Vaxart Q2 2025 Earnings Call Transcript

Quartr
Provided by Quartr
August 13, 2025

Key Takeaways

  • Negative Sentiment: Second stop work order on the COVID-19 Phase 2b trial was issued after approximately 5,000 participants enrolled, pausing further enrollment and adding uncertainty to trial completion timelines.
  • Positive Sentiment: Second-generation norovirus vaccine constructs achieved statistically significant higher blocking antibody levels in Phase 1, suggesting improved protection and attracting partnership interest.
  • Positive Sentiment: Avian influenza preclinical results showed 100% survival and >2 log reduction in viral load in ferrets challenged with H5N1, highlighting strong efficacy for future collaboration opportunities.
  • Neutral Sentiment: Company ended Q2 with $26.3 million in cash and investments and expects a cash runway into 2026, bolstered by BARDA funding and workforce reductions to align costs with operational needs.
  • Negative Sentiment: NASDAQ trading was suspended for not meeting the $1 minimum bid requirement, prompting a proposed reverse stock split and special stockholder vote to regain compliance.
AI Generated. May Contain Errors.
Earnings Conference Call
Vaxart Q2 2025
00:00 / 00:00

There are 9 speakers on the call.

Operator

Greetings, and welcome to the Vaxart Business Update and Second Quarter twenty twenty five Financial Results Conference Call. A question and answer session will follow management's opening remarks. Individual investors may submit written questions to irvaxart.com. As a reminder, this conference is being recorded. I would now like to turn the webcast over to your host, Ed Berg, Senior Vice President and General Counsel.

Operator

Please go ahead.

Speaker 1

Good afternoon and welcome to today's call. Joining us from Vexart are Stephen Lowe, Chief Executive Officer Doctor. Sean Tucker, Founder and Chief Scientific Officer Doctor. James Cummings, Chief Medical Officer and Jerome Grassman, Chief Financial Officer. Before we begin, I would like to remind everyone that during this conference call, Vaxart may make forward looking statements, including statements about the company's financial results, financial guidance, its future business strategies and operations and its product development and regulatory progress, including statements about its ongoing or planned clinical trials.

Speaker 1

Actual results could materially differ from those discussed in these forward looking statements due to a number of important factors, including uncertainty inherent in the clinical development and regulatory process and other risks described in the Risk Factors section of Vaxart's most recently filed annual report on Form 10 ks and also on other periodic reports filed with the SEC. FactSart undertakes no obligation to update any forward looking statements after the date of this call. I'll now turn the call over to Stephen Lowe. Steve?

Speaker 2

Thanks, Ed, and thanks to all of you for joining us this afternoon. I'll begin today's call with an overview of our business, then we'll pass the call to James and Sean for the latest developments of our clinical and preclinical programs. Jerome will share an update of our financials. And finally, I'll have some comments related to our stock listing before we open the call for your questions. Starting with our COVID-nineteen clinical program, last week we received a second stop work order notice on our Phase 2b trial from Advanced Technology International or ATI, the Rapid Response Partnership Vehicles Consortium management firm funded by BARDA.

Speaker 2

Like the first stop work order, this came as a surprise to us without any advance notice. Unlike the first stop work order notice, when we had not yet enrolled anyone in the 10,000 participant cohort, we were glad that this came to us when we had already enrolled approximately 5,000 participants and the notice allows us to continue the study for those already enrolled. We continue to believe there is huge potential for our promising oral pill vaccine candidate for COVID. Enrollment for this trial was proceeding at a rapid pace since we dosed the first participant in late May. These trends highlight the strong public interest of our oral vaccine platform and for a safe and effective vaccine against the SARS CoV-two virus.

