Capital, Catalysts, and Conviction Set the Morning Tone
The market opens with a dense mix of late-stage biotech ambition, hard-asset execution, and capital-intensive bets on energy and AI infrastructure.
Athira Pharma (NASDAQ:ATHA) delivered the most consequential biotech headline of the morning, announcing an exclusive license to the Phase 3 lasofoxifene development program for metastatic breast cancer, alongside a financing package that could total up to $236 million. The asset, a novel selective estrogen receptor modulator (SERM), is being evaluated in the ongoing Phase 3 ELAINE-3 trial, which is now more than 50% enrolled, with topline data expected in mid-2027.
Athira acquired global rights (excluding Asia and select Middle Eastern countries) from Sermonix Pharmaceuticals and paired the transaction with a $90 million upfront private placement, plus warrants that could add another $146 million if exercised. The financing, co-led by Commodore Capital, Perceptive Advisors, and TCGX, extends Athira’s runway into 2028 and supports development through key regulatory milestones. With ESR1 mutations emerging in roughly 40% of metastatic breast cancer patients following endocrine therapy, lasofoxifene positions Athira squarely in a high-value, treatment-resistant segment with multi-billion-dollar potential.
Execution on the manufacturing front continued at Kraig Biocraft Laboratories, Inc. (OTCQB:KBLB), which announced the successful completion of its latest production cycle, delivering more than one million BAM-1 Alpha hybrid spider silk eggs. The milestone reinforces Kraig’s strategic transition to its BAM-1 Alpha line, which has demonstrated superior uniformity and resilience across production stages. Those gains are now feeding directly into accelerated expansion efforts in Southeast Asia, as the company moves from validation toward repeatable, commercial-scale output over the next six months.
In one of the more unconventional but eye-catching deals of the session, Trump Media & Technology Group Corp. (NASDAQ:DJT)(NYSE Texas:DJT) announced a definitive all-stock merger with TAE Technologies, valuing the combined company at more than $6 billion. The transaction is designed to create one of the world’s first publicly traded fusion power companies, with plans to site and begin construction of a 50 MWe utility-scale fusion plant in 2026, subject to approvals. TMTG has committed up to $300 million in staged capital to accelerate commercialization, while TAE brings more than 25 years of fusion R&D, five operating reactors, and backing from blue-chip investors including Google and Chevron. The deal reframes TMTG as a capital and infrastructure platform extending well beyond digital media.
AI infrastructure consolidation also remained in focus as Envirotech Vehicles (NASDAQ:EVTV) and AZIO AI provided additional details on their previously announced letter of intent. The proposed transaction, informed by an independent valuation of approximately $480 million for AZIO AI, would see EVTV acquire 100% of AZIO AI’s equity and reposition the public company around scalable GPU compute, modular data centers, and sovereign AI infrastructure, particularly in Asia. Under the framework, EVTV’s existing drone operations would serve as an application-layer use case rather than the core strategic driver.
Cannabis policy also returned to the narrative at Akanda (NASDAQ:AKAN), which welcomed momentum toward potential U.S. federal cannabis reform, including discussions around rescheduling cannabis from Schedule I to Schedule III. While policy shifts remain uncertain, any movement at the federal level could materially alter the operating landscape for licensed producers and medical research.
Energy execution rounded out the morning with FuelCell Energy (NASDAQ:FCEL) reporting fiscal year 2025 results highlighted by revenue growth to $158.2 million and a backlog that expanded to $1.19 billion. While losses remain significant, the company emphasized improving gross margins, disciplined cost reductions, and a strategic pivot toward data center power solutions, an increasingly attractive niche as AI workloads strain grid capacity.
For more information about Kraig Labs’ spider silk technology and partnership opportunities, visit www.kraiglabs.com
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About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) is a biotechnology company focused on the development and commercialization of spider silk-based fiber technologies. Through its proprietary silkworm-based genetic engineering platform, Kraig Labs produces high-performance, cost-effective, and scalable spider silk materials for use in defense, performance apparel, technical textiles, and medical applications.
For more information, please visit: www.kraiglabs.com
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