Seres Therapeutics Inc (MCRB) Q3 2025 Earnings: EPS Misses Estimates with Revenue Challenges

 On November 5, 2025, Seres Therapeutics Inc (MCRB, Financial) released its 8-K filing detailing its financial results for the third quarter of 2025. Seres Therapeutics, a microbiome therapeutics platform company, is focused on developing biological drugs to restore health by repairing the function of a dysbiotic microbiome. The company's flagship product, SER-109, aims to prevent recurrences of Clostridium difficile infection (CDI). Additionally, Seres is advancing other products like SER-262, SER-287, and SER-401.

Performance and Challenges

Seres Therapeutics Inc (MCRB, Financial) reported a challenging quarter as it continues to navigate the complexities of securing funding for its SER-155 Phase 2 study. This study is crucial for the prevention of bloodstream infections in adults undergoing allogeneic hematopoietic stem cell transplant (allo-HSCT) for hematological malignancies. The company is actively seeking capital and resources to support this study, with interim clinical results anticipated within 12 months of initiation. The importance of this study lies in its potential to address significant unmet medical needs, particularly in preventing infections associated with antimicrobial resistance (AMR).

Financial Achievements and Industry Importance

Despite the challenges, Seres Therapeutics Inc (MCRB, Financial) achieved a notable milestone by receiving a grant of up to $3.6 million from CARB-X, a global non-profit partnership. This grant will support the development of an oral liquid formulation of SER-155, potentially expanding patient access. Such financial achievements are critical in the biotechnology industry, where funding is essential for advancing research and development efforts.

Key Financial Metrics

As of September 30, 2025, Seres Therapeutics Inc (MCRB, Financial) reported $47.6 million in cash and cash equivalents. The company expects to fund operations through the second quarter of 2026, thanks to recent cost-reduction measures, including workforce reductions. These actions are intended to provide the company with the flexibility to advance its strategic priorities.

Analysis of Company's Performance

Seres Therapeutics Inc (MCRB, Financial) is at a critical juncture as it seeks to secure funding for its pivotal SER-155 Phase 2 study. The company's ability to obtain the necessary capital will be instrumental in determining its future success. The ongoing development of SER-155, coupled with the company's strategic cost-reduction measures, positions Seres to potentially create significant value for shareholders if successful. However, the challenges of securing funding and navigating the competitive biotechnology landscape remain significant hurdles.

“Following constructive feedback from the FDA, we are working to finalize our SER-155 Phase 2 study protocol for the prevention of bloodstream infections in adults undergoing allogeneic hematopoietic stem cell transplant (allo-HSCT) for hematological malignancies,” said Thomas DesRosier and Marella Thorell, co-Chief Executive Officers of Seres.

Seres Therapeutics Inc (MCRB, Financial) continues to explore potential R&D partnerships to advance its investigational live biotherapeutics in inflammatory and immune diseases, including ulcerative colitis and Crohn's disease. The company's strategic focus on expanding its therapeutic opportunities underscores its commitment to addressing critical medical needs in vulnerable patient populations.

https://www.gurufocus.com/news/3185796/seres-therapeutics-inc-mcrb-q3-2025-earnings-eps-misses-estimates-with-revenue-challenges

Viridian succeeds in financing, BLA application

Completed a comprehensive set of financing transactions in October 2025, securing access to up to $889 million of potential capital across equity, royalty, and credit -

­­ - Successful October submission of Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for veligrotug in thyroid eye disease (TED) and preparing for an anticipated U.S. commercial launch in mid-2026, if approved, under a Priority Review timeline -

- Subcutaneous VRDN-003 topline data readout accelerated to Q1 2026 for REVEAL-1 and narrowed to Q2 2026 for REVEAL-2 for active and chronic TED, respectively; each study exceeded its enrollment target due to strong patient demand -

