WTR Small-Cap Spotlight

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In this episode of Small-Cap Spotlight, John Lai, CEO of PetVivo Holdings (PETV), joins host Tim Gerdeman and WTR analyst Robert Sassoon to discuss the company's regenerative medicine platform for companion animals. The conversation covers PetVivo's product suite led by Spryng, its cartilage-mimicking protein particle matrix; the off-the-shelf Precise PRP product; and a BioPiezo collaboration with the University of Connecticut that pairs Spryng with nanofiber technology to drive cartilage regeneration with potential translation to human medicine. Lai also previews the launch of PetVivo.ai, an agentic AI platform for veterinary practices, and outlines the company's pathway toward cash-flow breakeven. 

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Dakota Semler, CEO of Xos Trucks (NASDAQ: XOS), joins host Tim Gerdeman and WTR analyst Eric Goldstein to discuss how Xos survived the EV truck shakeout and emerged with three growing business units — medium-duty vehicles serving UPS, FedEx, and others, the Xos Hub mobile charging platform, and a Powertrain business that supplies third parties such as Blue Bird. Semler explains how a sub-$100,000 chassis price point opens new markets, the emerging vehicle-to-grid opportunity in school bus fleets, and the three pillars driving financial strategy: growth, margins, and liquidity. With improving free cash flow, Xos is demonstrating that disciplined execution — not subsidies — is what keeps an EV company standing.

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 In this episode of the WTR Small Cap Spotlight Podcast, Joseph Lucosky, Managing Director of Lucosky Brookman LLP, joins host Tim Gerdeman to explain why the old microcap IPO playbook is dead, and what's replacing it. Joe walks through the wave of exchange rule changes since late 2024, the 86% collapse in Q1 2026 microcap IPO volume, NASDAQ's new 51013 discretionary review process, and the rise of alternative pathways, including uplists, cross-lists, direct listings, and reverse mergers. He also explains why getting a deal done in this environment requires an advocate, not a paper-pusher. That point is backed up by the firm's track record of completing two of the five microcap IPOs in Q1 2026, including the deal that ended a 78-day NASDAQ drought. 

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In this episode of Small-Cap Spotlight, Dr. Siyu Huang, Founder and CEO of Factorial Energy, joins host Tim Gerdeman and WTR analyst Eric Goldstein to discuss why solid-state batteries are finally crossing from lab to road. The conversation covers Factorial's two platforms — FEST® for drones and defense, Solstice for robotics and energy storage — joint development agreements with strategic partners including Mercedes-Benz, Stellantis, Hyundai, and Kia, a strategic investment from IQT, the venture arm of the U.S. national security community, and why defense and drone markets may generate revenue well ahead of the automotive ramp. Dr. Huang also explains the company's capital-light business model and how it plans to scale without building its own gigafactories.

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In this episode of the WTR Small-Cap Spotlight, Stephen Rodgers, Head of Global Planning and Strategy at SBC Medical Group Holdings (NASDAQ: SBC), joins WTR’s Tim Gerdeman and Robert Sassoon. Rodgers discusses how SBC’s 26‑year build‑out into a 283‑location platform serving 2.1 million customers with a 72% repeat rate has created a scale, data, and trust advantage that competitors have been unable to replicate. He outlines the rationale for expanding beyond aesthetics into orthopedics, fertility, and dentistry, and highlights longevity as a major white space being addressed through the SBC Wellness 2.0 B2B program. The conversation also covers SBC’s partnership‑driven global expansion via Orange Twist in the U.S., AHH in Singapore, and footholds in Thailand and Vietnam, and concludes with Rodgers’ perspective on AI as a key driver—including plans to leverage SBC’s proprietary library of millions of before‑and‑after treatment images.

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In this episode of Small Cap Spotlight, Brian Leeners, CEO of Homerun Resources, joins Shawn Severson and Dmitry Silversteyn of WTR to discuss the investment case behind the company’s planned solar glass business in Brazil. The conversation highlights the strong project economics, growing market demand, and the strategic value of its adjacent silica resource. The discussion also covers key execution milestones, potential expansion beyond phase one, and management’s longer-term vision for smarter, higher‑value solar glass applications. 

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In this Showcase Series, Rob Spillman, Chairman and CEO of Bassett Furniture Industries (NASDAQ: BSET), joins host Doug Lane, Managing Director and Consumer Analyst at WTR, to discuss how one of America’s oldest furniture brands is driving growth in a challenging housing environment. Spillman walks through Bassett’s “good, better, best” product strategy and the opening‑price‑point introductions that stood out at High Point Market, the expansion of the Lane Venture outdoor brand into Bassett retail stores, the company’s blend of U.S. manufacturing with complementary overseas sourcing, and the newly opened Cincinnati store marking a return to a key market. With nearly 125 years of history behind it, Bassett is leaning on innovation, lean operations, and long‑term confidence in the American home furnishings market.

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In this episode of WTR Small-Cap Spotlight, Oren Hershkovitz, CEO of Enlivex, joins host Tim Gerdeman, Vice Chair, Co-Founder, and CMO of Water Tower Research, along with Dr. John Roy, WTR’s Senior Equity Research Analyst. The conversation explores the evolved corporate strategy of Enlivex, a clinical-stage immunotherapy company that has pioneered a dual-pillar approach combining traditional drug development with a high-exposure digital asset treasury (DAT). Unlike companies that focus their treasuries on Bitcoin, Enlivex is the first public company to center its strategy around prediction markets, specifically the RAIN decentralized protocol. This novel approach allows the company to potentially leverage yield enhancement activities from its digital assets to aggressively fund the clinical development of its lead immunotherapy candidate, Allocetra, currently in late-stage trials for age-related osteoarthritis.

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ExoZymes (NASDAQ: EXOZ) CEO Michael Heltzen joins Tim Gerdeman and Robert Sassoon in this episode of the WTR Small-Cap Spotlight podcast to discuss the company’s AI-driven, cell-free biomanufacturing platform and how it aims to overcome longstanding scalability challenges in synthetic biology. The conversation covers the scientific differentiation of its “exozyme” enzyme engineering approach, the commercial strategy behind its lead programs in metabolic health (NCT) and non-intoxicating cannabinoids, and the broader opportunity to produce high-value molecules that have historically been inaccessible at scale. The podcast also explores regulatory dynamics, near-term commercialization milestones, and ExoZymes’ dual strategy of advancing internal assets while positioning the platform for future licensing, alongside considerations around capital efficiency and funding.

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In this episode of WTR Small-Cap Spotlight, Brian Mehler, CEO of Stable, joins host Tim Gerdeman, Vice Chair, Co-Founder, and CMO of Water Tower Research, along with Dr. John Roy, WTR’s Senior Equity Research Analyst. The conversation explores the strategic priorities of Stable, an institutional-grade Layer 1 blockchain purpose-built for stablecoin transactions and global payments. Unlike many general-purpose chains that use volatile gas tokens, Stable is USDT-native, meaning it uses USDT as its native gas token to ensure predictable transaction costs and a stable $1 peg for fees. This approach removes the friction caused by market swings, which can often make transactions on other networks 15% to 20% more expensive during periods of volatility.