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Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) and Channel Therapeutics Corporation (NYSE:CHRO) on Thursday signed a definitive merger agreement to combine Ligand’s wholly owned subsidiaries, Pelthos Therapeutics Inc. and LNHC, Inc. (collectively Pelthos) with CHRO Merger Sub Inc., a wholly owned subsidiary of Channel.
The merger will be supported by $50 million in capital raised from a group of strategic investors led by Murchinson.
Under the merger agreement, Channel will acquire 100% of Pelthos’ issued and outstanding equity interests, change its name to Pelthos Therapeutics, and trade on the NYSE American exchange under the ticker PTHS.
Also Read: Analyst Sees Big Upside In Ligand’s Capital-Efficient Biotech Strategy
In connection with the transaction, Ligand has agreed to invest $18 million in the combined company, and the Investor Group has agreed to invest $32 million in a total of $50 million.
Upon completing the transaction, Scott Plesha, CEO of Pelthos, will become CEO of the combined company, and Frank Knuettel II, CEO of Channel Therapeutics, will become CFO. The transaction is expected to close in the summer of 2025.
The combined company will initially focus on accelerating the commercialization of Pelthos’ Zelsuvmi (berdazimer) topical gel, 10.3%, for Molluscum contagiosum infections in adults and pediatric patients one year and older.
The U.S. Food and Drug Administration (FDA) approved Zelsuvmi in 2024. It is the first and only prescription therapy for molluscum infections approved for use at home by patients, parents, and caregivers.
Ligand is entitled to a 13% royalty on worldwide sales of Zelsuvmi.
The combined company will also retain Channel’s existing NaV 1.7 development programs for various types of chronic pain, acute and chronic eye pain, and post-surgical nerve blocks.
In December 2024, Channel Therapeutics announced that it achieved its endpoints in two pre-clinical in vivo models of the company’s nerve block formulations for acute pain, showing material improvement in efficacy and duration over the existing standard of care, bupivacaine.
An update on the Channel’s animal efficacy study for its eye pain program will be forthcoming.
“This transaction presents a compelling opportunity to launch a commercial-ready product, with significant financial backing from Murchinson, that has the potential to deliver both near and long-term value to our shareholders,” said Todd Davis, CEO of Ligand.
Frank Knuettel II, CEO of Channel Therapeutics, commented, “We have performed extensive due diligence on the Zelsuvmi market opportunity and their team and operations, and we believe this is an extraordinary opportunity for current Channel shareholders. Strategically, it provides the potential for near-term revenue generation from an FDA-approved drug, the opportunity to advance Channel’s existing NaV 1.7 programs, and expanded capitalization from strong, long-standing investors.”
Molluscum contagiosum is a poxvirus and one of the most common skin infections, afflicting an estimated 16.7 million people in the U.S.
Price Action: LGND stock is up 2.08% at $106.80 during the premarket session at the last check Thursday, and CHRO stock closed at $1.26 on Wednesday.
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On Wednesday, La Rosa Holdings (NASDAQ: LRHC) provided a business update and reported financial results for the year ended December 31, 2024.
Total revenue increased 119% year-over-year to $69.4 million, topping its preliminary estimate of $65 million.
Residential real estate services revenue increased 179% Y/Y to $57.0 million.
Also Read: La Rosa Snaps La Rosa Realty Beaches Franchisee
The increase was driven by $9.8 million of revenue from the nine acquisitions completed during fiscal 2024 and a full year of income from the six acquired companies in 2023.
Property management revenue increased by 15% Y/Y to $11.1 million. Real Estate Brokerage Services (Commercial) revenue increased by 183% Y/Y to $328 thousand.
Gross profit increased by 110% Y/Y to $6.0 million. Net loss was $15.9 million, or EPS loss of $(0.79), compared to net loss of $9.3 million, or $(1.27) Y/Y.
