Category: 3. Business

By Joe Sothcott, Phil Claridge & Alex Mitchell

 

Inland Revenue has quietly released a short draft Questions We’ve Been Asked (QWBA) that could have an outsized impact on New Zealand’s housing market.

The question posed is whether portfolio investment entities (PIEs) can derive eligible PIE income from developing land, subdividing it, and/or erecting buildings for sale.  In a welcome outcome, Inland Revenue’s draft answer is yes.

The conclusion clears the way for PIEs (including KiwiSaver funds) to invest in residential and commercial developments that are built to sell, not just to rent. Below, we look at how this issue arose, what the draft statement says, and why it’s good news for housing supply and investment flexibility.

How did we get here?

In 2024, Inland Revenue launched a policy consultation proposing to amend the PIE rules to specifically exclude income from land development activities as being eligible. The policy rationale included comment that Inland Revenue’s view was that such activity is not eligible under the existing law, so this would be a “clarification”.

We had concerns with this – with both the policy rationale and what was being implied about the existing law. From a policy perspective, we were concerned with limiting options to invest for PIEs by excluding land development. The PIE regime was designed to allow New Zealanders to invest and save for retirement through collective investment vehicles, without being disadvantaged relative to those with the means to invest directly. Many Kiwis have used (and continue to use) land as a savings vehicle. For some, this is owning a rental property. For others it is small-scale development – this is evident to anyone that has walked through the established suburbs of our major cities and seen the number of subdivided sections. We didn’t have a policy objection to this sort of activity (and commercial development) being open to PIEs.

A number of submitters, including Deloitte, asked Inland Revenue to pause and formally clarify its view of the current law before moving ahead with any legislative change. To its credit, Inland Revenue did this, resulting in the draft QWBA we now have.

The current draft statement

In a shift away from the view expressed in 2024, the Tax Counsel Office (TCO) has now issued the draft QWBA with a positive outcome for PIEs. The statement confirms that income from developing land, subdividing it, and/or erecting buildings for sale can be eligible PIE income under s HM 12 of the Income Tax Act 2007 (the Act).

In plain terms, the reasoning is straightforward. Section HM 12 allows PIEs to earn income from disposing of certain property. Section HM 11 says that property includes interests in land. Selling land (whether developed or not) is still selling land (and as such should fall within s HM 11). This was the view we took when we engaged with Inland Revenue on this in 2024.

This conclusion will not surprise those familiar with the Act. Sections CB 7, CB 9, CB 10, CB 11, CB 12, or CB 13 (the land provisions), which broadly apply to development and building activities, simply tax amounts derived “from disposing of land”. When the land provisions are read in conjunction with ss HM 11 and HM 12, it is difficult to imagine how Parliament could have made it any clearer that those activities were “eligible activities” for PIEs.

While in our view the answer seems clear, readers of the draft QWBA could walk away with the opposite impression. Although reaching the right conclusion, parts of the draft seem to argue the opposite. It considers a view that Parliament “intended” a distinction between active and passive investment (with land development not being “passive”), before conceding that this intention wouldn’t be persuasive to a New Zealand Court. We agree this distinction wouldn’t be persuasive to a New Zealand Court, because Parliament’s actual intention is best evidenced by the plain words of the Act.

In our view taxpayers would be best served if the QWBA focused its attention on the clear arguments for the conclusion.

Why this matters: real asset development

The confirmation that land development income can sit comfortably within the PIE regime has some important real‑world implications.

More homes, more options

Rather than being limited to “build-to-rent” or “buy-to-rent” land investment models, PIEs have the option to invest in projects including those that deliver housing at scale, potentially resulting in a material boost in supply. This could involve either a “build-to-rent-or-sell” or “build-to-sell” approach. The flexibility inherent in this mixed approach aligns far better with modern planning, design, and infrastructure goals.

Unlocking long‑term capital

The potential untapped capital is also material. Based on the Reserve Bank’s statistics, as at December 2025, KiwiSaver funds alone held around $143 billion worth of assets, with a further $91.6 billion in retail unit trusts (most of which are PIEs).

We are not suggesting that these PIEs should undertake development activities, but they now have certainty that this is an option –  the change is a capital unlock. If existing PIEs judge it appropriate and consistent with their wider strategy, they can now more easily do so without putting their PIE status at risk. They might do this directly, or via investment in a PIE operated by a manager specialising in development activity.  

Why this matters: a question of interpretation

Part of what makes this issue interesting is not just the outcome, but how Inland Revenue got there and what this might imply in other contexts. 

Inland Revenue’s initial view (which would have excluded land development income) relied heavily on an idea that PIEs were only ever meant to hold “passive” investments, not “active” ones. The problem with that view is that the words active and passive don’t appear anywhere in the PIE legislation.

Instead, the phrases appear primarily in background papers and reports prepared by officials when the PIE rules were first introduced and in relation to subsequent amendments (even then, the references are somewhat limited). While those materials might be helpful context with respect to officials’ intentions, New Zealand Courts have been clear they are an unreliable method of evidencing Parliamentary intent. The Court makes this plain in Commissioner of Inland Revenue v Roberts [2019] NZCA 654 (Roberts) stating:

The task of the Court is to interpret the words used in the statute, not paraphrases, and in particular imprecise paraphrases, used in discussion papers and officials’ reports. 

As Clearspan Property Assets Limited v Spark New Zealand Trading Limited [2017] NZHC 277 (Clearspan) notes, what the Courts should focus on is the wording of the statute: 

The rule of law must still stand for the proposition that it is the law that rules, not those who make the law or apply the law or interpret the law. The law is the text.

Put simply, when Courts interpret tax law, they start (and usually finish) with the statute itself. The text is paramount. It is fundamental that Courts do not read extra ideas into tax legislation, especially if those ideas conflict with the actual words of the legislation. While the QWBA ultimately concludes that the text is paramount, some of the discussion leading up to this could be clearer as to how Inland Revenue approaches statutory interpretation. This is of course fundamental to taxpayers and will form a key part of our submission.

Next steps

The deadline for submissions on the draft QWBA is 15 April 2026. 

If you have any questions about the draft statement or PIEs and land development, please contact your usual Deloitte advisor.

Samsung Electronics today announced that its Micro RGB TV (R95H model) has received both the Safety for Eyes and Circadian Rhythm Display (CRD) certifications from Verband Deutscher Elektrotechniker (VDE), a leading global testing institute based in Germany.

Derived from VDE’s broader EyeCare Circadian certification, these certifications adopt a more refined evaluation framework, independently verifying eye safety and circadian rhythm support for a more rigorous assessment of display performance. This shift provides consumers with a more comprehensive assurance of comfortable viewing experiences.

