Our programs are in various stages of development, the most significant of which are summarized below:

- • is currently undergoing a Phase 2 clinical trial (NCT04977024), evaluating its safety and efficacy as a • is currently undergoing a Phase 2 clinical trial (NCT04977024), evaluating its safety and efficacy as a preventive COVID-19 vaccine in patients who have previously received either an allogeneic hematopoietic cell transplant, an autologous hematopoietic cell transplant or chimeric antigen receptor (CAR) T cell therapy. GEO- CM04S1 is the only COVID-19 vaccine that includes both SARS-CoV-2 spike and nucleocapsid proteins to advance to a Phase 2 trial in cancer patients. The trial is also the first to compare an investigational multi-antigenic COVID-19 vaccine to the current Food and Drug Administration (FDA)-approved mRNA vaccine from Pfizer/BioNTech in people who are immunocompromised.
- • is also undergoing the Phase 2 portion of a Phase 1/2 trial (NCT04639466), evaluating its use as a • is also undergoing the Phase 2 portion of a Phase 1/2 trial (NCT04639466), evaluating its use as a universal booster vaccine to current FDA-approved two-shot mRNA vaccines from Pfizer/BioNTech and Moderna.
- • is currently undergoing a Phase 1/2 clinical trial (NCT03754933) for treatment of patients with advanced • is currently undergoing a Phase 1/2 clinical trial (NCT03754933) for treatment of patients with advanced head and neck squamous cell carcinoma (HNSCC). This trial is being funded in part by the U.S. Food & Drug Administration (FDA) pursuant to its Orphan Products Clinical Trials Grants Program. The trial is designed to inform the design of a larger patient trial that also may involve patients with other anatomically accessible oral and pharyngeal cancers, including cancers of the lip, tongue, gum, floor of mouth, salivary gland and other oral cavities.
- • (our pan-coronavirus vaccine) has shown promising results in preclinical studies to date. Building on these • (our pan-coronavirus vaccine) has shown promising results in preclinical studies to date. Building on these earlier findings, we have initiated additional studies to prepare for an Investigational New Drug application and subsequent human clinical trials.
- • research program for treatment of solid tumors (MVA-VLP-MUC1) is progressing with additional preclinical • research program for treatment of solid tumors (MVA-VLP-MUC1) is progressing with additional preclinical studies recently initiated. The initial animal studies of our MVA-VLP-MUC1 vaccine and ICI combination have been encouraging, showing that a combination of our MVA-VLP-MUC1 vaccine candidate with a MUC1 synthetic peptide was capable of breaking tolerance to human MUC1 in transgenic mice and inducing immune responses with efficacy against challenge in a lymphoma tumor model. Our studies also demonstrated a significant reduction of the tumor burden in a mouse model for colorectal cancer. We have initiated studies to determine the optimal course and schedule of vaccination to define a protocol that can be evaluated in a Phase 1 clinical trial.
- • additional research programs for vaccines against hemorrhagic fever viruses (Ebola Zaire, Ebola Sudan, Marburg • additional research programs for vaccines against hemorrhagic fever viruses (Ebola Zaire, Ebola Sudan, Marburg and Lassa Fever) and malaria are at various stages of preclinical development.

########## Financial Overview

########## Revenues

We have not generated any revenues from product sales to date. Our product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing. All product candidates that we advance to clinical testing will require regulatory approval prior to commercial use and will require significant costs for commercialization. Our grant revenues relate to grants and contracts from agencies of the U.S. government in support of our vaccine development activities. We record revenue associated with these grants as the related costs and expenses are incurred.

########## Research and development expenses

Since our inception, we have focused and we continue to focus significant resources on our research and development activities, including developing our vector platform and analytical testing methods, conducting preclinical studies, developing manufacturing processes, and conducting clinical trials. Research and development costs are expensed as incurred and consist primarily of the following:

- • costs in our research, development and regulatory functions, which include salaries, benefits and stock-based • costs in our research, development and regulatory functions, which include salaries, benefits and stock-based compensation;
- • incurred under agreements with contract research organizations (“CROs”), that conduct clinical trials on our • incurred under agreements with contract research organizations (“CROs”), that conduct clinical trials on our behalf;
- • incurred under agreements with contract manufacturing organizations (“CMOs”), that manufacture product • incurred under agreements with contract manufacturing organizations (“CMOs”), that manufacture product used in the clinical trials;
- • incurred in procuring materials and for analytical and release testing services required to produce vaccine • incurred in procuring materials and for analytical and release testing services required to produce vaccine candidates used in clinical trials;
- • development expenses incurred internally and externally to improve the efficiency and yield of the bulk • development expenses incurred internally and externally to improve the efficiency and yield of the bulk vaccine;
- • supplies, vendor expenses and other third-party contract expenses related to preclinical research activities; • supplies, vendor expenses and other third-party contract expenses related to preclinical research activities;
- • license fees; • license fees;
- • expenses for services supporting our clinical, regulatory and manufacturing activities; and • expenses for services supporting our clinical, regulatory and manufacturing activities; and
- • depreciation and other general overhead expenses. • depreciation and other general overhead expenses.

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