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1911 Gold Corporation (‘1911 Gold’ or the ‘Company’) (TSXV: AUMB; OTCQB: AUMBF; FRA: 2KY) is pleased to announce the appointment of Éric Vinet as Chief Operating Officer (COO), effective December 1, 2025. The Company has also made several key site-level appointments to further strengthen its operations team, including Sam Bates (Mine Superintendent), David Towle (Mill Manager), and Dan Barrie (Director, Special Projects). These appointments reflect the Company’s strategic focus on building the operational leadership required to advance the 100%-owned and fully permitted True North Gold Project toward a planned restart of operations in 2027.

‘I am excited to welcome Éric Vinet to 1911 Gold as Chief Operating Officer,’ stated Shaun Henrichs, President & CEO. ‘Éric has already played a key role in shaping our technical and operational strategy through his current advisory work with the Company. His extensive experience in mine development, operational optimization, and risk management will be instrumental as we complete the Preliminary Economic Assessment and prepare for the trial mining program next year – important steps toward the restart of the True North Gold mine. Alongside other recent senior site-level appointments, Éric’s leadership further strengthens our capability to execute a safe, efficient, and successful restart of operations at True North.’

‘I look forward to joining 1911 Gold as it moves toward the restart of the True North gold mine,’ stated Éric Vinet. ‘The combination of a proven, high-grade gold system, a skilled operations team, and existing, permitted infrastructure creates an exceptional foundation for success. Having worked on similar underground operations throughout my career (and having spent the past year working alongside the 1911 Gold team as the project advanced), I see a tremendous opportunity to apply my technical and operational experience to safely and efficiently bring the mine back into production. I’m also eager to help evaluate other areas across the Rice Lake property that have strong potential to support additional near-term production.’

Éric Vinet, Chief Operating Officer

Mr. Vinet brings over 30 years of progressive technical and operational experience in the mining industry and has held several senior positions, including Senior Vice President (SVP) Operations at New Gold, where he was also General Manager at the Rainy River mine (2019-2020), repositioning the asset and reinitiating underground mining operations. Prior to this, Mr. Vinet served for several years as General Manager at Semafo Inc.’s gold operations in both Niger and Burkina Faso.

Prior to joining 1911 Gold, Mr. Vinet held key technical roles in several underground mining operations with production ranging from 800 to 4,800 tonnes per day. His experience includes the El Mochito Mine in Honduras with Breakwater Resources Ltd., the Nuestra Señora Mine in Sinaloa, Mexico with Scorpio Gold Corporation, and with African Barrick at the Bulyanhulu Mine in Tanzania. He also held progressively more senior positions at multiple underground operations in the Val-d’Or region, including the Louvicourt Mine, Sigma Mines, and the Kiena Gold and Copper Rand Mines in Chibougamau.

The breadth of this experience – spanning diverse mining methods, operational and capital budgeting, cost management, capital construction, contractor oversight, health and safety management, and the preparation of numerous technical studies – provides Mr. Vinet with a comprehensive and practical skill set that will greatly benefit the Company. He is a graduate of École Polytechnique de Montréal, earning his degree in Mining Engineering in 1989.

In connection with Mr. Vinet’s appointment as COO and under the terms of his current advisory agreement, he has been granted 800,000 options to purchase common shares of the Company, pursuant to the Company’s Long-Term Incentive Plan (the ‘LTIP’). Such options have an exercise price of $0.93 per common share and expire on October 28, 2030. The options vest as to one-third immediately and one-third after the first and second anniversaries of the date of grant. Mr. Vinet has also been granted 300,000 restricted share units (‘RSU’) under the LTIP, vesting one-third on December 1, 2025 and one-third after the first and second anniversaries of the effective date of his appointment.

Sam Bates, Mine Superintendent

Mr. Bates brings over 20 years of mining experience, primarily in the Red Lake gold camp, most recently serving as Mine Operations Superintendent at the Madsen Mine, where he oversaw underground development in support of the mine’s restart. His strong leadership and commitment to safety, combined with experience at operations such as McIlvenna Bay, Keno Hill, and Red Lake, further strengthen 1911 Gold’s site team.

David Towle, Mill Manager

Mr. Towle has over 40 years of milling and processing experience and was most recently Mill Manager at the Madsen Mine in Red Lake, where he managed mill commissioning and startup to achieve nameplate production. His extensive background in plant operations, commissioning, and leadership across multiple Canadian gold projects will be invaluable as 1911 Gold advances toward the restart of operations.

Dan Barrie, Director, Special Projects

Mr. Barrie brings over 30 years of experience in supply chain management, contract administration, and project execution across major Canadian mining projects. His proven expertise in procurement, logistics, and operational readiness will be instrumental as 1911 Gold strengthens its supply chain capabilities in support of long-term operational excellence.

About 1911 Gold Corporation

1911 Gold is a junior developer with a highly prospective, consolidated land package totaling more than 61,647 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, Canada. The Company also owns the True North mine and mill complex in Bissett, Manitoba. 1911 Gold believes its land package represents a prime exploration opportunity, with the potential to develop a mining district centred on the True North complex.

In addition, the Company holds the Apex project near Snow Lake, Manitoba and the Denton-Keefer project near Timmins, Ontario, and remains focused on advancing organic growth while pursuing accretive acquisition opportunities across North America.

1911 Gold’s True North complex and the exploration land package are located within and among the First Nation communities of the Hollow Water First Nation and the Black River First Nation. 1911 Gold looks forward to maintaining open, cooperative, and respectful communications with all of our local communities and stakeholders to foster mutually beneficial working relationships. 

ON BEHALF OF THE BOARD OF DIRECTORS

Shaun Heinrichs
President and CEO

www.1911gold.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or describes a ‘goal’, or variation of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved.

All forward-looking statements reflect the Company’s beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company’s forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, predictions, projections, forecasts, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the completion of the Preliminary Economic Assessment, and the timing and results thereof, commencement of trail mining next year, and the potential re-start of mining operations in 2027, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE 1911 Gold Corporation

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2025/28/c4303.html

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International Lithium Corp. (TSXV: ILC,OTC:ILHMF) (OTCQB: ILHMF) (FSE: IAH) (the ‘Company’ or ‘ILC’) is pleased to announce, further to its announcement on September 09, 2025, that on October 24, 2025 Lepidico met all the drawdown conditions for completion of its secured loan from ILC and that this has now been increased to the full amount of CAD$ 510,000. Of this loan amount CAD$420,000 earns interest at the rate of 10% p.a.

