Category: 3. Business

BRIDGEWATER, N.J., Nov. 5, 2025 /PRNewswire/ — Insmed Incorporated (Nasdaq: INSM), a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases, today announced that management will present at the following investor conferences:

• Jefferies Global Healthcare Conference in London, on Tuesday, November 18, 2025, at 8:30 a.m. GT / 3:30 a.m. ET.
• Evercore 8^th Annual Healthcare Conference in Coral Gables, Florida, on Tuesday, December 2, 2025, at 11:15 a.m. ET.

These events will be webcast live and can be accessed by visiting the investor relations section of the Company’s website at www.insmed.com. Webcasts will be archived for a period of 30 days following the conclusion of the live events.

About Insmed

Insmed Incorporated is a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases. The Company is advancing a diverse portfolio of approved and mid- to late-stage investigational medicines as well as cutting-edge drug discovery focused on serving patient communities where the need is greatest. Insmed’s most advanced programs are in pulmonary and inflammatory conditions, including two approved therapies to treat chronic, debilitating lung diseases. The Company’s early-stage programs encompass a wide range of technologies and modalities, including gene therapy, AI-driven protein engineering, protein manufacturing, RNA end-joining, and synthetic rescue.

Headquartered in Bridgewater, New Jersey, Insmed has offices and research locations throughout the United States, Europe, and Japan. Insmed is proud to be recognized as one of the best employers in the biopharmaceutical industry, including spending five consecutive years as the No. 1 Science Top Employer. Visit www.insmed.com to learn more or follow us on LinkedIn, Instagram, YouTube, and X.

Contact:

Investors:

Bryan Dunn
Vice President, Investor Relations
(646) 812-4030
[email protected]

Media:

Claire Mulhearn
Vice President, Corporate Communications
(862) 842-6819
[email protected] 

SOURCE Insmed Incorporated

YOKNEAM, Israel, Nov. 5, 2025 /PRNewswire/ — InMode Ltd. (NASDAQ: INMD) (“InMode”), a leading global provider of innovative medical technologies, today announced its consolidated financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Highlights:

• Quarterly GAAP revenues of $93.2 million, compared to $130.2 million in the third quarter of 2024, which included $31.9 million of pre-order sales.
• Quarterly revenues from consumables and service of $19.9 million, an increase of 26% compared to the third quarter of 2024.
• GAAP operating income of $20.9 million. *Non-GAAP operating income was $23.6 million.
• Total cash position of $532.3 million as of September 30, 2025, including cash and cash equivalents, marketable securities and short-term bank deposits.

Management Comments

“The third quarter progressed in line with our expectations, even as broader economic conditions continued to present challenges,” said Moshe Mizrahy, Chief Executive Officer of InMode. “Consumer sentiment remains cautious, and global uncertainties persist. Nonetheless, our team remains focused, executing with discipline and investing in the strategic areas that will fuel our long-term trajectory.

“On the corporate front, we are excited to welcome Michael Dennison as our new President of North America.  Michael has been with InMode since 2018 and his proven leadership and industry expertise will be instrumental in advancing our regional strategy, deepening customer engagement, and supporting InMode’s sustainable growth,” Mizrahy concluded.

Yair Malca, Chief Financial Officer of InMode, added, “Gross margins in the third quarter were in line with expectations and reflected our proactive planning around tariff impacts.”

Third Quarter 2025 Financial Results

Total revenues for the third quarter of 2025 were $93.2 million.  In the third quarter of 2024, revenues were $130.2 million (including $31.9 million in revenue from first half of 2024 pre-orders). 

GAAP and a *non-GAAP gross margin for the third quarter was 78%, compared to a gross margin of 82% for the third quarter of 2024.

GAAP operating margin for the third quarter of 2025 was 22%, compared to 37% in the third quarter of 2024. *Non-GAAP operating margin for the third quarter of 2025 was 25%, compared to 40% for the third quarter of 2024.

GAAP operating margin for the nine months ended September 30, 2025, was 22% compared to 29% for the same period in 2024. *Non-GAAP operating margin for the nine months ended September 30, 2025, was 26% compared to 33% for the same period in 2024. The decline in operating margins across both the quarterly and year-to-date periods primarily reflects lower sales in the U.S., which is the company’s most profitable region.

InMode reported GAAP net income of $21.9 million, or $0.34 per diluted share, in the third quarter of 2025, compared to $51.0 million, or $0.65 per diluted share, in the third quarter of 2024. On a *non-GAAP basis, InMode reported net income of $24.5 million, or $0.38 per diluted share, in the third quarter of 2025, compared to $55.0 million, or $0.70 per diluted share, in the third quarter of 2024.

As of September 30, 2025, InMode had cash and cash equivalents, marketable securities and short-term bank deposits of $532.3 million.

