Full Year 2024 Vaxart Inc Earnings Call

Edward Berg: Greetings and welcome to the Vaxart business update in fourth quarter and full year 2024 financial. A question and answer session will follow.

Greetings and welcome to the <unk> business update and fourth quarter and full year 'twenty 'twenty four financial results conference call.

A question and answer session will follow management's remarks.

Edward Berg: Individual investors may submit written questions to IR at Vaxart.

Residuals questions may submit written questions to IR back sorry.

Edward Berg: As a reminder, this conference is I would now like to turn to webcast.

As a reminder, this conference is being recorded.

I would now like to turn the webcast welcome to your host.

Edward Berg: Berg, Senior Vice President, and General.

Speaker Change: Senior Vice President and General Counsel.

Edward Berg: Good afternoon and welcome to today's call.

Good afternoon, and welcome to today's call.

Edward Berg: Joining us from Vaxart are Steven Lo, Chief Executive Officer, Dr. Sean Tucker, Founder and Chief Scientific Officer, Dr. James Cummings, Chief Medical Officer, and Phillip Lee, Chief Financial Officer. Before we begin, I would like to remind everyone that during this conference call, Vaxart may make forward-looking statements, including statements about the company's financial results, financial guidance. future business strategies and operations, and its product development and regulatory progress, including statements about its ongoing or planned clinical trial. Actual results could materially differ from those discussed in these forward-looking statements. due to a number of important factors, including uncertainty inherent in the clinical development and regulatory process and other risks described in the risk factors section of Vaxart's most recently filed annual report on Form 10-K and also on other periodic reports filed with the FDC.

Stephen Lowe: Joining us from <unk> are Stephen Lowe, Chief Executive Officer.

Stephen Lowe: Doctor, Sean Tucker founder and Chief Scientific Officer, Dr. James Cummings, Chief Medical Officer, and Philip Lee Chief Financial Officer.

Speaker Change: Before we begin I would like to remind everyone that tour.

Stephen Lowe: During this conference call.

Stephen Lowe: <unk> may make forward looking statements.

Stephen Lowe: <unk> statements about the company's financial results financial guidance.

Stephen Lowe: Its future business strategies and operations and its product development and regulatory progress, including statements about its ongoing or planned clinical trials.

Stephen Lowe: Actual results could materially differ from those discussed in these forward looking statements.

Stephen Lowe: Due to a number of important factors, including uncertainty inherent in the clinical development and regulatory process and other risks described in the risk factors section of <unk>. Most recently filed annual report on Form 10-K, and also on other periodic.

Stephen Lowe: Reports filed with the S E C.

Edward Berg: Vaxart undertakes no obligation to update any forward-looking statements after the date of this call.

Stephen Lowe: <unk> undertakes no obligation to update any forward looking statements. After the date of this call.

Steven Lo: I'll now turn the call over to Steven Lo. Steve? Thanks, Ed. And thanks to all of you for joining us this afternoon. On today's call, I will highlight our business progress.

Stephen Lowe: I'll now turn the call over to Steven Lo Steve.

Stephen Lowe: Thanks, Ed and thanks to all of you for joining us this afternoon.

Stephen Lowe: On today's call I will highlight our business progress I'll, then have James and Sean share updates on our clinical and preclinical programs then Phil will discuss our financial results before we open the call for your questions.

Steven Lo: I'll then have James and Sean share updates on our clinical and preclinical programs. Then Phil will discuss our financial results before we open the call for your question. At Vaxart, our mission is to transform global public health by developing next-generation oral pill vaccines to support pandemic preparedness and provide Americans and people around the world with a revolutionary new option to how they receive vaccines. Vaxart built a robust body of data across multiple clinical studies, and we believe that our approach may provide important safety and immune response benefits compared to approved injectables. We have multiple programs in clinical development built on the strength of our oral vaccine platform.

Stephen Lowe: Add backs are our mission is to transform global public health by developing next generation oral pill vaccines to support pandemic preparedness and provide Americans and people around the world with a revolutionary new option to how they receive vaccines vac start and built a robust body of.

Stephen Lowe: Data across multiple clinical studies, and we believe that our approach may provide important safety and immune response benefits compared to approved injectables.

Stephen Lowe: We have multiple programs in clinical development built on the strength of our oral vaccine platform. It is this platform that has generated promising data to date harnessed in a pill formulation that can address many of the shortcomings of injectable vaccines, our candidates have demonstrated broad immune and cross-react.

Steven Lo: It is this platform that has generated promising data to date, harnessed in a pill formulation that can address many of the shortcomings of injectable vaccines. Our candidates have demonstrated broad immune and cross-reactivity responses, reduction in viral transmission and shedding, long duration of protection and immune responses, and importantly, a benign safety and tolerability profile. Across 19 clinical trials against 7 different viruses, evaluating more than 800 participants, our vaccine candidates have shown favorable safety data. Starting with our COVID-19 program, as we stated previously, we received an award of approximately $460 million to conduct an approximately 10,000 participant head-to-head study against an available mRNA comparator.

Stephen Lowe: Liberty responses reduction in viral transmission and shedding long duration of protection and immune responses and importantly, a benign safety and tolerability profile across 19 clinical trials against seven different viruses that where are you, adding more than 800 participants our vaccine.

Stephen Lowe: Candidates have shown favorable safety data.

Stephen Lowe: Starting with our COVID-19 program as we stated previously we received an award of approximately $460 million to conduct an approximately 10000 participant head to head study against an available mrna comparator.

Steven Lo: In November 2024, we completed enrollment of the initial Sentinel cohort of this study comprised of 400 participants, with 200 receiving Vaxart's XBB strain COVID-19 vaccine candidate and 200 receiving an approved XBB mRNA vaccine comparator. In January, an independent data safety monitoring board recommended the study to proceed without modifications based on initial safety assessment of the 30-day data. On February 21st, we received a stop work order related to this BARDA-funded Project NextGen award from the U.S. Department of Health and Human Services, or HHS. We were not provided a reason for the stop work order. It halted all activities related to the planned 10,000 participant portion of the study and is in effect for a period of up to 90 days.

Stephen Lowe: November 2024, we completed enrollment of the initial cohort of this study comprised of 400 participants with 200, receiving <unk> strain COVID-19 vaccine candidate and 200, receiving an approved X P. B M RNA vaccine comparator.

Stephen Lowe: In January and independent data safety monitoring Board recommended the study to proceed without modifications based on initial safety assessment of the 30 day data.

Stephen Lowe: On February 21st we received a stop work order related to this BARDA funded project next Gen Award from the U S Department of health and human services or HHS we.

