On March 18, 2025 IceCure Medical Ltd. (NASDAQ: ICCM) ("IceCure", "IceCure Medical" or the "Company"), developer of minimally-invasive cryoablation technology that destroys tumors by freezing as an alternative to surgical tumor removal, reported that it exhibited at the 19th Annual St. Gallen Breast Cancer Conference in Vienna, Austria from March 12 – 15, 2025 (Press release, IceCure Medical, MAR 18, 2025, View Source [SID1234651238]). Six studies of ProSense in breast cancer were accepted as peer-reviewed abstracts, presented as e-posters during the conference, and are being published in the scientific journal, The Breast after the conference.

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"ProSense received a high level of interest at this prestigious breast cancer conference in Europe where our cryoablation system is gaining increasing commercial traction driven by regulatory approval and a growing body of efficacy and safety data from third party studies," IceCure’s Chief Executive Officer, Eyal Shamir commented. "Among the benefits of these investigator-initiated studies is that each practitioner studies different patient populations in varied settings and circumstances, producing a breadth and depth of data that would simply not be available even in the largest of company-sponsored global studies. We are grateful to the investigators as we all aim toward the same goal of advancing women’s health through innovation and collaboration."

The following studies of ProSense were presented:

The Impact of Adjuvant Treatment After Cryoablation in Early-Stage, Low-Risk Breast Cancer: ICE3 Trial 5-Year Ipsilateral Breast Tumor Recurrence (IBTR)
Lead author Dr. Richard Fine, United States
Summary conclusion: The ICE3 trial suggests that cryoablation with ProSense, complemented by adjuvant therapy, is a viable alternative to surgical excision for selected patients with early-stage, low-risk breast cancer with recurrence rates comparable to those following lumpectomy. The addition of endocrine therapy alone yields similar results to de-escalation trials omitting radiation after surgery, such as CALGB 9343, PRIME II and LUMINA, without sacrificing survival. ICE3 enrolled patients aged ≥60 with unifocal, hormone receptor-positive, HER2-negative invasive ductal carcinomas measuring ≤1.5 cm. At 5 years, the overall IBTR rate was 3.61% (7 recurrences out of 194 patients). The 124 Patients who received only endocrine therapy with cryoablation had a 5-year IBTR rate of 3.22% (4 recurrences out of 124 patients).
Expanding the Use of Cryoablation on T1 Breast Cancers: An Initial Experience
Lead Author Dr. Ava Kwong, Hong Kong
Summary conclusion: This study evaluated expanding ICE3’s inclusion criteria to T1 breast cancer of all IHC subtypes (i.e. luminal, HER2-enriched and triple negative breast cancers). The study found that cryoablation with ProSense can completely ablate T1 breast cancer, including triple negative breast cancer, and younger age range. 35 patients were recruited with a median age of 64 and biopsy proven invasive or in-situ breast cancer of ≤2cm.
The Treatment of Breast Cancer with Percutaneous Thermal Ablation: Results of the THERMAC trial
Lead Author by Dr. Linda Risks, Netherlands
Summary conclusion: Percutaneous thermal ablation has the potential to replace surgical treatment and improve the health-related quality of life of patients with small breast cancers, without jeopardizing current treatment effectiveness or safety. 41 postmenopausal patients, with cT1N0 ER+/Her2- breast cancer, were treated. The study compared radiofrequency ablation ("RFA"), microwave ablation ("MWA") and cryoablation ("CA"). The RFA arm was prematurely terminated. Complete ablation was reached in 72% (95% CI, 49% to 88%) in the MWA arm and in 94% (95% CI, 74% to 0.99) in the cryoablation arm. Adverse events occurred in 44% (95% CI, 25% to 66%) of the patients in the MWA arm and 0% (95% CI, 0% to 18%) of in the cryoablation arm. Of the three thermal ablation methods evaluated, cryoablation with ProSense was the only thermal ablative technique that met the minimum requirements and will therefore be selected for a Phase III trial.
Percutaneous Ultrasound-Guided Cryoablation for the Treatment of Breast Cancer in Non-Surgical Patients
Lead Author Dr. Lucía Graña López, Spain
Summary conclusion: Breast cancer patients who chose not to have surgery or were considered inoperable were treated with ProSense cryoablation, which was found to be a safe and well-tolerated outpatient procedure. The study outcomes suggest that cryoablation is effective and could be an alternative to surgery for the management of luminal breast cancer up to 2.5 cm. 60 breast cancer tumors were treated (median size 21 mm, range 6-46 mm) in 54 patients, median age 87, with ProSense cryoablation. Complete tumoral necrosis was achieved in 49 tumors (81.7%). Axillary progression occurred in two cases of triple-negative breast cancer. Two patients experienced recurrence in different locations. Percutaneous cryoablation was successful in 100% of luminal cancers up to 2.5 cm. The procedure was well tolerated, with no major complications observed.
Cryoablation of Breast Cancer: The Challenge of an Innovative Non-Surgical Treatment for Selected Patients
Lead Author Dr. Francesca Magnoni, Italy
Summary conclusion: The European Institute of Oncology in Italy is evaluating ProSense cryoablation, with the prospective observational study "Percutaneous Cryoablation of Low-risk Early Breast Cancer (PRECICE)". The trial has just started and will enroll 233 patients over the age of 50 years with unifocal, small (≤1.5 cm), clinically node-negative, luminal A and B breast cancer. To date, 11 patients eligible for cryoablation have been enrolled. Cryoablation, performed on an outpatient basis under local anesthesia, completely replaces both breast and axillary surgery, in accordance with recent evidence.
Cryotherapy as a Surgical De-Escalation Strategy in Breast Cancer: A Comprehensive Review of Techniques, Complications, and Oncological Outcomes
Lead author Dr. Kai Lin Lee, Singapore
Summary conclusion: After a review of 276 papers, this study concluded that cryotherapy with systems including ProSense could potentially be a step forward in surgical de-escalation of breast cancer, particularly for elderly patients with early-stage breast cancer or those who are at high risk and might benefit from a less aggressive treatment strategy.

