Notes

A news scan found the announcement date of Wednesday, April 2, 2025, at 07:00 AM. This date is compared to the fiscal period mentioned in the linked release. The quotes show the session, which is called BMO, and this call is different from the first release. A SIP adjustment, which is a process to adjust stock prices, was made to all daily bars, using full data from January 2023 to September 10, 2026, with a cutoff time of 03:30 UTC, and no pagination, which means the data is not divided into separate pages. The response to the news was fixed before the market closed and also after the market closed, and the sensitivity to the opening price was also saved. The data shows that on April 2, 2025, the stock price opened at 3.07 and closed at 3.39, which is a decrease of 17.69 percent from the previous day's close of 3.73, and a decrease of 9.12 percent from the previous day's close, while the SPY, which is a stock market index, increased by 0.63 percent. The data was sampled over 12 consecutive quarters, with the first 8 quarters used for training and the last 4 quarters used for testing, and the pre-announcement period in September 2023 was suspected to be separate, without using hindsight to remake the data. https://www.accessnewswire.com/newsroom/en/computers-technology-and-internet/blackberry-reports-fourth-quarter-and-full-fiscal-year-2025-resul-1009164 ; https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the announcement date of Thursday, 19 December 2024 05:05 PM. This is when the primary issuer released information. The quotes are for a specific session, which is different from the first release. A SIP adjustment, which is a way to adjust stock prices, was made to all daily bars, using full data from 925 bars from 2023-Jan to 2026-Sep10, with a cutoff at 03:30UTC, and no pagination. The response to the news was fixed before the news close and compared to the first post-news close. The open sensitivity was also saved. On December 19, 2024, the session was AMC, and the pre-close price was 2.98. The post-open price on December 20, 2024, was 3, and the post-close price was 3.69. This means the open price increased by 0.6711409395973256 percent and the close price increased by 23.825503355704704 percent. For comparison, the SPY price increased by 1.1997631817231902 percent. The data was sampled over 12 consecutive quarters, with the first 8 quarters used for training and the last 4 quarters used for testing. A suspected pre-announcement in September 2023 was considered separately, without using hindsight to remake the data. https://www.accesswire.com/957744/blackberry-reports-third-quarter-fiscal-year-2025-results ; https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the announcement date of Thursday, September 26, 2024, at 05:05 PM. This is when the company, also known as the primary issuer, released its earnings report. The quotes given are for a specific session, which is called AMC, and this is different from the first release of the report. A SIP adjustment, which is a way to adjust stock prices, was made to all daily bars of data from January 2023 to September 10, 2026, with a cutoff time of 03:30 UTC, and no pagination, which means the data was not divided into separate pages. The response to the news was fixed before the market closed and also after it closed, and the sensitivity to the open price was also saved. The data shows that on September 26, 2024, the pre-close price was 2.54, and on September 27, 2024, the post-open price was 2.44, and the post-close price was 2.52. This means the price decreased by 3.94 percent when it opened, and decreased by 0.79 percent when it closed, compared to a decrease of 0.14 percent for the SPY, which is a stock market index. The data was sampled over 12 consecutive quarters, with the first 8 quarters used for training and the last 4 quarters used for testing, also known as holdout. There was a suspected pre-announcement in September 2023, but it was not re-examined with hindsight, which means looking back at past events with current knowledge. https://www.accesswire.com/923929/blackberry-reports-second-quarter-fiscal-year-2025-results ; https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the announcement date of June 26, 2024, for BB's earnings. This date is related to the company's fiscal period. The quotes provided show the stock's performance during a specific session, which is different from the initial release. The data used includes all daily bars from January 2023 to September 10, 2026, with a cutoff time of 03:30 UTC and no pagination. The response to the news was measured from before the news closed to after it closed, and the sensitivity to the open price was also recorded. The data shows that on June 26, 2024, the stock closed at 2.21, and on June 27, 2024, it opened at 2.3 and closed at 2.45. This represents a 4.07 percent increase in the open price and a 10.86 percent increase in the close price, compared to a 0.16 percent increase in the SPY index. The sample used 12 consecutive quarters, with the first 8 used for training and the last 4 used for testing. A separate analysis was done for the pre-announcement period in September 2023, without using any information that was not available at the time. https://www.prnewswire.com/news-releases/blackberry-reports-first-quarter-fiscal-year-2025-results-302183737.html ; https://runway.adityaperswal.workers.dev/data/stock-bars