Specifically, the Safety for Eyes certification evaluates display safety for prolonged viewing by analyzing light emissions from digital devices, with a particular focus on blue light and its impact on eye health. Meanwhile, the CRD certification examines how well a display supports the user’s biological clock. It measures the display’s ability to mimic natural light by adjusting color temperature and brightness based on time of day, while also reducing blue light in the evening to prevent melatonin suppression — supporting natural circadian rhythm and visual comfort.

Samsung’s Micro RGB meets the rigorous standards set by both certifications, demonstrating its commitment to eye safety and comfort. The display’s advanced Micro RGB LED architecture is especially noteworthy in that it finely adjusts brightness and color to create optimal viewing conditions at any time of day.

Having secured Safety for Eyes certification for its 2026 TV lineup and CRD for premium models, Samsung is now expanding CRD certification to a broader range of products.

“Micro RGB TV is setting a new standard in the premium TV market by being verified for both eye safety and circadian rhythm support,” said Taeyong Son, Executive Vice President of the Visual Display Business at Samsung Electronics. “We will continue to deliver display technologies that consider our users’ viewing environments and enhance their lifestyles.”

Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) has released its 25^th annual Sustainability Report, highlighting the company’s 2025 performance in key areas, including support for communities, Indigenous Peoples, health and safety, diversity and climate. 

“This report highlights our continued focus on responsibly providing the critical minerals needed for global development and the energy transition,” said Jonathan Price, President and CEO. “As we advance our proposed merger with Anglo American plc and strengthen our sustainability performance, we remain committed to operating safely, supporting local communities and creating long-term value.”

Teck’s 2025 Sustainability Report is prepared in accordance with the Global Reporting Initiative (GRI) Standards for the period January 1–December 31, 2025. The report has also been prepared in accordance with the Sector Standard GRI 14: Mining and Metals Sector 2023 and is aligned with the Sustainability Accounting Standards Board (SASB) Standards.

Our report is in conformance with the member requirements of the International Council on Mining and Metals (ICMM), including the implementation of the ICMM Mining Principles, and any mandatory requirements and corporate-level aspects set out in the Position Statements and the Performance Expectations (PE). Disclosure related to our validation of the ICMM PE can be found here. Teck is also in validated against the Mining Association of Canada’s Towards Sustainable Mining (MAC TSM) Protocols. Disclosure related to our self-assessments and verification on the TSM Protocols can be found on the MAC TSM website.

For the full report, please click here. Other reports, including the 2025 Annual Report are also available on our Disclosure Portal. 

Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information as defined in the Securities Act (Ontario). Forward-looking statements and information can be identified by statements that certain actions, events or results “may”, “could”, “should”, “believe”, “would”, “expect”, “continue”, “might” or “will” be taken, occur or achieved. Forward-looking statements include statements relating to Teck’s focus on responsibly providing the critical minerals needed for global development and the energy transition, the proposed merger with Anglo American plc, and the potential to strengthen sustainability performance.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general business and economic conditions, our ability to implement our sustainability strategy and related governance processes, our ability to satisfy the conditions of closing of the proposed merger, our ability to operate safely, support local communities and create long-term value, our ability to obtain and maintain permits, the regulatory framework remaining defined and understood, and other considerations that are believed to be appropriate in the circumstances. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially.

Factors that may cause actual results to vary include, but are not limited to, risks relating to our ability to implement our sustainability strategy and related governance processes, our ability to satisfy the conditions of closing of the proposed merger, our ability to operate safely, support local communities and create long-term value, our ability to obtain and maintain permits, changes in the regulatory framework and the presence of laws and regulations that may impose restrictions on mining, the timing and ability of Teck to obtain and maintain required approvals and permits, community, non-governmental and governmental actions, stakeholder and Indigenous peoples’ actions, risks related to mining construction and operation activities, the ability to continue current operations, metal and commodity prices, the global economic climate, and changes or deterioration in general economic conditions. Teck does not assume the obligation to revise or update these forward-looking statements after the date of this document, except as may be required under applicable securities laws.

About Teck
Teck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.

Investor Contact:
Emma Chapman
Vice President, Investor Relations
+44.207.509.6576
emma.chapman@teck.com

Media Contact:
Dale Steeves
Director, External Communications
236.987.7405
dale.steeves@teck.com

26-06-TR

TONMYA™ (cyclobenzaprine HCl sublingual tablets) launched November 17, 2025, for the treatment of fibromyalgia; through February 27, 2026, more than 1,500 healthcare providers have prescribed TONMYA to patients, approximately 2,500 patients have initiated treatment with TONMYA, and cumulative prescriptions totaled approximately 4,200

Expect to initiate U.S. field study in 2027 for TNX-4800 for seasonal prevention of Lyme disease pending FDA clearance

Completed $20.0 million registered direct offering with Point72 on December 29, 2025

Approximately $207.6 million in cash and cash equivalents as of December 31, 2025

BERKELEY HEIGHTS, N.J., March 12, 2026 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated, commercial biotechnology company, today announced financial results for the fourth quarter and full year ended December 31, 2025, and provided an overview of recent operational highlights.

“2025 was transformational for Tonix as we achieved FDA approval and began the U.S. commercial launch of TONMYA, our first fully in-house developed product and the first new medicine approved for fibromyalgia in more than 15 years,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “TONMYA is a non-opioid analgesic designed for long-term, once-daily bedtime dosing. We believe TONMYA now provides an alternative medicine for the approximately 10 million adults in the U.S. who suffer from fibromyalgia. We have the capabilities to engage healthcare providers and patients, having launched the product and an approximately 90-member salesforce. Early prescription trends reflect favorable prescriber uptake and repeat utilization consistent with our internal launch expectations. Our experienced commercial team is committed to growing awareness and adoption, facilitating patient access, and obtaining payer coverage as we strive to improve the fibromyalgia journey for patients and healthcare providers.”

Dr. Lederman continued, “We also meaningfully advanced our robust clinical pipeline in 2025. Tonix in-licensed TNX-4800, a long-acting human monoclonal antibody for the seasonal prevention of Lyme disease, for which there are no FDA-approved vaccines or prophylactics. This program, developed by researchers at UMass Chan Medical School, anchors our clinical-stage infectious disease pipeline, and we plan to discuss Phase 2/3 development with the FDA this year. An additional highlight includes FDA clearance of the Investigational New Drug application (IND) for HORIZON, a potentially pivotal Phase 2 study of TNX-102 SL (cyclobenzaprine HCl sublingual tablets) in major depressive disorder, which is expected to initiate enrollment in mid-2026. Looking ahead, our priorities are clear. We are driven to continue our momentum in 2026 as we focus on the successful commercialization of TONMYA, pipeline progress, and sustainable long-term value for patients and shareholders.”

