Vaxart is a privately owned company developing oral recombinant vaccines based on its proprietary oral vaccine delivery platform. We believe the Vaxart platform is suitable to deliver many recombinant protein antigens such as those used in currently marketed influenza, hepatitis B and human papilloma virus (HPV) vaccines, as well as many other recombinant vaccines currently in the industry pipeline. Vaxart has filed broad domestic and international patents covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists. All intellectual property is fully owned by Vaxart, without any encumbrances. With modular creation using standard recombinant techniques, we believe we can create new vaccines very quickly to protect against emerging pathogens such as avian influenza or biodefense threats.