Vaxart is a clinical-stage biotech developing oral tablet vaccines — pills rather than injections. The core technology, the VAAST platform, uses a non-replicating adenovirus vector to deliver DNA encoding a target antigen and immune-boosting adjuvant to cells in the small intestine. The tablet is coated to survive stomach acid and dissolve in the small intestine, where it triggers both systemic immunity and mucosal IgA antibodies — the latter being a type of immune response that conventional injectable vaccines don't reliably generate and that may reduce viral transmission. Vaxart argues the oral delivery route also avoids cold-chain logistics and needle-aversion barriers. Vaxart's lead programs target norovirus, COVID-19, and influenza, none of which are approved. The norovirus program is the most advanced, with second-generation constructs showing strong immune responses in a Phase 1 trial in 2025; a Phase 2b trial is planned but contingent on external funding or a partnership. The COVID-19 program is being advanced under a BARDA contract, though BARDA issued stop-work orders in 2025 that limited enrollment; Vaxart has licensed worldwide rights to develop and commercialize its oral COVID-19 vaccine to Dynavax for a $25M upfront fee and up to $700M in potential milestones and royalties. Vaxart has no product revenue and funds operations primarily through U.S. government contracts, with the Dynavax deal extending cash runway into Q2 2027.