- Fitch Places Baytex on Rating Watch Negative Following Announced Sale of U.S. Assets Fitch Ratings
- Baytex Energy’s Bold Move: What’s Next? StocksToTrade
- An undisclosed buyer entered into a definitive agreement to acquire U.S. Eagle Ford Assets of Baytex Energy Corp. for $2.3 billion. MarketScreener
- Baytex Energy (BTE) Reaches New Heights with $2.3B Eagle Ford Sa GuruFocus
- BMO upgrades Baytex to outperform on Clearwater strength, lower costs TradingView
Category: 3. Business
-
Fitch Places Baytex on Rating Watch Negative Following Announced Sale of U.S. Assets – Fitch Ratings
-
An Intrinsic Calculation For Webjet Group Limited (ASX:WJL) Suggests It’s 48% Undervalued
-
Using the 2 Stage Free Cash Flow to Equity, Webjet Group fair value estimate is AU$1.39
-
Webjet Group’s AU$0.72 share price signals that it might be 48% undervalued
-
The AU$1.02 analyst price target for WJL is 26% less than our estimate of fair value
Does the November share price for Webjet Group Limited (ASX:WJL) reflect what it’s really worth? Today, we will estimate the stock’s intrinsic value by projecting its future cash flows and then discounting them to today’s value. The Discounted Cash Flow (DCF) model is the tool we will apply to do this. Believe it or not, it’s not too difficult to follow, as you’ll see from our example!
We generally believe that a company’s value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model.
AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part – they are all under $10bn in marketcap – there is still time to get in early.
We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second ‘steady growth’ period. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren’t available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.
Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate:
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Levered FCF (A$, Millions)
AU$6.80m
AU$20.8m
AU$23.6m
AU$25.8m
AU$27.7m
AU$29.4m
AU$30.9m
AU$32.4m
AU$33.8m
AU$35.1m
Growth Rate Estimate Source
Analyst x3
Analyst x3
Analyst x3
Est @ 9.08%
Est @ 7.35%
Est @ 6.13%
Est @ 5.28%
Est @ 4.69%
Est @ 4.27%
Est @ 3.98%
Present Value (A$, Millions) Discounted @ 7.8%
AU$6.3
AU$17.9
AU$18.8
AU$19.1
AU$19.0
AU$18.7
AU$18.2
AU$17.7
AU$17.1
AU$16.5
(“Est” = FCF growth rate estimated by Simply Wall St)
Present Value of 10-year Cash Flow (PVCF) = AU$169mContinue Reading
-
-
Evaluating Valuation After Recent Share Price Momentum
Temenos (SWX:TEMN) shares have delivered a 19% gain over the past month, outpacing many in the European software space. Investors are starting to evaluate what is currently driving this momentum and are assessing possible next steps.
See our latest analysis for Temenos.
After a strong 30-day share price return of 18.7%, Temenos is gathering momentum and adding to its 28.8% total shareholder return over the past year. The recent uptrend suggests investors are warming to the company’s prospects following prior volatility and mixed longer-term results.
If Temenos’ bounce has you thinking about future opportunities, consider broadening your search and discover fast growing stocks with high insider ownership
With Temenos’ strong run in recent weeks, investors are now faced with a pressing question: is the stock still undervalued, or has the market already factored in its expected growth, leaving little room for upside?
Temenos currently trades at a price-to-earnings (P/E) ratio of 20.9x, which is well below the European software peer average of 39.3x and the broader software industry average of 27x. With a last close of CHF75.55, this places TEMN at a relative valuation discount, signaling that investors may still be underappreciating its market position and recent performance gains.
The price-to-earnings ratio expresses how much investors are willing to pay for each franc of earnings. In software, a sector often characterized by high margins and strong profit growth, P/E multiples tend to run higher than other industries. A lower P/E at Temenos’ current level suggests the market is cautious, possibly due to past volatility or concerns about future earnings and growth rates.
Compared to both peers and the industry, Temenos’ 20.9x stands out as a bargain. Not only is it significantly beneath the European average for software companies, but it is also comfortably below the sector norm. This could indicate untapped upside if confidence continues to rebound, but also suggests the market is demanding more proof before assigning a premium multiple.
See what the numbers say about this price — find out in our valuation breakdown.
Result: Price-to-Earnings of 20.9x (UNDERVALUED)
However, slower annual revenue growth and a recent decline in net income highlight lingering concerns that could challenge the case for continued upward momentum.