Stephen Lowe: We were not provided a reason for the stop work order and halted all activities related to the planned 10000 participant portion of the study and is in effect for a period of up to 90 days within these 90 days. The stop work order, we will either be canceled extended or work on.

Steven Lo: Within these 90 days, the stop work order will either be canceled, extended, or work on this project will be terminated.

Stephen Lowe: This project will be terminated.

Steven Lo: To be clear, this does not apply to efforts associated with the 400-person Sentinel cohort of the study, and activities to monitor and further assess this cohort continue. Vaxart is aligned with HHS and BARDA's vision of improving efficiencies while protecting Americans from known and emerging disease threats, underscored by the progress we achieve with our oral vaccine pill candidates. We recognize and appreciate the importance of oversight, transparency, and fiscal responsibility in government-funded biomedical research, and we are committed to working collaboratively with Secretary Kennedy, HHS, BARDA, and other members of President Trump's administration as they evaluate their priorities, as well as the data supporting the 10,000-participant portion of the Phase 2B study and determine whether and how the study should move forward.

Stephen Lowe: To be clear this does not apply to efforts associated with the 400 person Sentinel cohort of the study and activities to monitor and further assess this cohort continue.

Speaker Change: <unk> is a line with HHS and BARDA is vision oven of improving efficiencies, while protecting American from known and emerging disease threats underscore by the progress we achieved with our oral vaccine pill candidates.

Speaker Change: We recognize and appreciate the importance of oversight transparency and fiscal responsibility and government funded biomedical research and we are committed to working collaboratively with Secretary Kennedy HHS BARDA and other members of President Trumps administration as the.

Speaker Change: They evaluate their priorities as well as the data supporting the 10000 participants portion of the phase <unk> study and determine whether and how the studies should move forward.

Steven Lo: We maintain ongoing communications with our contacts at BARDA, primarily as it relates to the Sentinel Group follow-up work. At this time, we do not have any new updates to provide on the 10,000 participant portion of the trial. We will provide an update when we have additional information.

Speaker Change: We maintained ongoing communications with our contacts at BARDA, primarily as it relates to the Sentinel group follow up work at this time, we do not have any new updates to provide on the 10000 participants portion of the trial, we will provide an update when we have additional information the company can.

Steven Lo: The company continues to work through the impact of the stop work order, including making necessary expense adjustments in order to extend our cash runway.

Speaker Change: She used to work through the impact of the stop work order, including making necessary expense adjustments in order to extend our cash runway.

Steven Lo: Turning to our norovirus program, we are making meaningful progress on our key milestones, and we are pleased to have initiated a phase one trial earlier this month, evaluating our second generation oral norovirus vaccine constructs head-to-head against our first generation constructs. We believe this was a prudent and responsible path that aligns with the recommendations of FDA based on constructive conversations that we previously held with the agency. If the Phase 1 trial is successful, the next step, pending a partnership or other funding, would be to conduct a Phase 2 safety and immunogenicity study that could potentially begin as early as the second half of 2025.

Speaker Change: Turning to our Norovirus program, we are making meaningful progress on our key milestones and we are pleased to have initiated a phase one trial earlier. This month evaluating our second generation oral norovirus vaccine constructs head to head against our first generation constructs we believe.

Speaker Change: This was a prudent and responsible path that aligns with the recommendations of F. D. A based on constructive conversations that we previously held with the agency.

Speaker Change: If the phase one trial is successful the next step pending a partnership or other funding would be to conduct a phase two safety and Immunogenicity study that could potentially begin as early as the second half of 2025. This phase two trial would be followed by an end of phase.

Steven Lo: This Phase 2 trial would be followed by an end of Phase 2 meeting with the FDA. A Phase 3 trial could then begin as early as 2026, pending a successful end of Phase 2 meeting and funding. Currently, there are no approved vaccines against norovirus. This winter was particularly challenging with numerous reports of norovirus spreading across the United States and around the globe. Norovirus is not just a cruise ship virus, but one that is highly contagious and is the leading cause of acute gastroenteritis symptoms such as vomiting and diarrhea. This $10 billion annual U.S. economic burden can affect up to approximately 20 million Americans, further illustrating the unmet need that we are determined to meet.

Speaker Change: Two meeting with the FDA a phase III trial could then begin as early as 'twenty 'twenty six pending a successful end of phase two meeting and funding.

Speaker Change: Currently there are no approved vaccines against Norovirus. This winter was particularly challenging with numerous reports of norovirus spreading across the United States and around the globe Norovirus is not just a cruise ship virus, but one that is highly contagious and is the leading cause of acute gas.

Speaker Change: Or enteritis symptoms, such as vomiting, and diarrhea, this $10 billion annual U S. Economic burden can affect up to approximately 20 million Americans further illustrating the unmet need that we are determined to meet.

Steven Lo: Finally, we continue to carefully review our preclinical programs before determining if further investment is needed to advance other indications. Two such indications that we are evaluating are our avian influenza and HPV vaccine programs. Sean will provide an update on these programs shortly.

Speaker Change: Finally, we continue to carefully review our preclinical programs before determining if further investment is needed to advance other indications to such indications that we are evaluating our our avian influenza and HPV vaccine programs Shaun will provide an update.

Shaun: On these programs shortly.

James Cummings: I'll now turn the call over to James to provide a further review of the recent progress for our norovirus program. Thanks, Steve. Vaxart continues to make important and advanced with our promising norovirus vaccine candidate in clinical development. Earlier this month, we initiated a Phase 1 clinical trial evaluating our second-generation oral norovirus vaccine constructs head-to-head against our first-generation constructs. Sean will discuss our new constructs in more detail shortly, but this is an exciting study that will measure safety and immune parameters that have been correlated to protection in the completed Norovirus Challenge study.

Shaun: I'll now turn the call over to James to provide a further review of our recent progress for our Norovirus program.

James Cummings: Thanks, Steve.

Shaun: <unk> continues to make important advances.

Shaun: With our promising norovirus vaccine candidate in clinical development.

Shaun: Earlier this month, we initiated a phase one clinical trial evaluating our second generation oral norovirus vaccine construct head to head against our first generation constructs.

Shaun: Shawn will discuss our new construct in more detail shortly.

Shaun: But this is an exciting study that will measure safety and immune parameters that have been correlated to protection and the completed Norovirus Challenge study.

James Cummings: I want to remind you of why we took this approach. By accumulating data from our first-generation constructs, we measured efficacy against a robust, controlled human infection model and identified important immune markers that track with norovirus protection. Importantly, our norovirus oral vaccine candidate has shown that it induces mucosal and systemic immune responses and has generated protection that associates with making a functional antibody response to norovirus in the serum and norovirus-specific fecal IgA antibodies. Last year, our Phase II challenge study demonstrated encouraging data on the potential of our oral pill vaccine to reduce rates of norovirus infection, illness, and viral shedding.

