VAXART, INC. (VXRT) came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of a loss of $0.09. This compares to a loss of $0.09 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of +22.22%. A quarter ago, it was expected that this company would post a loss of $0.07 per share when it actually produced a loss of $0.07, delivering no surprise. Over the last four quarters, the company has surpassed cons ...

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $39.7 million, a significant increase from $6.4 million in Q2 2024, primarily driven by a BARDA contract awarded in June 2024 [20][21] - The company ended Q2 2025 with cash, cash equivalents, and investments of CAD 26.3 million, expecting cash runway into 2026 [21] Business Line Data and Key Metrics Changes - The COVID-19 clinical program faced a second stop work order, but approximately 5,000 participants were already enrolled, allowing the study to continue for those participants [4][5] - Positive Phase 1 results were reported for the norovirus program, with second-generation constructs showing statistically significant increases in blocking antibodies compared to first-generation constructs [8][15] Market Data and Key Metrics Changes - Norovirus is estimated to cause 20% of diarrheal disease globally, representing a significant unmet need and a potential multibillion-dollar market for a safe and effective vaccine [9][10] - The healthcare economic costs of norovirus infection are estimated at $60 billion worldwide and $10 billion in the United States [9] Company Strategy and Development Direction - The company aims to develop innovative vaccine solutions, including oral vaccines for COVID-19 and norovirus, with a focus on transforming global public health [7][12] - The company is actively seeking strategic partnerships and non-dilutive funding options to extend its cash runway and support ongoing clinical programs [21][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the COVID-19 trial despite the stop work order, highlighting strong public interest in the oral vaccine platform [5][6] - The company remains in close contact with BARDA and anticipates further details regarding the trial [6][14] Other Important Information - The company is currently listed on the OTCQX market due to NASDAQ suspension for not meeting the $1 minimum bid price requirement, with plans to regain compliance through a reverse stock split [23][24] - A special meeting of stockholders is scheduled to discuss the reverse stock split proposal, which is seen as critical for future partnerships and funding opportunities [25][26] Q&A Session Summary Question: What is the statistical assumption for the COVID trial? - Management confirmed that the study is randomized, with about half of the participants receiving the test construct and the other half receiving a comparator mRNA vaccine [33] Question: What is the impact of the second stop work order on enrollment? - Management indicated that the impact depends on when changes might occur, and they are awaiting more information [35] Question: Is funding necessary before starting the Phase 2b study for norovirus? - Management confirmed that progression to Phase 2b is contingent on securing funding or partnerships [38][41] Question: What is the rationale behind the second stop work order for COVID? - Management stated they have not received specific information regarding the rationale but are in dialogue with BARDA [44] Question: What is the timeline for the Phase 2b study for norovirus? - Management indicated that the timeline is dependent on securing funding, with potential for the study to start in 2025 [39][41] Question: What are the plans for avian flu data publication? - Management stated that they intend to report data from avian flu studies in a peer-reviewed journal or conference [53] Question: How will R&D spending be impacted by the stop work order? - Management confirmed that BARDA will continue to fund follow-up studies for the participants already dosed, and they anticipate collecting more than 50% of the original contract [55]