About ProSense
The ProSense Cryoablation System is a minimally invasive cryosurgical tool that provides the option to destroy tumors by freezing them. The system uniquely harnesses the power of liquid nitrogen to create large lethal zones for maximum efficacy in tumor destruction in benign and cancerous lesions, including breast, kidney, lung, and liver.

ProSense enhances patient and provider value by accelerating recovery, reducing pain, surgical risks, and complications. With its easy, transportable design and liquid nitrogen utilization, ProSense opens that door to fast and convenient office-based procedures for breast tumors.

On March 18, 2024 OmniAb, Inc. (NASDAQ: OABI) reported financial results for the three and 12 months ended December 31, 2024, and provided operating and partner program updates (Press release, OmniAb, MAR 18, 2025, View Source [SID1234651234]).

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"2024 was a remarkable year featuring double-digit percentage growth in the number of both active partners and programs. Clinical-stage programs advanced well, and we launched new technologies and enhancements that strengthened our platform and expanded our reach," said Matt Foehr, Chief Executive Officer of OmniAb. "We exceeded our internal goals for key metrics and continued to build momentum while optimizing the scalability of our business. We believe our commitment to innovation is a significant competitive advantage and creates exciting opportunities for future growth. We remain steadfast in our strategic direction and are excited about the prospects that lie ahead."

Fourth Quarter 2024 Financial Results

Revenue for the fourth quarter of 2024 was $10.8 million, compared with $4.8 million for the same period in 2023, with the increase primarily due to higher license and milestone revenue partially offset by lower service and royalty revenue.

Research and development expense was $13.3 million for the fourth quarter of 2024, compared with $14.8 million for the same period in 2023, with the decrease primarily due to lower stock-based compensation expense and outside expenses associated with third-party services. General and administrative expense was $7.4 million for the fourth quarter of 2024, compared with $7.9 million for the same period in 2023, with the decrease primarily due to lower stock-based compensation expense and lower external marketing and legal expenses.

Net loss for the fourth quarter of 2024 was $13.1 million, or $0.12 per share, compared with a net loss of $14.1 million, or $0.14 per share, for the same period in 2023.

Full Year 2024 Financial Results

Revenue for 2024 was $26.4 million, compared with $34.2 million for 2023, with the decrease primarily due to the recognition of a $10.0 million TECVAYLI milestone in 2023. Royalty revenue decreased primarily due to lower net product sales by partners.

Research and development expense for 2024 was $55.1 million, compared with $56.5 million for 2023, with the decrease primarily due to lower personnel costs and external expenses. General and administrative expense for 2024 was $30.7 million, compared with $33.3 million for 2023, with the decrease primarily due to non-recurring consulting and other outside service expenses incurred in 2023 related to our spin-out as a public company and lower legal and stock-based compensation expense.

