Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $39.7 million, a significant increase from $6.4 million in Q2 2024, primarily driven by a BARDA contract awarded in June 2024 [20][21] - The company ended Q2 2025 with cash, cash equivalents, and investments of CAD 26.3 million, expecting cash runway into 2026 [21] Business Line Data and Key Metrics Changes - The COVID-19 clinical program faced a second stop work order, but approximately 5,000 participants were already enrolled, allowing the study to continue for those participants [4][5] - Positive Phase 1 results were reported for the norovirus program, with second-generation constructs showing statistically significant increases in blocking antibodies compared to first-generation constructs [8][15] Market Data and Key Metrics Changes - Norovirus is estimated to cause 20% of diarrheal disease globally, representing a significant unmet need and a potential multibillion-dollar market for a safe and effective vaccine [9][10] - The healthcare economic costs of norovirus infection are estimated at $60 billion worldwide and $10 billion in the United States [9] Company Strategy and Development Direction - The company aims to develop innovative vaccine solutions, including oral vaccines for COVID-19 and norovirus, with a focus on transforming global public health [7][12] - The company is actively seeking strategic partnerships and non-dilutive funding options to extend its cash runway and support ongoing clinical programs [21][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the COVID-19 trial despite the stop work order, highlighting strong public interest in the oral vaccine platform [5][6] - The company remains in close contact with BARDA and anticipates further details regarding the trial [6][14] Other Important Information - The company is currently listed on the OTCQX market due to NASDAQ suspension for not meeting the $1 minimum bid price requirement, with plans to regain compliance through a reverse stock split [23][24] - A special meeting of stockholders is scheduled to discuss the reverse stock split proposal, which is seen as critical for future partnerships and funding opportunities [25][26] Q&A Session Summary Question: What is the statistical assumption for the COVID trial? - Management confirmed that the study is randomized, with about half of the participants receiving the test construct and the other half receiving a comparator mRNA vaccine [33] Question: What is the impact of the second stop work order on enrollment? - Management indicated that the impact depends on when changes might occur, and they are awaiting more information [35] Question: Is funding necessary before starting the Phase 2b study for norovirus? - Management confirmed that progression to Phase 2b is contingent on securing funding or partnerships [38][41] Question: What is the rationale behind the second stop work order for COVID? - Management stated they have not received specific information regarding the rationale but are in dialogue with BARDA [44] Question: What is the timeline for the Phase 2b study for norovirus? - Management indicated that the timeline is dependent on securing funding, with potential for the study to start in 2025 [39][41] Question: What are the plans for avian flu data publication? - Management stated that they intend to report data from avian flu studies in a peer-reviewed journal or conference [53] Question: How will R&D spending be impacted by the stop work order? - Management confirmed that BARDA will continue to fund follow-up studies for the participants already dosed, and they anticipate collecting more than 50% of the original contract [55]