# EDGAR Filing Document

**Accession Number:** 0000072444
**File Stem:** 0001437749-25-026514
**Filing Date:** 2025-8
**Character Count:** 200296
**Document Hash:** ef9afbf6a1bbf7cd6a7acf0914feada9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-026514.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001437749-25-026514

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vaxart, Inc.
- **CENTRAL INDEX KEY:** 0000072444
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 591212264
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35285
- **FILM NUMBER:** 251211871

**BUSINESS ADDRESS:**
- **STREET 1:** 170 HARBOR WAY, SUITE 300
- **CITY:** SOUTH SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94080
- **BUSINESS PHONE:** (650) 550-3500

**MAIL ADDRESS:**
- **STREET 1:** 170 HARBOR WAY, SUITE 300
- **CITY:** SOUTH SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94080

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aviragen Therapeutics, Inc.
- **DATE OF NAME CHANGE:** 20160413

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Biota Pharmaceuticals, Inc.
- **DATE OF NAME CHANGE:** 20121113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NABI BIOPHARMACEUTICALS
- **DATE OF NAME CHANGE:** 20100719

?xml version='1.0' encoding='ASCII'? vxrt20250630_10q.htm

[**Table of Contents**](#toc)

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 10-Q**

(Mark One)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

---

**For the quarterly period ended June 30, 2025**

OR

&nbsp;&nbsp;&nbsp;&nbsp;☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

**Commission file number: 001-35285**

---

| |
|:---|
| **Vaxart, Inc.** |
| (Exact Name of Registrant as Specified in its Charter) |

---

---

| | |
|:---|:---|
| **Delaware** | **59-1212264** |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **170 Harbor Way, Suite 300, South San Francisco**, **CA 94080** | **(650) 550-3500** |
| (Address of principal executive offices, including zip code) | (Registrant's telephone number, including area code) |

---

---

| |
|:---|
| N/A |
| (Former Name, Former Address and Former Fiscal Year,<br> if Changed Since Last Report) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| Title of each class | Trading symbol |
| **Common Stock, $0.0001 par value** | **VXRT** **\*** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer ☑ | Smaller reporting company ☑ |
| Emerging growth company ☐ |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The Registrant had 228,919,064 shares of common stock, $0.0001 par value, outstanding as of August 6, 2025.

\* The registrant's common stock began trading exclusively on the OTCQX® Best Market on July 8, 2025 under the symbol "VXRT."

------

[**Table of Contents**](#toc)

**FORM 10-Q**

**FOR THE QUARTER ENDED June 30, 2025**

**TABLE OF CONTENTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | Page |
| Part I | [FINANCIAL INFORMATION](#p1) | [FINANCIAL INFORMATION](#p1) | [FINANCIAL INFORMATION](#p1) | [1](#p1) |
|  |  | Item 1. | [Financial Statements (Unaudited)](#finstatements) | [1](#finstatements) |
|  |  |  | [Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024](#balance) | [1](#balance) |
|  |  |  | [Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025 and 2024](#operations) | [2](#operations) |
|  |  |  | [Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2025 and 2024](#sshe2020) | [3](#sshe2020) |
|  |  |  | [Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024](#cashflow) | [5](#cashflow) |
|  |  |  | [Notes to the Condensed Consolidated Financial Statements](#notes) | [6](#notes) |
|  |  | Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#mda) | [24](#Item_MDA) |
|  |  | Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#qq) | [38](#qq) |
|  |  | Item 4. | [Controls and Procedures](#cp) | [38](#cp) |
| Part II | [OTHER INFORMATION](#p2) | [OTHER INFORMATION](#p2) | [OTHER INFORMATION](#p2) | [39](#p2) |
|  |  | Item 1. | [Legal Proceedings](#lega) | [39](#lega) |
|  |  | Item 1A. | [Risk Factors](#risk) | [39](#risk) |
|  |  | Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#unregist) | [41](#unregist) |
|  |  | Item 3. | [Defaults Upon Senior Securities](#default) | [41](#default) |
|  |  | Item 4. | [Mine Safety Disclosures](#mine) | [41](#mine) |
|  |  | Item 5. | [Other Information](#other) | [41](#other) |
|  |  | Item 6. | [Exhibits](#exhibits) | [42](#exhibits) |
| [SIGNATURES](#sigs) | [SIGNATURES](#sigs) | [SIGNATURES](#sigs) |  | [44](#sigs) |

---

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[**Table of Contents**](#toc)

**FORWARD-LOOKING STATEMENTS**

This Quarterly Report also contains market data related to our business and industry. These market data include projections that are based on a number of assumptions. If these assumptions turn out to be incorrect, actual results may differ from the projections based on these assumptions. As a result, our markets may not grow at the rates projected by these data, or at all. The failure of these markets to grow at these projected rates may harm our business, results of operations, financial condition and the market price of our common stock.

------

[**Table of Contents**](#toc)

 **PART I** — **FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**VAXART, INC. AND SUBSIDIARIES**

**Condensed Consolidated Balance Sheets**

**(In thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| **Assets** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $20111 | $25229 |
| Short-term investments | 6160 | 26494 |
| Accounts receivable | 4281 | 5761 |
| Unbilled receivable from government contracts | 36781 | 6208 |
| Prepaid expenses and other current assets | 3046 | 4568 |
| Total current assets | 70379 | 68260 |
| Property and equipment, net | 6926 | 8705 |
| Prepaid clinical services, long-term | 60116 | 60116 |
| Right-of-use assets, net | 18137 | 20404 |
| Intangible assets, net | 3192 | 3557 |
| Goodwill | 4508 | 4508 |
| Other long-term assets | 827 | 839 |
| Total assets | $164085 | $166389 |
| **<u>Liabilities and Stockholders' Equity</u>** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $10611 | $6963 |
| Deferred government revenue | 65377 | 65400 |
| Other accrued current liabilities | 35727 | 11378 |
| Current portion of operating lease liability | 3486 | 3077 |
| Current portion of liability related to sale of future royalties | 2677 | 4060 |
| Total current liabilities | 117878 | 90878 |
| Operating lease liability, net of current portion | 12627 | 14449 |
| Liability related to sale of future royalties, net of current portion | 230 | 1698 |
| Other long-term liabilities | 472 | 439 |
| Total liabilities | 131207 | 107464 |
| Commitments and contingencies (Note 7) |  |  |
| Stockholders' equity: |  |  |
| Preferred stock: $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| Common stock: $0.0001 par value; 350,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 229,417,137 shares issued and 228,912,563 shares outstanding as of June 30, 2025 and 228,203,822 shares issued and 227,774,275 shares outstanding as of December 31, 2024 | 23 | 23 |
| Additional paid-in capital | 540328 | 535770 |
| Treasury stock at cost, 504,574 shares as of June 30, 2025 and 429,547 shares as of December 31, 2024 | (367) | (350) |
| Accumulated deficit | (507099) | (476522) |
| Accumulated other comprehensive income (loss) | (7) | 4 |
| Total stockholders' equity | 32878 | 58925 |
| Total liabilities and stockholders' equity | $164085 | $166389 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1

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[**Table of Contents**](#toc)

**VAXART, INC. AND SUBSIDIARIES**

**Condensed Consolidated Statements of Operations and Comprehensive Loss**

**(In thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Revenue: |  |  |  |  |
| Non-cash royalty revenue related to sale of future royalties | $— | $37 | $1579 | $622 |
| Revenue from government contracts | 39730 | 6364 | 59027 | 7960 |
| Total revenue | 39730 | 6401 | 60606 | 8582 |
| Operating expenses: |  |  |  |  |
| Research and development | 49735 | 17480 | 80479 | 36493 |
| General and administrative | 4598 | 5177 | 9665 | 12415 |
| Total operating expenses | 54333 | 22657 | 90144 | 48908 |
| Operating loss | (14603) | (16256) | (29538) | (40326) |
| Other income (expense): |  |  |  |  |
| Interest income | 310 | 416 | 747 | 919 |
| Non-cash interest expense related to sale of future royalties | (672) | (610) | (1669) | (1414) |
| Other income (expense), net | (1) | 5 | (2) | 4 |
| Loss before income taxes | (14966) | (16445) | (30462) | (40817) |
| Provision for income taxes | 20 | 21 | 115 | 66 |
| Net loss | $(14986) | $(16466) | $(30577) | $(40883) |
| Net loss per share - basic and diluted | $(0.07) | $(0.09) | $(0.13) | $(0.23) |
| Shares used to compute net loss per share - basic and diluted | 228367812 | 184703003 | 228145724 | 176757049 |
| **Comprehensive loss:** |  |  |  |  |
| Net loss | $(14986) | $(16466) | $(30577) | $(40883) |
| Unrealized loss on available-for-sale investments, net of tax |  | (6) | (11) | (15) |
| Comprehensive loss | $(14986) | $(16472) | $(30588) | $(40898) |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2

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[**Table of Contents**](#toc)

**VAXART, INC. AND SUBSIDIARIES**

**Condensed Consolidated Statements of Stockholders' Equity**

**For the Three and Six Months Ended June 30, 2025**

**(In thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | ***Accumulated*** |  |
|  |  |  |  |  | ***Additional*** |  | ***Other*** | ***Total*** |
|  | ***Common Stock*** | ***Common Stock*** | ***Treasury Stock*** | ***Treasury Stock*** | ***Paid-in*** | ***Accumulated*** | ***Comprehensive*** | ***Stockholders'*** |
| **Three Months Ended June 30, 2025** | ***Shares*** | ***Amount*** | ***Shares*** | ***Amount*** | ***Capital*** | ***Deficit*** | ***Gain (Loss)*** | ***Equity*** |
| Balances as of March 31, 2025 | 228925729 | $23 | (702776) | $(517) | $538232 | $(492113) | $(7) | $45618 |
| &nbsp;&nbsp;&nbsp; Issuance of common stock under March 2025 ATM, net of offering costs of $174 | 382700 |  |  |  | 53 |  |  | 53 |
| &nbsp;&nbsp;&nbsp; Issuance of treasury stock under ESPP | *—* | *—* | 215586 | 157 | (78) |  |  | 79 |
| &nbsp;&nbsp;&nbsp; Release of common stock for vested restricted stock units | 108708 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Repurchase of common stock to satisfy tax withholding |  |  | (17384) | (7) |  |  |  | (7) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation | *—* |  | *—* |  | 2121 | *—* |  | 2121 |
| &nbsp;&nbsp;&nbsp; Net loss | *—* |  | *—* |  |  | (14986) |  | (14986) |
| Balances as of June 30, 2025 | 229417137 | $23 | (504574) | $(367) | $540328 | $(507099) | $(7) | $32878 |
| **Six Months Ended June 30, 2025** |  |  |  |  |  |  |  |  |
| Balances as of December 31, 2024 | 228203822 | $23 | (429547) | $(350) | $535770 | $(476522) | $4 | $58925 |
| &nbsp;&nbsp;&nbsp; Issuance of common stock under March 2025 ATM, net of offering costs of $174 | 382700 |  |  |  | 53 |  |  | 53 |
| &nbsp;&nbsp;&nbsp; Issuance of common stock upon exercise of stock options | 3625 |  |  |  | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp; Issuance of treasury stock under ESPP | *—* | *—* | 215586 | 157 | (78) |  |  | 79 |
| &nbsp;&nbsp;&nbsp; Release of common stock for vested restricted stock units | 826990 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Repurchase of common stock to satisfy tax withholding |  |  | (290613) | (174) |  |  |  | (174) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation | *—* |  | *—* |  | 4580 |  |  | 4580 |
| &nbsp;&nbsp;&nbsp; Unrealized loss on available-for-sale investments | *—* |  | *—* |  |  |  | (11) | (11) |
| &nbsp;&nbsp;&nbsp; Net loss | *—* |  | *—* |  |  | (30577) |  | (30577) |
| Balances as of June 30, 2025 | 229417137 | $23 | (504574) | $(367) | $540328 | $(507099) | $(7) | $32878 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

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[**Table of Contents**](#toc)