CEO Joe La Rosa attributed the quarterly performance to strategic acquisitions of real estate brokerage franchisees and growth in its agent network, which now exceeds 2,500 agents. Its scalable, agent-first brokerage model continues to attract top talent by offering flexible compensation options.
La Rosa said it recently started expanding internationally with the engagement of an area developer in Spain. In addition, it introduced LR Agent Advance. This new program provides its agents with upfront access to pending commissions, supporting their growth while generating an additional recurring revenue stream for the company.
La Rosa said Nasdaq has granted it a 180-day extension to comply with the minimum bid price rule. The company is on track to close its previously announced acquisition of a real estate brokerage firm, which generated $19 million in revenue in 2023 and, if consummated, is expected to bring a network of around 945 agents across multiple states. Significantly, La Rosa reiterated the 2025 revenue forecast of $100 million.
La Rosa said it remains focused on achieving profitability in 2025 by expanding into new markets, acquiring additional brokerage firms, growing its agent base, and leveraging technology to drive operational efficiencies.
Price Action: LRHC stock closed higher by 0.50% at $0.20 at Tuesday.
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MIRA Pharmaceuticals, Inc. (NASDAQ:MIRA) on Wednesday released data demonstrating the efficacy of the oral ketamine analog, Ketamir-2, in a validated animal model of diabetic neuropathy, a type of nerve damage that can occur in diabetes patients.
In the study, Type 2 diabetes was induced in rats using a high-fat diet combined with a low dose of Streptozotocin (STZ).
Treatment with Ketamir-2 led to a significant reduction in neuropathic pain symptoms, with some animals returning completely to pre-diabetic baseline sensitivity.
Diabetic neuropathy affects between 28% to 55% of patients with diabetes.
Current treatment options are limited, with first-line therapies such as pregabalin, gabapentin, and duloxetine often delivering only modest symptom relief. These drugs are frequently associated with side effects such as dizziness, fatigue, cognitive impairment, and gastrointestinal discomfort. Up to 50% of patients fail to achieve meaningful pain reduction.
At the same time, the demand for non-opioid therapies is growing rapidly, driven by the ongoing opioid crisis and heightened regulatory scrutiny. Ketamir-2's non-addictive profile and lack of dissociative side effects position it as a strong candidate in this emerging treatment landscape.
MIRA anticipates initiating its Phase 2a trial in diabetic neuropathy by the end of 2025, with the first human efficacy data expected in the first half of 2026.
In parallel, the company is developing a topical slow-release formulation of Ketamir-2 to provide localized pain relief with minimized systemic exposure.
In addition, MIRA is actively conducting ongoing studies assessing the efficacy of Ketamir-2 in models of post-traumatic stress disorder.
In March, MIRA Pharmaceuticals signed a binding letter of intent to acquire SKNY Pharmaceuticals, Inc.
The transaction includes a $5 million capital infusion of cash or equivalent consideration into MIRA, reinforcing its financial position and supporting the advancement of SKNY-1, a preclinical-stage oral drug candidate for weight loss and smoking cessation.
Price Action: MIRA stock closed at $0.89 on Tuesday.
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Forget the Fed speakers and trade headlines – real bottoms are often written in volatility.
In an exclusive interview with Benzinga, Jake Behan, head of Capital Markets at Direxion, said investors seeking to time market turning points amid recession or tariff-driven turmoil should look to key behavioral signals.
"Investors are monitoring for peak volatility (maybe the VIX ~ 40), market liquidity (potential need for Fed easing or activities to create orderly markets), and any news that could be viewed as improving macro data/information," he said.
Read Also: Volatility Gauge Vix Surges To An 8-Month High: ‘More Fear Equals More Opportunity,’ Says Analyst
The recent short-lived easing in tariffs gave investors a glimpse of how markets might react when fear peaks. According to Behan: "After another round of tariff reprieve this weekend's, brief as it may have been, we have seen Treasuries rally, gold pull back, and the VIX ease lower."