Speaker 2

We agree with Secretary Kennedy's priorities that include the development of safe and effective novel vaccine solutions such as our oral vaccine platform. As a reminder, our trial is designed to assess the safety, immunogenicity and efficacy profiles of our candidate against an mRNA comparator. This trial is specifically designed to provide head to head data with the goal of advancing broader and innovative vaccine technologies. Although we were trending towards fully enrolling this trial by mid Q4 as we had projected or even earlier, we remain encouraged about the prospects of the trial and our vaccine candidate since there will be data on about 5,000 participants. We remain in close touch with our BARDA partners and ATI as they indicated that a follow-up notice with further details will come.

Speaker 2

I'd like to express my appreciation for the work of our clinical teams and investigators across our sites as they continue the important follow-up work on this trial. We also thank the clinical trial participants whose strong interest is making this key study possible. COVID remains an endemic infection that has a morbidity and mortality profile that is more adverse than flu. And while vaccination has waned, the market opportunity remains quite significant. And of course, we anticipate that our differentiated mechanism of action plus delivery as an oral pill can change the trajectory vaccine acceptance and convenience.

Speaker 2

Turning to our norovirus program. In June, we were pleased to report positive Phase one top line results from our second generation constructs, which increased norovirus blocking antibodies in both the low and high dose cohort with the difference reaching statistical significance for the high dose cohort. Compared to our first generation constructs, our new constructs were optimized to generate stronger immune responses. We plan to share the complete results of the study in a peer reviewed journal, but it's encouraging that our second generation constructs have shown meaningful improvement on an important marker of protection against norovirus infection and that the data continue to show they are well tolerated with a benign safety profile. We believe this has first in class or best in class potential as currently there are no approved vaccines and other products in development do not have the unique profile as well as delivery advantages of our platform.

Speaker 2

With continuing outbreaks in the news and a significant burden on society, norovirus represents a significant unmet need. As we have shared before, norovirus is believed to cause twenty percent of diarrheal disease globally and is the leading cause of acute gastroenteritis or AGE worldwide. This highlights the public health potential of our oral norovirus vaccine. The healthcare economic costs of norovirus infection and associated AGE are estimated at $60,000,000,000 worldwide and $10,000,000,000 in The United States. This underscores why market research estimates the potential of a multibillion dollar U.

Speaker 2

S. Market for a safe and effective norovirus vaccine. Following the release of norovirus top line data, our leadership team attended the Biointernational Convention in Boston. We held many productive one on one partnering discussions throughout the conference. And while it's too early to share specific details about a potential partnership, I'm pleased to share that we have meaningful interest from many parties.

Speaker 2

We will share more information of course, if a partnership is achieved. Finally, we are progressing our preclinical research in avian influenza. As Sean will highlight, our new avian influenza vaccine was 100 percent protective against death in a robust ferroclade 2,344 B challenge model compared with zero percent survival in placebo treated animals. Based on our growing body of data, we believe there is potential for our seasonal and avian influenza vaccine candidates and plan to look for funding to continue development of these programs. Overall, our broad pipeline with programs in norovirus, COVID-nineteen and influenza have a number of upcoming value creating milestones.

Speaker 2

With a platform designed to generate both systemic and mucosal immunity, we believe our oral pill vaccine has the potential to transform global public health and revolutionize distribution and administration. I'll now turn the call over to James for a review of our COVID-nineteen and norovirus clinical programs. James?

Speaker 3

Thanks, Steve, and thanks to everyone for joining today's call. I'll start with an update of our COVID program. After our initial stop work order was lifted in April, we quickly activated our clinical sites, resumed participant screening and initiated dosing in the 10,000 participant cohort, all within about one month's time. As Steve mentioned, we were well on our way to achieving our enrollment targets with about half of the participants enrolled earlier this month. However, with the latest stop work order, we immediately ceased enrollment.

