Category: 3. Business

The Bluescope (ASX: BSL) board has unanimously rejected a takeover proposal of $30 per share from an Australian and US consortium comprising Seven Group Holdings and Steel Dynamics.

Why it matters: We are not surprised by the rejection. Bluescope rebuffed prior approaches, and the board has made it clear it thinks the offer undervalues the company, including its land bank and future returns on current organizational and capital projects.

• The bid was Steel Dynamics’ fourth offer in 18 months, but the first with SGH. The two have entered a 12-month exclusivity agreement and invested resources, informing our confidence that a further offer is possible. We think the market agrees, with shares trading close to the failed bid price.

The bottom line: We’ve taken a closer look at our tariff assumptions and Bluescope’s land bank, raising our fair value estimate for no-moat Bluescope by 8% to $27 from $25 previously, and our stand-alone fair value estimate by 21% to $24.00 from $19.80 previously.

• We now ascribe a 25% chance that US tariffs persist for longer. So, we lift our midcycle EBIT assumption for North Star by 10% to $745 million, from $680 million, to reflect this probability.
• Likewise, we consider the possibility of tariffs being implemented in Australia and apply a 25% probability weighting to our spreads from fiscal 2029. We assume tariffs land at 25% and lift our midcycle EBIT assumption for Australia by 4% to $595 million (from $570 million).

Between the lines: Bluescope has a large excess land portfolio. We think management’s valuation of up to $2.8 billion may be optimistic, as it assumes all land is residentially zoned and sells at the same price per hectare as its most recent sale in Dapto, near its Port Kembla plant.

• We assume a present value for the land of $1.1 billion, or $2.50 per share. About one-fifth of it is zoned residential, but we are not certain if or when the remaining 1,000 hectares will be zoned residential.

Raising our Bluescope valuation on tariff outlook and property portfolio

Over the past decade, BlueScope Steel has transitioned away from the highly contested global markets, where returns are generally poor. The company’s strategy is to run a cost-competitive steel business that underpins the profitability of its premium branded products. Serving the residential, nonresidential, and construction markets, key branded products include Colorbond, Truecore, Zincalume, and Lysaght.

In Australia and New Zealand, where BlueScope has been operating for almost 60 years, about half of sales volumes are value-added products. However, in Asia these products are nascent, and in the US they are emerging. The group is targeting sales growth in the US via a bolt-on acquisition of a coil coating company, the second largest of its kind in North America. While we commend the strategy, which has served the company well in its antipodean locations, we think it is likely to take time for value-added products to become a meaningful contributor in the US. Our midcycle segment forecast includes only a small operating margin and revenue uplift from value-added sales.

The group’s Ohio-based North Star operations are the crown jewel. North Star specializes in the production of flat steel products for US customers in the automotive, nonresidential, and manufacturing sectors. The business operates efficient electric arc furnace-based capacity, which produces steel at a relatively low cost per unit. North Star demonstrates industry-leading operating margins and operates at a nearly full utilization rate.

BlueScope has gradually expanded production capacity at North Star to capture a greater share of demand and to reduce unit costs to maximize returns. We estimate production ramping up to 3.4 million metric tons by fiscal 2028 from 2.7 million in fiscal 2024 as the company completes a series of small debottlenecking projects. The firm’s strategy is to direct most additional volumes to its higher-margin coil coating business.

Bulls say

• North Star is expected to sell additional volumes following its recent capacity expansion and should continue to operate with high utilization and high efficiency.
• Increased market adoption of BlueScope’s branded products helps increase the share of branded products in total sales and supports margins in Australian steel products.
• Capital investment and a strategic focus in coating capacity in the US should increase sales of higher-margin products in the region.

Bears say

• The addition of competing electric arc furnace-based steel capacity leads to a flattening in the North American steel cost curve, reducing North Star margins.
• Automotive, nonresidential, and manufacturing activity could soften, thereby reducing demand for BlueScope’s products and services in the US.
• BlueScope is exposed to cyclicality, and demand is sensitive to construction activity.

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Terms used in this article

Star Rating: Our one- to five-star ratings are guideposts to a broad audience and individuals must consider their own specific investment goals, risk tolerance, and several other factors. A five-star rating means our analysts think the current market price likely represents an excessively pessimistic outlook and that beyond fair risk-adjusted returns are likely over a long timeframe. A one-star rating means our analysts think the market is pricing in an excessively optimistic outlook, limiting upside potential and leaving the investor exposed to capital loss.