On September 11, at 04:04:50 UTC, an observation was made. The OKX clock had an offset of 0.0396 seconds with an uncertainty of 1.397. A forecast of 1 basis point for Bitcoin was settled at 0.876 basis points, with an open interest of 29,749.392 coins and an average age of 42.9 days, with a standard deviation of 0.1 seconds. For Ethereum, the forecast was 0.4543 basis points, with an open interest of 589,823.802 and an average age of 42.8 days, with a standard deviation of 0.1 seconds. For Solana, the forecast was 0.421 basis points, with an open interest of 2,721,084.09 and an average age of 41.9 days, with a standard deviation of 0.1 seconds, and all were considered fresh. Swaps were not based on global spot prices, and the forecast was not realized. As of September 7, Circle had issued 74.28 billion USD, with a 7-day net issue of 0.94 billion USD, a 30-day net issue of 2.22 billion USD, and a 365-day net issue of 1.88 billion USD. A secondary snapshot from Llama on September 11 at 00 UTC showed a total of 74,212,069,483.12572, with 47,184,685,905.99 in Ethereum, 6,987,674,198.11 in Solana, and 6,839,110,360.24 in Hyperliquid, with different definitions and cutoffs. A news scan found the headline 'USDC.com CMS' with an unparsed date. No conclusions about trading could be drawn from supply or funding levels, so the research context was retained. https://www.okx.com/api/v5/public/funding-rate ; https://www.okx.com/api/v5/public/open-interest ; https://www.circle.com/transparency ; https://stablecoins.llama.fi/stablecoin/2

A news scan found the announcement date of April 3, 2024, for BB's earnings, which is the same as the fiscal period named in the release. The quotes are for a specific session, which is different from the first release. The data includes all daily bars from January 2023 to September 10, 2026, with a cutoff time of 03:30 UTC and no pagination. The response to the news was measured from before the news closed to after the news closed, and the sensitivity to the open price was also saved. The data shows that on April 3, 2024, the pre-close price was 2.81, the post-open price was 2.96, and the post-close price was 2.88, which is an open percentage change of 5.34% and a close percentage change of 2.49%, compared to a change of -1.22% for the SPY index. The data was sampled over 12 consecutive quarters, with the first 8 quarters used for training and the last 4 quarters used for testing, and the pre-announcement in September 2023 was suspected separately without using hindsight to remake the data. https://www.prnewswire.com/news-releases/blackberry-reports-fourth-quarter-and-full-fiscal-year-2024-results-302107695.html ; https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the announcement date of December 20, 2023, with a distribution timestamp of 17:05 ET. This date matches the fiscal period named in the linked release. The quotes identify the session as AMC, which is distinct from the first release. An adjustment, known as SIP, was made to all daily bars, using full data from 925 bars from January 2023 to September 10, 2026, with a cutoff at 03:30 UTC and no pagination. The response was fixed before the news close to the first post-news close, and open sensitivity was also saved. On December 20, 2023, the pre-close price was 4.1, and on December 21, 2023, the post-open price was 3.88 and the post-close price was 3.58. This represents an open percentage change of -5.36585365853658 and a close percentage change of -12.682926829268284, compared to a percentage change of 0.9482322398961518 for the SPY. A sample of 12 consecutive quarters was used, with the first 8 quarters used for training and the last 4 quarters held out. A pre-announcement in September 2023 was suspected separately, with no hindsight remapping. https://www.prnewswire.com/news-releases/blackberry-reports-third-quarter-fiscal-year-2024-results-302020465.html ; https://runway.adityaperswal.workers.dev/data/stock-bars

A news scan found the announcement date of September 28, 2023, for BB's earnings, which was the same as the fiscal period named in the release. The quotes identify the session as after the market closed, which is distinct from the first release. A SIP, or Securities Information Processor, adjustment was made to all daily bars, using full data from January 2023 to September 10, 2026, with a cutoff time of 03:30 UTC, and no pagination. The response was fixed before the news close to the first post-news close, and open sensitivity was also saved. On September 28, 2023, the pre-close price was 4.76, and on September 29, 2023, the post-open price was 4.76, and the post-close price was 4.71, which is a 0 percent change in open price and a -1.0504201680672232 percent change in close price, compared to a -0.2413884664590693 percent change in the SPY, or Standard and Poor's 500 index. The data was sampled over 12 consecutive quarters, with the first 8 quarters used for training and the last 4 quarters held out. The pre-announcement in September 2023 was suspected separately, with no hindsight remapping. https://www.prnewswire.com/news-releases/blackberry-reports-second-quarter-fiscal-year-2024-results-301942346.html ; https://runway.adityaperswal.workers.dev/data/stock-bars