There were various conditions for the drawdown of the remaining loan, including a key condition now met that, by full drawdown, there would be no debt owed by Lepidico Mauritius or its subsidiaries to its ultimate Australian parent, Lepidico Ltd., which is in liquidation.

ILC now holds without any conditions an option from Lepidico (Canada) Inc. (‘Lepidico Canada’) to buy 100% of the shares of Lepidico (Mauritius) Ltd. (‘Lepidico Mauritius’) on a debt-free basis for consideration of CAD$975,000 plus certain payments in the future that are contingent on and linked to various possible receipts by Lepidico Canada. Lepidico Mauritius in turn owns 80% of Lepidico Chemicals Namibia (Pty) Ltd. (‘Lepidico Namibia’), which owns the Karibib Lithium, Rubidium and Cesium project in Namibia. The actual net amount payable by ILC on option exercise will be the difference between CAD$975,000 payable by ILC for the option exercise and the repayment to ILC of loan principal of CAD$510,000 plus interest accrued to the date of option exercise. The option has been granted until the later of November 30, 2025, and 30 days after the arbitration outcome is known (see below).

It is important to reiterate that there is a possibility that the option may not be exercised, especially if Lepidico Namibia encounters an adverse outcome in an arbitration dispute with the Chinese company Jiangxi Jinhui Lithium Co. Ltd., which involves claims and counterclaims. This arbitration in Singapore is now expected to conclude at any time from now until the end of 2025. Conversely, if the arbitration is resolved positively, ILC and Lepidico Canada have agreed that 30% of the net proceeds after legal and other costs will be retained by the part of the Lepidico group that ILC would be acquiring, with the remaining 70% paid to Lepidico Canada. The deal structure reflects ILC’s reluctance to assume the risk of a negative arbitration award arising from events that occurred seven years ago.

Assuming the transaction goes ahead with ILC exercising its option, the Company would leapfrog, by several years, the development stage of other projects it is interested in, including those in Zimbabwe and:

  • have one of the largest rubidium resources in Africa and (per our own research and also using Grok) the largest disclosed rubidium resource in Africa, as well as one of the most extensive rubidium resources in North America through ILC’s existing Raleigh Lake project in Ontario;
  • be well-positioned for an upswing in the lithium market; and
  • strengthen its stance as one of the leading global players in the rubidium market and a company with some of the most significant cesium interests of any non-Chinese company.

Lepidico’s ownership of Karibib resulted from its 2019 acquisition of TSXV-listed Desert Lion Energy in exchange for shares and other securities valued at that time at AUD$ 22.9 million (approximately CAD$20.7 million). Since acquiring the company in 2019, Lepidico has invested a further AUD$ 12.1 million (approximately CAD$ 10.9 million) in the Karibib project, excluding central group overheads, with a significant portion directed towards drilling, an environmental study and subsequently a Definitive Feasibility Study and a further Resource Estimate both under JORC standards.

The Karibib Project comprises two areas near Karibib, Namibia, with fully permitted mining licences known as Rubicon and Helikon (also in various reports spelled Helicon), along with an Exclusive Prospecting Licence EPL5439 for an adjacent area. Fuller details are as set out in our news release of September 9, 2025.

It is believed, based on published data, that as well as its significant lithium resource, the Karibib project contains the largest (or one of the two largest) rubidium resources of any project in Africa (the others being in Zimbabwe and Zambia). At the same time, the amount of cesium is smaller but nevertheless equal to about one year of global demand. For cesium Sinomine has historically been the largest producer in Africa, and has recently restarted cesium production at its Bikita project in Zimbabwe by extracting pollucite from petalite tailings. Sinomine is also known to have rubidium from the lepidolite at Bikita, but we are not aware of any resource estimate.

If the option is exercised, ILC would, subject to confirming the resource as its own resource (and not a historical resource as it is presently treating it) have the largest known or at least the largest disclosed rubidium resource in Africa. The Company also has extensive rubidium resources in North America through its Raleigh Lake project in Ontario. Please refer to the Company’s ‘The Raleigh Lake Project – NI 43-101 Technical Report PEA’ dated January 18, 2024 by ERM Consultants Canada Ltd. and the seven named QPs in the report.

John Wisbey, Chairman of ILC, stated: ‘This potential acquisition marks a significant advancement for ILC globally – particularly in Southern Africa. With this single transaction for a project that reached the Definitive Feasibility Study stage under JORC in 2020 and was upgraded in 2022, the Company would leapfrog, by several years, the development stage of other projects we are interested in, including those in Zimbabwe.’

‘Assuming the transaction goes ahead with ILC exercising its option, ILC will be well-positioned for an upswing in the lithium market, as well as strengthening its stance as one of the leading global players in the rubidium market and a company with some of the most significant cesium interests of any non-Chinese company.’

About International Lithium Corp.

International Lithium Corp. is a Critical Minerals exploration company with exploration activities in Ontario, Canada, with intentions to expand into Southern Africa. It has projects at various stages, ranging from Definitive Feasibility Study at Rubicon in Namibia (note that ILC currently has an option only and is treating this as historic information at this point and not a current resource for ILC) to Preliminary Economic Assessment at Raleigh Lake (as noted above) to Pre-Drilling at Wolf Ridge. The primary target metals in Canada are lithium, rubidium and copper. There are three projects (two in Ontario and one in Ireland) in which ILC has sold its share but where we stand to receive future payments from either a resource milestone being achieved or from a Net Smelter Royalty. In Namibia the Karibib project contains lithium, rubidium and cesium.