Fair Value: Morningstar’s Fair Value estimate results from a detailed projection of a company’s future cash flows, resulting from our analysts’ independent primary research. Price To Fair Value measures the current market price against estimated Fair Value. If a company’s stock trades at $100 and our analysts believe it is worth $200, the price to fair value ratio would be 0.5. A Price to Fair Value over 1 suggests the share is overvalued.

Moat Rating: An economic moat is a structural feature that allows a firm to sustain excess profits over a long period. Companies with a narrow moat are those we believe are more likely than not to sustain excess returns for at least a decade. For wide-moat companies, we have high confidence that excess returns will persist for 10 years and are likely to persist at least 20 years. To learn about finding different sources of moat, read this article by Mark LaMonica.

A section of the M6 has reopened earlier than expected after a new bridge was installed.

The Clifton railway bridge near Penrith has been replaced by Network Rail and Skanska as part of a £60m investment into the West Coast Main Line.

A road closure was put in place between junctions 39 and 40 for the duration of the weekend and the road, which was due to open at 05:00 GMT on Monday, re-opened at 16:00.

Christian Irwin, Network Rail North West and Central director, said it took “hard work” from hundreds of people to install the new structure so quickly.

PLEASANTON, Calif., Jan. 11, 2026 /PRNewswire/ — 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today announced preliminary, unaudited select results for the fourth quarter and full year ended December 31, 2025.

Preliminary, Unaudited Select Fourth Quarter 2025 Financial Results

• Revenue of approximately $166.0 million for the three months ended December 31, 2025, representing 11% growth sequentially and 1% growth compared to the corresponding prior year period.
• Instruments revenue of approximately $15.5 million, representing 29% growth sequentially and a 36% decrease as compared to the corresponding prior year period. Instruments revenue consists of approximately $6.1 million of Single Cell instruments revenue, representing 24% growth sequentially and a 44% decrease year-over-year, and $9.4 million of Spatial instruments revenue, representing 32% growth sequentially and a 30% decrease year-over-year.
• Consumables revenue of approximately $141.7 million, representing 11% growth sequentially and a 6% increase as compared to the corresponding prior year period. Consumables revenue consists of approximately $100.8 million of Single Cell consumables revenue, representing 9% growth sequentially and 3% growth year-over-year, and $41.0 million of Spatial consumables revenue, representing 16% growth sequentially and 14% growth year-over-year.
• Services and License and Royalty revenue of approximately $8.8 million, representing a 3% decrease sequentially and 23% growth year-over-year.

Preliminary, Unaudited Select Full Year 2025 Financial Results

• Revenue of approximately $642.8 million for the year ended December 31, 2025. Excluding $44.1 million related to patent litigation settlements in the first and second quarters, full year 2025 revenue was approximately $598.7 million, representing a 2% decrease from the prior year.
• Instruments revenue of approximately $56.8 million, representing a 39% decrease from the prior year. Instruments revenue consists of approximately $22.7 million of Single Cell instruments revenue, representing a 36% decrease year-over-year and $34.1 million of Spatial instruments revenue, representing a 41% decrease year-over-year.
• Consumables revenue of approximately $507.2 million, representing 3% growth over the prior year. Consumables revenue consists of approximately $363.2 million of Single Cell consumables revenue, representing a 2% decrease year-over-year and $144.0 million of Spatial consumables revenue, representing 19% growth year-over-year.
• Services and License and Royalty revenue of approximately $34.8 million, excluding $44.1 million of upfront payments related to patent litigation settlements in the first and second quarters, representing 41% growth year-over-year.
• Increased cumulative Chromium instruments sold to more than 6,400 instruments and cumulative Spatial instruments sold to more than 1,500 as of the end of 2025.
• Single Cell consumables reactions sold increased by more than 20% compared to the prior year period.
• Cash, cash equivalents and marketable securities of approximately $520 million as of December 31, 2025.

“I am incredibly proud of the tenacity and ingenuity our team displayed throughout 2025,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “While the macro environment was challenging, the team forged even stronger partnerships with customers, made important progress across our product roadmap and maintained tight operational discipline, leading to a significant strengthening of our balance sheet. I am confident that our greatest impact lies ahead and 10x is well positioned for the future.”

J.P. Morgan Healthcare Conference
10x Genomics, Inc. is providing these updates in advance of its participation in the 44th Annual J.P. Morgan Healthcare Conference, which begins tomorrow. A live webcast of the company’s presentation and question and answer session, which begins at 8:15 a.m. Pacific Time on Monday, January 12, 2026, will be available on the “Investors” section of the company’s website at: https://investors.10xgenomics.com/. The webcast will be archived and available for replay for at least 30 days after the event.