Find out about the key risks to this Temenos narrative.
While Temenos’ price-to-earnings ratio indicates the shares could offer good value, our DCF model tells a different story. According to the SWS DCF model, Temenos is trading just above its estimated fair value of CHF75.04. This suggests there may be limited upside in the current price. Should investors be cautious about further gains, or could sentiment continue to drive the stock higher?
Continue Reading
-
Vibration behavior analysis of reamers based on drill string dynamics
Based on multibody dynamics (ADAMS2020, https://hexagon.com/products/product-groups/computer-aided-engineering-software/adams) integrated with full-well drill string dynamics theory, comprehensive drill string assembly modeling, rate of penetration (ROP) model, and reamer force analysis model from the top drive to the bit were established.
Drill string assembly model
A well in Dagang Oilfield was selected as the case study, with the drill string assembly configuration: PDC bit + double box sub + Stabilizer + float valve with crossover sub + crossover sub + reamer + testing sub + 42 sections of heavy-weight drill pipe + 372 sections of drill pipe. The distance between the bit and the reamer is 6.9 m, and the bit depth is approximately 3993 m. The established reamer model primarily considers its tool body length, OD and ID, as well as the length, orientation angle, and outer diameter of the blades. Figure 1 shows the reamer geometric model and the BHA model.
Fig. 1 (a) BHA model. (b) Reamer Geometric Model.
Rate of penetration model
Since rock-breaking simulation is not included in the dynamic simulation, the ROP (rate of penetration) must be modeled using a nonlinear spring-damping function. During the hypothetical rock-breaking process, an axial load acts between the wellbore wall and the reamer, while the wellbore wall interacts with the formation via spring and damping forces. Based on Newton’s second law, the bottomhole dynamic equation is formulated as Eq. (1), the ROP response is shown in Fig. 2, where Fig. 2(a) represents the theoretical calculation of ROP and Fig. 2(b) depicts the software simulation response of ROP:
$$mS^{primeprime}+cS^{prime}+kS=Kleft( {ROPcdot t+{c_R}} right)+ccdot ROP+{F_b}left[ {a+vcdot sin (omega t)} right]+mg$$
(1)
where m is the mass of the wellbore wall (kg); c is the damping coefficient of the wellbore wall (N/(m/s)), change with well depth; k is the spring stiffness coefficient of the wellbore wall (N/m), change with well depth; g is gravitational acceleration (m/s²); ROP is the mechanical rate of penetration at the bit (m/s); CR is the initial condition for the differential equation governing the ROP input parameter at the bit; Fb is the amplitude of the sinusoidal WOB fluctuation load (kN); a is the constant coefficient term in the sinusoidal WOB fluctuation load.
Fig. 2 
(a) Represents the theoretical calculation of ROP. (b) Depicts the software simulation response of ROP.
Weight on bit model
The WOB model is constructed using the STEP, VARVAL, and DIF functions in Adams, Eq. (2)~3: the input WOB is introduced into the hookload function via the STEP function, where the hookload function is defined as the sum of the step function of WOB and the integral of the hookload differential function. The hookload serves as the external load applied to the spring-damping dynamics model of the upper drillstring axial system, while the lower end of the upper drillstring axial system is coupled with BHA through spring-damping elements.
$$WOB=STEP(Time,85,0,120,50000)$$
(2)
$$Hookload= – DIF(HookloadLatch)+VARVAL(WOB)$$
(3)
HookloadLatch denotes the hookload differential function:
$$begin{gathered} HookloadLatch=IF(MODE – 5:0, – DIFleft( {HookLoadLatch} right) – 1E7* hfill \ left( {DZleft( {Drillpipe,Bit,GCS} right) – 317.5948141401} right),0) hfill \ end{gathered}$$
(4)
In the equation, MODE denotes the decision parameter, where Drillpipe and Bit represent the positions of the drillpipe and bit along the Z-axis in the coordinate system, and GCS denotes the global coordinate system (GCS).