Commercial Updates

TONMYA (cyclobenzaprine HCl sublingual tablets): a centrally acting, non-opioid analgesic for the treatment of fibromyalgia in adults

• In August 2025, the U.S. FDA approved TONMYA for the treatment of fibromyalgia in adults, making it the first new prescription medicine approved for this indication in more than 15 years. The approval was based on two double-blind, randomized, placebo-controlled Phase 3 clinical trials of nearly 1,000 patients that demonstrated statistically significant reduction in daily pain scores compared to placebo.
• On November 17, 2025, TONMYA became commercially available at pharmacies by prescription in the U.S. Approximately 90 sales representatives were deployed in the field in advance of the launch. Early prescription trends reflect favorable adoption rates by prescribers and patients, with prescription volumes increasing each full month post launch. Launch metrics for the period November 17, 2025–February 27, 2026 (launch-to-date), are as follows:
  • More than 1,500 healthcare providers have prescribed TONMYA to patients.
  • Approximately 2,500 patients have initiated treatment with TONMYA.
  • Cumulative prescriptions totaled approximately 4,200. This includes bridge prescriptions that are facilitated through the Company’s specialty pharmacy channel. Bridge prescriptions represent initial patient fills provided while coverage determinations are pending and do not immediately generate net product revenue.
• The Company has contracted with existing wholesalers and specialty pharmacies for distribution and with companies to assist with prescription fulfillment and patient access. Tonix also has a robust patient access program and support services in place, including TONMYA savings card, copay assistance, and prior authorization support, intended to reduce access barriers during early commercialization.
• The Company is prioritizing expanding payer engagement and establishing contracts with commercial payers, while also progressing discussions with Medicare and Medicaid.

Key Product Pipeline Candidates: Recent Highlights

Infectious Disease Pipeline
TNX-4800 (anti-OspA mAb): long-acting human monoclonal antibody in development for the seasonal prevention of Lyme disease, which has no FDA-approved vaccines or prophylactics

• In December 2025, Tonix announced plans to meet with the FDA in 2026 to explore Phase 2/3 development options, including a Phase 2 field study and a Phase 2 controlled human infection model (CHIM) study, which is also called a human challenge study. The Company expects to have GMP investigational product available for clinical testing in early 2027. Pending FDA clearances, the field study is expected to initiate enrollment in 2027 and the CHIM study in 2028.

Central Nervous System (CNS) Pipeline
TNX-102 SL (cyclobenzaprine HCl sublingual tablets): in development for major depressive disorder (MDD)

• In November 2025, the FDA cleared the IND for TNX-102 SL 5.6 mg for the treatment of MDD in adults. The IND clearance enables Tonix to proceed with the HORIZON study, a potentially pivotal Phase 2, 6-week, randomized, double-blind, placebo-controlled study of TNX-102 SL as a first-line monotherapy in adults with MDD. About 360 patients will be enrolled at approximately 30 U.S. sites, with the primary endpoint being the MADRS total score change from baseline at Week 6. Tonix plans to initiate enrollment in mid-2026.
• Prior studies of TNX-102 SL in fibromyalgia and post-traumatic stress disorder (PTSD) showed promising signals for improvement of depressive symptoms. TNX-102 SL treatment has been associated with a low incidence of side effects common with traditional antidepressants, including weight gain, blood pressure changes, sexual dysfunction, and cognitive issues.

TNX-102 SL for the treatment of acute stress reaction (ASR) and acute stress disorder (ASD), and prophylaxis against development of PTSD

• The U.S. Department of Defense-funded Optimizing Acute Stress Reaction Interventions (OASIS) trial is being conducted by the University of North Carolina under an investigator-initiated IND application. The OASIS trial examines the safety and efficacy of TNX-102 SL to reduce adverse posttraumatic neuropsychiatric sequelae among patients in the emergency department after a motor vehicle collision. Topline data is expected to be reported in the second half of 2026.

Immunology Pipeline
TNX-1500 (dimeric Fc modified anti-CD40L, humanized monoclonal antibody): third generation anti-CD40L for prophylaxis of kidney transplant rejection and treatment of autoimmune disorders

• In November 2025, Tonix announced a collaboration with Massachusetts General Hospital to advance a Phase 2 open-label, investigator-initiated clinical trial of TNX-1500 in kidney transplant recipients, planned for initiation mid-year 2026 pending FDA clearance of the IND. The study is expected to enroll five adult kidney transplant recipients.
• In October 2025, Tonix presented an update at the Japan Society for Transplantation annual congress, highlighting Phase 1 safety and pharmacokinetic and pharmacodynamic results and outlining next steps toward Phase 2 evaluation in allogenic kidney transplantation.

Rare Disease Pipeline
TNX-2900 (intranasal potentiated oxytocin): in development for Prader-Willi syndrome, with Orphan Drug designation as well as Rare Pediatric Disease designation that could make Tonix eligible for a Priority Review Voucher upon approval

• In September 2025, Tonix announced plans to initiate a Phase 2, randomized, double-blind, placebo-controlled trial in children and adolescents with Prader-Willi syndrome. The study is expected to initiate in the first quarter of 2027.

Financial: Recent Highlights

Tonix had approximately $207.6 million of cash and cash equivalents as of December 31, 2025, compared to approximately $98.8 million as of December 31, 2024. Net cash used in operations was approximately $99.8 million for the full year ended December 31, 2025, compared to $60.9 million for the same period in 2024. Cash paid for capital expenditures for the full year ended December 31, 2025, were approximately $3.4 million compared to $0.1 million for the same period in 2024.

In December 2025, Tonix completed a $20.0 million registered direct offering with Point72 Asset Management. The net proceeds are being used to fund commercialization of marketed products, pipeline development, and general working capital. TD Cowen acted as sole placement agent for the offering. A.G.P./Alliance Global Partners acted as a financial advisor.

Subsequent to year-end, the Company has raised $8.6 million proceeds using its at-the-market (ATM) facility.

The Company believes that its cash resources at December 31, 2025, will meet its planned operating and capital expenditure requirements into the first quarter of 2027.

As of March 11, 2026, the Company had 13,405,401 shares of common stock outstanding.

Full Year 2025 Financial Results

Net product revenue for the full year 2025 was approximately $13.1 million, compared to $10.1 million in 2024. Net revenue from sales of Zembrace^®, SymTouch^®, and Tosymra^® for the full year 2025 was approximately $11.7 million, compared to $10.1 million in 2024. Net revenue from sales of TONMYA for the period from launch on November 17, 2025, to December 31, 2025, was approximately $1.4 million. Cost of sales for the full year 2025 was approximately $6.6 million, compared to $7.8 million in 2024.

Research and development expenses for the full year 2025 were approximately $44.5 million, compared to $40.0 million in 2024. This increase is predominately due to pipeline prioritization period over period, and increased headcount.

Selling, general, and administrative expenses for the full year 2025 were $87.7 million, compared to $40.1 million in 2024. The increase is predominately due to spending on sales and marketing related to TONMYA as well as increased headcount.

