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JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering Trigger Callable Yield Notes that mature on or about 14 October 2026 and are linked to the lesser-performing of the Russell 2000庐 Index (RTY) and the EURO STOXX 50庐 Index (SX5E).

Key economic terms

• Issue price: $10 per Note; minimum investment $1,000 (100 Notes).
• Term: 15 months, unless called earlier.
• Coupon rate: expected 7.50 % 鈥� 8.15 % p.a., paid monthly ($0.0625 鈥� $0.0679 per $10 principal); coupons paid regardless of index performance while Notes remain outstanding.
• Call feature: after an initial three-month non-call period, issuer may call on any monthly Optional Call Notice Date (beginning 9 Oct 2025). If called, payment equals principal + current coupon; no further coupons.
• Downside protection: contingent only. If not called and the Final Value of each index 鈮� 70 % of its Initial Value (Downside Threshold), principal is repaid in full plus final coupon. If either index closes below its threshold, repayment equals $10 脳 (1 + Lesser Performing Underlying Return) + final coupon, so investors lose 1 % of principal for every 1 % decline below the Initial Value and could lose their entire investment.
• Estimated value: on pricing date will be 鈮� $9.50 (illustrative value if priced on 7 Jul 2025: $9.801) per $10 Note, lower than issue price because of selling commissions (鈮� $0.10) and hedging costs.
• Secondary market: Notes will not be listed; J.P. Morgan Securities LLC intends, but is not obliged, to make markets.
• Credit exposure: payments depend on the credit of JPMorgan Financial and JPMorgan Chase & Co.; Notes are unsecured and unsubordinated.
• Key dates: Trade Date 9 Jul 2025; Settlement 14 Jul 2025; Final Valuation Date 9 Oct 2026 (subject to adjustments); Maturity 14 Oct 2026.

Illustrative outcomes

• Early call (first possible in Oct 2025): investors receive roughly $10.06 plus prior coupons鈥攖otal return about 1.9 % over three months.
• Not called; both indices above threshold: total coupons (~$0.9375) + principal for ~9.4 % total return over 15 months.
• Not called; one index down 60 %: investor receives only $4.00 principal + coupons for a 鈥�50.6 % total return.

Principal risks highlighted

• Full downside exposure to the lower-performing index if it breaches the 70 % threshold.
• Issuer call risk limits total coupon potential and may force reinvestment at lower rates.
• Credit risk of both JPMorgan Financial and the parent guarantor.
• Complex tax treatment; Notes intended to be treated as a unit comprising a put option and a deposit.
• Lack of liquidity; secondary prices expected to be below issue price and influenced by issuer鈥檚 internal funding rate.

The pricing supplement emphasises that the Notes are 鈥渟ignificantly riskier than conventional debt instruments鈥� and warns that investors should be prepared to lose a substantial portion or all of their principal.

Moleculin Biotech (MBRX) has announced a significant public offering totaling $5.9 million in gross proceeds, with potential for an additional $17.8 million if all warrants are exercised. The offering, which closed on June 23, 2025, includes:

• 9,972,026 shares of common stock
• 6,107,974 pre-funded warrants at $0.001 exercise price
• 48,240,000 Series E warrants at $0.37 initial exercise price

Notable aspects include insider participation, with CEO Walter Klemp and CFO Jonathan Foster purchasing 1,027,026 shares and 3,081,078 warrants. Roth Capital Partners served as placement agent, receiving a 7% fee. The proceeds will fund clinical development of Annamycin and two other drug portfolios, preclinical studies, and working capital.

The offering includes significant stockholder approval requirements and anti-dilution provisions, with warrant exercise prices subject to potential downward adjustments (floor price $0.12). The company has agreed to a 60-day restriction on new share issuances following stockholder approvals.

