US SEC Filings Daily Market Digest — May 20, 2026

20-05-2026

Deep Fission, Inc. filed an S-1 registration statement on May 20, 2026, for an IPO of 6,000,000 shares of common stock at an anticipated price range of $24.00 to $26.00 per share. The company has applied to list on Nasdaq under the symbol 'FISN'.

• · The filing date is May 20, 2026.
• · The anticipated public offering price range is $24.00 to $26.00 per share.
• · The company is a Delaware corporation with principal executive offices in Berkeley, California.
• · The common stock has no established public trading market.

20-05-2026

Morgan Stanley Solana Trust, a Delaware-based grantor trust, filed Amendment No. 1 to Form S-1 on May 20, 2026, to register common shares of beneficial interest (Shares) for an exchange-traded fund listed on NYSE Arca. The trust seeks to passively track the performance of SOL (the native token of Solana) using the CoinDesk Solana Benchmark 4PM NY Settlement Rate, and will also engage in staking a portion of its SOL to generate rewards, distributing them monthly. The filing details the roles of Morgan Stanley Investment Management Inc. as Delegated Sponsor, CSC Delaware Trust Company and AGS Trustees as trustees, and BNY Mellon and Coinbase Custody Trust Company as SOL custodians, with cash creations and redemptions facilitated through Authorized Participants and SOL Counterparties.

• · The trust intends to make monthly (at least quarterly) distributions of staking rewards.
• · Morgan Stanley Investment Management Inc. (Delegated Sponsor) has discretion to determine whether staking creates undue legal or regulatory risk, including tax qualification risk.
• · Shares are expected to be listed on NYSE Arca; the trust is a grantor trust for U.S. federal income tax purposes.
• · Trust will not use leverage, derivatives, or similar instruments.
• · Authorized Participants can purchase shares with cash (via a SOL Counterparty) or in-kind with SOL; redemptions similarly may be cash or in-kind.
• · Baskets are 10,000 Shares each; Shares are not redeemable outside Basket aggregations except in liquidation.
• · The Cayman Trustee is a wholly owned subsidiary of Appleby Global Services (Cayman) Limited, a regulated entity under the Cayman Islands Monetary Authority.

20-05-2026

PrimeEnergy Resources reported a 52.5% decline in net income for Q1 2026 to $4.3M vs $9.1M in Q1 2025, driven by a steep loss in natural gas revenues and a $1.94M unrealized derivative loss. Total revenues fell 21.3% to $39.4M, though oil sales grew 8.3% to $35.4M. The company improved cash and cash equivalents to $19.4M from $7.4M at year-end 2025, but operating cash flow dropped 57.9% to $16.1M.

• · Natural gas revenue turned negative at -$1.02M in Q1 2026, compared to +$6.03M in Q1 2025, likely due to unfavorable pricing or hedging settlements.
• · Natural gas liquids revenue fell 39.3% to $5.18M from $8.53M.
• · A $1.94M unrealized loss on derivative instruments was recorded in Q1 2026, with no such loss in Q1 2025.
• · Field service revenue declined 16.7% to $1.79M and field service expenses dropped 36.5% to $1.18M.
• · Gain on disposition of assets was only $16K vs $619K in the prior year.
• · Property expenditures plummeted 95.7% to $1.5M from $34.7M, indicating significantly reduced capital spending.
• · The company had no long-term bank debt in Q1 2026 vs $24M borrowed and $21.5M repaid in Q1 2025.
• · Deferred income taxes swung to a benefit of $3.1M in Q1 2026 from a provision of $2.0M in Q1 2025.
• · Accrued liabilities increased slightly to $26.7M from $26.2M, but compensation-related accruals dropped significantly from $10.7M to $4.8M.
• · Accounts payable fell to $7.6M from $11.0M, driven by a $3.4M decline in trade payables.
• · Total equity rose slightly to $217.4M from $215.7M, mostly from net income partially offset by treasury stock purchases.

20-05-2026

Brand Engagement Network Inc. (BNAI) announced on May 19, 2026, that its wholly owned subsidiary Datum Point Labs was granted U.S. Patent No. 12,633,027 for 'Systems and Methods for Gesture Generation From Text.' The patent covers an AI system that generates realistic human gestures and body movements from text input, enabling lifelike avatar interactions. This strengthens BEN's intellectual property portfolio in digital humans, virtual assistants, robotics, gaming, and metaverse applications.

• · The patent was granted on May 19, 2026, and the 8-K was filed on May 20, 2026.
• · The patent describes a multi-stage AI architecture that translates natural language into internal action representations and then into coordinated body positions and gesture sequences.
• · BEN believes the patent has broad applications in digital humans, virtual assistants, robotics, humanoid systems, gaming, entertainment, immersive metaverse environments, AI-based education and training, and telepresence or customer interaction platforms.

20-05-2026

Society Pass Incorporated (SOPA) received a delisting notice from Nasdaq on May 14, 2026, following its Chapter 11 bankruptcy filing on May 12, 2026. Trading of the common stock will be suspended at the opening of business on May 21, 2026, and a Form 25-NSE will be filed to remove the stock from listing and registration. The company intends to appeal the delisting determination, but faces significant uncertainty regarding its listing status and bankruptcy proceedings.

• · The delisting determination was based on Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1 due to the Chapter 11 filing.
• · The company filed for Chapter 11 bankruptcy on May 12, 2026 (the Petition Date).
• · The company intends to appeal the delisting determination, but no guarantee of success is provided.
• · The company is an emerging growth company and has not elected to use the extended transition period for complying with new financial accounting standards.

20-05-2026

Morgan Stanley Ethereum Trust filed Amendment No.1 to its S-1 registration statement on May 20, 2026, for an IPO of shares to be listed on NYSE Arca. The trust aims to track ether's price and staking rewards, with staking activities commencing at offering. The filing includes details on custodians (BNY and Coinbase Custody), staking services providers, and creation/redemption mechanisms. No financial figures are provided in this preliminary prospectus.