Net loss available to common stockholders was approximately $124.0 million, or $14.57 per basic and diluted share, for the full year 2025, compared to net loss available to common stockholders of $130.0 million, or $176.60 per basic and diluted share, in 2024. The basic and diluted weighted average common shares outstanding for the full year 2025 was 8,511,318 compared to 736,339 shares for 2024.

Fourth Quarter 2025 Financial Results

Net product revenue for the fourth quarter 2025 was approximately $5.4 million, compared to $2.6 million for the same period in 2024, and consisted of combined net sales of TONMYA™, Zembrace^® SymTouch^®, and Tosymra^®. Cost of sales for the fourth quarter 2025 was approximately $1.1 million, compared to $1.2 million for the same period in 2024.

Research and development expenses for the fourth quarter 2025 were approximately $16.9 million, compared to $8.3 million for the same period in 2024. This increase is predominately due to pipeline prioritization period over period and increased headcount.

Selling, general, and administrative expenses for the fourth quarter 2025 were $35.7 million, compared to $15.6 million for the same period in 2024. The increase is predominately due to spending on sales and marketing related to TONMYA and increased headcount.

Net loss available to common stockholders was $46.9 million, or $3.98 per basic and diluted share, for the fourth quarter 2025, compared to net loss available to common stockholders of $22.1 million, or $9.77 per basic and diluted share, for the same period in 2024. The basic and diluted weighted average common shares outstanding for the fourth quarter 2025 was 11,798,945 compared to 2,263,535 shares for the same period in 2024.

Tonix Pharmaceuticals Holding Corp.
Tonix Pharmaceuticals* is a fully-integrated, commercial-stage biotechnology company focused on central nervous system (CNS) and immunology treatments in areas of high unmet medical need. TONMYA^TM (cyclobenzaprine HCl sublingual tablets 2.8mg), the Company’s recently approved flagship medicine, is the first new treatment for fibromyalgia in more than 15 years. Tonix’s CNS commercial infrastructure supports its marketed products, including its acute migraine products, Zembrace^® SymTouch^® and Tosymra^®. Tonix is maximizing the science behind TONMYA in Phase 2 clinical trials to evaluate its potential in major depressive disorder and acute stress disorder. In addition, the Company’s CNS portfolio includes TNX-2900, which is Phase 2 ready for the treatment of Prader-Willi syndrome, a rare disease. Tonix is also advancing a pipeline of immunology programs, including monoclonal antibody TNX-4800 for Lyme disease prophylaxis and TNX-1500, a third-generation CD40 ligand inhibitor for the prevention of kidney transplant rejection. To learn more, visit www.tonixpharma.com and follow the Company on LinkedIn and X.

*Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication.

Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. TONMYA is a trademark of Tonix Pharma Limited. All other marks are property of their respective owners.

Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 including those relating to the completion of the offering, the satisfaction of customary closing conditions, the intended use of proceeds from the offering and other statements that are predictive in nature. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially as a result of a number of factors, including the ability of the Company to satisfy the conditions to the closing of the offering and the timing thereof, as well as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 12, 2026, and periodic reports filed with the SEC on or after the date thereof. Tonix does not undertake an obligation to update or revise any forward-looking statement. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

TONIX PHARMACEUTICALS HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Share and Per Share Amounts) (unaudited)
		Year Ended December 31,								Three Months Ended December 31,
		2025				2024				2025				2024
REVENUE:
Product revenue, net		$	13,107			$	10,094			$	5,390			$	2,582
COSTS AND EXPENSES:
Cost of revenue			6,640				7,765				1,058				1,183
Research and development			44,486				39,972				16,941				8,297
Selling, general, and administrative			87,684				40,101				35,677				15,582
Asset impairment charges			—				58,957				—				—
			138,810				146,795				53,676				25,062
Operating loss			(125,703	)			(136,701	)			(48,286	)			(22,480	)
Grant income			3,012				2,594				71				926
Gain on change in fair value of warrant liabilities			—				6,150				—				—
Loss on extinguishment of debt			(2,092	)			—				—				—
Interest income			4,146				22				1,344				1
Interest expense			(89	)			(1,234	)			—				(280	)
Other (expense) income, net			(3,295	)			(867	)			(39	)			(275	)
Net loss			(124,021	)			(130,036	)			(46,910	)			(22,108	)
Net loss available to common stockholders		$	(124,021	)		$	(130,036	)		$	(46,910	)		$	(22,108	)
Net loss per common share, basic and diluted		$	(14.57	)		$	(176.60	)		$	(3.98	)		$	(9.77	)
Weighted average common shares outstanding, basic and diluted			8,511,318				736,339				11,798,945				2,263,535

TONIX PHARMACEUTICALS HOLDING CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) (Unaudited)1
	December 31, 2025				December 31, 2024
Assets
Cash and cash equivalents	$	207,637			$	98,776
Accounts Receivable, net		6,271				3,683
Inventory		6,013				8,408
Prepaid expenses and other		8,955				8,135
Total current assets		228,876				119,002
Other non-current assets		48,295				43,888
Total assets	$	277,171			$	162,890
Liabilities and stockholders’ equity
Total liabilities	$	32,021			$	23,332
Stockholders’ equity		245,150				139,558
Total liabilities and stockholders’ equity	$	277,171			$	162,890

1		The condensed consolidated balance sheets for the years ended December 31, 2025, and 2024 have been derived from the audited financial statements but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Investor Contacts
Jessica Morris
Tonix Pharmaceuticals 
(862) 799-8599 
investor.relations@tonixpharma.com  

Brian Korb 
astr partners 
(917) 653-5122 
brian.korb@astrpartners.com 

Media Contacts
Deborah Elson
Tonix Pharmaceuticals 
deborah.elson@tonixpharma.com

Ray Jordan 
Putnam Insights 
ray@putnaminsights.com 

INDICATION
TONMYA is indicated for the treatment of fibromyalgia in adults.

CONTRAINDICATIONS
TONMYA is contraindicated:
In patients with hypersensitivity to cyclobenzaprine or any inactive ingredient in TONMYA. Hypersensitivity reactions may manifest as an anaphylactic reaction, urticaria, facial and/or tongue swelling, or pruritus. Discontinue TONMYA if a hypersensitivity reaction is suspected. With concomitant use of monoamine oxidase (MAO) inhibitors or within 14 days after discontinuation of an MAO inhibitor. Hyperpyretic crisis seizures and deaths have occurred in patients who received cyclobenzaprine (or structurally similar tricyclic antidepressants) concomitantly with MAO inhibitors drugs.
During the acute recovery phase of myocardial infarction, and in patients with arrhythmias, heart block or conduction disturbances, or congestive heart failure. In patients with hyperthyroidism.