2025 Financial Outlook

Management provided an outlook for the full year of 2025 ending December 31, 2025. Based on our current estimates, management expects:

• Revenues remain the same as in previous guidance between $365 million to $375 million
• *Non-GAAP gross margin remains the same as in previous guidance between 78% and 80%
• *Non-GAAP income from operations remains the same as in previous guidance to be between $93 million and $98 million
• *Non-GAAP earnings per diluted share remain the same as in previous guidance between $1.55 to $1.59

^{This outlook is not a guarantee of future performance, and stockholders should not rely on such forward-looking statements. See “Forward-Looking Statements” for additional information.}

^{*Please refer to “Use of Non-GAAP Financial Measures” below for important information about non-GAAP financial measures. A reconciliation between U.S. GAAP and non-GAAP Statement of Income is provided following the financial statements that are included in this release. Non-GAAP results exclude share-based compensation and related tax adjustments.}

The Current Situation in Israel

Regarding the current situation in Israel, on October 10, 2025, a new cease-fire agreement between Hamas and Israel began, and the hostilities have formally paused after two years of conflicts. The scope and severity of ongoing conflicts in Gaza, Northern Israel, Lebanon, Iran, and the broader region are unpredictable and could escalate any time. To date, our operations have not been materially affected. We continue to monitor political and military developments closely and examine the consequences for our operations and assets. 

Use of Non-GAAP Financial Measures

In addition to InMode’s operating results presented in accordance with GAAP, this release contains certain non-GAAP financial measures including non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating margin. Because these measures are used in InMode’s internal analysis of financial and operating performance, management believes they provide investors with greater transparency of its view of InMode’s economic performance. Management also believes the presentation of these measures, when analyzed in conjunction with InMode’s GAAP operating results, allows investors to more effectively evaluate and compare InMode’s performance to that of its peers, although InMode’s presentation of its non-GAAP measures may not be strictly comparable to the similarly titled measures of other companies. Schedules reconciling each of these non-GAAP financial measures are provided as a supplement to this release.

Conference Call Information

Mr. Moshe Mizrahy, Chief Executive Officer, Dr. Michael Kreindel, Co-Founder and Chief Technology Officer, Mr. Yair Malca, Chief Financial Officer will host a conference call today, November 5, 2025, at 8:30 a.m. Eastern Time to discuss the third quarter 2025 financial results.

The Company encourages participants to pre-register for the conference call using the following link: 

https://dpregister.com/sreg/10202681/ffd9babcf8. Callers will receive a unique dial-in number upon registration, which enables immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

For callers who opt out of pre-registration, please dial one of the following teleconferencing numbers. Please begin by placing your call 10 minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the international dial-in number.

U.S. Toll-Free Dial-in Number: 1-833-316-0562
Israel Toll- Free Dial-in Number: 1-80-921-2373
International Dial-in Number: 1-412-317-5736
Webcast URL:https://event.choruscall.com/mediaframe/webcast.html?webcastid=JfIdKlTZ
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time

The conference call will also be webcast live from a link on InMode’s website at https://inmodeinvestors.com/events-presentations/. A replay of the conference call will be available from November 5, 2025, at 12 p.m. Eastern Time to November 19, 2025, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers: 

Replay Dial-in U.S TOLL-FREE: 1-877-344-7529
Replay Dial-in Canada TOLL-FREE: 1–855-669-9658
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-0088
Replay Pin Number: 2676014

To access the replay using an international dial-in number, please select the link below:
https://services.choruscall.com/ccforms/replay.html

A replay of the conference call will also be available for 90 days on InMode’s website at https://inmodeinvestors.com/events-presentations/.

About InMode

InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radio frequency (“RF”) technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode, please visit www.inmodemd.com.

Forward-Looking Statements

The information in this press release includes forward-looking statements within the meaning of the federal securities laws. These statements generally relate to future events or InMode’s future financial or operating performance, including the 2025 revenue projection described above. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. In some cases, you can identify these statements because they contain words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” “would” and similar expressions that concern our expectations, strategic plans or intentions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Consequently, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in InMode’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 4, 2025, and our future public filings. InMode undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which pertain only as of the date of this press release.

Company Contact:
Yair Malca
Chief Financial Officer
Phone: (949) 305-0108
Email: [email protected] 

Investor Relations Contact:
Miri Segal
MS-IR LLC
Email: [email protected] 

 

 

Logo: https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg

SOURCE InMode Ltd.

In vitro antifungal activities of the tested drugs

The MIC values of the tested drugs used to treat the Aspergillus isolates were ≥ 16 µg/mL for REV, 0.5–4 µg/mL for ITR, 0.5–1 µg/mL for VOR, and 0.5–1 µg/mL for POS (Table 1).

In vitro interactions of REV and the antifungal agents

When REV and ITR were combined, the MIC values of these two drugs against the clinical isolates decreased to 0.25–8 µg/mL and 0.25–4 µg/mL, The drug combination exhibited synergistic effects (FICI ≤ 0.5) against 20% of the evaluated Aspergillus isolates, comprising 2 A. fumigatus strains, 1 A. flavus strains, and 3 A. terreus strains (Tables 1 and 2).