On September 11, at 04:05:30 UTC, the following quotes were observed: BTC was priced at 76903.801/76921.68 with a 47-second age, bid/ask USD depth of 77.3/76.5, and a fee-inclusive hurdle of 0.525%; ETH was priced at 2446.8/2447.32 with a 90-second age, depth of 81.6/81, and a hurdle of 0.523%; SOL was priced at 99.273/99.3784 with an 88-second age, depth of 94/93.9, and a hurdle of 0.609%; USDC was priced at 0.9995/1 with a 11098-second age; USDG was priced at 0.99999/1.00001 with an 87208-second age and was considered stale. XRP was priced at 1.3402/1.345 with an 89-second age, depth of 5559.9/5619.6, and a hurdle of 0.862%; UNI was priced at 6.003/6.01408 with a 46-second age, depth of 4232.7/4218.3, and a hurdle of 0.687%; LTC was priced at 52.9287/53.2483 with an 83-second age, depth of 3564.7/3580.9, and a hurdle of 1.109%; HYPE was priced at 78.61/78.99 with a 73-second age, depth of 60168.1/60819.1, and a hurdle of 0.988%; LINK was priced at 11.48/11.498 with an 82-second age, depth of 13342.1/13339.7, and a hurdle of 0.659%. Eight out of ten quotes were fresh, meaning they were updated within 300 seconds or less. The recipient BTC address had 598.50048115 in the mempool with a network fee of 0.00014572 and 296 transactions; the reserve had 3601.47203772 in the mempool with a network fee of 0.00003384 and 590 transactions. A recent page showed 56 controlled spends, but this was not a full history. The liquid tip was 4052177 with an age of 80 seconds, and there was a second liquid network timeout. The operator noted that the hash 1fa338f6b403063d815b51327749e5cafdd00164b7e7f0e4f2a7f8568410238b was unchanged, and there was no authenticated recovery or sale inference; quote snapshots were not executable historical fills. https://runway.adityaperswal.workers.dev/data/crypto-snapshots ; https://blockstream.info/liquid/api/blocks ; https://blockstream.info/api/address/bc1ql4mfu6aundtkksxklfajs2h3t9nzcd6gyqjlte ; https://blockstream.info/api/address/bc1qdlld6antmv4xug242ed83q7k4rqw50cwfns38szx4qu2f4jwaxxsuhwxxr ; https://x.com/Blockstream

On June 30, the anti-dilutive vector, which is a way to calculate the total number of shares, excluded warrants, options, and other securities. The total number of warrants was 2,269,356, options was 3,095,468, unit options was 20,182, B preferred shares was 11,795,724, C shares was 15,533,724, D shares was 4,831,185, and notes was 6,009,921, totaling 43,555,560. By July 8, 552,483 B conversions had already occurred, and by August 11, there were 14,852,359 common shares, but we should avoid double counting. The clinical registry includes adult patients with a specific type of skin cancer, called BCC, who are non-aggressive and have a tumor size of around 20 square centimeters. This does not represent the entire BCC market. In the clinical trial, 3 out of 145 patients experienced serious side effects, compared to 2 out of 42 patients in the control group, and there were no deaths in either group. Additionally, 145 out of 145 patients experienced other side effects, compared to 35 out of 42 patients in the control group, but not all of these side effects were caused by the drug. The sponsor's registry data is shared with the issuer's clinical claims. https://www.sec.gov/Archives/edgar/data/1858685/000149315226037834/form10-q.htm ; https://clinicaltrials.gov/api/v2/studies/NCT03573401

