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Jade Power Trust is engaged in the energy business. It is focused on the development and generation of energy from clean energy sources. Its portfolio currently consists of wind, solar, and hydro power generation assets. The company owns and operates two wind projects named Baia and East Wind, two photovoltaic solar power production plants named Corabia and PowerLIVE, and two hydroelectric facilities named Rott and Zagra.

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Urban Outfitters, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/URBN#NASDAQ">URBN</a>) shares traded higher on Wednesday following the release of the company&#8217;s third-quarter earnings report, which exceeded expectations. Here&#8217;s <a href="https://www.benzinga.com/quote/URBN/news">what you need to know.</a>
What To Know: Urban Outfitters reported third-quarter earnings per share of $1.10, beating estimates of 89 cents. Revenue came in at $1.36 billion, up 6.3% year-over-year and ahead of the consensus estimate of $1.32 billion.
The company posted net income of $102.9 million for the quarter, compared to $83 million a year ago. Retail net sales rose 3.2%, with comparable retail sales up 1.5%. Anthropologie and Free People brands reported comparable sales growth of 5.8% and 5.3%, respectively, while Urban Outfitters brand sales fell 8.9%.
See More: <a href="https://www.benzinga.com/24/11/42221225/these-analysts-increase-their-forecasts-on-urban-outfitters-after-q3-results">These Analysts Increase Their Forecasts On Urban Outfitters After Q3 Results</a>
Nuuly, the company's subscription rental service, grew sales by 48.4%, supported by a 51% increase in active subscribers. Wholesale revenue increased 17.4%, driven by a 20.3% rise in Free People wholesale sales, partially offset by declining Urban Outfitters wholesale revenue.
Gross profit for the quarter rose 9.4% to $497.3 million, with a 105-basis-point improvement in gross margin due to higher merchandise markups and fewer markdowns at Urban Outfitters. Operating expenses increased 6.7%, reflecting higher marketing and store payroll costs.
&#8220;These results were driven by outperformance across all three business segments – Retail, Subscription and Wholesale. Additionally, we&#8217;re optimistic about the outlook for Holiday demand and believe total comparable sales could be similar to our third quarter results,&#8221; said Richard Hayne, CEO of Urban Outfitters.
The company ended the quarter with $182.5 million in cash, $340.4 million in marketable securities and a 10% inventory increase, largely due to early holiday merchandise shipments and higher sales expectations.
Following the print, several analysts raised price targets, which appears to have helped push shares higher on Wednesday.
<ul>
<li>Citigroup analyst Paul Lejuez upgraded Urban Outfitters from Neutral to Buy and raised the price target from $42 to $59.</li>
</ul>
<ul>
<li>Telsey Advisory Group analyst Dana Telsey maintained a Market Perform and raised the price target from $44 to $46.</li>
</ul>
<ul>
<li>BofA Securities analyst Lorraine Hutchinson maintained a Buy and raised the price target from $46 to $53.</li>
</ul>
<ul>
<li>Barclays analyst Adrienne Yih maintained an Overweight and raised the price target from $43 to $51.</li>
</ul>
<ul>
<li>Wells Fargo analyst Ike Boruchow maintained an Equal-Weight and raised the price target from $40 to $48.</li>
</ul>
URBN Price Action: Urban Outfitters shares closed Wednesday up 18.3% at $47.49, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="https://benzinga.slack.com/archives/D072651PB4K/p1727794380964569"><img loading="lazy" decoding="async" width="1024" height="521" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/27152029/URBN-1024x521.png" alt="" class="wp-image-668199" style="width:474px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/27152029/URBN-1024x521.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/27152029/URBN-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/27152029/URBN-768x391.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/27152029/URBN.png 1465w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
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Image Via Shutterstock.

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URBN

Urban Outfitters Stock Surged Wednesday: What Happened?

