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Tuesday, May 13, 2025

Vermont governor pauses electric vehicle requirements

 Governor Phil Scott has issued Executive Order 04-25, directing the Agency of Natural Resources to halt enforcement of a multi-state plan that mandates vehicle manufacturers to meet specific electric vehicle (EV) sales targets for passenger cars and medium- and heavy-trucks.

Governor Scott said,

I continue to believe we should be incentivizing Vermonters to transition to cleaner energy options like electric vehicles. However, we have to be realistic about a pace that’s achievable. It’s clear we don’t have anywhere near enough charging infrastructure and insufficient technological advances in heavy-duty vehicles to meet current goals. We have much more work to do, in order make it more convenient, faster, and more affordable to buy, maintain and charge EV’s. When we do, it’s more likely everyday Vermonters will make the switch.

https://cbs6albany.com/news/local/governor-phil-scott-pauses-electric-vehicle-sales-requirements-in-vermont

Verrica: Demand for Ycanth up

  Company reports $3.4 million in YCANTH revenue, reflective of increasing demand, following the dispensing of more than 10,000 applicator units in the quarter, the most in company history and a 16.7% growth over Q4’24 –

– Late-stage pipeline continues to advance with completion of end-of-Phase 2 meeting with Food and Drug Administration for VP-315, Verrica’s candidate for basal cell carcinoma, and continued advancement towards initiation of global Phase 3 program in common warts (VP-102/YCANTH) with partner Torii Pharmaceutical –

– Conference call scheduled for today at 4:30 pm ET 

Conference Call and Webcast Information

The Company will host a conference call today, May 13 at 4:30 pm, to discuss its first quarter 2025 financial results and provide a business update. To participate in the conference call, please utilize the following information:

Domestic Dial-In Number: Toll-Free: 1-800-343-4136
International Dial-In Number: 1-203-518-9843
Conference ID: VERRICA

Participants can use Guest dial-in #s above and be answered by an operator.

Webcast:

https://viavid.webcasts.com/starthere.jsp?ei=1717041&tp_key=2eb61f30fc

The call will be broadcast live over the Web and can also be accessed on Verrica Pharmaceuticals’ website: www.verrica.com

The conference call will also be available for replay for one month on the Company’s website in the Events Calendar of the Investors section.

https://www.globenewswire.com/news-release/2025/05/13/3080644/0/en/Verrica-Pharmaceuticals-Reports-Quarterly-2025-Financial-Results.html

Semler Bitcoin treasury strategy takes center stage

 Semler Scientific Inc (NASDAQ:SMLR) presented its corporate strategy on May 13, 2025, revealing an intensified focus on its Bitcoin treasury strategy alongside its traditional healthcare diagnostics business. The presentation, titled "The Semler Vision: Medical (TASE:BLWV) and Monetary Freedom," highlighted the company’s significant Bitcoin accumulation efforts while providing updates on its healthcare operations.

The stock closed at $34.84 on the presentation day, up 5.34%, but slipped 0.55% to $36.50 in aftermarket trading, reflecting mixed investor sentiment about the company’s dual-focus strategy. Semler’s stock has experienced significant volatility over the past year, trading between $21.77 and $81.56.

Bitcoin Treasury Strategy

Semler’s presentation emphasized its Bitcoin holdings as a cornerstone of its corporate strategy. As of May 12, 2025, the company reported holding 3,733 bitcoins with a market value of $387.9 million, acquired at a total cost of $340.0 million.

The company has steadily accumulated Bitcoin over the past year, as illustrated in the following chart tracking Bitcoin acquisitions from May 2024 through April 2025

This accumulation strategy has resulted in substantial market value growth, with the company’s Bitcoin holdings reaching $387.9 million by May 2025

Semler highlighted several Bitcoin performance metrics, including a 106.8% BTC yield for FY2024 and 22.2% year-to-date in 2025. The company reported Bitcoin gains of 875 BTC for FY2024 and 510 BTC year-to-date in 2025.