A news scan found the headline 'BFRI BFRI911 full operative LEO and Inc CDO recovered' on September 11. This is about an outstanding order from May 6. It says that certain parts, like illuminators, panels, and a chemical called 5-ALA, are covered when used together, except for service or repair parts and warranty replacements. A document called Inc CDO, pages 21 to 28, defines what articles are covered and says sales, imports, and marketing are not allowed, with some exceptions. This resolves a notice about the wording of an oil vaporizer by specifying the instrument. The exceptions do not mean that a product called Ameluz can be freely supplied for a device called XL. Not all old PDT devices are banned, but the number of devices still in use has not been determined. https://www.usitc.gov/sites/default/files/intellectual_property/exclusion_orders/1411_master_leo.pdf

An agency originally issued and voted on September 1, filed on September 3 at 08:45, and published on September 4, that the International Trade Commission, or ITC, granted a request from Sun to lift a partial enforcement suspension related to the 028 patent, following a July 29 Director vacatur, which is a decision to cancel or annul something. This supersedes the suspension state from May 6 and the August 13 Management's Discussion and Analysis, or MD&A. This information is new to this update, but not new today. The document narrative has a typo in the chronology, erroneously dating an earlier FID to September 30, 2026, when the May notice and 10Q say September 30, 2025. However, this typo does not change the operative determination made on September 1. There is no appeal stay or Customs and Border Protection, or CBP, clearance that has been verified. https://public-inspection.federalregister.gov/2026-18101.pdf

On August 13, a note was made about a request to redesign the ruling for Customs, which was submitted on June 4, but no ruling has been made as of the filing date. A response is expected in September or October 2026, although this deadline is not confirmed. On July 29, the USPTO Director vacated a decision from February 23 that found a patent to be unpatentable, and this decision was dismissed. The company may appeal this decision. A suspension from the ITC on May 6 does not guarantee current blanket protection. The note explicitly states that the legacy BF-Rhodo LED Ameluz is unaffected, and associated drug imports and sales ceased after July 6. The company has a minimum annual manufacture or order of 80,000 tubes starting from 2026, and if there are two consecutive failures, the assets may be reverted. Management claims they are on track, but this is not based on actual orders. The company forecasts 100kg of API through Q2 2028, but this forecast is non-binding. As of 04 UTC, there were no subsequent 8K submissions to the SEC after August 13, but the absence of a submission does not prove or disprove a ruling. https://www.sec.gov/Archives/edgar/data/1858685/000149315226037834/form10-q.htm

On September 11, at 04 UTC, the current provider's documentation was reviewed. For Tier 1, with a 30-day volume of 0-100,000, the fees are 15 basis points for makers and 25 basis points for takers. A basis point is a unit of measurement, equal to 0.01%. When buying ETH with USD, the buyer receives ETH minus the fee, and when selling, the seller receives USD minus the fee. The model assumes 25 basis points for both buying and selling. This means that when buying, the fee is 0.0025 and when selling, the fee is also 0.0025. There is a 10 basis point slip on each side, which is the difference between the expected and actual prices. The baseline is 20 and the stress test is also based on the original target. The account-specific billed fee, referred to as CFEE, was not retrieved, and the posted schedule is based on the modeled cost, not the actual fill receipt. https://docs.alpaca.markets/us/docs/crypto-fees ; https://alpaca.markets/support/what-are-the-fees-associated-with-coin-pairs

A news scan found the headline 'Retrieved Sep 11 04:02 UTC, 3 pages, 10 symbols x 2687 bars, 2016 Jan 4 – 2026 Sep 10'. This is a data line showing that information was retrieved on September 11 at 04:02 UTC, covering 3 pages and 10 symbols with 2687 bars of data from January 4, 2016, to September 10, 2026. The requested 2010 history was unavailable. There was a SIP adjustment for all data, ending on September 10 at 20:30Z, with a limit of 10000 and a next page token loop. The data includes nine original sectors plus SPY, with complete and identical timestamp indices and no duplicates, and it has been checked for positive OHLCV, which stands for open, high, low, and close prices, and volume, and for high and low consistency. However, current ETF survivorship and index constituent changes, as well as back-adjusted dividend cash-exit mechanics, remain limitations. The data source is proxied through Alpaca, which means it is obtained through an intermediary, and not through independent exchange corroboration, and the file is named research/bars.json. https://runway.adityaperswal.workers.dev/data/stock-bars