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Cryptocurrency Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) is seeing a sharp rise in valuation in recent days, which comes as other cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) have hit all-time highs since <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41778425/bitcoins-all-time-high-a-groundbreaking-milestone-and-strong-post-election-rally-coming-ex">the 2024 election.</a>
While Ethereum has gained less than Bitcoin in 2024 and trades below its all-time highs set in 2015, investors who bought the cryptocurrency years ago are still profitable on their trades. &nbsp;
What Happened: Ethereum co-founder Vitalik Buterin proposed Ethereum in 2014<a href="https://www.benzinga.com/markets/cryptocurrency/21/09/22811912/5-things-you-might-not-know-about-ethereum-creator-vitalik-buterin-3"> via a white paper.</a> The cryptocurrency <a href="https://www.benzinga.com/24/11/42125090/if-you-invested-1000-in-ethereum-at-launch-heres-how-much-youd-have-today">officially launched</a> in 2015 and has been one of the most well-known and valuable cryptocurrencies since that time.
Many well-known cryptocurrencies had impressive runs in 2021. Ethereum was a big gainer in 2021 going from $737.71 to $3,682.63.
One of the factors that helped Ethereum in 2021 was increased interest and massive valuations for non-fungible tokens.
Larva Labs launched CryptoPunks on June 23, 2017. The collection of 10,000 24&#215;24 pixel art images built on the Ethereum blockchain is now one of the biggest non-fungible token collections.
One of the early NFT launches, CryptoPunks are highly coveted among NFT collectors and often times serve as profile pictures for those in the cryptocurrency community on social media.
The project was not an early success but has quickly become the standard among NFT collections attracting investments from celebrities and investors alike.
While many NFT collections have witnessed drops in their price and lack of interest from investors, CryptoPunks are one of the few that have held up in value and demand. The collection is seeing recent interest with over $10.75 million in sales in the last week.
The floor <a href="https://cryptopunks.app/">price </a>for a CryptoPunks NFT, or lowest price to buy one, is currently 37.24 ETH, or around $133,695 at the time of writing.
Although Ethereum's price has declined since 2021, investing during the historic NFT launch would still have yielded a profit.
Read Also: <a href="https://www.benzinga.com/general/education/24/11/42173824/if-you-invested-1000-in-xrp-token-when-sec-lawsuit-caused-mass-panic-heres-how-much-youd-have-today">If You Invested $1,000 In XRP Token When SEC Lawsuit Caused Mass Panic, Here&#8217;s How Much You&#8217;d Have Today</a>
Investing $1,000 in ETH:&nbsp;At the time of the CryptoPunks launch, Ethereum hit a high of $348.01.
A $1,000 investment in Ethereum on this historic day could have bought 2.8735 ETH.&nbsp;That investment from 2017 would be worth $10,361.81 today based on a price of $3,605.99 at the time of writing.
The investment would be up 936.2% in the last seven-plus years.
Ethereum hit one-month highs of $3,614.88 on Nov. 27. The cryptocurrency has traded between $2,020.76 and $4,092.28 over the last year, hitting highs in March around the time Ethereum ETFs were approved by the SEC. The all-time high for Ethereum is $4,891.70, hit in November 2021. 
Read Next: 
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<li><a href="https://www.benzinga.com/general/education/24/11/42125880/if-you-bought-1-worth-of-bitcoin-at-launch-heres-how-much-youd-have-today-2">If You Bought $1 Worth Of Bitcoin At Launch, Here&#8217;s How Much You&#8217;d Have Today</a></li>
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This article was previously published by Benzinga and has been updated.
Photo: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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If You Invested $1,000 In Ethereum When CryptoPunks Were Released, Here's How Much You'd Have Now

Digital Ally, Inc. (NASDAQ:<a href="https://www.benzinga.com/stock/DGLY#NASDAQ">DGLY</a>) (the "Company") today announced it received a delinquency notification letter from Nasdaq on November 25, 2024, which indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the delayed filing of the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the "Quarterly Report"). The Nasdaq Listing Rule requires listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the "SEC"). This notification has no immediate effect on the listing of the Company's securities on Nasdaq.
Nasdaq has informed the Company that it must submit a plan to regain compliance with respect to the filing requirement by January 24, 2025. If the plan is accepted, Nasdaq can grant an exception of up to 180 calendar dates from the due date of the initial delinquent filing for the period ended September 30, 2024, or until May 19, 2025, to regain compliance.
The Company is working diligently to file the Quarterly Report as promptly as practical, and expects to return to a normal filing cadence in 2025.

