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Clear Secure, Inc. (NYSE: YOU) filed a Form 144 disclosing a proposed insider sale of up to 5,000 Class A shares. The stock, acquired via restricted-stock vesting on 13 Sep 2023, would be sold through Fidelity Brokerage Services for an estimated $168,000. With 95,330,547 shares outstanding, the sale represents <0.01 % of the float. No other sales by this holder occurred in the past three months. The planned sale date is 05 Aug 2025 on the NYSE.

Form 144 is a notice, not a definitive transaction; it signals intent but may not result in an actual sale. Given the small size and absence of additional insider activity, the filing appears routine and is unlikely to materially affect the company鈥檚 share price.

Clear Secure, Inc. (NYSE: YOU) 鈥� Q2 FY-25 (period ended 6/30/25)

• Top-line growth: Q2 revenue rose 17.5 % YoY to $219.5 m; 1H revenue up 17.8 % to $430.8 m, driven primarily by CLEAR+ subscription momentum.
• Profitability: Operating income climbed 40 % YoY to $42.6 m as operating margin expanded 290 bp to 19.4 %. Net income attributable to Clear edged up 2.5 % to $24.7 m (EPS basic/diluted $0.26).
• Cash generation: 1H operating cash flow increased 13.6 % to $221.3 m; capex of $12.1 m produced positive FCF of ~$209 m.
• Balance sheet: Cash & marketable securities totaled $605.7 m (-0.6 % YTD). No debt outstanding; $66.4 m of revolver capacity remains. Total liabilities rose 10 % to $1.05 bn, driven by a $113.8 m jump in accrued liabilities (credit-card partnership benefits and TRA).
• Capital returns: 5.3 m Class A shares repurchased for $126.3 m (avg. $23.86); $48.8 m paid in regular & special dividends. Remaining buyback authorization: $126.5 m.
• Share base: Class A shares outstanding fell 3.1 % YTD to 93.8 m; non-controlling interest ownership diluted to 29.0 %.
• Other items: $4.7 m impairment recorded on a private strategic investment; effective tax rate rose to 14.5 % (vs. 1.0 %). Subsequent-event quarterly dividend of $0.125 declared (payable 9/17/25).

Total liquidity remains strong, margins are widening, and management continues aggressive capital returns, though rising liabilities and higher tax expense warrant monitoring.

Smith & Nephew (NYSE:SNN) posted another solid period in its 6-K.

• Q2 2025 revenue rose to $1.553 bn, +7.8% reported (+6.7% underlying); H1 revenue reached $2.961 bn, +4.7% reported (+5.0% underlying) despite two fewer trading days.
• H1 trading profit climbed 11.2% to $523 m; trading margin widened 100 bps to 17.7%, while operating profit jumped 30.6% to $429 m.
• Free cash flow surged to $244 m (H1 2024: $39 m) on 93% cash-conversion; net debt/adj. EBITDA stands at 1.8脳.
• Interim dividend increased 4.2% to 15.0垄 per share and a $500 m share-buyback was announced for H2 2025.
• FY 2025 outlook unchanged: ~5% underlying revenue growth (5.5% reported) and 19-20% trading margin, absorbing a $15-20 m tariff hit.

Growth was broad-based: Orthopaedics +5.0% underlying, Sports Medicine & ENT +5.7%, Advanced Wound Management +10.2%. Recent product launches generated 75% of H1 growth, and the 12-Point Plan cut inventory by $69 m (-46 DSI days). Orthopaedics margin improved 230 bps; Advanced Wound margin +160 bps.

Key risks: China VBP pressure, Emerging-Markets H1 underlying 鈭�0.9%, potential 2026 Medicare changes to skin substitutes, higher trading-tax rate (19.8% vs. 17.8%) and $15-20 m tariff headwind. Nonetheless, operational gains and balance-sheet strength underpin continued cash returns.

Clear Secure, Inc. (YOU) 鈥� Form 4 filing dated 08/04/2025

General Counsel & Chief Privacy Officer Lynn Haaland reported the 08/01/2025 vesting of 39,452 restricted stock units (RSUs). The RSUs converted into an equal number of Class A shares at a stated price of $0 (code M). To satisfy tax-withholding requirements, 19,695 shares were automatically withheld and disposed of at $28.84 per share (code F). After these transactions, Haaland directly owns 50,760 Class A shares and retains 78,905 RSUs that will vest in two equal tranches on 08/01/2026 and 08/01/2027, subject to continued service.

