Business ModelThe business model focused on developing vaccines through Phase 1/2 trials and then partnering or out-licensing the assets poses a valuation challenge, as the model is royalty-based and excludes milestone revenue.
Financial PerformanceThe company reported no revenues with a net loss of $0.02 per diluted share.
RisksRisks include partnership, technology, clinical, regulatory, commercial, legal, intellectual property, and competition.