Speaker 3

It's worth mentioning though that the independent data safety monitoring board or DSMB for this trial tasked with assessing the safety of the trial had determined at its meeting in mid July that the study could continue to proceed without modification, providing further evidence of the safety profile of our vaccine candidate. As a reminder, this Phase IIb trial is a double blind, multicenter, randomized, comparator controlled study. It's designed to evaluate the relative efficacy, safety, and immunogenicity of our oral COVID-nineteen vaccine candidate compared to an approved mRNA COVID-nineteen vaccine in adults who have been previously vaccinated against COVID-nineteen. Based on the stop work order notification, we will continue to conduct twelve month follow-up for all participants who have already been dosed in the trial, which will be funded by BARDA. As we determine next steps for the trial with approximately 5,000 participants enrolled, we believe we will still produce a very comprehensive data readout that is anticipated in 2026.

Speaker 3

We're also continuing per protocol follow-up work for the 400 person sentinel cohort which BARDA will continue to fund. Participants are being monitored for up to twelve months post vaccination to assess safety, immunogenicity and efficacy for the Sentinel cohort. We expect to report data in the 2026. During the second quarter, we reported positive top line results from the Phase one trial comparing our first and second generation norovirus vaccine constructs. These data showed that our second generation constructs stimulated higher levels of norovirus blocking antibodies than the first generation constructs at both the high and low doses evaluated in the trial.

Speaker 3

The difference was statistically significant in the high dose cohort. As we previously shared, these norovirus blocking antibodies correlated with protection against norovirus infection in a Phase II challenge study of the first generation constructs, which demonstrated a thirty percent relative reduction in the risk of infection. We believe that the blocking antibodies raised by the second generation constructs will also be protective against infection. Given that the Phase I head to head trial showed higher levels of norovirus blocking antibody with the second generation constructs, we're optimistic that this will translate into a greater reduction in infection in a field study. We believe that the potential of our second generation constructs combined with the significant public health need and market opportunity for a safe and effective norovirus vaccine provides us with a meaningful opportunity to attract additional funding that will allow this program to move forward.

Speaker 3

With a potential partnership or other funding, this program could advance to a Phase 2b study in the 2025, enabling an end of Phase two meeting with the FDA that could support Phase three trial initiation as early as 2026. I'll now hand the call over to Doctor. Sean Tucker for the latest developments from our avian flu preclinical program. Sean?

Speaker 4

Thank you, James. As many of you are aware, the H5N1 strain of avian influenza is circulating in wild birds around the globe and causing outbreaks in poultry and dairy cows in The United States. According to the U. S. Centers for Disease Control and Prevention, seventy cases of human H5N1 infection have been reported since the outbreak began resulting in one death.

Speaker 4

This is not just a US virus with reported cases in Southeast Asia and other places. According to the World Health Organization, there were fifteen laboratory confirmed cases of human infection with avian flu in Cambodia this year. While there is no known evidence of person to person infection at this time, the continued circulation of the virus increases the risk of mutations that could make animal to human transmission easier or result in human to human transmission. Additionally, individuals currently working with Gary Heard's at poultry farms or have contact with potentially infected animals could benefit from a safe and effective avian flu vaccine. A key benefit of our vast vaccine platform development is that it allows us to move quickly in formulating and evaluating novel vaccine constructs.

Speaker 4

Given the potentially growing threat of avian flu, we were able to develop and commence preclinical evaluation of a new avian flu construct in just a few months. Subsequently, we performed a challenge study of this construct where it demonstrated one hundred percent survival and reduced viral load. In this study, ferrets were vaccinated twice with an old H5 vaccine, a new H5 vaccine or placebo. Eight weeks after the first vaccination, they were challenged intranasally with H5N1. One hundred percent of the ferrets receiving the new H5 vaccine survived, while all the animals received placebo died by day six post challenge.

Speaker 4

Three of eight animals receiving the old vaccine were still alive after nine days after challenge. In addition to the survival benefit observed with the new vaccine, the study showed a greater than two log reduction in nasal wash viral load in ferrets receiving the new vaccine, and this decrease was statistically significant compared with the old vaccine and placebo. We believe these data are highly compelling and have the potential to support a partnership or business development opportunity. We intend to report the data from these and other studies of our avian flu vaccine candidate in a peer reviewed journal or peer reviewed medical or scientific conference. I'll now hand the call over to Jerome for a brief discussion of our financials.