While Bitcoin dominated much of the presentation, Semler also provided updates on its core healthcare diagnostics business. The company reported FY2024 revenues of $56.3 million and Q1 2025 revenues of $8.8 million. Cash, cash equivalents, and restricted cash stood at $9.9 million as of March 31, 2025.

This represents a significant decline from previous performance levels. In its Q4 2024 earnings report, Semler had reported quarterly revenue of $12.4 million, which was already an 18% decrease year-over-year. The Q1 2025 revenue of $8.8 million suggests a continued downward trend in the company’s core business.

Semler’s healthcare business targets large enterprise customers, including health insurance plans, home risk assessment companies, and medical groups. The company indicated plans to expand its product offerings to include other FDA-cleared products and is seeking an additional 510(K) clearance.

Semler outlined its funding sources for Bitcoin purchases, emphasizing its goal to "maximize stockholder returns while accumulating more Bitcoin." The company has utilized three primary funding sources: operating cash flow (~$72 million, 21%), convertible bonds (~$89 million, 26%), and at-the-market (ATM) issuances (~$179 million, 53%).

The presentation noted that Semler has $438 million remaining in its ATM authorization, suggesting the company plans to continue its Bitcoin accumulation strategy. This approach aligns with the company’s stated business model of creating stockholder value through Bitcoin accumulation, using debt and equity issuances, and leveraging its historically cash-generative healthcare business.

Despite the optimistic presentation, Semler faces several challenges. The company’s Q4 2024 earnings report had indicated potential revenue pressure in 2025 due to CMS rate changes. The presentation’s forward-looking statements disclaimer highlighted several risk factors, including those associated with Bitcoin investing, indebtedness, obtaining new 510(k) clearances, and a potential civil suit by the U.S. Department of Justice.

https://au.investing.com/news/company-news/semler-scientific-q1-2025-slides-bitcoin-treasury-strategy-takes-center-stage-93CH-3840063

GRAIL falls 16% after Q1 topline miss

 

  • GRAIL (NASDAQ:GRAL) is down ~16% in after-hours trading Tuesday after reporting Q1 financial results that missed on the top line. It beat on the bottom line.
  • Q1 revenue of $31.8M was a 19% increase compared to the prior-year period.
  • GAAP net loss per share, basic and diluted, narrowed to ($3.10) from ($7.05) in Q1 2024.
  • GRAIL ended the quarter (March 31) with ~$133.9M in cash and cash equivalents, compared to ~$214.2M at the end of 2024.

Who’s a Refugee?

 by John Hinderaker

The Trump administration is admitting as refugees white farmers from South Africa who are being dispossessed from their lands, and in some cases murdered, by the black majority. This, of course, will be one more blow to the feeble South African economy, but taking someone else’s property is always easier than earning your own.

Liberals don’t like this policy because, I suppose, white people are “privileged,” so how can they be refugees? This tweet puts it in perspective:


Good point! There have been refugees for thousands of years, and legitimate refugees generally consist of family units. When there is a column of people crossing your border, and they are overwhelmingly young men, you are seeing invaders, not refugees.

https://www.powerlineblog.com/archives/2025/05/whos-a-refugee.php

Economic Growth Hiding in Plain Sight

 This week, much of the mainstream media ran with the headline that the economy contracted in the first quarter of this year. Predictably, they promptly blamed President Donald Trump.

But a quick glance under the hood shows the data points to a much stronger economy than the headlines suggest.

On Wednesday, the Bureau of Economic Analysis released its estimate of economic growth measured by gross domestic product (GDP) for January through March. The topline figure pointed to a contraction of 0.3 percent—a number that certainly doesn’t seem positive.

If we learned anything from economic data under former President Joe Biden, though, it’s that headlines are often deceptive. For example, Biden’s blowout government spending increased GDP figures but added nothing to the productive private sector. In other words, the numbers looked good, but Americans were growing poorer.

Fast forward to Trump’s first quarter back in office. With the help of Elon Musk and the DOGE crew, he’s managed not only to slow government purchases but to decrease them for the first time in three years. That accomplishment showed up as a 0.25 percentage point subtraction from GDP—essentially accounting for the entire quarterly decline.

