Latest news with #SPRING
Yahoo
2 days ago
- Business
- Yahoo
PGY vs. TREE: Which Disruptive Lending Platform Has More Upside Ahead?
Pagaya Technologies Ltd. PGY and LendingTree, Inc. TREE are fintech firms focused on transforming the lending space. Pagaya uses artificial intelligence (AI)-powered machine learning to optimize credit underwriting and securitization, while LendingTree operates an online lending marketplace connecting borrowers with can PGY's AI-powered growth momentum subdue TREE's proven marketplace supremacy? While both face headwinds from shifting consumer spending patterns and market uncertainties, let's decipher which stock is better placed for long-term growth. Pagaya's strength lies in its adaptable business model and capital-efficient structure. While initially focusing on personal loans, the company has expanded into auto lending and point-of-sale financing, reducing exposure to any single loan type and improving resilience across economic diversify its funding, PGY has built a network of more than 135 institutional partners and utilizes forward flow agreements—pre-arranged deals where investors commit to buying future loans. These agreements offer funding stability, especially during market disruptions.A key differentiator is Pagaya's proprietary tech and product suite. Its Pre-screen solution allows lenders to present pre-approved offers to existing customers without formal applications, helping partners boost credit access and deepen relationships with minimal marketing Pagaya operates with minimal on-balance-sheet exposure. Loans are typically acquired immediately by asset-backed securities (ABS) vehicles or via forward flow agreements, thanks to capital raised in advance. This approach limits credit and market risk, preserving flexibility during turbulent model proved effective from 2021 to 2023 amid rising rates and tighter markets. By relying on forward flow agreements and strategic ABS issuance, Pagaya maintained liquidity and minimized loan write-downs. As of March 31, 2025, the company held $206.5 million in cash and short-term investments against $507.8 million in debt, supporting its capital-light growth trajectory. LendingTree, an online marketplace that connects consumers with financial service providers for mortgages, loans, credit cards and insurance, is a key player in the growing digital lending space. The company's operating strategy has been evolving, with a notable shift in focus toward boosting top line by diversifying into non-mortgage products, particularly in the Consumer segment. Over the years, the company has expanded its services to include credit cards and widened its loan offerings by providing personal, auto, small business and student loans. LendingTree entered the branded credit market in 2023 with the launch of the WinCard, its first consumer credit product, in partnership with Upgrade. The company's initiatives, including SPRING (previously MyLendingTree) and TreeQual, are bolstering its cross-selling LendingTree is leveraging data and technology to augment user experience and monetization. The company's strategic investment in EarnUp (in early 2022), a consumer-facing payments platform, demonstrates its commitment to building a more comprehensive, tech-enabled ecosystem for financial health intends to continue adding offerings for consumers, small businesses and network partners to its online marketplace to expand and diversify its revenue sources. This has led to a CAGR of 3.3% in non-mortgage revenue streams over the past three expects its 2025 adjusted EBITDA to be $116-$126 million, suggesting an increase of 11-21% from the 2024 level. This year, shares of Pagaya have performed extremely well given the bullish investor sentiments. The stock has soared 130.3%, while TREE has lost 4.6% so far this year. Hence, in terms of investor sentiments, PGY has the edge. Image Source: Zacks Investment Research From a valuation perspective, Pagaya is currently trading at a 12-month trailing price-to-book (P/B) of 3.66X, while the TREE stock is trading at a 12-month trailing P/B of 4.66X. Image Source: Zacks Investment Research So, PGY is inexpensive compared to return on equity (ROE) of 9.28% is below LendingTree's 14.76%. This reflects that TREE is more efficiently using shareholder funds to generate profits. Image Source: Zacks Investment Research The Zacks Consensus Estimate for PGY's 2025 and 2026 revenues implies year-over-year growth of 19.9% and 15.7%, respectively. The company expects total revenues and other income to be between $1.175 billion and $1.3 billion. Last year, the metric was $1.032 billion. The consensus estimate for PGY earnings indicates a 195.2% and 28% jump for 2025 and 2026, respectively. Also, management projects net income (GAAP) to be in the range of $10-$45 million for 2025. Image Source: Zacks Investment Research On the contrary, the Zacks Consensus Estimate for TREE's 2025 and 2026 revenues implies year-over-year growth of just 9.2% and 6.4%, respectively. For 2025, the company projects total revenues to be between $955 million and $995 million. In 2024, total revenues were $900.2 the consensus estimate