Speaker 4

Jerome?

Speaker 5

Thank you, Sean. The details of our second quarter twenty twenty five financial results are summarized in today's press release. Revenue for the 2025 was $39,700,000 compared to $6,400,000 for the 2024. Revenue in the 2025 was primarily from the BARDA contract awarded in June 2024. Revenue in the 2024 was primarily from a separate BARDA contract awarded in January 2024.

Speaker 5

Vaxart ended the second quarter with cash, cash equivalents and investments of CAD26.3 million. Based on our current plan, Vaxart expects cash runway into the 2026. To further extend our cash runway, Vaxart will remain aggressive in seeking strategic partnerships and pursuing other non dilutive funding options. In addition, following approximately 10% reduction in workforce during the 2025, the company implemented an additional reduction in workforce during the second quarter, reducing its workforce by a further approximately 21% to decrease operating costs and better align its workforce with the needs of its business. I will now turn the call back to Steve for closing remarks.

Speaker 2

Thank you, Jerome. I'd like to use this time to provide an update on our stock listing before taking your questions. As many of our listeners are aware, our listing on NASDAQ has been suspended because we are not in compliance with NASDAQ's $1 minimum bid price requirement. Since July 8, our common shares have been trading on the OTCQX best market. While this exchange is the highest tier of the OTC Markets Group, our goal is to regain compliance on NASDAQ so that we can resume trading on that exchange.

Speaker 2

While we continue to consider all options in an effort to have NASDAQ lift its suspension of our common shares and appreciate the continued support from our stockholders, we continue to believe that listing on NASDAQ is the best option for the future of AxArt. We have a meeting with the NASDAQ hearings panel tomorrow to discuss our plan to regain compliance, which based on our current share price is to affect a reverse stock split. We will share an update once a decision has been communicated to us. However, there is no assurance that NASDAQ will support our plan. To that end, we have scheduled a special meeting of stockholders to be held virtually on September 5 at 08:30AM Pacific Time and urge a vote for our reverse stock split proposal.

Speaker 2

A similar proposal was not approved during our annual meeting in June as many of our stockholders at that time believe that were Vaxart traded on the OTC that our share price would grow organically for a smoother path to listing on NASDAQ. As we previously stated, we do not believe our current stock price reflects anywhere close to where we believe is the full value of our company. However, since our listing on OTC, our share price has not appreciated in a meaningful manner trading between $0.26 and $0.47 We are less attractive to institutional investors and passively managed index funds who often have mandates against investing in OTC listed companies. And following notification, relisting on NASDAQ is now more important than ever. NASDAQ listed companies are often viewed more favorably for potential partnerships making this a critical step for future collaborations.

Speaker 2

It is for these reasons that we strongly believe that voting for the proposal is in the best interest of Vaxart and for you, our stockholders. In an effort to proactively address questions regarding this proposal and other frequently asked stockholder questions, we will host a live fireside chat on 08/20/2025 at 04:30PM Eastern Time. We encourage you to either send questions in advance to irvaxart dot com or live through the webcast player. We will do our best to answer as many questions as possible with the hope that we can secure your vote. As a reminder, in the event that we receive stockholder approval before proceeding to effect a reverse split, we will first evaluate our situation to determine the likelihood of regaining compliance with NASDAQ.

Speaker 2

While we work towards regaining compliance on NASDAQ, our clinical, regulatory and operational teams are executing at a high level that has enabled us to report positive data and hit key milestones within our stated timelines. Our Phase one norovirus data, progress with our COVID-nineteen Phase 2b trial and compelling preclinical data all served as added validation and interest for our revolutionary oral pill vaccine candidates. We look forward to sharing our continued progress. Thanks everyone for your time today. We will now take your questions.