**VAXART, INC. AND SUBSIDIARIES**

**Condensed Consolidated Statements of Stockholders' Equity**

**For the Three and Six Months Ended June 30, 2024**

**(In thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | ***Accumulated*** |  |
|  |  |  |  |  | ***Additional*** |  | ***Other*** | ***Total*** |
|  | ***Common Stock*** | ***Common Stock*** | ***Treasury Stock*** | ***Treasury Stock*** | ***Paid-in*** | ***Accumulated*** | ***Comprehensive*** | ***Stockholders'*** |
| **Three Months Ended June 30, 2024** | ***Shares*** | ***Amount*** | ***Shares*** | ***Amount*** | ***Capital*** | ***Deficit*** | ***(Loss) Gain*** | ***Equity*** |
| Balances as of March 31, 2024 | 177187965 | $18 | (664923) | $(548) | $490221 | $(433991) | $(10) | $55690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuance of common stock under the September 2021 ATM, net of offering costs of $21 | 314969 |  |  |  | 377 |  | *—* | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuance of common stock under the June 2024 Offering, net of offering costs of $2,445 | 50000000 | 5 |  |  | 37550 |  |  | 37555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuance of common stock upon exercise of stock options | 18115 |  |  |  | 14 |  |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuance of common stock under ESPP | 502423 |  |  |  | 312 |  |  | 312 |
| Release of common stock for vested restricted stock units | 96464 |  |  |  |  |  |  |  |
| Repurchase of common stock to satisfy tax withholding |  |  | (23408) | (17) |  |  |  | (17) |
| Stock-based compensation | *—* |  | *—* |  | 2555 | *—* |  | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss on available-for-sale investments | *—* |  | *—* |  |  |  | (6) | (6) |
| Net loss | *—* |  | *—* |  |  | (16466) |  | (16466) |
| Balances as of June 30, 2024 | 228119936 | $23 | (688331) | $(565) | $531029 | $(450457) | $(16) | $80014 |
| **Six Months Ended June 30, 2024** |  |  |  |  |  |  |  |  |
| Balances as of December 31, 2023 | 153959853 | $15 | (507020) | $(366) | $467731 | $(409574) | $(1) | $57805 |
| Issuance of common stock under September 2021 ATM, net of offering costs of $248 | 7719641 | 1 |  |  | 8801 |  |  | 8802 |
| Issuance of common stock under the 2024 Securities Purchase Agreement, net of offering costs of $55 | 15384615 | 2 |  |  | 9943 |  | *—* | 9945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuance of common stock under the June 2024 Offering, net of offering costs of $2,445 | 50000000 | 5 |  |  | 37550 |  |  | 37555 |
| Issuance of common stock upon exercise of stock options | 26980 |  |  |  | 21 |  |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Issuance of common stock under ESPP | 502423 |  |  |  | 312 |  |  | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | *—* |  | *—* |  | 6671 |  |  | 6671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Release of common stock for vested restricted stock units | 526424 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase of common stock to satisfy tax withholding |  |  | (181311) | (199) |  |  |  | (199) |
| Unrealized loss on available-for-sale investments | *—* |  | *—* |  |  |  | (15) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss | *—* |  | *—* |  |  | (40883) |  | (40883) |
| Balances as of June 30, 2024 | 228119936 | $23 | (688331) | $(565) | $531029 | $(450457) | $(16) | $80014 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

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[**Table of Contents**](#toc)

**VAXART, INC. AND SUBSIDIARIES**

**Condensed Consolidated Statements of Cash Flows** 

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2024*** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(30577) | $(40883) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 4444 | 4390 |
| &nbsp;&nbsp;&nbsp; Net (accretion) amortization of (discounts) premiums on investments | (165) | (178) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation | 4580 | 6671 |
| &nbsp;&nbsp;&nbsp; Non-cash interest expense related to sale of future royalties | 1670 | 1414 |
| &nbsp;&nbsp;&nbsp; Non-cash revenue related to sale of future royalties | (4521) | (3563) |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 1480 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unbilled receivable from government contracts | (30573) | (3689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 1534 | (1275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 3648 | 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred government revenue | (23) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued liabilities | 22959 | (108) |
| Net cash used in operating activities | (25544) | (33218) |
| **Cash flows from investing activities:** |  |  |
| Purchases of property and equipment | (27) | (501) |
| Purchases of investments | (9808) | (29187) |
| Proceeds from maturities of investments | 30300 | 15000 |
| Net cash provided by (used in) investing activities | 20465 | (14688) |
| **Cash flows from financing activities:** |  |  |
| Net proceeds from issuance of common stock in the June 2024 Offering |  | 37555 |
| Net proceeds from issuance of common stock through at-the-market facilities | 53 | 8802 |
| Net proceeds from issuance of common stock through the 2024 Securities Purchase Agreement |  | 9945 |
| Proceeds from issuance of common stock upon exercise of stock options | 3 | 21 |
| Shares acquired to settle employee tax withholding liabilities | (174) | (199) |
| Proceeds from issuance of common stock under the employee stock purchase plan |  | 312 |
| Proceeds from issuance of treasury stock under the employee stock purchase plan | 79 |  |
| Net cash (used in) provided by financing activities | (39) | 56436 |
| Net increase (decrease) in cash and cash equivalents | (5118) | 8530 |
| Cash and cash equivalents at beginning of the period | 25229 | 34755 |
| Cash and cash equivalents at end of the period | $20111 | $43285 |

---

---

| | | |
|:---|:---|:---|
| **Supplemental disclosure of non-cash investing and financing activity:** |  |  |
| Acquisition of property and equipment included in accounts payable and accrued expenses | $6.0 | $35.0 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

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[**Table of Contents**](#toc)

**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

**NOTE *1.* Organization and Nature of Business**

**General** 

Vaxart Biosciences, Inc. was originally incorporated in California in *March 2004,* under the name West Coast Biologicals, Inc. The Company changed its name to Vaxart, Inc. ("Private Vaxart") in *July 2007,* and reincorporated in the state of Delaware. In *February 2018,* Private Vaxart completed a business combination with Aviragen Therapeutics, Inc. ("Aviragen"), pursuant to which Aviragen merged with Private Vaxart, with Private Vaxart surviving as a wholly-owned subsidiary of Aviragen (the "Merger"). Pursuant to the terms of the Merger, Aviragen changed its name to Vaxart, Inc. (together with its subsidiaries, the "Company" or "Vaxart") and Private Vaxart changed its name to Vaxart Biosciences, Inc.

In *March 2025,* the Company entered into an At the Market Offering Agreement (the *"March 2025* ATM") with Citizens JMP Securities, LLC ("Citizens") and B. Riley Securities, Inc. ("B. Riley" and, together with Citizens, the "Managers"), pursuant to which the Company *may* offer and sell, from time to time through the Managers, shares of its common stock having an aggregate offering price of up to $50 million. The shares will be sold pursuant to an effective registration statement on Form S-*3* (Registration Statement *No. 333*-*270671*) (the *"2023* Shelf Registration Statement"), as previously filed with the U.S. Securities and Exchange Commission (the "SEC"). The Company filed a prospectus supplement, dated *March 21, 2025,* with the SEC in connection with the offer and sale of the shares under the *March 2025* ATM. The Company will pay the Managers a placement fee of up to 3% of the gross sale price from each sale of shares under the *March 2025* ATM. During the *six* months ended *June 30, 2025*, 382,700 shares were issued and sold under the *March 2025* ATM for gross proceeds of $0.2 million, which, after deducting sales commissions and expenses incurred to date, resulted in net proceeds of $0.1 million.

In *June 2024,* the Company entered into an underwriting agreement with Oppenheimer & Co. Inc., relating to the issuance and sale by the Company in an underwritten registered direct offering of 50,000,000 shares of the Company's common stock, at a price of $0.80 per share. The gross proceeds to the Company from such offering were $40.0 million, and after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, the net proceeds were $37.5 million.

In *January 2024,* the Company entered into a securities purchase agreement (the *"2024* Securities Purchase Agreement") with RA Capital Healthcare Fund, L.P. pursuant to which 15,384,615 shares of the Company's common stock were sold to RA Capital Healthcare Fund, L.P. at an offering price of $0.65 per share pursuant to the *2023* Shelf Registration Statement. The gross proceeds from the *2024* Securities Purchase Agreement were $10.0 million and, after deducting offering expenses, the net proceeds were $9.9 million.

The Company's principal operations are based in South San Francisco, California, and it operates in one reportable segment, which is the discovery and development of oral recombinant protein vaccines, based on its proprietary oral vaccine platform.

**NOTE *2.* Summary of Significant Accounting Policies**

**Basis of Presentation, Liquidity and Going Concern** – The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the accounting and disclosure rules and regulations of the SEC assuming the Company will continue as a going concern.

The Company is a clinical-stage biotechnology company with *no* product sales. The Company's primary source of financing is from the sale and issuance of common stock as well as funding from the Biomedical Advanced Research and Development Authority ("HHS BARDA"), a division of the Administration for Strategic Preparedness and Response ("ASPR") within the United States ("U.S.") Department of Health and Human Services. In the past, the Company has also financed its operations through the issuance of secured debt securities and preferred stock, proceeds from the exercise of warrants, and payments under collaboration and license agreements. As of *June 30, 2025*, the Company had cash, cash equivalents and short-term investments of $26.3 million. The Company's cash, cash equivalents and investments are *not* sufficient to fund the Company's planned operations for a period of *12* months from the date the unaudited condensed consolidated financial statements are issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *6*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

The Company is focused on advancing its norovirus oral vaccine candidate and initiating a SARS-CoV-*2* human challenge study. In *May* and *June 2025,* the Company implemented a reduction in workforce, reducing its workforce by approximately 21%, to decrease operating costs and better align its workforce with the needs of its business. The Company did *not* incur material costs associated with the foregoing workforce reduction.

The Company will be dependent upon raising additional capital through placement of its common stock, notes or other securities, borrowings, or entering into a partnership with a strategic party in order to implement its business plan. There can be *no* assurance that the Company will be successful raising additional capital in order to continue as a going concern.

Based on management's current plan, including updated assumptions around the continued execution under the *2024* ATI-RRPV Contract (see Note *13*) and the impact of the aforementioned workforce reductions, the Company expects to have cash runway into the *first* quarter of *2026.* If the Company is unable to raise additional capital in sufficient amounts or on acceptable terms, management's plans include further reducing or delaying operating expenses. These conditions raise substantial doubt about the Company's ability to continue as a going concern for a period of *one* year from the date of the issuance of these unaudited condensed consolidated financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

These unaudited condensed consolidated financial statements do *not* include any adjustments that might be necessary if the Company is unable to continue as a going concern.

The condensed consolidated balance sheet as of *December 31, 2024*, included in this document, was derived from audited financial statements, but does *not* include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in consolidated financial statements have been condensed or omitted pursuant to these rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements and footnotes related thereto for the year ended *December 31, 2024*, included in the Company's Annual Report on Form *10*-K filed with the SEC on *March 20, 2025 (*the "Annual Report"). Unless noted below, there have been *no* material changes to the Company's significant accounting policies described in [Note *2*](#Note_2) to the condensed consolidated financial statements included in the Annual Report. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company's financial position and the results of its operations and cash flows. The results of operations for such interim periods are *not* necessarily indicative of the results to be expected for the full year or any future periods.

**Basis of Consolidation** – The unaudited condensed consolidated financial statements include the financial statements of Vaxart, Inc. and its subsidiaries. All significant transactions and balances between Vaxart, Inc. and its subsidiaries have been eliminated in consolidation.

**Use of Estimates** – The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. Actual results and outcomes could differ from these estimates and assumptions.

**Concentration of Credit Risk** – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, available-for-sale investments and accounts receivable. The Company places its cash, cash equivalents and available-for-sale investments at financial institutions that the Company believes are of high credit quality. The Company is exposed to credit risk in the event of default by the financial institutions holding the cash and cash equivalents to the extent such amounts are in excess of the federally insured limits. Losses incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.

The primary focus of the Company's investment strategy is to preserve capital and meet liquidity requirements. The Company's investment policy addresses the level of credit exposure by limiting the concentration in any *one* corporate issuer or sector and establishing a minimum allowable credit rating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *7*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

**Revenue Recognition**

<u>*Revenue from Government Contracts*</u>

Under firm fixed-price milestone contracts, the Company recognizes the firm fixed-price revenue as the milestones are substantially complete and the firm fixed-price for the milestone is earned ("firm fixed-price milestone"). Cash received in advance of the completion of a firm fixed-price milestone will be recorded as deferred revenue until the milestone has been substantially completed and earned.

Under cost reimbursable contracts, the Company recognizes revenue as allowable costs are incurred and the fixed fee is earned ("cost-plus-fixed-fee"). Reimbursable costs under the contract primarily include direct labor, subcontract costs, materials, equipment, travel, and approved overhead and indirect costs. Fixed fees under cost reimbursable contracts are earned in proportion to the allowable costs incurred in performance of the work relative to total estimated contract costs, with such costs incurred representing a reasonable measurement of the proportional performance of the work completed, as detailed in [Note *5*](#Note5).

Payments to the Company under cost reimbursable contracts are provisional payments subject to adjustment upon annual audit by the government. The Company believes that revenue for periods *not* yet audited has been recorded in amounts that are expected to be realized upon final audit and settlement. When the final determination of the allowable costs for any year has been made, revenue and billings *may* be adjusted accordingly in the period that the adjustment is known.

**Recent Accounting Pronouncements**

In *December 2023,* the FASB issued ASU *2023*-*09, Income Taxes (Topic *740*): Improvements to Income Tax Disclosures*, which enhances the annual income tax disclosures for the effective tax rate reconciliation and income taxes paid. ASU *2023*-*09* is effective for annual reporting periods beginning after *December 15, 2024,* with early adoption permitted. The Company is currently assessing the impact ASU *2023*-*09* will have on the consolidated financial statement disclosures.

In *November 2024,* the FASB issued ASU *2024*-*03, Income Statement*–*Reporting Comprehensive Income*–*Expense Disaggregation Disclosures (Subtopic *220*-*40*): Disaggregation of Income Statement Expenses*, which requires new disclosures to disaggregate prescribed natural expenses underlying any income statement caption. ASU *2024*-*03* is effective for annual reporting periods beginning after *December 15, 2026,* and interim reporting periods beginning after *December 15, 2027,* with early adoption permitted. The Company is currently assessing the impact ASU *2024*-*03* will have on the consolidated financial statement disclosures.

**NOTE *3*. Fair Value of Financial Instruments** 

Fair value accounting is applied for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis (at least annually). Financial instruments include cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued liabilities that approximate fair value due to their relatively short maturities.

Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance also establishes a *three*-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *8*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

The *three*-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:

Level *1* – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level *2* – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are *not* active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level *3* – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or *no* market data.