for LendingTree's earnings indicates 43.9% growth for 2025, while for 2026, earnings are expected to decline 3.5%. Image Source: Zacks Investment Research Pagaya is scaling rapidly with its flexible, capital-light model, AI-powered lending solutions and a strong network of funding partners. Its significantly stronger revenue and earnings growth outlook compared with LendingTree enhances its appeal as a high-upside investment TREE boasts a well-established marketplace model and superior ROE, its revenue and earnings growth are decelerating. Given PGY's compelling growth trajectory and its more attractive valuation, it appears better positioned for long-term gains, despite TREE's relative operational maturity and currently sports a Zacks Rank #1(Strong Buy), whereas LendingTree carries a Zacks Rank of 3 (Hold). You can see the complete list of today's Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report LendingTree, Inc. (TREE) : Free Stock Analysis Report Pagaya Technologies Ltd. (PGY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Asahi Shimbun
5 days ago
- Business
- Asahi Shimbun
Government to cut foreign Ph.D. students' living expense stipends
Japan's education ministry announced on June 26 that international doctoral students will be excluded from receiving support program funding for their living expenses from fiscal 2027. These expense make up a majority of the maximum 2.9 million yen ($20,100) a student can receive annually from the Support for Pioneering Research Initiated by the Next Generation (SPRING) program. The policy change slashes up to 2.4 million yen and will leave individuals with an average of 400,000 yen for research activities. The program started in fiscal 2021 and typically provides up to 2.9 million yen per year for a maximum of three years to Ph.D. students. In fiscal 2024, 10,564 students at 80 universities across Japan received this funding. However, concerns were raised at a March Diet session that about 40 percent of the recipients were international students, with the majority being from China. During an expert panel meeting on June 26, the education ministry clarified that the original intent of the program is 'primarily to support Japanese students who are hesitant to pursue doctoral studies due to financial concerns.' The ministry added that international students typically decide to pursue doctoral studies before arriving in Japan and often have the financial ability to study abroad independently. 'Living expense support will not be provided to international students,' the ministry concluded. 'The number of international students receiving the grant exceeded our initial expectations,' an education ministry official said. 'This is not intended to exclude foreign students but to reaffirm the program's main purpose of supporting domestic students.' On the other hand, the decision could hinder the government's goal to increase the number of international students in Japan to 400,000 by 2033. Amid rising xenophobia surrounding universities in the United States, a professor at a Japanese national university criticized the change to the program, saying, 'The government doesn't understand the global situation.' He added, 'The low enrollment in doctoral programs is rooted in problems within Japanese society itself. The decision to limit living support to Japanese students reflects an inward-looking mentality that may be underlying this issue.'
Yomiuri Shimbun
6 days ago
- Business
- Yomiuri Shimbun
Phd Students May Soon Have to Be Japanese to Get Living Expense Grants, as Education Ministry Mulls Rule Change
The education ministry is considering limiting living expense grants for outstanding PhD students to Japanese nationals. At present, about 30% of recipients are Chinese international students. The grant program was originally aimed at Japanese students, and the Education, Culture, Sports, Science and Technology Ministry is looking at realigning the program with its original purpose. The ministry presented a plan to revise the program to a meeting of experts on Thursday, and hopes to act on it as early as fiscal 2026. The program, officially called Support for Pioneering Research Initiated by the Next Generation (SPRING), was launched by the ministry in fiscal 2021 and provides up to ¥2.9 million a year per student to cover living costs and research funding for their doctoral studies, with no nationality restrictions. Last fiscal year, 4,125 of the 10,564 recipients were international students, and Chinese nationals made up the largest group at 2,904 students. That led to questions at the Diet. Under the proposed revision, international students will not be eligible for the living expense grants, which can total as much as ¥2.4 million. However, they will still be eligible for research grants, and the ministry will even introduce a new system to adjust funding based on the subject of their research and their performance. Students working full time will also become eligible for grants. The revision comes as the ministry tries to finalize a strategy for developing human resources, which includes support for PhD students, by the end of this summer.