Speaker 2

Since we have our scheduled fireside chat upcoming, we kindly request reserving all questions relating to our proxy for the fireside chat. Operator, you may open the line for questions.

Operator

Thank And our first question comes from the line of Chang with Jefferies. Please proceed.

Speaker 6

Hey, good afternoon. This is Liang Chang on for Roger. So congrats on the fast pace of the COVID trial enrollment. So I guess my question about the COVID trial, now you have a 5,000 enrolled plus 400 Sentinel cohort that it continue to follow-up. So let's just assume that you continue to those already enrolled patients as planned in the protocol.

Speaker 6

So what would be your statistical assumption and plan there regarding comparing the immunogenicity and efficacy versus compared to arm? And also maybe just quickly confirm the current enrollment about 5,000 is about one to one ratio between these two arms? Thank you.

Speaker 2

Great. Hi, Liang. Thanks for the question. This is Steve. Yes, so first of all, before I turn it over to James, we're really pleased with the rapid enrollment since we got this trial started in April.

Speaker 2

So getting to 5,000 certainly was not a small feat. And obviously, to the participants as well as our clinical study sites. Your questions on the stats and the ratio, let me turn that over to James.

Speaker 3

Thanks, Steve, and thanks, Leon. So, you know, it's a 5,000 or about a 5,000 person enrolled study so far. And that's likely to provide some very useful data from both the scientific and the regulatory standpoint. The statistical analysis plan, we're relooking that right now to ensure the best possible use of these data. And to confirm, this was listed as a randomized study.

Speaker 3

So about half of the folks will receive our test construct and the other half will receive a comparator mRNA.

Speaker 6

Got it. And then maybe a follow-up on that question. So alternatively, say if your enrollment resume towards the 10,000 goal, so what's your expectation on the impact for the enrollment pays for the second stop order? Thank you.

Speaker 3

I guess that depends, Liam. It depends on when any changes might occur, what I can say in terms of where we would be in terms of enrollment. So we're waiting more information. When we have that clarity, we'll certainly follow-up.

Speaker 6

Thanks, James. Thank you. Sure.

Operator

The next question comes from the line of Chang Lee with Oppenheimer. Please proceed.

Speaker 7

Hi. Thanks for taking the questions and providing the updates. Maybe just the first question on the norovirus program and congrats again on the pretty impressive data shared in June. I'm just wondering, I think you mentioned the progression to the Phase 2b trial is from Jingdao partnership or additional funding. Just want to confirm that you need to secure funding or partnership before you start the Phase 2b study.

Speaker 7

And also maybe just like a related question to what is the realistic earliest starting time for the Phase 2b study? And then I have a follow-up. Thanks.

Speaker 2

Hi, Chang. Thanks for the question. Yes, I'll turn that over to Jerome in terms of your question. But yes, from our standpoint, I'll just say that since we released the data in June, we've had some productive conversations with potential partners and Jerome can speak to just the funding.

Speaker 5

Yeah, as to the funding, we've communicated previously as well that the progression of this study is contingent on funding, whether that's from a partnership or from external funding sources. It is what we continue.

Speaker 7

Got it. And are there any potential gating factor like besides funding where?

Speaker 2

Yes, Chung. Not that we're aware of. I mean, it really is a funding. I mean, obviously are aware of the data, which we were really happy to do. We've really started even the process of lining up what to do next in terms of CROs, etcetera.

Speaker 2

So it really is primarily a funding gate.

Speaker 7

Got it. Got it. And just like maybe a question on the COVID-nineteen program. Can you just maybe share some detail on the rationale behind the second Scott work order and whether you think there's a path to resuming enrollment for the program? Thank you.

Speaker 2

Sure. Yes, stated in our opening comments, we haven't received any specific information as to the rationale. What we did was, of course, honor the work order. And so we did not enroll any more participants into the trial. We're very happy that we are around 5,000.

Speaker 2

Frankly, I think we're just waiting for more additional information from BARDA. We have been in dialogue with them, but we haven't received a specific rationale as of yet.

