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UBS AG is offering $1.825 million of Trigger Autocallable Contingent Yield Notes linked to the common stock of Amgen Inc. (AMGN). The three-year notes are unsubordinated, unsecured debt obligations of UBS AG (London branch) and settle on 14 July 2025, with final maturity on 14 July 2028, unless automatically called earlier.

Key commercial terms

• Issue price: $10.00 per note (minimum purchase 100 notes).
• Estimated initial value: $9.65 per note (reflects underwriting discount, hedging & funding costs).
• Underlying: Amgen common stock 鈥� initial level $300.37.
• Contingent coupon: 8.00% p.a. ($0.20 quarterly) paid only if AMGN closes 鈮� coupon barrier on a given observation date.
• Coupon barrier & downside threshold: $186.23 (62% of initial level).
• Automatic call: Quarterly, first possible on 14 Jan 2026; triggered if AMGN closes 鈮� initial level on any observation date. Holder then receives principal plus latest coupon and the note terminates.
• Principal repayment: 鈥� 100% at maturity if not previously called and AMGN 鈮� downside threshold. 鈥� Otherwise, cash redemption = $10 脳 (1 + underlying return), exposing investor to full downside below the threshold, up to 100% loss.

Risk highlights

• No guaranteed coupons; investors may receive few or none.
• Market risk mirrors downside of AMGN once the 38% buffer is pierced.
• Credit risk of UBS AG; notes are not FDIC-insured.
• Limited liquidity: unlisted, secondary market making at UBS discretion only.
• Conflict-of-interest and pricing considerations: issue price exceeds model value; early secondary quotes may temporarily include a premium that amortises within three months.

Timeline

• Trade date: 10 Jul 2025
• Settlement: 14 Jul 2025 (T+2)
• 12 scheduled quarterly observation dates; final valuation 12 Jul 2028

Illustrative outcomes

• Best case: first call (鈮�6 months) delivers $10.20 total, a 4.0% absolute return in half a year.
• Hold to maturity with AMGN 鈮� threshold: receive principal plus any final coupon (maximum compounded return 鈮�8% p.a. if all coupons are paid and never called).
• AMGN at 41% below initial at maturity (example): redemption $5.89, plus $0.20 prior coupon = 39% loss.

The structure suits investors comfortable with single-stock exposure, contingent income and potential early redemption, who can withstand significant capital loss and the credit risk of UBS.

UBS AG is offering $1.825 million of Trigger Autocallable Contingent Yield Notes linked to the common stock of Amgen Inc. (AMGN). The three-year notes are unsubordinated, unsecured debt obligations of UBS AG (London branch) and settle on 14 July 2025, with final maturity on 14 July 2028, unless automatically called earlier.

Key commercial terms

• Issue price: $10.00 per note (minimum purchase 100 notes).
• Estimated initial value: $9.65 per note (reflects underwriting discount, hedging & funding costs).
• Underlying: Amgen common stock 鈥� initial level $300.37.
• Contingent coupon: 8.00% p.a. ($0.20 quarterly) paid only if AMGN closes 鈮� coupon barrier on a given observation date.
• Coupon barrier & downside threshold: $186.23 (62% of initial level).
• Automatic call: Quarterly, first possible on 14 Jan 2026; triggered if AMGN closes 鈮� initial level on any observation date. Holder then receives principal plus latest coupon and the note terminates.
• Principal repayment: 鈥� 100% at maturity if not previously called and AMGN 鈮� downside threshold. 鈥� Otherwise, cash redemption = $10 脳 (1 + underlying return), exposing investor to full downside below the threshold, up to 100% loss.

Risk highlights

• No guaranteed coupons; investors may receive few or none.
• Market risk mirrors downside of AMGN once the 38% buffer is pierced.
• Credit risk of UBS AG; notes are not FDIC-insured.
• Limited liquidity: unlisted, secondary market making at UBS discretion only.
• Conflict-of-interest and pricing considerations: issue price exceeds model value; early secondary quotes may temporarily include a premium that amortises within three months.

Timeline

• Trade date: 10 Jul 2025
• Settlement: 14 Jul 2025 (T+2)
• 12 scheduled quarterly observation dates; final valuation 12 Jul 2028

Illustrative outcomes

• Best case: first call (鈮�6 months) delivers $10.20 total, a 4.0% absolute return in half a year.
• Hold to maturity with AMGN 鈮� threshold: receive principal plus any final coupon (maximum compounded return 鈮�8% p.a. if all coupons are paid and never called).
• AMGN at 41% below initial at maturity (example): redemption $5.89, plus $0.20 prior coupon = 39% loss.

The structure suits investors comfortable with single-stock exposure, contingent income and potential early redemption, who can withstand significant capital loss and the credit risk of UBS.

Form 4 filing 鈥� Insider transaction at Gevo (GEVO)

Executive Vice President L. Lynn Smull reported the disposition of 3,928.83 shares of Gevo common stock on 01 Jul 2025 at an average price of $1.33 per share. The shares were held in and sold through the company鈥檚 401(k) plan; a footnote clarifies that 20.63 of those shares were liquidated between 11 Jun 2025 and 07 Jul 2025 to cover plan administrative fees.