Reamer force model
The rock-breaking process is not simulated in the dynamic calculation; hence, a cutting tooth and gauge tooth rock-breaking model is established to simulate this process. During model construction, it is assumed that each cutting tooth on the blade bears an equal WOB. Based on the azimuthal angle and tooth center radius, the equivalent load position on each blade is calculated using the equivalent torque method. Loads are applied to the equivalent teeth to simulate rock-breaking, with the derived functions defined in Eq. (5)~7 and the load application illustrated in Fig. 3.
$${F_{cut{kern 1pt} {kern 1pt} axial}}=IMPACT(DZ({h_z},{c_{z1}},GC{S_h}),VZ({h_z},{c_{z1}},GC{S_h}),0.5,1.0E5,1.05,500,0.005)$$
(5)
$${F_{cut{kern 1pt} {kern 1pt} tagent}}=mu cdot IMPACT(DZ({h_z},{c_{z1}},GC{S_h}),VZ({h_z},{c_{z1}},GC{S_h}),0.5,1.0E5,1.05,500,0.005)$$
(6)
$$begin{gathered} {F_{Gauge{kern 1pt} {kern 1pt} radial}}=IF(DX(reamer_O{D_x},{g_{x1}},GC{S_g}) – 0.6083:0,0,1.0E5cdot hfill \ {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} ABSleft( {DXleft( {reamer_O{D_x},{g_{x1}},GC{S_g}} right) – 0.6083} right)**1.05+ hfill \ {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} STEP(DX(reamer_O{D_x},{g_{x1}},GC{S_g}),{kern 1pt} {kern 1pt} {kern 1pt} 0.6083,{text{ }}0,{text{ }}0.6083 hfill \ {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} +0.005,{text{ }}500)*VXleft( {reamer_O{D_x},{g_{x1}},GC{S_g}} right){text{ }}) hfill \ end{gathered}$$
(7)
$$begin{gathered} {F_{Gauge{kern 1pt} {kern 1pt} tagent}}=mu cdot IF(DX(reamer_O{D_x},{g_{x1}},GC{S_g}) – 0.6083:0,0,1.0E5cdot hfill \ {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} ABSleft( {DXleft( {reamer_O{D_x},{g_{x1}},GC{S_g}} right) – 0.6083} right)**1.05+ hfill \ {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} STEP(DX(reamer_O{D_x},{g_{x1}},GC{S_g}),{kern 1pt} {kern 1pt} {kern 1pt} 0.6083,{text{ }}0,{text{ }}0.6083 hfill \ {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} {kern 1pt} +0.005,{text{ }}500)*VXleft( {reamer_O{D_x},{g_{x1}},GC{S_g}} right){text{ }}) hfill \ end{gathered}$$
(8)
Fig. 3 
The force interactions between the hole opener and wellbore wall components are modeled through kinematic joint constraints.
Model validation
To validate the established dynamic model, a comparative analysis was conducted using vibration data from a Dagang Oilfield well during hole-opener drilling. The formation interval corresponds to the Guantao-Dongying Formation, with the drillstring configuration as described in Sect. 1.1. The comparison between simulated and measured results is shown in Fig. 4: Axial acceleration: The RMS value of the measured data is 0.152 g, while the simulated value is 0.126 g, deviating by 17%. Both exhibit similar waveform morphology; Rotational acceleration: The RMS value of the measured data is 26.247 rad/s², and the simulated value is 23.860 rad/s², deviating by 9%. The waveform characteristics also align closely. The model is validated as effective and suitable for parametric analysis of influencing factors.
Fig. 4 
Comparison between simulated data and measured data.
Continue Reading
-
AI isn’t a bubble but rather an opportunity, JPMorgan’s Erdoes says
Mary Callahan Erdoes, Chief Executive Officer of J.P. Morgan Asset & Wealth Management, speaks during CNBC’s Delivering Alpha event in New York City on Nov. 13, 2025.
Adam Jeffery | CNBC
NEW YORK — Investors should be focused on opportunities ahead with artificial intelligence rather than whether there’s a bubble currently, according to Mary Callahan Erdoes, CEO at JPMorgan Asset and Wealth Management.
Speaking Thursday to the CNBC Delivering Alpha conference, Erdoes dispelled worries over valuation, saying that AI is presenting opportunities not fully appreciated or understood yet.
“I feel like we’re just on the precipice of a lot of this stuff,” she said during a panel discussion. “So we’re in this disconnect of the world is pricing where, where AI multiples should be. The companies haven’t gotten it through the usage. But it’s very much like Hemingway said, ‘How do you go bankrupt?’ It happens like very, very slowly, and then all of a sudden, and I think that’s exactly what’s going to happen AI.”