DGLY

Digital Ally Receives Notification Of Deficiency From Nasdaq

This notification has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market.
 &nbsp;

UGRO

urban-gro Gets Nasdaq Notification Of Non-Compliance With Listing Rule 5250(c)(1)

Wall Street eyes 2025 with confidence as JPMorgan declares the <a href="https://www.benzinga.com/trading-ideas/long-ideas">U.S. will remain</a> the global growth leader.
While Europe wrestles with structural woes, the emerging markets face headwinds from high interest rates and a strong dollar. Meanwhile, the U.S. is powering ahead, fueled by an AI-driven spending spree and robust capital market activity.
<h1 class="wp-block-heading">AI Spending: A $1 Trillion Juggernaut</h1>
Artificial intelligence is sparking a capital expenditure boom that dwarfs anything seen in decades. The Magnificent 7 — Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) — plan to invest over $500 billion into capex and R&amp;D next year, roughly 25% of their combined sales.
JPMorgan estimates the broader AI ecosystem could surpass $1 trillion in spending by the end of the year. This includes costs for infrastructure, engineering talent and data center upkeep.
While this AI frenzy promises to drive earnings growth, JPMorgan analysts warn of potential pitfalls. Capital misallocation and lofty growth expectations could draw investor skepticism by late 2025. 
Still, the long-term AI opportunity is undeniable, and JPMorgan sees key players poised to capitalize.
Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42137929/2025-us-economy-outlook-cloudier-than-normal-jpmorgan-says-boom-bust-scenarios">2025 US Economy Outlook &#8216;Cloudier Than Normal,&#8217; JPMorgan Says: Boom, Bust Scenarios</a>
<h1 class="wp-block-heading">A Broad Earnings Recovery</h1>
JPMorgan projects a bounce-back year for earnings growth in 2025. S&amp;P 500 companies are projected to achieve an 11.4% earnings increase with all 11 sectors turning positive after 2024&#8217;s uneven performance.
Meanwhile, small-cap Russell 2000 firms should see rebounding with double-digit earnings growth after enduring two years of declines.
Even the Magnificent 7 are expected to sustain a 15% growth rate.
JPMorgan analysts note a surprising upside could emerge if borrowing costs or the U.S. dollar ease. This should boost S&amp;P 500 earnings by 1% for every 2% drop in the dollar.
<h1 class="wp-block-heading">Stock Picks: Who's In JPMorgan's Cart?</h1>
Here are a few of the top picks per theme, from JPMorgan&#8217;s 2025 outlook, which the firm has an Overweight (OW) rating on:
<ul>
<li>AI Winners: Amazon, Microsoft, Nvidia, Alphabet, Meta, Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>).</li>
<li>Deregulation Darlings: Apple, ExxonMobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Baker Hughes Co (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>), Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>).</li>
<li>America First Beneficiaries: Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>), Lockheed Martin Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), Caterpillar Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>), and more.</li>
</ul>
With an AI boom, a broad earnings recovery, and pro-American policies potentially reshaping the landscape, JPMorgan's 2025 vision sets a bold tone for the year ahead. 
Read Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42222736/jpmorgans-volatility-play-long-vix-calls-short-spy-puts">JPMorgan&#8217;s Volatility Play: Long VIX Calls, Short SPY Puts</a></li>
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Photo: Sutthiphong Chandaeng via Shutterstock