After the transaction, Smull鈥檚 indirect 401(k) position stands at 18,098.05 shares. A separate line in the filing indicates 1,171,550 shares of direct ownership, suggesting the officer maintains a substantial equity stake. No derivative securities were reported, and the filing does not reference the use of a Rule 10b5-1 trading plan.

The sale represents a very small fraction of Smull鈥檚 total holdings and is unlikely to have a material effect on Gevo鈥檚 share float or signal a strategic outlook change. The form appears timely and complete, satisfying Section 16 reporting obligations.

Seer, Inc. (NASDAQ: SEER) has filed an 8-K disclosing two key matters arising from its 2025 Annual Meeting held on July 7, 2025.

Item 3.01 鈥� Nasdaq Audit-Committee Non-Compliance: The company informed Nasdaq that, following the meeting, its Audit Committee will drop below the minimum three-member requirement and will lack the mandated 鈥渇inancially sophisticated鈥� director, putting Seer out of compliance with Listing Rule 5605(c)(2)(A). Seer intends to use the cure period allowed under Rule 5605(c)(4)(B) and is actively reviewing Board and committee composition to regain compliance before the cure window lapses.

Item 5.07 鈥� Shareholder Voting Results:

• Quorum: 85,881,548 votes represented (鈮�90.16% of eligible votes).
• Director elections: All six nominees鈥擮mid Farokhzad, Meeta Gulyani, Terrance McGuire, Robert Langer, Dipchand Nishar and Nicolas Roelofs鈥攚ere elected. Support ranged from 86.4% (McGuire) to 99.1% (Gulyani) of votes cast.
• Auditor ratification: Deloitte & Touche LLP was re-appointed with 85,859,701 鈥淔OR鈥�, only 4,444 鈥淎GAINST鈥� and 17,403 abstentions.

No earnings data, transactions or operational updates were provided. The primary investor takeaway is the potential listing-status risk if the Audit Committee deficiency is not remedied within Nasdaq鈥檚 cure period.

Tectonic Therapeutic, Inc. (Nasdaq: TECX) has filed a Form S-3 shelf registration that allows the company to issue up to $400 million of common stock, preferred stock, debt securities and/or warrants. The filing also includes a dedicated $100 million at-the-market (ATM) sales agreement with TD Securities (USA) LLC, giving management flexibility to raise capital "from time to time" as clinical milestones approach.

The prospectus reiterates Tectonic鈥檚 strategy of developing biologics that modulate GPCRs via its proprietary GEODe鈩� platform. Lead asset TX45 (Fc-relaxin fusion) has completed a Phase 1a study showing good tolerability and a favourable PK/PD profile. In Part A of an ongoing Phase 1b hemodynamic trial in PH-HFpEF patients, TX45 achieved a 19% reduction in pulmonary capillary wedge pressure and a >30% PVR reduction in a severe sub-population, with no serious adverse events. Recruitment is under way for Part B (PH-HFrEF), and the 24-week placebo-controlled Phase 2 APEX trial dosed its first patient in October 2024; topline data are expected in 2026.

Second program TX2100, a VHH-Fc fusion for Hereditary Hemorrhagic Telangiectasia, entered IND-enabling studies in Q2 2025, with a Phase 1 start targeted for late 2025/early 2026. The company completed a reverse-merger with Legacy Tectonic in June 2024 and now qualifies as a smaller reporting company. Proceeds from any sales under the shelf will fund pipeline advancement, working capital and potential in-licensing.

As of 3 July 2025 the stock traded at $21.34 per share. While the registration itself is not a financing event, it signals possible future dilution balanced by improved funding optionality ahead of multiple clinical catalysts.

UBS AG is offering $170,000 in Trigger Autocallable Contingent Yield Notes linked to the common stock of UnitedHealth Group Incorporated (UNH). The three-year notes pay a 10.12% p.a. contingent coupon each quarter only when UNH鈥檚 closing price is at or above the Coupon Barrier of $185.13 (60% of the $308.55 Initial Level). If UNH closes at or above the Initial Level on any observation date prior to maturity, the notes are automatically called and investors receive the $10 principal plus the applicable coupon.

If not called, principal is protected at maturity only when the Final Level is at or above the Downside Threshold (also $185.13). Should UNH finish below this threshold, repayment equals $10 脳 (1 + underlying return), exposing investors to a one-for-one loss that could reach 100% of capital.

• Issue price: $10 per note (minimum purchase 100 notes).
• Estimated initial value: $9.51, reflecting underwriting discount ($0.225 per note) and hedging/issuance costs.
• Observation schedule: Quarterly dates from 6 Oct 2025 through 6 Jul 2028; maturity 10 Jul 2028.
• Credit risk: Unsubordinated, unsecured obligations of UBS AG; payments depend on UBS solvency and are not FDIC-insured.
• Liquidity: Notes will not be listed; secondary market making is at UBS鈥檚 discretion and may involve significant bid鈥揳sk spreads.

Key risk highlights include potential loss of up to 100% of principal, non-payment of coupons if UNH trades below the barrier, valuation and liquidity uncertainties, conflicts of interest in pricing and hedging, and complex U.S. tax treatment. The product may appeal to investors comfortable with single-stock volatility who seek enhanced income and can tolerate both equity downside and issuer credit exposure.