- Neonatal Fc receptor (FcRn) inhibitor, VRDN-006, showed proof-of-concept IgG reduction and was sparing of albumin and LDL in a phase 1 healthy volunteer clinical trial; half-life extended FcRn inhibitor, VRDN-008, on track for 2025 Investigational New Drug (IND) filing with healthy volunteer data anticipated in 2H 2026 -

- Cash position of approximately $887.9 million as of October 31, 2025, inclusive of upfront payments received in October from license, royalty, and debt agreements, as well as proceeds from the equity offering -

- The company believes its existing cash, potential near-term milestones from the royalty agreement, and anticipated commercial revenues, if both veligrotug and VRDN-003 are approved, are expected to fund its current business plans through profitability -

https://www.biospace.com/press-releases/viridian-therapeutics-reports-third-quarter-2025-financial-results-and-highlights-recent-progress

EyePoint eyes top-line Phase III DURAVYU data for wet AMD expected mid-'26, cash runway to Q4 2027

 

Management View

• Jay Duker, President and CEO, described the quarter as one of “tremendous progress” and highlighted “our momentum underscores our confidence in the differentiated clinical profile of DURAVYU, our lead program and its potential to transform the treatment paradigm in the 2 largest retinal disease markets, wet Age-related Macular Degeneration or wet AMD and Diabetic Macular Edema, or DME.”
• Enrollment of the LUCIA Phase III trial for DURAVYU in wet AMD was completed in July, with both LUGANO and LUCIA trials enrolling over 900 patients in seven months, which management described as “among the fastest enrolling wet AMD pivotal programs to date.”
• Top line data for DURAVYU in wet AMD is expected in mid-2026, and the first patient dosing in the pivotal Phase III DME program is anticipated in Q1 2026.
• Management signaled a non-inferiority trial design for DME, stating, “we were pleased to align with the FDA on a non-inferiority trial design that we believe is clinically rigorous, efficient and derisked.”
• Jay Duker emphasized new preclinical data showing vorolanib, the active drug in DURAVYU, “is unique among TKIs being tested in retinal diseases as it inhibits both [VEGF]-mediated vascular permeability and interleukin-6 or IL-6 mediated inflammation.”
• The company ended September 2025 with over $200 million in cash and equivalents and completed a $172 million follow-on offering in October. Duker stated, “Our cash is now expected to fund operations into Q4 2027, well beyond Phase III wet AMD data anticipated in 2026.”
• CFO George Elston said, “For the quarter ended September 30, 2025, total net revenue was $1 million compared to $10.5 million for the quarter ended September 30, 2024. This decrease was primarily driven by the recognition of deferred revenue related to the company’s 2023 agreement for the license of YUTIQ product rights in the prior year period.”

Outlook

• Top line data for DURAVYU in wet AMD (LUGANO and LUCIA trials) is expected starting mid-2026. Management reiterated, “Our fully enrolled Phase III pivotal program remains on track to deliver top line data starting in mid-2026.”
• The pivotal Phase III DME program (COMO and CAPRI trials) will begin patient dosing in Q1 2026, with full enrollment expected in the second half of 2026.
• Management expects its cash position to fund operations “into the fourth quarter of 2027, well beyond key data readouts from the Phase III LUGANO and LUCIA pivotal trials anticipated in mid-2026.”

Financial Results

• Total net revenue for Q3 2025 was $1 million, compared to $10.5 million in Q3 2024, explicitly attributed to the prior year’s recognition of deferred revenue from the YUTIQ licensing agreement.
• Operating expenses for Q3 2025 were $63 million, compared to $43.3 million in the prior year period, driven by clinical trial costs.
• Net nonoperating income was $2.3 million and net loss was $59.7 million or $0.85 per share, compared to a net loss of $29.4 million or $0.54 per share in the prior year period.
• Cash and investments as of September 30, 2025, totaled $204 million, with post-October financing expected to support operations into Q4 2027.

