In January 2020, Vaxart announced development of a tablet vaccine to inhibit COVID-19, in competition with other biotechnology companies, such as Novavax, Inovio Pharmaceuticals, and Moderna. In April, the company reported positive immune responses in laboratory animals from its tests with a vaccine candidate for COVID-19. In 2019, several hedge funds invested in Vaxart, with the largest investment coming from Armistice Capital which acquired 25.2 million shares. In June 2020, the Vaxart COVID-19 vaccine candidate was selected as the only oral tablet formulation for testing in non-human primates as part of the United States COVID-19 vaccine development program called Operation Warp Speed.