Net loss for 2024 was $62.0 million, or $0.61 per share, compared with a net loss of $50.6 million, or $0.51 per share, for 2023.

As of December 31, 2024, OmniAb had cash, cash equivalents and short-term investments of $59.4 million.

2025 Financial Guidance

OmniAb today introduced 2025 financial guidance. OmniAb expects 2025 revenue to be in the range of $20 million to $25 million and operating expense to be in the range of $90 million to $95 million. In addition, OmniAb expects 2025 cash use to be lower than its cash use in 2024. Cash use in 2024 was $38.9 million, excluding the 2024 ATM issuance. The 2025 full year effective tax rate is expected to be approximately 0%.

Fourth Quarter 2024 and Recent Business Highlights

As of December 31, 2024, OmniAb had 91 active partners and 363 active programs, including 32 OmniAb-derived programs in clinical development or being commercialized. The Company signed 10 new license agreements in 2024, including two in the fourth quarter with Incyte Corporation and Photinia Biosciences. In addition, five new OmniAb-derived antibodies entered the clinic in 2024.

In December 2024, OmniAb launched OmniHub , a unified interface designed to provide partners with secure access to datasets to visualize their discovery campaign data with a variety of custom tools. This bioinformatics portal is designed to enable scalable and secure data transfer, advanced visualization and computational tool access.

Fourth quarter 2024 and recent partner highlights include the following:

IMVT-1402

Immunovant announced that its lead asset, IMVT-1402, is rapidly progressing with six Investigational New Drug (IND) applications now cleared and pivotal Phase 2b studies in Graves’ disease (GD) and difficult-to-treat rheumatoid arthritis now enrolling.
Immunovant is on track to initiate potentially registrational programs for three additional indications for IMVT-1402 by March 31, 2025. In addition, Immunovant anticipates initiating clinical trials evaluating IMVT-1402 in a total of 10 indications by March 31, 2026.
Batoclimab

Immunovant reported that the top-line results of the batoclimab trial in myasthenia gravis and the initial results from period 1 of the batoclimab trial in chronic inflammatory demyelinating polyneuropathy are expected by March 31, 2025.
Immunovant also plans to announce additional data from the batoclimab proof-of-concept study in GD, including six-month, treatment-free remission data in the summer 2025.
Additionally, Immunovant reported that top-line results from the pivotal program of batoclimab for the treatment of thyroid eye disease (TED), also known as Graves’ ophthalmopathy, are expected in the second half of 2025.
HanAll Biopharma announced that batoclimab has received Orphan Drug Designation from Japan’s Ministry of Health, Labor, and Welfare for active TED.
Acasunlimab

Genmab announced that a Phase 3 trial with acasunlimab as a second-line therapy in non-small cell lung cancer (NSCLC) is now enrolling patients and that they expect to provide an additional Phase 2 data update in NSCLC in 2025.
Zimberelimab

Arcus Biosciences expects to present overall survival (OS) data from the Phase 2 EDGE-Gastric study, which is evaluating domvanalimab plus zimberelimab and chemotherapy in upper gastrointestinal adenocarcinomas, in the fall of 2025.
Arcus Biosciences also expects to initiate three new expansion cohorts within the Phase 1/1b ARC-20 study in the first quarter of 2025, including one cohort for casdatifan plus zimberelimab in all-comer first-line clear cell renal cell carcinoma.
Sugemalimab

CStone announced the publication of the Phase 3 GEMSTONE-303 study results for sugemalimab in patients with unresectable locally advanced or metastatic G/GEJ adenocarcinoma in theJournal of the American Medical Association. Results showed that in patients with PD-L1 combined positive score ≥5, sugemalimab significantly improved both OS and progression-free survival (PFS) compared with the control group. Median OS was 15.6 months versus 12.6 months, and median PFS was 7.6 months versus 6.1 months.
CStone announced that they have entered into a strategic partnership with Pharmalink Store for commercialization of sugemalimab in the Middle East, North Africa and South Africa. Additionally, CStone has partnered with SteinCares to market sugemalimab in Latin America.
Mipletamig