WARNINGS AND PRECAUTIONS
Embryofetal toxicity: Based on animal data, TONMYA may cause neural tube defects when used two weeks prior to conception and during the first trimester of pregnancy. Advise females of reproductive potential of the potential risk and to use effective contraception during treatment and for two weeks after the final dose. Perform a pregnancy test prior to initiation of treatment with TONMYA to exclude use of TONMYA during the first trimester of pregnancy.

Serotonin syndrome: Concomitant use of TONMYA with selective serotonin reuptake inhibitors (SSRIs), serotonin norepinephrine reuptake inhibitors (SNRIs), tricyclic antidepressants, tramadol, bupropion, meperidine, verapamil, or MAO inhibitors increases the risk of serotonin syndrome, a potentially life-threatening condition. Serotonin syndrome symptoms may include mental status changes, autonomic instability, neuromuscular abnormalities, and/or gastrointestinal symptoms. Treatment with TONMYA and any concomitant serotonergic agent should be discontinued immediately if serotonin syndrome symptoms occur and supportive symptomatic treatment should be initiated. If concomitant treatment with TONMYA and other serotonergic drugs is clinically warranted, careful observation is advised, particularly during treatment initiation or dosage increases.

Tricyclic antidepressant-like adverse reactions: Cyclobenzaprine is structurally related to TCAs. TCAs have been reported to produce arrhythmias, sinus tachycardia, prolongation of the conduction time leading to myocardial infarction and stroke. If clinically significant central nervous system (CNS) symptoms develop, consider discontinuation of TONMYA. Caution should be used when TCAs are given to patients with a history of seizure disorder, because TCAs may lower the seizure threshold. Patients with a history of seizures should be monitored during TCA use to identify recurrence of seizures or an increase in the frequency of seizures.

Atropine-like effects: Use with caution in patients with a history of urinary retention, angle-closure glaucoma, increased intraocular pressure, and in patients taking anticholinergic drugs.

CNS depression and risk of operating a motor vehicle or hazardous machinery: TONMYA monotherapy may cause CNS depression. Concomitant use of TONMYA with alcohol, barbiturates, or other CNS depressants may increase the risk of CNS depression. Advise patients not to operate a motor vehicle or dangerous machinery until they are reasonably certain that TONMYA therapy will not adversely affect their ability to engage in such activities. Oral mucosal adverse reactions: In clinical studies with TONMYA, oral mucosal adverse reactions occurred more frequently in patients treated with TONMYA compared to placebo. Advise patients to moisten the mouth with sips of water before administration of TONMYA to reduce the risk of oral sensory changes (hypoesthesia). Consider discontinuation of TONMYA if severe reactions occur.

ADVERSE REACTIONS
The most common adverse reactions (incidence ≥2% and at a higher incidence in TONMYA-treated patients compared to placebo-treated patients) were oral hypoesthesia, oral discomfort, abnormal product taste, somnolence, oral paresthesia, oral pain, fatigue, dry mouth, and aphthous ulcer.

DRUG INTERACTIONS
MAO inhibitors: Life-threatening interactions may occur.

Other serotonergic drugs: Serotonin syndrome has been reported.

CNS depressants: CNS depressant effects of alcohol, barbiturates, and other CNS depressants may be enhanced.

Tramadol: Seizure risk may be enhanced.
Guanethidine or other similar acting drugs: The antihypertensive action of these drugs may be blocked.

USE IN SPECIFIC POPULATIONS
Pregnancy: Based on animal data, TONMYA may cause fetal harm when administered to a pregnant woman. The limited amount of available observational data on oral cyclobenzaprine use in pregnancy is of insufficient quality to inform a TONMYA-associated risk of major birth defects, miscarriage, or adverse maternal or fetal outcomes. Advise pregnant women about the potential risk to the fetus with maternal exposure to TONMYA and to avoid use of TONMYA two weeks prior to conception and through the first trimester of pregnancy. Report pregnancies to the Tonix Medicines, Inc., adverse-event reporting line at 1-888-869-7633 (1-888-TNXPMED).

Lactation: A small number of published cases report the transfer of cyclobenzaprine into human milk in low amounts, but these data cannot be confirmed. There are no data on the effects of cyclobenzaprine on a breastfed infant, or the effects on milk production. The developmental and health benefits of breastfeeding should be considered along with the mother’s clinical need for TONMYA and any potential adverse effects on the breastfed child from TONMYA or from the underlying maternal condition.

Pediatric use: The safety and effectiveness of TONMYA have not been established.

Geriatric patients: Of the total number of TONMYA-treated patients in the clinical trials in adult patients with fibromyalgia, none were 65 years of age and older. Clinical trials of TONMYA did not include sufficient numbers of patients 65 years of age and older to determine whether they respond differently from younger adult patients.

Hepatic impairment: The recommended dosage of TONMYA in patients with mild hepatic impairment (HI) (Child Pugh A) is 2.8 mg once daily at bedtime, lower than the recommended dosage in patients with normal hepatic function. The use of TONMYA is not recommended in patients with moderate HI (Child Pugh B) or severe HI (Child Pugh C). Cyclobenzaprine exposure (AUC) was increased in patients with mild HI and moderate HI compared to subjects with normal hepatic function, which may increase the risk of TONMYA-associated adverse reactions.

Please see additional safety information in the full Prescribing Information.
To report suspected adverse reactions, contact Tonix Medicines, Inc. at 1-888-869-7633, or the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

Indication and Usage
Zembrace^® SymTouch^® (sumatriptan succinate) injection (Zembrace) and Tosymra^® (sumatriptan) nasal spray are prescription medicines used to treat acute migraine headaches with or without aura in adults who have been diagnosed with migraine.

Zembrace and Tosymra are not used to prevent migraines. It is not known if Zembrace or Tosymra are safe and effective in children under 18 years of age.

Important Safety Information
Zembrace and Tosymra can cause serious side effects, including heart attack and other heart problems, which may lead to death. Stop use and get emergency help if you have any signs of a heart attack:

• discomfort in the center of your chest that lasts for more than a few minutes or goes away and comes back
• severe tightness, pain, pressure, or heaviness in your chest, throat, neck, or jaw
• pain or discomfort in your arms, back, neck, jaw or stomach
• shortness of breath with or without chest discomfort
• breaking out in a cold sweat
• nausea or vomiting
• feeling lightheaded

Zembrace and Tosymra are not for people with risk factors for heart disease (high blood pressure or cholesterol, smoking, overweight, diabetes, family history of heart disease) unless a heart exam shows no problem.

