Vaxart (VXRT) 2025 Conference Transcript

Summary of Vaxart Conference Call Company Overview - Company: Vaxart - Industry: Vaccine Development - Key Products: Oral vaccines, including those for COVID-19 and norovirus Core Points and Arguments 1. Unique Oral Vaccine Platform: Vaxart is developing an oral vaccine that can be self-administered, contrasting with traditional injected vaccines which require appointments and can have side effects [2][3][4] 2. Scientific Advantages: The oral vaccine elicits both systemic immune responses (IgG) and mucosal immune responses (dimeric IgA), which may provide better protection against variant strains [5][6][31] 3. Health Economic Benefits: The oral vaccine eliminates the need for cold chain storage and reduces medical waste, potentially lowering overall healthcare costs [8][10] 4. COVID-19 Program: Vaxart received over $450 million in funding from BARDA for a study comparing its oral vaccine to an mRNA vaccine, with a 10,000 participant study currently underway [11][12][33] 5. Study Design: The study includes both symptomatic and asymptomatic COVID-19 infection tracking, with a follow-up period of 12 months [15][16][19] 6. Funding Structure: The funding agreement is milestone-driven, with $240 million immediately available to support the study [33][34] 7. Norovirus Vaccine Development: Norovirus causes significant health issues, particularly in vulnerable populations, and Vaxart aims to develop a vaccine targeting this virus, with no approved vaccines currently available [41][42] 8. Second Generation Norovirus Vaccine: Vaxart is advancing a second-generation vaccine with improved immunogenicity and manufacturing efficiency, with data expected mid-year [44][46][49] 9. Market Potential: The financial impact of norovirus in the U.S. is estimated at $10 billion annually, indicating a significant market opportunity for a vaccine [41] 10. Partnership Opportunities: Vaxart is in discussions with various companies for potential partnerships to support its vaccine programs, particularly for norovirus [72][73] 11. Influenza Programs: Vaxart is also developing vaccines for seasonal and pandemic influenza, with promising preclinical results [66][68] Other Important Content - Regulatory Environment: The company has maintained a good relationship with the U.S. government, which has allowed it to proceed with its studies without major changes [12][36] - Safety Monitoring: An independent Data Safety Monitoring Board has recommended proceeding with the study without modifications, indicating confidence in the study's design [25][26] - Cross-Reactivity and Viral Shedding: The oral vaccine shows potential for cross-reactivity against various strains and may reduce viral shedding, which is critical for controlling pandemics [31][32][60] - Runway and Future Funding: Vaxart's current financial runway extends into the first quarter of the following year, with plans to seek additional funding based on positive study results [74][75]