amended and Restated 2015 Equity Incentive Plan (reserving up to 42,947,991 shares). The Board also declared a cash dividend of $0.15 per share, payable June 30, 2026. Notably, while the auditor ratification passed overwhelmingly (85,605,107 for), the say-on-pay and equity plan proposals received significant opposition (10,109,733 and 6,954,485 against, respectively), indicating notable shareholder dissent on compensation matters.
- · The Amended and Restated 2015 Equity Incentive Plan was approved with 69,856,505 votes for, 6,954,485 against, and 114,835 abstentions, plus 8,871,625 broker non-votes.
- · Advisory say-on-pay (Proposal 2) passed with 66,205,295 for, 10,109,733 against, and 610,797 abstentions, representing about 13.2% of votes cast against.
- · Ratification of KPMG as auditor (Proposal 3) passed with 85,605,107 for, 105,156 against, and 87,187 abstentions.
- · All eleven directors were elected; Kay N. Sears received the highest number of withheld votes (4,310,022), followed by Matthew J. Desch (2,954,054).
- · The dividend of $0.15 per share is payable on June 30, 2026 to stockholders of record as of June 15, 2026.
20-05-2026
For Q1 2026, Evolution Metals & Technologies Corp. (a subsidiary of Welsbach Technology Metals Acquisition Corp.) reported revenue of $1.9M and gross profit of $0.4M, but recorded a massive net loss of $441.6M primarily due to a $425.2M non-cash loss from changes in fair value of financial instruments. The company's cash balance fell 53.9% to $5.4M, and it ended the quarter with a stockholders' deficit of $24.6M and current liabilities exceeding total assets.
- · Net loss per share (basic and diluted) was $(0.72) for Q1 2026.
- · Operating loss was $16.9M due to $17.3M in selling, general and administrative expenses.
- · The company had negative working capital: total current liabilities of $92.8M vs. total current assets of $11.3M.
- · Goodwill and intangible assets totaled $66.3M, representing 77.5% of total assets.
- · Non-trade accounts payable was $48.0M, a significant current liability.
- · The company completed a reverse recapitalization and business combination during Q1 2026, resulting in noncontrolling interests of $13.9M and reclassification of CPU Share Allocation Obligations of $186.8M to equity.
- · Cash used in operating activities was $5.6M, investing activities provided $1.2M (including $1.4M from business combination), and financing activities used $1.9M.
- · Accumulated deficit stood at $(1,118.6M) as of March 31, 2026.
20-05-2026
Cadia Private Client LLC filed its Q1 2026 13F-HR disclosing $123.25 million in equity holdings across 76 positions as of March 31, 2026. The portfolio is heavily weighted toward fixed-income ETFs and broad market index funds, with the top three holdings being Vanguard S&P 500 ETF ($16.1M), Invesco QQQ Trust ($12.5M), and Schwab Strategic Int-Term US Treasury ETF ($10.2M). The filing shows a conservative allocation style with significant exposure to iShares Core Bond and Treasury products, while individual equity positions are limited—the largest single stock holding is JPMorgan Chase at $2.76 million.
- · Fixed-income ETFs comprise a substantial portion of the portfolio with iShares Core US Aggregate Bond ETF at $4.62M, iShares 1-3 Year Treasury Bond ETF at $4.26M, iShares Floating Rate Bond ETF at $4.25M, and Schwab Intermediate-Term US Treasury ETF at $10.2M.
- · Notable individual stock holdings include JPMorgan Chase ($2.76M), NVIDIA ($2.15M), Apple ($2.15M), Tesla ($1.57M), and Microsoft ($0.90M).
- · The Bitcoin ETF exposure via Fidelity Wise Origin Bitcoin Fund totals $552,593 (9,361 shares).
- · Halozyme Therapeutics is the largest individual stock by share count at 21,500 shares valued at $1.39M.
- · The filing indicates all positions are held with sole voting and dispositive authority by Cadia Private Client LLC.
20-05-2026
Loan Artificial Intelligence Corp. (LAAI) reported no revenue for the three months ended March 31, 2026, with a net loss of $8,641, widening from a $6,381 loss in the same period last year. Operating expenses increased 35.4% to $8,641, driven by higher professional fees and general & administrative costs. The company has zero cash, total liabilities of $198,347, and a stockholders' deficit of $198,347, indicating a deteriorating financial position with no revenue generation.