Do not use Zembrace or Tosymra if you have:

• history of heart problems
• narrowing of blood vessels to your legs, arms, stomach, or kidney (peripheral vascular disease)
• uncontrolled high blood pressure
• hemiplegic or basilar migraines. If you are not sure if you have these, ask your provider.
• had a stroke, transient ischemic attacks (TIAs), or problems with blood circulation
• severe liver problems
• taken any of the following medicines in the last 24 hours: almotriptan, eletriptan, frovatriptan, naratriptan, rizatriptan, ergotamines, or dihydroergotamine. Ask your provider for a list of these medicines if you are not sure.
• are taking certain antidepressants, known as monoamine oxidase (MAO)-A inhibitors or it has been 2 weeks or less since you stopped taking a MAO-A inhibitor. Ask your provider for a list of these medicines if you are not sure.
• an allergy to sumatriptan or any of the components of Zembrace or Tosymra

Tell your provider about all of your medical conditions and medicines you take, including vitamins and supplements.

Zembrace and Tosymra can cause dizziness, weakness, or drowsiness. If so, do not drive a car, use machinery, or do anything where you need to be alert.

Zembrace and Tosymra may cause serious side effects including:

• changes in color or sensation in your fingers and toes
• sudden or severe stomach pain, stomach pain after meals, weight loss, nausea or vomiting, constipation or diarrhea, bloody diarrhea, fever
• cramping and pain in your legs or hips; feeling of heaviness or tightness in your leg muscles; burning or aching pain in your feet or toes while resting; numbness, tingling, or weakness in your legs; cold feeling or color changes in one or both legs or feet
• increased blood pressure including a sudden severe increase even if you have no history of high blood pressure
• medication overuse headaches from using migraine medicine for 10 or more days each month. If your headaches get worse, call your provider.
• serotonin syndrome, a rare but serious problem that can happen in people using Zembrace or Tosymra, especially when used with anti-depressant medicines called SSRIs or SNRIs. Call your provider right away if you have: mental changes such as seeing things that are not there (hallucinations), agitation, or coma; fast heartbeat; changes in blood pressure; high body temperature; tight muscles; or trouble walking.
• hives (itchy bumps); swelling of your tongue, mouth, or throat
• seizures even in people who have never had seizures before

The most common side effects of Zembrace and Tosymra include: pain and redness at injection site (Zembrace only); tingling or numbness in your fingers or toes; dizziness; warm, hot, burning feeling to your face (flushing); discomfort or stiffness in your neck; feeling weak, drowsy, or tired; application site (nasal) reactions (Tosymra only) and throat irritation (Tosymra only).

Tell your provider if you have any side effect that bothers you or does not go away. These are not all the possible side effects of Zembrace and Tosymra. For more information, ask your provider.

This is the most important information to know about Zembrace and Tosymra but is not comprehensive. For more information, talk to your provider and read the Patient Information and Instructions for Use. You can also visit https://www.tonixpharma.com or call 1-888-869-7633.

You are encouraged to report adverse effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.

Source: Tonix Pharmaceuticals Holding Corp.

Released March 12, 2026

238 ERC projects using AI in health

A new Feedback to Policy report analyses 238 ERC projects using AI in health, funded under FP7, Horizon 2020 and Horizon Europe, with a total budget of EUR 450 million. The projects have used AI for disease prevention and early detection, diagnosis, treatment optimisation and long-term disease management, and develop AI models, clinical decision-support systems and platforms, including machine learning and deep learning.

The study shows how AI-based models, clinical decision-support systems and platforms – including machine learning and deep learning – are being developed to enable earlier disease detection and more personalised risk prediction, diagnosis, prognosis and treatment. It also highlights how AI supports the integration of multi-omics, phenotypic and health data, and contributes across the medicine’s lifecycle, from drug discovery to clinical trials.

Links to the EU AI Act and European Health Data Space

The report shows how ERC projects can support the implementation of the EU AI Act, which classifies most AI-based software intended for medical purposes as ‘high-risk’, as well as the European Health Data Space and the EU’s Apply AI Strategy. ERC-funded researchers highlight the need for rigorous validation, robust risk management, high-quality data, transparency and meaningful human oversight, alongside secure infrastructures and clear data governance.

Gerd Gigerenzer, former Vice-President of the ERC Scientific Council, said:

Our analysis shows that real impact depends not only on better algorithms, but also on how they are designed, validated and governed. Smart technologies require smart institutions: without high quality data, transparent models, meaningful human oversight and clear accountability, the full potential of AI in health will not be realised.
 

Case studies, enablers and next steps

A more in-depth look at 59 projects and 20 case studies illustrates applications in disease detection and monitoring, drug discovery, risk forecasting, imaging, medical robots and personalised medicine – and points to long-term funding, AI-for-science hubs and regulatory sandboxes as key enablers.

The report demonstrates how frontier research can help ensure that AI in health is not only innovative and competitive, but also trustworthy, human-centric and firmly grounded 
 

The World Health Organization (WHO) yesterday published blueprints to guide development of urgently needed new antibiotics for three types of bacterial infections.

The three new target product profiles (TPPs) focus on new antibiotics for:

• Severe multidrug-resistant gram-negative infections caused by carbapenem-resistant Enterobacterales, Acinetobacter baumannii, and Pseudomonas aeruginosa
• Severe antibiotic-resistant gram-positive infections in immune-suppressed and critically ill patients, with a focus on Enterococcus faecium
• Community-acquired and health care-associated bacterial meningitis

The purpose of TPPs is to help accelerate the drug development process—and establish priorities for researchers, funders, and developers—by outlining the desired characteristics for new antibiotics. They describe the intended use, target populations, mechanism of action, and route of administrations, and define clear targets for quality, safety, efficacy, pharmacokinetics, access, and affordability. 

“They are intended to facilitate the most expeditious development of novel antibiotics addressing the greatest and most urgent public health needs posed by antimicrobial resistance (AMR),” the WHO said.

Antibiotic development not keeping up with resistance

All three of the targeted infection types are currently treated with antibiotics that are becoming less effective as drug resistance rises, and there are few candidates in the antibiotic pipeline to provide new treatment options. WHO officials say the aim of the three new TPPs is to align antibacterial product development with the WHO’s bacterial priority pathogens list, prioritize infections that lead to high morbidity and mortality, and incentivize and de-risk antibiotic development.

“The scientific community has developed and approved new antibiotics in recent years. This is good, but unfortunately not sufficient to catch up with evolving drug-resistance bacteria, especially against those of greatest concern,” Yvan Hutin, MD, PhD, director of antimicrobial resistance at the WHO, said in a press release. “We need a reliable pipeline with new antibacterial agents that are innovative, affordable, accessible to all those who need them.” 

Qualtrics positioned highest for Ability to Execute and furthest for Completeness of Vision

PROVO, Utah and SEATTLE, March 12, 2026 /PRNewswire/ — Qualtrics is recognized as a Leader in the 2026 Gartner® Magic Quadrant™ for Voice of the Customer Platforms –positioned highest for Ability to Execute and furthest for Completeness of Vision. Gartner also ranked Qualtrics first across all five Use Case in the Critical Capabilities report, which, according to Qualtrics, span structured and unstructured feedback, workflow integration, and business outcomes.

