DISCLAIMER — Not financial advice. Educational content only, not an offer or solicitation to buy or sell any security. Biotech and small/mid-cap stocks are highly speculative and volatile and can result in a partial or total loss of capital. Do your own research and consult a licensed advisor where appropriate. / Contenuti a solo scopo informativo e didattico, non costituiscono consulenza finanziaria né offerta o sollecitazione al pubblico risparmio ai sensi delle normative CONSOB e SEC. Le azioni biotech e le small/mid cap sono strumenti altamente speculativi e volatili e possono comportare la perdita parziale o totale del capitale investito. Si raccomanda di effettuare sempre le proprie ricerche e, se necessario, di rivolgersi a un consulente abilitato.
Merlintrader Trading Pub
Biotech catalyst news and analysis. FDA PDUFA tracker
Merlintrader Trading Pub
Biotech catalyst news and analysis. FDA PDUFA tracker
Tilray Brands Inc ( $TLRY ) From cannabis hype to beer-and-cannabis conglomerate
From cannabis hype to beer-and-cannabis conglomerate: how Tilray is trying to turn a decade of dilution and volatility into a diversified, cash-generating platform built on craft beverages, medical distribution and North American optionality.
Canopy Growth Corporation ( $CGC )
Canada-based cannabis company with operations spanning adult-use and medical cannabis in Canada and international markets, medical brands (including expanding insured-patient channels) and inhalation hardware via premium vaporizer brand Storz & Bickel.
Another war in the “Gulf”
A few days after the first wave of attacks, the war is no longer just a story of missiles over Tehran. It now stretches from southern Lebanon to the Strait of Hormuz, from Syrian and Iraqi corridors to the LNG hubs of Qatar and Saudi Arabia, with oil and gas prices repricing risk in real time.
Intuitive Machines Inc ( $LUNR )
L3Harris selects Intuitive Machines to provide satellite platforms for the Tracking Layer of the Space Development Agency’s Proliferated Warfighter Space Architecture (PWSA): a key step in LUNR’s transition from “lunar lander pure play” to integrated space-infrastructure and defense supplier, with rapidly changing fundamentals and a capital-intensive profile.
Red Cat Holdings Inc ( $RCAT )
Red Cat has announced that Allen Control Systems (ACS), a specialist in autonomous precision weapon systems, is joining the Red Cat Futures Initiative – the company’s consortium aimed at accelerating advanced robotics and autonomy for modern warfare. The core of the deal is the integration of ACS’s Bullfrog system, an AI-driven robotic weapon station designed for counter-drone and precision engagement roles.
AST SpaceMobile Inc ( $ASTS )
Revenue $54.3M in Q4 · $70.9M in FY 2025
First year as a revenue-generating company: gateway deliveries and initial U.S. government contracts pushed 2025 sales to $70.9M, with Q4 alone at $54.3M. The model is still loss-making: FY 2025 net loss attributable to common stockholders was about $342M, with Q4 loss around $74M and EPS of –$0.26 per share.
Strata Critical Medical Inc ( $SRTA ) Q4 2025 results and 2026 guidance
Time-critical logistics and clinical services for organ transplantation, now operating as a pure-play medical services platform after exiting passenger air mobility. Q4 2025 marks the first full quarter including Keystone’s perfusion business and a substantial reset of the 2026 growth trajectory.
Tonix Pharmaceuticals ( $TNXP ) uplisted to Nasdaq Global Select Market
Tonix Pharmaceuticals (TNXP) moves from Nasdaq Capital Market to the higher-tier Nasdaq Global Select Market and confirms a visible presence at TD Cowen and Barclays healthcare conferences in early March 2026.
Plug Power Inc ( $PLUG ) Hydrogen Turnaround or Capital-Intensive Value Trap?
Plug Power wants to be more than a meme hydrogen stock. In its filings and official presentations, the company describes itself as a provider of comprehensive hydrogen solutions that cover:
– Electrolyzers for green-hydrogen production,
– Production plants and liquefaction/purification infrastructure,
– Distribution and logistics (trailers, storage, on-site equipment), and
– End-use systems for material handling, stationary power and mobility.