Aptevo Therapeutics announced that 100% of patients in Cohort 1 of the mipletamig RAINIER Phase 1b/2 dose-optimization trial for frontline acute myeloid leukemia achieved remission within 30 days of treatment. Trial enrollment is ongoing. Aptevo also anticipates providing multiple data readouts in 2025 and presenting results at the American Society of Hematology (ASH) (Free ASH Whitepaper) meeting in the fourth quarter of 2025.
RNDO-564

Rondo Therapeutics presented data from preclinical studies of RNDO-564, a novel CD28 x Nectin-4 costimulatory bispecific antibody for advanced bladder cancer, at the 2025 American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Genitourinary Cancers Symposium. RNDO-564 demonstrated robust anti-tumor activityin vivoandin vitro, including in an antibody-drug-conjugate-resistant bladder cancer model. Based on promising preclinical findings, Rondo is advancing RNDO-564 through IND-enabling studies and expects to initiate a Phase 1/b trial in relapsed/refractory, locally advanced/metastatic bladder cancer by year-end 2025.
Conference Call and Webcast

OmniAb management will host a conference call with accompanying slides today beginning at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss this announcement and answer questions. To participate via telephone, please dial (800) 549-8228 using the conference ID 84579. Slides, as well as the live and replay webcast of the call, are available at View Source

On March 18, 2025 Aptevo Therapeutics (NASDAQ:APVO), a leader in the development of novel bispecific antibodies for cancer treatment, based on its proprietary ADAPTIR and ADAPTIR-FLEX platform technologies reported an overview of solid tumor anti-cancer compound APVO603, currently in preclinical development for the treatment of solid tumors (Press release, Aptevo Therapeutics, MAR 18, 2025, View Source [SID1234651233]). APVO603 is a novel bispecific antibody designed to enhance anti-tumor immune responses through dual targeting of 4-1BB (CD137) and OX40 (CD134), two key co-stimulatory receptors involved in T cell and NK cell activation.

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APVO603 is part of Aptevo’s solid tumor anti-cancer pipeline and represents a significant step forward in leveraging the company’s proprietary ADAPTIR platform to develop safer and more effective immuno-oncology therapies.

Targeted Immune Activation for Solid Tumors
APVO603 is designed to activate the costimulatory 4-1BB and OX40 pathways in the tumor microenvironment, leading to enhanced T cell expansion, survival, and cytotoxic function while avoiding systemic toxicity. This targeted immune activation could overcome immune suppression in solid tumors, a major challenge in cancer immunotherapy.

Preclinical studies have shown that APVO603:

Enhances T cell and NK cell proliferation and tumor lysis, while maintaining a favorable safety profile and inhibiting immune exhaustion

Induces a robust anti-tumor response in preclinical tumor models, suggesting strong therapeutic potential

"We are excited about the potential of APVO603 to enhance the potency of T cells and NK cells while addressing the limitations of current therapies for solid tumors," said Michelle Nelson, PhD, Director of Immunobiology at Aptevo. "Our preclinical findings support APVO603’s ability to deliver 4-1BB and OX40 synergistically resulting in targeted immune stimulation with reduced toxicity risks, differentiating it from existing immunotherapies."

Aptevo’s Advancing Immuno-Oncology Pipeline

APVO603 is one of three promising preclinical candidates in Aptevo’s bispecific antibody pipeline, alongside APVO711, a bispecific + checkpoint inhibitor, and APVO442, a T-cell engager targeting prostate cancer. These programs build on Aptevo’s expertise in bispecific antibody engineering and reinforce the company’s commitment to developing novel immunotherapies that improve outcomes for cancer patients.

Clinical Programs
Lead Candidate Mipletamig for Acute Myeloid Leukemia (AML): Mipletamig, Aptevo’s lead bispecific antibody, is currently in a frontline Phase 1b/2 combination trial, RAINIER, following positive results from earlier studies.

RAINIER results reported to date include:

100% of patients in Cohort 1 of the trial achieved remission within 30 days

One patient experienced complete remission with minimal residual disease (MRD)-negative status (100% elimination of cancer cells)

Favorable safety profile consistent with prior trials, showing no incidences of cytokine release syndrome (CRS) in the current trial to date, a common and often dose limiting side effect seen in similar therapies

ALG.APV-527: ALG.APV-527 is being evaluated in a Phase 1 trial for solid tumors likely to express the tumor antigen 5T4. Tumor types treated to date include breast, colon, pancreatic and non-small cell lung cancer. Positive preliminary data from the study were presented at the European Society of Medical Oncology (ESMO) (Free ESMO Whitepaper) Congress in September and at the Society for Immunotherapy of Cancer (SITC) (Free SITC Whitepaper) conference in 2024. These results showed that ALG.APV-527 demonstrated positive safety and tolerability across all cohorts, ten of 17 evaluable patients (59%) achieved stable disease (SD), and biomarker analysis confirmed immune activation in the tumor microenvironment.