When REV and POS were combined, the MIC values of these two agents decreased to 0.25–8 µg/mL and 0.0625–1 µg/mL, The drug combination exhibited synergistic effects (FICI ≤ 0.5) against 90% of the evaluated evaluated Aspergillus strains, comprising 12 A. fumigatus strains, 11 A. flavus strains, and 4 A. terreus strains (Tables 1 and 2).

When REV and VOR were combined, the MIC values of these two antifungal agents decreased to 0.25 µg/mL and 0.125–1 µg/mL, respectively, and no synergistic or antagonistic effects on Aspergillus isolates were observed (Tables 1 and 2).

In the REV + POS alliance,A. fumigatus: 85.7% isolates (12/14) showed synergy;A. flavus: 91.7% isolates (11/12) showed synergy༛A. terreus: 100% isolates (4/4) showed synergy. POS consistently enhanced REV activity across all species, suggesting broad-spectrum potential.

In the REV + ITR alliance, A. terreus: 75% synergy (3/4 isolates), the highest among species.;A. fumigatus: 14.3% synergy (2/14 isolates)༛A. flavus: 8.3% synergy (1/12 isolates).ITR may have niche utility against A. terreus but limited synergy with REV for other species.

In the REV + VOR alliance, No synergy observed in any isolate (0/30 total); VOR is not a viable partner for REV in these Aspergillus species.

Thus, we conclude that: REV + POS was universally effective (85.7–100% synergy), but most potent against A. flavus (91.7%);REV + VOR failed in all cases, while REV + ITR showed sporadic activity (useful only for A. terreus).The synergy data is now explicitly compared by species, demonstrating that REV + POS is the most promising combination, particularly for A. flavus. The lack of synergy with VOR is also highlighted as a critical negative result.(Fig. 1).

Construction of knockout strains for the genes encoding MFS transporters in A. fumigatus

Twelve MFS transporter genes were selected by NCBI database, and 12 MFS knockout strains were successfully constructed by PCR validation and sequencing analysis. The knockdown construction process is shown in Fig 2. Electrophoresis showed that the relevant 12 target genes failed to amplify the bands, while the pyrG gene amplified clear bands, and the electrophoretic profiles of 10 target genes is shown in Fig 3. Target genes AF-MFS32 and AF-MFS35 are shown in Fig 4B; moreover, confirming successful knockout of AF-MFS32 and AF-MFS35, electrophoresis analysis revealed 1.6 kb fragments amplified using AF-MFS32 downstream primers P4 and Awm-F1 and 1.8 kb fragments using AF-MFS35 upstream primers P1 and Carslan-R4 in Fig 4A.

In vitro interaction of REV with antifungal agents in MFS transporter genes knockout strains

When REV, ITR, and VOR were combined, none of the 12 knockout strains of MFS transporter gene showed obvious synergistic activity. When REV and POS were combined, ten of these isolates demonstrated a synergistic activity. However, in the two knockout strains of ΔAF-MFS32 and ΔAF-MFS35, the synergistic effect of REV and POS was reversed. (Table 3)

Disk diffusion method

The combination of REV and POS exerted a significantly lower inhibitory effect on the ΔAF-MFS32 and ΔAF-MFS35 than on the control WT suggesting a statistically significant difference (P < 0. 05). (Fig 5)

Rhodamine 6G – Efflux pump activity assay

The experiment to assess the efflux pump activity of knockout strains ΔAF-MFS32, ΔAF-MFS35, and the wild-type strain WT uses Rhodamine 6G as a substrate for the efflux pump. The accumulation and efflux of Rhodamine 6G reflect the pump’s function. According to the time-fluorescence curve, the efflux pump activity of the wild-type strain WT is significantly enhanced when REV and POS are used together compared to when POS is used alone, with a statistically significant difference. In contrast, the differences in efflux pump activity between the knockout strains ΔAF-MFS32 and ΔAF-MFS35 when POS is used alone and when REV and POS are used together are not statistically significant (Fig. 6).

Pharmacological dissection of Rhodamine 6G efflux in ΔAF-MFS32 and ΔAF-MFS35 knockout strains

To unambiguously distinguish the types of transporters mediating Rh6G efflux, we further employed pharmacological inhibitors for validation. The experimental results (Fig. 7) demonstrated that in the WT strain, treatment with the proton ionophore CCCP (which abolishes the function of MFS transporters) resulted in a significant suppression of Rh6G efflux activity compared to the DMSO control group (p < 0.01). Subsequent addition of the ABC transporter inhibitor sodium vanadate led to a further significant inhibition of efflux activity (p < 0.05). This confirms that in the wild-type strain, Rh6G efflux is cooperatively mediated by MFS transporters (major contribution) and ABC transporters (minor contribution).