Reducing government is a great sign that Trump is “reprivatizing the economy” (as Treasury Secretary Scott Bessent has put it), but this positive move shows up statistically as a decrease in GDP.

The even larger subtraction to GDP came from imports, which exploded 41.3 percent as folks raced to bring products into the country before import taxes could take effect. That pushed GDP down by 5.04 percentage points.

Thus, the decline in government spending and the one-off spike in imports account for the entire quarterly decline in GDP, and then some. In other words, the terrible news really isn’t all that terrible. In the case of lower government spending, it’s actually great news!

Another positive development—which the talking heads somehow managed to miss, was that interest on the federal debt declined for Q1 2025.

When Trump left office, interest on the debt cost about $600 billion a year. Biden managed to nearly double that, with interest payments exceeding an annualized $1.1 trillion by the end of his term—exceeding all defense spending combined.

Both Trump and Secretary Bessent deserve tremendous credit for arresting the exploding cost of servicing the nation’s debt. But the best part of the GDP report was this showstopper: investment (the impetus of long-run real economic growth) is skyrocketing, up 21.9 percent at a seasonally adjusted annualized rate.

Under Biden, investment lagged badly below its pre-pandemic trend, even turning negative by the end of his term.

Trump has managed to reverse that in short order, partly by promising the world that he will transform America into the most business-friendly country on the planet via tax and regulatory cuts and boosts in energy production. Those promises incentivize the reshoring of manufacturing and the industrial base.

This makes it imperative that Congress get its act together and get a tax cut across the finish line for American people and businesses, both of whom desperately need relief from the Biden era of big government.

If Congress and the president can both reduce marginal tax rates and peel back burdensome overregulation, the economy will be off to the races. Permitting reform and an energy boom would be the icing on the cake, providing the winning formula to get growth up and inflation down.

Reducing government spending has already noticeably impacted inflation. These latest data show that while inflation had been reaccelerating, spiking in January (just as Trump took office), price increases ground to a halt by March.

The plan to shrink government and grow the private sector is already working well. Now, it’s time to capitalize on that momentum and start bringing prices down by implementing more of Trump’s pro-growth agenda.

As bilateral trade agreements bring resolution to the tariff war, we should expect the import surge to evaporate and exports to climb. That in turn will show up as a surge in GDP (just as the rise in imports dragged down GDP).

Indeed, the Federal Reserve Banks of both Atlanta and New York are now forecasting that economic growth in the second quarter will exceed an annualized 2.0 percent.

When it came to economic data under Biden, the devil was always in the details. But, under Trump, the angels are in the details, with this GDP report’s relatively strong internals giving cause for celebration. Now, it’s time for Congress and Trump to build on their momentum and deliver a win for the American people.

EJ Antoni is a Research Fellow and the Richard Aster Fellow in The Heritage Foundation’s Grover M. Hermann Center for the Federal Budget.

https://amac.us/newsline/economy/economic-growth-hiding-in-plain-sight/

Rapid Weight Loss Can Trigger Emotional Turmoil

 In recent years, the increasing use of glucagon-like peptide 1 (GLP-1) receptor agonists and the rise in bariatric surgeries have heightened concerns regarding the psychological effects of weight loss. While these treatments offer significant metabolic benefits, experts caution that individuals with a history of psychiatric disorders, low self-esteem, or heightened emotional vulnerability may experience rapid weight loss as a significant trigger due to neurobiological and hormonal changes. Emotional factors are often influenced by the social environment.

Hormonal Adaptations

Significant weight loss triggers hormonal and neurobiological adaptations that affect emotional regulation. GLP-1 agonists, such as semaglutide and liraglutide, cross the blood-brain barrier and modulate brain regions related to appetite and rewards. 

In contrast, bariatric surgery alters the secretion of peripheral hormones, including ghrelin, GLP-1, peptide YY, leptin, and insulin, which can indirectly affect the dopaminergic and serotonergic systems.