This drug has the potential to advance treatment in hard-to-treat solid tumors, demonstrating the versatility of Aptevo’s technology across a wide range of cancer types.

On March 18, 2025 Actinium Pharmaceuticals, Inc. (NYSE AMERICAN: ATNM) (Actinium or the Company), a pioneer in the development of targeted radiotherapies, reported a clinical program comprising of trials studying Actimab-A in combination with either KEYTRUDA (pembrolizumab) or OPDIVO (nivolumab) which are blockbuster immunotherapies known as PD-1 inhibitors which are approved in multiple solid tumor indications (Press release, Actinium Pharmaceuticals, MAR 18, 2025, View Source [SID1234651232]). KEYTRUDA developed and commercialized by Merck & Co. and OPDIVO developed and commercialized by Bristol Myers Squibb, collectively generated $38.8 billion in sales in 2024 across several solid tumor cancer indications. However, the efficacy of these drugs has shown to be limited by a certain type of cell known as MDSCs or Myeloid Derived Suppressor Cells which accumulate in the tumor microenvironment. MDSCs express the CD33 antigen which is targeted by Actimab-A. The rationale for studying Actimab-A in combination with either KEYTRUDA or OPDIVO is based on the premise that depleting MDSCs with Actimab-A will improve the efficacy of these drugs.

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MDSCs are immune-suppressive cells that help tumors evade immune detection and promote disease progression. They are overexpressed in the tumor microenvironment in several different solid tumors and associated with poor outcomes. They work by multiple mechanisms but most relevant to PD-1 inhibitors which work by keeping T-cells active is that MDSCs prevent T-cells from recognizing and attacking cancer cells. There is considerable preclinical scientific evidence in the literature that depleting MDSCs could be a viable strategy in improving the outcomes of PD-1 directed immunotherapy, however, there have been no viable clinical approaches that have been tried successfully to our knowledge. MDSCs are known to express the CD33 antigen which is the target of Actimab-A. Actinium has also generated published and unpublished preclinical data showing that Actimab-A can selectively deplete MDSCs in solid tumors. Actinium believes that in the clinic Actimab-A can deplete CD33 expressing MDSCs and hence improve the outcomes with PD-1 inhibitors such as KEYTRUDA and OPDIVO.

Actimab-A is Actinium’s lead radiotherapeutic that delivers Actinium-225, a potent alpha-emitter radioisotope payload that can produce lethal double strand DNA breaks to kill targeted cells. Actimab-A has been studied in over 150 patients in several clinical trials in Acute Myeloid Leukemia or AML. Based on its safety and tolerability, Actimab-A is under clinical development via an NCI CRADA in the front-line AML setting with an expected registrational study in combination with CLAG-M in relapsed/refractory AML expected to initiate in 2025.

The Actimab-A solid tumor program is comprised of several controlled, head-to-head clinical trials that will evaluate the combination of Actimab-A with KEYTRUDA versus KEYTRUDA alone, and Actimab-A with OPDIVO versus OPDIVO alone. The initial tumors that are being targeted are HNSCC or Head and Neck Squamous Cell Carcinoma and NSCLC or Non-Small Cell Lung Cancer with a separate trial for each indication. The patient population for these trials will be adults with PD-L1 expression and locally advanced metastatic HNSCC or NSCLC randomized to either Actimab-A alone or Actimab-A with a specific checkpoint inhibitor. The objective of each trial would be to evaluate the safety and tolerability as well as following endpoints including ORR – Overall Response Rate, PFS – Progression Free Survival and OS – Overall Survival. Further, the following biomarker data would be collected including the pattern of depletion of CD33+ MDSCs and T-Cell activity in peripheral blood. Actinium expects to present initial proof of concept clinical data from the first of these trials in the second half of 2025 as well as provide an update on the outlook for the rest of the trials in the Actimab-A solid tumor program.