While the world’s politicians are currently divided on the future of the energy market’s historic dependence on oil and gas and on ‘Net Zero’, there is in any scenario an ever increasing and significant demand for electricity driven by AI and data centres, and by a likely unstoppable momentum towards electric vehicles and grid-scale electricity storage. All these contribute to rising demand for lithium and copper as well as other metals. Rubidium is also a valuable critical metal that is strategic for high-precision clocks and for space technology. We have seen the politically driven and increasingly urgent wish by the USA, Canada, EU and other major economies to safeguard their supplies of critical metals and to become more self-sufficient. Our Canadian and Southern African projects, which contain lithium, rubidium, cesium and copper, are strategic in that respect.

Our key mission for the next decade is to generate revenue for our shareholders from lithium and other battery metals, as well as rare metals, while also contributing to the creation of a greener, cleaner planet and less polluted cities.

This includes optimizing the value of our existing projects in Canada as well as finding, exploring and developing projects that have the potential to become world-class deposits. We have announced that we regard Southern Africa as a key strategic target market for ILC and, in addition to Namibia, we have applied for and hope to receive EPOs in Zimbabwe. We hope to make further announcements on the portfolio developments over the next few weeks and months.

The Company’s interests in various projects now consist of the following, and in addition, the Company continues to seek other opportunities:

Name Metal Location Stage Area in 
Hectares
Current Ownership Percentage Future Ownership % if options exercised and/or residual interest Operator or 
JV Partner
Rubicon + 
Helikon + 
Exclusive Prospecting Licence
Lithium
Rubidium
Cesium
Karibib, 
Namibia
2021 : Feasibility Study completed for Li, Rb and Cs 29,500 0 % 80% Lepidico; ILC if option exercised
Raleigh Lake Lithium
Rubidium
Ontario Dec 2023 : PEA for Li completed Apr 2023 Maiden Resource Estimates for Li and Rb 32,900 100% 100% ILC
Firesteel Copper
Cobalt
Ontario Aeromagnetics and Drilling started mid 2024 6,600 90% 90% ILC
Wolf Ridge Lithium Ontario Pre-Drilling 5,700 0% 100% ILC
Mavis Lake Lithium Ontario May 2023
Maiden Resource Estimate
2,600 0% 0%
(carries an extra earn-in payment of AUD$ 0.75 million if resource targets met)
Critical Resources Limited
Avalonia Lithium Ireland Drilling 29,200 0% 0%
2.0% Net Smelter Royalty
GFL Intl Co Ltd. (owned by Ganfeng Lithium Group Co. Ltd)
Forgan/
Lucky Lakes
Lithium Ontario Drilling 0% 0%
1.5% Net Smelter Royalty
Power Minerals Limited

 

The Company’s primary strategic focus at this point is on the Raleigh Lake Project, comprising lithium and rubidium, and the Firesteel copper project in Canada, as well as obtaining EPOs and mineral claims in Zimbabwe. The Karibib projects in Namibia, including further development on the EPL there, will become a high focus if ILC exercises its option there.

The Raleigh Lake Project now encompasses 32,900 hectares (329 square kilometres) of mineral claims in Ontario and represents ILC’s most significant project in Canada. To date, drilling has occurred on less than 1,000 hectares of our claims. A Preliminary Economic Assessment was published for ILC’s lithium at Raleigh Lake in December 2023, with a detailed economic analysis of ILC’s separate rubidium resource still pending. Raleigh Lake is 100% owned by ILC, free from any encumbrances and royalties. The Raleigh Lake Project boasts excellent access to roads, rail, and utilities.

A continuing goal has been to remain a well-funded company to turn our aspirations into reality. Following the disposal of the Mariana project in Argentina in 2021, the Mavis Lake project in Canada in 2022, and the Avalonia project in 2025, ILC continues to achieve sufficient inward cash flow to be able to make progress with its exploration projects.

With the increasing demand for high-tech rechargeable batteries used in electric vehicles, electrical storage, and portable electronics, lithium has been designated ‘the new oil’ and is a key part of a green energy, sustainable economy. By positioning itself with projects that have significant resource potential and solid strategic partners, ILC aims to be one of the preferred lithium and rare metals resource developers for investors and to continue building value for its shareholders for the rest of the 2020s, the decade of battery metals.

On behalf of the Company,

John Wisbey
Chairman and CEO
www.internationallithium.ca

For further information concerning this news release, please contact +1 604-449-6520 or info@internationallithium.ca or ILC@yellowjerseypr.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

Except for statements of historical fact, this news release or other releases contain certain ‘forward-looking information’ within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the timing of completion of any offering and the amount to be raised, the likelihood or otherwise of the Company exercising its option on Lepidico Mauritius, the outcome of arbitration involving Lepidico Namibia, the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Karibib or Raleigh Lake or Firesteel or Wolf Ridge projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or copper recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company’s projects, the Company’s budgeted expenditures, future plans for expansion in Southern Africa and planned exploration work on its projects, increased value of shareholder investments in the Company, the potential from the Company’s third party earn-out or royalty arrangements, the future demand for lithium, rubidium, cesium and copper, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects or royalty partners. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled ‘Risks’ and ‘Forward-Looking Statements’ in the interim and annual Management’s Discussion and Analysis which are available at www.sedarplus.ca. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272194

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(TheNewswire)

Brossard, Quebec TheNewswire – October 28, 2025 CHARBONE CORPORATION (TSXV: CH,OTC:CHHYF; OTCQB: CHHYF; FSE: K47) (‘ CHARBONE ‘ or the ‘ Company ‘), a North American producer and distributor specializing in clean Ultra High Purity (‘ UHP ‘) hydrogen and strategic industrial gases, is pleased to announce that civil construction work officially began yesterday, October 27, 2025, at the Sorel-Tracy site in accordance with the timeline presented in the Company’s October 22 press release.

This milestone marks the concrete launch of the construction phase for CHARBONE’s first clean UHP hydrogen production module in Quebec. The work involves the complete preparation of technical infrastructure and the installation of foundations required for the reassembly of the main equipment, the delivery of which was successfully completed earlier this month.

We are extremely proud to see the project progressing exactly according to plan, thanks to the outstanding commitment of our teams and partners ,’ said Dave B. Gagnon, CEO of CHARBONE . ‘ The start of civil construction work brings our vision of local, decarbonized clean UHP hydrogen production in Quebec to life. Each milestone achieved brings us closer to commissioning in November and to the broader deployment of our modular model .’