Part I FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Unaudited financial statements for Q2 2025 show increased revenue from government contracts, higher R&D expenses, a net loss of $30.6 million, and a 'going concern' warning due to insufficient cash [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets slightly decreased to $164.1 million, while total liabilities significantly increased to $131.2 million, leading to a sharp decline in stockholders' equity to $32.9 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $20,111 | $25,229 | | Total current assets | $70,379 | $68,260 | | Total assets | $164,085 | $166,389 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $117,878 | $90,878 | | Total liabilities | $131,207 | $107,464 | | Total stockholders' equity | $32,878 | $58,925 | - A significant increase in 'Unbilled receivable from government contracts' was observed, rising to **$36.8 million** from **$6.2 million** at the end of 2024[13](index=13&type=chunk) - 'Other accrued current liabilities' more than tripled, increasing from **$11.4 million** to **$35.7 million**, contributing to the rise in total liabilities[13](index=13&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the six months ended June 30, 2025, total revenue surged to $60.6 million, driven by government contracts, while operating expenses increased to $90.1 million, resulting in a net loss of $30.6 million Six Months Ended June 30, (in thousands, except per share data) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total revenue | $60,606 | $8,582 | | Research and development | $80,479 | $36,493 | | Total operating expenses | $90,144 | $48,908 | | Operating loss | ($29,538) | ($40,326) | | Net loss | ($30,577) | ($40,883) | | Net loss per share | ($0.13) | ($0.23) | - Revenue from government contracts was the primary driver of growth, increasing to **$59.0 million** for the first six months of 2025 from **$8.0 million** in the comparable 2024 period[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities improved to $25.5 million, while investing activities provided $20.5 million, leading to a $5.1 million decrease in cash and equivalents Cash Flow Summary for Six Months Ended June 30, (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($25,544) | ($33,218) | | Net cash provided by (used in) investing activities | $20,465 | ($14,688) | | Net cash (used in) provided by financing activities | ($39) | $56,436 | | **Net (decrease) increase in cash** | **($5,118)** | **$8,530** | - The significant cash provided by financing activities in 2024 (**$56.4 million**) was primarily from the issuance of common stock, which did not recur in 2025[24](index=24&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes disclose a 'going concern' warning due to insufficient cash, heavy reliance on HHS BARDA government contracts, and subsequent events including Nasdaq delisting and a stop work order on the COVID-19 trial - The company has substantial doubt about its ability to continue as a going concern for one year, as its cash, cash equivalents, and investments of **$26.3 million** are insufficient to fund planned operations[32](index=32&type=chunk)[36](index=36&type=chunk) - Revenue from government contracts with HHS BARDA totaled **$59.0 million** for the six months ended June 30, 2025, primarily from the 2024 ATI-RRPV Contract for the COVID-19 vaccine candidate[78](index=78&type=chunk)[80](index=80&type=chunk) - Subsequent to the quarter end, on August 5, 2025, the company received a stop work order for screening and enrollment in its COVID-19 Phase 2b trial under the 2024 ATI-RRPV Contract[125](index=125&type=chunk) - Effective July 8, 2025, the company's common stock was suspended from trading on Nasdaq and began trading on the OTCQX® Best Market[122](index=122&type=chunk)[124](index=124&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses oral vaccine development, highlighting a 606% revenue increase driven by HHS BARDA contracts, a 121% rise in R&D expenses, and significant liquidity challenges with a 'going concern' warning due to a recent stop work order [Company Overview and Product Pipeline](index=32&type=section&id=Company%20Overview%20and%20Product%20Pipeline) Vaxart, a clinical-stage biotech, develops oral tablet vaccines, with its norovirus candidate showing positive Phase 1 results, while its COVID-19 program faces a stop work order on its BARDA-funded Phase 2b trial - **Norovirus Program:** Reported positive topline results from a Phase 1 trial in June 2025 for its second-generation bivalent vaccine, showing statistically significant increases in functional antibody titers. The next step is a potential Phase 2b study[135](index=135&type=chunk)[136](index=136&type=chunk) - **COVID-19 Program:** A Phase 2b trial funded by HHS BARDA (up to **$460.7 million**) was underway. However, on August 5, 2025, a stop work order was issued, halting new participant screening and enrollment, though follow-up on existing participants continues[139](index=139&type=chunk) - **Influenza Program:** A new avian influenza vaccine candidate was **100% protective** in a ferret challenge model. The company intends to