For those watching these defensive pivots, gold-related funds like the Direxion Daily Gold Miners Index Bull 2X Shares (NYSE:NUGT) or its inverse bear counterpart, the Direxion Daily Gold Miners Index Bear 2X Shares (ARCA: DUST), can provide amplified exposure to short-term moves driven by flight-to-safety sentiment.
While macro indicators like credit spreads or unemployment take time to react, the CBOE Volatility Index (VIX) is a more immediate read on fear. If the VIX jumps close to 40, it could be a sign that panic is peaking and the market may be near a bottom, according to Behan.
As safe-haven flows redirect capital toward Treasuries and away from risk assets, inverse equity ETFs like Direxion's Daily S&P 500 Bear 3X Shares (NYSE:SPXS) could offer a high-conviction option for traders anticipating a deeper drawdown.
Bottom-pickers should focus less on policy pronouncements and more on price action and market behavior. As Behan hints, the road to recovery might not be paved with data – it might be marked by exhaustion.
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Photo: Shutterstock
Traders are piling into recession hedges as tariff threats resurface, but they may be following the wrong signals.
According to Jake Behan, Head of Capital Markets at Direxion, the connection between tariffs, inflation, and recession isn't as direct as many assume.
"Traders may be overreacting and exaggerating the link between tariffs, inflation, and recession timing," said Behan in an exclusive interview with Benzinga.
Read Also: Trump’s ‘Tarifflation’ In The Spotlight As Markets Shrug Off Cool Inflation Data, Economist Says
The tariff narrative has re-entered center stage, but the inflation story predates it. That's why some macro-focused investors may be cautious in attributing too much market movement to new trade threats.
"While there is no doubt that the three impact each other, the risk of inflation has been looming for much longer," Behan said.
The challenge for active traders is separating noise from signal. The current landscape features erratic tariff implementation, making it hard to precisely time any recession-linked drawdown.
For traders with a bearish tilt on sectors vulnerable to tariff whiplash—such as semiconductors—targeted tools like the Direxion Daily Semiconductor Bear 3X Shares ETF (NYSE:SOXS) can offer a way to express conviction on near-term downside without waiting for confirmation from lagging indicators.
Despite the confusion, Behan acknowledges traders are directionally aligned with macro risks.
"Traders have the proper sentiment in recognizing the risk of a recession and the global supply chain risks that come along with tariffs," said Behan.
Small caps, often exposed to global supply chains and tighter margins, may also be vulnerable in a tariff-fueled slowdown. Tactical traders looking to lean into that risk might explore inverse exposure through the Direxion Daily Small Cap Bear 3X Shares ETF (NYSE:TZA).
Still, strategy matters.
Overreacting to tariffs could leave investors positioned for a downturn that's driven by slower-moving forces like sticky inflation or weakening demand – rather than sudden policy shifts.
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Image: Shutterstock
While U.S. cannabis companies fight over dispensary licenses, banking reform and federal decriminalization, a quieter revolution is underway—one that's being seeded, quite literally, from across the Atlantic.
In basements and backyards from New York to Minnesota, U.S. homegrowers are buying more cannabis seeds than ever before. And many of those seeds aren't coming from California, Oregon or Colorado. They're coming from places like Barcelona and Amsterdam—courtesy of Europe's thriving, decades-old seed industry, now taking over the American market.
Among the most prolific players in this silent surge is Fast Buds, a Spanish-born cannabis genetics company that now ships more than 3 million seeds annually, one million of which are headed to the U.S. alone.
"The United States is our second-largest market, contributing around 30% of our global sales… Demand is spread coast to coast. Top states [include]: Ohio, Minnesota, Illinois, Virginia and New York," said Eugene Boukreev, head of marketing at Fast Buds, in an exclusive interview with Benzinga. "What sets the U.S. apart isn't just its size, but its remarkable consistency."
More than 30 states now permit some form of home cultivation for medical or adult-use cannabis. As dispensary prices stay high and product quality fluctuates, more Americans are turning to grow tents, LED rigs and online seed orders to take control of their cannabis experience.