The following table sets forth the fair value of the Company's financial assets that are measured on a recurring basis as of *June 30, 2025* and *December 31, 2024* (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| **June 30, 2025** |  |  |  |  |
| Financial assets: |  |  |  |  |
| Money market funds | $11266 | $— | $— | $11266 |
| U.S. Treasury securities |  | 10015 |  | 10015 |
| Commercial paper |  | 1193 |  | 1193 |
| Total assets | $11266 | $11208 | $— | $22474 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Total*** |
| **December 31, 2024** |  |  |  |  |
| Financial assets: |  |  |  |  |
| Money market funds | $16489 | $— | $— | $16489 |
| U.S. Treasury securities |  | 23805 |  | 23805 |
| Commercial paper |  | 2689 |  | 2689 |
| Total assets | $16489 | $26494 | $— | $42983 |

---

The Company held no financial liabilities measured on a recurring basis as of *June 30, 2025* or *December 31, 2024*.

**NOTE *4*. Balance Sheet Components**

***(a)*** ***Cash, Cash Equivalents and Short-Term Investments***

Cash, cash equivalents and investments consisted of the following (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Amortized*** | ***Gross Unrealized*** | ***Gross Unrealized*** | ***Estimated*** | ***Cash and Cash*** | ***Short-Term*** |
|  | ***Cost*** | ***Gains*** | ***Losses*** | ***Fair Value*** | ***Equivalents*** | ***Investments*** |
| **June 30, 2025** |  |  |  |  |  |  |
| Cash at banks | $3797 | $*—* | $*—* | $3797 | $3797 | $*—* |
| Money market funds | 11266 | *—* | *—* | 11266 | 11266 | *—* |
| U.S. Treasury securities | 10022 |  | (7) | 10015 | 5048 | 4967 |
| Commercial paper | 1193 |  |  | 1193 |  | 1193 |
| Total | $26278 | $— | $(7) | $26271 | $20111 | $6160 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *9*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Amortized*** | ***Gross Unrealized*** | ***Gross Unrealized*** | ***Estimated*** | ***Cash and Cash*** | ***Short-Term*** |
|  | ***Cost*** | ***Gains*** | ***Losses*** | ***Fair Value*** | ***Equivalents*** | ***Investments*** |
| **December 31, 2024** |  |  |  |  |  |  |
| Cash at banks | $8740 | $*—* | $*—* | $8740 | $8740 | $*—* |
| Money market funds | 16489 | *—* | *—* | 16489 | 16489 | *—* |
| U.S. Treasury securities | 23802 | 7 | (4) | 23805 |  | 23805 |
| Commercial paper | 2688 | 1 |  | 2689 |  | 2689 |
| Total | $51719 | $8 | $(4) | $51723 | $25229 | $26494 |

---

As of *June 30, 2025* and *December 31, 2024*, all investments were available-for-sale debt securities with remaining maturities of *12* months or less. As of *June 30, 2025* and *December 31, 2024*, the Company held 6 and 5 securities, respectively, in an unrealized loss position for *12* months or less. Interest receivable as of *June 30, 2025* and *December 31, 2024*, was $0.1 million and $0.2 million, respectively, and is recorded as a component of prepaid expenses and other current assets on the condensed consolidated balance sheets.

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are due to credit-related factors. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. Factors considered when evaluating available-for-sale investments for impairment include the severity of the impairment, changes in underlying credit ratings, the financial condition of the issuer, the probability that the scheduled cash payments will continue to be made and the Company's intent and ability to hold the investment until recovery of the amortized cost basis. The Company has the ability, if necessary, to liquidate any of its cash equivalents and marketable securities to meet its liquidity needs.

As of *June 30, 2025* and *December 31, 2024,* there were no material declines in the market value of the Company's available-for-sale investments due to credit-related factors. The Company does *not* intend to sell the investments, and it is *not* more likely than *not* that the Company will be required to sell the investments before recovery of their amortized cost basis. As of *June 30, 2025* and *December 31, 2024,* no allowance for credit losses was recorded and the Company did *not* recognize any impairment losses related to investments.

***(b)*** ***Accounts Receivable***

Accounts receivable consists of $4.3 million government contract receivable from *2024* ATI-RRPV Contract as of *June 30, 2025*, and $2.7 million of government contract receivables from HHS BARDA and $3.0 million royalty receivable, totaling $5.7 million as of *December 31, 2024*. See [Note *5*](#Note5).

The Company has provided no allowance for credit losses as of *June 30, 2025* and *December 31, 2024* based on historical collection experience, customer credit worthiness, the age of accounts receivable balances, regulatory changes and current economic conditions and trends that *may* affect a customer's ability to pay.

***(c)*** ***Unbilled Receivable from Government Contracts***

Unbilled receivable, which was earned and *not* yet billed, consists of government contracts from HHS BARDA of $36.8 million and $6.2 million as of *June 30, 2025* and *December 31, 2024*, respectively, as detailed in [Note *5*](#Note5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *10*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

***(d)*** ***Prepaid Expenses and Other Current Assets***

Prepaid expenses and other current assets consist of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Prepaid clinical and manufacturing expenses | $941 | $1998 |
| Prepaid insurance | 556 | 282 |
| Prepaid rent | 471 | 521 |
| Other prepaid | 856 | 1449 |
| Other current assets | 222 | 318 |
| Prepaid expenses and other current assets | $3046 | $4568 |

---

As of *June 30, 2025* there was a significant concentration by *one* contract research organization ("CRO"), which represented 27% of the Company's total prepaid expenses balance. As of *December 31, 2024*, there was a significant concentration by *one* CRO, which represented 28% of the Company's total prepaid expenses balance.

***(e)*** ***Property and Equipment, Net***

Property and equipment, net consists of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Laboratory equipment | $13971 | $13806 |
| Office and computer equipment | 1142 | 1140 |
| Leasehold improvements | 4107 | 4107 |
| Construction in progress | 17 | 160 |
| Total property and equipment | 19237 | 19213 |
| Less: accumulated depreciation | (12311) | (10508) |
| Property and equipment, net | $6926 | $8705 |

---

Depreciation expense was $0.9 million for each of the *three* months ended *June 30, 2025* and *2024*, and $1.8 million for each of the *six* months ended *June 30, 2025* and *2024*. There were no impairments of the Company's property and equipment recorded in the *three* and *six* months ended *June 30, 2025* and *2024*.

***(f)*** ***Prepaid Clinical Services, Long-Term***

Prepaid clinical services, long-term was $60.1 million as of *June 30, 2025* and *December 31, 2024*. The long-term prepaid clinical services represent amounts the Company has paid to a single CRO that will be utilized beyond *one* year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *11*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

***(g)*** ***Right-of-Use Assets, Net***

Right-of-use assets, net comprises facilities of $18.1 million and $20.4 million as of *June 30, 2025* and *December 31, 2024*, respectively.

***(h)*** ***Intangible Assets, Net***

Intangible assets are comprised of developed technology and intellectual property. Intangible assets are carried at cost less accumulated amortization. As of *June 30, 2025*, developed technology and intellectual property had remaining lives of 4.4 years and 2.5 years, respectively. As of *June 30, 2025*, there have been *no* indicators of impairment.

Intangible assets consist of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Developed technology | $5000 | $5000 |
| Intellectual property | 80 | 80 |
| Total cost | 5080 | 5080 |
| Less: accumulated amortization | (1888) | (1523) |
| Intangible assets, net | $3192 | $3557 |

---

Intangible asset amortization expense was $0.2 million for each of the *three* months ended *June 30, 2025* and *2024*, and $0.4 million for each of the *six* months ended *June 30, 2025* and *2024*.

As of *June 30, 2025*, the estimated future amortization expense by year is as follows (in thousands):

---

| | |
|:---|:---|
| **Year Ending December 31,** | ***Amount*** |
| 2025 (six months remaining) | $367 |
| 2026 | 731 |
| 2027 | 731 |
| 2028 | 727 |
| 2029 | 636 |
| Total | $3192 |

---

***(i)*** ***Goodwill***

Goodwill, which represents the excess of the purchase price over the fair value of assets acquired, was $4.5 million as of *June 30, 2025* and *December 31, 2024*. As of *June 30, 2025*, there have been no indicators of impairment.

***(j)*** ***Accounts Payable***

Accounts payable were $10.6 million and $7.0 million as of *June 30, 2025* and *December 31, 2024*, respectively. As of *June 30, 2025*, there was a significant concentration by *one* CRO, which represented 72% of the Company's total accounts payable balance. As of *December 31, 2024*, there was a significant concentration by *one* CRO, which represented 67% of the Company's total accounts payable balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *12*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

***(k)*** ***Deferred Government Revenue***

Deferred government revenue represents amounts received from HHS BARDA contracts where the earnings process is *not* yet complete. The Company will recognize deferred government revenue once the earnings process is complete, in accordance with its revenue recognition policies.

The following table represents the Company's deferred government revenue during the *six* months ended *June 30, 2025* (in thousands):

---

| | |
|:---|:---|
|  | ***June 30, 2025*** |
| Balance at December 31, 2024 | $65400 |
| Revenue recognized | (77) |
| Amounts collected or invoiced | 54 |
| Balance at June 30, 2025 | $65377 |

---

The Company recognized $30,000 and zero revenue during the *three* months ended *June 30, 2025* and *2024,* respectively, and $77,000 and zero revenue during the *six* months ended *June 30, 2025,* and *2024,* respectively. Amounts collected or invoiced during the *six* months ended *June 30, 2025*, primarily relate to amounts received on the *2024* ATI-RRPV Contract (as defined in [Note *5*](#Note5)), but for which revenue cannot yet be recognized due to contractual milestones *not* being achieved and the *2024* ASPR-BARDA Contract (as defined in [Note *5*](#Note5)) budgeted costs that cannot be recognized until project close out.

***(l)*** ***Other Accrued Current Liabilities***

Other accrued current liabilities consist of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Accrued compensation | $4190 | $5087 |
| Accrued clinical and manufacturing expenses | 30559 | 5134 |
| Accrued professional and consulting services | 520 | 623 |
| Other liabilities, current portion | 458 | 534 |
| Total | $35727 | $11378 |

---

As of *June 30, 2025* and *December 31, 2024*, there was a significant concentration by *one* CRO, which represented 82% and 42% of the Company's total other accrued liabilities balances, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *13*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

**NOTE *5*. Revenue**

*Royalty Revenue Related to Sale of Future Royalties*

The Company generates royalty revenue from the sale of Inavir in Japan, pursuant to a collaboration and license agreement that Aviragen entered into with Daiichi Sankyo Company, Limited ("Daiichi Sankyo") in *2009.* In *September 2010,* laninamivir octanoate was approved for sale by the Japanese Ministry of Health and Welfare for the treatment of influenza in adults and children, which Daiichi Sankyo markets as Inavir. Under the agreement, the Company currently receives a 4% royalty on net sales of Inavir in Japan. Based on information provided by Daiichi Sankyo, the Company believes the expiration of the last patent related to Inavir is in *August 2036,* at which time royalty revenue will cease. The Company's royalty revenue is seasonal, in line with the flu season, so the majority of the Company's royalty revenue and non-cash royalty revenue related to the sale of future royalties are earned in the *first* and *fourth* fiscal quarters. The royalty revenue related to Inavir recognized for the *three* and *six* months ended *June 30, 2025* and *2024* was zero. The non-cash royalty revenue related to the sale of future royalties was zero and $37,000 for the *three* months ended *June 30, 2025* and *2024*, respectively, and $1.6 million and $0.6 million for the *six* months ended *June 30, 2025* and *2024*, respectively. Both royalty revenue and the non-cash royalty revenue related to the sale of future royalties are subject to a 5% withholding tax in Japan, for which zero and $2,000 was included in income tax expense for the *three* months ended *June 30, 2025* and *2024*, respectively, and $79,000 and $31,000 for the *six* months ended *June 30, 2025* and *2024*, respectively, further detailed in [Note *6*](#Note6).

*Revenue from Government Contracts*

The Company recognized revenue from government contracts with HHS BARDA of $39.7 million and $6.4 million for the *three* months ended *June 30, 2025* and *2024*, respectively, and $59.0 million and $8.0 million for the *six* months ended *June 30, 2025* and *2024*, respectively, consisting of revenue from the *2024* ASPR-BARDA Contract (as defined below) and the *2024* ATI-RRPV Contract (as defined below) described in more detail below. Unbilled receivable from government contracts consists of government revenue from HHS BARDA, which was earned and *not* yet billed. As of *June 30, 2025* and *December 31, 2024*, the amount of unbilled receivable was $36.8 million and $6.2 million, respectively, and deferred revenue was $65.4 million and $65.4 million, respectively.

<u>*2024* ATI-RRPV Contract (See [Note *13*](#note13))</u>

In *June 2024,* the Company entered into an agreement (as modified or amended from time to time the *"2024* ATI-RRPV Contract") with Advanced Technology International ("ATI"), the Rapid Response Partnership Vehicle's Consortium Management Firm funded by HHS BARDA, which was modified in the *first* quarter of *2025* to increase funding and provide for the manufacturing of a vaccine candidate targeting the *KP.2* strain and acquire an approved mRNA vaccine targeting the *KP.2* strain. Pursuant to the *2024* ATI-RRPV Contract, the Company *may* receive funding of up to $460.7 million to conduct a Phase *2b* comparative study evaluating the Company's oral pill COVID-*19* vaccine candidate against an mRNA vaccine comparator approved by the U.S. Food and Drug Administration ("FDA"). The *2024* ATI-RRPV Contract makes available an aggregate amount of up to $240.1 million, consisting of firm fixed price amounts totaling $67.9 million and reimbursement of costs incurred in trial preparation and execution activities. The *2024* ATI-RRPV Contract further contemplates additional funding up to $220.6 million if the Company and HHS BARDA decide to continue with the Phase *2b* comparative study.