Jonathan P. Foster, Chief Financial Officer of Moleculin Biotech (MBRX), reported multiple securities transactions on June 20-23, 2025:

• Acquired 2,711 shares from RSUs and had 661 shares withheld for taxes on June 20
• Acquired 4,328 shares from RSUs and had 1,054 shares withheld for taxes on June 22
• Purchased 270,270 common shares at $0.37 per share in a public offering on June 23
• Acquired Series E warrants to purchase 810,810 shares at $0.37/share, exercisable upon stockholder approval with 5-year expiration

Following these transactions, Foster directly owns 287,587 common shares and 1,038,320 derivative securities. The RSUs were granted in 2022 (10,846 units) and 2023 (17,313 units), vesting in four annual installments. This significant insider purchase demonstrates management's confidence in the company's prospects.

Walter V. Klemp, CEO, President and Director of Moleculin Biotech (MBRX), reported multiple insider transactions on June 20-23, 2025:

• Acquired 3,750 shares from RSU vesting on June 20, with 914 shares withheld for taxes
• Acquired 8,990 shares from RSU vesting on June 22, with 2,190 shares withheld for taxes
• Purchased 675,675 common shares at $0.37 per share in a public offering on June 23
• Acquired Series E warrants to purchase 2,027,025 additional shares at $0.37/share

Following these transactions, Klemp directly owns 743,607 common shares and 2,409,481 derivative securities. The Series E warrants will be exercisable upon stockholder approval and expire 5 years after approval. These transactions demonstrate significant insider investment in the company, particularly through participation in the public offering.

Donald H. Picker, Chief Science Officer of Moleculin Biotech (MBRX), reported multiple transactions involving restricted stock units (RSUs) and common stock:

• On June 20, 2025, converted 1,078 RSUs to common stock and had 263 shares withheld for tax purposes at $0.267 per share, resulting in 8,816 directly owned shares
• On June 22, 2025, converted 1,766 RSUs to common stock and had 430 shares withheld for tax purposes at $0.267 per share, resulting in 10,152 directly owned shares

These transactions stem from two RSU grants: 4,312 units granted on June 20, 2022, and 7,063 units granted on June 22, 2023, both vesting in four equal annual installments. Following these transactions, Picker maintains direct ownership of 104,258 RSUs.

Moleculin Biotech (MBRX) has announced a public offering of securities including 9,972,026 shares of common stock and Series E warrants to purchase up to 29,916,078 shares, along with 6,107,974 pre-funded warrants and accompanying Series E warrants.

Key offering details:

• Combined purchase price: $0.37 per share and accompanying warrant
• Series E warrants exercise price: $0.37 per share, expires 5 years from stockholder approval
• Pre-funded warrants exercise price: $0.001 per share
• Total expected proceeds: $5.95 million before expenses
• Placement agent: Roth Capital Partners, receiving 7% fee

The company is conducting a Phase 3 trial of Annamycin for relapsed/refractory acute myeloid leukemia, with interim data expected by end of 2025. Management, including CEO Walter Klemp and CFO Jonathan Foster, will participate in the offering by purchasing 1,027,026 shares with warrants. The offering closes around June 23, 2025.

The Securities and Exchange Commission has declared Moleculin Biotech's Form S-1 registration statement effective as of June 20, 2025, at 9:00 A.M. The Form S-1 (File Number: 333-287727) represents a significant regulatory milestone for the company.

A Form S-1 effectiveness notice typically indicates that the company has received regulatory approval to proceed with:

• Initial public offering (IPO)
• Follow-on public offering
• Registration of securities for sale to the public

This development enables Moleculin Biotech (MBRX) to move forward with its planned securities offering, having satisfied SEC registration requirements. Investors should refer to the full S-1 filing for detailed information about the offering terms, use of proceeds, and associated risks.

Jonathan P. Foster, Chief Financial Officer of Moleculin Biotech (MBRX), reported insider transactions on June 16, 2025:

• Acquired 833 shares of common stock through the conversion of Restricted Stock Units (RSUs)
• Disposed of 203 shares at $0.6852 per share for tax withholding
• Following these transactions, Foster directly owns 11,993 shares of common stock
• Maintains 230,684 RSUs from a June 16, 2021 grant of 3,334 units that vest in four equal annual installments

These transactions represent routine vesting of executive compensation RSUs rather than open market purchases or sales. The tax-related share withholding is a standard practice for handling tax obligations from equity compensation vesting.