• · The trust is structured as a grantor trust for U.S. federal income tax purposes.
• · Staking rewards will be distributed monthly (at least quarterly) to shareholders.
• · Authorized Participants can create/redeem shares in cash or in-kind.
• · The trust will not use leverage, derivatives, or similar arrangements.
• · The Delegated Sponsor may allocate ether between custodians (BNY and Coinbase Custody) at its discretion.

20-05-2026

V F Corp reported Q4 FY26 revenue of +1% YoY (or +3% C$ ex-Dickies), ahead of guidance of flat to +2% C$, driven by strong Americas growth (+10% C$ ex-Dickies). Adjusted operating income of $54M exceeded guidance of $10M-$30M, while gross margin expanded 240bps to 56.4%. However, Vans brand revenue declined 1% (or -5% C$) and EMEA region revenue fell 5% C$ ex-Dickies. Full-year FY26 revenue grew 1% YoY, with adjusted operating margin up 110bps to 7.0% ex-Dickies, and net debt reduced 16% to $4.2B, bringing leverage down to 3.1x from 4.1x a year ago. FY27 guidance calls for continued revenue growth of +1% to +2% C$ and adjusted operating margin of approximately 8%.

• · Q4 FY26 Americas region revenue ex-Dickies grew +10% C$, the highest growth since Q1'23.
• · Vans Americas DTC returned to growth for the first time in over four years.
• · The North Face delivered its fifth consecutive quarter of double-digit footwear growth.
• · Timberland opened 11 full-price stores in the Americas as of Q4 FY26.
• · Altra brand grew approximately 50% in Q4 FY26.
• · FY26 free cash flow of $405M excludes $100M net impact of pension termination.
• · FY27 guidance: Vans expected to be down mid-single digits with improving trends.
• · Adjusted amounts exclude Reinvent costs (~$8M in Q4, $44M FY26), Dickies transaction costs ($10M) and gain ($127M), pension settlement charges ($158M Q4, $192M FY26), pension excise tax ($25M), and Napapijri goodwill impairment ($31M).
• · Combined adjustments negatively impacted EPS by $0.30 in Q4 FY26 and $0.20 in FY26.

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

Oaktree Strategic Credit Fund furnished a shareholder update for the quarter ended March 31, 2026 via an 8-K filing. The update provides performance details for the period, but the filing itself contains no specific financial figures or commentary, merely noting the furnished exhibit.

• · The shareholder update was furnished as Exhibit 99.1 but the filing does not disclose any quantitative metrics; no further detail is provided in the 8-K text.
• · The disclosure is furnished under Item 7.01 (Regulation FD) and not deemed filed for Section 18 liability purposes.

20-05-2026

WidePoint Corp reported Q1 2026 revenue of $7.5M, up 8% YoY from $6.9M, driven by growth in cybersecurity and telecom services. However, net loss widened to $1.2M from $0.9M in Q1 2025, impacted by higher operating expenses. The company also announced a registered direct offering of common stock for gross proceeds of $5.0M.

• · Cybersecurity and telecom services drove revenue growth.
• · Higher operating expenses contributed to widened net loss.
• · Registered direct offering of common stock for gross proceeds of $5.0M.

20-05-2026

GEN Restaurant Group, Inc. filed a universal shelf registration statement (Form S-3) with the SEC on May 19, 2026, to register up to $50,000,000 of its Class A common stock for potential future offerings. The company, which operates 59 company-owned restaurants across the U.S. and six stores in South Korea, is classified as both an emerging growth company and a smaller reporting company, allowing it to follow reduced disclosure requirements. As of May 18, 2026, the stock's last reported sale price on Nasdaq was $2.30 per share.

• · The company was incorporated as a Delaware corporation on October 28, 2021, and prior to its IPO and reorganization, it did not conduct any activities other than those incidental to formation.
• · GEN Restaurant Group is an Asian casual dining concept founded in 2011 by two Korean immigrants, with the first restaurant opening in September 2011.
• · The company qualifies as an emerging growth company until the earlier of: fiscal year with total annual gross revenue of $1.235B or more, five years after IPO completion, issuance of more than $1B in nonconvertible debt in three years, or becoming a large accelerated filer (non-affiliate market value exceeding $700M).
• · As a smaller reporting company, GEN is permitted to provide only two years of audited financial statements and simplified executive compensation disclosure.
• · The company has elected to use the extended transition period for complying with new or revised accounting standards, which may make its financial statements not comparable to companies that comply with public company effective dates.

20-05-2026

Boothe Investment Group, Inc. filed its 13F-HR for the quarter ended March 31, 2026, reporting a total of 40 equity holdings with an aggregate market value of approximately $310.7 million. The portfolio is heavily weighted toward ETFs, with the largest positions in Simplify Exchange Traded Funds Managed Futures ($52.6M), DoubleLine ETF Trust Opportunistic ($31.1M), and WisdomTree Europe Hedged Equity ($23.3M). The filing reflects a diversified mix of large-cap stocks, sector ETFs, and fixed-income ETFs, with no single equity position exceeding 17% of the portfolio.

• · The portfolio includes 40 equity positions with a total market value of $310,691,710.
• · Top 5 holdings by value: Simplify Managed Futures ($52.6M), DoubleLine Opportunistic ($31.1M), WisdomTree Europe Hedged ($23.3M), VictoryShares Small Cap ($18.3M), Global X FTSE ETF ($14.7M).
• · Largest single stock positions: Pfizer ($9.9M), Citigroup ($8.9M), SLB Limited ($8.2M), ServiceNow ($9.9M), and Pinterest ($11.9M).
• · The portfolio has a significant ETF tilt, with 10+ ETF positions covering equity, fixed income, and alternative strategies.
• · Notable holdings include Berkshire Hathaway Class A (2 shares, $1.4M), Microsoft (15,635 shares, $5.8M), and Meta Platforms (9,992 shares, $5.7M).

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

Sachem Capital Corp. reported a net loss of $6.1M for Q1 2026, a sharp reversal from net income of $0.9M in Q1 2025, driven by a $5.4M provision for credit losses (vs. $1.1M a year ago) and $1.6M in transaction expenses. Net interest income declined 4.9% to $3.6M, while total assets grew 2.9% to $473.3M. The net loss attributable to common shareholders was $7.2M, or $(0.15) per share, compared to a loss of $0.2M in the prior-year period.