Preliminary Select Results Subject to Adjustment
10x Genomics, Inc. has not completed preparation of its consolidated financial statements for the fourth quarter or fiscal year of 2025. The select results presented in this news release for the fourth quarter and year ended December 31, 2025 are preliminary and unaudited and are thus inherently uncertain and subject to change as we complete preparation of our consolidated financial statements for the year ended December 31, 2025. 10x Genomics, Inc. is in the process of completing its customary year-end close and review procedures as of and for the fourth quarter and year ended December 31, 2025, and there can be no assurance that final results for these periods will not differ from these estimates. During the course of the preparation of 10x Genomics, Inc.’s consolidated financial statements and related notes as of and for the year ended December 31, 2025, we or our independent registered public accountants may identify items that could cause final reported results to be materially different from the preliminary unaudited financial estimates presented herein.

About 10x Genomics
10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated research solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world’s understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn, X, Facebook, Bluesky or YouTube.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. All statements included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “see,” “estimate,” “predict,” “potential,” “would,” “likely,” “seek” or “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.’s expected financial results for the fourth quarter and year ended December 31, 2025 and our future opportunities and performance. These statements are based on management’s current expectations, forecasts, beliefs, assumptions and information available to management as of the date hereof. Actual outcomes and results could differ materially from these statements due to a number of factors and such statements should not be relied upon as representing 10x Genomics, Inc.’s views as of any date subsequent to the date of this press release. 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. Although 10x Genomics believes that the expectations reflected in the forward-looking statements are reasonable, it cannot provide any assurance that these expectations will prove to be correct nor can it guarantee that the future results reflected in the forward-looking statements will be achieved or will occur. The material risks and uncertainties that could affect 10x Genomics, Inc.’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recently-filed 10-K, 10-Q and elsewhere in the documents 10x Genomics, Inc. files with the Securities and Exchange Commission from time to time. 10x Genomics’ products are for research use only (RUO) and are not for use in diagnostic procedures. “10x Genomics”, “Chromium” and “Xenium” are trademarks of 10x. 10x trademarks are the sole property of 10x, and are subject to legal protection in the United States and/or certain other countries.

Disclosure Information
10x Genomics uses filings with the Securities and Exchange Commission, its website (www.10xgenomics.com), press releases, public conference calls, public webcasts and its social media accounts as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts
Investors: [email protected]
Media: [email protected]

SOURCE 10x Genomics, Inc.

SOUTH SAN FRANCISCO, Calif., Jan. 11, 2026 /PRNewswire/ — IDEAYA Biosciences, Inc. (NASDAQ: IDYA), a leading precision medicine oncology company, provided a business update including an overview of key corporate objectives for 2026. The company will review these updates during its presentation at the 44^th Annual J.P. Morgan Healthcare Conference on Monday, January 12, 2026 at 3:45pm PST.

“2025 was a year of execution, marked by broad pipeline advancement, commercial readiness activities for darovasertib, and the filing of four INDs resulting in nine clinical programs. Our deep pipeline and cash runway into 2030 enable IDEAYA to advance key combinations and to address multiple indications with high unmet need, including uveal melanoma, small cell lung cancer, neuroendocrine cancer, breast cancer, and MTAP-deleted lung, pancreatic, and urothelial cancers. In 2026, we plan to advance four registrational trials, including for IDE849, our Phase 1 DLL3 TOP1 ADC, as a monotherapy agent in neuroendocrine cancer, and darovasertib in both pre-metastatic and metastatic settings of uveal melanoma. These trials for darovasertib are central to our strategy to save eyes, preserve vision, and extend lives for patients with uveal melanoma – one of the poorest prognosis indications in oncology where the majority of patients have no available FDA approved therapies,” said Yujiro S. Hata, President and Chief Executive Officer of IDEAYA Biosciences.