A major catalyst came in 2022 when the DEA clarified that cannabis seeds containing less than 0.3% delta-9 THC by dry weight fall under the definition of legal hemp—regardless of the strain or how the plant might grow once cultivated. Because seeds in their dormant state contain only trace, non-activated levels of THC, virtually all cannabis seeds meet the legal criteria for hemp, even if they come from high-THC cultivars. This federal clarification opened the floodgates for international seed banks to ship directly to U.S. customers without violating the Controlled Substances Act.
Fast Buds, launched in 2010 as a two-person operation, has capitalized on the moment. The company now employs over 100 people and operates global offices in Los Angeles, Barcelona, London, Bangkok and Prague. Its logistics network includes domestic fulfillment hubs in the U.S., E.U. and Asia.
Also read: Latino Entrepreneurs Are Thriving In NYC’s Cannabis Market—Here’s The Proof
"By establishing fulfillment hubs in key regions, we're able to ship domestically—ensuring faster, safer and fully compliant delivery to our customers," Boukreev said.
While many legacy growers swear by photoperiod strains—those that require strict light cycles to trigger flowering—Fast Buds built its reputation on a once-dismissed format: autoflowers.
Autoflowering cannabis plants bloom based on age, not light exposure. They're faster, hardier and easier to grow, traits that make them ideal for hobbyists, northern climates and those chasing multiple harvests per year. While they typically produce smaller yields than photoperiod strains—generally 20–30% less per plant—many growers see the trade-off as worth it for the speed and simplicity they offer.
"In the U.S., the shift toward autoflowers is accelerating, especially among hobbyists and pro growers chasing efficient extract yields," Boukreev noted.
According to Fast Buds, autoflowers capture up to 60% of the market in short-season regions like northern Europe and the northern U.S., while photoperiods still dominate in warmer climates.
The company recently introduced its first line of feminized photoperiods, but autoflowers remain its bestselling category. Its top five global strains—Strawberry Gorilla, Gorilla Cookies, Purple Lemonade, Lemon Cherry Cookies and Guava Auto—blend high potency with rich terpene profiles, checking the boxes for flavor-obsessed growers.
"The spotlight is shifting away from just THC levels," Boukreev said. "Growers and consumers alike are seeking out strains that deliver a memorable sensory experience."
Fast Buds isn't just growing—it's evolving. A decade ago, 100% of its revenue came through distributors. Today, nearly 50% of its global sales come from direct-to-consumer orders, driven by a robust e-commerce platform and tailored logistics.
Each year, the company fulfills more than 87,000 direct orders, with customers typically purchasing 5 to 7 seeds per transaction. Incredibly, 70% of those buyers are first-timers, a signal that Fast Buds is expanding beyond veteran growers into a broader, lifestyle-focused audience.
"Our direct-to-consumer channel has become a cornerstone of our business," Boukreev told Benzinga. "At the same time, our B2B network remains strong, supporting over 1,500 retail partners worldwide, including 62 U.S. locations."
This hybrid model—deep community engagement with broad market reach—helps Fast Buds future-proof its operations while diversifying its revenue base.
As the global cannabis market continues to mature, genetics are emerging as a high-value, often underappreciated vertical. Cultivars with distinct terpene profiles, unique aesthetics and balanced effects are gaining traction with connoisseurs and casual users.
That demand is especially evident in the U.S., where regulatory gridlock has slowed innovation in other sectors. While operators wait for banking access or interstate commerce, home growers are experimenting and spending.
"Today's consumers—especially daytime smokers—are looking for flavor, balance and a deeper, more curated experience," said Boukreev. "That's exactly where we're placing our focus: vibrant, terpene-rich, artisanal strains that bring character and complexity to the forefront. People are starting to explore terpene profiles the way wine lovers explore tasting notes—and we love that."