This is the fifth consecutive year Qualtrics has been named a Leader in the Gartner Magic Quadrant for Voice of the Customer. In a market where AI is reshaping what’s possible and customer expectations are rising, we believe this recognition reflects our ability to deliver innovation and value while the ground is shifting, and our commitment to giving customers the technology, expertise, and insights they need to improve the experiences they deliver.

Download the 2026 Gartner® Magic Quadrant™ for Voice of the Customer Platforms Report

Why great experiences matter

Great experiences are an organization’s greatest differentiator, especially in a world where speed and efficiency are table stakes. The companies that win are the ones who understand people well enough to act in the moment, before it’s too late.

That’s the value Qualtrics brings to thousands of customers: the ability to listen across every channel, understand what signals actually mean in context, and act when it matters.

Qualtrics captures experience data, connects it with operational data, and uses AI to reason across both so organizations can take the right action, for the right person, at the right moment. In an AI-shaped world, this understanding is what ensures great experiences scale.

Why we believe Qualtrics is a Leader

In the 2026 Magic Quadrant for Voice of the Customer, Qualtrics is positioned highest on Ability to Execute and furthest on Completeness of Vision. To Qualtrics, this reflects both the strength of our roadmap and the value our customers are achieving right now.

Here are the capabilities we believe Gartner recognized Qualtrics for:

Listen everywhere

Customers give feedback everywhere: calls, chats, surveys, digital sessions, social, customer service. Qualtrics captures that structured and unstructured feedback, then uses AI to reason across data so teams can find the signal, understand what it means, and act at the right moment. 

Understand in context. Act when it matters

Teams that deliver great experiences understand what customer feedback means in the context of the individual and the moment, and then act on it before the window closes. This is what Qualtrics Experience Agents™ are built to do. This becomes even more critical in an AI world, where speed without understanding just scales the wrong response. When companies deploy an agent without context of the experience the opportunity for frustration goes up, not down.

Gartner states: “The next wave of innovation will be AI Experience Agents. Today’s AI Agents can complete simple tasks such as appointment booking and issue resolution, but the trend is toward agents autonomously assessing customer records and executing personalized actions. Agentic AI is transforming the role of experience agents from reactive to proactive, enabling them to anticipate customer needs and act in real time.”

Done right, businesses can act before the frustration, before the escalation, before the problem even occurs. After all, the best customer service recovery is the one that never needs to happen.

A trusted partner across industries

Every organization is in the business of human experience. Qualtrics is committed to making it fast and simple for customers of any size or sector to deliver great experiences with the Experience Management Platform. Whether an organization is building its first listening program or running CX across a global enterprise, Qualtrics scales as needed — delivering faster time-to-value at the start and greater revenue, retention, and operational efficiency as programs mature.

For organizations with the highest security requirements, Qualtrics holds FedRAMP High and ISO 42001 certifications, and maintains strategic partnerships with leaders like CrowdStrike.

This is backed by our continued investment in the Qualtrics Partner Network and the XM Institute, which builds a thriving community of industry partners and experts.

Gartner, Magic Quadrant for Voice of the Customer Platforms, Deborah Alvord, Maria Marino, Chad Storlie, Brad Fager, Michael Maziarka, 9 March 2026

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER is a registered trademark and service mark, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

About Qualtrics

Qualtrics is trusted by thousands of the world’s best organizations to power exceptional customer and employee experiences that build deep human connections, increase customer loyalty, boost employee engagement, and drive business success. Our advanced AI and specialized Experience Agents™ allow businesses and governments to proactively interact with customers and employees in personalized ways across every channel and touchpoint, respond in-the-moment to fix or improve experiences, and stay across the latest market trends and opportunities.

Contact:
Tyler Petersen, [email protected]

SOURCE Qualtrics, LLC

Momentum is fueled by owner preference for Hilton brands, driving expansion into Brazil’s fast‑growing tourism and business travel markets

SAO PAULO, Brazil – Hilton (NYSE: HLT) continues to accelerate its growth in Brazil, one of the company’s most important markets in the Caribbean and Latin America (CALA). In 2025, nearly a quarter of Hilton’s total room approvals in the CALA region were in Brazil. With nearly 30 hotels now open and plans to double its presence across 10 different brands by 2030, this momentum underscores Hilton’s long-term commitment to Brazil and its role as a key driver of regional growth. 

“Hilton is committed to being the preferred partner for hotel owners in Brazil, which is central to our growth strategy in the Caribbean and Latin America,” said Christian Charnaux, executive vice president and chief development officer, Hilton. “I was in Brazil last week to further strengthen our partnership with owners and continue to accelerate our growth. The message from owners is clear: Brazil is a market of tremendous opportunity, and Hilton’s high-performing brands and powerful commercial engines make us the preferred partner for them to achieve their growth aspirations.” 

2025 Openings and Pipeline Expansion

In 2025, Hilton expanded its footprint in Brazil and debuted in new markets with Tru by Hilton Chapeco, Hampton by Hilton Caraguatatuba Serramar, and DoubleTree by Hilton Caracol Canela. The openings of the Tru and Hampton properties underscore the strong appeal of the company’s focused-service brands, which continue to attract owners, developers, and guests seeking efficiency, comfort, and value. Following the debut of the Tru by Hilton brand in the Caribbean and Latin America in 2022, the Tru by Hilton Chapeco opening reinforced the brand’s rapid growth in the market, which has become Hilton’s third largest brand in the CALA pipeline. Recognized as one of the top five franchise brands of the 21st century, Hampton by Hilton debuted in Caraguatatuba, offering travelers authentic, friendly service. DoubleTree by Hilton Caracol Canela marked Hilton’s arrival in the charming Serra Gaúcha region of Rio Grande do Sul.

2025 was a standout year for newly approved deals, bringing the total pipeline to nearly 30 hotels. With this momentum, Hilton is on track to double its presence in the country by 2030. The growing pipeline includes developments throughout the country designed to meet the evolving needs of today’s business and leisure travelers. As new hotels come online and additional projects advance, Hilton continues to broaden its footprint and diversify its brand presence nationwide.