• · Interest income from loans increased 11.0% YoY to $8.8M, but interest income from LLC investments fell 55.8% to $0.9M.
• · Total operating expenses rose 73.1% to $5.7M, driven by a $1.6M transaction expense and higher compensation costs.
• · Net cash provided by operating activities improved to $0.8M from $0.2M in Q1 2025.
• · Investing activities used $16.5M in cash, compared to providing $5.7M a year ago, primarily due to lower loan principal collections.
• · Financing activities provided $16.3M, largely from $10.0M in new senior secured notes and net line of credit borrowings.
• · Loans held for investment, net, decreased 6.2% to $341.2M from $363.7M at year-end 2025.
• · Investments in developmental real estate surged to $46.0M from $9.7M at December 31, 2025, reflecting a $35.9M restructuring of a loan held for investment.
• · The allowance for credit losses on loans increased to $12.4M from $11.5M at year-end 2025.
• · Dividends paid on common shares totaled $2.4M, up slightly from $2.4M in Q1 2025.

20-05-2026

Select Medical Holdings Corp. received a non-binding proposal from Executive Chairman Ortenzio, CEO Chernow, and Jackson to acquire all outstanding shares for $16.00-$16.20 per share in cash, representing a 15% premium. A Special Committee of independent directors was formed to evaluate the proposal. The merger is expected to close in mid-2026, subject to regulatory approvals and stockholder vote.

• · The HSR Act waiting period expired on April 27, 2026.
• · Appraisal rights are available under DGCL for dissenting stockholders.
• · The Special Committee was formed on November 24, 2025.
• · The November Proposal was publicly disclosed via Schedule 13D on November 24, 2025.
• · The Buyer Consortium includes Ortenzio, Jackson, and Welsh Carson funds.
• · The merger is taxable for U.S. federal income tax purposes.

20-05-2026

Krystal Biotech held its 2026 Annual Meeting on May 15, 2026, where stockholders re-elected Class III directors Krish S. Krishnan and Christopher Mason, ratified KPMG LLP as independent auditor for FY2026, and approved, on an advisory basis, executive compensation and the Non-Employee Director Compensation Policy. All proposals passed with strong shareholder support, though Proposal Four (director compensation) had a significant number of abstentions (3.2M) and was subject to a special voting exclusion due to ongoing litigation.

• · Krish S. Krishnan received 23,802,920 votes for and 3,079,194 withheld; Christopher Mason received 22,581,854 votes for and 4,300,260 withheld.
• · Proposal Two (ratification of KPMG) passed with 28,443,155 votes for, 15,434 against, and 4,998 abstentions.
• · Proposal Three (advisory vote on executive compensation) passed with 25,679,318 votes for, 1,195,788 against, 7,008 abstentions, and 1,581,473 broker non-votes.
• · Proposal Four (Non-Employee Director Compensation Policy) passed with 21,374,021 votes for, 2,349,550 against, 3,158,543 abstentions, and 1,581,473 broker non-votes; the policy was approved by unaffiliated stockholders, excluding board members and defendants in the litigation Corbin v. Janney, et al., C.A. No. 2025-1051-KSJM (Del. Ch.).

20-05-2026

CorVel Corp reported fiscal year 2026 revenue of $959M (+7% YoY) and EPS of $2.14 (+17% YoY). Q4 revenue was $249M (+7% YoY) with EPS of $0.61 (+20% YoY). The company ended the quarter with $233M cash and no debt, while repurchasing $20.1M of stock. However, gross margin remained flat at 25% and general and administrative expenses decreased slightly.

• · Cash increased from $170.6M to $233.1M YoY.
• · No borrowings outstanding.
• · Stock repurchases of $20.1M during Q4.
• · General and administrative expenses decreased from $24.6M to $23.3M in Q4.
• · Income from operations increased to $39.7M from $33.3M in Q4.
• · Customer deposits increased to $115.7M from $101.5M.
• · Accounts receivable decreased to $101.3M from $104.1M.
• · Property, net increased to $117.9M from $92.1M.
• · Goodwill and other assets decreased to $41.6M from $46.4M.
• · Retained earnings grew to $1,013.4M from $903.1M.

20-05-2026

Starfighters Space, Inc. reported a net loss of $4.27M for Q1 2026, widening from a $2.65M loss in Q1 2025, driven by a 116% surge in operating expenses to $4.05M. Cash and restricted cash fell to $2.14M from $4.63M at year-end 2025, while total assets declined to $26.34M from $28.39M. However, the company raised no new equity in the quarter and recorded a $1.53M due from shareholder and a $395k loss from misappropriation of assets.

• · Stock-based compensation of $1.80M was the largest non-cash expense in Q1 2026, up from $0 in Q1 2025.
• · Professional fees surged to $1.33M in Q1 2026 from $192k in Q1 2025.
• · Consulting fees increased to $1.12M from $390k year-over-year.
• · Advertising and promotion expenses rose to $508k from $81k.
• · The company recorded a $395k loss from misappropriation of assets in Q1 2026.
• · A $1.53M due from shareholder was recorded as of March 31, 2026, with a corresponding related party notes payable of the same amount.
• · Short-term investments decreased to $13.21M from $15.27M at year-end 2025.
• · Restricted cash increased to $736k from $51k at December 31, 2025.
• · Grant payable increased to $744k from $355k at year-end 2025.
• · Net cash used in operating activities was $3.96M in Q1 2026 vs $1.67M in Q1 2025.
• · No proceeds from private placements or financing activities in Q1 2026, compared to $4.10M in Q1 2025.
• · All convertible notes (Tranches 1-5) were fully converted by December 31, 2025, with no remaining balance.
• · Net loss per share improved to $(0.10) from $(0.13) due to a higher share count.

