Core Insights - Vaxart, Inc. announced positive clinical results for its oral norovirus vaccine candidate, demonstrating safety and immunogenicity in lactating women, with passive antibody transfer to infants via breast milk [1][2] - The company reported a significant increase in revenue for 2025, totaling $237.3 million, compared to $28.7 million in 2024, primarily due to government contracts and a collaboration with Dynavax [12][18] - Vaxart has a cash position of $63.8 million as of December 31, 2025, providing a runway into the second quarter of 2027 [1][12] COVID-19 Vaccine Developments - The COVID-19 program reached a strategic inflection point with a collaboration with Dynavax, which is expected to provide funding and enhance the recognition of Vaxart's mucosal vaccine platform [2] - The company completed enrollment of approximately 5,400 participants for its Phase 2b trial, with safety data from the sentinel cohort expected in early Q2 2026 and full trial data anticipated in Q4 2026 [5][2] Norovirus Vaccine Developments - Vaxart's oral bivalent norovirus vaccine demonstrated a significant increase in norovirus-specific antibodies in lactating women, providing clinical evidence of passive mucosal immunity to infants [5][2] - The company plans to initiate its next norovirus clinical trial in 2026, pending partnership or funding [6] Financial Results - For the full year 2025, Vaxart reported a net income of $16.3 million, a significant turnaround from a net loss of $66.9 million in 2024 [12][18] - Research and development expenses increased to $201.6 million in 2025 from $74.2 million in 2024, primarily due to clinical trial expenses for the COVID-19 vaccine [12][18] - General and administrative expenses decreased to $17.6 million in 2025 from $20.8 million in 2024, attributed to lower personnel costs and legal fees [12][18]