work with governments for pandemic preparedness[145](index=145&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2025, total revenue surged 606% to $60.6 million due to government contracts, while total operating expenses increased 84% to $90.1 million, resulting in a net loss of $30.6 million Comparison of Operations for the Six Months Ended June 30, (in thousands) | Item | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $60,606 | $8,582 | 606% | | Research and Development | $80,479 | $36,493 | 121% | | General and Administrative | $9,665 | $12,415 | (22)% | | **Total Operating Expenses** | **$90,144** | **$48,908** | **84%** | | **Net Loss** | **($30,577)** | **($40,883)** | **(25)%** | - The increase in revenue was driven by the 2024 ATI-RRPV Contract (**$59.0 million**) and the 2024 ASPR-BARDA Contract[165](index=165&type=chunk) - The rise in R&D expenses was primarily due to increased clinical trial expenses for the COVID-19 and norovirus vaccine candidates[168](index=168&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held $26.3 million in cash and investments, insufficient for 12 months, with a projected cash runway into Q1 2026, raising 'going concern' doubts, further complicated by a stop work order on a key BARDA contract - The company's cash, cash equivalents and investments of **$26.3 million** are not sufficient to fund planned operations for the next 12 months[180](index=180&type=chunk) - Management projects the current cash runway will only last into the first quarter of 2026, which raises substantial doubt about the company's ability to continue as a going concern[182](index=182&type=chunk) - As of June 30, 2025, the company had received **$98.9 million** in cash payments under the 2024 ATI-RRPV Contract. Management is currently evaluating the effect of the August 5, 2025 stop work order on its liquidity[179](index=179&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate sensitivity on its short-term investments, considered low, with minimal foreign exchange risk from Japanese yen royalty revenue - The company's main market risk is interest rate sensitivity on its **$26.3 million** of cash, cash equivalents, and short-term investments, but this is considered low due to the portfolio's high credit quality and short duration[203](index=203&type=chunk)[204](index=204&type=chunk) - Foreign exchange risk is minimal, primarily affecting royalty revenue from sales in Japanese yen. A **1% strengthening** of the U.S. dollar against the yen would reduce royalty revenue by **1%**[205](index=205&type=chunk) [Item 4. Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting identified during the quarter - Management concluded that disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025[206](index=206&type=chunk) - There were no material changes in internal control over financial reporting during the quarter ended June 30, 2025[207](index=207&type=chunk) Part II OTHER INFORMATION [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in several legal proceedings, including a partially settled securities class action for $12.0 million and a pending appeal for a shareholder lawsuit against Armistice Capital - A securities class action (Putative Class Action) was partially settled with the company and its officers for **$12.0 million**, of which **$2.0 million** was paid by Vaxart and the remainder by insurers[95](index=95&type=chunk) - A lawsuit seeking disgorgement of short-swing profits from Armistice Capital (Roth v. Armistice) was dismissed but is currently pending appeal in the Second Circuit Court of Appeals[96](index=96&type=chunk) [Item 1A. Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) The company faces material risks including heavy reliance on HHS BARDA funding, a recent stop work order on its COVID-19 contract, stock volatility on OTCQX, potential 'penny stock' classification, Nasdaq delisting, and adverse trade policy impacts - A significant risk is the dependence on HHS BARDA funding. The August 5, 2025 stop work order on the 2024 ATI-RRPV Contract could negatively impact revenues and cash flows, potentially forcing the company to suspend or terminate the COVID-19 vaccine's development[213](index=213&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - Trading on the OTCQX market may be volatile and sporadic, which could depress the stock price and make it difficult for stockholders to sell shares[218](index=218&type=chunk) - The company's common stock could become subject to the SEC's 'penny stock' rules, which would impose additional sales practice requirements on broker-dealers and could limit trading activity[219](index=219&type=chunk) - The company faces the risk of being delisted from Nasdaq due to failure to meet the minimum bid price requirement, despite efforts to regain compliance via a potential reverse stock split[221](index=221&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None[224](index=224&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the quarter[227](index=227&type=chunk) [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, CEO and CFO certifications, and XBRL data files - The filing includes certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[230](index=230&type=chunk)