20-05-2026

On May 18, 2026, Mr. Doug Behrens resigned from the Board of Directors and the Compensation Committee of Laird Superfood, Inc., effective immediately, for personal reasons. The company clarified that his resignation was not due to any disagreement with the company's operations, policies, or practices. This departure reduces the board's size and removes a member from the compensation committee, but no successor has been announced.

• · The resignation was effective immediately on May 18, 2026.
• · The Form 8-K was filed on May 20, 2026, and signed on May 19, 2026.
• · No replacement director or committee member has been named.
• · Mr. Behrens had been a member of the Compensation Committee.

20-05-2026

Cavitation Technologies, Inc. (CVAT) reported a net loss of $219,000 for the three months ended March 31, 2026, compared to a net loss of $230,000 in the same period last year, while revenue collapsed 97.5% to $3,000 from $122,000. For the nine-month period, the company swung to a net loss of $953,000 from net income of $122,000 in the prior year, driven by a 97% revenue decline to $6,000 and the absence of a prior-year $880,000 gain on patent assignment. The company's cash position deteriorated sharply to $45,000 from $249,000 at June 30, 2025, and stockholders' equity turned negative to ($467,000) from $69,000.

• · Total liabilities increased 133.8% to $533,000 from $228,000, driven by new promissory notes payable – related party ($91,000), convertible notes payable ($28,000), and derivative liability ($18,000).
• · Stockholders' equity turned negative to ($467,000) from $69,000 at June 30, 2025.
• · The company raised $173,000 from sale of common stock units and $90,000 from a note payable during the nine months ended March 31, 2026.
• · General and administrative expenses for the nine months increased 12.0% to $949,000 from $847,000, despite a 17.3% decline in the quarter.
• · Research and development expenses were zero in the current quarter, down from $42,000 in the prior-year quarter.
• · The company recorded a $20,000 gain from change in fair value of derivative liability in the current quarter, with no such item in the prior year.
• · Cash used in operating activities improved 15.5% to $527,000 from $624,000 in the prior-year nine-month period.
• · No revenue was generated from cost of revenue in either period, indicating no direct production costs.

20-05-2026

Pacira BioSciences filed a DEFA14A additional proxy soliciting material on May 20, 2026, urging stockholders to read its definitive proxy statement filed on April 28, 2026, for the 2026 Annual Meeting. The filing contains standard forward-looking statement disclaimers and identifies directors, nominees, and executive officers as participants in the solicitation. No new financial results or operational updates are provided in this document.

• · Definitive proxy statement filed on April 28, 2026, for the 2026 Annual Meeting.
• · Annual Report on Form 10-K for year ended December 31, 2025, filed on February 26, 2026.
• · Documents available on SEC website and Pacira's investor relations website.

20-05-2026

News Corp filed an 8-K on May 20, 2026, regarding its ongoing $1 billion stock repurchase program. The company disclosed it had provided daily transaction information to the Australian Securities Exchange (ASX) as required under ASX rules, attaching related exhibits. The filing confirms the repurchase program remains authorized but does not report specific new buyback activity or results.

• · The 8-K does not disclose any new repurchase transactions or updated buyback totals; it merely notes the prior authorization of up to $1 billion and the ongoing ASX disclosure obligations.

20-05-2026

American Resources Corp (AREC) reported a net income attributable to shareholders of $55.4M in fiscal 2025, a significant turnaround from a net loss of $39.1M in 2024, driven primarily by $73.2M in income from discontinued operations. However, the company generated zero revenue from continuing operations in 2025, compared to $34,070 in 2024, and continued to record losses from operations of $11.3M (improved from $14.2M in 2024). The company also experienced a substantial increase in cash and equivalents from $0.2M to $31.7M, largely due to $81.3M in financing activities, while investing activities consumed $39.4M.

• · Total assets decreased 40% to $168.9M from $281.7M, primarily due to discontinuation of operations.
• · Total liabilities decreased 79.1% to $75.7M from $362.6M, driven by the removal of $325.1M in discontinued operations liabilities.
• · Equity swung positive to $93.2M from a deficit of $80.9M.
• · Cash used in operating activities was $10.4M, worsening from $2.0M generated in FY2024.
• · Interest income surged to $577,526 from $78,791, while interest expense rose to $1,764,115 from $1,521,726.
• · Loss on debt extinguishment of $5.2M in FY2025 was a new expense, nil in 2024.
• · Number of shares outstanding increased by 37% to 106.9M from 78.0M, driven by debt/equity issuances and an equity offering.
• · Accounts receivable from related parties fell to $59.4M from $81.6M, but an allowance of $6.2M was established (none in 2024).
• · Investment in other entities (related parties) jumped to $32.4M from $1.7M.
• · Accounts payable to related parties rose to $51.6M from $17.5M.

20-05-2026

X3 Acquisition Corp. Ltd. (XCBE) reported net income of $913,196 for the three months ended March 31, 2026, driven by $1,486,330 in interest earned on marketable securities held in the Trust Account. The company completed its IPO during the quarter, raising $221,625,000 in net proceeds from the sale of Units and $5,375,000 from Private Placement Warrants, resulting in total assets of $227,870,716. However, the company incurred a loss from operations of $221,434 and had an accumulated deficit of $4,462,618 as of March 31, 2026.

• · The company had no cash at December 31, 2025, but ended March 31, 2026 with $921,248 in cash.
• · Total current liabilities increased from $291,763 at December 31, 2025 to $221,441 at March 31, 2026.
• · Deferred underwriting fee payable of $5,625,000 was recorded as of March 31, 2026.
• · Shareholders' deficit worsened from $44,205 at December 31, 2025 to $4,462,055 at March 31, 2026.
• · Net cash used in operating activities was $136,680 for the three months ended March 31, 2026.
• · The company invested $225,000,000 of cash into the Trust Account during the quarter.

20-05-2026

Cyber Enviro-Tech, Inc. (CETI) filed its 10-K for the year ended December 31, 2025, reporting no revenue for the second consecutive year and a net loss of $7,640,973, which widened 20.0% from a net loss of $6,365,984 in 2024. The company's operating loss increased 9.4% to $3,116,470, while total liabilities rose to $5,090,572 from $4,067,950, and stockholders' deficit deepened to ($3,101,224) from ($502,259). However, cash used in operating activities improved to $2,885,340 from $3,496,740, and the company raised $3,889,289 in financing activities, primarily from convertible notes.