This trend mirrors broader shifts in global cannabis. In Germany, for instance, a new legalization framework went into effect in April 2024, allowing limited personal cultivation. Germany's medical cannabis prescriptions rose nearly 10x in one year, from 1.5 to nearly 10 metric tons—signaling rising demand for localized cultivation and reliable genetics.
Fast Buds has positioned itself to ride that wave, both in the U.S. and abroad. With global offices, flexible fulfillment and a growing base of loyal growers, the company may be quietly outpacing many flashier North American brands.
Because while the cannabis industry argues over headlines, seed companies are focused on something more enduring: the roots.
Read next: Cannabis Stays Legal In Germany Following New Coalition Deal
Photos courtesy of Fast Buds
At a time when buzzwords and high-frequency trading tend to get all the attention, Argent Capital Management has taken a lower-key — but more strategic — approach. The St. Louis active asset manager has launched two new ETFs: the Argent Large Cap ETF (NASDAQ:ABIG) and the Argent Focused Small Cap ETF (NASDAQ:ALIL). These complement the firm’s already existing Mid Cap ETF (NASDAQ:AMID), providing a complete array of U.S. equity exposure that adheres to a rather old-fashioned policy: invest in good companies and let them compound.
Also Read: WisdomTree Fund Gets A Makeover That’s Built For Market Chaos
Argent’s strategy focuses on the idea it calls “enduring businesses” — companies with steadily increasing cash flows, sound capital allocation habits and a lasting competitive advantage. “We think of it as the economic version of a well-built house that stands strong in all weather. We look closely at how a company reinvests its profits, manages debt, and maintains its edge over competitors. Even as markets rapidly evolve, these fundamental strengths rarely go out of style,” ABIG portfolio manager Jed Ellerbroek, Jr., told Benzinga.
These are not big, index-hugging funds. Each is constructed with conviction: about 30 to 35 names in ABIG and 35 to 45 in ALIL. That focused method reflects Argent’s view that meaningful long-term outperformance results from extensive fundamental research and allowing great businesses to do what they do best—compound cash flows over time.
“Good capital allocation is like planting trees today, knowing they’ll provide shade in the future. It takes patience,” Ellerbroek said. “We seek companies that consistently reinvest cash wisely to fuel long-term growth. When volatility hits, our conviction in these disciplined firms allows us to look beyond short-term and hold positions confidently for years, compounding returns along the way.”
In today’s market, that conviction causes them to be overweight in sectors like consumer discretionary and industrials within ABIG. Amazon (NASDAQ:AMZN) is the fund’s largest holding and a key driver of that discretionary tilt. Argent also prefers stocks like Copart (NASDAQ:CPRT), Booz Allen Hamilton (NYSE:BAH) and Waste Connections (NYSE:WCN) for their consistent cash flows and resilient business models. At the same time, they’re underweight in consumer staples, which they consider less attractive compared to some industrials.
Also Read: Chip Shock: 3 Hot Semiconductor ETFs To Watch As Trump’s Tariff Bomb Ticks
In ALIL — the small-cap cousin — Argent is making the most of financials and housing-related consumer discretionary names. Ellerbroek cites strong long-term growth opportunities and favorable valuations in both areas. Conversely, the team is cautious about a few companies that don’t have their quality-first approach.
“For ALIL, our small cap strategy, we’re overweight consumer discretionary, especially housing-related names, given their attractive long-term growth potential,” he said. “We're also overweight in financials, thanks to compelling secular trends and reasonable valuations. Meanwhile, we're cautious on healthcare, largely due to our aversion to unprofitable biotech businesses.”
That research-led approach is particularly important in the small-cap space, where analyst coverage can be thin and market narratives can shift quickly. According to Ellerbroek, the firm conducts small-cap due diligence more like private equity investors than public market traders. “We're asking ourselves, ‘Would we want our own families to own this business?’ This mindset ensures we invest only in businesses we deeply understand and believe can compound value over time.”