Shaun: I want to remind you of why we took this approach.

Shaun: By accumulating data from our first generation constructs, we measured efficacy against a robust controlled human infection model and identified important immune markers to track with norovirus protection.

Shaun: Importantly.

Shaun: Our norovirus oral vaccine candidate.

Shaun: As shown that it induces Newcastle and systemic immune responses and has generated protection that associates with making a functional antibody response to norovirus in the serum.

Shaun: In norovirus specifics Chico Iga antibodies.

Shaun: Last year.

Shaun: Our phase II Challenge study demonstrated encouraging data on the potential of our oral pill vaccine to reduce rates of norovirus infection.

Shaun: Illness and viral shedding.

James Cummings: Additionally, in our phase one clinical trial that focused on lactating mothers, we demonstrated positive data that suggested our vaccine candidates can potentially help protect infants through passive antibody transfer. In addition to the robust immunogenicity and promising efficacy profile, our norovirus program has demonstrated a benign safety and tolerability profile, consistent with the safety of our platform in previous studies. As previously exhibited in our challenge study, there were no significant differences in adverse events between our vaccine candidate and placebo. Now we have promising preclinical data for our norovirus G11 and G24 constructs that we believe may be more potent than the first generation constructs being evaluated in clinical trials.

Shaun: Additionally, in our phase one clinical trial that focused on lactating mothers. We demonstrated positive data that suggested our vaccine candidates can potentially help protect infants through passive antibody transfer.

Shaun: In addition to the robust immunogenicity and promising efficacy profile. Our norovirus program has demonstrated a benign safety and tolerability profile consistent with the safety of our platform in previous studies.

Shaun: As previously exhibited in our challenge study there were no significant differences in adverse events between our vaccine candidates and placebo.

Now we have promising preclinical data for our norovirus G. One one and G. Two four construct that we believe made me more potent than the first generation construct being evaluated in clinical trials.

James Cummings: We are testing this hypothesis to allow us to move forward with the right dose of the right concept. the combined preclinical and clinical data along with the constructive feedback on the correlated protection data we submitted. gives us optimism that we will have the most effective and safe norovirus vaccine candidate in clinical development.

Shaun: We are testing this hypothesis to allow us to move forward with the right dose of the right construct.

Shaun: The combined preclinical and clinical data along with the constructive feedback on the core then protection data we submitted.

Shaun: Gives us optimism that we will have the most effective and safe norovirus vaccine candidates in clinical development.

James Cummings: We look forward to reviewing the top-line neurodata that is expected as early as mid-2025.

Shaun: We look forward to reviewing the top line neuro data that is expected as early as mid 2025.

Sean Tucker: I'll now hand the call over to Dr. Sean Tucker, our founder and chief science officer, for a brief discussion of our norovirus second generation constructs, recent publications, and preclinical programs. Sean? Thank you, James. First, I'll highlight the research into our second-generation vaccine constructs and discuss in greater detail the results of our recent publications in science translational medicine. Through the power of machine learning, we created new second-generation norovirus G11 and G24 constructs. In preclinical testing, our data show our new constructs are more potent than the first-generation norovirus constructs we previously evaluated in clinical trials. These second generation constructs are designed to express the antigenic protein at higher levels in the intestinal space, the site of delivery of our vaccine after release from the tablet.

Shaun: I'll now hand, the call over to Dr. Shawn Tucker, our founder and Chief Science Officer for a brief discussion of our norovirus second generation construct recent publications and preclinical programs.

Shaun: Sean.

Shawn Tucker: Thank you James first I'll highlight the research into our second generation vaccine construct and discussing in greater detail. The results of a recent publication in science translational medicine.

Shawn Tucker: Through the power of machine learning, we created new second generation Norovirus Chi one one and T. Two four constructs in preclinical testing our data show, our new cost structure more potent than the first generation door of ice constructs. He previously evaluated in clinical trials.

Shawn Tucker: The second generation constructs are designed to express the antigenic proteins at higher levels in the intestinal space decide of delivery of our vaccine after released from the tablet.

Sean Tucker: We were able to improve expression by small changes in the DNA sequence. In preclinical models, this higher-level expression has led to substantially improved immune responses compared to our first-generation construct. Further, these new constructs take advantages of recent changes in the backbone designed to improve RNA stability. Our expectation is that the improvements will translate to better performance in humans either by eliciting more robust immune responses or by creating a similar response at a lower dose, also known as dose sparing, or both. As James mentioned, we look forward to showcasing the potency of our new constructs against our first-generation constructs in a Phase I study that we initiated earlier this month.

Shawn Tucker: We were able to improve expression by small changes in the DNA sequence in preclinical models. This higher level of expression has led to substantially improved immune responses compared to our first generation construct.

Shawn Tucker: Further these new constructs take advantages of recent changes in the backbone designed to improve RNA stability.

Shawn Tucker: Our expectation is that the improvements will translate to better performance in humans, either by listing more robust immune responses or by creating a similar response at a lower dose also known as dose sparing or bulk.

Shawn Tucker: As James mentioned, we look forward to showcasing the potency of our new constructs against our first generation constructs and a phase one study that we initiated earlier. This month on March 5th Science Translational Medicine published two articles on our Norovirus studies that were underscored the efficiency of our platform engineering mucosal antibody responses.

Sean Tucker: On March 5th, Science Translational Medicine published two articles on our norovirus studies that were underscored the efficiency of our platform in generating mucosal antibody response.

Sean Tucker: I'll start with our Phase 1B trial that evaluated the safety and immunogenicity of our first-generation oral norovirus vaccine candidate in two groups of healthy older adults, aged 55 to 65 and 66 to 80 years old. We announced the data in a press release, but I would like to highlight a few key findings from the study. First, the vaccine can generate robust and durable systemic antibody responses, induce VP1-specific mucosal homing antibody secreting B cells and mucosal homing T cells. These data support immunogenicity of the vaccine candidate in a patient population that often has age-related reductions in immune responses to injected vaccine.

Speaker Change: I'll start with our phase one b trial that evaluate the safety and Immunogenicity of our first generation oral or virus vaccine candidate in two groups of healthy older. Adults age 55 to 65 and 66% to 80 years old we announced the data in a press release, but I would like to highlight a few key findings from this study.

Speaker Change: First the vaccine candidate generating robust and durable systemic antibody responses induced VB, one specific mucosal homing antibody secreting b cells and mucosal homing T cells.

