Vaxart Inc. has reported its financial results for the first quarter of 2025, showcasing a substantial increase in revenue. The company generated $20.9 million in revenue, a marked rise from $2.2 million in the first quarter of 2024. This growth was primarily driven by government contracts associated with the BARDA contract awarded in June 2024. The company recorded a net loss of $15.6 million for the first quarter of 2025, a decrease from the $24.4 million net loss reported in the first quarter of 2024. Additionally, the net loss per share improved to $0.07 for the first quarter of 2025 from $0.14 per share in the same period of the previous year. Research and development expenses increased to $30.7 million from $19.0 million, largely due to higher clinical trial expenses for COVID-19 and norovirus vaccine candidates. Conversely, general and administrative expenses decreased to $5.1 million from $7.2 million, attributed to reduced stock-based compensation, personnel costs, and professional fees. In operational updates, Vaxart has completed enrollment for its Phase 1 clinical trial of second-generation oral norovirus vaccine constructs, with topline data anticipated in mid-2025. Additionally, the company's new avian influenza vaccine candidate demonstrated complete protection in a ferret challenge model. Jeroen Grasman has been appointed as the Chief Financial Officer, effective May 19, 2025. Vaxart's cash, cash equivalents, and investments totaled $41.9 million as of March 31, 2025, with a financial runway projected into the first quarter of 2026. The company is actively exploring strategies to extend its cash runway, focusing on business development partnerships and non-dilutive funding options.