Worries over skyrocketing valuations for companies such as Nvidia, AMD and a multitude of other tied to the AI trade are causing repeated gyrations in markets, which nonetheless are still hovering around record highs.
Stocks sold off Thursday, registering their worst day in more than a month as fears once again bubble to the surface.
Michael Arougheti, Chief Executive Officer and a Director of Ares Management Corporation, speaks during CNBC’s Delivering Alpha event in New York City on Nov. 13, 2025.
Adam Jeffery | CNBC
“AI itself is not a bubble. That’s a crazy concept. .. We are on the precipice of a major, major revolution in a way that companies operate,” Erdoes said. “So if you say to yourself, is AI in a bubble, I feel you have to get very granular on how you’re going to answer that, because in the U.S., we’re starting to gain traction, but we’re nowhere near the ability to have the stuff all to the bottom line.”
“You’re going to see explosive growth on both the revenue and the expense side, and the suppliers of it are going to have to figure out how they make their way through the pipeline,” she added.
Erdoes was not alone in her assessment.
Michael Arougheti, CEO at Ares Management, said the level of investment now is meager compared to the potential that AI holds.
“We have a long way to go in terms of the economic investment relative to the size of the economy,” Arougheti said. “We can’t bring the supply on fast enough to meet the near term demand. So I just feel there’s a lot of hyperbole because the numbers are big and it is that revolutionary.”
Speaking on macro issues, Erdoes said she also doesn’t see a recession on the horizon.
“People have been calling for a recession now for five years, and it just hasn’t come,” she said. Speaking of credit investment, Erdoes added, “If there’s not a recession on the horizon, it’s a great buying opportunity, and you should be leaning in and buying.”
Continue Reading
-
'Not been pretty': Novo Nordisk faces rare shareholder rebuke over board shake-up – Reuters
- ‘Not been pretty’: Novo Nordisk faces rare shareholder rebuke over board shake-up Reuters
- Novo Nordisk A/S: Candidate for the Board of Directors will not seek election GlobeNewswire
- Pfizer’s Ex-R&D Chief Dolsten Withdraws From Novo Nordisk Board Race US News Money
- Norway’s sovereign wealth fund to abstain from Novo Nordisk board vote 104.1 WIKY
- Novo Nordisk says Mikael Dolsten withdraws candidacy for Novo Nordisk board MarketScreener
Continue Reading
-
Swiss deploy charm offensive in bid to slash crippling Trump tariffs
APTrump was pictured on Monday apparently with the Swiss gifts on his desk in the Oval Office Swiss ministers are in Washington for talks aimed at slashing US President Donald Trump’s steep 39% tariffs on Switzerland’s exports to the US – the highest rate in Europe.
Initial attempts by Swiss President Karin Keller Sutter to change Trump’s mind fell on deaf ears. But a visit by business leaders appears to have changed his mind.
Swiss industry chiefs came to the Oval Office on 4 November bearing gifts, including a Rolex gold watch and a specially engraved gold bar from Swiss-based gold refining company MKS.
For months the Swiss have been trying to bring down the high US tariff rate which has already hit Switzerland hard.
Trump’s response to the Swiss president’s bid was that she “was a nice woman, but she did not want to listen”.
But last week’s private business initiative adopted a more unconventional approach.
Already this week Trump has said a deal is being worked on to bring the tariffs “a little bit lower… I haven’t set any number”.
After their talks the Swiss industrialists said in a statement “our entire initiative was undertaken in the spirit of Swiss unity between the private and public sectors”.
Some business figures, particularly those trading in luxury goods, gold, or commodities, already had contacts in Trump’s circle.
In September, Trump appeared at the US Open tennis final in the Rolex VIP box hosted by the Swiss watch company’s chief executive Jean Frédéric Dufour.
MANDEL NGAN/AFPJean Frédéric Dufour and Trump stood together in the Rolex VIP box in New York in September The president, apparently guessing what was going on, even asked if Dufour would have been there if Trump had not slapped such steep tariffs on Switzerland.
Last week Dufour met Trump again, this time in the Oval Office, along with fellow business leaders including Johann Rupert from luxury goods maker Richemont and Marwan Shakarchi from MKS.
It is quite normal nowadays for any leader heading to the Oval Office to come bearing a gift.
UK Prime Minister Sir Keir Starmer brought an invitation from King Charles for a lavish state visit. German Chancellor Friedrich Merz offered a framed copy of Trump’s German grandfather’s birth certificate.