Q&A

• Tessa Romero, JPMorgan, asked about wet AMD population treatment frequencies and DURAVYU’s positioning. Jay Duker responded, “approximately 20% of wet AMD patients have to be treated monthly regardless of the drug… physicians, I’m sure, would be willing to take advantage of 2 MOAs.” Ramiro Ribeiro added, “in our Phase II data, we showed that after dosing DURAVYU, about 65% of patients did not require any supplemental injection with anti-VEGF.”
• Jen Kim for Yigal Nochomovitz, Citi, inquired about DME enrollment criteria. Ramiro Ribeiro explained, “we are going to be enrolling patients with active DME, both treatment naive and previously treated… we expect to see a rapid enrollment, similar strength that we did for the [wet AMD] program.”
• Sam for Tyler Van Buren, TD Cowen, asked about blended endpoints in pivotal trials. Jay Duker replied, “did you think about a single endpoint, quick answer is no.” Ribeiro elaborated on the benefits, stating, “the use of blended endpoint has been common in clinical trials for retinal disease for the past few years with the main goal of decreasing the variability and increasing the power of the study.”
• Jenna for Claire Dong, Jefferies, asked about IL-6 inhibition. Duker noted, “vorolanib is a potent inhibitor of IL-6 pathway by blocking the JAK1 receptor… the ability to block both VEGF pathway and inflammatory IL-6 pathway could be a significant improvement.”
• Yatin Suneja, Guggenheim, asked about the relevance of IL-6 and expectations for the Phase III wet AMD data. Duker stated, “IL-6 has been implicated in inflammatory macular edema for well over a decade… we would expect non-inferiority to the on-label Eylea control with continued safety.”
• Debanjana Chatterjee, JonesTrading, asked about the statistical analysis plan for superiority testing. Ribeiro confirmed, “our analysis plan does allow for testing superiority again, aflibercept if our noninferiority is met. So it’s a hierarchical testing.”

Risks and Concerns

• Management identified no explicit new risks in the current quarter, reiterating clinical rigor, derisked program design, and strong financial position.
• The primary challenge remains the execution of Phase III programs in wet AMD and DME and achieving non-inferiority and potential superiority endpoints.
• Analyst concerns centered on trial endpoints, enrollment criteria, and differentiation, with management addressing each as part of ongoing strategy.

https://www.msn.com/en-us/money/markets/eyepoint-outlines-top-line-phase-iii-duravyu-data-for-wet-amd-expected-mid-2026-as-cash-runway-extends-into-q4-2027/ar-AA1PSug1

The ‘After Phase’ Is Missing: Why Every GLP-1 Prescription Needs an Exit

 I’ve seen clients start GLP-1 medications full of hope—and stop them feeling betrayed by their own biology.

Some reached their limit with side effects: relentless nausea, fatigue, or the quiet loss of joy in eating. Others simply couldn’t afford to stay on. A few never saw the promised results at all. But for nearly all of them, the story ended the same way—one step forward, five steps back.

We celebrate the success stories of GLP-1s, but we rarely talk about the crash that follows when treatment stops. And it’s not just psychological. The body rebounds fast—hunger, weight, and metabolic chaos rush back in.

The problem isn’t the medication itself. It’s that we’ve built an elegant on-ramp for GLP-1s—and almost no off-ramp at all.

The Evidence Is Already Warning Us

The data couldn’t be clearer. In the STEP-1 extension trial, participants who stopped semaglutide regained roughly two-thirds of the weight they had lost within one year. Their blood pressure, cholesterol, and blood-sugar levels slid back toward baseline.

A nearly identical pattern appeared in the SURMOUNT-4 trial for tirzepatide: those who continued therapy maintained—or even deepened—their weight loss; those who stopped rapidly regained.

Meanwhile, the SELECT cardiovascular outcomes trial showed semaglutide reduced major cardiac events in people with overweight and obesity. That’s a major win—but also a reminder that stopping abruptly can erase much of the benefit.

Both the American Diabetes Association 2025 Standards of Care and the American Gastroenterological Association guidelines now emphasize continuing anti-obesity pharmacotherapy beyond initial weight loss goals.

The implication is simple: for most patients, GLP-1s are not a 12-week intervention—they’re chronic therapy.

