TLPH, Talphera$0.71 | $36M mcap

Warning: sub-dollar stock with Nasdaq compliance risk. Size accordingly.

CorMedix (CRMD) owns a strategic stake and has an exclusive right of first negotiation for a full acquisition. That 60-day window triggers after positive Phase 3 data from the NEPHRO CRRT study. 50% enrolled (35 of 70 patients), all 12 sites active, targeting completion later this year. FDA Breakthrough Device Designation. First-in-class anticoagulant for CRRT if it works.

The setup is a built-in buyer waiting on a binary readout. If the data hits, CorMedix gets first crack at a $36M mcap company with a Breakthrough designated asset. If it doesn't, sub-dollar stock does sub-dollar things.

Binary. Size accordingly.