In contrast, both knockout strains, ΔAF-MFS32 and ΔAF-MFS35, exhibited patterns strikingly different from that of the WT. No statistically significant differences were observed between the REV + POS combination treatments in either knockout (p > 0.05). More importantly, CCCP treatment failed to effectively inhibit the efflux activity in both knockout strains (p > 0.05 compared to their respective DMSO controls), and no significant difference was observed between the CCCP and CCCP + Vanadate treatments.

In the WT strain (A), CCCP treatment caused a dramatic increase in Rh6G accumulation (inhibition of efflux), indicating that efflux is primarily dependent on the proton gradient and thus mediated by MFS transporters. Further addition of vanadate significantly increased accumulation, revealing a minor contribution from ABC transporters.The ΔAF-MFS32 mutant (B) exhibited a altered response: CCCP treatment failed to significantly inhibit efflux, and no additional effect was observed with vanadate, suggesting a shift to a non-MFS, non-ABC efflux mechanism.The ΔAF-MFS35 mutant (C) showed complete loss of efflux function, as indicated by consistently high Rh6G accumulation across all treatments, identifying AF-MFS35 as an essential component of the efflux pump.

The China-US trade ceasefire broken down

A recent Reuters article broke down the essence of the trade ceasefire agreement between the US and China as following:

1. Tariff reduction on Fentanyl related Chinese goods

The US will halve the 20% tariff on Chinese goods related to supplies of fentanyl opioid precursor chemicals coming from China. The reduction to 10% on the duties first imposed in February will cut the overall US tariff rate on Chinese imports to about 47% from 57%, according to US officials.

That total includes duties of approximately 25% imposed on Chinese imports during Trump’s first term in the White House, a reduced 10% “reciprocal” tariff imposed in April, and previous “Most Favoured Nation” tariff rates.

2. Pause on China’s rare earth export controls

China agreed to a one-year pause on export controls after introducing an export ban on rare earth minerals and magnets earlier this year. Rare earth minerals play a vital role in the production of cars, planes, and weapons, and have become Beijing’s most potent and powerful leverage in its trade war with Washington. Those controls would have required export licenses for products with even trace amounts of a larger list of elements and were aimed at preventing use in military products.

The White House stated that China will also issue general licenses for the export of rare earths, gallium, germanium, antimony, and graphite, benefiting US end-users and their suppliers. The White House said that amounted to “the de facto removal of controls China imposed in April 2025 and October 2022.”

China also agreed to suspend all retaliatory tariffs it has announced since March 4, including duties on US chicken, wheat, corn, cotton, sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products.

3. The Trump administration’s Export controls paused

The US agreed to a one-year pause on an expanded Commerce Department blacklist of companies prohibited from buying US technology goods, including semiconductor manufacturing equipment, a move aimed at averting the use of subsidiaries and other firms to bypass export controls.

The expanded blacklist would have automatically included firms more than 50% owned by companies already on the list and would have had the biggest impact on Chinese companies, banning US exports to thousands more Chinese firms. 

4. China commits to soybean purchase

The White House stated that China agreed to purchase at least 12 million metric tons of US soybeans in the last two months of 2025, and at least 25 million metric tons of US soybeans in each of the following three years, as well as to resume purchases of US sorghum and hardwood logs.

5. Trump administration pauses new port fees

Beijing agreed to remove measures it had taken in retaliation for Washington’s Section 301 investigation of China’s dominance in the global maritime, logistics, and shipbuilding sectors, and to remove sanctions imposed on various shipping entities.

The Trump administration agreed to a one-year pause for the new port fees imposed on Chinese-built, owned, and flagged ships. The fees, aimed at reviving US commercial shipbuilding, could have added millions of dollars to the cost of each voyage to US ports, with shipping lines, freight forwarders and shippers breathing a loud sigh of relief after the announcement was published.

The port fees took effect on October 14, along with 100% tariffs on Chinese-built ship-to-shore cranes. They quickly disrupted cargo flows, pushing up container rates as shippers sought to avoid China-linked vessels. China has imposed its own fees on US-linked ships, including those from global shippers with 25% US ownership.

The White House stated that it would negotiate with China on the issue in the meantime, while continuing talks with South Korea and Japan on revitalising American shipbuilding.

6. Cooperation on fentanyl trafficking

China agreed to take “significant measures” to end the flow of fentanyl to the US, including moves to halt the shipment of certain precursor chemicals to North America and strictly control exports of other chemicals worldwide.

US Treasury Secretary Scott Bessent told Fox Business Network this week that working groups from the two countries would “set very objective measures” in the coming weeks on reducing flows to measure success in curbing the deadly opioid blamed for tens of thousands of US overdose deaths every year.

When Trump first imposed the fentanyl-related tariffs, officials in his administration said they were wary of ongoing promises by China to help, and that the tariffs would remain in place until Beijing had taken concrete measures. [3]

Global trade reconfiguration gives birth to the US+1 mega-trend

In the aftermath of the COVID-19 Pandemic, the term “China+1” became the hot supply chain take on ensuring a decreased reliance on China as the predominant production and assembly factory of the world.