Yet in real life, chronic use isn’t always realistic.

Why So Many Will Stop Anyway

Insurance coverage ends. Supplies run short. A job changes, or a deductible resets. Some patients plan a pregnancy, experience intolerable side effects, or simply want to know who they are without the injection. Others plateau despite perfect adherence and feel the drug has stopped working.

In each case, the result is the same… withdrawal without a plan.

And what follows looks less like a gentle decline than a metabolic whiplash. Appetite returns fast—but satiety signals lag. Within weeks, the scale becomes a scoreboard of defeat, and shame creeps back in.

These are not failures of willpower. They’re failures of system design.

The Case for a GLP-1 Exit Plan

If we accept that many people will come off these medications, intentionally or not, then an Exit Plan must become a clinical standard of care.

A thoughtful off-ramp would include four essential pillars:

1. Tapering Instead of Termination

Formal tapering studies are limited, but real-world experience suggests that gradually reducing the dose helps blunt the rebound in hunger and nausea. It buys the brain and gut time to recalibrate. “Stop and hope” is not a strategy.

2. Lean-Mass Defense

Rapid weight loss on GLP-1s often includes muscle loss, which can impair long-term metabolic health. As dosing tapers, resistance training, adequate protein, and micronutrient-dense whole foods should become non-negotiable. These aren’t wellness trends—they’re biochemical stabilizers.

3. Glycemic and Hormonal Stability

Post-GLP-1 transitions can produce unpredictable glucose swings and hormonal shifts. Structured monitoring—fasting glucose, HbA1c, or continuous glucose data—can guide early intervention with metformin, micronutrient support, or dietary shifts.

4. Identity and Behavior Re-Engineering

GLP-1s don’t just quiet appetite– they quiet the reward loop tied to food. When that loop reawakens, people need new rituals, not shame. Behavioral scaffolding, mindset retraining, and sleep-stress alignment can make the difference between relapse and renewal.

In my own work, I call this the “after phase.” It’s where we teach the body and mind to cooperate again—to trust hunger, rebuild strength, and interpret cravings not as failure but as feedback.

Beyond Patients: A Systemic Challenge

Pharmaceutical innovation got us to the start line. Sustainability depends on how we design the finish.

If GLP-1s are chronic therapy, payers must step up and cover ongoing treatment or fund structured aftercare that protects the gains. Without that bridge, we create a revolving door—patients cycling through costly weight loss and inevitable regain, at the expense of both metabolic health and mental well-being.

If they’re time-limited interventions, clinicians must build exit protocols—just as they do for steroids, antidepressants, or insulin titrations. Medical care doesn’t stop when the prescription ends; it transitions. That same duty of continuity should apply here.

If they’re to become part of long-term public health strategy, policymakers must address affordability and access—not by rationing medications, but by supporting the infrastructure that keeps people well after they leave them. That means investing in nutrition literacy, behavior change coaching, and DNA-guided precision health approaches that reduce relapse risk.

This is not just about weight regain. It’s about metabolic resilience—helping people sustain lower inflammation, improved insulin sensitivity, and cardiovascular gains once pharmacologic scaffolding is removed. Without an exit framework, those hard-won improvements vanish, and the system pays again for complications that could have been prevented.

The opportunity is here, to treat GLP-1s not as a finish line, but as a phase within a continuum of care. Pharmaceutical innovation has rewritten what’s possible for weight loss. Now healthcare innovation must ensure that possibility endures.

And finally, patients must be invited into the conversation—not blamed for biology doing exactly what it’s designed to do. Empowered off-ramping isn’t indulgent, it’s essential to lasting health outcomes and fiscal responsibility alike.

The Real Measure of Success

The question isn’t whether GLP-1s “work.” They clearly do—while they’re in use. The real question is whether our healthcare system can support the “after”. Because success isn’t just what happens on the medication. It’s who a person becomes when they step off it.