Speaker 7

Okay, got it. Thanks for taking the questions.

Operator

And the next question comes from the line of Mayank Mamtani with B. Riley Securities. Please proceed.

Speaker 8

Yes. Good afternoon, team. Thanks for taking our questions. Now that you've had some time to digest the neurovirus Phase one data, including maybe getting some strategic feedback at Bio, like you mentioned, is there a particular deal structure, economic model that seems most appealing and likely feasible? And has there been any input you've had on the development plan, including the potential correlates of protection that you're pursuing?

Speaker 8

And then I have a quick follow-up.

Speaker 2

Great. Hey, Mayank, thanks for the question. I'll let James or Sean answer the second question. But in terms of the first one, we've been pretty clear that we're agnostic. I think it's important from the science and from the clinical development that we want to move forward with the Phase II.

Speaker 2

So we don't put any strict requirements that it has to be structured this way, etcetera. And we're certainly open to co development, licensing. It's important just to get the science moving forward. So we've been very open minded about that. And I'm sorry, Mike, if you can ask the second question again, just for Sean and James?

Speaker 8

Yes. Just any input on the development plan you have in mind and and including the potential correlates of protection that, you know, you have in mind based on category to your feedback? Any any insight on that?

Speaker 2

Yep. Sean can go ahead and

Speaker 4

Yes. I think the key thing is obviously from the challenge study we

Speaker 2

know what the most important correlates are. Those are

Speaker 4

the things we want to monitor from the standpoint of showing immunogenicity is good and would be predictive of success. But the key thing from the standpoint of that Phase two trial is to get enough numbers for safety to allow us to proceed to an end of Phase two meeting with the FDA.

Speaker 8

Okay. Okay. Thank you. And also on the avian flu data, is there a publication planned and what might be the process of securing maybe a federal funding process there? And lastly, hey, Jaron, on the R and D spend on a go forward basis, how should we think about that?

Speaker 8

And should we assume the spend profile that you have will essentially be in some way reimbursed and it's not going to get impacted by the stop work order? For taking the question.

Speaker 4

Mayank, I think the key thing from the standpoint of the publication is to get the paper written. And obviously, the data has come out just recently. So we have a little work to do In terms of the type of funding, I mean, this is avian flu. There's a lot of need. There's a lot of circulating virus in cattle in poultry.

Speaker 4

And we think that there's a good opportunity to sort of go after people that may be exposed to this. So that would be our next bet.

Speaker 5

And as to the R

Speaker 8

and D

Speaker 5

expenses, say per the stop work order, it's our understanding that BARDA will continue to fund the per protocol sort of follow-up on both safety and efficacy for the about 5,000 participants dose to date. And since the cost of running a clinical trial includes substantial fixed cost components, we do anticipate greater than 50% of the original contract to be collected.

Speaker 8

Okay. Thank you.

Operator

Thank you. There are no more questions at this time. I would now like to turn the call back over to Ed Berg who will address written questions from investors.

Speaker 1

Thank you, operator and thank you for submitting your questions. We have a couple of questions on the COVID-nineteen program. The first is for James, will a 5,000 person Phase 2b clinical trial assuming essentially that the stop work order stays in place. Will that produce useful data in support of the products development plan?

Speaker 3

Thanks, Ed. So yes, in about 5,000 person Phase 2b study, it's very likely to provide some very useful data from both the scientific and a regulatory standpoint. Again, we are relooking the statistical analysis plan just to ensure that we're making the best possible use of these data to support the product development.

Speaker 1

Thanks. Another question on COVID. Do you believe the stop work order could work in your favor and accelerate your timeline? James, do you have a sense of the timeline?

Speaker 3

Sure. So if we are unable to enroll additional patients, subjects due to the stop work order, we do have a timeline to report top line data a little earlier than expected. As a reminder for this study, we required a twelve month follow-up post vaccination period from the last person dosed to assess safety, immunogenicity and efficacy.