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This Thanksgiving, as you pass the mashed potatoes and carve the turkey, why not elevate the dinner table chatter with insights <a href="https://www.benzinga.com/news/econ-s">about the U.S. economy? </a>
On Wednesday, the economics team at Bank of America, led by Aditya Bhave, tackled 10 of the most pressing economic questions Americans are asking today, from stubbornly high food prices to the country's soaring deficit.
Their answers provide clarity on the challenges and opportunities shaping the nation&#8217;s financial outlook, and could spark some spirited family debates.
<h3 class="wp-block-heading">1) Food Is So Expensive These Days. Why Do Economists Keep Saying Inflation Is Down?</h3>
It's a question that's been on everyone's mind as they scan grocery receipts. While inflation is slowing down, the impact of prior price hikes still lingers. 
Inflation—defined as the year-over-year increase in prices—has cooled significantly since its peak in mid-2022. However, that doesn't mean prices are returning to pre-pandemic levels.
Although food prices rose by just 1.2% over the past year, they remain far above where they were in 2019. That's why groceries still feel expensive, even as economists declare victory over inflation's worst days.
<h3 class="wp-block-heading">2) Will Prices Ever Go Back To 2019 Levels?</h3>
Forget about it, and you should hope that doesn&#8217;t happen. 
For prices to revert to 2019 levels, the economy would need to experience a prolonged period of deflation, which means negative inflation rates.
But as Bank of America highlights, deflation is &#8220;usually a sign of economic malaise that is very hard to break out of.&#8221; 
Since 1960, the U.S. has only experienced one brief episode of mild deflation, during the aftermath of the 2008 financial crisis. 
Higher prices, while painful, are now baked into the economy. Instead of looking backward, economists suggest focusing on income growth and productivity improvements to maintain purchasing power in an elevated price environment.
Also Read: <a href="https://www.benzinga.com/general/psychology/24/11/42196027/amazon-dominates-holiday-shopping-as-black-friday-spending-soars-goldman-sachs">Amazon Dominates Holiday Shopping As Black Friday Spending Soars: Goldman Sachs</a>
<h3 class="wp-block-heading">3) Why Haven&#8217;t We Had A Recession? Is It Now Looming?</h3>
The dreaded "R-word" has haunted financial markets since the Federal Reserve began its aggressive rate hikes. Yet, against all odds, the U.S. economy has not only avoided a downturn, but even expanded strongly. Why?
Bank of America credits several factors for the economy's surprising resilience. 
First, real income growth has outpaced inflation over the last two years, boosting household purchasing power. Second, fiscal policies have counteracted the tightening effects of monetary policy. Third, many households locked in ultra-low borrowing rates during the pandemic, insulating them from the Federal Reserve's higher rates.
With 2025 expected to be another solid year, a recession might not be on the immediate horizon. 
<h3 class="wp-block-heading">4) Why It&#8217;s Difficult To Find A Job In A Strong Economy?</h3>
The labor market is still tight, but hiring patterns have shifted. Bank of America describes the current job market as a "low-hire, low-fire" environment.
Job openings have fallen from their 2022 highs, leaving fewer opportunities for workers seeking new roles. While sectors like healthcare, education, and hospitality continue to drive hiring, others have stagnated. 
On the bright side, layoffs remain historically low, signaling stability for those already employed.
Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42194139/consumer-confidence-hits-2-year-high-as-recession-fears-fade-stock-market-optimism-soars-to-record-high">Consumer Confidence Hits 2-Year High As Recession Fears Fade: Stock Market Optimism Soars To Record High</a>
<h3 class="wp-block-heading">5) Housing Prices Are Too High, and Mortgage Rates Aren't Dropping. Will This Ever Change?</h3>
If you're feeling priced out of the housing market, you're not alone. Bank of America expects housing affordability to remain a challenge into 2024 and beyond.
While mortgage rates have marginally eased this year, they are unlikely to return to pre-pandemic levels anytime soon. 
Compounding the issue is the so-called "lock-in effect," where existing homeowners with low mortgage rates are reluctant to sell, limiting the supply of available homes.
With demand still strong and supply constrained, home prices remain elevated. The median home price relative to income is now higher than at the peak of the 2005 housing bubble—a sobering statistic for aspiring buyers.
<h3 class="wp-block-heading">6) Fed Chair Powell Said Interest Rates Could Fall Gradually. Yet, By How Much?</h3>
Federal Reserve Chair Jerome Powell has indicated that rate cuts will happen gradually, and Bank of America predicts the central bank will trim rates by another 75 basis points by mid-2025.
Inflation, while dropping sharply from sky-high levels in recent years, still remains above the Fed's 2% target, particularly when measured by the Core Personal Consumption Expenditures (PCE) price index, the <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42216384/feds-favorite-inflation-gauge-heats-up-as-predicted-personal-incomes-soar-december-interest-rate-cut-in-doubt">Fed&#8217;s favorite inflation gauge. </a>
In October 2024, a basket of consumer goods that excludes groceries and energy costs, was up 2.8% compared to a year earlier. 
Bank of America forecasts inflation hovering between 2.5% and 3% for the next couple of years, which could limit the Fed's appetite for aggressive rate cuts.
Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42198763/fed-minutes-reveal-confidence-in-inflation-reduction-yet-flag-divergent-views-on-interest-rate-path-ahead">Fed Minutes Reveal &#8216;Confidence&#8217; In Inflation Reduction, Yet Flag Divergent Views On Interest Rate Path Ahead</a>
<h3 class="wp-block-heading">7) Trump Is Back, What Policies Should I Expect? Will He Cut Taxes Again? </h3>
According to Bank of America, a key priority for Republicans would be extending the Tax Cuts and Jobs Act (TCJA), which is set to expire in 2025.
Other proposals include introducing modest corporate tax cuts for domestic manufacturers, and slightly raising the State and Local Tax (SALT) deduction cap.
On trade, tariffs on Chinese imports are expected to rise, adding inflationary pressure, while deregulation in the energy and financial sectors could bolster corporate profits.
On Monday, Donald Trump vowed to impose 25% tariffs on imports from Canada and Mexico unless the neighboring countries adopt stricter measures to combat drug trafficking and illegal immigration.
&#8220;On immigration, significant tightening in the flow of migrants appears to be more likely than large changes to the migrant population that is already in the US,&#8221; the analysts said.
Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42219612/usmexico-trade-tensions-escalate-as-mexican-peso-hits-august-2022-lows-why-is-auto-industry-most-at-risk">US–Mexico Trade Tensions Escalate As Mexican Peso Hits August 2022 Lows: Why Is Auto Industry Most At Risk?</a>
<h3 class="wp-block-heading">8) How Will These Policies Affect The Economy?</h3>
According to Bank of America, fiscal stimulus from lower taxes and deregulation could boost growth, but tighter trade restrictions and immigration curbs might offset these gains.
The net impact? Modest economic growth with inflation remaining above 2.5%. 
<h3 class="wp-block-heading">9) Why Is The US Running A $2 Trillion Deficit?</h3>
Deficits are nothing new for the U.S., but their current size is unprecedented during a period of strong economic growth. At nearly $2 trillion in FY 2024, the deficit is 6.4% of GDP—well above historical norms. 
This surge is largely driven by higher interest costs on the national debt and inflation-linked increases in programs like Social Security and Medicare. 
Adding to the strain, federal tax revenue growth has failed to keep pace with spending, creating a widening gap. Without meaningful fiscal reforms to either rein in spending or boost revenues, the deficit is likely to remain elevated, posing long-term risks to the economy.
<h3 class="wp-block-heading">10) Will The Department Of Government Efficiency (DOGE) Solve The Deficit Problem?</h3>
The recently formed Department of Government Efficiency (DOGE) aims to cut wasteful spending, but Bank of America is skeptical of its impact.
History shows that past attempts to rein in deficits through efficiency gains have fallen short. 
From the Reagan administration's Grace Commission to Clinton-era initiatives, similar efforts failed to produce meaningful savings. Moreover, political resistance to cutting mandatory spending programs like Social Security and Medicare remains a significant hurdle.
The bottom line: The deficit problem won't be fixed overnight, and any solution will require tough, politically charged decisions, the analysts said.
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Photo: Shutterstock