Requests for confirmation of the gifts to the two Swiss companies involved brought a “no comment” from Rolex and MKS.
But days after the meeting, Trump was pictured in the Oval Office with what looked very much like a Rolex “Datejust” desk clock, produced by the company as a collector’s item, and worth tens of thousands of dollars.
BRENDAN SMIALOWSKI/AFPThe Rolex desk clock was pictured on Trump’s desk on Monday A White House official confirmed the two items had been given to Trump.
The US president receives thousands of gifts every year and they then become US property, deposited with the National Archives and filed annually by the state department.
They are eventually transferred to a presidential library. Some gifts can be kept but presidents have to pay federal taxes if they do not come from a close relative.
In 1969, President Richard Nixon gently refused the gift of a Swiss Omega watch to commemorate the Moon landings.
Whatever happens to the Swiss gifts, Trump’s stance towards the Swiss appears to be softening, telling reporters he is working on something “to help Switzerland”.
Swiss economy minister Guy Parmelin and chief trade negotiator Helene Budliger Artieda, who travelled to Washington on Wednesday, are more hopeful than they have been in months, amid suggestions that 39% tariff may be reduced to 15% – the same as Switzerland’s neighbours in the EU.
In return, promises from the Swiss pharmaceutical giants to build more production plants in the US are already on the table. It is also reported that Swiss International Airlines, whose fleet is primarily Airbus, may pivot towards Boeing.
But will it be enough? Swiss industry is waiting with bated breath. The tariffs are beginning to bite, with a number of Swiss companies warning they will have to furlough staff if nothing changes.
The Swiss do have one more highly influential figure they can call on.
Fifa president and Swiss citizen Gianni Infantino, long a friend of Trump’s, was reportedly urged by some Swiss parliamentarians to try to change the president’s mind.
As part of preparations for next year’s World Cup in the US, Canada and Mexico, Infantino visited the Oval Office in August bearing the trophy.
As the cameras rolled he handed it to Trump saying he was “a winner”. The president responded asking “can I keep it? That’s a beautiful piece of gold”.
Infantino has also announced a brand new Fifa world peace prize, to be announced in Washington DC on 5 December.
All bets are off as to who that might be.
Continue Reading
-
Ropes & Gray Represents Acushnet Holdings Corp. in $500 Million Offering of Senior Notes | News & Events
Ropes & Gray has advised Acushnet Holdings Corp. and its subsidiary, Acushnet Company, in an offering of $500 million in aggregate principal amount of senior notes due 2033. The proceeds from the notes will be used to redeem all $350 million aggregate principal amount of Acushnet’s outstanding 7.375% senior notes due 2028; to repay a portion of the amount outstanding under Acushnet’s revolving secured credit facility; and to pay fees and expenses related to the notes offering.
The pricing was announced in a press release on November 12. The issuance of the notes is expected to occur on or about November 24, subject to the satisfaction of customary closing conditions.
Headquartered in Fairhaven, Massachusetts, Acushnet Holdings Corp., is a global leader in the design, development, manufacture and distribution of performance-driven golf products. Acushnet is the steward of two of the most revered brands in golf – Titleist, one of golf’s leading performance equipment brands, and FootJoy, one of golf’s leading performance wear brands.
The team was led by capital markets partner Tom Fraser and included finance partner Byung Choi, finance counsel Amy Olson, and capital markets associate Emily Weiss-Cook.
Continue Reading
-
Virgin Galactic Announces Third Quarter 2025 Financial Results And Provides Business Update – Virgin Galactic
- Virgin Galactic Announces Third Quarter 2025 Financial Results And Provides Business Update Virgin Galactic
- Virgin Galactic Investors Push For Approval Of $8.5M Deal Law360
- Virgin Galactic Q3 2025 Earnings Preview MSN
- Virgin Galactic Holdings, Inc. (NYSE:SPCE) Receives Consensus Rating of “Hold” from Analysts MarketBeat
- Is Virgin Galactic Stock (SPCE) a Buy Ahead of Q3 Earnings? TipRanks
Continue Reading
-
Trevi Therapeutics Reports Third Quarter 2025 Financial Results and Provides Business Updates
Company preparing to initiate comprehensive Phase 3 program for chronic cough in patients with idiopathic pulmonary fibrosis in first half of 2026
Company ended the third quarter of 2025 with $194.9 million in cash, cash equivalents and marketable securities with expected cash runway into 2028
Management to host a conference call and webcast today at 4:30 p.m. EST
NEW HAVEN, Conn., Nov. 13, 2025 /PRNewswire/ — Trevi Therapeutics, Inc. (Nasdaq: TRVI), a clinical-stage biopharmaceutical company developing the investigational therapy Haduvio™ (oral nalbuphine ER) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis (IPF), non-IPF interstitial lung disease (non-IPF ILD), and refractory chronic cough (RCC), today announced financial results for the quarter ended September 30, 2025, and provided business updates.