Dr. Avinash Desai, Actinium’s Chief Medical Officer, said, "The Actimab-A solid tumor program is highly novel and has the potential to address the high unmet need of patients receiving PD-1 checkpoint inhibitors whose cancer stops responding or progresses. Our preclinical data is highly encouraging and we believe this novel approach combining Actimab-A with PD-1 inhibitors has immense potential. We are greatly enthusiastic about these head-to-head trials, and eager to present our initial proof-of-concept results by the end of 2025."

Sandesh Seth, Actinium’s Chairman and CEO, said, "We have great enthusiasm for Actimab-A in combination with PD-1 checkpoint inhibitors given the large potential addressable patient population. MDSCs are over expressed in multiple solid tumors giving Actimab-A pan tumor potential in indications that are treated with checkpoint inhibitors. Per our initial estimates this represents a treatment population in excess of 500,000 patients. Together with our efforts in myeloid malignancies, this is another important program for Actimab-A. This year, clinical data from Actimab-A as a potential backbone therapy in radiation sensitive myeloid malignancies, and in solid tumors in combination with PD-1 checkpoint inhibitors, can establish its potential to become a leading blockbuster targeted radiotherapy."

On March 18, 2025 Vincerx Pharma, Inc. (Nasdaq: VINC) reported that it has entered into a non-binding letter of intent ("LOI") with Global Digital Holdings Inc., conducting business as QumulusAI, a privately-held, high-performance computing infrastructure company for artificial intelligence (AI), relating to a business combination between Vincerx and QumulusAI (Press release, Vincerx Pharma, MAR 18, 2025, View Source [SID1234651231]). The contemplated transaction would result in QumulusAI becoming a publicly traded company through a reverse triangular merger with Vincerx.

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Under the proposed terms, a subsidiary of Vincerx would merge into QumulusAI, with QumulusAI stockholders receiving shares of Vincerx common stock. Additionally, QumulusAI options, warrants, and other rights would be converted into options, warrants, and rights to acquire Vincerx common stock. The exchange ratio is intended to result in QumulusAI equity holders owning approximately 95% of the combined company, while Vincerx equity holders would own approximately 5%. The proposed transaction assumes a value for QumulusAI of approximately $285 million and a value for Vincerx of approximately $15 million, assuming zero cash (net of liabilities) at closing. As part of the transaction, to the extent requested by Vincerx, QumulusAI or its designees will invest up to $1.5 million in the equity of Vincerx prior to closing.

Following the closing of the business combination, the combined company’s board of directors would consist of seven members, all of whom would be designated by QumulusAI. QumulusAI would also determine the composition of senior management of the combined company following the closing.

The parties intend to negotiate a definitive business combination agreement that incorporates the provisions of the LOI as well as other terms and conditions typical for transactions of this nature. Conditions to execution of a definitive business combination agreement include satisfactory completion of due diligence by the parties and approval by the boards of directors of the parties. The parties have agreed to a 30-day exclusivity period to negotiate and enter into a definitive business combination agreement, which will include customary closing conditions such as board and stockholder approvals, regulatory approvals, effectiveness of a registration statement relating to the issuance of Vincerx common stock in the business combination and listing of the combined company’s common stock on Nasdaq.

"We believe this merger will allow us to create value for our stockholders by entering the AI space at a time of rapid growth," said Raquel Izumi, Ph.D., Acting Chief Executive Officer of Vincerx. "We also believe QumulusAI is well positioned to disrupt the data center space with its high-performance, energy-efficient infrastructure, addressing the escalating demand for AI compute resources. In parallel, we will continue pursuing efforts to monetize our remaining assets."

"We’re excited about a potential merger with Vincerx, a milestone we believe will accelerate QumulusAI’s mission to power the future of artificial intelligence," said Steve Gertz, Chairman of the Board. "This proposed transaction will strengthen our ability to deliver cutting-edge AI solutions with high scalability, efficiency, and reliability—essential for advancing the next generation of AI.

This transaction would bring access to public capital markets, helping to fund the growth of our High-Performance Computing as a Service (HPCaaS) bedrock and enabling QumulusAI to expand its on- and off-grid data center infrastructure. Our behind-the-meter, natural gas-powered data centers are designed to alleviate strain on the energy grid, while our HPCaaS solutions are purpose-built to meet the surging demand for AI development."

Chardan is acting as the exclusive financial advisor and Fox Rothschild is acting as legal advisor to QumulusAI.