• · Total assets decreased 44.2% from $3,565,691 in 2024 to $1,989,348 in 2025, primarily due to the reclassification of $2,081,952 in assets of discontinued operations to zero.
• · Convertible notes payable (current and non-current) increased from $1,943,484 in 2024 to $2,560,009 in 2025, a 31.7% increase.
• · Derivative liability surged 176.8% from $387,238 in 2024 to $1,071,944 in 2025.
• · Accumulated deficit deepened 58.1% from ($13,129,093) to ($20,753,574).
• · The company had a loss on sale of the Alvey oil field of $1,241,110 in 2025.
• · Non-cash shares issued for conversion of convertible notes and accrued interest totaled $4,139,034 in 2025, up from $1,695,000 in 2024.
• · Debt discount on convertible notes payable was ($1,504,245) in 2025, compared to $337,889 in 2024.
• · The company had $215,000 in loans receivable and $203,368 in investment in WTXR as of December 31, 2025.
• · Contingent liabilities decreased from $437,500 to $190,000.
• · The company had a net change in cash from continuing operations of $17,599 in 2025, compared to ($1,261,668) in 2024.
• · Cash paid for interest was $19,156 in 2025, compared to $0 in 2024.
• · The company had 13,663,352 shares of common stock to be issued as of December 31, 2025, up from 2,973,132 in 2024.
• · Potentially dilutive shares totaled 132,414,568 as of December 31, 2025, up from 97,320,540 in 2024.
• · The company had no revenue and no cost of sales in both 2025 and 2024.

20-05-2026

Salesforce filed a DEFA14A proxy supplement on May 20, 2026, urging stockholders to vote FOR Proposal 2 to amend and restate the 2013 Equity Incentive Plan, adding 34 million shares. The supplement addresses ISS's recommendation against the proposal due to a formulaic SVT calculation, which was negatively impacted by Salesforce's $25 billion accelerated share repurchase program that reduced shares outstanding. While ISS supports other proposals and Glass Lewis supports Proposal 2, the company argues the share repurchase has already retired 103 million shares—more than three times the requested shares—resulting in a net reduction in shares outstanding and a reasonable pro-forma equity overhang of 15.7%.

• · ISS supports all director nominees and the say-on-pay proposal but recommends against Proposal 2 due to a formulaic SVT calculation.
• · Glass Lewis & Co. is supporting Proposal 2.
• · The share repurchase program reduced shares outstanding, causing the same share reserve to represent a larger percentage of a smaller equity base, which ISS's SVT model penalizes.
• · The company states that without the share increase, it may need to significantly increase cash compensation, potentially misaligning employee and stockholder interests.
• · The 2013 Plan includes broad-based participation, with 96% of equity awards granted to non-executive officers in fiscal 2026.
• · The company's three-year average burn rate is 1.5%.

20-05-2026

CAVA Group reported revenue of $438.3M for the 16 weeks ended April 19, 2026, up 32.1% from $331.8M in the prior-year period, driven by restaurant revenue growth. However, net income declined to $23.6M from $25.7M, and diluted EPS fell to $0.20 from $0.22, as operating expenses grew faster than revenue. The company also reported an unrealized loss on investments and a decrease in comprehensive income.

• · Restaurant operating expenses increased 32.2% YoY to $327.1M, outpacing revenue growth.
• · General and administrative expenses rose 24.6% YoY to $51.6M.
• · Depreciation and amortization increased 22.4% YoY to $25.5M.
• · Pre-opening costs grew 37.5% YoY to $6.2M.
• · Impairment and asset disposal costs surged 63.1% YoY to $2.7M.
• · Interest income, net decreased 11.6% YoY to $4.1M.
• · The company invested $5.0M in a convertible promissory note during the period.
• · Cash paid for income taxes was $0.3M, down from $1.3M in the prior year.
• · CAVA Rewards and gift card liabilities decreased to $5.9M from $6.8M at the start of the period.
• · Total assets increased 4.6% to $1.42B from $1.36B at year-end 2025.
• · Accumulated deficit improved to $(230.0M) from $(253.6M) at year-end 2025.
• · The company had an unrealized loss on investments of $0.1M (net of tax) in the current period.

20-05-2026

FutureCorp Space Acquisition 1 filed an S-1 registration statement on May 19, 2026, for an initial public offering of 20,000,000 units at $10.00 per unit, each consisting of one Class A ordinary share and one-half of one redeemable warrant, aiming to raise $200,000,000. The blank check company has not yet selected a business combination target and has not initiated substantive discussions with any target. The offering includes a 45-day over-allotment option for up to 3,000,000 additional units, and the sponsor and underwriter have committed to purchase 6,000,000 private placement warrants at $1.00 per warrant, generating $6,000,000. However, the sponsor acquired 5,750,000 founder shares at a nominal price of $0.004 per share, resulting in immediate and substantial dilution for public shareholders, and the company has no identified target, introducing significant uncertainty.

• · The company is a blank check company incorporated in the Cayman Islands and has not selected any business combination target.
• · The warrants become exercisable 30 days after the initial business combination and expire five years after that combination.
• · Public shareholders have redemption rights at a per-share price equal to the trust account balance (less taxes) divided by outstanding public shares, but shareholders holding more than 15% of shares sold in the offering are restricted from redeeming more than 15% without prior consent.
• · Non-managing sponsor investors may purchase private placement warrants at $1.00 per warrant and receive founder shares at $0.004 per share, potentially realizing enhanced returns.
• · The underwriters receive upfront discounts and deferred underwriting commissions on units purchased by non-managing sponsor investors, if any.
• · The company will not use trust account proceeds to pay excise taxes under the Inflation Reduction Act of 2022.
• · The offering is subject to completion and the registration statement is not yet effective.

