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Subsequent Events | 9 Months Ended
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Sep. 30, 2025
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events New Share Repurchase Program In October 2025, our Board of Directors authorized a share repurchase program (the “New Repurchase Program”) to repurchase up to $100.0 million worth of our common stock. Vaxart Agreement In November 2025, we entered into an agreement with Vaxart, Inc. (“Vaxart”), under which Vaxart granted us an exclusive, worldwide license to develop and commercialize oral vaccines based on Vaxart’s delivery platform (the “Vaxart Platform”) for SARS-CoV-2, SARS, MERS and other coronavirus infections and respiratory illnesses caused by coronavirus infections, including COVID-19 (“Vaxart Agreement”). Vaxart’s oral pill COVID-19 vaccine candidate is currently in a Phase 2b clinical trial (the “COVID-19 Vaccine Candidate”) funded under an agreement between Vaxart and Advanced Technology International, the Rapid Response Partnership Vehicle’s Consortium Management Firm funded by BARDA (the U.S. Biomedical Advanced Research and Development Authority) as part of Project NextGen. Under the terms of the Vaxart Agreement, we will pay Vaxart an upfront license fee of $25.0 million and make a $5.0 million equity investment in Vaxart. Vaxart will retain full operational and financial responsibility for the development of the COVID-19 Vaccine Candidate through the completion of the Phase 2b clinical trial and the subsequent End of Phase 2 meeting with the U.S. Food and Drug Administration (“FDA”). In addition, after receiving the results of the Phase 2b clinical trial, we will pay an additional fee of $50.0 million to Vaxart, unless we elect not to assume responsibility for continued development of the COVID-19 Vaccine Candidate (in which case, the Vaxart Agreement will terminate). We have also agreed to pay milestone payments to Vaxart upon the achievement of certain regulatory approval and commercial milestone events, as well as royalties on product net sales. As noted above, in connection with the Vaxart Agreement, we and Vaxart have entered into a securities purchase agreement pursuant to which we will purchase $5.0 million of shares of Vaxart common stock.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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