It's great that the company derives revenue from it's association with BARDA. But you can't ignore that that revenue would not even exist if not for the reimbursement of costs. In FY 18, the company realized $3.827 million from the BARDA contract. At the same time it spent $3.806 million on research and development. Now, it's certain that not the entirety of this expense was BARDA related, but it is likely that the BARDA-related expense was at least $3.4 million in order to justify revenues of the order indicated. Thus, it's likely that the BARDA-related net revenue was in the order of $200,000, based on a typical fee structure of about 6%.
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