10 months after the Trump administration took office, it is now clear that the persistent use of tariffs as a geopolitical and trade tool has given birth to an emerging US+1 trend across the world.

As no surprise, China is leading the way in terms of further diversifying its exports to ensure a lesser reliance on the US, recording a decrease in its exports of a whopping -16.9 % during the first nine months of 2025. This trend is even more remarkable given that China recorded a total export growth of 7.1%, proving the resilience of China’s exports.

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It will naturally be a “forever” discussion whether it is in fact China succeeding in easing reliance on US exports, or whether it is in fact US importers seeking a safe tariff harbour and diversifying imports further. However, with an estimated US economic growth of only 1.8 % in October, economic indicators support the notion that China has gotten the long end of the trade-war stick so far.

The Chinese method has been simple yet effective, and in essence, can be explained as diversifying from developed to emerging markets. It can be fairly argued that this development has been ongoing for years; however, it is clear that the recent trade war has accelerated this development. A recent report from Oxford Economics untangled this effect further, noting that China in recent years has steadily increased exports to ASEAN (Association of Southeast Asian Nations), Latin American and African countries with especially exports to ASEAN countries driving the growth. [4]

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The timing of this trend is no coincidence, with China reacting immediately to the first round of the US trade war during Trump’s first period in office.

In particular exports of vehicles, communication equipment, and electrical machinery to emerging markets, such as those in ASEAN and Latin America, have risen sharply due to both supply chain diversification and rising local demand for China’s electric vehicles.

The US and Northeast Asia still represent about 32% of China’s total export value (versus 45% in 2017), but their dominance is rapidly fading. This year’s tariff increases have reinforced these redirections. Since February, export growth to ASEAN, India, Africa, and Latin America has been nearly double the pace of contraction in direct shipments to the US, suggesting and confirming that new trade links are gaining traction faster than older ones are eroding.

China pivots away from “Final Consumer Goods Production” label

Breaking the trend further down, it is also clear that while China still holds the title as the “Factory of the World”, it is steadily increasing its exports of intermediate and capital goods. China has been widely recognised as a “final assembler” economy; however, Chinese manufacturers are shifting towards being a key supplier of intermediate products.

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Since the mid-2010s, other economies have become increasingly reliant on Chinese-made inputs, especially in green industries such as solar and EV mobility.

The implications of China’s multi-year pivot from final consumer goods to capital and intermediate goods means that it is increasingly difficult for global manufacturers to exclude Chinese components and thereby reduce reliance on China. An increased presence in upstream production also makes demand for Chinese exports relatively insulated to tariff shifts.

What the does 2026 crystal ball hold following the US and China trade ceasefire

While lessons learned so far in 2025 indicate that we cannot count on any agreement being definitive, it is likely that there will be a widespread positive effect from the trade war ceasefire. Shippers around the world and not least in the US need a form of stability if the US economy is to kick back into gear.

Neither China, nor US seem to have appetite on an intensified and prolonged trade war and our assessment is that the current status quo, very likely will be the long-term solution. The threat from China of restricting US access to rare earth minerals is so profound and impactful that the US administration has no upside in increasing trade tensions, and conversely China needs a steady and strong export to the largest consuming country in the world.

Accordingly, we also expect a healthy uptick in demand during Q1 much to the relief of both ocean carriers and airlines which you can read more about further down.

The Hamas-Israel ceasefire is a fragile peace with continuous tensions

The ceasefire between Israel and Hamas holds, but the situation remains fragile. Despite diplomatic progress, logistical challenges and security concerns continue to delay the full return of hostages’ remains and the delivery of humanitarian aid.

While Israel and Hamas are committed to the ceasefire terms, including the return of bodies, hostages and the facilitation of aid, the recovery efforts face significant delays due to destroyed infrastructure and ongoing restrictions. Humanitarian organisations report that aid deliveries are still insufficient to meet Gaza’s needs, with key facilities struggling to operate due to limited access.

Reports say that both sides are under pressure to fully comply with the terms of the ceasefire, but with the ongoing internal instability in Gaza and limited progress in easing the humanitarian crisis, the ceasefire remains fragile.

The Houthis have stated that they will refrain from targeting any vessels while the ceasefire holds. However, carriers show no immediate signs of resuming routing through the Red Sea, citing continued concerns about the longevity of the ceasefire. Operationally, it would be very disruptive for ocean carriers to resume Red-Sea routing and then have to change back again later.

We anticipate that, while the ceasefire is long-awaited positive news not only for the people in Gaza and Israel, but also for the broader shipping industry, shipping lines are expected to maintain Cape of Good Hope diversions for at least the next 6 months and well into 2026.

IMO Net Zero Framework vote postponed for a year

As the IMO continues its efforts toward a global climate framework for the shipping sector, the deal is now facing mounting political resistance. While there was initial momentum in favour of the proposal, growing pressure from the US and Saudi Arabia had intensified ahead of the October meeting in London. Both nations lead the push to block the agreement.

