Research

One company at a time. Every figure carries the filing it came from, the gap between what the business is and what the market pays for it is measured rather than asserted, and what we could not verify is printed in the piece.

• NYSE American: LGCY 30 September 2026 Perception gap +1.0

  Legacy Education: The Schools Are Growing. The Cash Is Still Owed.

  A California operator of nursing and healthcare schools grew revenue 25% in its year to June 2026 and earned $9.1m. Operating cash flow was $4.0m, as receivables owed by students grew faster than revenue. New starts fell in the last two quarters, and the federal aid agreements of its two largest schools reached their expiration date on September 30, with recertification applied for.

• NASDAQ: RDCM 25 September 2026 Perception gap +1.0

  Radcom: $110 Million in the Bank, a Quarter That Broke, and a New Board

  Revenue grew 17% a year into 2025, then fell 33% in the second quarter of 2026 as customers delayed deployments. Cash and deposits are 63% of the market value, five directors resigned under shareholder pressure, and a $20m buyback was authorised. On our model, the price is consistent with 2025's profit returning and growing about 3% a year.

• Money Moves 23 September 2026

  Money Moves: a $31m director buy at PAMT, and two biotech funds file on Korsana

  A director of PAMT bought 12.4% of the company in a single purchase. Two specialist biotech funds filed 13Ds on Korsana Biosciences four days apart. And between March and June, 13F filers added holdings worth a quarter of Cybin and of Tenax.

• NASDAQ: INMD 17 September 2026 Perception gap +2.3

  InMode: The Growth Is Gone, The Cash Is Not

  Revenue is down 25% from its peak and the market prices permanent decline. Around 60% of the market capitalisation is cash, the operating business trades at about 5 times profit, and a bidder turned up in July.