Holli Bradish-Lane is the founder of Iron Crucible Health Coaching and the Crucible Center for Arts and Wellbeing in Colorado. She is the author of The GLP-1 Exit Plan

https://thehealthcareblog.com/blog/2025/11/04/the-after-phase-is-missing-why-every-glp-1-prescription-needs-an-exit/

The Middlemen Draining Main Street Pharmacies

 In the past decade, independent drugstores have been vanishing, especially in low-income, minority, and rural communities, in part due to pharmacy benefit managers (PBMs) having rigged the system in favor of their own pharmacies. By steering patients to in-house pharmacies and squeezing independent pharmacies with hidden fees, PBMs are driving local pharmacies out of business. This loss of competition hits vulnerable communities hardest—places already facing healthcare deserts—and patients deserve a solution.

PBMs sit between insurers, drug manufacturers, and pharmacies. Many PBMs are even owned by or partnered with major pharmacy chains. This vertical integration offers an opportunity for greater efficiency, but that can only take place in a competitive market.

In practice, PBMs steer patients away from independent pharmacies by using “preferred networks”—pharmacies where patients pay lower copays—to direct customers to those stores. According to a recent study, only 0.8 percent of independent pharmacies were preferred by PBMs for Medicare Part D in 2023, compared to 70 percent of chain pharmacies. Pharmacies left off preferred networks are more likely to close than those that are included. This undercuts independent pharmacies’ volume and profits.

While PBMs claim to reimburse independent pharmacies more than their own pharmacies, multiple Federal Trade Commission (FTC) reports show otherwise. PBMs reimburse their own pharmacies at better rates than outsiders. The most recent FTC report found that the “Big 3” PBMs (CVS Caremark, Express Scripts, OptumRx) paid their pharmacies higher reimbursements than unaffiliated pharmacies on nearly every specialty drug. This also included steering patients seeking highly profitable drugs to their own pharmacies with large mark-ups.

PBMs don’t just steer patients away though, the same FTC reports show PBMs also impose unpredictable retroactive fees on independent pharmacies. PBMs often impose opaque, performance-based fees and audits after a drug is dispensed. These can hit small pharmacies with surprise bills, or “clawbacks,” that erase their profit based on opaque metrics, not assessed until weeks after the sale. Because these fees hit well after the fact, pharmacies cannot price or plan around them.

In practice this means independent pharmacies run with constant uncertainty. A local pharmacy may fill a prescription expecting fair reimbursement, only to have a significant portion docked later. Such arbitrary takings make it nearly impossible for a small pharmacy to plan ahead to stay in business.

The result of these practices is fewer pharmacies. Between June 2023 and June 2024 the U.S. lost 448 independent pharmacies—a drop from 19,432 to 18,984 locations nationwide. That’s more than one pharmacy closing every day. Over the past decade-and-a-half independent pharmacies closed at a much higher rate than chains. From 2010 to 2021 about 39 percent of independent pharmacies had shut their doors (versus 22 percent of chain outlets). Crucially, the closures have been concentrated in low-income minority and rural communities—precisely the areas with the greatest healthcare shortages.

This loss of access has real consequences. Patients who live in rural towns or inner-city areas often rely on a single neighborhood pharmacy for medication, advice, and care. When that store closes, patients may be forced to travel long distances, face delays, or simply skip medications.

The problem is not abstract: in 2022 Express Scripts (a PBM owned by Cigna) removed nearly 15,000 pharmacies—27 percent—from its Tricare (military health) network, affecting over 400,000 active and retired service members. Express Scripts justified the decision by citing most of the pharmacies served small populations of Tricare beneficiaries, despite warnings of how it would disproportionately effect rural veterans.

PBM practices have undermined competition in the drug distribution market. As independent pharmacies vanish, patients lose choices and convenience. Vertical integration between PBMs and pharmacies is not an inherently bad thing, bringing with it the potential for increased efficiency and lower prices. But that can only take place in a competitive market in which other firms are not intentionally disadvantaged. Competition would normally discipline prices and service, but PBMs have blocked that by tilting the market in favor of their pharmacies.