The Company accounts for the *2024* ATI-RRPV Contract under Accounting Standards Codification *958*-*605* ("ASC *958*-*605"*) and recognizes revenue as the firm fixed-price milestone is earned and allowable cost-plus-fixed-fees are incurred. Reimbursable costs under the *2024* ATI-RRPV Contract primarily include direct labor, subcontract costs, materials, travel, and approved overhead and indirect costs. The *2024* ATI-RRPV Contract contains terms and conditions that are customary for contracts with HHS BARDA of this nature, including the U.S. government having the right to terminate the contract for convenience or to terminate for default if the Company fails to meet its obligations as set forth in the statement of work. Revenue from government contracts recognized on the *2024* ATI-RRPV Contract was $39.7 million, comprised entirely of the cost-plus-fixed-fee, for the *three* months ended *June 30, 2025*, and $59.0 million, comprising cost-plus-fixed-fee of $58.2 million and firm fixed-price milestone of $0.8 million, for the *six* months ended *June 30, 2025*, based on costs incurred and the achievement of firm fixed-price milestones under the *2024* ATI-RRPV Contract. Revenue from government contracts was $0.2 million for the *three* and *six* months ended *June 30, 2024*, respectively, based on costs incurred under the *2024* ATI-RRPV Contract. Deferred government revenue represents amounts that have been received from HHS BARDA and the earnings process is *not* yet complete. Deferred government revenue in current liabilities was $64.8 million as of *June 30, 2025* and *December 31, 2024*, respectively. The remaining deferred government revenue as of *June 30, 2025*, will be recognized as revenue once the earnings process is complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *14*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

The Company believes that if the *2024* ATI-RRPV Contract were to be terminated prior to completion of the Phase *2b* comparative study, the costs incurred through the effective date of such termination and any settlement costs resulting from such termination would be allowable costs. Cost reimbursement payments to the Company are provisional payments subject to adjustment upon annual audit by the government. The Company believes that revenue for periods *not* yet audited will be recorded in amounts that are expected to be realized upon final audit and settlement. When the final determination of the allowable costs for any year has been made, revenue and billings *may* be adjusted accordingly in the period that the adjustment is known.

<u>*2024* ASPR-BARDA Contract</u>

In *January 2024,* the Company was awarded a contract (as modified or amended, the *"2024* ASPR-BARDA Contract") by HHS BARDA with a base and all options value of $9.3 million. Under the *2024* ASPR-BARDA Contract, the Company received an award to support clinical trial planning activities for a Phase *2b* clinical trial that would compare the Company's XBB vaccine candidate to an mRNA comparator to evaluate efficacy for symptomatic and asymptomatic disease, systemic and mucosal immune induction, and adverse events. The *2024* ASPR-BARDA Contract originally had a period of performance term that was set to expire in *July 2024,* but the Company entered into an amendment in *July 2024* that extended the period of performance expiration date into *October 2024.* The Company accounts for the *2024* ASPR-BARDA Contract under ASC *958*-*605* and recognizes revenue as donor-imposed conditions are met. Revenue from government contracts recognized on the *2024* ASPR-BARDA Contract was zero and $6.2 million for the *three* months ended *June 30, 2025* and *2024*, respectively, and *zero* and $7.8 million for the *six* months ended *June 30, 2025* and *2024*, respectively. Deferred government revenue represents amounts that have been received from HHS BARDA and the earnings process is *not* yet complete. Deferred government revenue in current liabilities was $0.6 million as of *June 30, 2025* and *December 31, 2024*, respectively.

**NOTE *6*. Liabilities Related to Sale of Future Royalties**

In *April 2016,* Aviragen entered into a Royalty Interest Acquisition Agreement (the "RIAA") with HealthCare Royalty Partners III, L.P. ("HCRP"). Under the RIAA, HCRP made a $20.0 million cash payment to Aviragen in consideration for acquiring certain royalty rights ("Royalty Rights") related to the approved product Inavir in the Japanese market. The Royalty Rights were obtained pursuant to the collaboration and license agreements (the "License Agreement") and a commercialization agreement that the Company entered into with Daiichi Sankyo. Per the terms of the RIAA, during the *first* royalty interest period of *April 1, 2016* through *March 31, 2025,* HCRP is entitled to the *first* $3.0 million and any cumulative remaining shortfall amount plus 15% of the next $1.0 million in royalties earned in each year commencing on *April 1,* with any excess revenue being retained by the Company. Further, during the *second* royalty interest period beginning *April 1, 2025* and ending on *December 24, 2029,* HCRP is entitled to the *first* $2.7 million and any cumulative remaining shortfall amount, plus 15% of the next $1.0 million in royalties, with any excess revenue being retained by the Company. A shortfall occurs when, during an annual period ending on *March 31*<sup>st</sup>, for the *first* royalty interest period of *April 1, 2016* through *March 31, 2025,* the Company's royalty payments fall below $3.0 million; and $2.7 million for the *second* royalty interest period of *April 1, 2025* and ending on *December 24, 2029,* excluding the period of *April 1, 2028* through *December 24, 2029.* In the event there shall remain any cumulative remaining shortfall amount as of *December 24, 2029,* any royalties received from Daiichi Sankyo subsequently by the Company would be payable to HCRP until the cumulative remaining shortfall amount has been paid.

For avoidance of doubt, the RIAA states, in the event there is a remaining cumulative remaining shortfall amount as of *December 24, 2029,* the Company shall *not* be obligated to pay HCRP any royalty payment beyond what the Company is paid from Daiichi Sankyo. The cumulative remaining shortfall amount is the aggregate amount of the remaining shortfall for each annual period, which was $4.4 million and $6.0 million as of *June 30, 2025* and *December 31, 2024*, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *15*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

Under the relevant accounting guidance, due to a limit on the amount of royalties that HCRP can earn under the RIAA, this transaction was accounted for as a liability that is being amortized using the effective interest method over the life of the arrangement. The Company has *no* obligation to pay any amounts to HCRP other than to pass through to HCRP its share of royalties as they are received from Daiichi Sankyo. To record the amortization of the liability, the Company is required to estimate the total amount of future royalty payments to be received under the License Agreement and the payments that will be passed through to HCRP over the life of this agreement. Consequently, the Company imputes interest on the unamortized portion of the liability and records non-cash interest expense using an estimated effective interest rate. The royalties earned in each period that will be passed through to HCRP are recorded as non-cash royalty revenue related to sale of future royalties, with any excess *not* subject to pass-through being recorded as royalty revenue. When the pass-through royalties are paid to HCRP in the following quarter, the imputed liability related to sale of future royalties is commensurately reduced. The Company periodically assesses the expected royalty payments, and to the extent such payments are greater or less than the initial estimate, the Company adjusts the amortization of the liability and interest rate. As a result of this accounting, even though the Company does *not* retain HCRP's share of the royalties, it will continue to record non-cash revenue related to those royalties until the amount of the associated liability, including the related interest, is fully amortized.

The following table shows the activity within the liability account during the *six* months ended *June 30, 2025* (in thousands):

---

| | |
|:---|:---|
| Total liability related to sale of future royalties, start of period | $5758 |
| Non-cash royalty revenue paid to HCRP | (4521) |
| Non-cash interest expense recognized | 1670 |
| Total liability related to sale of future royalties, end of period | 2907 |
| Current portion | (2677) |
| Long-term portion | $230 |

---

**NOTE *7*. Commitments and Contingencies**

***(a)*** ***Purchase Commitments***

As of *June 30, 2025*, the Company had approximately $28.2 million of non-cancelable purchase commitments, principally for clinical services which are expected to be paid within the next year. Approximately $24.1 million of non-cancelable purchase commitments are attributable to a *third*-party vendor that provides clinical services, that is reimbursable at approximately $25.9 million under a cost-plus-fixed-fees arrangement in the ATI-RRPV Contract.

In addition, the Company has operating lease commitments.

***(b)*** ***Indemnifications***

In the ordinary course of business, the Company enters into agreements that *may* include indemnification provisions. Pursuant to such agreements, the Company *may* indemnify, hold harmless and defend indemnified parties for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from *third*-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is *not* determinable. The Company has also entered into indemnification agreements with certain officers and directors which provide, among other things, that the Company will indemnify and advance expenses incurred in connection with certain actions, suits or proceedings to such officer or director, under the circumstances and to the extent provided for therein, for expenses, damages, judgments, fines and settlements he or she *may* be required to pay in actions or proceedings which he or she is or *may* be made a party by reason of his or her position as a director, officer or other agent of the Company, and otherwise to the fullest extent permitted under Delaware law and the Company's Bylaws. The Company currently has directors' and officers' insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *16*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

***(c)*** ***Litigation***

From time to time the Company *may* be involved in legal proceedings arising in connection with its business. Based on information currently available, the Company believes that the amount, or range, of reasonably possible losses in connection with any pending actions against it in excess of established reserves, in the aggregate, is indeterminable to its consolidated financial condition or cash flows. However, any current or future dispute resolution or legal proceeding, regardless of the merits of any such proceeding, could result in substantial costs and a diversion of management's attention and resources that are needed to run the Company successfully, and could have a material adverse impact on its business, financial condition and results of operations.

In *August* and *September 2020, two* substantially similar securities class actions were filed in the U.S. District Court for the Northern District of California. The *first* action, titled *<u>Himmelberg v. Vaxart, Inc. et al.</u>* was filed on *August 24, 2020.* The *second* action, titled *<u>Hovhannisyan v. Vaxart, Inc. et al.</u>* was filed on *September 1, 2020 (*together, the "Putative Class Action"). By Order dated *September 17, 2020,* the *two* actions were deemed related. On *December 9, 2020,* the court appointed lead plaintiffs and lead plaintiffs' counsel.

On *January 29, 2021,* lead plaintiffs filed their consolidated amended complaint. On *May 14, 2021,* the court granted lead plaintiffs' request to amend the consolidated amended complaint and denied defendants' motions to dismiss as moot. On *June 10, 2021,* lead plaintiffs filed a *first* amended consolidated complaint, and on *August 9, 2021,* lead plaintiffs filed a corrected *first* amended consolidated complaint. The *first* amended consolidated complaint, as corrected, named certain of Vaxart's current and former executive officers and directors, as well as Armistice Capital, LLC ("Armistice"), as defendants. It claimed *three* violations of federal civil securities laws; violation of Section *10*(b) of the Exchange Act and SEC Rule *10b*-*5,* as against the Company and all individual defendants; violation of Section *20*(a) of the Exchange Act, as against Armistice and all individual defendants; and violation of Section *20A* of the Exchange Act against Armistice. The *first* amended consolidated complaint, as corrected, alleged that the defendants violated securities laws by misstating and/or omitting information regarding the Company's development of a norovirus vaccine, the vaccine manufacturing capabilities of a business counterparty, and the Company's involvement with Operation Warp Speed ("OWS"); and by engaging in a scheme to inflate Vaxart's stock price. The *first* amended consolidated complaint sought certification as a class action for similarly situated shareholders and sought, among other things, an unspecified amount of damages and attorneys' fees and costs. On *July 8, 2021,* all defendants moved to dismiss the *first* amended consolidated complaint. By Order dated *December 22, 2021,* the court granted the motion to dismiss by Armistice with leave to amend and otherwise denied the motions to dismiss. On *July 27, 2022,* lead plaintiffs filed a notice announcing that they had reached a partial settlement (the "Partial Settlement") to resolve all claims against the Company and its current or former officers and/or directors in their capacity as officers and/or directors of the Company (the "Settling Defendants"). Pursuant to the Partial Settlement, the Company agreed to a settlement amount of $12.0 million with *$2.0* million to be paid by the Company and the remainder to be paid by the Company's insurers. On *November 2, 2022,* the Company paid the $2.0 million settlement amount with respect to the Putative Class Action pursuant to the terms of the settlement agreement reached in that case. On *November 14, 2022,* lead plaintiffs filed a *second* amended consolidated class action complaint that purported to include new allegations to support claims against Armistice. By Orders dated *January 25, 2023,* the court approved the Partial Settlement and entered judgment dismissing with prejudice all claims asserted in the Putative Class Action against the Settling Defendants.

On *October 23, 2020,* a complaint was filed in the U.S. District Court for the Southern District of New York, entitled *<u>Roth v. Armistice Capital LLC, et al.</u>* The complaint names Armistice and certain Armistice-related parties as defendants, asserting a violation of Exchange Act Section *16*(b) and seeking the disgorgement of short-swing profits. The complaint purports to bring the lawsuit on behalf of and for the benefit of the Company and names the Company as a "nominal defendant" for whose benefit damages are sought. Following discovery, a motion for summary judgment was filed by Armistice and the Armistice-related party defendants to dismiss the complaint. On *March 27, 2024,* the court granted the motion for summary judgment and dismissed all claims in the complaint in their entirety. On *April 11, 2024,* the Plaintiff timely filed a notice of appeal of the court's decision to the Second Circuit Court of Appeals, commencing appellate proceedings. In *June 2024,* Plaintiff filed a motion to the court of appeals to stay the appeal pending efforts to re-instate the complaint in the district court, which was granted by the court of appeals. In *July 2024,* Plaintiff filed a motion with the district court seeking to set aside the judgment and to re-instate the complaint. On *August 15, 2024,* the district court denied Plaintiff's motion to set aside the judgment. On *September 10, 2024,* Plaintiff re-filed its appeal with the Second Circuit Court of Appeals, which is currently pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *17*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

On *January 8, 2021,* a purported shareholder, Phillip Chan, commenced a *pro se* lawsuit in the U.S. District Court for the Northern District of California titled *<u>Chan v. Vaxart, Inc. et al.</u>* (the "Opt-Out Action"), opting out of the consolidated Himmelberg v. Vaxart, Inc. et al. and Hovhannisyan v. Vaxart, Inc. et al. class actions, (together, the "Putative Class Action"). Because this complaint is nearly identical to an earlier version of a complaint filed in the Putative Class Action, the Opt-Out Action has been stayed while the Putative Class Action is pending.