Japan Times
6 days ago
- Business
- Japan Times
Japan mulls cuts to financial aid for Ph.D. students from abroad
The education ministry is considering limiting the financial support it provides to doctoral students to assist with living expenses so that the funding is only made available to Japanese nationals, according to a draft proposal unveiled by an expert panel on Thursday. The Ph.D. aid program has recently come under fire from some members of parliament, who point out that nearly 40% of those receiving the support are international students despite the fact that the fund aims to foster future human resources in Japan. According to the education ministry, of the 10,564 students who received the aid in fiscal 2024 around 4,125 were international students, including 2,904 from China. The program, known as Support for Pioneering Research Initiated by the Next Generation (SPRING), was started in April 2021 to encourage more people to continue their studies to the doctoral level. The program was launched to tackle a decline in domestic students enrolling in Ph.D. programs due to financial difficulties and concerns over employment prospects, with the goal of fostering the capabilities to drive future innovation. Compared with 10 years ago, for example, the number of Japanese students going into doctoral programs in 2024 was down by 12% while foreign student enrollment increased by 35%. SPRING currently offers students up to ¥2.9 million per year for both research and living expenses, regardless of their nationality. The program has been adopted at 90 universities across the nation, with around 80% of doctoral students at those schools receiving some aid. Under the revised plan, which could go into effect as soon as next April, financial aid that covers living expenses will no longer be offered to international students, given the program's primary goal of encouraging Japanese students to enroll in Ph.D. programs. Financial aid used directly for research, which is, on average, around ¥400,000 per year, would continue to be offered to international students as well. In order to focus support on outstanding students, the amount offered for research would be differentiated depending on the academic and research performance of the student. To attract excellent international students and promote diversity at research institutions, the program is looking to encourage collaboration among universities on globalization efforts. Strengthening measures to help international students find employment after they complete their program of study in Japan is also under consideration. Furthermore, under the revised plan, eligibility for the financial aid used directly for research will be expanded to include working adults with a stable income, to encourage more individuals to explore further studies in the science and technology field. They will not be offered funding for living expenses, but such support will be made available to those who do not receive an income despite being a member of an organization or a company employee. According to the panel, the number of students enrolled in doctoral programs has increased in the past several years, growing from 14,382 in fiscal 2022 to 15,744 in 2024, and recovering close to the levels seen in fiscal 2011. Compared with the previous year, the number of working adults enrolling in Ph.D. programs in 2024 increased by 30, while the number of international students decreased by 118. The expert panel at the education ministry, which was established in April, met for the fourth time Thursday and is expected to submit a midterm report in coming weeks. The panel, which is focused on fostering the next generation of innovators in the science and technology field, is also discussing ways to improve related education in elementary, middle and high schools.
Yahoo
05-05-2025
- Health
- Yahoo
Chemomab Announces Presentation of Positive Nebokitug Phase 2 Clinical Data in Primary Sclerosing Cholangitis in Distinguished Plenary Session at DDW 2025
SPRING Trial Data Presented at Digestive Disease Week® 2025 Shows that Nebokitug at 15 and 48 Weeks of Treatment Is Well-Tolerated and Associated with Significant Improvements in Multiple Fibrotic and Inflammatory Biomarkers that Represent Slowing of Disease Progression Confirms the Clinical Potential of Nebokitug As a First-in-Class Novel Treatment for PSC and Supports Advancement to Phase 3 TEL AVIV, Israel and SAN DIEGO, May 05, 2025 (GLOBE NEWSWIRE) -- Chemomab Therapeutics, Ltd., (Nasdaq: CMMB), a clinical stage biotechnology company developing innovative therapeutics for fibro-inflammatory diseases with high unmet need, today announced that data from the company's Phase 2 SPRING trial of nebokitug (CM-101) in primary sclerosing cholangitis (PSC)1 was presented in an oral Distinguished Abstract Plenary session at Digestive Disease Week® (DDW 2025) in San Diego, California. Paul J. Pockros, MD, Director, Liver Disease Center Scripps Clinic and Director of SC Liver Research Consortium, who was a SPRING trial investigator, presented the nebokitug data. He noted, 'PSC is a potentially devastating progressive disease that lacks any FDA-approved therapies. The data from the SPRING trial are very encouraging, showing that nebokitug appears safe and well-tolerated over 48 weeks of treatment. Notably, patients with more active moderate to severe disease showed sustained improvements in multiple biomarkers associated with disease progression. We believe these findings suggest that nebokitug may have disease-modifying potential and support developing nebokitug 20 mg/kg in a Phase 3 clinical study in patients with PSC.' The DDW 2025 session presented data from the double-blind, placebo-controlled 15-week treatment period showing that nebokitug was well-tolerated and had a safety profile comparable to placebo. Nebokitug demonstrated dose dependent anti-inflammatory, anti-fibrotic and anti-cholestatic effects in patients with PSC. In a prespecified subgroup of patients with moderate to advanced disease, patients treated with nebokitug showed broad and consistent improvement in biomarkers that have been associated with better clinical outcomes. The presentation also included data from the open label extension portion of the