20-05-2026

Ally Financial Inc. eliminated its Series B 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock (1,350,000 authorized shares) by filing a Certificate of Elimination on May 19, 2026, after redeeming all outstanding shares of that series. This corporate action removes the associated Certificate of Designations from Ally's Amended and Restated Certificate of Incorporation and does not involve any new equity issuance or financial terms.

• · The Certificate of Elimination was filed under Section 151(g) of the Delaware General Corporation Law.
• · The Series B Preferred Stock was originally authorized on April 19, 2021, and the Certificate of Designations was filed on April 21, 2021.
• · The redemption of all outstanding Series B shares was completed prior to May 4, 2026, the date of the Pricing Committee's unanimous written consent.

20-05-2026

First Real Estate Investment Trust of New Jersey, Inc. has filed a preliminary proxy statement (PREM14A) seeking stockholder approval of a Plan of Complete Liquidation and Dissolution. The filing details the proposed winding-up, sale of all assets, and estimated liquidating distributions, but emphasizes significant uncertainties regarding timing and final amounts. Key risk factors include potential delays in asset sales, transaction costs, tenant defaults, REIT qualification risks, and possible 100% excise tax on prohibited transactions, all of which could reduce or delay distributions to stockholders.

• · All asset sale proceeds are contingent; estimated liquidating distribution ranges are mentioned but no specific figures provided.
• · If REIT status is lost, the Trust would be taxed at corporate rates and could no longer deduct distributions, reducing funds available.
• · Prohibited transaction sales could result in a 100% excise tax on net gains from such sales.
• · The Trust may provide financing to buyers (purchase money obligations), delaying cash distributions to stockholders.
• · The Board reserves the right to delay, amend, or modify the Plan of Liquidation without further stockholder approval.
• · A reserve fund may be established for contingent claims, which could further delay or reduce distributions.
• · Closing conditions, buyer defaults, and inability to find buyers at expected prices are identified as risks.
• · Occupancy rates, tenant defaults, and lower-than-expected rental income during liquidation could reduce final distributions.
• · The filing includes no prior-period financial comparisons or numerical performance metrics.

20-05-2026

Innventure, Inc. regained compliance with Nasdaq Listing Rule 5605(c)(2)(A) after appointing Bruce Brown to the Audit Committee, restoring it to three independent members. Nasdaq confirmed compliance on May 19, 2026, resolving the prior deficiency caused by Daniel Hennessy's resignation.

• · Daniel Hennessy resigned from the Board and Audit Committee effective April 29, 2026.
• · The Company notified Nasdaq of non-compliance on April 30, 2026.
• · Bruce Brown was appointed to the Audit Committee on May 15, 2026.
• · Nasdaq confirmed compliance on May 19, 2026.

20-05-2026

S&P Global Inc. announced the pricing of a private offering of $2.0 billion aggregate principal amount of senior notes by Mobility Global Inc., a holding company for its Mobility division, ahead of the planned spin-off. The offering includes $650 million of 5.050% notes due 2029, $650 million of 5.450% notes due 2031, and $700 million of 6.050% notes due 2036, with closing expected on May 29, 2026. The notes are being offered to qualified institutional buyers and non-U.S. persons in exempt transactions.

• · The offering is exempt from registration under Rule 144A and Regulation S.
• · The notes are being issued by Mobility Global Inc., a recently formed holding company for the Mobility division.
• · The spin-off of the Mobility division is intended to be completed via a distribution to S&P Global shareholders.
• · The press release was issued pursuant to Rule 135c of the Securities Act.

20-05-2026

Dorian LPG reported strong Q4 FY2026 results with revenues of $153.3M (up 102% YoY) and net income of $81.0M ($1.90 EPS), compared to $8.1M ($0.19 EPS) in Q4 FY2025. For the full fiscal year, revenues were $481.5M (up 36.3% YoY) and net income was $193.7M ($4.54 EPS), versus $90.2M ($2.14 EPS) in FY2025. The company declared an irregular cash dividend of $1.00 per share ($42.8M) and completed the sale of the VLGC Cobra for $81.9M. However, general and administrative expenses increased significantly by 60.9% in Q4 and 24.4% for the full year, and interest income declined.

• · The Baltic LPG Index averaged $90.453 in Q4 FY2026 vs $51.715 in Q4 FY2025, a 75% increase.
• · Available days for the fleet increased from 8,776 in FY2025 to 9,113 in FY2026.
• · Chartered-in fleet expanded from four to six vessels, increasing chartered-in days from 1,460 to 1,923 in FY2026.
• · Unrealized gain on derivatives was $0.6M in Q4 FY2026 vs a loss of $2.6M in Q4 FY2025.
• · Realized gain on derivatives decreased to $0.3M in Q4 FY2026 from $1.1M in Q4 FY2025.
• · Average SOFR rate on the 2023 A&R Debt Facility was lower in Q4 FY2026 compared to Q4 FY2025.
• · The company prepaid $16.5M of the 2023 A&R Debt Facility related to the sold VLGC Cobra.

20-05-2026

Avista Corp. issued $160M in first mortgage bonds ($90M at 4.77% due 2029, $70M at 6.10% due 2056) on May 14, 2026, with an additional $70M of 6.10% bonds expected in August 2026, to refinance debt and fund capital expenditures. At the 2026 Annual Meeting, shareholders approved the election of all 11 directors, ratification of Deloitte & Touche as auditor, and an advisory vote on executive compensation; however, a proposal to reduce the shareholder approval threshold from 80% to a majority failed to receive the required 80% affirmative vote.

• · The bonds are secured by a lien on substantially all property of the Company (except excepted property) under the Mortgage and Deed of Trust dated June 1, 1939.
• · The bonds are redeemable prior to maturity at the Company's option with a make-whole premium plus accrued interest; bonds held by specified foreign entities are redeemable at 100% of principal plus accrued interest.
• · Proposal 4 (amendment to reduce shareholder approval requirement from 80% to a majority) failed, receiving 64,317,253 votes for, 805,879 against, and 325,048 abstentions, but not reaching the 80% threshold of outstanding shares.
• · Director Janet D. Widmann received the lowest support among nominees with 58,951,492 votes for and 6,351,486 against.
• · The bonds were issued in the private placement market and are not registered under the Securities Act of 1933.