Click Image To View Full Size

About CHARBONE CORPORATION

CHARBONE is an integrated company specializing in clean Ultra High Purity (UHP) hydrogen and the strategic distribution of industrial gases in North America and Asia-Pacific. Through a modular approach, the Company is building a distributed network of green hydrogen production plants while diversifying revenues via helium and specialty gas partnerships. This disciplined model reduces risk, enhances flexibility, and positions CHARBONE as a leader in the transition to a low-carbon future. CHARBONE is listed on the TSX Venture Exchange (TSXV: CH,OTC:CHHYF) , the OTC Markets (OTCQB: CHHYF) , and the Frankfurt Stock Exchange (FSE: K47) . Visit www.charbone.com .

Forward-Looking Statements

This news release contains statements that are ‘forward-looking information’ as defined under Canadian securities laws (‘forward-looking statements’). These forward-looking statements are often identified by words such as ‘intends’, ‘anticipates’, ‘expects’, ‘believes’, ‘plans’, ‘likely’, or similar words. The forward-looking statements reflect management’s expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under ‘Risk Factors’ in the Corporation’s Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.

Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .

Contact Charbone Corporation

Telephone: +1 450 678 7171

Email: ir@charbone.com

Benoit Veilleux

CFO and Corporate Secretary

Copyright (c) 2025 TheNewswire – All rights reserved.

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House Oversight Committee Chair James Comer, R-Ky., is demanding the Department of Justice (DOJ) conduct a ‘comprehensive’ investigation into former President Joe Biden’s autopen use.

The committee’s GOP majority released a 100-page report on Tuesday morning detailing findings from its months-long probe into Biden’s White House, specifically whether his inner circle covered up signs of mental decline in the ex-president, and if that alleged cover-up extended to executive actions signed via autopen without Biden’s full awareness.

‘Faced with the cognitive decline of President Joe Biden, White House aides — at the direction of the inner circle — hid the truth about the former president’s condition and fitness for office,’ the report said.

The report also detailed a ‘haphazard documentation process’ for pardons made by Biden, which the committee argued left room for doubt over whether the former president made those decisions himself.

‘In the absence of sufficient contemporaneous documentation indicating that cognitively deteriorating President Biden himself made a given executive decision, such decisions do not carry the force of law and should be considered void,’ the GOP report said.

‘The Department of Justice should immediately conduct a review of all executive actions taken by President Biden between January 20, 2021, and January 19, 2025. Given the patterns and findings detailed herein, this review should focus particularly on all acts of clemency. However, it should also include all other types of executive actions.’

In addition to concerns about who signed off on Biden’s executive actions, Comer spent part of the report raising concerns about Hunter Biden’s role in the pardon process.

Fox News Digital previously reported that ex-Biden Chief of Staff Jeff Zients told investigators that Hunter Biden was in the room for some pardon discussions — specifically the controversial preemptive pardons the ex-president gave to his relatives.

‘It was towards the end,’ said a portion of Zients’ transcript included in the report. ‘What comes to mind is the family discussions. But I don’t know — that doesn’t mean that was it. It was the pardons towards the end, very end of the administration. And I think it was a few meetings, not many meetings.’

Comer’s report said, ‘Zients testified that President Biden included his son, Hunter Biden, in the decision-making process for and meetings about pardons.’

‘This apparently included the meeting to discuss the pardons of five Biden family members, Dr. Anthony Fauci, General Mark Milley, and the members of Congress who served on the Select Subcommittee to Investigate the January 6th attack on the United States Capitol, and their staff,’ the report said.

The Oversight Committee called a total of 14 witnesses across three months, mainly consisting of top Biden administration aides — including some who had known him for decades.

Despite nearly 47 hours of interviews and sworn depositions, however, Comer suggested he believed aides covered for Biden even in the committee room.

‘Throughout the Committee’s investigation, senior Biden White House aides presented a perspective of President Biden’s cognitive health completely disconnected from that of the American public,’ the report said.

‘Not one of the Committee’s 14 witnesses was willing to admit that they ever had a concern about President Biden being in cognitive decline. In fact, numerous witnesses could not recall having a single conversation about President Biden’s cognitive health with anyone inside or outside of the White House.’

Comer spent a significant amount of time in the report criticizing former White House physician Dr. Kevin O’Connor. O’Connor’s sworn deposition was among the shortest sit-downs of the investigation, with the doctor having invoked the Fifth Amendment for all questions save for his name.

In a letter obtained by Fox News Digital alongside the report, Comer called for the D.C. Health Board of Medicine to investigate O’Connor — and potentially bar him from practicing medicine.

The GOP report called O’Connor’s alleged decision to not conduct a cognitive exam with Biden during his four-year term ‘reckless’ and accused him of making ‘grossly misleading medical assessments.’

‘His refusal to answer questions about the execution of his duties as physician to the president — combined with testimony indicating that Dr. O’Connor may have succumbed to political pressure from the inner circle, influencing his medical decisions and aiding in the cover-up — legitimizes the public’s concerns that Dr. O’Connor was not forthright in carrying out his ultimate duties to the country,’ the report said.

‘The Committee recommends that the District of Columbia Board of Medicine review the actions taken by Dr. O’Connor while serving as the White House physician to President Biden for any potential wrongdoing in the medical care of the former president –– including whether Dr. O’Connor produced false or misleading medical reports to the American people.’

O’Connor’s lawyers previously told Fox News Digital that he invoked the Fifth Amendment over concerns that the scope of the committee’s probe could run afoul of doctor-patient confidentiality standards.

Biden’s allies have repeatedly denounced Comer’s probe as political and having no basis in reality. 

Multiple people who spoke with the committee have argued that concerns about Biden’s mental acuity were made worse by the media and Republican pundits, particularly after his disastrous June 2024 debate against current President Donald Trump.

In an interview with The New York Times in July, Biden affirmed he ‘made every decision’ on his own.

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President Donald Trump told U.S. troops aboard the USS George Washington at Japan’s Yokosuka Naval Base on Tuesday that the ‘first batch of missiles for Japan’s F-35 fighter jets ‘will arrive this week,’ suggesting that U.S. defense deliveries to Tokyo are moving ahead of schedule.

