Financial Data and Key Metrics Changes - For the nine months ended September 30, 2025, the company reported revenues of $2.5 million, down from $3.1 million in 2024, primarily due to the termination of the BARDA Project NextGen contract [13][15] - Research and development expenses for Q3 2025 were $5 million, compared to $7.4 million in 2024, with a nine-month total of $15.1 million versus $16.1 million in 2024 [13][14] - The overall net loss for Q3 2025 was $6.3 million, compared to $5.8 million in 2024, and the year-to-date net loss was $17 million versus $16.7 million in 2024 [15] Business Line Data and Key Metrics Changes - The company is advancing multiple product candidates, including GEO-MVA, GEO-CM04S1, and Gadeptin, with a focus on addressing unmet healthcare needs [4][11] - GEO-MVA has received guidance from the European Medicines Agency for an expedited development path, allowing the company to bypass earlier clinical trial phases [5][6] - GEO-CM04S1 is recognized as a critical vaccine for immunocompromised adults, with ongoing studies focusing on this population [7][8] Market Data and Key Metrics Changes - There is significant government interest in U.S.-based supply chains for vaccines, reflecting a shift towards onshoring initiatives [6] - The company is experiencing increased interest from industry partners and funding organizations, particularly in relation to its vaccine candidates [4][5] Company Strategy and Development Direction - The company aims to develop innovative cancer therapies and infectious disease vaccines, with a focus on expedited registration pathways [11][12] - Strategic partnerships and collaborations are being pursued to support the development and commercialization of its product candidates [11][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress and outlook for its product portfolio, highlighting the potential for GEO-MVA to address global vaccine needs [4][5] - The company is actively engaging with stakeholders, including government entities and international organizations, to advance its vaccine programs [6][38] Other Important Information - The company is exploring various funding strategies to support its clinical programs, including strategic partnerships and non-dilutive funding [15] - The focus remains on advancing clinical evaluations for GEO-MVA and GEO-CM04S1, as well as Gadeptin for oncology applications [11][12] Q&A Session Summary Question: Is there a scenario that could lead to MVA being used by governments before clinical trials? - Management indicated that emergency use licensing through WHO may be possible, but not prior to clinical evaluation [19][20] Question: Can you provide insights on potential collaborations or partnerships? - Management stated that they hold worldwide rights for their product assets and are open to proposals from potential partners, focusing on global registration [27][28] Question: What are the plans for the needle-free administration method for GEO-MVA? - The company is evaluating non-traditional delivery methods in collaboration with Vaxxas and is in discussions regarding manufacturing plans [32][34] Question: Which regions are most supportive of the vaccine programs? - Management highlighted significant interest in the Southern Hemisphere for GEO-MVA and ongoing concerns regarding mpox outbreaks in various regions [38][40] Question: Will there be a biosimilar version of Pembro available by the time Gadepin is approved? - Management expressed uncertainty but noted potential interest in developing Gadepin with various immune checkpoint inhibitors [43]