"Alvea started in late 2021 as a moonshot to rapidly develop and deploy a room temperature-stable DNA vaccine candidate against the Omicron wave of COVID-19, and we soon became the fastest startup to take a new drug from founding to a Phase 1 clinical trial. However, we decided to discontinue our lead candidate during the follow-up period of the trial as the case for large-scale impact weakened amidst the evolving pandemic landscape."

To be honest Alvea doesn't sound like a crazy idea on paper. Reducing lead times on new drugs is a really good idea that seems like it is bottlenecked more by bureaucratic concerns.

A company which focused on that as its sole mission could be really profitable, if they could sell their professional services to a group that already had plenty of in house expertise on actually creating the drugs. My very low resolution guess is that they slipped up when they actually tried to make the drug themselves. That may have been a requirement to get funding from the US government at the time, I don't know.