The comments came during Trump’s hour-long remarks to sailors as part of his wider Asia trip, which included a stop in Malaysia before Japan, where he met with the country’s first female prime minister, Sanae Takaichi, and signed a new U.S.-Japan framework agreement on rare earth minerals. Later this week, Trump is expected to meet with Chinese President Xi Jinping.

Washington has approved several large arms sales to Japan, including advanced AIM-120 AMRAAM and AIM-9X air-to-air missiles designed for F-35s.

Trump praised the U.S.’ alliance with Japan, calling it ‘one of the most remarkable relationships in the entire world.’

Prime Minister Takaichi, sharing the stage with Trump, said Japan was ‘committed to fundamentally reinforcing its defense capability’ and ‘ready to contribute even more proactively to peace and stability in the region.’

Trump also touted Japan’s and the U.S.’ stock markets reaching record highs, saying it was a sign that ‘we’re doing something right.’

Trump’s appearance underscored Washington’s deepening security cooperation with Tokyo as regional tensions with China and North Korea persist. Ahead of his Asia trip this week, Trump has made repeated invitations to meet North Korean leader Kim Jong Un, though no concrete preparations are underway.

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Russian President Vladimir Putin is tightening his grip on power by elevating younger loyalists amid growing instability inside the Kremlin as he ages, according to reports.

On Sunday, The Telegraph reported that Putin, 73, who has ruled Russia for more than two decades, is ‘running out of cards to play’ as pressure mounts both domestically and abroad. 

The Federal Security Service (FSB) also opened a criminal case against exiled businessman Mikhail Khodorkovsky and 22 members of the Anti-War Committee of Russia, accusing them of plotting a seizure of power, per reports. Khodorkovsky spent a decade in a Siberian prison before founding the Anti-War Committee in 2022.

John Herbst, Senior Director of the Eurasia Center at the Atlantic Council and former U.S. ambassador to Ukraine, told the U.K. outlet that ‘the Kremlin is falling into paranoia.’

‘All the people around him have started thinking about a world beyond Putin, so he has arranged his own elite in a really careful way, so there are no clear seams along which it would kind of rip apart,’ Henry Hale, Professor of Political Science and International Affairs at George Washington University, told Fox News Digital. 

‘He also has members of his own family now that are starting to rise in the ranks. One of the ones that has gotten the most attention is Anna Evgenievna Tsivilyova, née Putina,’ Hale said. 

Tsivilyova, 52, is Putin’s first cousin once removed and currently heads the Defenders of the Fatherland Foundation, a state-run organization that supports Russian soldiers and veterans. 

She has also served as chair of the board of the Kolmar Group, one of Russia’s largest coal companies.

‘The younger people are being brought up by the older generation integrated seamlessly into the power pyramid,’ Hale said.

‘Putin is worried about what happens as he ages and if you don’t provide some opportunity for younger people to rise up, you know, then the regime might come under some pressure.’

‘These people can be trusted because they’re related to people close to Putin, and they can also be young and energetic. The younger people are being brought up by the older generation, integrated seamlessly into the power pyramid,’ Hale added.

In 2023, Wagner Group leader Yevgeny Prigozhin staged a brief mutiny, sending his fighters toward Moscow before abruptly standing down only to die weeks later in a plane crash. 

Now, the Kremlin’s focus has shifted to silencing opposition abroad. 

‘Tensions remain within the elite and Putin wants to get rid of any possible risks,’ Hale said. ‘The 2023 incident was a warning from Putin to his own elite, his own inner circle, not to dare try anything. Putin and his people are watching each other carefully and so don’t try anything funny,’ Hale added.

Recently, western sanctions, less oil revenue, and war costs could push Russia toward recession.  

The Treasury Department under President Donald Trump sanctioned Russia’s two largest oil producers, Rosneft and Lukoil, escalating pressure on the Kremlin to end its war in Ukraine. 

According to reports, the Russian government could raise taxes and increase domestic borrowing to close the gap.

‘Putin has weathered the main crisis that the full-scale invasion of Ukraine brought Russia, which was the initial shock of the invasion and its failure to take Ukraine in a matter of days,’ Hale added. 

‘But war brings uncertainty and there’s a risk of disastrous defeat, underperforming expectations. All the people around him start thinking about a world beyond Putin.’

‘That said, well, I think Putin’s regime is fairly stable at the moment,’ Hale concluded.

Fox News Digital has reached out to the Kremlin for comment.

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U.S. airline travelers are beginning to feel the effects of the ongoing government shutdown. And with no clear end in sight, it’s increasingly likely that Americans could be grappling with flight delays and cancellations just ahead of the Thanksgiving holiday.

Tuesday marks Day 28 of the shutdown. It’s also the first day that air traffic controllers and other federal workers will see a paycheck showing $0 — putting added strain on a sector that is already dealing with a declining workforce and difficult employment conditions.

‘This Democrat-led shutdown is putting an unnecessary strain on our nation’s aviation system, putting more flights at risk for delays or cancellation,’ Rep. Troy Nehls, R-Texas, chair of the House Transportation Committee’s aviation subcommittee, told Fox News Digital.

After speaking with air traffic controllers directly, Nehls said, ‘They’ve shared their growing concerns about fatigue, distraction and financial hardship as they continue performing essential work without pay.’

‘The busy holiday season is quickly approaching, and the traveling public deserves a safe, efficient, and reliable travel experience. If Senate Democrats continue to refuse to do the right thing and pass the clean continuing resolution, the situation will only get worse,’ Nehls said.

Still, the looming payday hasn’t loosened Senate Democrats from their dug-in position. 

Sen. Andy Kim, D-N.J., argued that the blame game against Democrats over air traffic controllers, and other looming issues like federal food benefits soon running out of money, were ‘all things that the Republicans have been cutting back on.’ 

He noted to Fox News Digital that the administration fired hundreds of Federal Aviation Administration (FAA) employees earlier this year based on recommendations from the Department of Government Efficiency (DOGE). 

‘These are things that they’ve constantly been attacking and putting the strain and pressure on air traffic controllers, and now they’re pretending like they care about this, and I just find that to be disingenuous,’ Kim said. ‘And it’s just using our federal workers as pawns when we know that this administration has done everything that they could to decimate and dismantle our civil service and our public service.’

