Financial Data and Key Metrics Changes - Revenue for the full year 2025 was $237.3 million, a significant increase from $28.7 million in 2024, primarily driven by government contracts and the Dynavax collaboration [20] - Cash equivalents and investments at the end of the fourth quarter were $63.8 million, with an expected cash runway into the second quarter of 2027 [20][21] Business Line Data and Key Metrics Changes - The partnership with Dynavax for the oral COVID-19 vaccine candidate includes a $25 million upfront payment and a $5 million equity investment, with potential future payments totaling up to $700 million [5][7] - The oral norovirus vaccine candidate has shown promising results in clinical studies, with significant increases in IgA levels in both serum and breast milk [14][15][16] Market Data and Key Metrics Changes - The collaboration with Dynavax, now a Sanofi company, is expected to enhance the company's market position in the vaccine space [6][7] - The ongoing phase 2B trial of the oral COVID-19 vaccine candidate is crucial for addressing the ongoing need for next-generation solutions in the context of COVID-19 [10][11] Company Strategy and Development Direction - The company is focused on managing financial resources effectively, pursuing strategic partnerships, and reducing operating costs to enhance cash runway [8][21] - Future priorities include executing data collection for the COVID-19 clinical trial and securing partnerships for the norovirus program [22] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the potential of both the COVID-19 and norovirus oral vaccine programs to provide public health benefits and create shareholder value [22] - The company is committed to realizing the value of its oral pill vaccine platform, which is seen as a disruptive technology in the vaccination landscape [22] Other Important Information - The company has entered into a lease termination agreement to reduce operating expenses, allowing for a more focused allocation of financial resources [5][8] - The results from the 400-participant sentinel cohort of the COVID-19 trial are expected to be reported in early Q2 2026, with the larger KP2 cohort data anticipated in Q4 2026 [11][22] Q&A Session Summary Question: Delay in 400-person sentinel cohort data - Management acknowledged a slight delay in reporting the 400-person sentinel cohort data, now expected in early Q2 instead of late Q1, due to interactions with BARDA [26][28] Question: Expectations for sentinel data and follow-up - The 400-person cohort will provide safety data, while the 5,000-person KP2 cohort will offer efficacy insights, with results expected in Q4 2026 [29][31] Question: Decision points after sentinel data - The decision-making process for next steps post-sentinel data will involve both BARDA and Dynavax, with Vaxart overseeing the Phase 2B trial [35][36] Question: Regulatory input on norovirus candidate - Discussions with the FDA regarding endpoints for the next phase 2 study of the norovirus candidate are ongoing, with a focus on safety and immunogenicity [42][43]

Financial Data and Key Metrics Changes - Revenue for the full year 2025 was $237.3 million, a significant increase from $28.7 million in 2024, primarily driven by government contracts and the Dynavax collaboration [20] - Cash equivalents and investments at the end of the fourth quarter were $63.8 million, with an expected cash runway into the second quarter of 2027 [20][21] Business Line Data and Key Metrics Changes - The partnership with Dynavax for the oral COVID-19 vaccine candidate included a $25 million upfront payment and a $5 million equity investment, validating the oral vaccine platform [5][6] - The oral norovirus vaccine candidate showed promising results in a clinical study, with significant increases in IgA levels in both serum and breast milk [14][15][17] Market Data and Key Metrics Changes - The COVID-19 vaccine trial is currently in phase 2B, with a focus on comparing the oral vaccine's efficacy against an mRNA vaccine [9][10] - The need for next-generation solutions in COVID-19 vaccination remains critical as the pandemic continues to impact global health [11] Company Strategy and Development Direction - The company aims to manage financial resources effectively, pursuing strategic partnerships and reducing operating costs to focus on advancing lead programs [7][21] - The oral pill vaccine platform is viewed as a disruptive technology that could address public health challenges and changing vaccination preferences [24] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the potential of the COVID-19 and norovirus oral vaccine programs to provide public health benefits and create shareholder value [22] - The company plans to report top-line results from the COVID-19 trial's sentinel cohort in early Q2 2026 and from the KP2 cohort in Q4 2026 [23] Other Important Information - A lease termination agreement was entered into to reduce operating expenses, allowing for a more focused allocation of financial resources [5][8] - The company is exploring licensing or partnership opportunities for earlier-stage assets, including seasonal and pandemic flu candidates and the HPV program [24] Q&A Session Summary Question: Delay in 400-person sentinel cohort data - Management acknowledged a slight delay in reporting the 400-person sentinel cohort data, now expected in early Q2 instead of late Q1, due to interactions with BARDA [27][28] Question: Next steps after sentinel data - The decision points for next steps will involve both BARDA and Dynavax, with Vaxart overseeing the Phase 2B trial [36][37] Question: Immunogenicity data availability - Immunogenicity data will not be included in the Q2 update but will follow after the initial safety data [36][39] Question: Regulatory input on norovirus candidate - Discussions with the FDA have occurred regarding the primary endpoint of safety for the next phase 2 study of the norovirus candidate [42][43]