Core Insights - Vaxart reported positive topline data from its second-generation oral norovirus vaccine, indicating potential for improved protection against infection [1][6] - The company enrolled approximately 5,000 participants in its COVID-19 Phase 2b trial before a stop work order was issued, with follow-up for all participants continuing [1][3] - As of June 30, 2025, Vaxart had cash, cash equivalents, and investments totaling $26.3 million, providing a runway into 2026 [1][11] Norovirus Vaccine Developments - Vaxart's second-generation norovirus vaccine constructs showed statistically significant increases in GI.1 and GII.4 norovirus blocking antibodies, with increases of 141% and 94% respectively compared to first-generation constructs [6] - The company plans to conduct a Phase 2b safety and immunogenicity study for the norovirus vaccine, potentially starting in the second half of 2025, followed by an End of Phase 2 meeting with the FDA [6] COVID-19 Vaccine Developments - The COVID-19 Phase 2b trial had enrolled about half of the planned 10,000 participants before the stop work order, with participants being monitored for up to 12 months post-vaccination [6] - Topline data from the COVID-19 trial is anticipated in late 2026 [6] Financial Results - Vaxart reported revenue of $39.7 million for the second quarter of 2025, a significant increase from $6.4 million in the same quarter of 2024, primarily from government contracts [11][20] - Research and development expenses rose to $49.7 million in Q2 2025 from $17.5 million in Q2 2024, driven by increased clinical trial expenses [11][20] - The net loss for the second quarter of 2025 was $15.0 million, compared to a net loss of $16.5 million in Q2 2024, with a net loss per share of $0.07 [11][20] Upcoming Events - A live stockholder fireside chat is scheduled for August 20, 2025, to address frequently asked questions ahead of a special meeting of stockholders [2][12] - A special meeting of stockholders will be held on September 5, 2025, to seek approval for a potential reverse stock split [10]