Speaker 1

Great. Thanks. And the final question for you James on COVID. In spite of lower uptake from the approved mRNA vaccines, why do you think the trial was so successful in achieving a rapid

Speaker 3

Well, there was certainly a robust demand for participating in our COVID clinical study. And I want to acknowledge and thank all the participants and all the study sites and really everyone who worked to rapidly enroll about 5,000 participants. I believe the robust enrollment pace showcases the demand for a better COVID vaccine. While, you know, SARS CoV-two virus continues to mutate and remains prevalent around the world, we're looking forward to analyzing the data, which may be available, you know, as early as late twenty twenty six to the study participants that have already been dosed.

Speaker 1

Thanks. Now we have some questions on neurovirus. James, I'm on the call on you again. Were there any surprises in the top line Phase one neurobiostata from June?

Speaker 3

There sure were statistical significance, right? Although study wasn't powered to determine superiority by statistical methods, you know, the increase in the MbAA titers with the second generation constructs were sufficiently large, 141% for the G11 construct and 94% for the G24 construct. This demonstrates statistical significance at the higher dose, which is why we pivoted over to the new construct high dose.

Speaker 1

Thanks. On the neuro front, I'll give you a break for a second James. We'll go to Steve. How close is the company to partnership for neuro? And I know you talked about structure, but where are we on timing?

Speaker 2

Yes. Thanks for the question. As I stated earlier, we had some really good one on one meetings at Bio back in June. And since then, we continue our conversations with these potential partners. Because these are confidential discussions, it's hard for us to comment on timing.

Speaker 2

But certainly, when we get to a point of an announcement, we'll put that out there. But I want to just say that we remain in conversations with folks and they seem to certainly be productive and a lot of times it's wanting to see some of the data behind the trial etcetera.

Speaker 1

Thanks. Question for Sean. The breast milk study showed promising results. Have there been any discussions about another trial to further the understanding of whether there can be passive immune transfer?

Speaker 4

Yes. Obviously, we got some great results from the study and continue to evaluate our next steps. As soon as we have a decision, we will make an announcement. However, much of this is funding dependent and this underscores just how important it is for us to be able to access funding from a wide range of sources. The next study is like to be funded by non dilutive funding sources or a partnership.

Speaker 4

Great. Another question for you Sean. This one is whole inactivated virus vaccines have been mentioned in the news and how does Vaxart's results and Vaxart's construct compared to whole inactivated virus vaccines? Well, whole inactivated viruses to SARS CoV-two have not done so well in clinical studies compared to mRNA. We haven't directly compared against these, but if we do as well or better as the mRNA and the BARDA supported study, we would expect to do better than whole inactivated viruses as well.

Speaker 1

Thanks. One more question. This could be Steve or Jerome. With cash runway into 2026, what capital raising strategies are you exploring?

Speaker 5

Yes, we're actively engaged in discussions as Steve has mentioned with several prospective partners regarding our vaccine platform and programs including COVID, norovirus and flu. Prospective partners include both regional and global pharma companies. At the same time, I also want to emphasize that we maintain a highly disciplined approach to managing our expenses and ensuring that optimal resource allocation in order to extend our cash flows. Yes. I'll just add that we really appreciate all

Speaker 2

the hard work of our employees. And as Doron mentioned in the opening comments, right, we had to reduce some of our workforce expenses. And so that's always difficult for us. And as Doron said, we look at a variety of ways to raise capital, but also control our spend. And I'll certainly say and we'll continue to beat on the drove that we believe that a listing on NASDAQ would definitely strengthen our position in both the partnership discussions and future financings.

Speaker 2

And again, we do encourage our shareholders to vote for the reverse stock split. We are going to be happy to take questions. The whole entire management team will be there at the fireside chat next week.

Speaker 1

Okay. There are no more questions. I will turn it back over to operator. Thank you to close us out.

Operator

Thank you, sir. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

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