 **NOTE *8.* Stockholders' Equity**

***(a)*** ***Preferred Stock***

The Company is authorized to issue 5,000,000 shares of preferred stock, $0.0001 par value per share. The Company's board of directors *may,* without further action by the stockholders, fix the rights, preferences, privileges and restrictions of up to an aggregate of *5,000,000* shares of preferred stock in *one* or more series and authorize their issuance. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of such series, any or all of which *may* be greater than the rights of the Company's common stock. The issuance of preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deterring or preventing a change of control or other corporate action. No shares of preferred stock are currently outstanding, and the Company has *no* present plan to issue any shares of preferred stock.

***(b)*** ***Common Stock***

As of *June 30, 2025*, the Company was authorized to issue 350,000,000 shares of common stock, $0.0001 par value per share. Except as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, the holders of common stock possess all voting power for the election of the Company's directors and all other matters requiring stockholder action. Holders of common stock are entitled to *one* vote per share on matters to be voted on by stockholders. Holders of common stock are entitled to receive such dividends, if any, as *may* be declared from time to time by the Company's board of directors in its discretion out of funds legally available therefor. In *no* event will any stock dividends or stock splits or combinations of stock be declared or made on common stock unless the shares of common stock at the time outstanding are treated equally and identically. As of *June 30, 2025*, no dividends had been declared by the board of directors.

In *March 2025,* the Company entered into the *March 2025* ATM with Citizens and B. Riley, pursuant to which the Company *may* offer and sell, from time to time through the Managers, shares of its common stock having an aggregate offering price of up to $50 million. The shares will be sold pursuant to the *2023* Shelf Registration Statement. The Company filed a prospectus supplement, dated *March 21, 2025,* with the SEC in connection with the offer and sale of the shares under the *March 2025* ATM. The Company will pay the Managers a placement fee of up to 3% of the gross sale price from each sale of the shares under the *March 2025* ATM. During the *three* and *six* months ended *June 30, 2025*, 382,700 shares were issued and sold under the *March 2025* ATM for gross proceeds of $0.2 million, which, after deducting sales commissions and expenses incurred to date, resulted in net proceeds of $0.1 million.

In *June 2024,* the Company entered into an underwriting agreement with Oppenheimer & Co. Inc., relating to the issuance and sale by the Company in an underwritten registered direct offering of 50,000,000 shares of the Company's common stock, at a price of $0.80 per share. The gross proceeds to the Company from such offering were $40.0 million, and after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, the net proceeds were $37.5 million.

In *January 2024,* the Company entered into the *2024* Securities Purchase Agreement with RA Capital Healthcare Fund, L.P. pursuant to which 15,384,615 shares of the Company's common stock were sold to RA Capital Healthcare Fund, L.P. at an offering price of $0.65 per share pursuant to the Company's *2023* Shelf Registration Statement. The gross proceeds from the *2024* Securities Purchase Agreement were $10.0 million and, after deducting offering expenses, the net proceeds were $9.9 million.

In the event of the Company's voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders of the common stock will be entitled to receive an equal amount per share of all the Company's assets of whatever kind available for distribution to stockholders, after the rights of the holders of the preferred stock have been satisfied. There are *no* sinking fund provisions applicable to the common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *18*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

The Company had shares of common stock reserved for issuance as follows:

---

| | | |
|:---|:---|:---|
|  | ***June 30, 2025*** | ***December 31, 2024*** |
| Stock options issued and outstanding | 26577819 | 20405239 |
| RSUs, issued and outstanding | 5903691 | 3016481 |
| 2019 Equity Incentive Plan common stock available for future issuance | 10066469 | 18046374 |
| 2024 Inducement Award Plan common stock available for future issuance<sup>(A)</sup> |  | 1603750 |
| Common stock warrants, issued and outstanding | 10914 | 140596 |
| 2022 Employee Stock Purchase Plan common stock available for future issuance | 2147316 | 2362902 |
| Total common stock reserved | 44706209 | 45575342 |

---

(A) As of *June 30, 2025,* the number of options and RSUs granted under the *2024* Inducement Plan exceeded the number of shares currently reserved for issuance under the *2024* Inducement Plan. The conditional obligation as of the balance sheet date was minimal. This is *not* expected to result in the issuance of more shares than authorized, as the excess options and RSU's granted have *not* yet been exercised or settled, and therefore *no* shares have been issued in excess of the authorized amount.

***(c)*** ***Warrants***

The following warrants were outstanding as of *June 30, 2025*, all of which contain standard anti-dilution protections in the event of subsequent rights offerings, stock splits, stock dividends or other extraordinary dividends, or other similar changes in the Company's common stock or capital structure, and *none* of which have any participating rights for any losses:

---

| | | | |
|:---|:---|:---|:---|
| **Securities into which warrants are convertible** | ***Warrants Outstanding*** | ***Exercise Price*** | ***Expiration Date*** |
| Common Stock | 10914 | $22.99 | *December 2026* |

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**NOTE *9.* Equity Incentive Plans**

The Company has maintained the *2019* Equity Incentive Plan and the *2024* Inducement Award Plan for the issuance of stock options, stock appreciation rights, restricted stock awards, restricted stock units ("RSUs"), other stock awards and performance awards that *may* be settled in cash, stock, or other property to employees, directors and consultants. The terms of the *2024* Inducement Award Plan are substantially similar to the terms of the *2019* Equity Incentive Plan, with the exception that incentive stock options *may not* be issued under the *2024* Inducement Plan and equity awards under the *2024* Inducement Plan (including nonqualified stock options, restricted stock, restricted stock units, and other stock-based awards) *may* be issued only to an employee who is commencing employment with the Company or any subsidiary or who is being rehired following a bona fide interruption of employment by the Company or any subsidiary, in either case if he or she is granted such award in connection with his or her commencement of employment and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary. The Company also maintains the *2022* Employee Stock Purchase Plan ("ESPP") for its employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *19*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

A summary of stock option and RSU transactions during the *six* months ended *June 30, 2025*, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | ***Weighted*** |  | ***Weighted*** |
|  | ***Shares*** | ***Number of*** | ***Option Average*** | ***Unvested*** | ***RSU Average*** |
|  | ***Available*** | ***Options*** | ***Exercise*** | ***RSU Shares*** | ***Grant Date*** |
|  | ***For Grant*** | ***Outstanding*** | ***Price*** | ***Outstanding*** | ***Fair Value*** |
| Balance as of January 1, 2025 | 19650124 | 20405239 | $2.49 | 3016481 | $1.19 |
| Granted | (12758895) | 8258792 | $0.53 | 4500103 | $0.52 |
| Exercised | *—* | (3625) | $0.78 | *—* | $*—* |
| Released | *—* | *—* | $*—* | (826990) | $1.20 |
| Forfeited | 2409591 | (1623688) | $0.93 | (785903) | $0.80 |
| Canceled | 458899 | (458899) | $3.32 | *—* | $*—* |
| Balance as of June 30, 2025 | 9759719 | 26577819 | $1.96 | 5903691 | $0.73 |

---

As of *June 30, 2025*, there were 26,577,819 options outstanding with a weighted average exercise price of $1.96, a weighted average remaining term of 7.67 years, and an aggregate intrinsic value of $14,000. Of these options, 14,375,074 were vested, with a weighted average exercise price of $2.85, a weighted average remaining term of 6.40 years, and an aggregate intrinsic value of $14,000.

The Company received $3,000 for the 3,625 options exercised during the *six* months ended *June 30, 2025*, which had a minimal intrinsic value. The Company received $21,000 for the 26,980 options exercised during the *six* months ended *June 30, 2024*, which had an intrinsic value of $6,000. The aggregate intrinsic value represents the total pre-tax value (i.e., the difference between the Company's stock price and the exercise price) of stock options outstanding as of *June 30, 2025* and *2024,* respectively, based on the Company's common stock closing price of $0.45 on *June 30, 2025* and $0.67 on *June 28, 2024 (*the prior business day), which would have been received by the option holders had all their in-the-money options been exercised as of that date.

The weighted average grant date fair value of options awarded in the *six* months ended *June 30, 2025* and *2024*, was $0.47 and $1.01, respectively. Their fair values were estimated using the following assumptions:

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| | | |
|:---|:---|:---|
|  | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2024*** |
| Risk-free interest rate | 4.1% - 4.4% | 4.4% |
| Expected term (in years) | 5.5 - 6.0 | 6.0 |
| Expected volatility | 125.8% - 128.6% | 128.9% - 129.3% |
| Dividend yield | *—*% | *—*% |

---

The Company measures the fair value of all stock-based awards on the grant date and records the fair value of these awards, net of estimated forfeitures, to compensation expense over the service period. Total stock-based compensation recognized for options, RSUs and ESPP was as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Research and development | $1494 | $1868 | $3196 | $3675 |
| General and administrative | 627 | 687 | 1384 | 2996 |
| Total stock-based compensation | $2121 | $2555 | $4580 | $6671 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *20*

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

As of *June 30, 2025*, the unrecognized stock-based compensation cost related to outstanding unvested stock options and RSUs expected to vest was $13.2 million, which the Company expects to recognize over an estimated weighted average period of 2.6 years.

**NOTE *10*. Net Loss Per Share Attributable to Common Stockholders**

The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Net loss | $(14986) | $(16466) | $(30577) | $(40883) |
| Shares used to compute net loss per share – basic and diluted | 228367812 | 184703003 | 228145724 | 176757049 |
| Net loss per share – basic and diluted | $(0.07) | $(0.09) | $(0.13) | $(0.23) |

---

*No* adjustment has been made to the net loss in the *three* and *six* months ended *June 30, 2025* and *2024*, as the effect would be anti-dilutive due to the net loss.

The following potentially dilutive weighted average securities were excluded from the computation of weighted average shares outstanding because they would have been antidilutive:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Options to purchase common stock | 20991136 | 21705187 | 20991136 | 19869813 |
| Restricted stock units to purchase common stock | 6123628 | 3223944 | 4610106 | 2600499 |
| Warrants to purchase common stock | 10914 | 140596 | 10914 | 175928 |
| Employee Stock Purchase Plan | 440594 |  | 448325 | 235819 |
| Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation | 27566272 | 25069727 | 26060481 | 22882059 |

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

**NOTE *11.* Segment Reporting**

The Company operates in one reportable segment, which is the discovery and development of oral recombinant protein vaccines, based on its proprietary oral vaccine platform. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the Chief Executive Officer as chief operating decision maker (the "CODM") in assessing segment performance and deciding how to allocate resources on a consolidated basis.

The CODM uses consolidated net loss to evaluate the Company's spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The Company's segment revenue, segment loss, significant segment expenses, and other segment items consist of the following (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***Three Months Ended June 30,*** | ***Three Months Ended June 30,*** | ***Six Months Ended June 30,*** | ***Six Months Ended June 30,*** |
|  | ***2025*** | ***2024*** | ***2025*** | ***2024*** |
| Revenue | $39730 | $6401 | $60606 | $8582 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Research and development |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External program costs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norovirus program | 1152 | 737 | 2708 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COVID-19 program | 36475 | 3373 | 52193 | 6336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other programs | 40 | 14 | 346 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preclinical research | 225 | 657 | 624 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Process Development |  | 48 | 46 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal research and development costs | 11843 | 12651 | 24562 | 26941 |
| &nbsp;&nbsp;&nbsp; General and administrative | 4598 | 5177 | 9665 | 12415 |
| &nbsp;&nbsp;&nbsp; Interest income | (310) | (416) | (747) | (919) |
| &nbsp;&nbsp;&nbsp; Non-cash interest expense related to sale of future royalties | 672 | 610 | 1669 | 1414 |
| &nbsp;&nbsp;&nbsp; Other segment items<sup>(A)</sup> | 1 | (5) | 2 | (4) |
| &nbsp;&nbsp;&nbsp; Provision for income taxes | 20 | 21 | 115 | 66 |
| Segment net loss | $(14986) | $(16466) | $(30577) | $(40883) |
| **Reconciliation of net loss** |  |  |  |  |
| Adjustments and reconciling items |  |  |  |  |
| Net loss | $(14986) | $(16466) | $(30577) | $(40883) |

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(A) Other segment items included in other income (expense), net.

**NOTE *12.* Workforce Reduction**

In *May* and *June 2025,* the Company implemented strategic cost reductions to reduce operating costs and better align its workforce with the needs of its business, which resulted in a reduction of approximately 21% of the Company's workforce on a full-time equivalent basis. The implementation costs associated with the foregoing initiative incurred during the *six* months ended *June 30, 2025* were minimal.