BigBear.ai Holdings Inc ( $BBAI ) Q4 2025 reset, cash arsenal & 2026 AI-defense roadmap
The company prints a sharp revenue decline but a much narrower net loss, closes Ask Sage and CargoSeer, and walks into 2026 with over $460 million in cash and investments — at the price of massive dilution and a complex capital structure. Retail is back in the name, but the story is anything but low-risk.
uniQure N.V ( $QURE ) FDA says AMT-130 data not enough yet, shares collapse
uniQure’s stock is getting crushed after the company disclosed that the U.S. Food and Drug Administration does not consider current Phase I/II data for AMT-130 in Huntington’s disease sufficient to support a marketing application, and is instead recommending a fresh prospective, randomized, double-blind, sham surgery-controlled Phase III trial.
Red Cat Holdings Inc ( $RCAT ) From niche drone supplier to all-domain autonomy play
Red Cat is positioning itself as a U.S.-based provider of all-domain unmanned and autonomous systems rather than as a simple “drone stock”. The company aggregates several assets under one umbrella:
Outlook Therapeutics Inc ( $OTLK ) Updated march 6 post type A meeting with FDA
Outlook Therapeutics has become a fault line: some investors see a possible turnaround built on LYTENAVA’s European rollout and an FDA dialogue still technically open, others see only years of CRLs, value destruction and structural dilution risk. To really understand the stock you have to hold both sides of the story at the same time.
Ondas Inc ( $ONDS ) $10M stratospheric ISR bet with World View
$10M strategic equity investment in World View and a partnership to integrate persistent stratospheric platforms (Stratollite®) with Ondas’ autonomous UAS and counter-drone capabilities for multi-layer ISR and airspace defense.
Intellia Therapeutics Inc ( $NTLA )
The FDA has lifted the clinical hold on MAGNITUDE, the Phase 3 trial of nexiguran ziclumeran (nex-z, ex NTLA-2001) in transthyretin cardiomyopathy. After months of uncertainty following a severe liver event and a patient death, Intellia and Regeneron can enrol again. This update revisits the thesis we outlined in the previous Merlintrader deep dive and asks what this decision really changes for the risk/reward profile of Intellia's in vivo CRISPR platform.
US Energy Corp ( $USEG )
With oil back in focus after U.S.–Israeli strikes on Iran and renewed risk around the Strait of Hormuz, U.S. Energy Corp. (USEG) offers a very different angle from the majors: a small, vertically integrated platform trying to combine legacy oil and gas production with a large industrial gas and carbon management project at Kevin Dome in Montana. This is a deep dive into what USEG really is, how Kevin Dome fits into the 2026 energy landscape, and which catalysts matter from here.
Lantheus ( $LNTH ) 2026: radiopharma at a crossroads with two March FDA decisions
March 6, 2026 – FDA PDUFA for new PSMA PET formulation (prostate cancer imaging) and March 29, 2026 – FDA PDUFA for OCTEVY, a new radiodiagnostic asset. These two decisions define the short-term binary risk / reward for LNTH after the Q4 2025 reset, while a third PDUFA for the tau tracer MK-6240 is scheduled for mid-August.
Taxing unrealised gains: why the Dutch “experiment
Taxing unrealised gains: why the Dutch “experiment” is a red line for investors A closer look at the Actual Return Box 3 proposal in the Netherlands, why a 36% tax on unrealised portfolio gains is structurally toxic, and what this…
WAR US–Israel vs Iran, 2026 Small & mid-cap potential “winners & losers”
Focus on factual developments of the last few days (Strait of Hormuz, tankers at anchor, oil spike) and on a sector-based watchlist – not on trying to predict the endgame of the conf
Karyopharm Therapeutics ( $KPTI ) ENTRY phase 3 readout approaching
After a challenging 2025 but with a stable revenue base from XPOVIO, Karyopharm enters 2026 with three critical late-stage selinexor shots on goal: the Phase 3 SENTRY readout in myelofibrosis around March, the Phase 3 XPORT-EC-042 trial in endometrial cancer around mid-year, and the Phase 3 XPORT-MM-031 study in multiple myeloma in the second half of the year. This Daily Hit summarizes the latest management commentary and how the near-term risk/catalyst profile is set up.