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GT Biopharma Receives Nasdaq Non-Compliance Delisting Notice

<a href="https://group.nebius.com/newsroom/notice-unauthorized-cryptocurrency" title="https://group.nebius.com/newsroom/notice-unauthorized-cryptocurrency">https://group.nebius.com/newsroom/notice-unauthorized-cryptocurrency</a>

NBIS

Nebius Group Says We Have Recently Become Aware Of An Unauthorized Cryptocurrency That Is Using Nebius' Brand Name And Logo Without Our Permission Or Involvement. We Want To Emphasize That: This Cryptocurrency Is Not Affiliated With, Endorsed By, Or Connected To Nebius Group Or Https://nebius.com In Any Way; The Nebius Group Has Not Launched Any Cryptocurrency Or Tokens; Any Claims Of Association Between Our Company And This Cryptocurrency Are False.

Applied Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLT#NASDAQ">APLT</a>), a biopharmaceutical company dedicated to creating transformative treatments for rare disease, today announced that the U.S. Food and Drug Administration (FDA) has issued a Complete Response Letter (CRL) for the New Drug Application (NDA) for govorestat, a novel, central nervous system (CNS)-penetrant aldose reductase inhibitor (ARI), for the treatment of Classic Galactosemia.
The CRL indicates that the FDA completed its review of the application and determined that it is unable to approve the NDA in its current form, citing deficiencies in the clinical application.
Applied Therapeutics is reviewing the feedback from the FDA and plans to immediately request a meeting to discuss requirements for a potential resubmission of the NDA or appeal of the decision along with appropriate next steps.