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**VAXART, INC. AND SUBSIDIARIES**

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

**Note *13.* Subsequent Events**

***Nasdaq Listing***

On *July 1, 2025,* the Company received a written notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") of its determination to delist the Company's common stock as a result of the Company's ongoing failure to comply with the minimum bid price requirement under Nasdaq Listing Rule *5550*(a)(*2*). Accordingly, trading in the Company's common stock was suspended at the open of trading on *July 8, 2025.*

The Company timely requested a hearing before a Nasdaq Hearings Panel (the "Panel") pursuant to the procedures set forth in the Nasdaq Listing Rule *5800* Series and is considering all options with regard to its stock listing, including efforts to regain compliance with the minimum bid price requirement. However, pursuant to Nasdaq Listing Rule *5815*(a)(*1*)(B)(ii)(d), a timely request for a hearing will stay delisting but will *not* stay the trading suspension of the Company's common stock and the Company's securities will remain suspended on Nasdaq unless the Panel Decision issued after the hearing ultimately determines to reinstate trading of the securities on Nasdaq. The Company is also seeking stockholder approval, at the Company's upcoming Special Meeting of Stockholders to be held on *September 5, 2025,* to effect a reverse stock split of the Company's common stock if deemed in the best interest of the shareholders by the board of directors of the Company. If necessary, the reverse stock split will be applied with a ratio in the range between and including *1*-for-*5* and *not* more than *1*-for-*20,* with the exact ratio to be set within this range by the board of directors of the Company, and if the reverse stock split is effected, then a decrease in the number of authorized shares of common stock of the Company in proportion to that of the associated reverse stock split.

***Approval to Trade on OTCQX***® ***Best Market***

On *July 8, 2025,* the Company's common stock began trading on the OTCQX® Best Market of the OTC Markets Group under the existing ticker symbol "VXRT."

***Recent Legislation***

On *July 4, 2025,* the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in *2025* and others implemented through *2027.* FASB ASC *740,* "Income Taxes", requires the effects of changes in tax rates and laws on tax balances to be recognized in the period in which the legislation is enacted. The Company is currently assessing the impact of this legislation. As the date of enactment of the OBBBA is after *June 30, 2025,* there is *no* financial impact as of and for the *six*-month period ended *June 30, 2025.*

***Stop Work Order Received for the *2024* ATI-RRPV Contract***

On *August 5, 2025,* the Company received written notification from ATI in the form of a stop work order directing the Company to stop work on screening and enrollment for the COVID-19 Phase 2b trial under the 2024 ATI-RRPV Contract as of the notification date. The Company *may,* however, continue efforts associated with the per protocol follow-up of all participants dosed as of the notification date in the study under the terms of the 2024 ATI-RRPV Contract. As of the notification date, the Company had enrolled approximately half of the targeted number of participants for the study. As of *August 12, 2025,* the Company has not been provided with any further details, including the reason for such stop work order. Consistent with the stop work order, the Company intends to continue all work as planned with the per protocol follow-up of all participants dosed as of the notification date in the study.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Company Overview and Background**

We are a clinical-stage biotechnology company primarily focused on the development of oral recombinant vaccines based on our Vector-Adjuvant-Antigen Standardized Technology ("VAAST") proprietary oral vaccine platform. We are developing prophylactic vaccine candidates that target a range of infectious diseases, including norovirus (a widespread cause of acute gastroenteritis), coronavirus including SARS-CoV-2 (the virus that causes coronavirus disease 2019 ("COVID-19")), and influenza. In addition, we have generated preclinical data for our first therapeutic vaccine candidate targeting cervical cancer and dysplasia caused by human papillomavirus ("HPV"). Our oral vaccines are designed to generate broad and durable immune responses that may protect against a wide range of infectious diseases and may be useful for the treatment of chronic viral infections and cancer. Our investigational vaccines are administered using a room temperature-stable tablet, rather than by injection.

Vaxart Biosciences, Inc. was originally incorporated in California under the name West Coast Biologicals, Inc. in March 2004 and changed its name to Vaxart, Inc. ("Private Vaxart") in July 2007, when it reincorporated in the state of Delaware. On February 13, 2018, Private Vaxart completed a reverse merger (the "Merger") with Aviragen Therapeutics, Inc. ("Aviragen"), pursuant to which Private Vaxart survived as a wholly owned subsidiary of Aviragen. Under the terms of the Merger, Aviragen changed its name to Vaxart, Inc. and Private Vaxart changed its name to Vaxart Biosciences, Inc.

**Our Product Pipeline**

We are developing the following tablet vaccine candidates, which are all based on our proprietary platform:

● ***Norovirus Vaccine*.*** Norovirus is the leading cause of acute gastroenteritis symptoms, such as vomiting and diarrhea, among people of all ages in the United States. Each year, on average in the United States, norovirus causes 19 to 21 million cases of acute gastroenteritis and contributes to 109,000 hospitalizations and 900 deaths, mostly among young children and older adults. Virtually all norovirus disease is caused by norovirus GI and GII genotypes, and we are developing a bivalent vaccine candidate designed to protect against both.

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***Adult and Elderly.*** In September 2023, we announced that our Phase 2 GI.1 norovirus challenge study evaluating the safety, immunogenicity, and clinical efficacy of the GI.1 component of our first-generation bivalent norovirus vaccine candidate met five of six primary endpoints based on preliminary topline data. The study achieved its primary endpoints of a statistically significant 30% relative reduction in the rate of norovirus infection between the vaccinated and placebo arms, a strong induction of norovirus-specific immunoglobulin A (IgA) and immunoglobulin G (IgG) antibodies, and other immune response endpoints.

Vaccination also led to a 21% relative reduction in norovirus acute gastroenteritis in the vaccine arm compared to placebo, but this was not statistically significant. In prespecified analyses, the study also showed an 85% relative decrease in viral shedding in the vaccine arm compared with placebo and no statistically significant difference in disease severity in the vaccinated cohort compared with placebo. The vaccine candidate was also safe and well tolerated with no vaccine-related serious adverse events.

Based on our norovirus clinical data findings to date, our norovirus oral vaccination induces mucosal and systemic immune responses. Norovirus oral vaccination reduced shedding and infection in a rigorous human challenge model. Based on our machine learning and evaluation of more than 13 different immune parameters, norovirus vaccination protection most tightly associates with making a functional antibody response to norovirus in the serum ("NBAA") and norovirus specific fecal IgA antibodies. Because of the strong induction of mucosal IgA due to the oral vaccination and potential read through into the serum, we believe that this likely means that a functional fecal IgA response is probably critical for protection against norovirus infection.

In the second half of 2024, we received constructive feedback from the U.S. Food and Drug Administration ("FDA") on our data for potential correlates of protection and next steps for our norovirus program. While we believe we have identified a functional antibody response that may be associated with protection for norovirus, the FDA requested new clinical data before proceeding with further review of our potential correlate.

In 2024, we also created new, second-generation norovirus GI.1 and GII.4 constructs. Based on preclinical data, the second-generation norovirus GI.1 and GII.4 constructs are more potent than the first-generation norovirus constructs we previously evaluated in clinical trials.

In June 2025, we reported positive topline results from a Phase 1 clinical trial (Study VXA-109) evaluating our second-generation bivalent norovirus vaccine constructs head-to-head against our first-generation bivalent norovirus vaccine constructs. The open-label, Phase 1 trial was conducted in 60 healthy volunteers who were randomized to receive the first-generation vaccine constructs, an equivalent dose of the second-generation GI.1 and GII.4 vaccine constructs, or a lower dose of the second-generation vaccine constructs (n=20 for each group). The primary immunological endpoint was norovirus blocking antibody assay (NBAA) titer at Day 0 and Day 28. In a Phase 2 challenge study of the first-generation vaccine constructs, these functional NBAA titers were identified as correlates of protection against norovirus infection. Although the study was not powered to determine superiority by statistical methods, the increase in NBAA titers with the second-generation vaccine candidates was sufficiently large (141% for the GI.1 vaccine candidate and 94% for the GII.4 vaccine candidate) to demonstrate statistical significance at the equivalent dose.

Following the successful outcome of the VXA-109 trial, the next step, pending a partnership or other funding and pending additional input from a potential partner or investor, would be to conduct a Phase 2b safety and immunogenicity study that could potentially begin as early as the second half of 2025. This Phase 2b trial would be followed by an End of Phase 2 meeting with the FDA. A Phase 3 trial could then begin as early as 2026, pending a successful End of Phase 2 meeting and funding.

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***Breastfeeding Mothers.*** In 2022, we partnered with the Bill & Melinda Gates Foundation to execute a Phase 1 norovirus bivalent vaccine candidate study in 76 healthy, lactating post-partum, women volunteers, to determine the impact of our norovirus vaccine on breast milk norovirus-specific IgA and its potential presence, post-breastfeeding, within infant fecal samples. The study was randomized, double-blinded, and placebo controlled and evaluated the safety, tolerability, and immunogenicity of the placebo cohorts and two vaccine cohorts: medium dose (1×10<sup>11</sup> IU) and high dose (2×10<sup>11</sup> IU). Passive transfer of antibodies from mother to infant that are induced in milk may protect breastfeeding infants from infectious pathogens. We initiated this study in the fourth quarter of 2023 and announced positive top line results in April 2024. Top line results showed antibodies rose in lactating mothers who received the high dose of our bivalent vaccine candidate. Specifically, serum antibodies to norovirus rose on average 5.6 fold in response to the GI.1 virus strain and 4.4 fold in response to the GII.4 virus strain and breast milk antibodies to norovirus rose on average 4.0 fold in response to the GI.1 virus strain and 6.0 fold in response to the GII.4 virus strain. The vaccine was well tolerated with no vaccine-related serious adverse events and no dose-limiting pharmacotoxicity. As a grant recipient from the Bill & Melinda Gates Foundation, Vaxart has agreed to a global access commitment for use of its bivalent norovirus vaccine candidate, if proven effective and approved, in breastfeeding mothers from low- and middle-income countries.

● ***Coronavirus Vaccine.*** COVID-19, a severe respiratory tract infection caused by the virus SARS-CoV-2, is a major cause of hospitalization and death in the U.S. and worldwide. According to the CDC, an outbreak of COVID-19 began in Wuhan, China, in late 2019 and rapidly spread worldwide. While most COVID-19 restrictions, such as stay-at-home orders, have been lifted, COVID-19 continues to spread and remains a public health threat, not least due to the continuing emergence of new variants.

In January 2024, we were awarded a contract by the U.S. Biomedical Advanced Research and Development Authority ("HHS BARDA"), a division of the Administration for Strategic Preparedness and Response ("ASPR") within the U.S. Department of Health and Human Services ("HHS"), for $9.3 million to fund preparation for a Phase 2b clinical study involving 10,000 patients. Vaxart executed on the deliverables and received all $9.3 million of cash payments related to this contract in 2024. BARDA and Vaxart are currently discussing contract closeout for this contract.

In June 2024, we entered into an agreement (as modified or amended from time to time, the "2024 ATI-RRPV Contract") with Advanced Technology International ("ATI"), the Rapid Response Partnership Vehicle's Consortium Management Firm funded by HHS BARDA. The 2024 ATI-RRPV Contract provides for funding of up to $460.7 million to conduct the Phase 2b study, manufacture a COVID-19 vaccine candidate targeting the KP.2 strain, and acquire an approved mRNA vaccine targeting the KP.2 strain. In February 2025, we entered into Modification No. 5 (the "Modification") to the 2024 ATI-RRPV Contract. The Modification increased the total amount of funding available for payment to approximately $240.1 million. Subsequently, in February 2025, we received written notification directing the Company to stop work on the 2024 ATI-RRPV Contract, with the exception that we could continue efforts associated with the per protocol follow-up for the 400-participant cohort. The stop work order was to be in effect for a period of 90 days. Subsequently, in April 2025, the Company received written notification from ATI in the form of a stop work order lift (the "Lift Notice") that the stop work order had been lifted and that the Company may resume incurring costs, participating in meetings, and communicating with the Government and ATI concerning the project award. The Lift Notice required further discussion between the Company and HHS BARDA regarding costs, timelines, and regulatory pathway agreement. Subsequent to the Company's receipt of the Lift Notice, the Company had received approval from HHS BARDA to proceed with dosing for the 10,000-participant portion of the Phase 2b trial. On August 5, 2025, the Company received written notification from ATI in the form of a stop work order directing the Company to stop work on screening and enrollment for the COVID-19 Phase 2b trial under the 2024 ATI-RRPV Contract as of the date of the notice. The Company may, however, continue efforts associated with the per protocol follow-up of all participants dosed as of the notification date in the study under the terms of the 2024 ATI-RRPV Contract. As of the notification date, the Company had enrolled approximately half of the targeted number of participants for the study. As of August 12, 2025, the Company has not been provided with any further details, including the reason for such stop work order. Consistent with the stop work order, the Company intends to continue all work as planned with the per protocol follow-up of all participants dosed as of the notification date in the study.

The Phase 2b study is a double-blind, multi-center, randomized, comparator-controlled study to determine the relative efficacy, safety, and immunogenicity of Vaxart's oral pill COVID-19 vaccine candidate against an approved mRNA COVID-19 injectable vaccine in adults previously immunized against COVID-19 infection. The study design anticipates enrolling approximately 10,400 healthy adults 18 years and older in the U.S. with approximately 5,200 receiving our COVID-19 vaccine candidate and approximately 5,200 receiving an approved strain matched mRNA comparator. The study will strive to enroll participants in line with U.S. demographics, as well as including at least 25% over the age of 65.