“Following positive clinical data for both IPF chronic cough and RCC earlier this year, our strong progress continues. We have been executing on the studies necessary to advance our IPF chronic cough program and are on track to submit our End-of-Phase 2 meeting request to the FDA in the fourth quarter,” said Jennifer Good, President and CEO of Trevi Therapeutics. “We look forward to discussing our development program with the FDA and are building a robust and comprehensive package for those discussions. Our overall corporate strategy is built on a clear path for growth, focused on specialty indications in chronic cough that currently have no approved therapies in the U.S. and have significant negative impacts on the quality of life of the patients with these conditions.”
Third Quarter 2025 Financial Results and Recent Business Highlights
Chronic Cough in IPF
- The Company is preparing to request an End-of-Phase 2 meeting in the fourth quarter of 2025 and to initiate its Phase 3 program in the first half of 2026.
- The safety review committee for the Phase 1 respiratory function and safety study in patients with IPF, which is referred to as TIDAL, met to review data for the sentinel cohort of patients and concluded there were no safety signals and gave approval to complete enrollment. The study is expected to be completed in the fourth quarter of 2025 and available data will be included in the End-of-Phase 2 meeting package.
- The Company successfully completed a Phase 1 drug-drug interaction study in healthy adult participants to evaluate the co-administration of nalbuphine ER with standard of care antifibrotic therapies, pirfenidone or nintedanib. The results of the study showed no clinically meaningful pharmacokinetic findings for nalbuphine ER or either of the antifibrotics when given in combination.
- Topline results from the Phase 2b CORAL trial were presented at the CHEST 2025 Annual Meeting.
Refractory Chronic Cough
- Following the positive Phase 2a RIVER trial results earlier this year, the Company is planning to initiate a Phase 2b RCC study in the first half of 2026.
- Results from the RIVER trial were presented at both the CHEST 2025 Annual Meeting as well as at the ERS Congress 2025.
Corporate
- The Company ended the third quarter of 2025 with $194.9 million in cash, cash equivalents and marketable securities, with expected cash runway into 2028.
Third Quarter 2025 Financial Highlights
Research and development (R&D) expenses: R&D expenses for the third quarter of 2025 decreased to $10.1 million from $11.2 million in the same period in 2024, primarily due to decreased clinical development expenses for the Company’s Phase 2a RIVER trial, Human Abuse Potential study, and Phase 2b CORAL trial, all of which were actively enrolling patients in the prior year period. These decreases were partially offset by increased costs for the Company’s recently completed Phase 1 drug-drug interaction study and personnel-related expenses.General and administrative (G&A) expenses: G&A expenses for the third quarter of 2025 increased to $3.8 million from $2.9 million in the same period in 2024, primarily due to an increase in professional fees and personnel-related expenses.
Other Income, net: Other Income, net for the third quarter of 2025 increased to $2.1 million from $0.8 million in the same period in 2024, primarily due to an increase in interest income from higher invested cash equivalent and marketable securities balances.
Net loss: For the third quarter of 2025, the Company reported a net loss of $11.8 million compared to the net loss of $13.2 million in the same period in 2024.
Conference Call and Webcast
To participate in the live conference call by phone, please dial (877) 870 4263 (domestic) or (412) 317 0790 (international) and ask to join the Trevi Therapeutics call. No code is necessary for access. A live audio webcast will be accessible from the ‘Investors & News’ section on the Company’s website at www.TreviTherapeutics.com. An archived replay of the webcast will also be available for 30 days on the Company’s website following the event.About Trevi Therapeutics, Inc.