Prior to the meeting, Trump made his opposition clear, denouncing the proposed global CO2 levy on shipping as a “fraud tax” and declaring that the US would not comply. In the run-up to the vote, the US administration threatened sanctions, tariffs, port levies, and visa restrictions against countries that supported the deal. This stance had prompted the US to join forces with Saudi Arabia and other oil-producing nations seeking to convince member states to reject or abstain from the vote. “It’s like dealing with the mafia,” a source described as a veteran of IMO negotiations told the Financial Times. “It’s bully tactics. They don’t need to tell you exactly what they’re going to do to you, just make it clear that there will be consequences.” [5]

On 17 October, the IMO announced that members had voted to postpone the Net Zero Framework vote for another year – effectively leaving the initiative in limbo, and supporters of the deal left the meeting disappointed and frustrated. Concluding the conference, the IMO Chairman Harry T Conway stated: ”Delegates, we meet in one year’s time. There is no other business to be discussed.” [6]

The outcome marks a clear setback of the industry’s climate ambitions and, in the short term, a missed opportunity to implement uniform global regulation – “a precondition to securing a level playing field in a global industry,” as Maersk noted in its statement. [7]

While few container shipping lines have commented on the decision publicly, the International Chamber of Shipping (ICS) voiced frustration that the states failed to agree on a path forward, stressing that the industry needs clarity to make long-term investment decisions. Hapag-Lloyd reaffirmed its own decarbonisation targets but warned that the already limited supply of green fuel may be negatively impacted by the decision.

While only a few container shipping lines have commented on the decision publicly, the International Chamber of Shipping (ICS) voiced frustration that the states failed to agree on a path forward, stressing that the industry needs clarity to make long-term investment decisions. Hapag-Lloyd reaffirmed its own decarbonisation targets but warned that the already limited supply of green fuel may be negatively impacted by the decision.

Global stock markets have fallen sharply amid concerns that a boom in valuations of artificial intelligence (AI) companies could be rapidly cooling.

Markets in the US, Asia and Europe have fallen after bank bosses warned a serious stock market correction could be ahead, after a run of record stock market highs led some companies to appear overvalued.

In the US the tech-focused Nasdaq and the S&P 500 suffered their largest one-day percentage drop in almost a month on Tuesday.

Technology shares pulled the Nasdaq lower, which resulted in it closing 2% down. Meanwhile, there were one-day falls for all of the “magnificent seven” AI-related stocks: including the chipmaker Nvidia, Amazon, Apple, Microsoft, Tesla, Alphabet (the owner of Google) and Meta (the owner of Facebook, Instagram and WhatsApp).

The S&P also closed down just over 1% as it lost ground because of tech stocks, particularly the data analytics company Palantir, which slumped by almost 8% despite having raised its revenue outlook the previous day.

Palantir has also been targeted by a well-known short-seller – who bets on falls in the value of a company.

The investor Michael Burry – who rose to prominence after predicting the 2008 financial crash and inspiring the film The Big Short – bet against Palantir and the chipmaker Nvidia, two of the biggest AI companies, sparking criticism from Palantir’s boss and a stock sell-off.

In an interview on CNBC, Alex Karp, Palantir’s chief executive, criticised Burry and other short-sellers for “trying to call the AI revolution into question”.

Asian markets followed the US falls on Wednesday, recording the sharpest slide in seven months, as the concerns about tech stocks spread, and indices in Japan and South Korea dropped more than 5% from the record highs reached the previous day. In Europe, markets in the UK, France and Germany dropped slightly on Wednesday morning.

The market falls came as the chief executives of Morgan Stanley and Goldman Sachs cautioned there could be a market correction ahead.

They added their voices to that of Jamie Dimon, the head of the US’s largest bank, JP Morgan Chase, who warned in October he was worried markets would crash in the next six months to two years.

Jim Reid, an analyst at Deutsche Bank, said there was a “growing chorus discussing whether we might be on the verge of an equity correction”.

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Reid added: “The last 24 hours have brought a clear risk-off move, as concerns over lofty tech valuations have hit investor sentiment.”

Other analysts have raised questions about investment in AI companies, highlighting that the vast majority of investment in AI programmes has been promised to a very small group of tech companies, particularly OpenAI and Nvidia, while there has so far been little return on investment.

The price of bitcoin briefly dipped below $100,000 (£76,764) for the first time since June, as investors withdrew their money from riskier assets such as cryptocurrencies over fears about the economic outlook.

Bitcoin touched a record price of more than $126,000 in early October but went on to fall by 3.7% during the month, resulting in the worst monthly performance by the cryptocurrency in the last decade, according to figures from CoinMarketCap.