Argent’s commitment to quality applies to risk management as well. Volatility isn’t risk; owning lousy businesses is. “Owning exceptionally high-quality companies, we can confidently look beyond short-term fluctuations, knowing these businesses are built to adapt and thrive over the long term,” Ellerbroek said.
With three concentrated ETFs now accessible for large-, mid- and small-cap stocks, Argent views a natural opportunity for advisers to create an all-weather core equity portfolio with their funds. ABIG represents a solid large-cap anchor, AMID focuses on mid-cap growth opportunities, and ALIL provides access to emerging opportunities in the small-cap universe.
In a market filled with passive approaches and moment-in-the-sun thematic ETFs, Argent is counting on something that has remained consistent: fundamental research, patience and the compounding power of quality businesses.
As a parting thought, summarizing Argent's investment approach, Ellerbroek told Benzinga, “We invest in a select group of great businesses that steadily compound cash flow and have lasting competitive advantages – because in investing, short-term thinking rarely wins; patience usually does.”
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Photo: Shutterstock
Vivani Medical, Inc. (NASDAQ:VANI) and Okava Pharmaceuticals, Inc. expanded their collaboration to include dogs in the development of OKV-119, a long-acting GLP-1 therapy for weight management, diabetes and other cardiometabolic conditions.
Financial terms of the expanded agreement were not disclosed.
Okava Pharmaceuticals is a clinical-stage company focused on diseases of aging in dogs and cats.
Vivani and Okava initiated their collaboration in 2019, focusing on developing OKV-119 for cardiometabolic conditions in cats.
OKV-119 leverages Vivani's proprietary NanoPortal technology, which provides smooth and steady delivery of therapeutic molecules, including GLP-1 receptor agonists, over extended periods from a single implant.
According to Okava, dosing every six months or longer supports a "One-and-Done" approach between office visits consistent with the product profile of Vivani's NPM-115, an ultra long-acting GLP-1 implant in clinical stage development to improve medication adherence and tolerability for the treatment of chronic weight management in humans.
"This expanded partnership with Okava reflects our shared confidence in the potential of NanoPortal technology to serve a broad array of prospective beneficiaries in the management of metabolic disease. The structure of this expanded partnership minimizes costs and risks for Vivani while integrating upside potential for Vivani shareholders through future milestone payments and royalties," said Vivani CEO Adam Mendelsohn.
In March, Vivani Medical released preclinical data for NPM-139, its subdermal semaglutide implant under development for chronic weight management in obese and overweight individuals.
In an ongoing study in healthy rats, a single administration of the semaglutide implant NPM-139 resulted in body weights nearly 20% lower than a sham implant control group throughout a 91-day treatment period.
Price Action: VANI stock closed at $1.04 on Monday.
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On Tuesday, Janover Inc (NASDAQ:JNVR) announced the purchase of 80,567 Solana (CRYPTO: SOL), valued at approximately $10.5 million.
This purchase marks the third execution under its newly adopted digital asset treasury strategy. This purchase brings Janover's total Solana holdings to 163,651.7, valued at approximately $21.2 million inclusive of staking rewards.
Also Read: Janover Buys $4.6 Million in Solana, Launches Crypto Treasury Strategy After $42 Million Raise
As of April 15, 2025, Janover had a total SOL of 163,651.7 and 1.5 million shares outstanding. SOL per Share (SPS) of 0.11 was worth $14.47. SOL/Share Growth (SPS Growth versus last purchase) was 120%.
Janover will begin staking its newly acquired SOL immediately, generating revenue while supporting the Solana network.
This marks another allocation of capital from the company's recently completed $42 million financing round.
The Board of Directors approved the company's new treasury policy on April 4, 2025, authorizing long-term accumulation of crypto assets starting with Solana.
The company also aims to operate one or more Solana validators, enabling it to stake its treasury assets, participate in securing the network, and earn rewards that can be reinvested.
Price Action: JNVR stock is up 4.67% at $69.02 in premarket at last check Tuesday.
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