The Senate may vote on a bill this week from Sen. Ted Cruz, R-Texas, that would pay air traffic controllers, but so far Senate Majority Leader John Thune, R-S.D., has not teed it up. Thune said they’d ‘see what the temperature is of our senators’ on that and other funding issues, but he reiterated that the easiest way to pay all federal workers would be to reopen the government. 

Sen. Richard Blumenthal, D-Conn., echoed a sentiment many Senate Democrats have shared about Cruz’s bill and others like it that would incrementally fund parts of the government; it can’t give President Donald Trump ‘carte blanche to do what he wants.’ 

When asked by Fox News Digital about criticism from Republicans over congressional Democrats’ role in air traffic controllers missing a pay day, he said, ‘Air traffic controllers have been really admirable in coming to work and doing their job.’

Cruz said that he hoped his bill would get a shot, and when asked what his message to Republicans would be to get the bill on the floor, he said, ‘That the Democrats not paying air traffic controllers is reckless.’  

Some 13,000 air traffic controllers are employed across the U.S. Many already work six days per week, faced with a long-simmering shortage of employees.

Because air traffic controllers are deemed essential workers, they are made to work during shutdowns without pay. Instead, they are expected to get back pay when the shutdown is over.

Transportation Secretary Sean Duffy warned late last week that it would mean that many air traffic controllers would be forced to take on another job to make ends meet.

‘If you have a controller that’s working six days a week but has to think about, ‘How am I going to pay the mortgage, how am I to make the car payment, how am I going to put food on my kid’s table?’ They have to make choices, and the choice they’re making is to take a second job,’ Duffy said. ‘I don’t want them delivering for DoorDash. I don’t want them driving Uber. I want them coming to their facilities and controlling the airspace.’

And the effects are being felt already, even far outside of Washington, D.C., where Congress is still gridlocked over federal spending.

Los Angeles International Airport, one of the world’s busiest airports, was forced to issue a temporary ground stop on Sunday morning due to a shortage of air traffic controllers.

It was just one of 22 locations that faced disruptions over air traffic controller shortages on Sunday, Duffy told ‘Sunday Morning Futures.’

There were more than 3,300 delayed flights across the U.S. as of late Monday afternoon, according to airline tracker FlightAware. There were more than 8,700 delays on Sunday.

And several airports, including in Dallas, Austin and Newark, were all under ‘ground delay’ or ‘ground stop’ advisories early Monday evening, according to advisory bulletins from the FAA. Each advisory was due to staffing issues. 

Sen. Roger Marshall, R-Kan., noted that there were ‘three or four’ fast-approaching pressure points, including the payday for air traffic controllers, that could shake loose deeply entrenched Senate Democrats. 

He noted that it wouldn’t be something inside the walls of Congress that could force negotiations, but ‘something extraneous that forces us to come together.’

‘I think the air traffic control has the most potential to light this place up,’ he told Fox News Digital. ‘If the senators can’t go home Thursday night because of air traffic control issues, then I think it really could be a pressure point.’

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President Barack Obama was angry with former House Speaker Nancy Pelosi for her quick endorsement of former Vice President Kamala Harris after President Joe Biden withdrew from the 2024 election, according to a new book.

An excerpt from ABC News’ Jonathan Karl’s upcoming book, ‘Retribution,’ asserts that Pelosi and Obama had come to an understanding that Harris ‘should not simply be handed the nomination unchallenged.’ Nevertheless, Pelosi handed her an endorsement within 24 hours of Biden’s withdrawal.

‘The Obamas were not happy,’ a source close to Pelosi told Karl, according to an excerpt obtained by the Daily Mail.

‘This person summed up Obama’s message to Pelosi as, essentially, ‘What the f–k did you just do?’’ Karl wrote.

The book asserts that Obama had deep concerns about Harris’ ability to beat President Donald Trump and wanted Democrats to hold an open convention.

‘Obama and Pelosi — arguably the two most influential figures in the Democratic Party — had privately agreed to abstain from making any endorsements,’ Karl wrote.

‘The former president wanted to know what had happened. Why had Pelosi issued a statement endorsing Harris so soon? Hadn’t he and Pelosi agreed days earlier that party leaders anointing the vice president as Biden’s replacement would be a mistake?’ Karl added.

Obama gave Pelosi an angry phone call, during which Pelosi argued ‘that train has left the station,’ when Biden endorsed Harris during his withdrawal message.

The source close to Pelosi claimed Obama sounded ‘genuinely irritated’ on the call.

Obama himself ultimately waited five days after Biden’s withdrawal before offering his endorsement to Harris in a joint phone call with his wife, Michelle.

‘We called to say Michelle and I couldn’t be prouder to endorse you and do everything we can to get you through this election and into the Oval Office,’ Obama said.

Michelle chimed in, ‘I am proud of you. This is going to be historic.’

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Here’s a quick recap of the crypto landscape for Friday (October 24) as of 5:00 p.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$110,645, a 0.3 percent increase in 24 hours. Its lowest valuation of the day was US$109,873, and its highest was US$111,266.

Bitcoin price performance, October 24, 2025.

Chart via TradingView.

Bitcoin’s medium-sized investors are continuing to buy even after the US$19 billion liquidation event earlier this month, preserving the market’s long-term bullish structure, according to CryptoQuant.

Entities holding between 100 and 1,000 BTC have added roughly 907,000 BTC over the past year, which analysts say represents a strong accumulation trend that historically aligns with upward price momentum.

Recent price action reflects this institutional backing, with Bitcoin reclaiming levels above US$110,000 amid softer inflation data and improved market sentiment. However, CryptoQuant warned that short-term demand is softening as the cohort’s 30-day balance has fallen below its moving average, suggesting potential near-term caution until a catalyst, such as renewed exchange-traded fund (ETF) inflows, emerges.

Ether (ETH) was priced at US$3,928.56, a 1.8 percent increase in 24 hours. Its lowest valuation of the day was US$3,872.67, and its highest was US$3,968.61.