study, in which all eligible study patients received nebokitug for up to an additional 33 weeks. This data showed that nebokitug was safe and well-tolerated for up to 48 weeks of treatment. Patients treated with nebokitug showed sustained or continual improvement in markers of fibrosis and sustained and continual reduction in ELF scores, especially in patients with moderate to advanced disease receiving the 20 mg/kg dose. Patients also experienced stabilization of liver stiffness as measured by transient elastography, especially in those with moderate to advanced disease receiving the 20 mg/kg dose. Adi Mor, PhD, co-founder and Chief Executive Officer of Chemomab, commented, 'We believe the nebokitug SPRING trial data are the strongest to date in this debilitating and potentially lethal disease that lacks effective treatment. We are pleased that these positive data were featured at a major multi-disciplinary medical meeting like DDW 2025, as we continue to assess the best options for advancing nebokitug to a Phase 3 trial.' A copy of the DDW 2025 presentation is now available at the R&D pages of the Chemomab website. 1 CM-101, a novel monoclonal antibody targeting CCL24, was safe, well-tolerated and showed improvements of biomarkers associated with inflammation, fibrosis and cholestasis in patients wit primary sclerosing cholangitis: the SPRING study, CL Bowlus, ST Barclay, D Joshi, MC Londoño, P Mantry, PJ Pockros, R Safadi, R Aricha, C Cirillo, M Frankel, J Lawler, I Vaknin, A Mor, D Thorburn on behalf of the SPRING Study Investigators, DDW 2025, Liver & Biliary Section Distinguished Abstract Plenary, May 4, 2025 Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future financial condition, results of operations, business strategy and plans, and objectives of management for future operations, as well as statements regarding industry trends, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as 'estimate,' 'intend,' 'may,' 'plan,' 'potentially,' 'will' or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things: the risk that certain acknowledgements from the End-of-Phase 2 (EOP2) meeting with the FDA in connection with PSC regulatory approval will not materialize into a pathway for regulatory approval; that certain conclusions and assumptions drawn from the EOP2 meeting with the FDA discussed in the press release will prove incorrect and adversely affect the ability for nebokitug to become an FDA fully approved therapy; the risk that the full data set from the nebokitug study or data generated in further clinical trials of nebokitug will not be consistent with the topline results of the nebokitug Phase 2 PSC trial; failure to obtain, or delays in obtaining, regulatory approvals for nebokitug in the U.S., Europe or other territories; failure to successfully commercialize nebokitug, if approved by applicable regulatory authorities, in the U.S., Europe or other territories, or to maintain U.S., European or other territory regulatory approval for nebokitug if approved; uncertainties in the degree of market acceptance of nebokitug by physicians, patients, third-party payors and others in the healthcare community; nebokitug development of unexpected safety or efficacy concerns related to nebokitug; failure to successfully conduct future clinical trials for nebokitug, including due to the Company's potential inability to enroll or retain sufficient patients to conduct and complete the trials or generate data necessary for regulatory approval, among other things; risks that the Company's clinical studies will be delayed or that serious side effects will be identified during drug development; failure of third parties on which the Company is dependent to manufacture sufficient quantities of nebokitug for commercial or clinical needs, to conduct the Company's clinical trials; changes in laws and regulations applicable to the Company's business and failure to comply with such laws and regulations; business or economic disruptions due to catastrophes or other events, including natural disasters or public health crises; and uncertainties with respect to the Company's need and ability to access future capital; and the intensity and duration of the current war in Israel, and its impact on our operations in Israel. These risks are not exhaustive. You should carefully consider the risks and uncertainties described in the 'Risk Factors' sections of our 20-F for the year ended December 31, 2024. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this press release. Before you invest, you should read the documents we have filed and will file with the SEC for more complete information about us. You may get these documents for free by visiting EDGAR on the SEC website at This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction. About Chemomab Therapeutics is a clinical stage biotechnology company developing innovative therapeutics for fibro-inflammatory diseases with high unmet need. Based on the unique role of the soluble protein CCL24 in promoting fibrosis and inflammation, Chemomab developed nebokitug (CM-101), a first-in-class dual activity monoclonal antibody that neutralizes CCL24 and has demonstrated disease-modifying potential. In clinical and preclinical studies, nebokitug has been shown to have a favorable safety profile and has been generally well-tolerated, with the potential to treat multiple severe and life-threatening fibro-inflammatory diseases. Chemomab has reported positive results from four clinical trials of nebokitug in patients. Based on positive data from its Phase 2 SPRING trial in primary sclerosing cholangitis (PSC), the company is preparing for potential initiation of a nebokitug PSC Phase 3 trial. The design of Phase 3 calls for a single pivotal trial based on a clinical event primary endpoint that provides a clear and streamlined pathway to potential full regulatory approval. Nebokitug has received FDA and EMA Orphan Drug and FDA Fast Track designations for the treatment of PSC. Chemomab's nebokitug program for the treatment of systemic sclerosis has an open U.S. IND. For more information, visit: Contact: Media and Investors:Barbara LindheimConsulting Vice President, Investor & Public Relations, Strategic CommunicationsPhone: +1 in to access your portfolio