Applied Therapeutics Receives Complete Response Letter From U.S. FDA Regarding New Drug Application For Govorestat For Classic Galactosemia

As cannabis sales soar in states with legal markets, excise taxes have emerged as a crucial factor shaping the industry.
Unlike tobacco, cannabis remains free from federal excise taxes but faces significant state-level levies. The structure and scope of these taxes vary widely, often influencing market dynamics and consumer behavior.
<ul>
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<h3 class="wp-block-heading">The Rise Of Retail-Level Taxes</h3>
In seven of the nine states projected to exceed $1 billion in 2024 cannabis sales—Arizona, California, Maryland, Massachusetts,<a href="https://www.benzinga.com/topic/michigan-cannabis"> Michigan</a>, <a href="https://www.benzinga.com/topic/missouri-cannabis">Missouri</a> and Washington—excise taxes are imposed solely at the retail level. These taxes, such as Washington's steep 37% rate and Massachusetts' 10.75%, are directly visible to consumers at checkout, fostering transparency about the cost of legalization.
Retail-level taxation differs from traditional tobacco<a href="https://www.benzinga.com/news/retail-sales/24/11/42193387/federal-policy-could-add-3-billion-to-cannabis-industry-on-track-to-reach-55-billion-by-2030"> excise taxes</a>, which often target distributors. By applying taxes at the point of sale, states ensure revenue collection and shape consumer behavior by making the cost of cannabis policies more apparent.
Excise <a href="https://www.benzinga.com/topic/cannabis-taxes">taxes </a>also serve a broader policy purpose: they aim to reduce consumption by increasing prices to account for external costs, such as societal or health impacts. In the case of cannabis, this approach attempts to balance market growth with public health considerations.
Read Also: <a href="https://www.benzinga.com/24/11/42097377/beer-industrys-oldest-trade-organization-wants-hemp-beverages-to-pay-more-taxes">Beer Industry&#8217;s Oldest Trade Organization Wants Hemp And Cannabis Beverages To Pay More Taxes</a>
<h3 class="wp-block-heading">Dual-Level Taxation: Illinois And Colorado</h3>
Two major markets, <a href="https://www.benzinga.com/topic/illinois-cannabis">Illinois</a> and Colorado, <a href="https://www.benzinga.com/government/regulations/24/11/42127449/colorados-marijuana-sales-tax-revenue-slump-amid-hemp-competition">impose excise taxes on both cultivators and retailers</a>. For instance, Illinois levies a 7% cultivation tax on initial transfers and up to 25% at retail, depending on THC content. While this structure broadens the tax base, it also introduces complications.
Thomson Reuters <a href="https://www.reuters.com/legal/litigation/getting-into-weeds-marijuana-excise-taxes-trends-outliers-largest-markets-2024-11-25/">highlights</a> that vertically integrated businesses in these states face higher tax burdens due to state-calculated market rates, which may not align with actual costs.
Vertically integrated businesses—those that both grow and sell cannabis—often bear disproportionate tax burdens in these states. This is because state-calculated &#8220;average market rates&#8221; for internal transfers between cultivation and retail divisions may overestimate actual costs, leading to inflated tax liabilities compared to non-integrated operations.
<h3 class="wp-block-heading">Preparing For Tax Season</h3>
Unlike other sectors, <a href="https://www.benzinga.com/markets/cannabis/24/10/41257214/2024-cannabis-taxes-states-weigh-in-on-new-approaches-to-revenue">cannabis enterprises navigate unique tax challenges</a> shaped by varying state regulations and the absence of federal excise taxes. This patchwork of state-specific frameworks underscores the importance of tailored compliance strategies for businesses across the industry.
In states such as Arizona, California,<a href="https://www.benzinga.com/topic/maryland-cannabis"> Maryland</a>, Massachusetts, Michigan, Missouri and Washington, excise taxes are applied exclusively at the retail level, with rates spanning from 10% to over 35%. Meanwhile, Illinois and Colorado take a dual approach, taxing cannabis at both cultivation and retail stages. This structure can inadvertently create <a href="https://www.benzinga.com/markets/cannabis/24/10/41237666/exclusive-tax-changes-could-unlock-hundreds-of-millions-in-cash-flow-for-cannabis-sector-experts">uneven tax burdens</a>, especially for vertically integrated businesses.
It's important for industry participants to recognize that state regulations can differ significantly and are subject to change. This variability requires a nuanced approach to tax planning, and businesses should consult with professionals to ensure compliance tailored to their specific operating jurisdictions.
Read Next:<a href="https://www.benzinga.com/markets/cannabis/24/10/41601237/your-cpa-called-heres-what-the-irs-should-know-about-cannabis-businesses"> Your CPA Called: Here&#8217;s What The IRS Should Know About Cannabis Businesses</a>
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The Hidden Cost Of Legal Weed: Why Marijuana Taxes Are Hitting Your Wallet Harder Than You Think

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