The Phase 2b study will measure efficacy for symptomatic and asymptomatic disease, systemic and mucosal immune induction, and the incidence of adverse events. The primary endpoint is relative efficacy of Vaxart's COVID-19 vaccine candidate compared to an approved mRNA comparator for the prevention of symptomatic disease. Primary efficacy analysis will be performed when all participants have either discontinued or completed a study visit 12 months post-vaccination.

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In the second half of 2024, we initiated and completed enrollment of the sentinel cohort of the Phase 2b study consisting of 400 individuals comparing our XBB COVID-19 vaccine candidate against an approved mRNA XBB comparator. In January 2025, an independent data safety monitoring board ("DSMB") recommended the study to proceed without modifications based on initial safety assessment of 30-day data from the sentinel cohort.

In May 2025 we received approval from HHS BARDA to initiate dosing and proceeded to dose the first patient in the 10,000-participant portion of our ongoing Phase 2b clinical trial comparing our KP.2 COVID-19 vaccine candidate against an approved mRNA KP.2 comparator. As announced on May 27, 2025, the first patient was dosed in the 10,000 participant portion of the study. However, as discussed above, on August 5, 2025, the Company received written notification from ATI in the form of a stop work order directing the Company to stop work on screening and enrollment for the COVID-19 Phase 2b trial under the 2024 ATI-RRPV Contract as of the notification date. The Company may, however, continue efforts associated with the per protocol follow-up of all participants dosed as of the notification date in the study under the terms of the 2024 ATI-RRPV Contract. We currently cannot estimate if any further changes may be agreed in the future regarding the scope and value of the 2024 ATI-RRPV Contract and any implications of such changes on this Phase 2b clinical trial.

● ***Influenza Vaccine.*** Flu is a contagious respiratory illness caused by influenza viruses that infect the nose, throat, and sometimes the lungs. An estimated one billion cases of seasonal influenza occur annually worldwide, of which three to five million cases are considered severe, causing 290,000 to 650,000 deaths per year. In the United States, between 9,000,000 to 41,000,000 people catch influenza annually, between 140,000 and 710,000 people are hospitalized with complications of influenza, and between 12,000 and 52,000 people die from influenza and its complications each year.

***Monovalent influenza vaccine.*** In 2018, we completed a Phase 2 challenge study of our H1N1 flu vaccine candidate, which was funded through a $15.7 million contract with HHS BARDA. We announced that, in healthy volunteers immunized and then experimentally infected with H1 influenza, our H1 influenza oral tablet vaccine candidate reduced clinical disease by 39% relative to placebo. Fluzone, the market-leading injectable quadrivalent influenza vaccine, reduced clinical disease by 27%. Our tablet vaccine candidate also showed a favorable safety profile, indistinguishable from placebo.

We also presented data from the study demonstrating that our vaccine candidate elicited a significant expansion of mucosal homing receptor plasmablasts to approximately 60% of all activated B cells. We believe these mucosal plasmablasts are a key indicator of a protective mucosal immune response and a unique feature of our vaccine candidates.

***Avian influenza vaccine.*** We continue to advance our avian influenza program. We previously published data demonstrating protection in a preclinical model against avian influenza after oral immunization (Clin Vaccine Immunol 2013). We recently created a new avian influenza vaccine candidate to cover the latest clade 2.3.4.4b. The new avian influenza vaccine was 100% protective against death in a robust ferret clade 2.3.4.4b challenge model compared to 0% survival in placebo treated animals. Additional details will be presented in upcoming scientific conferences and published in a scientific paper.

***Next Steps***

The Company intends to work with governments around the world to create pandemic monovalent influenza vaccines for emergency use or stockpiling, if requested. We are also continuing development of our preclinical tri-valent seasonal influenza vaccine candidate.

● ***HPV Therapeutic Vaccine*.** Cervical cancer is the fourth most common cancer in women worldwide and in the United States with about 13,000 new cases diagnosed annually in the United States according to the National Cervical Cancer Coalition. Our first therapeutic oral vaccine candidate targets HPV 16 and HPV 18, the two strains responsible for 70% of cervical cancers and precancerous cervical dysplasia.

We are in the early stages of developing a bivalent HPV vaccine against HPV-16 and HPV-18, the strains responsible for approximately 70% of cases of cervical cancer. We plan to target the E6 and E7 gene products of each strain, which are the primary oncogenic proteins responsible for progression through the stages of CIN to invasive cervical cancer. In pre-clinical studies, we have demonstrated immunogenicity for both our HPV-16 and our HPV-18 vaccine candidates. Specifically, mice given our HPV-16 or HPV-18 vaccines induced T cell responses to HPV as measured by IFN gamma ELISPOT. In addition, our HPV-16 vaccine has demonstrated tumor growth suppression as well as increased survival in a robust HPV tumor model in mice.

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***Next Steps***

We will need to make a regulatory filing to proceed with clinical trials for an HPV vaccine candidate. Our clinical plan is to test the vaccine candidate in subjects with cervical dysplasia related to HPV-16 or HPV-18, and to evaluate the ability of the vaccine candidate to clear HPV infection, reduce the cervical dysplasia score, and induce T cells known to be important in the clearance of HPV. The primary endpoint will be safety and the secondary endpoint will be immunogenicity by examining T cell responses. Although clinical responses will be tracked, it is expected that the first study may not be powered to obtain statistically significant efficacy readouts.

**Antivirals**

● Through the Merger, we acquired two royalty earning products, Relenza and Inavir. We also acquired three Phase 2 clinical stage antiviral compounds, of which we have discontinued independent clinical development. However, for one of these, Vapendavir, we have entered into an exclusive worldwide license agreement with Altesa Biosciences, Inc. ("Altesa") in July 2021, permitting Altesa to develop and commercialize this capsid-binding broad-spectrum antiviral. In May 2025, Altesa announced positive topline results from its Phase 2 placebo-controlled study examining the effects of Vapendavir in chronic obstructive pulmonary disease patients challenged with rhinovirus.

● Relenza and Inavir are antivirals for the treatment of influenza, marketed by GlaxoSmithKline, plc ("GSK") and Daiichi Sankyo Company, Limited ("Daiichi Sankyo"), respectively. We have earned royalties on the net sales of Relenza and Inavir in Japan. The last patent for Relenza expired in July 2019 based on information provided by Daiichi Sankyo, and the last patent for Inavir expires in August 2036. Sales of these antivirals vary significantly by quarter, because influenza virus activity displays strong seasonal cycles, and by year depending on the intensity and duration of the flu season, the impact COVID-19 has had, and may continue to have, on seasonal influenza, and competition from other antivirals such as Tamiflu and Xofluza.

**Financial Operations Overview**

***Revenue***

*Non-Cash Royalty Revenue Related to Sale of Future Royalties*

In April 2016, Aviragen sold certain royalty rights related to Inavir in the Japanese market for $20.0 million to HealthCare Royalty Partners III, L.P. ("HCRP"). Under the terms of our agreement with HCRP, during the first royalty interest period of April 1, 2016 through March 31, 2025, HCRP is entitled to the first $3.0 million and any cumulative remaining shortfall amount plus 15% of the next $1.0 million in royalties earned in each year commencing on April 1, with any excess revenue being retained by us. Further, during the second royalty interest period beginning April 1, 2025 and ending on December 24, 2029, HCRP is entitled to the first $2.7 million and any cumulative remaining shortfall amount plus 15% of the next $1.0 million in royalties, with any excess revenue being retained by us. A shortfall occurs when, during an annual period ending on March 31<sup>st</sup>, for the first royalty interest period of April 1, 2016 through March 31, 2025, royalty payments fall below $3.0 million; and $2.7 million for the second royalty interest period of April 1, 2025 and ending on December 24, 2029, excluding the period of April 1, 2028 through December 24, 2029. In the event there is a remaining cumulative remaining shortfall amount as of December 24, 2029, then, for so long as the Company continues to receive royalties from Daiichi Sankyo Company Limited ("Daiichi Sankyo"), the sum of those royalties will be paid to HCRP until the cumulative remaining shortfall amount has been paid in full.

We are not obligated to pay HCRP any royalty payment beyond what we are paid by Daiichi Sankyo. The cumulative remaining shortfall amount is the aggregate amount of the shortfall for each annual period, which was $4.4 million as of June 30, 2025.

Even though we do not currently retain the related royalties under the transaction, as the amounts are remitted to HCRP, we will continue to record revenue related to these royalties until the amount of the associated liability and related interest is fully amortized.

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*Revenue from Government Contracts*

In January 2024, we were awarded the 2024 ASPR-BARDA Contract by HHS BARDA, with a base and all options value of $9.3 million. Under the 2024 ASPR-BARDA Contract, we received an award to support clinical trial planning activities for a Phase 2b clinical trial that would compare our XBB vaccine candidate to an mRNA comparator to evaluate efficacy for symptomatic and asymptomatic disease, systemic and mucosal immune induction, and adverse events. Revenue from government contracts recognized on the 2024 ASPR-BARDA Contract was zero and $6.2 million for the three months ended June 30, 2025 and 2024, respectively, and zero and $7.8 million for the six months ended June 30, 2025 and 2024, respectively, based on the achievement of certain milestones under the 2024 ASPR-BARDA Contract.

In June 2024, we entered into the 2024 ATI-RRPV Contract. In the second half of 2024, the 2024 ATI-RRPV Contract was modified to increase funding and expand the scope to include the manufacture of a vaccine candidate targeting the KP.2 strain and acquire an approved mRNA vaccine targeting the KP.2 strain. Pursuant to the 2024 ATI-RRPV Contract (as modified or amended from time to time), we may receive funding of up to $460.7 million to conduct a Phase 2b comparative study evaluating our oral pill COVID-19 vaccine candidate against an mRNA vaccine comparator approved by the FDA. The 2024 ATI-RRPV Contract makes available an aggregate amount of up to $240.1 million, consisting of firm fixed price amounts totaling $67.9 million and reimbursement of costs incurred in trial preparation and execution activities. The 2024 ATI-RRPV Contract further contemplates additional funding up to $220.6 million if we and HHS BARDA decide to continue with the Phase 2b comparative study. Revenue from government contracts recognized on the 2024 ATI-RRPV Contract was $39.7 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively, and $59.0 million and $0.2 million for the six months ended June 30, 2025 and 2024, respectively, based on costs incurred and the achievement of firm fixed-price milestones under the 2024 ATI-RRPV Contract. For further information about the August 5, 2025 stop work order relating to the 2024 ATI-RRPV Contract, see the section above titled "—Our Product Pipeline" in the "Coronavirus Vaccine" discussion.

***Research and Development Expenses***

Research and development expenses represent costs incurred on conducting research, such as developing our tablet vaccine platform, and supporting preclinical and clinical development activities of our tablet vaccine candidates. We recognize all research and development costs as they are incurred. Research and development expenses consist primarily of the following:

● employee-related expenses, which include salaries, benefits and stock-based compensation;

● expenses incurred under agreements with contract research organizations ("CROs"), that conduct clinical trials on our behalf;

● expenses incurred under agreements with contract manufacturing organizations ("CMOs"), that manufacture product used in the clinical trials;

● expenses incurred in procuring materials and for analytical and release testing services required to produce vaccine candidates used in clinical trials;

● process development expenses incurred internally and externally to improve the efficiency and yield of the bulk vaccine and tablet manufacturing activities;

● laboratory supplies and vendor expenses related to preclinical research activities;

● consultant expenses for services supporting our clinical, regulatory and manufacturing activities; and

● facilities, depreciation and allocated overhead expenses.

We do not allocate our internal expenses to specific programs. Our employees and other internal resources are not directly tied to any one research program and are typically deployed across multiple projects. Internal research and development expenses are presented as one total.

We have incurred significant external costs for CROs that conduct clinical trials on our behalf. We have captured these external costs for each vaccine program. We do not allocate external costs incurred on preclinical research or process development to specific programs.

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The following table shows our period-over-period research and development expenses, identifying external costs that were incurred in each of our vaccine programs and, separately, on preclinical research and process development for the three and six months ended June 30, 2025 and 2024 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| External program costs: |  |  |  |  |
| Norovirus program | $1152 | $737 | $2708 | $1739 |
| COVID-19 program | 36475 | 3373 | 52193 | 6336 |
| Other programs | 40 | 14 | 346 | 14 |
| Preclinical research | 225 | 657 | 624 | 1380 |
| Process development |  | 48 | 46 | 83 |
| Total external costs | 37892 | 4829 | 55917 | 9552 |
| Internal costs | 11843 | 12651 | 24562 | 26941 |
| Total research and development | $49735 | $17480 | $80479 | $36493 |

---

We expect to incur significant research and development expenses in 2025 and beyond as we advance our tablet vaccine candidates into and through clinical trials, pursue regulatory approval of our tablet vaccine candidates and prepare for a possible commercial launch, all of which will also require a significant investment in manufacturing and inventory related costs. To the extent that we enter into licensing, partnering or collaboration agreements, a significant portion of such costs may be borne by third parties.

The process of conducting clinical trials necessary to obtain regulatory approval is costly and time consuming. We may never succeed in achieving marketing approval for our tablet vaccine candidates. The probability of successful commercialization of our tablet vaccine candidates may be affected by numerous factors, including clinical data obtained in future trials, competition, manufacturing capability and commercial viability. As a result, we are unable to determine the duration and completion costs of our research and development projects or when and to what extent we will generate revenue from the commercialization and sale of any of our tablet vaccine candidates.