2026 Corporate Objectives

Darovasertib in uveal melanoma (UM)

• Topline results, including progression free survival (PFS) data, from ongoing registrational Phase 2/3 OptimUM-02 trial of the darovasertib and crizotinib combination in first line (1L) patients with HLA*A2-negative metastatic UM (mUM) are expected in Q1 ’26
  • Randomized PFS analysis is based on the first 130 PFS events from the intent-to-treat population (ITT) enrolled in the Phase 2b/3 portion of the trial, which comprises approximately 313 patients randomized 2:1 to the treatment versus control arm. The topline PFS results, if positive, are anticipated to enable a potential accelerated approval filing in the United States
• Darovasertib is anticipated to be in three randomized, Phase 3 registrational trials across all stages of uveal melanoma by H1 ’26
  • OptimUM-02 (mUM): full enrollment of 437 patients complete; overall survival (OS) data expected to support a filing for full approval in 1L HLA*A2-negative mUM
  • OptimUM-10 (neoadjuvant): complete full enrollment of approximately 450 patients across enucleation and plaque brachytherapy cohorts by H1 ’27
  • OptimUM-11 (adjuvant): initiate trial in collaboration with Servier in Q2 ’26
• Complete enrollment of approximately 80 HLA*A2-positive mUM patients in ongoing single-arm, Phase 2 OptimUM-01 trial of darovasertib in combination with crizotinib by Q2 ’26; data to support a potential real world evidence (RWE) submission to the U.S. Food and Drug Administration (FDA) and/or NCCN/compendia listing in this patient subset

Antibody-drug Conjugate (ADC) + DNA damage response (DDR) combinations

• IDE849 (DLL3 TOP1 ADC): target to initiate a monotherapy registrational study in the second line/refractory setting (2L+) of small cell lung cancer (SCLC) and/or neuroendocrine carcinomas (NEC) by the end of 2026
• IDE034 (B7H3/PTK7 bispecific TOP1 ADC): initiate Phase 1 dose escalation trial in Q1 ’26
• IDE161 (PARG): initiate clinical combination studies with IDE849 in SCLC, NEC and other DLL3-overexpressing solid tumors in Q2 ’26

MTAP Pathway

• IDE397 (MAT2A): provide updated data from Phase 1/2 combination trial with Trodelvy in MTAP-deleted urothelial cancer (UC) at a medical conference in 2026
• IDE892 (PRMT5): initiate a Phase 1 monotherapy dose escalation trial in Q1 ’26 to enable a combination trial with IDE397 in MTAP-deleted non-small cell lung cancer (NSCLC) in Q2 ’26
• Submit an investigational new drug (IND) application for a potential first-in-class program targeting CDKN2A, the most common co-alteration of MTAP, by the end of 2026. With the CDKN2A candidate, IDEAYA plans to enable wholly owned combinations with IDE892 and IDE397 in MTAP-deleted non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC), and with IDE574, IDEAYA’s dual KAT6/7 inhibitor

Next Generation Therapies

• IDE574 (KAT6/7): obtained clearance of an IND application with the U.S. FDA in January 2026; target to initiate Phase 1 dose escalation trial in Q1 ’26

Corporate

• ~$1.1 billion in cash, cash equivalents and marketable securities as of 9/30/25; expected to fund current operating plan into 2030
• Darovasertib commercial readiness activities advancing in the United States and globally with their partner, Servier

IDEAYA’s updated corporate presentation reflecting its 2026 corporate guidance is available on its website under the Investor Relations section: https://ir.ideayabio.com/.

About IDEAYA Biosciences

IDEAYA is a precision medicine oncology company committed to the discovery, development, and commercialization of transformative therapies for cancer. Our approach integrates expertise in small-molecule drug discovery, structural biology and bioinformatics with robust internal capabilities in identifying and validating translational biomarkers to develop tailored, potentially first-in-class targeted therapies aligned to the genetic drivers of disease. We have built a deep pipeline of product candidates focused on synthetic lethality and antibody-drug conjugates, or ADCs, for molecularly defined solid tumor indications. Our mission is to bring forth the next wave of precision oncology therapies that are more selective, more effective, and deeply personalized with the goal of altering the course of disease and improving clinical outcomes for patients with cancer.

Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, statements related to: i) the potential therapeutic benefits of IDEAYA therapeutics; (ii) the timing and content of clinical program updates, regulatory updates and clinical trial data readouts, including those at medical conferences; (iii) the potential and timing for an accelerated approval filing for darovasertib; (iv) the timing of darovasertib in three Phase 3 registrational trials across all stages of UM; (v) the utilization of OS data to support a potential full approval filing for darovasertib; (vi) the timing of initiating registrational studies and other clinical trials for IDEAYA therapeutics; (vii) the timing of patient enrollments in clinical trials; (viii) the timing of IND submissions for IDEAYA therapeutics; and (iv) the extent to which IDEAYA’s existing cash, cash equivalents, and marketable securities will fund its current operating plan. IDEAYA undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of IDEAYA in general, see IDEAYA’s current and future filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K filed on February 18, 2025.

