Most material SEC filings — July 14, 2026

NextCure, Inc. (parent company, ~$12.6M market cap) agreed to merge with Avere Therapeutics, Inc. via two-step merger structure. Avere equity valued at $250M; exchange ratio based on Parent Net Cash calculation and Company Valuation. Merger consideration: Avere stockholders receive Parent Common Stock (subject to Beneficial Ownership Limitation) and Pre-Funded Warrants for excess shares. Parent target cash: $0 (declining $450k/month after Nov 30, 2026). Contingent Value Rights (CVRs) distributed to Parent's pre-merger stockholders. Closing contingent on stockholder approvals, regulatory clearances, and minimum $150M concurrent investment.

VYNE Therapeutics is executing a reverse merger with Yarrow Bioscience, expected to close ~July 24, 2026, with combined entity trading as YARW on NASDAQ. Yarrow in-licensed exclusive rights to YB-101 (anti-TSHR antibody) from GenSci in December 2025 for Graves' Disease and Thyroid Eye Disease treatment outside greater China. $200M raised to date ($100M from pre-closing financing); Phase 2a/2b GD trial initiated Q2 2026 with Phase 2a readout expected H2 2027. Post-closing, Yarrow shareholders will own ~97% of combined company; VYNE shareholders ~3%. Cash runway expected into 2028.

SemiLEDs reported Q3 FY2026 (ended May 31, 2026) revenue of $9.1M vs. $1.1M in Q2, with net income of $1.5M ($0.18/share diluted) vs. loss of $603k in Q2. Gross margin expanded to 27% from 1%, operating margin to 16% from -79%. Cash rose $2.0M to $6.0M. Company attributes surge to increased buy-sell equipment purchase orders and anticipates more in Q4.

Alto Neuroscience conducted a registered direct offering on July 13, 2026, issuing 3,776,436 shares of common stock at $26.48/share via BofA Securities (lead), Stifel Nicolaus, William Blair, and others. Gross proceeds: ~$99.9M; net to company ~$94.5M after $1.46/share underwriting discount. Standard underwriting agreement with 60-day lock-up on officers/directors.

CleanSpark entered a 20-year triple-net lease with an undisclosed high-investment-grade global technology company for its Sandersville, Georgia data center, generating $6.6B in contracted revenue ($11.6B with extensions). The same tenant executed a letter of intent and exclusivity covering CleanSpark's entire 885 MW Texas portfolio. Deliveries begin Q4 2027; estimated landlord costs are $10–$12M per MW for 175 MW of critical IT load, with ~100% NOI contribution margin (~$330M annual average).

Spero acquired exclusive global rights (ex-Greater China) to SP001 (IBI355), a Phase 2-ready anti-CD40L antibody from Innovent Biologics. Deal structure: Innovent receives upfront payment plus development, regulatory, and commercial milestones totaling ~$1.1B, plus tiered royalties on net sales. Concurrently, Spero secured $105M non-recourse financing from Healthcare Royalty (KKR affiliate) backed by Utebzi milestone/royalty streams. Cash runway extended to 2H 2029. Phase 2 trial in IgG4-RD planned for Q2 2027.

On July 13, 2026, Lulu's Fashion Lounge Holdings, Inc. (Nasdaq: LVLU) announced that its Board of Directors formed a special committee of independent directors to evaluate strategic alternatives to maximize stockholder value, including a possible transaction or continued standalone execution. The Special Committee retained Solomon Partners as financial advisor and Willkie Farr Gallagher LLP as legal advisor. The company stated there is no assurance the review will lead to any transaction and does not intend to provide updates unless a specific course of action is approved.

Amendment No. 3 to the 2021 Omnibus Equity Incentive Plan increases the maximum shares reserved for issuance from 1,596,126 to 2,221,126 shares (625,000 additional shares, or 39% increase). The amendment was adopted by the Board on May 18, 2026, and requires stockholder approval within 12 months. No other material terms were modified.

Valion Bio announced continued discussions with U.S. government agencies (BARDA, NIAID, AFRRI, DoW) and Ukraine's Ministry of Health regarding Entolimod for Acute Radiation Syndrome preparedness and potential Strategic National Stockpile inclusion; demonstrated 200-fold manufacturing scale-up through wholly owned subsidiary Velocity Bioworks achieving ~1.3 million potential human doses at 50-liter fermentation scale; and plans physician-sponsored studies evaluating Entolimod in oncology supportive care for neutropenia. No funding, procurement, or stockpiling agreements have been executed.

Runway Growth (market cap $282M) announced adviser and affiliates will purchase up to 10% of outstanding common stock over 24 months if shares trade below 70% of NAV ($8.49/share vs. $5.31 closing price on 7/13/26—60% discount). Company also authorized $15M share repurchase program. Q2 2026 fundings totaled $85.8M in new/existing investments (excluding $239.6M from SWK Holdings acquisition completed 4/6/26): $15M Bumble, $40M Rho, $43.4M Dossier (net $27.5M after assignment), $4M SKNV, $19.3M follow-ons, plus $18.5M Blueshift restructure. Portfolio liquidity events: $36.5M proceeds including repayments and $10.1M Eton Pharma equity sale.