20-05-2026

On May 15, 2026, Bed Bath & Beyond appointed CFO Brian LaRose as principal accounting officer, succeeding Leah Putnam, and appointed Tamara Ward as a new director, effective immediately. Ms. Ward will chair the Compensation Committee and serve on the Audit Committee, receiving an annual cash retainer of $75,000 and restricted stock units valued at $165,000. No financial performance metrics or period-over-period comparisons are included in this filing.

• · Brian LaRose's appointment as principal accounting officer is effective May 15, 2026, with no arrangements or understandings with any other person.
• · Tamara Ward's term as director expires at the 2027 annual meeting or earlier upon death, resignation, or removal.
• · Ms. Ward will enter into the Company's standard form of indemnification agreement.
• · No family relationships or material interests in transactions were reported for either appointee.

20-05-2026

E20 Capital Ltd filed its 13F-HR for the quarter ended March 31, 2026, reporting a portfolio of 22 equity holdings with a total market value of approximately $1.07 billion. The fund's largest positions include Lumentum Holdings ($131.2M), AXT Inc ($117.9M), and Intel Corp ($99.4M), reflecting a strong focus on semiconductor and technology companies. No period-over-period comparisons are available as this is the fund's initial 13F filing.

• · The fund's top 5 holdings by value are Lumentum Holdings ($131.2M), AXT Inc ($117.9M), Tower Semiconductor ($107.7M), Intel Corp ($99.4M), and SanDisk Corp ($81.1M).
• · The portfolio is heavily concentrated in semiconductor and related technology companies, with 18 of 22 holdings in that sector.
• · Notable positions include a significant stake in AXT Inc (2,068,550 shares) and Intel Corp (2,251,449 shares).
• · The fund also holds smaller positions in Tesla (26,231 shares) and Alphabet Class C (87,755 shares).
• · All reported shares are held with sole voting and dispositive power.

20-05-2026

Red Cat Holdings, Inc. (RCAT) completed the acquisition of Quaze Technologies Inc., a developer of wireless power transfer technology for unmanned systems, on May 20, 2026. The acquisition addresses a key operational constraint—manual battery swaps and connector-based charging—by enabling autonomous recharging across air, land, and maritime domains. Quaze will operate as an independent business unit and maintain a platform-agnostic model, opening a new revenue channel from third-party systems while strengthening Red Cat's all-domain capabilities.

• · Quaze is based in Québec, Canada.
• · The QU6 electronic architecture enables large surfaces to function as wireless energy access points without requiring precise alignment, physical connectors, or direct contact.
• · The system can operate in the presence of debris, sand, ice, or snow.
• · Quaze’s technology has been demonstrated across aerial drones, ground systems, and autonomous underwater vehicles.
• · Red Cat expects Quaze to support expansion into maritime systems and multi-platform autonomy, including swarming, extended ISR missions, and autonomous deployment cycles.
• · The acquisition introduces a new revenue channel through integration into third-party systems, making Quaze a potential standard for wireless power across the unmanned systems ecosystem.

20-05-2026

Haemonetics Corp reported a 2.0% decline in net revenues to $1,334,027K for fiscal year 2026, with a significant 42.0% drop in net income to $97,308K compared to $167,679K in FY2025. While gross profit improved 5.2% to $787,586K and gross margin expanded to 59.0% from 55.0%, operating income fell 29.3% to $156,734K due to a 19.7% increase in operating expenses, driven by a $86,546K impairment of intangible assets. Segment performance was mixed: Hospital net revenues grew 4.3% (led by Blood Management Technologies +14.6%), but Plasma revenues declined 2.0% and Blood Center revenues fell 15.3% (Whole Blood -99.2%).

• · Net debt position worsened to $979,140K from $918,025K in FY2025.
• · Working capital improved to $552,280K from $356,862K, and current ratio increased to 3.0 from 1.6.
• · Days sales outstanding remained stable at 56 days vs 55 days.
• · Inventory turnover improved slightly to 1.5 from 1.4.
• · Net cash used in investing activities increased to $179,547K from $161,895K.
• · Financing activities swung to a net use of $178,460K from a net source of $108,818K.
• · US revenue declined 2.8% (reported) while International revenue grew 0.6% (reported), but constant currency growth was negative for both (US -2.8%, International -2.6%).
• · Revenue mix shifted: US share decreased to 73.6% from 74.3%, Europe increased to 13.9% from 12.9%, Japan increased to 5.1% from 4.6%.
• · SG&A expense as a percentage of net revenues increased to 33.2% from 32.1%.
• · R&D expense as a percentage of net revenues decreased slightly to 4.5% from 4.6%.

20-05-2026

Hasbro reported a strong first quarter 2026, with total revenue up 13% YoY to $270M operating profit (+58% vs LY), driven by robust growth in Wizards and Digital Gaming (+26%) led by MAGIC: THE GATHERING (+36%). However, Consumer Products revenues were flat and Entertainment segment revenue declined 24% YoY. Adjusted net earnings per diluted share were $1.47. The company reiterated 2026 guidance (revenue +3-5%, adjusted operating margin 24-25%, EBITDA $1.40-1.45B) and declared a $0.70 quarterly dividend. It also disclosed ongoing costs from a previously reported unauthorized network access incident.

• · GAAP net earnings per diluted share were $1.39; adjusted net earnings per diluted share were $1.47.
• · Wizards and Digital Gaming segment operating profit was $298M with a 51% operating margin.
• · Consumer Products segment reported an operating loss of $48M and adjusted operating loss of $41M, attributed to normal seasonality, incremental tariff expense, and challenging licensing compares.
• · Entertainment segment operating profit of $17M, adjusted operating profit of $20M up 17% YoY due to lower royalty expense.
• · During Q1, the company deployed $96M toward debt reduction including issuance of $400M of new notes to fully repay November 2026 maturities, with balance used to repurchase higher-rate longer-dated securities.
• · The Board declared a quarterly cash dividend of $0.70 per common share payable June 11, 2026 to shareholders of record June 1, 2026.
• · In late March 2026, the company identified unauthorized network access; costs began being incurred in Q2 2026, including legal and remediation costs; the full scope of costs is not yet determined. The company plans to seek insurance reimbursement.
• · The company reiterated full year 2026 guidance: revenue up 3-5% constant currency; adjusted operating margin 24-25%; adjusted EBITDA $1.40B to $1.45B.