Altcoin price update

  • Solana (SOL) was priced at US$193.09, at its highest valuation of the day, up by 0.9 percent over the last 24 hours. Its lowest valuation of the day was US$189.23.
  • XRP was trading for US$2.51, an increase of 4.2 percent over the last 24 hours and its highest valuation of the day. Its lowest was US$2.46.

Crypto derivatives and market indicators

The cryptocurrency market has experienced some fluctuations with a mixed but generally cautious outlook. The crypto derivatives market has shown some signs of recovery and increased activity after the earlier October volatility.

Liquidations for contracts tracking Bitcoin have totaled approximately US$5.89 million in the last four hours, the majority of which have been short positions, indicating a possible short squeeze or short-covering rally.

This aligns with Bitcoin’s price rebound and trader repositioning after recent dips.

Ether liquidations showed a different pattern; its US$7.01 million liquidations were fairly evenly split between long and short positions, suggesting balanced market dynamics and some ongoing indecision or consolidation.

Futures open interest for Bitcoin was up by 0.4 percent to US$71.27 billion over four hours, indicating growing trader interest and increasing liquidity, with a slight decrease in the final hour of trading. Ether futures open interest moved by +0.86 percent to US$45.94 billion, also showing a modest pullback as markets closed.

The funding rate remains positive, with both Bitcoin and Ether showing it at 0.005, a sign of modest bullish sentiment but not extreme leverage. Bitcoin’s relative strength index stood at 55.4, in a neutral to slightly bullish momentum phase, further supporting a stable recovery rather than a parabolic move.

Fear and Greed Index snapshot

CMC’s Crypto Fear & Greed Index has slightly trended upwards into 32, but remains in fear territory, an improvement from this week’s lowest score (25).

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap

Today’s crypto news to know

Trump pardons Binance founder

US President Donald Trump has granted a full pardon to Binance founder Changpeng Zhao, wiping away his 2024 conviction for violating US anti-money laundering laws. Zhao, better known as “CZ,” served four months in prison and had been barred from running financial ventures under the plea deal.

The move follows months of lobbying by Binance, which paid a record US$4.3 billion fine as part of its own settlement with federal prosecutors. White House Press Secretary Karoline Leavitt called the case “a politically motivated overreach by the Biden administration,” insisting the pardon was meant to correct an injustice.

Critics argue the decision reflects Trump’s growing financial ties to the crypto industry, citing his personal investments and recent push for a “national cryptocurrency reserve.” Zhao thanked Trump on social media, saying he is “deeply grateful” for the decision and eager to “continue supporting innovation responsibly.”

Bitfarms surges on Jane Street investment

Crypto miner Bitfarms (TSX:BITF) saw its shares surge on Friday after trading firm Jane Street said it has acquired a 5.4 percent ownership stake in the company, as well as a 5 percent stake in Cipher Mining (NASDAQ:CIFR).

This move from a major institutional market maker, known for its strategic investments in the digital asset space, highlights the growing institutional involvement in cryptocurrency mining businesses and their expanding role within the tech sector’s market rally.

Polymarket confirms POLY token launch

Prediction platform Polymarket has confirmed plans to launch its long-awaited POLY token following a US$2 billion investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.

Speaking on the Degenz Live podcast, Chief Marketing Officer Matthew Modabber said both the token and airdrop are “officially in motion,” confirming rumors that have swirled for months.

Modabber emphasized that the launch will prioritize real utility and “long-term viability,” aligning with Polymarket’s push to relaunch its US app after receiving fresh regulatory clearance.

Sygnum Bank, Debifi partner for multiSYG Bitcoin lending product

Sygnum Bank has partnered with Debifi, a Bitcoin-backed lending platform, to introduce MultiSYG, a new multisignature Bitcoin lending product slated for launch in the first half of 2026.

MultiSYG allows clients to borrow fiat currencies against their Bitcoin holdings. These Bitcoin assets are held in a 3-of-5 multisig escrow wallet, with keys distributed to the borrower, Sygnum and independent signers. This structure ensures borrowers maintain partial control and on-chain cryptographic proof of their collateral for the loan term.

The product is designed to enhance transparency and security in lending by preventing rehypothecation and eliminating the need for blind trust in custodians, which are common issues in traditional lending practices. MultiSYG is specifically tailored for institutional and high-net-worth clients seeking bank-grade terms and flexible loan services.

JPMorgan to let institutions borrow against Bitcoin, Ether holdings

JPMorgan Chase (NYSE:JPM) is preparing to let its institutional clients borrow cash using Bitcoin and Ether as collateral. Set to launch by the end of 2025, the initiative will allow the firm’s clients to pledge cryptocurrencies directly rather than through ETFs, using a third-party custodian to safeguard tokens.

The pilot follows successful internal testing involving BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:IBIT) earlier this year. JPMorgan already accepts crypto-linked ETFs as loan collateral.

Crypto.com applies for national trust bank charter

Crypto.com has applied to the US Office of the Comptroller of the Currency for a National Trust Bank Charter.

This federal charter would enable Crypto.com to provide regulated crypto financial services across the US, including custody and staking. The company plans to focus on institutional clients, offering solutions such as digital asset treasuries, ETFs and corporate custody. This move signifies Crypto.com’s progression towards compliance with traditional financial regulations and the expansion of its regulated presence in the US.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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The third quarter was a pivotal period for both the biotech and pharmaceutical sectors, with regulatory developments and an increase in business deals shaping the landscape for the industries.

Public biotech indexes rallied above critical levels last seen in 2021, with the NASDAQ Biotech Index (INDEXNASDAQ:NBI) closing 21 points ahead for the quarter and up 11 percent year-to-date.

Emerging artificial intelligence (AI) applications are becoming increasingly critical in drug discovery and R&D, highlighted by products like AlphaFold and new draft guidance from the US Food and Drug Administration (FDA) that encourages AI use in regulatory submissions. However, cautious funding approaches remain, especially for early stage companies.

This confluence may signal a sector resurgence, despite continued funding caution for early stage firms.

Biopharma M&A activity picks up

In a Q3 report on M&A activity, Oppenheimer notes that biopharma market sentiment showed an upward trajectory during the quarter, with expectations that deal flow will continue to increase through the end of 2025.