Speaker Change: These data support Immunogenicity of our vaccine candidate in a patient population that often has age related reductions and immune responses to injected vaccines.

Sean Tucker: Second, oral administration of the vaccine stimulates strong and durable IGA responses in the saliva and the nasal cavity, which could have important implications for use of our vaccine platform for norovirus and other indications as well. And third, the vaccine was safe and well-tolerated in older adults. All solicited events were mild to moderate, no grade three events related to the vaccine. Based on these results, our oral pill norovirus vaccine program may be uniquely positioned to protect elderly individuals from adverse norovirus infection outcomes and prove to safely provide the benefits of a mucosal vaccine to patients at higher risk for adverse norovirus outcomes.

Speaker Change: Second oral administration of vaccine stimulates strong and durable Iga responses in the saliva and the nasal cavity, which could have an important and for key implications for use of our vaccine platform for norovirus and other indications as well and.

Speaker Change: And third the vaccine was safe and well tolerated in older adults all solicit events were mild to moderate with no grade three events related to the vaccine.

Speaker Change: Based on these results, our oral pill or virus vaccine program, maybe uniquely position to protect the elderly individuals from adverse norovirus infection outcomes and prove to safely provide the benefits of the mucosal vaccine to patients at higher risk or adverse adverse norovirus outcomes.

Sean Tucker: The second publication in Science Translational Medicine focused on identifying broadly neutralizing antibodies targeting the human norovirus and to determine the biochemical and structure basis of broad humoral protective immunity. The majority of this work was performed by two academic groups, one at UT Austin and one at the University of North Carolina. Two donors were selected for detailed studies. Both candidates received a single dose of our oral candidate vaccine to G24 and were selected based on their post-vaccine immune responses to norovirus. In participant A, vaccination substantially boosted ligand-binding blockade serum titers to all tested G2-4 variants circulating from 3.5 to 68-fold increase on day 29 compared with pre-vaccination serum collected on day 1.

Speaker Change: The second publication in science translational medicine focused in identifying broadly neutralizing antibodies targeting human norovirus and to determine the biochemical and structure basis abroad humeral protective immunity.

Speaker Change: The majority of this work was performed by two academic groups, what Ut Austin and one at the University of North Carolina.

Speaker Change: Two downers were selected for detailed studies, both candidates received a single dose of our oral and.

Speaker Change: Candidate vaccine to G tube core and were selected based on their post vaccine immune responses to norovirus.

Speaker Change: And participants a vaccination substantially boosted ligand binding blockades here entitles, who all tested G to forbearance circulating from three five to six to eight fold increase on day 29, compared with pre vaccination serum collected on day one.

Sean Tucker: Serum for participant B had exceptional cross-genotype blocking serum breadth across 7 G2 and 2 G1 genotypes on day 1 before vaccination and were modestly boosted from 2.0 to 3.6 fold at day 29 after vaccination. Data suggests that immune imprinting likely affects the response to mucosal norovirus vaccination in adults, creating a highly cross-reactive response rather than a simple strain-specific response due to prior norovirus exposure. the oral vaccine likely enhanced those cross-strain responses. Indeed, cerebral monoclonal itis antibodies were isolated from oral vaccinated subjects and many of those antibodies were found to bind to conserve epitopes of norovirus and led to that cross-reactivity.

Speaker Change: Aaron per participant the exceptional across genotype blocking serum breath across seven G to N to G. One genotype on day, one before vaccination and where.

Speaker Change: Modestly boosted from 2.0 to three six fold at day 29 after vaccination.

Speaker Change: Data suggests that immune and printing likely effects responses mucosa norovirus vaccination adults really highly cross reactive response.

Speaker Change: Simple strain specific response.

Speaker Change: Prior norovirus exposure.

Speaker Change: The oral vaccine likely enhance those cross trained responses.

Speaker Change: <unk> several monoclonal antibodies.

Speaker Change: Antibodies are isolated from oral vaccinated subjects and many of those antibodies were fine to buying to conserve epitopes of nowhere buys and led to that cross reactivity.

Sean Tucker: We believe these data published are highly compelling from both efficacious and safety standpoints and support the continued advancement of our promised norovirus vaccine candidate.

Speaker Change: Belief. These data published are highly compelling from both efficacious and safety standpoint, and support the continued advancement of our promise.

Speaker Change: Virus vaccine candidates I would like to take this time to think of our incredible R&D team and our collaborators for support in conducting these studies and making these publications possible.

Sean Tucker: I would like to take this time to thank our incredible R&A team and our collaborators for support in conducting these studies and making these publications possible.

Sean Tucker: As Steve mentioned earlier, we are reviewing our pre-clinical programs and determine the next steps. of bringing future candidates into the clinic.

Speaker Change: As Steve mentioned earlier, we are reviewing our preclinical programs in terms of the next steps.

Speaker Change: Any future candidates into the clinic.

Sean Tucker: On avian influenza, we published data demonstrating protection of preclinical model after oral immunization and recently created a new vaccine candidate to cover the latest clade 2.3.4.4B strain. We're in the process of conducting several preclinical studies to evaluate the new construct and preparing to manufacture it for clinical use.

Speaker Change: On avian influenza, we published data demonstrating protection a preclinical model after a while musician and recently created a new vaccine candidate to cover the latest claim 2.3, 0.4 0.4 B strain.

Speaker Change: You are in the process and.

Speaker Change: Conducting several preclinical studies to evaluate the new construct and preparing to manufacture it for clinical use.

Sean Tucker: On our HPV vaccine, we have additional preclinical studies planned to further characterize immune-stimulating anti-tumor activity to this candidate. Previously published data suggests that our mucosal vaccine platform represents a possible non-invasive approach to prevent the progression to cervical cancer. We will publish the results for our preclinical studies when complete.

Speaker Change: On our HPV vaccine, we have additional preclinical studies pan to further characterize the immune stimulating antitumor activity. This candidate.

Speaker Change: Previously published data suggests that mucosal vaccine platform represents a possible noninvasive approach to prevent progression to cervical cancer.

Speaker Change: We will publish the results of our preclinical studies when complete.

Phillip Lee: I'll now hand the call over to Phil Lee, our CFO, for a brief discussion of our financials. Thank you, Sean. The details of our full year 2024 financial results are summarized in today's press release. Revenue for 2024 was $28.7 million compared to $7.4 million in 2023. Revenue in 2024 was primarily from government contracts related to BARDA and non-cash royalty revenue from sales of Inovir in Japan. Revenue in 2023 was primarily from revenue recognized for work performed under Vaxart's grant from the Bill and Melinda Gates Foundation, and non-cash royalty revenue from sales of Inovere in Japan.