Improved parasite sequences as a result of SWGA

The four unamplified samples were sequenced to an average (± standard error [SE]) depth (i.e. total number of reads) of 73,614 ± 5047 reads (forward and reverse); of those, 72,243 ± 4849 reads passed quality filtering and were used for mapping. Nearly all reads were successfully mapped to the blue tit genome (approx. 99.9%), with only two reads from one unamplified sample, one read from another sample and none from the remaining two samples mapped to the parasite genome. SWGA increased the proportion of reads mapping to the parasite genome in all four samples (Fig. 1). For example, the unamplified sample with two parasite-mapping reads out of 80,839 total reads (2.5 × 10^–5 or 0.0025%), increased to approximately 0.65% of reads mapping to the parasite genome with primer sets 1 and 2 on the shallow sequencing run. The shallow sequencing run of the amplified samples was sequenced to a depth (± SE) of 365,104 ± 11,496 reads (excluding negative controls which were sequenced to a depth of 13,900 ± 4484 reads).

Primer sets

Primer sets 1 and 2 produced a higher proportion of reads mapping to the parasite genome than primer set 3 in the shallow sequencing run (Fig. 1). Mean read depth was positively correlated with breadth of coverage, the latter measured as the proportion of the genome with at least 1X coverage (r > 0.99 for all host and primer combinations). Mean read depth and breadth of coverage were higher for mapping to the host genome than the parasite genome in all cases (Fig. 2). For parasite mapping, primer sets 1 and 2 had greater breadth of coverage than primer set 3 (F_2,16 = 15.58, p < 0.001), and this was independent of sample year (i.e. age of the sample; F_2,6 = 0.47, p = 0.646; Fig. 2).

The negative control for primer set 1 had 906 reads that passed quality filtering, of which 189 mapped to the blue tit and none mapped to the parasite. The negative control for primer set 2 had 32,478 reads, of which 13,841 mapped to the blue tit and five mapped to the parasite genomes. Finally, the negative control of primer set 3 had 48,152 reads, of which eight mapped to the blue tit genome and none to the parasite genome. Consistent with these relatively small numbers of mapped reads, we did not find bands in the agarose gels for any of the three negative controls, suggesting that there was no contamination during the SWGA reactions.

Deep sequencing with primer set 2

We chose primer set 2 for deep sequencing as it seemed to work as well as primer set 1 and better than primer set 3 (Fig. 1). We re-sequenced the libraries of the nine samples prepared with SWGA primer set 2 on a NextSeq 2000 (56,426,167 ± 6,373,964 [SE] reads per sample) resulting in 53,238,047 ± 15,405,467 reads per sample that passed quality filtering. The mean (± SE) depth of coverage was 11.3 ± 1.85 for the host genome and 1.17 ± 0.446 for the parasite genome per sample. The mean (± SE) breadth of coverage (i.e. proportion of the genome with at least 1X depth of coverage) was 0.743 ± 0.020 for the host genome and 0.334 ± 0.075 for the parasite genome per sample (Fig. 3). The average (± SE) proportion of reads mapping to the parasite genome decreased slightly from 0.0025 ± 0.0008 in the shallow sequencing run to 0.0018 ± 0.0005 in the deep sequencing run (F_1,8 = 36.79, p < 0.001).

An important aspect of any genome sequencing technique for population genomics is sequencing of the same genomic regions among samples so that genetic variants can be identified. We determined the consistency among samples by correlating the average sequencing depth of coverage over 10-kb windows between samples for the host and parasite genomes separately. The mean (± SE) correlation coefficient (r) among these 10-kb windows was 0.929 ± 0.007 for the host genome and 0.472 ± 0.028 for the parasite genome among samples. To understand the degree of overlap in parasite sequencing in a best-case scenario (i.e. where parasite genome sequencing works very well), we calculated the number of nucleotide positions with at least 1X depth of coverage in common between the two best sequenced infections. The two best sequenced parasite infections shared 10,821,340 nucleotide positions (approx. 45% of the reference genome) with at least 1X depth of coverage. Individually, the two infections had 14,090,382 (approx. 59% of the reference genome) and 14,646,363 (approx. 61% of the reference genome) nucleotide positions sequenced to 1X depth of coverage.

We generated separate variant files for the nine host individuals and the nine parasite infections. The raw host variant file had 16,517,700 variants (14,276,887 SNPs and 2,344,956 indels; some sites are classified by the software as both SNPs and indels so their total is greater than the number of variants); on average (± SE) there was less than one host individual missing per variant (0.912 ± 0.0004), and variant depth (123.19 ± 0.031) and quality (1012.78 ± 0.486) were high. The raw parasite variant file had 872,832 variants (787,509 SNPs and 86,449 indels); on average (± SE) about seven of nine parasite infections were missing per variant (6.737 ± 0.0015), and variant depth (14.52 ± 0.017) and quality (436.02 ± 0.645) were lower, but still relatively high. We then restricted both variant files to variants with no more than three missing individuals (host individuals or parasite infections), a minimum depth of five and a minimum quality of 30; this resulted in a filtered host variant file with 14,827,899 variants (12,806,876 SNPs and 2,118,287 indels) and a parasite variant file with 20,954 variants (17,192 SNPs and 3803 indels). For population genetics inference, one needs to know the number of sites that vary among individuals in the population (VCF, such as that used in the present study, typically calculates the number of sites that vary from the reference; however, the reference often does not come from the target population and in the case of our parasite it is not the same genetic lineage [reference is lineage WW2; samples are lineage PARUS1]). Therefore, we also counted the number of sites with more than one allele in the samples (i.e. sites that varied among individuals in the population) and found 14,512,339 such sites among the host individuals and 7068 among the parasite infections.

