I was expecting very little price movement this morning. But there is room for improvement on the messaging.

Instead of saying:

"We...plan to submit the IND to the FDA as soon as the GMP production of the Ii-Key vaccine is completed in the coming weeks."

Just say:

"We are currently producing the vaccine needed for the Phase I/II trials and finalizing the IND application to the FDA."

There's nothing misleading there, but you haven't explicitly said "come back in a few weeks, there's nothing to see here".

And the reader is over-scienced up front. Grab people's attention with bullet points, then direct them with a link to a tailored web page specifically drilling down into those HLA details, etc.

That makes room for bullets like:

- We are concurrently producing trial batches for a separate Phase I/II trial which will be conducted in China under the guidance of the Chinese FDA.