William Blair, a global investment banking and asset management firm specializing in biopharma investments, also notes an uptick in momentum in a recap of Q2 activity in the biopharma space, citing positive clinical data, a wave of public M&A activity and more clarity on tariffs and drug pricing as catalysts.

Total M&A transaction value reached US$38 billion for the quarter, according to data analyzed by Oppenheimer, including US$20 billion in September alone. Clinical-stage acquisitions saw their strongest quarter since late 2023, driven by early stage assets in the oncology, immunology and cardiovascular-metabolic areas.

The central nervous system space saw a pause in deals for the first time since the beginning of 2024, reflecting shifting investment priorities. Small molecules and antibodies maintained their leading positions as prevalent treatment modalities in deals, while emergents like bispecific antibodies, multi-specific antibody-drug conjugates and CAR-T therapies gained traction. However, the overall M&A market for antibody-drug conjugates remained cautious, with the exception of Seribant Therapeutics’ acquisition of Y-mAbs Therapeutics for US$412 million.

Public company takeouts continued to outnumber private company acquisitions for the second consecutive quarter; however, private companies still attracted strong interest from investors after a sluggish first half of 2025.

Oppenheimer’s Private Placement Activity report notes that a significant increase was observed in September, with companies with a clinical pipeline and a platform commanding the highest valuations.

Strategic partnerships between established pharmaceutical leaders and innovative biotech firms continued to underscore the ongoing efforts by pharma leaders to build and diversify their pipelines.

Roche Holding (OTCQX:RHHBY,SWX:ROG) and Zealand Pharma (OTC Pink:ZLDPY,CPH:ZEAL) entered into an agreement to co-develop and co-commercialize weight-loss drug candidate petrelintide in a deal valued at up to US$5.3 billion, reflecting ongoing interest in weight-management therapies, despite market challenges and competitive pressure.

Meanwhile, Bristol-Myers Squibb (NYSE:BMY) and BioNTech (NASDAQ:BNTX) agreed to co-develop and co-commercialize a novel cancer immunotherapy targeting multiple tumor types in a deal worth up to US$11 billion, and Pfizer (NYSE:PFE) partnered with 3SBio (OTC Pink:TRSBF,HKEX:1530) to advance a new cancer drug candidate.

Both agreements highlight ongoing efforts to expand oncology treatment options.

Cell and gene therapies continued to draw investor attention, and the central nervous system space saw an increase in average deal size. William Blair notes that cell and gene therapies remain a priority area for venture capital investors, as well as public market investors, despite regulatory complexities.

Initial public offering (IPO) activity rebounded meaningfully in Q3 after a quieter first half of 2025, with LB Pharmaceuticals’ (NASDAQ:LBRX) September offering serving as a marker of renewed capital markets appetite.

Secondary public offerings and clinical-stage private financings also increased, fueled by promising clinical data and expanding investor participation, including from international markets such as China.

In parallel, funding for AI-driven drug discovery platforms continued to capture investor interest, with rounds for companies like Isomorphic Labs, Pathos and Lila Sciences.

Regulatory and policy developments

US President Donald Trump’s second term has brought a shift to more business-friendly stances, impacting healthcare M&A and trade. The Federal Trade Commission has signaled intentions to ease antitrust scrutiny, potentially speeding up big pharma and biotech dealmaking and encouraging higher transaction volumes that consolidate the sector.

A central policy focus is the onshoring of biopharmaceutical manufacturing, with the administration actively pursuing tariff negotiations to reduce import costs and bolster supply chain resilience. The landmark deal between the government and Pfizer to lower drug prices in Medicaid in exchange for tariff relief exemplifies this dual approach.

These tariff adjustments are designed to ease the burden on drug importation costs, incentivizing companies to invest more domestically while managing global supply chain risks. Lara Castleton, US head of portfolio construction and strategy at Janus Henderson Investors, has identified this agreement as “the catalyst for healthcare.” She further suggests that the sector is likely overdue for a comeback, having lagged behind the tech market earlier in the year.

Trump has emphasized the expectation that other pharma companies will follow suit, intensifying onshoring efforts. As of September 30, large pharma had committed roughly US$368 billion to US-based manufacturing facilities.

Additionally, the FDA approved 45 new drug applications in Q3, marking a notable increase from previous quarters. This surge was driven by accelerated approvals, largely in the gene and cell therapy sectors, as well as innovative biologics targeting rare diseases and oncology.

Biotech and pharma market forecast for 2025

The biotech and pharma sectors entered Q4 on firm footing. Supportive market dynamics are expected to persist as the year continues, with 2025 on track to reach US$93 billion in total transaction value.

Several catalysts are poised to shape the healthcare landscape moving forward.

An anticipated IPO from MapLight Therapeutics, focusing on neurology therapies, will reveal investor appetite for specialty pharma assets in a market that had a bullish close to Q3, but faces questions about sustaining momentum.

On the regulatory front, FDA decisions are expected for a handful of treatments in gene and cell therapy, as well as oncology. Approvals are expected to accelerate, bolstered by programs aimed at speeding up evaluations of novel treatments like CRISPR-based medicines, stem cell research and nutraceuticals.

Leadership changes may also foster innovation in unconventional medical fields such as stem cell research and nutraceuticals. Amid an evolving regulatory and political landscape, Reed Jobs has advocated for sustained public funding to fuel biomedical progress, delivering a key congressional address on National Institutes of Health protection in September. Beyond advocacy, he is also building a nearly US$1 billion biotech fund focused on next-generation cancer therapies, highlighting the vital intersection of public research funding and private sector innovation.

Policy clarity around drug pricing reforms and Medicaid tariff relief will critically influence commercial access and pricing dynamics. The GLP-1 sector remains under the spotlight following the announcement of Trump’s plans to reduce the monthly cost of GLP-1 drugs like Ozempic and Wegovy to US$150.

AI’s expanding role in drug discovery, clinical trial design and digital therapeutics will continue to inspire industry innovation, likely attracting significant funding and fostering new collaborations.

However, volatility related to regulatory appointments, trade uncertainties and notably the ongoing US federal government shutdown presents near-term challenges. Investors and industry participants will closely monitor clinical data and regulatory shifts to navigate the evolving landscape successfully.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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