[Vaxart Q2 2025 Business Update and Financial Results](index=1&type=section&id=Vaxart%20Q2%202025%20Business%20Update%20and%20Financial%20Results) [Recent Business Highlights](index=1&type=section&id=Recent%20Business%20Highlights) Vaxart reported significant progress across its vaccine pipeline, including its norovirus, COVID-19, and influenza programs [Norovirus Vaccine Developments](index=1&type=section&id=Norovirus%20Vaccine%20Developments) - Positive topline data from the Phase 1 trial of the second-generation oral norovirus vaccine showed **statistically significant increases in GI.1 (141%) and GII.4 (94%) norovirus blocking antibodies** compared to the first-generation constructs[1](index=1&type=chunk)[5](index=5&type=chunk) - The company is in discussions with potential partners to support a Phase 2b trial, which could begin as early as the **second half of 2025**, with a potential Phase 3 trial starting in **2026**[4](index=4&type=chunk)[5](index=5&type=chunk) [COVID-19 Vaccine Developments](index=2&type=section&id=COVID-19%20Vaccine%20Developments) - On August 5, 2025, Vaxart received a stop work order for screening and enrollment in its COVID-19 Phase 2b trial, after approximately **5,000 participants** had been enrolled[1](index=1&type=chunk)[4](index=4&type=chunk)[9](index=9&type=chunk) - Follow-up for all dosed participants will continue, with data from a 400-person sentinel cohort expected in **Q1 2026** and overall topline data in **late 2026**[1](index=1&type=chunk)[9](index=9&type=chunk) [Influenza Program Developments](index=2&type=section&id=Influenza%20Program%20Developments) - The new avian influenza vaccine candidate was **100% protective against death** in a ferret challenge model, compared to **0% survival** in the placebo group[7](index=7&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Financial%20Results%20for%20the%20Second%20Quarter%20Ended%20June%2030%2C%202025) The company reported a significant revenue increase to $39.7 million and a narrowed net loss, ending the quarter with a cash runway into Q1 2026 Q2 2025 Financial Highlights | Financial Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | $39.7 million | $6.4 million | | Research & Development Expenses | $49.7 million | $17.5 million | | General & Administrative Expenses | $4.6 million | $5.2 million | | Net Loss | $15.0 million | $16.5 million | | Net Loss Per Share | $0.07 | $0.09 | - Cash, cash equivalents, and investments totaled **$26.3 million** as of June 30, 2025, with an anticipated cash runway into the **first quarter of 2026**[1](index=1&type=chunk)[9](index=9&type=chunk) - The increase in revenue was primarily from government contracts related to the **BARDA contract** awarded in June 2024[9](index=9&type=chunk) - The rise in R&D expenses was mainly driven by increased clinical trial costs for the **COVID-19 and norovirus vaccine candidates**[9](index=9&type=chunk) [Corporate Updates and Events](index=1&type=section&id=Corporate%20Updates%20and%20Events) Vaxart announced an upcoming conference call and a special stockholder meeting to vote on a potential reverse stock split - A virtual special meeting of stockholders is scheduled for **September 5, 2025**, to seek approval for a **reverse stock split**[11](index=11&type=chunk) - The proposed reverse stock split ratio would be between **1-for-5 and 1-for-20**, aimed at regaining compliance with Nasdaq's minimum bid price requirement[14](index=14&type=chunk) - A conference call to discuss Q2 2025 results is scheduled for **August 13, 2025**, and a live stockholder fireside chat will be held on **August 20, 2025**[2](index=2&type=chunk)[3](index=3&type=chunk)[12](index=12&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated balance sheets and statements of operations as of June 30, 2025 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary | Balance Sheet Item (in thousands) | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $20,111 | $25,230 | | Total assets | $164,085 | $166,391 | | **Liabilities & Equity** | | | | Total liabilities | $131,207 | $107,465 | | Stockholders' equity | $32,878 | $58,926 | | Total liabilities and stockholders' equity | $164,085 | $166,391 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Three Months Ended June 30 | Statement of Operations (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $39,730 | $6,401 | | Total operating expenses | $54,333 | $22,657 | | Operating loss | ($14,603) | ($16,256) | | Net loss | ($14,986) | ($16,466) | Six Months Ended June 30 | Statement of Operations (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $60,606 | $8,582 | | Total operating expenses | $90,144 | $48,908 | | Operating loss | ($29,538) | ($40,326) | | Net loss | ($30,577) | ($40,883) |

Core Insights - Vaxart reported positive topline data from its second-generation oral norovirus vaccine, indicating potential for improved protection against infection [1][6] - The company enrolled approximately 5,000 participants in its COVID-19 Phase 2b trial before a stop work order was issued, with follow-up for all participants continuing [1][3] - As of June 30, 2025, Vaxart had cash, cash equivalents, and investments totaling $26.3 million, providing a runway into 2026 [1][11] Norovirus Vaccine Developments - Vaxart's second-generation norovirus vaccine constructs showed statistically significant increases in GI.1 and GII.4 norovirus blocking antibodies, with increases of 141% and 94% respectively compared to first-generation constructs [6] - The company plans to conduct a Phase 2b safety and immunogenicity study for the norovirus vaccine, potentially starting in the second half of 2025, followed by an End of Phase 2 meeting with the FDA [6] COVID-19 Vaccine Developments - The COVID-19 Phase 2b trial had enrolled about half of the planned 10,000 participants before the stop work order, with participants being monitored for up to 12 months post-vaccination [6] - Topline data from the COVID-19 trial is anticipated in late 2026 [6] Financial Results - Vaxart reported revenue of $39.7 million for the second quarter of 2025, a significant increase from $6.4 million in the same quarter of 2024, primarily from government contracts [11][20] - Research and development expenses rose to $49.7 million in Q2 2025 from $17.5 million in Q2 2024, driven by increased clinical trial expenses [11][20] - The net loss for the second quarter of 2025 was $15.0 million, compared to a net loss of $16.5 million in Q2 2024, with a net loss per share of $0.07 [11][20] Upcoming Events - A live stockholder fireside chat is scheduled for August 20, 2025, to address frequently asked questions ahead of a special meeting of stockholders [2][12] - A special meeting of stockholders will be held on September 5, 2025, to seek approval for a potential reverse stock split [10]

Core Viewpoint - Vaxart, Inc. is urging stockholders to vote in favor of a reverse stock split proposal to facilitate relisting on Nasdaq, which is deemed essential for the company's future growth and stockholder value [3][6][11]. Group 1: Importance of Relisting - Relisting on Nasdaq is a strategic imperative for Vaxart, as it enhances visibility, liquidity, and access to a broader range of investors, including institutional ones [4][5]. - A Nasdaq listing is expected to improve market perception and provide credibility, which is crucial for attracting partnerships and funding [5][10]. - The company acknowledges the frustration of stockholders regarding the current share price and emphasizes that a reverse stock split is necessary to meet Nasdaq's listing requirements [3][6]. Group 2: Reverse Stock Split Proposal - The reverse stock split proposal aims to minimize dilution by implementing a narrower split ratio and reducing the authorized share count [7][8]. - The company clarifies that the reverse stock split will not alter the fundamental value of investments, only the number of shares held [7]. - All equity holders, including employees and management, will be equally affected by the reverse stock split, aligning interests in share price appreciation [8]. Group 3: Scientific Progress and Financial Position - Vaxart is advancing its oral vaccine development, with significant milestones including rapid enrollment in a COVID-19 Phase 2b trial and positive results for a norovirus vaccine [10][12]. - The company is focused on extending its cash runway into 2026 through cost reductions while maintaining the ability to deliver multiple data readouts [10]. - Vaxart's proprietary delivery platform for oral vaccines positions it to develop innovative solutions for various health challenges [14].