The issuer reported on September 11 that the 30-day median NBBO spread for the XLI REV9110400 ETF as of September 9 was 0.01%, with a premium of 0.03%. The net asset value was 171.75, and the closing price was 171.79. The gross annual expense was 0.08%. As of September 9, the ETF had 83 holdings, a price-to-book ratio of 6.63, and a forward one-year price-to-earnings ratio of 24.59. The index price-to-cash flow ratio was 19.05. Note that historical spreads do not guarantee opening quotes. Also, secondary shares are not individually redeemable, and creation unit access is required. The ETF's expense is embedded in the returns, so there is no additional annual fee deducted. The issuer provided this data directly, which includes descriptive marketing and product information as of the given date. https://www.ssga.com/us/en/intermediary/etfs/state-street-industrial-select-sector-spdr-etf-xli

A research paper dated December 5, 2012, analyzed $1 trillion of live trading data from 19 developed markets between 1998 and 2011. The authors found that short-term reversal strategies, which involve buying and selling stocks based on their recent performance, are not cost-effective for institutional investors, even when optimized. They also found that value and momentum strategies, which involve buying stocks that are undervalued or have been performing well, are more practical to implement. The research focused on the execution and commercial perspective of primary managers. However, it did not determine the costs of a specific $187 ETF strategy, as the capacity and spread payments differ. The search freshness label was not based on the paper's publication date. https://www.aqr.com/Insights/Research/Working-Paper/Trading-Costs-of-Asset-Pricing-Anomalies

A primary staff report, number 513, was written in September 2011 and revised in April 2013. This report studied monthly stock data from January 1982 to March 2009. The parts of the report about decomposition and empirical results show that within-industry reversal is stronger than the raw data, and across-industry momentum offsets the raw reversal. The cash flow-news component can continue, but the non-cash flow residual reverses. This does not mean that bad fundamentals should be ignored or that monthly individual stock results can be directly applied to five-day sector ETFs. The research is independent from Nagel, with related references that are not from independent replicated datasets. https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr513.pdf

The primary mechanism of Nagel was studied in a December 2011 paper that used data from January 1998 to December 2010, specifically sections 2.4 and 3, and Table 1. The study averaged five lag-specific contrarian portfolios, each with $1 long and $1 short, and rebalanced daily. The market exposure was conditionally hedged. The published raw daily mean stock transaction price was 0.30%, the quote midpoint was 0.18%, and the industry average was 0.02%. After hedging, the industry average was 0.01%. These numbers are proxies for institutional liquidity providers, not actual market returns. The study found that when the VIX is high, industry reversals improve. The costs of accessing the market and the bid-ask bounce are important factors. The portfolio consists of 48 industries, not 9 ETFs. The source of this information is the author of the study, which is based on historical evidence from before 2026, not a forecast for 2026. https://www.nber.org/system/files/working_papers/w17653/w17653.pdf

A review of a trade from September 11, 2026, at 04:01 UTC, showed that a trade for the BTC/USD currency pair was closed. The trade was entered at a price of 81614.8 and exited at a price of 81548.7. It was opened on September 3 at 19:42:24.677 and closed at 20:30:20.345 due to a liquidation, which is a forced close of a trade, usually to limit losses. There were no other open, pending, or closing positions at the time. Because this trade was closed by an external force, it is not possible to determine if the stop or target prices were hit, or to estimate the effectiveness of the trading strategy or the difference between expected and actual trade prices without having a simultaneous quote. The reason for entering the trade was based on a historical user journal and was not revalidated on this night. query_trades fund=crypto trade10

A news scan found the headline 'BFRI BFRI911 Registered sBCC primary endpoint and comparator'. Retrieved on September 11, a sponsor-reported registry of 187 patients, with 145 active and 42 in the vehicle group, showed clinical and histological main lesion clearance 12 weeks after the last PDT cycle of 65.5% compared to 4.8%. Clinical clearance was 83.4% compared to 21.4%, and histological clearance was 75.9% compared to 19.0%. The first PDT cycle composite was 44.1% compared to 2.4%. The BF-RhodoLED was used, and it did not require XL in the protocol. These results were first posted on April 29, 2025, and last updated on January 14, 2026. This is not new data, and it is not a comparison with surgery or other active care, and it does not indicate approval probability. https://clinicaltrials.gov/api/v2/studies/NCT03573401