According to Fernanda Martins de Albuquerque, PhD, from the Department of Nutrition and Health, Federal University of Viçosa, Viçosa, Brazil, these changes are generally beneficial but can negatively affect mood in emotionally fragile individuals, particularly due to changes in cortisol and central neurotransmitters.

Moreover, rapid weight loss activates the hypothalamic-pituitary-adrenal axis, promoting continuous cortisol release, which is associated with a higher risk for depression and suicide. As highlighted by Eduardo Perin, psychiatrist at the Federal University of São Paulo, São Paulo, Brazil, these neuroendocrine changes can precipitate emotional decompensation, especially in the initial months of treatment, when clinical instability is more pronounced.

However, emotional impact is not solely caused by physiological factors. Rebuilding one’s self-image after weight loss can lead to frustration, particularly when patient expectations are not met, or when difficulties arise in adapting to a new body. This effect can be intensified by exposure to social media, which reinforces unrealistic aesthetic standards and encourages harmful comparisons.

According to Perin, this pressure undermines the self-perception of the body and fuels frustration, particularly in individuals with low self-esteem, who may impose unattainable or unsustainable expectations on themselves in the long term.

Compulsive Behaviors

Another fundamental aspect is the interruption of compulsive behaviors that previously served as emotional regulation strategies, such as eating in response to stress. After bariatric surgery, there is an observed increase in the risk of replacing binge eating, for instance, with the onset or intensification of alcohol use, reinforcing the importance of structured psychological monitoring during the postoperative period. This has not been observed with the use of GLP-1 agonists.

According to a study published in JAMA Psychiatry, adults with alcohol use disorder treated with semaglutide showed a significant reduction in alcohol consumption and cravings.

Findings

meta-analysis involving more than 660,000 patients who underwent bariatric surgery revealed an approximately twofold increased risk for suicide compared with individuals who did not undergo surgery. Although this increase is significant, it should be interpreted with caution as the absolute risk remains low.

In addition to the obvious benefits of controlling type 2 diabetes, hypertension, and dyslipidemia, bariatric surgery improves the quality of life and life expectancy. However, in terms of mental health, studies show greater vulnerability in the postoperative period, with an increased risk for depressive relapses, the emergence of compulsive behaviors, and difficulty adapting to a new body image, especially in patients with a history of psychiatric disorders.

In the case of GLP-1 agonists, a study published in JAMA Psychiatry found no increased risk for suicide or self-harm, with a rate of 0.04 cases per 100 person-years and no statistically significant difference in the placebo group. Nevertheless, experts recommend caution; rare adverse events, such as behavioral or mood changes, may not be observed in short studies, which reinforces the need for close long-term monitoring, particularly in patients at a higher risk for psychiatric disorders.

In contrast, weight loss achieved solely through physical activity consistently has positive effects on mental health. A systematic review and meta-analysis published in Journal of Affective Disorders demonstrated that higher levels of physical activity are associated with reduced suicidal ideation in various age groups. Regular exercise contributes to weight loss, improves mood, reduces depression and anxiety symptoms, and promotes better sleep quality, which are essential factors for emotional protection.

Despite the potential risks in certain scenarios, numerous studies have confirmed the safety profile of GLP-1 agonists and the effectiveness of bariatric surgery in specific populations. However, it is important to remember that GLP-1 agonists are relatively new medications and that their phase 3 studies were conducted under controlled conditions, often excluding individuals with a history of psychiatric disorders. Therefore, only large-scale and new, more specific studies will fully elucidate the safety profiles of these population groups.

Thus, according to de Albuquerque, for mentally vulnerable patients, it is essential to maintain heightened clinical attention with support from multidisciplinary teams capable of early identification of psychological distress and ensuring a comprehensive therapeutic approach.

de Albuquerque and Perin reported having no relevant conflicts of interest.

https://www.medscape.com/viewarticle/rapid-weight-loss-can-trigger-emotional-turmoil-2025a1000bik