The 7068 variable sites for the parasites are conservative in the sense that we filtered the VCF file to include variants with six samples (infections), not all of which sequenced equally well (Fig. 3); restricting the filtering to parasite samples that sequenced well would likely reveal more variants. Therefore, we explored restricting the VCF file to the four best sequenced infections and varying the minimum read depth per variant from 1X to 5X and found additional variable sites (Table 1).

Using the larger filtered VCF file (14,512,339 and 7068 variable sites for the hosts and parasites, respectively), we found variation among the samples. A PCA of the filtered host variants captured 39.05% of the cumulative genetic variation over the first three principal components, while a PCA of the filtered parasite variants captured 49.3% of the variation over the first three principal components; both hosts and parasite genetic diversity revealed some degree of clustering over the three time periods investigated (Fig. 4).

Unmapped reads

Because the reference was a different lineage of H. majoris than the samples we sequenced (reference lineage is WW2; samples are lineage PARUS1), some of the unmapped reads may have been parasite reads that did not map because of a high degree of divergence relative to the reference (particularly intronic regions). To explore this possibility, we examined the mean GC content of reads that mapped to the bird, the parasite and remaining unmapped reads for each of the deep sequenced samples. We found unmapped reads to have much lower GC content than bird mapped reads, and similar GC to the parasite mapped reads, suggesting that they may contain unmapped parasite reads (Fig. 5). In the deep sequenced samples, the proportion of non-host reads that did not map to the parasite (i.e. plausibly including parasite reads that were too divergent to map to the parasite reference genome) was on average (± SE) 0.549 ± 0.051 (Additional file 1: Table S2), which is a substantial proportion.

Sequencing success and parasitemia

We quantified parasitemia (number of infected red blood cells after examining approximately 10,000 red blood cells) for five infected birds (Additional file 1: Table S1). Despite a low sample size, parasitemia was strongly positively correlated with both the proportion of the reference genome over which the infection was sequenced to at least 1X coverage (r = 0.99, t = 12.04, df = 3, p = 0.001) and mean depth of coverage (r = 0.96, t = 6.12, df = 3, p = 0.009).

Kuwait International Airport is currently undergoing extensive expansion. With the construction of the new Terminal 2, the site will become one of the most modern aviation hubs in the Gulf region. Once completed, the airport is expected to handle an initial 25 million passengers per year – scalable up to 50 million – as part of the national development strategy “Kuwait Vision 2035”.

The contract was awarded by the Directorate General for Civil Aviation (DGCA) in cooperation with the Ministry of Public Works. Limak, an internationally active construction company based in Turkey, is acting as the project’s main developer.

The gensets are engineered to operate reliably even under extreme climatic conditions and are designed for ambient temperatures of up to 55 degrees Celsius. Delivery is scheduled for early 2026, followed by commissioning, including testing and handover.

“We are proud that our products ensure the stable operation of critical infrastructure at the airport—even in this region with its extreme environmental conditions,” said Salim El Banna, Country Sales Manager UAE, Bahrain, Iraq & Kuwait for the Power Systems division of Rolls-Royce.

Rolls-Royce secures critical infrastructure worldwide with more than 85,000 mtu emergency power systems, including airports, data centers, hospitals, industrial plants and energy suppliers. The systems are based on diesel and gas gensets as well as dynamic Uninterruptible Power Supply (UPS) systems, ensuring uninterrupted power even under extreme conditions. At major international airports – including Frankfurt, Dubai, Madrid, Prague, Palma and Hurghada – mtu gensets and combined heat and power systems have been in reliable operation for many years, ensuring uninterrupted operation of terminals, baggage systems and control centers.

Imagery is available for download from: Media Center (mtu-solutions.com)

Danish green hydrogen company Everfuel has inaugurated HySynergy, its 20 MW green hydrogen production plant in Fredericia, Denmark, and sent its first supply to Germany.

It is understood that this is the first time that RFNBO-certified green hydrogen produced in Denmark is being exported abroad.

Jacob Krogsgaard, CEO and Founder of Everfuel, said: “HySynergy is a symbol of Denmark leading the way in Europe’s green transition. We have now shown that green hydrogen can be produced at industrial scale, delivered to industry – and exported. For years, Denmark has talked about the potential of green hydrogen. Now we are showing that it is possible in practice, paving the way for the establishment of a real value chain and, in the coming years, a multiplication of production capacities as the hydrogen pipeline to Germany becomes available.”

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