Speaker Change: I'll now hand, the call over to Phil <unk>, our CFO for a brief discussion of our financials Bill.

Speaker Change: Thank you Sean the details of our full year 2024 financial results are summarized in today's press release.

Speaker Change: Revenue for 2024 was $28 $7 million compared to $7 $4 million in 2023.

Speaker Change: Revenue in 2024 was primarily from government contracts related to BARDA and noncash royalty revenue from sales of <unk> in Japan.

Speaker Change: Revenue in 2023 was primarily from revenue recognized for work performed under backs Hearts Grant from the Bill and Melinda Gates Foundation, and noncash royalty revenue from sales of <unk> in Japan.

Phillip Lee: Vaxart ended 2024 with cash, cash equivalents, and investments of $51.7 million.

Speaker Change: Facts are ended 2024 with cash cash equivalents and investments of $51 $7 million.

Phillip Lee: In the first quarter of 2025, the company implemented measures to reduce expenses, including a reduction in its workforce, following the BARDA stop work order. Based on our current plan, Vaxart anticipates cash runway into the fourth quarter of 2025. Vaxart continues to explore various strategies to extend its cash runway through strategic partnerships, non-dilutive funding, and other cost reduction initiatives.

Speaker Change: In the first quarter of 2025, the company implemented measures to reduce expenses, including a reduction in its workforce following the BARDA stop work order.

Speaker Change: Based on our current plan backs, our anticipated cash runway into the fourth quarter of 2025.

Speaker Change: <unk> continues to explore various strategies to extend its cash runway through strategic partnerships.

Speaker Change: Dilutive funding and other cost reduction initiatives I will now turn the call back to Steve for closing remarks.

Steven Lo: I will now turn the call back to Steve for closing remarks. Thank you, Phil. The team here at Vaxart is dedicated to reimagining the way global public health is approached. Advancing vaccine development is a time and capital intensive process that we are pursuing to ensure our vaccines are not just highly effective, but safe. Our unique strategy centered on mucosal immunity is a cornerstone of our vision for success, and we believe that our benign safety and tolerability profile reinforces our confidence in our science. As trailblazers in oral vaccines, we take pride in bringing groundbreaking innovations to the field.

Speaker Change: Thank you Phil the team here at <unk> is dedicated to re imagining the way global public health is approached advancing vaccine development is a time and capital intensive process that we are pursuing to ensure our vaccines are not just highly effective but safe our unique.

Speaker Change: Tragedy centered on mucosal immunity is a cornerstone of our vision for success and we believe that our benign safety and Tolerability profile reinforces our confidence in our science as trailblazers in oral vaccines, we take pride in bringing groundbreaking innovations to the field.

Steven Lo: The desire to shield people from infectious diseases and promote longer, healthier lives fuels our team's passion every day.

Speaker Change: The desire to steal people from infectious diseases and promote longer healthier lives fuels. Our team's passion every day, we look forward to sharing our progress with you in 2025 and beyond.

Steven Lo: We look forward to sharing our progress with you in 2025 and beyond.

Edward Berg: Before we open the call for questions, we request that listeners do not ask questions related to the HHS Stop Work Order Directive. As we stated earlier, we do not have any additional information to provide at this time and so cannot comment further on this matter. We appreciate your understanding.

Speaker Change: Before we open the call for questions, we request that listeners do not ask questions related to the H H S. Stop work order directive as we stated earlier, we do not have any additional information to provide at this time and so cannot comment further on this matter. We appreciate your understanding.

Edward Berg: Thanks, everyone, for your time today.

Speaker Change: Thanks, everyone for your time today, we will now open the call for your questions.

Edward Berg: We will now open the call for your questions. Thank you. We will now be conducting a question...

Speaker Change: Yeah.

Speaker Change: Thank you we will now be conducting a question and answer session.

Edward Berg: If you would like to ask a question, please press star 1 anytime. A confirmation tone will indicate the line is in the You may press star to... The participants using speaker equipment, it may be necessary to pick up the handset before pressing the start button. One moment, please, while we pull for...

Speaker Change: To ask a question. Please press star one on your telephone.

Speaker Change: A confirmation tone.

Speaker Change: Your line is in the question queue, you May press star two to remove yourself from the queue.

Speaker Change: Participants using speaker equipment, it may be necessary to pick up the handset before pressing the star.

Speaker Change: One moment, please while we poll for questions.

Chang Li: Our first question, our first question comes from the line of Chang Li with Oppenheimer. Please proceed with your Hi, thanks for taking the question and congrats on the progress as well as the publications on science translational medicine Just a couple of questions from us regarding the new phase one study for norovirus. I'm wondering if you can talk about whether the new or second generation product is bivalent or it's a monovalent vaccine. And then for the phase one study, whether you are planning to enroll both young adults and older adults in the trial. Thank you. Yeah, hi, Sean.

Speaker Change: Our first question. Our first question comes from the line of Kim Lee with Oppenheimer. Please proceed with your question.

Kim Lee: Oh, hi, Thanks for taking the question and congrats on the progress as well as some publications on science translational medicine.

Kim Lee: Just a couple of questions from us regarding the phase one study for norovirus I'm wondering if you can talk about whether the new second generation product is bivalent bite the monovalent vaccine.

Kim Lee: And then for the Phase one study whether you are planning to grow both young let Dallas and.

Speaker Change: Older adults.

Kim Lee: Trial.

Kim Lee: Yeah.

Yeah, Hi, Sean Thanks for the question I'll, let genes and Shawn answer that James If you want to go first.

James Cummings: Thanks for the question.

James Cummings: I'll let James and Sean answer that. James, if you want to go first. Sure. Thanks, Steve. So, Cheng, for the Phase 1 study, we are enrolling folks 18 to 49 into the study population. In terms of the second-generation product, we are looking at a G11 and a G24, and I'll bounce it off to Sean for a little more definition in terms of what the second-generation product might mean. Sure. Yeah, we made some small changes to the DNA backbone as well as this antigen sequence, and we found that those changes led to, and they were very minor changes, to enhanced expression in intestinal epithelial cells.

James Cummings: Sure. Thanks, Steve So for the Phase one study we are enrolling folks 18 to 49 into this study population.

Kim Lee: In terms of the.

Shawn Tucker: Second generation product, we are looking at a G. One one energy to Ford and I'll bounce it off to Shaun for a little more definition in terms of what the second generation product might be sharp.

Shawn Tucker: Sure Yeah, we made some small changes to the DNA backbone as well as this antigen sequence and we found that those changes led to and they were very minor changes to enhance expression intestinal epithelium cells and once you put those constructs into preclinical models we.