20-05-2026

Storebrand Asset Management AS filed its 13F-HR for the period ending December 31, 2025, reporting $37.24 billion in total holdings across 776 positions. The filing shows a diversified portfolio with top holdings in Visa Inc. ($606.96M), Tesla Inc. ($698.62M), Waste Management Inc. ($323.48M), and Wells Fargo & Co. ($163.33M). No prior period data is provided, so period-over-period comparisons are not available.

20-05-2026

Philip Morris International announced the appointment of Massimo Andolina as Group CFO, effective August 1, 2026, succeeding Emmanuel Babeau, who will remain as Strategic Advisor until March 31, 2027. Andolina, previously President of the Europe Region, led robust top- and bottom-line growth in the region, while Babeau oversaw strong financial performance and the acquisition of Swedish Match during his tenure. The smoke-free business accounted for 43% of Q1 2026 net revenues, but the company faces ongoing risks including regulatory restrictions, excise tax increases, and geopolitical instability.

• · Andolina joined PMI in 2008 and served as SVP Global Operations from 2018 to 2023, leading a team of over 30,000 people.
• · Babeau was appointed CFO in May 2020 and led the acquisition of Swedish Match in 2022.
• · Smoke-free products are available in over 105 markets and used by over 43 million legal-age consumers as of December 31, 2025.
• · The U.S. FDA has authorized marketing of Swedish Match's General snus and ZYN nicotine pouches, as well as versions of IQOS devices and consumables.
• · Andolina holds a Master of Science in Mechanical and Industrial Engineering from the University of Palermo and an MBA from IMD in Lausanne.

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

Medline Inc., the largest provider of medical-surgical products and supply chain solutions, filed an S-1 registration statement on May 20, 2026, for a secondary offering of Class A common stock by selling stockholders. The company highlights a durable recurring revenue base with net sales growing at an 18% CAGR since inception, driven by its integrated Medline Brand and Supply Chain Solutions segments. However, the filing also notes that the IPO closed on December 18, 2025, and this offering involves the exchange of Common Units by existing pre-IPO owners, including Blackstone, Carlyle, H&F, and the Mills Family, which may signal partial exits by major investors.

• · The filing is for a secondary offering of Class A common stock by selling stockholders, not a primary issuance by the company.
• · The IPO of Medline Inc. closed on December 18, 2025, and this S-1 relates to a subsequent offering.
• · Pre-IPO owners include Principal Stockholders (Blackstone, Carlyle, H&F, Mills Family) and Other Pre-IPO Investors (Hux, Platinum Falcon).
• · The company operates 30 manufacturing facilities and 70 global distribution facilities.
• · Medline Brand segment offers approximately 190,000 products, while Supply Chain Solutions offers approximately 145,000 third-party products.
• · The company has a dedicated U.S. commercial team of approximately 4,000 people.
• · Underwriters have an option to purchase up to an additional 9,000,000 shares from selling stockholders.
• · The company was founded in 1966 and the Sponsor Acquisition occurred on October 21, 2021.

20-05-2026

Innovative Industrial Properties closed four secured term loans totaling $44.9 million in gross proceeds, with a five-year term and a fixed interest rate of 6.67%. The proceeds will be used to repay unsecured notes maturing at the end of May 2026, reflecting the company's focus on maintaining a strong balance sheet and extending its debt maturity profile.

• · The loans are secured by certain properties of the Company.
• · The loans have an initial term of five years.
• · The proceeds will be used to pay off unsecured notes maturing at the end of May 2026.
• · The financing establishes a new lending relationship for the company.

20-05-2026

Vaxart, Inc. filed a DEFA14A soliciting material in connection with its 2026 Annual Meeting of Stockholders. The filing identifies the company's directors and executive officers as participants in the proxy solicitation and directs stockholders to read the definitive proxy statement when available. No specific financial results or operational metrics are disclosed in this filing.

• · The filing is a soliciting material pursuant to Rule 14a-12 under the Securities Exchange Act of 1934.
• · Stockholders are directed to obtain the definitive proxy statement at no charge from the SEC's website (www.sec.gov) or the company's investor relations website.
• · Supplemental information regarding participants' holdings of the company's securities can be found in a Form 4 filed on May 1, 2026 with respect to Dr. Breitmeyer.

20-05-2026

Roivant Sciences Ltd. reported a net loss attributable to the company of $299.8M for the fiscal year ended March 31, 2026, compared to a net loss of $172.0M in the prior year, while revenue declined 71.6% to $8.3M from $29.1M. The company recorded a $770.2M gain on litigation settlement and a $515.1M loss from operations, though operating loss improved from $1.0B in FY2025. Cash used in operations was $750.3M, and the company holds a $233.2M minority equity investment in Datavant valued using significant unobservable inputs.

• · Revenue declined for the second consecutive year, from $32.7M in FY2024 to $29.1M in FY2025 to $8.3M in FY2026.
• · Gain on sale of Telavant net assets was $0 in FY2026 vs $110.4M in FY2025 and $5.3B in FY2024.
• · Income tax expense increased 176.8% to $133.3M in FY2026 from $48.2M in FY2025.
• · Net cash used in investing activities was $682.3M in FY2026, compared to $1.8B used in FY2025.
• · Net cash provided by financing activities was $134.2M in FY2026 vs $1.2B used in FY2025.
• · The company's investment in Datavant is classified as Level 3 and valued at $233.2M using significant unobservable inputs including discount rate, revenue growth rate, EBITDA, and terminal growth rate.
• · Immunovant/HanAll anti-FcRn franchise has potential milestones up to $420M; Pulmovant/Bayer mosliciguat up to $280M.
• · Genevant/Arbutus LNP Technology entitles Roivant to up to 20% of royalty-related receipts.