Financial Data and Key Metrics Changes - Revenue for the full year 2025 was $237.3 million, a significant increase from $28.7 million in 2024, primarily driven by government contracts and the Dynavax collaboration [35] - Cash equivalents and investments at the end of the fourth quarter were $63.8 million, with an expected cash runway into the second quarter of 2027 [36] Business Line Data and Key Metrics Changes - The partnership with Dynavax for the oral COVID-19 vaccine candidate includes a $25 million upfront payment and a $5 million equity investment, with potential future payments totaling up to $700 million [8][11] - The oral norovirus vaccine candidate has shown promising results in clinical studies, with significant increases in IgA levels in both serum and breast milk [24][28] Market Data and Key Metrics Changes - The partnership with Dynavax, now a Sanofi company, is expected to enhance collaboration and development efforts in the vaccine space [9] - The ongoing phase 2b trial of the oral COVID-19 vaccine candidate is crucial for assessing its efficacy compared to mRNA vaccines [14] Company Strategy and Development Direction - The company is focused on managing financial resources effectively, pursuing strategic partnerships, and reducing operating costs to extend cash runway [12][36] - Priorities for 2026 include executing data collection for the COVID-19 clinical trial and securing funding for the norovirus program [38][39] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the potential of the COVID-19 and norovirus oral vaccine programs to provide public health benefits and create shareholder value [37] - The company is committed to realizing the value of its oral pill vaccine platform, which is seen as a disruptive technology in addressing public health challenges [39] Other Important Information - The company has entered into a lease termination agreement to reduce operating expenses, allowing for better allocation of financial resources [13] - The results from the 400-participant sentinel cohort of the COVID-19 trial are expected to be reported in early Q2 2026, with further data from the 5,000-participant KP2 cohort anticipated in Q4 2026 [17][20] Q&A Session Summary Question: Delay in 400-person sentinel cohort data - Management acknowledged a slight delay in reporting the 400-person sentinel cohort data, now expected in early Q2 instead of late Q1, due to discussions with BARDA [44][46] Question: Next steps after sentinel data - Management explained that after the sentinel data is available, Dynavax will decide on further development based on the phase 2 data package submitted to the FDA [53][55] Question: Regulatory input on norovirus candidate - Management confirmed ongoing discussions with the FDA regarding the endpoints for the next phase 2 study of the norovirus vaccine [60][61]

Oppenheimer 36th Annual Healthcare Life Sciences Conference The Pill That Moves The Needle® Forward Looking Statement * Sanofi announced on February 10, 2026, that it had completed its acquisition of Dynavax Technologies Corporation Vaxart Corporate Presentation | February 2026 3 February 25-26, 2026 This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Vaxart ...

Summary of Vaxart (VXRT) Conference Call Company Overview - **Company**: Vaxart, Inc. - **Industry**: Biotechnology, specifically focusing on vaccine development - **Key Personnel**: Steve Lowe (CEO), James Cummings (Chief Medical Officer) - **Location**: South San Francisco, California, with all manufacturing conducted in the U.S. [12][49] Core Technology and Approach - **Vaccine Platform**: Vaxart's oral vaccine platform, referred to as VaST (Vector Adjuvant Antigen Standardization Technology), utilizes a non-replicating adenovirus vector dried into a pill form [14] - **Delivery Method**: The vaccine is taken orally with water, activating the immune system in the lower small intestine, promoting both systemic and mucosal immunity [15][10] - **Advantages**: - Needle-free administration, reducing logistical complexities and waste [11][29] - Thermostable, eliminating the need for a cold chain, making it easier to distribute, especially in low to middle-income countries [28][30] Market Opportunity - **Public Health Importance**: Vaccines are essential for preventing illnesses, hospitalizations, and deaths, representing a consistent revenue stream for the company [5][6] - **Norovirus Impact**: - Over 680 million global infections annually, with 20 million clinical cases in the U.S. [21] - Economic burden estimated at $10 billion annually in the U.S. due to healthcare costs and lost productivity [22][23] - **Target Populations**: Elderly, immunocompromised individuals, and those in enclosed spaces (e.g., military personnel, healthcare workers) are at higher risk for severe disease [24][25] Pipeline and Clinical Development - **Current Projects**: - **Norovirus Vaccine**: - Bivalent vaccine targeting G1 and G24 strains, showing an 80% reduction in viral shedding in preclinical studies [31][33] - Phase one trial underway with top-line data expected by mid-2025 [37][48] - **COVID-19 Vaccine**: - Funded by BARDA with a $460 million contract, focusing on ease of administration and mucosal immunity [40][41] - A 10,000-person study is ongoing, with a focus on cross-reactivity to various coronaviruses [42][43] - **Influenza Vaccine**: - Demonstrated a 49% decrease in infection compared to placebo in a head-to-head study against Fluzone [46][48] Key Milestones - **Upcoming Data Releases**: - Top-line data from the norovirus phase one trial expected in mid-2025 [47] - Completion of the COVID-19 sentinel study by December 2025 [40][48] Conclusion - Vaxart is positioned to revolutionize vaccine delivery with its oral platform, addressing significant public health challenges while also presenting a robust pipeline of vaccine candidates targeting norovirus, COVID-19, and influenza. The company emphasizes the importance of mucosal immunity and aims to provide accessible and effective vaccination solutions globally [49]