- · Accounts payable and accrued expenses decreased from $49,570 (Dec 31, 2025) to $20,580 (Mar 31, 2026).
- · Due to related party increased from $140,136 (Dec 31, 2025) to $177,767 (Mar 31, 2026).
- · Accumulated loss grew from $10,581,796 (Dec 31, 2025) to $10,590,437 (Mar 31, 2026).
- · No revenue, cost of sales, or gross margin reported for either period.
- · No income tax expense or benefit recorded.
- · No depreciation or amortization expense.
- · Cash flows from financing activities exactly offset operating cash outflows, resulting in zero net change in cash.
- · Preferred stock Series D: 300,000 shares issued and outstanding at $0.001 par value.
- · Common stock: 454,365 shares issued and outstanding at $0.001 par value.
- · Additional paid-in capital remained unchanged at $10,391,606.
20-05-2026
Mosaic ImmunoEngineering Inc. reported a net loss of $175,351 for Q1 2026, improving from a $181,320 loss in Q1 2025. Operating expenses decreased to $154,802 from $174,774, driven by lower general and administrative costs. However, cash and cash equivalents fell sharply to $72 from $3,622 at year-end 2025, and the company had no revenue, relying on financing.
- · Research and development expenses were nearly unchanged at $15,880 (2026) vs $15,803 (2025).
- · General and administrative expenses decreased to $138,922 from $158,971.
- · Non-cash interest expense on convertible notes was $18,082 in both periods.
- · Net cash used in operating activities improved to $3,550 from $29,089.
- · Accrued expenses and other current liabilities decreased slightly to $651,940 from $655,160.
- · The company had no revenue and no cash paid for interest or income taxes.
- · Total stockholders' deficit increased to $7,651,371 from $7,476,020 at year-end 2025.
- · No RSUs were granted, vested, or forfeited during Q1 2026.
20-05-2026
Cadia Private Client LLC filed its 13F-HR for the quarter ended December 31, 2025, reporting a portfolio of 71 holdings with a total market value of approximately $126 million. The largest positions include Vanguard S&P 500 ETF ($16.97M), Invesco QQQ Trust ($13.65M), and Schwab Intermediate-Term U.S. Treasury ETF ($10.28M). The filing shows a diversified mix of equity and fixed-income ETFs, with notable holdings in Bitcoin-related ETFs (Fidelity Wise Origin Bitcoin and iShares Bitcoin Trust).
- · The portfolio includes exposure to Bitcoin through Fidelity Wise Origin Bitcoin ETF ($710,861) and iShares Bitcoin Trust ETF ($230,459).
- · Top 5 holdings by market value: Vanguard S&P 500 ETF ($16.97M), Invesco QQQ Trust ($13.65M), Schwab Intermediate-Term U.S. Treasury ETF ($10.28M), iShares Core S&P Total Stock Market ETF ($10.02M), and iShares Core S&P Mid-Cap ETF ($4.36M).
- · The filing indicates all positions are held with sole voting and dispositive power.
20-05-2026
Intuit reported strong Q3 FY26 results with total net revenue of $8,558M, up 10.4% YoY from $7,754M, driven by service revenue growth of 11.3% to $7,759M. Net income increased 8.7% to $3,064M. However, the company saw a decline in other comprehensive income due to unrealized losses on securities and foreign currency translation, and total stockholders' equity decreased slightly from the prior quarter due to share repurchases and dividends.
- · Operating income for Q3 FY26 was $4,020M, up 8.1% from $3,720M in Q3 FY25.
- · Research and development expenses increased 18.8% YoY to $840M in Q3 FY26.
- · Selling and marketing expenses increased 10.8% YoY to $1,793M in Q3 FY26.
- · Interest and other income, net increased to $97M in Q3 FY26 from $32M in Q3 FY25.
- · The company repurchased 3.749 million shares for $1,561M in Q3 FY26.
- · Dividends declared were $1.20 per share in Q3 FY26, up from $1.04 per share in Q3 FY25.
- · Short-term debt increased to $750M as of April 30, 2026 from $0 as of July 31, 2025.
- · Goodwill remained relatively flat at $13,982M as of April 30, 2026.
- · Other comprehensive loss was $5M in Q3 FY26 vs. income of $18M in Q3 FY25.
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