Sean Tucker: And once we put those constructs into preclinical models, we found that the animals made much greater immune responses to the antigen of choice than our first generation.

Shawn Tucker: Sounds like the animals need much greater immune responses to be antigen of choice in our first generation, obviously, but we're very bullish and move this forward into the clinic.

Chang Li: Obviously, we're very bullish and have moved this forward into the Got it. Thank you.

Speaker Change: Got it thank you and just maybe a quick follow up.

James Cummings: And just maybe a quick follow up. Can you maybe provide some color on the scope of the topline data we should expect in Meteor. I'll take that, Sean. So in terms of the top line data that we'd be looking for, it's safety and preliminary safety and immediate Okay. Got it. Thank you.

Maybe.

Shawn Tucker: Provide some color on the scope of the topline data we should expect in media. Thank you.

Sean Tucker: I'll take that Sean.

Sean Tucker: In terms of the topline data that we'd be looking for its safety and preliminary safety and immunogenicity.

Speaker Change: Okay got it thank you.

Speaker Change: Thank you.

Mayank Mamtani: Our next question comes from the line of Mayank Mamtani with B. Reilly Securities. Please proceed. Hey guys, Madison El for Mayank, and thank you for taking our question. I'm curious regarding the second generation version, the animal data that you've referenced, we see this greater immune response. Just wondering how this could translate to top line efficacy relative to what we've seen from the prior first gen. And then also wondering, well, the data generated from... first-gen still contribute to FDA discussions? Thanks. Yeah, thanks for the question.

Speaker Change: Our next question comes from the line of Mike Montanan with B Riley Securities. Please proceed with your question.

Hey, guys Madison on for Matt and thank you for taking our questions.

Speaker Change: Curious regarding the second generation version.

Speaker Change: The animal data that your rough when ceded greater immune response, just wondering how this could translate to top line efficacy relative to what we've seen from the power for skin and then also wondering.

Speaker Change: Well the data generated from our.

Jim Hill: First Jim Hill contribution.

Speaker Change: Two the FDA discussions thanks.

Speaker Change: Yeah. Thanks for the call Chicken, Oh, Oh, great I was going to let James.

Sean Tucker: Okay, I was gonna let James and Sean go and take that. From our standpoint, right, the even the first construct, first version, we had pretty good results. But please go ahead. Actually, I'll have Sean go first and I'll back clean up. Yeah, so, yeah, the new constructs, we know that they make better immune responses in animals. And again, our expectation is that even like a small change in humans because of the exponential amplification of the signal will make a big difference from the standpoint of protective efficacy. Again, this is through mathematical modeling. We think we know, you know, what, you know, antibodies are needed in the intestinal space as well as, you know, when we measure it with syrup, and we think that just the small increases would be phenomenally better from the standpoint of efficacy.

Speaker Change: James in Chicago, and take that from our standpoint right. The even the first construct first version we had pretty good results.

James Cummings: Please go ahead James.

Speaker Change: Actually I'll I'll have Sean go first and I'll back cleanup Sean.

Sean Tucker: Yeah. So yeah, the new construct we know that they make better immune responses in animals, and again and our expectation is that even like a small change in humans because of the exponential amplification of the signal we will make a big difference from the standpoint of protective efficacy.

Speaker Change: Again. This is drew mathematical modeling, we think we know what you know antibodies are needed in the intestinal space as well as you know when we measure at Sierra We think that gives a small increases would be phenomenally better from the standpoint of efficacy I'll, let James answer the regulatory question.

James Cummings: I'll let James answer the regulatory question. Thanks, John. And from a regulatory standpoint, you know, finding the right construct, the right dose moving forward is the key for us. I think that it will be part of the overall discussion as we want to pick the best vaccine to bring to people to protect. Got it, understood. And congrats on initiating the trial and the publication. Thanks guys. Thank you.

James Cummings: Thanks, Don and from a regulatory standpoint, you know finding the right construct the right dose moving forward is the key for US I think that it will be part of the overall discussion as we want to pick the best vaccine to bring people to protect them.

James Cummings: Got it understood.

James Cummings: Gratz on initiating the trial in the publication thanks, guys.

James Cummings: Thank you.

James Cummings: Yeah.

James Cummings: Yeah.

James Cummings: Thank you.

Liang Cheng: Our next question comes from the line of Liang Cheng with Jeffreys, please proceed with the Hi, good afternoon. Thank you for taking our questions. This is Liang Cheng for Raja Song. I guess, you know, my first question is about the norovirus program. So, congrats on your progress initiating the Phase 1 study. So, understanding that's going to be head-to-head, you know, study versus your first-gen construct. So, I guess for the top-line readout, so what immunogenicity measurement should we focus on and how would you, you know, expect that translated into the protection efficacy? Yeah, I would say the two things that we're going to measure, you know, initially from that study are we're going to measure the serum What we call NBAA response norovirus blocking antibody assay fighters We know that that in our clinical study or the challenge study We know that that correlated with protection pretty well and the other thing we're going to measure is going to be the fecal IgA and again that also was part of the Top-line data that is most important from the standpoint of showing efficacy in that challenge model over Thanks, John.

James Cummings: Our next question comes from the line.

James Cummings: Please proceed with your question.

Speaker Change: Alright, good afternoon, and thank you for taking our question. So this is a downtown for Rochester.

Speaker Change: Yes. My first question is about the norovirus program. So congrats on the progress of initiating a phase one study so understanding that is gonna be head to head.

Speaker Change: Ah study versus your first Gen construct so I guess for us that top line Readouts. So immunogenicity measurement should we focus down and how would you you know.

Speaker Change: Expect that translated into the protection efficacy.

Speaker Change: Yeah, I would say the two things that we're going to measure initially from that study or we're going to measure the serum.

Speaker Change: What we call M. B, a a response of Dar virus blocking antibody assay.

Speaker Change: <unk>.

Speaker Change: We know that that in our clinical study.

Speaker Change: Power study, we know that that correlated with protection pretty well and the other thing we're going to measure you're going to be the fecal Iga and again that also was part of the topline data that is most important from the standpoint is going efficacy in that child's bottle okay.

Speaker Change: Thanks, Sean.

James Cummings: Maybe, you know, a follow-up question. So, you know, regarding the second generation construct, so you mentioned that's a stronger potency. So how should we think about that regarding the dose that is going to be used in a clinical study? compared to the first generation.

Speaker Change: Yeah.

Speaker Change: Follow up question so regarding the F.

Speaker Change: The second generation construct.

Speaker Change: So you mentioned about the stronger.