With added transparency, independent pharmacies and vertically integrated ones can compete in a market that would require both to put patients’ needs and costs first. If independent pharmacies could shop for better PBM arrangements—or even direct purchases from drug manufacturers—so they can choose contracts PBMs compete to provide. If pharmacies and insurers knew PBMs’ rates and penalties before signing a contract or filling a script, they could choose better deals. An informed market would reward PBMs that deliver value rather than inflated costs.

Some states are already moving this way. Texas’s 2019 law requires PBMs to report aggregate rebates, fees and revenues, and legislators later banned PBM steering tactics and clawbacks on that knowledge.

A second useful reform is to enable direct purchasing of medicines by pharmacies from manufacturers, akin to the growing direct-to-consumer drug sales models. If a pharmacy could buy a drug straight from the maker at a transparent discount, it would be harder for PBMs to swallow rebates. In this model, manufacturers’ discounts would go straight to pharmacies and patients instead of vanishing into PBM coffers. It also means PBMs can’t apply clawback fees to drugs they didn’t help procure.

The bottom line is simple: patients—especially those in underserved areas—need local pharmacies to stay open. Independent pharmacists play a vital role in our communities, offering competition that can play a vital role in keeping drug prices in check. By forcing PBMs to operate in the open and by allowing alternative supply channels, we can restore a competitive market. In that market, PBMs would be rewarded for helping pharmacies thrive and patients save money—and punished for gouging drug costs. Market-based PBM reforms will protect patients’ access to medicine and give them the full benefits of competition.

Justin Leventhal is a senior policy analyst for the American Consumer Institute, a nonprofit education and research organization that advocates for consumers through evidence-based analysis and data.

https://www.realclearhealth.com/articles/2025/11/04/the_middlemen_draining_main_street_pharmacies_1145285.html

Key Ukrainian Logistics Hub Near Fully Captured By Russia, "No Sign Of Counter-Offensive"

 Via Remix News,

A key logistics hub in Ukraine’s eastern defense network, Pokrovsk, is close to falling, with a number of sources indicating between 85 and 95 percent of the city is controlled by Russian forces. One Hungarian security expert is warning that a counterattack could be disastrous for Ukraine.

With the fall of Pokrovsk in Donetsk, besides the obvious logistical and operational benefits it will provide Russia, it will also mean the loss of raw materials for Ukrainian steel production.

However, one Hungarian security expert, Attila Demkó, tells Mandiner that if Ukraine dares to launch a counterattack, it will “probably regret it very much.”

Ukrainian President Volodymyr Zelensky has already acknowledged that Ukraine’s situation in Pokrovsk is extremely difficult, and that Russians have infiltrated the town, but he has also denied that the city had fallen into Russian hands. 

Ukrainian sources are harassing Russian supply lines with drone attacks, and posting the results on X.

Ukrayna Ordusunun Pokrovsk ekseninde Rus Ordusu lojistik hattına yönelik FPV dron saldırıları.

Hatırlayacağınız üzere, dün Pokrovsk'taki durumu paylaşırken her iki tarafın da karşılıklı lojistik hatlarına baskı uyguladığını belirtmiştim. pic.twitter.com/QCaT7atmOB

— Burak Kosova (@brk_kosova) November 4, 2025

Some pro-Russian sources are claiming on X that 95 percent of the city, while prominent German journalist Julian Röpcke, known for his support for Ukraine, says at least 85 percent of the city is captured. He also says there “is no sign of a counter-offensive.”

#NewsMap
Russian invasion forces captured around 85% of #Pokrovsk with no signs of the Ukrainian “counteroffensive” in the north of the city changing things on the ground.
Notably, there are no fighting, bombing, or droning videos nor flag-hoisting stunts in the center so far. pic.twitter.com/9o0UKZegEu

— Julian Röpcke🇺🇦 (@JulianRoepcke) November 4, 2025

One video that is being widely spread shows Ukrainian special forces occupying three buildings, but Röpcke is also throwing cold water on this operation.