Investor and Media Contact

IDEAYA Biosciences

Joshua Bleharski, Ph.D.

Chief Financial Officer

[email protected]

SOURCE IDEAYA Biosciences, Inc.

According to the Local Democracy Reporting Service, 22 objections have been made by people living nearby and from Headingley and Hyde Park councillor Tim Goodall.

Goodall said: “Allowing the Golden Beam to open later is likely to lead to increased consumption of alcohol, which is then likely to lead to an even higher rate of drunk and disorderly crime.”

When considering the extended hours, councillors will have the option of granting or refusing the application, or allowing it with additional conditions.

The Golden Beam, which opened in 2021, was allowed to serve Otley Runners across five consecutive Saturdays in September and October using a Temporary Event Notice (TEN).

The Otley Run, a 19-stop bar crawl through Headingley, attracts thousands of participants every year but has drawn complaints of anti-social behaviour including violence, littering and public urination.

CHICAGO (WLS) — Celebrate the Year of the Horse with Mariano’s!

Lion dances and authentic cuisine will take over Mariano’s South Loop for their annual Lunar New Year celebration. It all kicks off Saturday, February 7th, at 1615 S Clark St, Chicago, IL 60616. You’ll learn about different cultural traditions while trying some amazing dishes.

Chef Bill Kim, owner of Urbanbelly, visited ABC7 Chicago to talk all about this year’s celebration and show us how to make Japchae, a popular Korean dish.

Japchae Recipe

Ingredients

8 oz sweet potato starch noodles (dangmyeon)

8 oz white mushrooms, cleaned and sliced

1 small white onion (about 8 oz), sliced -inch thick

1 large carrot, peeled and cut into matchsticks (2 inches long, -inch thick)

cup stir-fried sauce, divided (recipe below)

3 tbsp olive oil

1 tsp garlic, minced

8 oz marinated beef or chicken (recipe below)

8 oz baby spinach

1 cup egg crepe, sliced thin (recipe below)

cup scallions, chopped

1 tbsp sesame oil

Stir-Fried Sauce

cup gluten-free soy sauce

cup water

4 tbsp sugar

2 tbsp sesame oil

1 tbsp garlic, minced

1 tbsp roasted sesame seeds

tsp ground black pepper

Whisk all ingredients together in a small bowl.

Egg Crepe Garnish

2 whole eggs, scrambled

Pinch of kosher salt

1 tsp olive oil

Whisk eggs with salt. Heat oil in a nonstick pan over medium-high. Pour in egg mixture, tilting pan to coat evenly. Cook for 1 minute without browning. Flip, remove from heat, cool 5 minutes, then slice into thin strips

Marinated Steak (or Chicken)

8 oz beef skirt steak or chicken breast, cut into -inch strips

cup stir-fried sauce

Combine meat with sauce and marinate for at least 1 hour.

Preparation:

1. Soak the sweet potato noodles in cold water for 45 minutes until soft. Drain.
2. Bring 8 cups of water to a boil. Cook noodles for 4 minutes, until soft and translucent. Drain and transfer to a large bowl. Toss with cup stir-fried sauce.
3. Heat a large sauté pan over medium-high heat. Add olive oil, then garlic, carrots, mushrooms, onions, and scallions. Cook for about 2 minutes until tender and translucent.
4. Add marinated beef or chicken, remaining stir-fried sauce, and spinach. Cook for 2 more minutes.
5. Add noodles and cook for 1 additional minute, mixing well.
6. Transfer to a serving plate. Garnish with egg crepe strips, chopped scallions, and drizzle with sesame oil.

Residents will also be provided with an initial roll of caddy liners to help them get started, the council said.

Waste such as plate scrapings, peelings, tea bags, coffee grounds and other items can be placed in the liner, tied up, and transferred to the outdoor caddy for the weekly collection.

Collected food waste will then be sent to a specialist anaerobic digestion facility, where it will be converted into renewable energy and nutrient-rich fertiliser, helping to support local farming and power homes and businesses.

The council’s cabinet member for environment and waste, Councillor Rhys Baker, said: “Many residents are already enthusiastic recyclers and I am sure they will embrace this new system to see where it can take us.

“This is a simple change with a powerful impact. Together, we can reduce waste, generate clean energy, and make Lincolnshire greener for generations to come.”

East Lindsey, Boston and South Holland are expected to roll out their own food waste collection service in the autumn.