Trevi Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing the investigational therapy Haduvio™ (oral nalbuphine extended-release) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis (IPF), non-IPF interstitial lung disease (non-IPF ILD), and refractory chronic cough (RCC). Haduvio is the first and only investigational therapy to show a statistically-significant reduction in cough frequency in clinical trials across both patients with IPF chronic cough and in patients with RCC. Haduvio acts on the cough reflex arc both centrally and peripherally as a kappa agonist and a mu antagonist (KAMA), targeting opioid receptors that play a key role in controlling chronic cough. Nalbuphine is not currently scheduled by the U.S. Drug Enforcement Agency.Chronic cough in patients with IPF and non-IPF ILD is a condition with high unmet need and no FDA-approved therapies. There are ~150,000 U.S. patients with IPF, and two-thirds of these patients are faced with uncontrolled chronic cough. Additionally, there are ~228,000 U.S. patients with non-IPF ILD, with 50-60% having uncontrolled chronic cough. The impact of chronic cough is significant, with patients coughing up to 1,500 times per day. This consistent cough, and any associated damage, may lead to a higher risk of morbidity and mortality, including worsening disease, a higher risk of progression, increased respiratory hospitalizations, and a decline in patients’ quality of life.
RCC is a condition with high unmet need and no FDA-approved therapies. RCC is defined as a persistent cough lasting >8 weeks despite treatment for an underlying condition (i.e., asthma, gastroesophageal reflux disease, non-asthmatic eosinophilic bronchitis, upper airway cough syndrome, or post-nasal drip) and includes unexplained chronic cough. There are ~2-3 million U.S. patients with RCC, and it is believed to be associated with cough reflex hypersensitivity involving both the central and peripheral nervous systems. RCC is highly debilitating and may impact patients physically, psychologically, and socially.
Trevi intends to propose Haduvio as the trade name for oral nalbuphine ER. Its safety and efficacy have not been evaluated by any regulatory authority.
For more information, visit www.TreviTherapeutics.com and follow Trevi on X (formerly Twitter) and LinkedIn.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties and actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding Trevi’s business plans and objectives, including future plans or expectations for Haduvio and plans and timing with respect to clinical trials and clinical data, as well as regulatory submissions, expectations regarding Trevi’s uses and sufficiency of capital, and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” and similar expressions. Risks that contribute to the uncertain nature of the forward-looking statements include: uncertainties regarding the success, cost and timing of Trevi’s product candidate development activities and clinical trials; the risk that positive data from a clinical trial may not necessarily be predictive of the results of later clinical trials in the same or a different indication; uncertainties regarding Trevi’s ability to execute on its strategy; uncertainties with respect to regulatory authorities’ views as to the data from Trevi’s clinical trials and next steps in the development path for Haduvio in the United States and foreign countries; uncertainties inherent in estimating Trevi’s cash runway, future expenses and other financial results, including Trevi’s ability to fund future operations, including clinical trials, as well as other risks and uncertainties set forth in the quarterly report on Form 10-Q for the quarter ended June 30, 2025 filed with the Securities and Exchange Commission and in subsequent filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Trevi undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.Trevi Therapeutics, Inc.
Selected Balance Sheet Data
(unaudited)
(amounts in thousands)
September 30,
2025
December 31,
2024Cash and cash equivalents
$
56,869
$
34,097
Marketable securities
138,058
73,525
Working capital
189,258
98,919
Total assets
199,356
110,900
Stockholders’ equity
189,788
99,644
Trevi Therapeutics, Inc.
Selected Statement of Operations Data
(unaudited)
(amounts in thousands, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Operating expenses:
Research and development
$
10,085
$
11,224
$
27,285
$
30,049
General and administrative
3,831
2,863
11,823
9,232
Total operating expenses
13,916
14,087
39,108
39,281
Loss from operations
(13,916)
(14,087)
(39,108)
(39,281)
Other income, net
2,099
814
4,617
2,739
Loss before income taxes
(11,817)
(13,273)
(34,491)
(36,542)
Income tax benefit
15
31
48
46
Net loss
$
(11,802)
$
(13,242)
$
(34,443)
$
(36,496)
Basic and diluted net loss per common share outstanding
$
(0.08)
$
(0.13)
$
(0.26)
$
(0.36)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted
145,104,986
101,282,228
131,122,754
100,616,111
Investor Contact
Jonathan Carlson
Trevi Therapeutics, Inc.
(203) 654 3286
[email protected]Media Contact
Rosalia Scampoli
914-815-1465
[email protected]SOURCE Trevi Therapeutics, Inc.
Continue Reading
