Vaxart (VXRT) 2025 Earnings Call Presentation

Vaxart's Oral Vaccine Platform - Vaxart's oral pill vaccines can revolutionize how the immune system responds and the way vaccines are delivered[8] - Vaxart's oral vaccine candidates have the potential to address many of the shortcomings of injectable vaccines, offering needle-free administration, mucosal and systemic immunity, potential to reduce transmission, benign safety & tolerability profile, thermostability, and self-administration[15] - Vaxart's proprietary VAAST® Platform utilizes mucosal immunity to generate IgA in addition to IgG to potentially block infection and transmission[18, 100] - Vaxart's oral platform drives broader immunity through mucosal IgA responses, offering greater cross-reactivity and potential for high variant coverage compared to injectable vaccines that only induce systemic IgG[31] Norovirus Vaccine Program - Norovirus is attributed to nearly one out of every five episodes of diarrheal disease globally[43] - Norovirus causes 685 million infections and 200,000 deaths worldwide annually, with economic costs of $60 billion[44] - The total potential market size for a Norovirus vaccine in the US is $3 – 5 billion[46] - Vaxart's bivalent Norovirus vaccine candidate is designed to address the major circulating genotypes, GI1 and GII4, with GII4 accounting for 68% of norovirus genotypes in the US from 2009-2015[53, 54] - In a Norovirus challenge study, Vaxart's oral tablet showed a 29% relative reduction in infection and a 21% relative reduction in Norovirus AGE, along with an 85% reduction in viral shedding[109, 111] COVID-19 and Influenza Vaccine Programs - Vaxart received a BARDA Project NextGen award of up to $460.7 million, with ~$240.1 million currently available for payment, to conduct a Phase 2b trial evaluating their COVID-19 vaccine candidate head-to-head against an approved mRNA comparator[69, 73, 95] - In a Phase 1 trial, 46% of participants that had increased IgA antibodies to SARS-CoV-2 S also had increased antibody responses to the S protein of other coronaviruses[78] - Vaxart's oral influenza vaccine candidate reduced infection rates by 49% compared to placebo and 38% compared to Fluzone in a human influenza challenge design[90]