Speaker Change: Potency so how should we think about raj regarding that those rather than it be.

Speaker Change: Used in a clinical study.

Speaker Change: Compared to the first generation.

James Cummings: Sure, I'll take that Sean. So, we're enrolling a total of 60 patients in the phase one trial and three separate colds. So in taking a look at the new construct, it would be considered low-dose and high-dose. And then the traditional or the original construct would be considered the high-dose, looking at both G11 and G21. you know, all those, you know, Our enrolling takes into account the best practices for safety, dose, and for clinical development, and it's, I'm happy to say it's progressive. Thanks James.

Speaker Change: Sure I'll take that chunk, so and we're enrolling a total of 60 patients in the phase one trial in three separate cohorts of 20.

Speaker Change: So and taking a look at the new construct it would be.

Speaker Change: Considered low dose and high dose and then the the traditional or the original construct would be considered the high dose looking at both.

Speaker Change: One one and <unk> two four.

Speaker Change: You know.

Speaker Change: Our enrolling takes into account the best practices for safety dose and for clinical development and it's I'm happy to say, it's progressing smoothly.

James Cummings: Thanks James.

James Cummings: Maybe a final question regarding the COVID-19 program. So understanding that DSME have seen the data and recommended to go ahead without any change.

And final question regarding the COVID-19 program so.

Speaker Change: Understanding about addressing me have seen that data in the recommended go ahead without any change so.

James Cummings: So has FDA ever seen the data for the Sentinel cohort? Yes, this is James. The data was sent to the FDA at the same time it was sent to... Got it. Thank you.

Speaker Change: I understand that data for the Sentinel cohort.

Speaker Change: Yes. This is James the data with sensory the S. T. A at the same time it was sent in D. SMT.

Speaker Change: Got it. Thank you that's it from us congrats again.

Mayank Mamtani: That's it from us. Congrats again. Thank you.

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: Thank you.

Edward Berg: And we have reached the end of the audio question and answer session.

Speaker Change: And.

Speaker Change: We have reached the end of an audio question and answer session I'll now turn it back over to Ed Baird for the written questions.

Edward Berg: I'll now turn it back over to Ed Berg for the rec... Thank you.

Speaker Change: Thank you.

Steven Lo: We have a number of questions that have been submitted by our shareholders. The first question, this one clearly is for Steve. Are you managing the company differently given the challenging and rapidly evolving regulatory and political environment? Great. Thanks for the question. You know, we're a small company, so we always operate in a very lean fashion, and we also pride ourselves in being nimble and adaptable, and we'll continue to do so. You know, as the listeners know, the science of vaccines represents a big achievement in modern medicine. So they're one of the most powerful tools in combating infectious diseases, safeguarding public health, et cetera.

Speaker Change: A number of questions that have been submitted by our shareholders. The first question.

Speaker Change: This one clearly is for Steve are you managing the company differently, given the challenging and rapidly evolving regulatory and political environment.

Speaker Change: Great. Thanks for the question.

Speaker Change: We're a small company. So we always operate in a very lean fashion and we also pride ourselves in being nimble and adaptable and we will continue to do so.

Speaker Change: Listeners know the science of vaccines represents a big achievement of modern medicine. So they're one of the most powerful tools in combating infectious diseases safe guarding against safeguarding public health et cetera.

Steven Lo: And we all know vaccines have profoundly reduced illness and death rates around the world.

Speaker Change: We all know vaccines have profoundly reduced illness and death rates around the world.

Steven Lo: We still consider Vaxart to be an innovator in this field, given our oral vaccine platform. It's demonstrated a clean safety profile to date that's similar to placebo, and it's that type of differentiator that we believe could assist with the acceptance of vaccines, allowing consumers and physicians to have more options. You know, we're certainly appreciative of our working dialogue with FDA, BARDA, and HHS. Our plan in 2025 has always been to advance more than one vaccine program, and we're happy to report that we continue to do so. Thanks.

We still consider <unk> to be an innovator in this field given our oral vaccine platform. It's demonstrated a clean safety profile to date that is similar to placebo and it's that type of differentiator that we believe could assist with the acceptance of vaccines, allowing consumers and physicians to have more opt.

Speaker Change: <unk>.

Speaker Change: We're certainly appreciative of our working dialogue with FDA BARDA and HHS are planted in 2025 has always been to advance more than one vaccine program and we're happy to report that we continue to do so.

Speaker Change: Thanks.

Edward Berg: A couple questions on the COVID-19 program. The first one is about the DSMB.

Speaker Change: A couple questions on the COVID-19 program.

Speaker Change: The first one is about the D F N b.

James Cummings: did they provide specific feedback, and then maybe, James, you can also cover sort of how we think about the FDA submission if anyone is unclear. But for James, both around sort of what has occurred with regard to the monitoring and the oversight of the program from the scientific body. Thanks, Ed. So, the DSMB, as we mentioned, reviewed 30-day safety data on 400. from our central cohort of the COVID-19 phase. And they recommended very clearly, after review of that data, that the study proceed without modification based on their assessment. And we believe that this recommendation underscores that really the robust safety profile of our vaccine candidate and of our platform, again, very similar to a placebo.

James Cummings: Did they provide specific feedback and then maybe James you can also cover sort of how we think about the F. D a submission.

Speaker Change: If anyone is unclear.

Speaker Change: But for James both around.

Speaker Change: Sort of what has occurred with regard to the signing of the monitoring.

Monitoring and the oversight of the program from there is that.

Speaker Change: The scientific bodies.

Speaker Change: Thanks, Ed So the DSM V. As we mentioned reviewed 30 day safety data on 400 participants from our central cohort and the COVID-19 Phase III study and they recommended very clearly after a review of that data that the study proceed without modification based on their assessment.

Speaker Change: And we believe that this recommendation underscores the really the robust safety profile of our vaccine candidate and that of our platform again very similar to placebo.

Speaker Change: Placebo.

James Cummings: In terms of submission to the FDA, that data was sent forward to the FDA at the same time, and they've reviewed that data. And, you know, so there's no. There's no hold on that in terms of moving things forward from our standpoint. We're tracking for continuing the program, over. Thanks, James.

Speaker Change: In terms of our submission to the.

Speaker Change: The F D. A decade was set for two the F. D. A at the same time and they have to review that data.

Speaker Change: And.

Speaker Change: So theres no.

Speaker Change: There is no hold on that in terms of moving things forward.

Speaker Change: From our standpoint.

Speaker Change: Yeah.

Speaker Change: Where we're tracking for.

Speaker Change: Continuing the program over.

Speaker Change: Thanks James.

Edward Berg: The next question.

