GOLD and Geopolitical Risks

GOLD sold off on 2/28/26, which was the day geopolitical risks were elevated, due to military strikes on Iran. Gold sold off -24.4% from a recent high of $5,400 / ounce all the way down to $4100 per ounce, then has since recovered up to present prices around $4,600 per ounce. Gold's sell-off was due to profit taking after reaching all-time high in price, US dollar strength, and fear of rising interest rates. Once geopolitical risks alleviate, we expect gold to continue it's march higher, or stabilize in prices near term. Below is a chart of M2 money supply, and a daily chart of gold depicting the sell-off beginning 2/28/26. Thank you for reading.

Axsome Therapeutics - Market Capitalization In Charts

A stocks market cap is simply the current stock price multiplied by the current number of shares outstanding, and is a rough assessment of the companies worth. 

Axsome has received FDA approval for in-house developed Auvelity (depression) and Symbravo (migraine). The company also has a pipeline of drugs in various stages with the notable exception of AXS-05, which has pending approval for Alzheimer's Disease Agitation (ADA). That pending approval has a decision date of April 30th. 

With potential AXS-05 approval for ADA, the likelihood for patients remaining in their homes becomes more favorable, easier on caregivers, and reducing overburdened nursing care facilities. Below is a chart of Axsome over the past two years, with market cap in red at various stock prices. Thank you for reading. 

Definium Therapeutics

Definium Therapeutics (DFTX)  formerly MindMed, is in late stage psychedelic-based development, with drug DT120 for General Anxiety Disorder (GAD) and depression (MDD). We wrote about psychedelic drug companies last year, Psychedelic Therapeutics.  DT120 was granted FDA Breakthrough Therapy Designation for GAD, after they completed phase 2 testing. The year is full of catalyst's of clinical data readout, with expected timelines below. 

Catalysts:

- Phase 3 MDD study Emerge expected to read-out topline in late 2nd quarter
- Phase 3 GAD study Voyage expected to read-out topline early 3rd quarter
- Phase 3 GAD study Panorama expected to read-out topline 2nd half 2026

Clinical Trials: 

- Emerge NCT06941844

- Voyage NCT06741228

- Panorama NCT06809595

Financial Statistics:

- US $411 million of cash on hand (approximation)

- Debt - minimal

- 104 million shares outstanding

- 1.8 billion market cap

Intellectual Property: 

- DT120 Expected to expire in 2041

Definium's lead indication GAD, looks to be the only psychedelic company on the verge of completing pivotal clinical trials for that indication. The stock is a high risk investment at this time, as they have zero commercial assets, and are in late stage clinical development, with results expected in 2026. Thank you for reading.

NUVB: Nuvation Bio - Update #9

Nuvation Bio held their 4th quarter conference call today to update investors, on the progress of their cancer drug development programs. Just some key points below, as they will be a multi-year investment, with updates along the way.

• 4th quarter revenue of $41 million, a combination of product and license
• Net loss of $36 million, or 0.11 cents per share with 344 million shares outstanding
• The company is well funded with $529 million in cash and equivalents
• Partner Eisai to file for Ibtrozi ROS1 approval in EU by mid-year 2026
• SIGMA safusidenib 40 patient exploratory cohort, grade 3 oligodendroglioma study with readout expected in 2027
• No revenue guidance announced by the company at this time

The stock has been stable, trading in the $5.00 to $6.00 per share range in the last month, with chart below.  Thank you for reading.

Axsome 4th Quarter Financial Results

Today, Axsome Therapeutics released fourth quarter 2025 financial results. Another impressive quarter as the company is getting closer to becoming profitable, on a cash and earnings per share basis. 4th quarter highlights below.  

• FDA decision date of 4/30/26 for Alzheimer's Disease Agitation 
• $196 million in fourth quarter total revenue
• 65% year over year revenue growth
• 322.9 million in cash
• 50,882 million shares outstanding

Daily chart below of Axsome Therapeutics. Thank you for reading.

GOLD - New High $4,800

Gold hit another new all-time high in price, now over $4,800 per ounce. What's driving the price higher? A reshaping of our geo-political world, in addition to the US debt which continues to climb, now over 38 trillion National Debt. The cost of servicing debt (which consists of making regular interest and principle payments on borrowed funds), is 1.2 trillion annually. Chart of federal government interest payments below, followed by a weekly chart of $GOLD.

NUVB: Nuvation Bio - Update #8

Nuvation Bio has updated investors with the good news of a European partnership, to sell newly FDA approved and commercialized drug Ibtrozi in Europe and other countries outside of the US, for patients with Ros1 NSCLC. Like many other US based companies, they utilize partnerships outside the US who already have a footprint of sales professionals actively selling similar products in the field. Under this agreement completed today with Eisai, there is upfront, milestones and a royalty kick back to the owner of the product, in this case Nuvation Bio. The selling partner reaps the revenue abroad. A win / win cost effective scenario. Below are the Royalty agreements that are now in place outside of the US for Nuvation Bio (NUVB). 

China: Innovent Biologics 
(Dovbleron) First and second-line approval.

-Milestone payments up to $189 million

-Tiered royalty payments based on annual net sales of Taletrectinib

Europe: Eisai

-60 million upfront 

-170 million milestone payments

-10% to 19% tiered royalty payments from net sales of Taletrectinib

Japan: Nippon Kayaku
-Milestone payments based on domestic sales exceeding certain amounts

-Royalty based on domestic net sales

HELUS Pharma: Formerly Cybin - Update #4

Cybin whom we wrote about here Cybin history, has changed their name and ticker symbol as they have moved from the NYSE exchange to the Nasdaq exchange starting on January 5th. The companies name is now Helus Pharma with ticker symbol HELP. The move suits the companies prospects better trading on the Nasdaq, because of their focus on growth-oriented development. Chart of HELP below.