New Destinations Beyond São Paulo and Rio de Janeiro

Building on recent momentum, Hilton is expanding its footprint into new destinations across Brazil. With hotels from Maceio to Porto Alegre, the company is actively developing projects in other states, bringing its award-winning hospitality to new regions and consolidating its presence at a national level. Recent and upcoming openings highlights include:

• Motto by Hilton Recife Antigo opened last month, marking the debut of the lifestyle brand to Brazil and representing Hilton’s first hotel in Recife.
• In 2026, Hilton plans to open Casa Costa Ilhabela, Curio Collection by Hilton. The 46-room boutique hotel will offer a spa, outdoor pool and two distinctive culinary experiences, steps away from the island central village.  
• Hilton is set to make a landmark debut in the Amazon with the planned opening of Hilton Manaus in 2028. Positioned between the two most important malls in the city and a few minutes from the international airport, the property will bring Hilton’s world-class hospitality to one of Brazil’s most iconic natural destinations.
• Hilton Garden Inn Natal is expected to open in 2028, expanding Hilton’s presence into Brazil’s Northeast with the first property in the capital of Rio Grande do Norte state. With its blend of leisure appeal and growing business demand, Natal will welcome the 164-room hotel located in Ponta Negra, the city’s most iconic shoreline.
• Within Brazil’s renowned wine country, Hilton is set to open Sanpiero Hotel Caminhos de Pedra, Curio Collection by Hilton, in Bento Gonçalves in 2028. The project marks Hilton’s continued growth in the Serra Gaúcha region, complementing existing properties in Canela and Porto Alegre and the upcoming development in Gramado.

• 

Airport Hospitality Leadership

Hilton is leading the way in airport hospitality with innovative projects near Brazil’s busiest travel gateways. Following the successful opening of Hampton by Hilton Guarulhos Airport in 2019, Hilton continues to pursue new airport hotel opportunities that redefine the airport stay experience. These properties are designed to serve both travelers in transit and local communities, offering meeting spaces, fitness centers, and dining options.

• In 2028, Hilton plans to debut Tru by Hilton São Paulo Congonhas Airport which will bring Hilton’s hospitality to the second busiest airport in Brazil followed by Hilton Garden Inn São Paulo Congonhas expected to open in 2029. Congonhas is one of the most strategic hubs in the national air network.
• Hilton Garden Inn Floripa Airport located at Florianópolis-Hercílio Luz International Airport, which is considered one of the country’s most modern and passenger-focused gateways, is also planned for 2029.

Growth Through Conversions

Conversions remain a strong driver of Hilton’s expansion in Brazil, accounting for more than half of Hilton’s current hotel portfolio in the country. These projects enable Hilton to collaborate with owners to reposition existing properties under globally recognized brands, offering guests distinctive experiences while strengthening Hilton’s presence.

The first conversion in the country was the debut of the Hilton Garden Inn brand with Hilton Garden Inn Belo Horizonte in 2016, followed by the iconic opening of Hilton Rio de Janeiro Copacabana in 2017. Most recently, the successful conversions of Yoo2 Rio de Janeiro, Tapestry Collection by Hilton, and Hilton Garden Inn Maceio have further increased brand awareness and positioned the company at the forefront of Brazil’s growing travel and tourism market.

Hilton is evaluating opportunities to introduce the Spark by Hilton brand in Brazil, offering a conversion-friendly option that provides a unique combination of value, quality and consistency for guests and owners. With more than 220 open locations in nine countries and territories around the world, the Spark by Hilton brand is generating strong interest from owners and developers in major capitals and secondary cities.

Branded Residences Attract Owner Interest

Hilton’s developments with branded residential components continue to attract strong interest from owners and investors. These projects combine upscale living with world-class hospitality, offering residents exclusive access to Hilton amenities and services.

Pairing Hilton’s century of global hospitality expertise with a culturally-savvy, design-forward, and diverse, best-in-class portfolio, branded residences deliver a singular offer, rooted in a philosophy of care and attention to the resident experience. In Brazil, Qoya Residences Curitiba, Curio Collection by Hilton is expected to debut in 2028. Located next to Qoya Hotel Curitiba, Curio Collection by Hilton, residents will have access to the hotel’s amenities including spa, fitness center, restaurants and co-working spaces.

Hilton’s expansion in Brazil is part of a wider growth strategy across the Caribbean and Latin America, where the company now operates more than 300 hotels and maintains a strong pipeline of more than 150 projects. In the coming years, Hilton plans to extend its reach into new countries and territories across the region, while continuing to strengthen its presence in established markets. This momentum reflects Hilton’s commitment to delivering diverse brand experiences and creating opportunities for travelers and owners throughout CALA.

For more Hilton development news, please visit stories.hilton.com.

---

About Hilton

Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 26 world-class brands comprising more than 9,100 properties and over 1.3 million rooms, in 143 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed over 4 billion guests in its more than 100-year history. Named as the No. 1 World’s Best Workplace by Great Place to Work and Fortune, Hilton aims to create the best culture for its 500,000 team members around the world. Hilton has introduced industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades and the ability to book confirmed connecting rooms. Through the award-winning guest loyalty program Hilton Honors, the more than 243 million Hilton Honors members who book directly with Hilton can earn Points for hotel stays and experiences money can’t buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit stories.hilton.com for more information, and connect with Hilton on Facebook, X, LinkedIn, Instagram and YouTube.

2025 was a typically busy year for Pfizer, one of strong performance, disciplined execution and bold moves that position us for future growth and lasting impact for patients around the world as we continue to pursue our mission of making breakthroughs that change people’s lives.

The entire organization remained focused on addressing the world’s most pressing health challenges, and 2025 was a year of significant progress toward that goal. We’ve detailed some of the highlights in our latest Annual Review.

This year’s report puts Pfizer under the microscope and showcases how we:

• Invested in R&D to drive progress in oncology, vaccines, immunology, and more
• Made strides in obesity and oncology toward addressing unmet patient needs
• Prioritized strategic partnerships to deliver our medicines and vaccines to patients worldwide 

At Pfizer, progress is measured not only by performance, but by the impact we make for patients. Throughout the year, Pfizer continued advancing medicines and vaccines that address some of the world’s most significant health challenges. A diverse global portfolio helped reach hundreds of millions of patients, underscoring the company’s commitment to expanding access and improving health outcomes across regions. This work reflects ongoing progress against Pfizer’s long-term ambitions and the belief that innovation must translate into real world impact for patients and communities. 

Efforts to strengthen differentiated scientific leadership remained central to progress. Pfizer continued strengthening its research and development capabilities, including expanding the use of artificial intelligence and emerging technologies to help accelerate the discovery, development, and delivery of new medicines and vaccines.

As always, our Annual Review opens with perspective from CEO Albert Bourla, who shares about the great strides Pfizer made over the course of 2025, and how that positions the company to make further leaps in the second half of the decade.

“Our focus was clear: Guided by our purpose, we advanced science, accelerated innovation and helped patients gain access to the medicines and vaccines they needed.

We’re striving to increase the speed of everything we do to drive high-quality innovation to improve lives. 2025 was a year of progress, with improved productivity and margins made possible, in part, by simplifying and streamlining our business.”

Read the rest of Albert’s message, and explore more about Pfizer’s performance, priorities, and progress over the past year, in the full 2025 Annual Review: https://annualreview.pfizer.com/