The filing represents routine equity compensation activity with no open-market buying or selling. No changes to derivative terms, no additional purchases, and no indication of material corporate events were disclosed.

Clear Secure, Inc. (YOU) 鈥� Form 4 insider filing: Director Peter Scher received 5,636 Class A shares on 1 Aug 2025 at $0 per share upon vesting of an equal number of restricted stock units (RSUs). The share issuance is part of a three-year RSU schedule: one-third vested on 1 Aug 2025, with the remaining thirds scheduled for 1 Aug 2026 and 1 Aug 2027, conditional on continued service. After the transaction, Scher directly owns 5,636 shares and retains 11,272 unvested RSUs. No shares were sold and no cash transactions occurred, so there is no immediate impact on the company鈥檚 cash flows or share count beyond the standard dilution from equity compensation.

Prospect Capital Corporation (PSEC) has filed a preliminary pricing supplement for three new unsecured senior notes under its InterNotes庐 program:

• 7.500% Notes due 2028 鈥� CUSIP 74348GWC0
• 7.750% Notes due 2030 鈥� CUSIP 74348GWD8
• 8.000% Notes due 2032 鈥� CUSIP 74348GWE6

All issues are offered in $1,000 denominations, pay semi-annual interest beginning 15 Jan 2026 and are callable at par on or after 15 Jan 2026. A Survivor鈥檚 Option allows early repayment upon the holder鈥檚 death, subject to annual caps.

Pricing details (pre-fee): 2028 Notes sold at 101.125%, 2030 at 101.700% and 2032 at 101.950%, implying modest premiums to face value. Gross concessions range from 1.125% to 1.950%.

Strategic context

• Liability management: In Apr-Jun 2025 PSEC fully retired its $342.9 m 3.706% Notes due 2026 via tender (99% plus accrued) and subsequent redemption, eliminating a nearer-term maturity.
• Portfolio re-positioning: Sold subordinated structured notes with $324.6 m cost basis for $74.6 m cash; provided $39.6 m of new first-lien financing to National Property REIT Corp., received $19 m of repayments, and closed the acquisition of QC Holdings with a $55 m senior loan plus $22.3 m equity.

Capital structure impact

• New notes will rank pari passu with existing unsecured debt and be structurally subordinated to $0.7 bn of secured borrowings (Feb 2023) under the credit facility.
• Coupons of 7.5-8.0% exceed the retired 3.706% issue, indicating materially higher future interest expense but extend the weighted-average maturity to 2028-2032.

Key dates: Trade 14 Jul 2025, settle 17 Jul 2025; interest accrues from settlement.

Risks highlighted include rising leverage, higher funding costs, covenant limitations under the revolver, potential rating pressure, and market volatility in SOFR-linked issuances. No earnings metrics were provided in this filing.

Inhibikase Therapeutics, Inc. (IKT) has filed an amended Form 4 (Form 4/A) for Chief Executive Officer and Director Mark T. Iwicki. The sole purpose of the amendment is to correct two data points that were misstated in the original Form 4 filed on 25 Feb 2025: (i) the exercise price of a stock-option award and (ii) its expiration date.

Key terms of the option grant (originally awarded 21 Feb 2025):

• Derivative security: Non-qualified stock option to purchase 602,346 shares of common stock.
• Corrected exercise price: $2.97 per share.
• Corrected expiration date: 21 Feb 2035 (10-year term).
• Vesting schedule: 48 substantially equal monthly installments beginning 21 Mar 2025, contingent on continued employment.
• Ownership status: Shares are held directly by the reporting person.

The filing does not report new purchases or sales of shares; it is an administrative correction. Nevertheless, the option grant, if fully exercised, would result in issuance of up to 602,346 new shares, creating a modest potential dilution for existing shareholders. Because the option vests over four years, dilution would be gradual and contingent on share-price appreciation above $2.97.

Investor takeaways: (1) Management has rectified an earlier clerical error, demonstrating regulatory compliance; (2) the CEO鈥檚 long-term incentive package now has confirmed terms, aligning his interests with shareholders; (3) no immediate cash outflow or revenue impact is associated with the amendment.