Speaker Change: The next question.

Ray Stapleton: How does the stop work order impact manufacturing? Was the product already produced for the trial? If so, what's the shelf life? Can it be salvaged if the stop work order lasts a full 90 days or later?

Speaker Change: How does the stop work order impact manufacturing was the product already produced for the trial.

Speaker Change: So what's the shelf life can be salvaged if the stop work order last a full 90 days or later, so a set of questions around manufacturing and the use of the product. We we've produced.

Ray Stapleton: So a set of questions around manufacturing and the use of the product we've produced. And with that, I'll ask Ray Stapleton, who is our Chief Technical Officer, to answer for us. We have him here.

And with that I'll ask Ray Stapleton, who is our chief Technical officer too.

Speaker Change: To answer for US we have them here.

Ray Stapleton: Thank you, Ed. We're fortunate that we maintain our own GMP manufacturing facilities, and they are all inside the United States. These capabilities have allowed us to pivot quickly in support of this trial. This was demonstrated when we initially manufactured product targeting the XBB strain of COVID and subsequently manufactured product targeting the KP2 strain of COVID. As part of our ongoing manufacturing plan, we routinely monitor product stability, and based on our stability data across our platform to date, shelf life is expected to last for two years. As we obtain clarity on the stop work order, we remain confident that we can adjust to it.

Ray Stapleton: Thank you Ed.

Ray Stapleton: We're fortunate that we maintain our own GMP manufacturing facilities and they are all inside the United States.

Ray Stapleton: These capabilities have allowed us to pivot quickly in support of this trial.

Ray Stapleton: This was demonstrated when we initially manufactured products targeting the X P. B strain of Covid and subsequently manufactured product targeting the K P. Two strain of Covid.

Ray Stapleton: As part of our ongoing manufacturing plan, we routinely monitor products stability and based on our stability data across our platform to date shelf life is expected to last for two years.

Ray Stapleton: As we obtain clarity on the stop work order, we remain confident that we can adjust to it.

Ray Stapleton: Thanks, Ray.

Ray Stapleton: Thanks Ray.

Steven Lo: Next question is on our Neurovirus Program, and this is about how do we think about the market opportunity given there is a competitor already in Phase III?

Ray Stapleton: Next question is on our neuro virus program and this is about how do we think about the market opportunity given there is a competitor already in phase III.

Steven Lo: And I'll ask Steve to answer that. Sure, thanks for the question. I think anytime a large company with lots of resources believes that there's a significant unmet need, we're encouraged by that because, you know, we see it the same way as well. So yeah, there's a significant market opportunity for norovirus, which, you know, has, you know, $10 billion impact to the US. And we certainly believe that consumers and physicians will appreciate having options for future vaccines. Obviously, we believe an oral option is going to be competitive in the marketplace.

Ray Stapleton: And I'll ask Steve to answer that.

Ray Stapleton: Sure. Thanks for the question I.

Speaker Change: I think anytime a large company with lots of resources believes that there's a significant unmet need we're encouraged by that because we see it the same way as well.

Speaker Change: So yeah, there is a significant market opportunity for norovirus, which has 10 billion dollar impact.

Speaker Change: To the U S and we certainly believe that consumers and physicians will appreciate having options for future vaccines. Obviously, we believe in an oral option is going.

Speaker Change: Going to be competitive in the marketplace and as we've been talking about earlier more excited that we are on track to have some top line data in our phase one as early as midyear this year.

Steven Lo: And as we've been talking about earlier, we're excited that we are on track to have some top line data in our phase one as early as mid-year this year. Thank you.

Speaker Change: Thank you.

Sean Tucker: Questions on our other programs for Sean? First, when can we expect updates? with regard to your pre-clinical studies in influenza and HPV.

Speaker Change: Our questions on our other programs for Sean.

Speaker Change: First when can we expect updates with regard to your preclinical studies in influenza and HPV.

Sean Tucker: And then follow another question separately. Is there a way for Vaxart to expedite work on the bird flu vaccine? Great, thanks. Well, the company is in the process of conducting several preclinical studies to evaluate our second generation construct, and is also preparing to manufacture those constructs for clinical use.

Speaker Change: And then follow another question separately is there a way for Baxter to expedite work on the bird flu flu vaccine.

Speaker Change: Great. Thanks, while the company is in the process of conducting several preclinical studies to evaluate or second generic nation construct and is also preparing to manufacturers constructs clinical use.

Sean Tucker: Obviously, we will publish the results when the preclinical studies are complete. Thanks.

Speaker Change: Obviously, we will publish the results when the preclinical studies are complete.

Speaker Change: Thanks.

Phillip Lee: And we have a question on finance. What partnership or non-dilutive funding options are you considering?

Speaker Change: And we have a question on finance.

Speaker Change: What partnership or non dilutive funding options are you considering.

Phillip Lee: I'll ask Phil to answer that. said. So we haven't, we really do continue to engage and really update certain parties as we make progress on our programs and platforms. We also additionally participate in both financial and scientific conferences where we do connect with new third parties. We are just in general really encouraged that a number of these parties continue to show interest in our vaccine candidates and really the promise of the oral pill vaccine platform.

Speaker Change: Ask Phil to answer that.

Phil: Thanks, Ed.

Phil: So we havent, we really do continue to engage and really update certain parties as we make progress on our programs our platform.

Phil: We also additionally participate in both financial and scientific conferences, where we do connect with new third parties.

Phil: So we are just in general really encouraged that a number of these parties continue to show interest in our vaccine candidates and really the promise of the oral pill vaccine platform.

Phillip Lee: We, while we cannot provide further details at this time, we certainly will make announcements when we have, when it's appropriate, and we have something to say. Thank you.

Phil: We while we cannot provide further details at this time, we certainly will make announcements when we have a when it's appropriate.

Phil: And we have something to say.

Phil: Thank you Phil.

Edward Berg: That concludes the questions that have been submitted.

Phil: That concludes the questions that have been submitted.

Edward Berg: With that, I'll turn it back over to the operator to close our session. Thank you.

Phil: With that I'll turn it back over to the operator to close.

Phil: Session.

Phil: Yeah.

Phil: Thank you and ladies and gentlemen. This does concludes today's conference you may disconnect. Your lines at this time and thank you for your participation.

Operator: And ladies and gentlemen, this bus concludes today's conference and may disconnect your lines. Thank you for your attention. [music]

Phil: Okay.

Phil: [music].

Phil: Okay.

Phil: Yeah.

Phil: [music].

Phil: Yeah.

Phil: Okay.

Phil: [music].

Phil: Yeah.

Phil: Okay.

Phil: Yeah.