Company Update - Vaxart, Inc. will provide a business update and report financial results for the second quarter ended June 30, 2025, after market close on August 13, 2025 [2] - A conference call hosted by Vaxart's senior management team will take place on the same day at 4:30 p.m. ET [2] - Investors can submit written questions in advance of the conference call by August 12, 2025 [2] Company Overview - Vaxart is a clinical-stage biotechnology company focused on developing oral recombinant vaccines using a proprietary delivery platform [4] - The company's vaccines are designed to be administered in pill form, which can be stored and shipped without refrigeration, eliminating needle-stick injury risks [4] - Current development programs include vaccines for coronavirus, norovirus, influenza, and a therapeutic vaccine for human papillomavirus (HPV) [4] - Vaxart has filed broad domestic and international patent applications covering its proprietary technology for oral vaccination [4]

Core Viewpoint - Vaxart, Inc. is seeking stockholder approval for a reverse stock split to regain compliance with Nasdaq's minimum bid price requirements following a trading suspension due to non-compliance [2][3][4] Group 1: Reverse Stock Split Proposal - The preliminary proxy statement includes a proposal for a reverse stock split with a ratio of not less than 1-for-5 and not more than 1-for-20 [9] - The proposal aims to reduce the number of authorized shares of common stock in proportion to the reverse stock split [4][9] - The Board of Directors believes that compliance with Nasdaq listing requirements is essential for liquidity and capital raising [3] Group 2: Stockholder Engagement - A special meeting of stockholders is scheduled for September 5, 2025, to discuss the reverse stock split proposal [5] - Management plans to hold a live stockholder fireside chat to address questions and explain the necessity of the reverse stock split [3][8] Group 3: Company Overview - Vaxart is a clinical-stage biotechnology company focused on developing oral recombinant vaccines using a proprietary delivery platform [6] - The company's vaccine candidates include those for coronavirus, norovirus, influenza, and a therapeutic vaccine for human papillomavirus (HPV) [6]

Core Viewpoint - Vaxart, Inc. has received approval to trade its common stock on the OTCQX Best Market, enhancing transparency and accessibility for investors, following a delisting notice from Nasdaq [1][2]. Company Overview - Vaxart is a clinical-stage biotechnology company focused on developing oral recombinant vaccines using a proprietary delivery platform, which allows for storage and shipping without refrigeration [4]. - The company is advancing multiple vaccine candidates targeting infectious diseases, including those for coronavirus, norovirus, influenza, and a therapeutic vaccine for human papillomavirus (HPV) [4]. Stock Listing Situation - After receiving a delisting notice from Nasdaq, Vaxart has requested a hearing to appeal the decision, with its common stock currently suspended pending the outcome [2][3]. - The company is exploring all options regarding its stock listing while prioritizing shareholder interests [3].

Company Overview - Vaxart, Inc. is a clinical-stage biotechnology company focused on developing oral recombinant vaccines using a proprietary delivery platform [4]. - The company aims to create vaccines that can be administered in pill form, which can be stored and shipped without refrigeration, thus eliminating the risk of needle-stick injuries [4]. Trading Transition - Vaxart, Inc. has transitioned from trading on NASDAQ to the OTCQX® Best Market, now trading under the symbol "VXRT" [1][2]. - The OTCQX Market provides companies with efficient and cost-effective access to U.S. capital markets, with streamlined requirements designed to lower the cost and complexity of being publicly traded [3]. Development Programs - Vaxart's current development programs include oral vaccines targeting coronavirus, norovirus, influenza, and a therapeutic vaccine for human papillomavirus (HPV) [4]. - The company has filed broad domestic and international patent applications for its proprietary technology related to oral vaccination using adenovirus and TLR3 agonists [4]. Market Position - OTC Markets Group Inc. operates regulated markets for trading 12,000 U.S. and international securities, with a focus on data-driven disclosure standards [5]. - The OTCQX Best Market is one of the four markets operated by OTC Markets Group, which also includes OTCQB® Venture Market, OTCID™️ Basic Market, and Pink Limited Market [5].