Friday Furnace

LIXTE Biotechnology — which was fighting a Nasdaq delisting just twelve months ago — completed its acquisition of NOMAD Transportable Power Systems on July 1, 2026, issuing 2,992,041 common shares and 50,366.07 shares of newly created Series D Convertible Preferred Stock as merger consideration. The preferred stock carries a $1,000 liquidation value per share and converts into common stock at $1.00 per share — a conversion price roughly 82% below the 60-day volume-weighted average price of $5.57 used to cash out NOMAD's unaccredited stockholders. The company simultaneously renamed itself Nomad Power Solutions and changed its Nasdaq ticker to NMAD, completing a pivot from clinical-stage oncology to AI energy infrastructure that was announced just 30 days before the merger agreement was signed. NOMAD's audited financials have not yet been filed and are due within 71 days.

ENTA Enanta Pharmaceuticals, Inc. Capital Build

Enanta Opens $75M ATM Days After Pfizer Patent Defeat

At edition (Jul 3, 2026) $439M · Live $439M

Enanta Pharmaceuticals activated a $75 million at-the-market equity facility with Jefferies on July 2, 2026, nine days after the Federal Circuit affirmed the invalidity of its Paxlovid patent claims against Pfizer and two weeks after announcing plans for a registrational Phase 2b/3 zelicapavir trial set to begin in Q4 2026. The ATM carries a 3% commission and imposes no obligation to sell. Enanta held $227 million in cash and marketable securities at March 31, 2026, and guided to a fiscal 2029 cash runway — guidance that rests on AbbVie's HCV royalties, which are unrelated to and unaffected by the Pfizer patent ruling. The move is best read as balance-sheet insurance ahead of a spending ramp into expensive late-stage trials, not a response to a funding shortfall.

XRN Chiron Real Estate, Inc. Turnaround

Chiron Completes $217M Rehab Hospital Sale, Retains 15% JV Stake

At edition (Jul 3, 2026) $503M · Live $503M

Chiron Real Estate closed the sale of its seven inpatient rehabilitation hospital properties on June 29, 2026, for $217 million. A U.S. public pension fund acquired an 85% stake in a joint venture that now owns the properties; Chiron retained 15% and serves as managing member. After costs and its JV investment, Chiron pocketed an estimated $194.9 million in net cash, booking an estimated $70.7 million gain against $140.5 million in book value. The sale, which the company had publicly flagged in its February 2026 investor presentation as a planned recycling candidate, removes roughly $16.6 million in annual rental revenue from the portfolio on a pro forma basis.

CNDT Conduent, Inc. Management crisis

Conduent General Counsel Resigns Mid-Divestiture, Fifth C-Suite Exit in Nine Months

At edition (Jul 3, 2026) $234M · Live $234M

Michael Krawitz, Conduent's Executive Vice President, General Counsel and Corporate Secretary, is leaving the company effective July 31, 2026 — the fifth named C-suite departure since October 2025. The exit leaves Conduent without a permanent chief legal officer as it works simultaneously to close the $164 million sale of its Public Transit business and the $70 million cash sale of its Tolling unit, both subject to regulatory approvals and expected to close before year-end. Conduent carries $698 million in long-term debt and posted a GAAP net loss of $170 million for full-year 2025 on revenue of $3,042 million.

BBIO Bridgebio Pharma, Inc. Capital Strategy Shift

BridgeBio Raises $934M in 7% Preferred Eight Weeks After Buyback Authorization

At edition (Jul 3, 2026) $15.1B · Live $15.1B

BridgeBio Pharma raised $933.9 million on July 1, 2026 by selling Series A Cumulative Convertible Participating Preferred Stock to affiliates of Sixth Street ($800M) and KKR's HealthCare Royalty ($133.9M), at a 7% annual cumulative dividend that escalates to as high as 17% after year seven. The preferred stock ranks senior to common equity in dividends and liquidation and explicitly restricts BridgeBio's ability to repurchase common shares — the same shares whose buyback the board authorized in a $500 million program on May 6, just eight weeks earlier. Ali Satvat, a KKR partner, sits on BridgeBio's board, a conflict disclosed in the filing. The conversion price of $137.79 per share — described as more than 100% above the company's 30-day volume-weighted average price — means the preferred converts into common only if the stock roughly doubles from its level at deal pricing.

ADCT ADC Therapeutics, Sa. Strategic Review

ADC Therapeutics Grants Executive Retention Awards, Pursues 'Value Maximizing Alternatives'

At edition (Jul 3, 2026) $151M · Live $151M

ADC Therapeutics' board granted one-time cash-and-RSU retention awards to CEO Ameet Mallik ($1.8M cash, 675,000 RSUs), CFO Jose Carmona ($542K cash, 203,700 RSUs), and CMO Mohamed Zaki ($569K cash, 213,900 RSUs) on June 30, 2026. The RSUs accelerate upon termination without cause or resignation for good reason — terms that would be triggered in most acquisition scenarios. The awards follow by four weeks the company's positive Phase 3 LOTIS-5 data and a February 2026 amendment to its HealthCare Royalty agreement that cut the change-of-control payment obligation from up to $750 million to $150 million, and come alongside management's stated intent to evaluate 'a broad range of value maximizing alternatives.'

PYXS Pyxis Oncology, Inc. Distressed

Pyxis Raises $50 Million PIPE, Delays Key Data to Fall 2026

At edition (Jul 3, 2026) $167M · Live $167M

Pyxis Oncology sold 19.6 million shares at $2.551 each and an equal number of warrants at $3.289 to a group led by BVF Partners, raising approximately $50 million in gross proceeds and extending a cash runway that otherwise expired in Q4 2026. The deal extends the company's funding into Q2 2027 but adds roughly 31% dilution to a share count of about 63.4 million, with a matching warrant overhang. Alongside the financing, Pyxis disclosed that its closely watched Phase 1 monotherapy data in second-line-and-beyond head and neck cancer — previously guided for mid-year 2026 — will now arrive in Fall 2026. The company has operated without a permanent CEO since February 2026 and without a permanent CFO since July 2025.

SOC Sable Offshore, Corp. Distressed

Sable Offshore Closes $1 Billion Refinancing After $30 Million Exxon Extension

At edition (Jul 3, 2026) $656M · Live $815M

Sable Offshore retired its ExxonMobil term loan on July 2, 2026, through a three-part transaction: $345 million of 6.5% convertible notes due 2031, roughly 37.3 million common shares priced at $3.08, and a fully drawn $675 million Term Loan B at 15% per annum. The deal came 32 days after Sable paid Exxon a $30 million amendment fee just to keep the existing loan alive long enough to refinance it — and after the original June 16 plan contemplated a senior secured term loan alone. An Exxon affiliate retained $299.17 million of the new Term Loan B, keeping the oil major as a major creditor under a different instrument.

LFCR Lifecore Biomedical, INC. \DE\ Distressed

All Preferred Holders Demand $52 Million Redemption Lifecore Cannot Yet Pay

At edition (Jul 3, 2026) $191M · Live $191M

Every holder of Lifecore Biomedical's Series A Preferred Stock — all 49,263 shares — submitted redemption notices on June 29-30, 2026, the first days they were eligible to do so, creating a $52.1 million cash obligation due December 28, 2026. With $38.1 million in total liquidity as of March 31, 2026 and credit agreements that prohibit the payment without lender consent, the company says it is evaluating 'strategic alternatives' including potential financing transactions or 'other possible strategic transactions.' The company had already disclosed in March 2026 that its financial plan did not contemplate using cash or raising new financing to fund this redemption, meaning a capital structure transaction of some kind was always the intended path.