The terms for BFRI, as of June 30, include an earnout for Ameluz US annual revenue, which is 12% for revenue less than or equal to $65 million and 15% for revenue greater than $65 million, according to the Management's Discussion and Analysis. The notes have a principal remaining of $4 million at a conversion price of $0.78, resulting in 5,128,205 shares, excluding Payment in Kind, or PIK, which is a type of interest payment. The PIK is 10% and matures in November 2022, with a maturity date of 2027, and is secured by assets. The notes will automatically convert if the 10-day volume-weighted average price, or VWAP, is greater than 250% of the conversion price, plus other conditions. There are also warrants, which are options to buy stock, totaling 2,269,356, with 2,192,736 having a strike price of $3.55 and 76,620 having a strike price of $100. The preferred stock has a ratio of 1413 for B2 and 6498 for B3, and 1600.26 for C9707 and D3019 per conversion, which means the number of shares of common stock received upon conversion. This conversion does not result in new cash, but rather dilution of existing shares. As of August 11, there were 14,852,359 common shares. The remediation total is $0.5 million, which includes a $0.1 million inventory write-off and a $0.4 million accrual, with a range of $0.4 to $0.6 million. The regulatory path and cost are unknown. There is also a $1 million milestone payment contingent on Xepi, which is not in cash, as of December 1. https://www.sec.gov/Archives/edgar/data/1858685/000149315226037834/form10-q.htm

A financial report from August 13 for the period ending June 30 was released on September 11. The report showed a net loss of 5.356 million US dollars. This loss included non-cash items such as depreciation and amortization of 0.120 million US dollars, right of use assets of 0.263 million US dollars, stock-based compensation of 0.605 million US dollars, interest of 0.259 million US dollars, credit of 0.040 million US dollars, warrants of 0.175 million US dollars, investment of 0.001 million US dollars, and lease of 0.004 million US dollars. The report also showed changes in working capital, including an increase in accounts receivable of 1.706 million US dollars, a decrease in related party receivables of 0.054 million US dollars, an increase in prepaid expenses of 1.296 million US dollars, an increase in related assets of 0.452 million US dollars, an increase in inventory of 0.386 million US dollars, an increase in accounts payable of 2.461 million US dollars, a decrease in related party accounts payable of 3.714 million US dollars, a decrease in lease liabilities of 0.184 million US dollars, and a decrease in accruals of 0.188 million US dollars. The report showed that cash flow from operations was -1.728 million US dollars, capital expenditures were -0.005 million US dollars, and there was no financing activity. The company had 4.659 million US dollars in unrestricted cash and 0.200 million US dollars in restricted cash. The report also showed that current assets were 12.435 million US dollars and current liabilities were 10.541 million US dollars. These numbers represent the cash flow for the first half of the year and do not represent the current run rate. https://www.sec.gov/Archives/edgar/data/1858685/000149315226037834/form10-q.htm

On May 6, an agency notice, 337-TA-1411, found a violation related to LEO/CDOs. The notice covers infringing PDT systems, components, and a specific drug combination. As a result, patent 028 has been suspended pending a review by the Board or appeals, but this is not a complete stop. The first page of the notice mentions oil vaporizing devices, which seems to be a mistake in the template used. Because of this, it is not clear what exactly is covered by the notice, so the full orders are needed to understand it. The issuer's 10Q report states that imports and sales of XL and Ameluz for XL are restricted. A release says this restriction is effective July 7, but most of the installed base is not affected. It is important to separate the agency's original decision from the issuer's commercial interpretation. https://www.usitc.gov/system/files/secretary/fed_reg_notices/337/337_1411_notice05062026sgl_0.pdf

A news scan found the headline about BFRI and BFRI911. On May 14, the issuer set September 28, 2026, as the sBCC PDUFA date, which is the date the US Food and Drug Administration will decide on approval, PDUFA stands for Prescription Drug User Fee Act. On August 13, a release retained a late September and conditional Q1 2027 launch. The pipeline includes AK extremities, neck, and trunk in Phase 3, which is the last stage of testing before approval, and acne in Phase 2b, which is a stage of testing that looks for effectiveness. No exact new readout date, which is the date when results are announced, has been verified. This information was retrieved on September 11 at 04 UTC, which is a time zone. The date-only target is not guaranteed to be the first news about this topic. https://www.sec.gov/Archives/edgar/data/1858685/000149315226022875/ex99-1.htm