“Glimpse into the ‘battle for Pokrovsk.’ The entire video, airborne operation and battle of the GRU special unit is about 2-3 occupied buildings that are technically not even inside the city limits. Gives an impression of what ‘would’ be needed to liberate the city. Won’t happen,” he wrote on X.

Glimpse into the “battle for Pokrovsk”.

The entire video, airborne operation and battle of the GRU special unit is about 2-3 occupied buildings that are technically not even inside the city limits.
Gives an impression what *would* be needed to liberate the city.

Won’t happen.😞 pic.twitter.com/BY0oGHNTmS

— Julian Röpcke🇺🇦 (@JulianRoepcke) November 4, 2025

Many Ukrainian sources have lamented a pending disaster. A report out of Euromaidan reported that three Ukrainian brigades were completely surrounded in the zone around the city and that it is probably too late for an organized retreat.

At the same time, Russians have also caught up with Ukraine in drone technology. 

There are worries that if the city falls, Russia will have access to key Ukrainian resources.

Attila Demkó, head of the Strategic Futures Program at the NKE John Lukacs Institute, told Mandiner that the total agglomeration zone, together with the surrounding settlements of Rogynske and Mirnohrad, was home to about 140,000 residents in peacetime. However, its real significance is due to its mines. 

Mining has been suspended since January, but previously, some 3.5 million tons of dirty coal were mined there annually, the loss of which could reduce Ukrainian steel production by half, representing a massive economic loss. 

With just a fraction of the $4.4 billion in revenue from 2024 possibly collected this year, the impact would be huge on Ukraine’s raw material independence. 

“If the Russians capture it, it is unlikely that the Ukrainians will be able to regain it, meaning this loss will be permanent for Ukraine,” the Hungarian expert says.

The area of Pokrovsk is also a strategic logistics hub, even though many buildings were destroyed during the siege, and thousands of residents remained in place – the elderly or Russian sympathizers, Demkó adds. 

Serving logistics for the eastern Ukrainian theater of operations, the city and its surroundings are home to a railway distribution hub with huge storage capacities, while the H-32 highway is the most important east-west transport axis, he says. This is used by the Ukrainian army to transport supplies, fuel and combat equipment in Donetsk. Two north-south roads also run through it, on which maneuvering troops move. 

In other words, the fall of the region would be a huge blow to Ukrainian logistics, while at the same time facilitating the movement and supply of the Russians.

https://www.zerohedge.com/geopolitical/too-late-retreat-key-ukrainian-logistics-hub-near-fully-captured-russia-no-sign

NeuroPace Reports Record Revenue and Raises Guidance

 NeuroPace, Inc., based in Mountain View, California, is a medical device company specializing in innovative solutions for epilepsy, notably through its RNS System, a brain-responsive platform aimed at reducing seizures in patients with drug-resistant epilepsy.

In its third-quarter 2025 earnings report, NeuroPace announced a record quarterly revenue of $27.4 million, marking a 30% increase from the previous year. The company also raised its full-year revenue guidance to between $97 million and $98 million, reflecting strong market performance and strategic advancements.

Key financial highlights include a 31% growth in RNS System revenue and a robust gross margin of 77.4%, driven by a favorable product mix and manufacturing efficiencies. Operating expenses rose to $23.8 million, primarily due to increased sales, marketing, and R&D investments. Despite these expenses, the company reduced its net loss to $3.5 million from $5.5 million a year earlier.

Strategically, NeuroPace is advancing its NAUTILUS study for FDA approval, aiming to expand the RNS System’s indications. The company also submitted its AI-powered Seizure ID application to the FDA, underscoring its commitment to enhancing clinical outcomes and streamlining processes.

Looking ahead, NeuroPace remains optimistic about its growth trajectory, focusing on expanding the adoption of its RNS therapy as a standard care for epilepsy and exploring new opportunities in personalized neuromodulation.

https://www.tipranks.com/news/company-announcements/neuropace-reports-record-revenue-and-raises-guidance-2