My PhD thesis in 1999 proved mRNA could trigger an immune response. That discovery launched an industry.

47% efficacy versus 95% for Moderna and BioNTech. Same technology, different execution. That gap is everything.

We pioneered mRNA. Then watched others make $50 billion from it. Being first doesn't mean being best.

The second-generation vaccines are more potent and don't need ultra-cold storage. The science is improving.

GSK partnered with us for influenza and COVID vaccines. That's validation from Big Pharma.

From $25 billion market cap to $700 million. One clinical trial result changed everything.