***General and Administrative Expense***

General and administrative expenses consist of personnel costs, insurance, allocated expenses and expenses for outside professional services, including legal, audit, accounting, public relations, market research and other consulting services. Personnel costs consist of salaries, benefits and stock-based compensation. Allocated expenses consist of rent, depreciation and other facilities-related expenses.

**Results of Operations**

As we continue to explore commercial opportunities, and plan to work with business partners, in both U.S. and international markets, we remain attentive to evolving global economic conditions, including uncertainties related to international trade policies, tariffs, and supply chain dynamics. Although these factors have not had a material impact on our operations to date, future changes in trade regulations, tariff structures, or logistical constraints could influence the cost, availability, or timing of materials, services and other components associated with the development of our tablet vaccines and manufacturing capabilities. We continue to monitor these developments closely to maintain operational efficiency and help mitigate potential future impacts.

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The following table presents period-over-period changes in selected items in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue | $39730 | $6401 | 521% | $60606 | $8582 | 606% |
| Operating expenses | 54333 | 22657 | 140% | 90144 | 48908 | 84% |
| Operating loss | (14603) | (16256) | (10)% | (29538) | (40326) | (27)% |
| Net non-operating expense | (363) | (189) | 92% | (924) | (491) | 88% |
| Loss before income taxes | (14966) | (16445) | (9)% | (30462) | (40817) | (25)% |
| Provision for income taxes | 20 | 21 | (5)% | 115 | 66 | 74% |
| Net loss | $(14986) | $(16466) | (9)% | $(30577) | $(40883) | (25)% |

---

**Total Revenue** 

The following table summarizes the period-over-period changes in our revenues for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Non-cash royalty revenue related to sale of future royalties | $— | $37 | (100)% | $1579 | $622 | 154% |
| Revenue from government contracts | 39730 | 6364 | 524% | 59027 | 7960 | 642% |
| Total revenue | $39730 | $6401 | 521% | $60606 | $8582 | 606% |

---

*Non-cash Royalty Revenue Related to Sale of Future Royalties*

For the three months ended June 30, 2025 and 2024, non-cash royalty revenue related to sale of future royalties from Daiichi Sankyo was zero and $37,000, respectively, and for the six months ended June 30, 2025 and 2024, was $1.6 million and $0.6 million, respectively. We continue to have non-cash royalty revenue as all royalties received for the three and six months ended June 30, 2025 and 2024 were required to be paid to HCRP.

*Revenue from Government Contracts*

For the three months ended June 30, 2025 and 2024, revenue from government contracts was $39.7 million and $6.4 million, respectively, and for the six months ended June 30, 2025 and 2024, was $59.0 million and $8.0 million, respectively. The revenue from government contracts consists of the 2024 ASPR-BARDA Contract awarded to us in January 2024 and the 2024 ATI-RRPV Contract awarded to us in June 2024. Revenue from the 2024 ASPR-BARDA Contract was zero and $6.2 million for the three months ended June 30, 2025 and 2024, respectively, and zero and $7.8 million for the six months ended June 30, 2025 and 2024, respectively. Revenue from the ATI-RRPV Contract was $39.7 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively, and $59.0 million and $0.2 million for the six months ended June 30, 2025 and 2024, respectively.

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**Total Operating Expenses**

The following table summarizes the period-over-period changes in our operating expenses for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Research and development | $49735 | $17480 | 185% | $80479 | $36493 | 121% |
| General and administrative | 4598 | 5177 | (11)% | 9665 | 12415 | (22)% |
| Total operating expenses | $54333 | $22657 | 140% | $90144 | $48908 | 84% |

---

*Research and Development*

For the three months ended June 30, 2025, research and development expenses increased by $32.3 million, or 185%, compared to the three months ended June 30, 2024. The increase was primarily due to an increase in clinical trial expenses related to our COVID-19 and norovirus vaccine candidates, partially offset by a decrease in preclinical, manufacturing expenses and personnel costs.

For the six months ended June 30, 2025, research and development expenses increased by $44.0 million, or 121%, compared to the six months ended June 30, 2024. The increase was primarily due to an increase in clinical trial expenses related to our COVID-19 and norovirus vaccine candidates, partially offset by a decrease in manufacturing, pre-clinical expenses and personnel costs.

*General and Administrative*

For the three months ended June 30, 2025, general and administrative expenses decreased by $0.6 million, or 11%, compared to the three months ended June 30, 2024. The net decrease was primarily due to a decrease in professional and legal fees.

For the six months ended June 30, 2025, general and administrative expenses decreased by $2.8 million, or 22%, compared to the six months ended June 30, 2024. The decrease was primarily due to a decrease in personnel costs, legal and professional fees.

**Non-Operating Income (Expense)**

The following table summarizes the period-over-period changes in our non-operating income for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Interest income | $310 | $416 | (25)% | $747 | $919 | (19)% |
| Non-cash interest expense related to sale of future royalties | (672) | (610) | 10% | (1669) | (1414) | 18% |
| Other income (expense), net | (1) | 5 | (120)% | (2) | 4 | (150)% |
| Net non-operating expense | $(363) | $(189) | 92% | $(924) | $(491) | 88% |

---

For the three months ended June 30, 2025, we recorded interest income of $0.3 million, a 25% decrease from the $0.4 million interest income recorded in the three months ended June 30, 2024. For the six months ended June 30, 2025, we recorded interest income of $0.7 million, a 19% decrease from the $0.9 million of interest income recorded in the six months ended June 30, 2024. The decrease is primarily due to the decrease in our cash, cash equivalents and investments balance.

Non-cash interest expense related to sale of future royalties representing imputed interest on the unamortized portion of the sale of future royalties liability, increased to $0.7 million for the three months ended June 30, 2025, from the $0.6 million for the three months ended June 30, 2024, and to $1.7 million for the six months ended June 30, 2025, from the $1.4 million for the six months ended June 30, 2024, due to an increase in non-cash royalty revenue payable to HCRP.

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**Provision for Income Taxes**

The following table summarizes the period-over-period changes in our provision for income taxes for the three and six months ended June 30, 2025 and 2024 (in thousands, except percentages):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Foreign withholding tax on royalty revenue | $— | $2 | (100)% | $79 | $31 | 155% |
| Foreign taxes payable on intercompany interest | 17 | 16 | 6% | 33 | 32 | 3% |
| State income taxes | 3 | 3 | —% | 3 | 3 | —% |
| Provision for income taxes | $20 | $21 | (5)% | $115 | $66 | 74% |

---

The provision for income taxes was $20,000 and $21,000 for the three months ended June 30, 2025 and 2024, respectively, and $115,000 and $66,000 for the six months ended June 30, 2025 and 2024, respectively. The tax charge relates to interest on an intercompany loan from a foreign subsidiary, and a 5% withholding tax on royalty revenue earned on sales of Inavir in Japan, which is potentially recoverable as a foreign tax credit but expensed because we record a 100% valuation allowance against our deferred tax assets. The amount of foreign withholding tax expense recorded is directly proportional to Inavir royalties, including the portion that we pass through to HCRP.

**Liquidity and Capital Resources**

We are a clinical-stage biotechnology company with no product sales. Our primary source of financing is from the sale and issuance of common stock as well as funding from HHS BARDA. In the past, we have also obtained funds from the issuance of common stock warrants, secured debt and preferred stock and from collaboration agreements.

In March 2025, the Company entered into an At the Market Offering Agreement (the "March 2025 ATM") with Citizens JMP Securities, LLC ("Citizens") and B. Riley Securities, Inc. ("B. Riley" and, together with Citizens, the "Managers"), pursuant to which the Company may offer and sell, from time to time through the Managers, shares of its common stock having an aggregate offering price of up to $50 million. The shares will be sold pursuant to an effective registration statement on Form S-3 (Registration Statement No. 333-270671), as previously filed with the U.S. Securities and Exchange Commission (the "SEC"). The Company filed a prospectus supplement, dated March 21, 2025, with the SEC in connection with the offer and sale of the shares under the March 2025 ATM. The Company will pay the Managers a placement fee of up to 3% of the gross sale price from each sale of the shares under the March 2025 ATM. During the six months ended June 30, 2025, 382,700 shares were issued and sold under the March 2025 ATM for gross proceeds of $0.2 million, which, after deducting sales commissions and expenses incurred to date, resulted in net proceeds of $0.1 million. As of June 30, 2025, approximately $48.4 million of our common stock remained available for issuance and sale pursuant to the March 2025 ATM.

In January 2024, we entered into a securities purchase agreement (the "2024 Securities Purchase Agreement") with RA Capital Healthcare Fund, L.P. pursuant to which 15,384,615 shares of our common stock were sold to RA Capital Healthcare Fund, L.P. at an offering price of $0.65 per share. The gross proceeds from the 2024 Securities Purchase Agreement were $10.0 million and, after deducting offering expenses, the net proceeds were $9.9 million.

In January 2024, we were awarded the 2024 ASPR-BARDA Contract with a base and all options value of $9.3 million. Under the 2024 ASPR-BARDA Contract, we received an award to support clinical trial planning activities for a Phase 2b clinical trial that would compare our XBB vaccine candidate to an mRNA comparator to evaluate efficacy for symptomatic and asymptomatic disease, systemic and mucosal immune induction, and adverse events. The 2024 ASPR-BARDA Contract originally had a period of performance term that was set to expire in July 2024, but we entered into an amendment in July 2024 that extended the period of performance expiration date into October 2024. BARDA and Vaxart are currently discussing contract closeout for the 2024 ASPR-BARDA Contract. As of June 30, 2025, we received approximately $9.3 million of cash payments under the 2024 ASPR-BARDA Contract.

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In June 2024, we entered into an underwriting agreement with Oppenheimer & Co. Inc., relating to the issuance and sale by us in an underwritten registered direct offering (the "June 2024 Offering") of 50,000,000 shares of our common stock at a price of $0.80 per share. The gross proceeds to us from such offering were $40.0 million, and after deducting the underwriting discounts and commissions and other offering expenses paid by us, the net proceeds were $37.5 million.

In June 2024, we entered into the 2024 ATI-RRPV Contract. Pursuant to the 2024 ATI-RRPV Contract, we may receive funding of up to $460.7 million to conduct a Phase 2b comparative study evaluating our oral pill COVID-19 vaccine candidate against an mRNA vaccine comparator approved by the FDA, manufacture a COVID-19 vaccine candidate targeting the KP.2 strain, and acquire an approved mRNA vaccine targeting the KP.2 strain. As of June 30, 2025, we have received $98.9 million of cash payments under the 2024 ATI-RRPV Contract. Subsequent to June 30, 2025, through the filing date of this Quarterly Report on Form 10-Q, we have received $4.3 million under the 2024 ATI-RRPV Contract. On August 5, 2025, the Company received written notification from ATI in the form of a stop work order directing the Company to stop work on screening and enrollment for the COVID-19 Phase 2b trial under the 2024 ATI-RRPV Contract as of the notification date. The Company may, however, continue efforts associated with the per protocol follow-up of all participants dosed as of the notification date in the study under the terms of the 2024 ATI-RRPV Contract. As of the notification date the Company had enrolled approximately half of the targeted number of participants for the study. As of August 12, 2025, the Company has not been provided with any further details, including the reason for such stop work order. Management is currently evaluating the effect of the stop work order on its liquidity and capital resources.

As of June 30, 2025, we had approximately $26.3 million of cash, cash equivalents and short-term investments. Our cash, cash equivalents and investments are not sufficient to fund our planned operations for a period of 12 months from the date of issuance of this Quarterly Report. To continue operations, we expect that we will need to raise further capital, through the sale of additional securities or otherwise; however, adequate funding may not be available to us on acceptable terms, or at all, particularly in light of current economic uncertainty, high interest rates, rising inflation, tariffs, and the potential for local and/or global economic recession. Our future capital requirements and the adequacy of our available funds will depend on many factors, most notably our ability to successfully commercialize our products and services.

We may fund a significant portion of our ongoing operations through partnering and collaboration agreements which, while reducing our risks and extending our cash runway, will also reduce our share of eventual revenues, if any, from our vaccine candidates. We may be able to fund certain activities with assistance from government programs. The sale of additional equity would result in additional dilution to our stockholders. We may also fund our operations through debt financing, which would result in debt service obligations, and the instruments governing such debt could provide for operating and financing covenants that would restrict our operations. If we are unable to raise additional capital in sufficient amounts or on acceptable terms, we may be required to delay, limit, reduce, or terminate our product development or future commercialization efforts or grant rights to develop and market vaccine candidates that we would otherwise prefer to develop and market ourselves. Any of these actions could harm our business, results of operations and prospects.

Based on management's current plan, we expect to have enough cash runway into the first quarter of 2026. If we are unable to raise additional capital in sufficient amounts or on acceptable terms, management's plans include further reducing or delaying operating expenses. These conditions raise substantial doubt about our ability to continue as a going concern for a period of one year from the date of the issuance of these consolidated financial statements. The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

Our future funding requirements will depend on many factors, including the following:

● the timing and costs of our planned preclinical studies for our product candidates;

● the timing and costs of our planned clinical trials of our product candidates;

● our manufacturing capabilities, including the availability of contract manufacturing organizations to supply our product candidates at reasonable cost;

● the amount and timing of royalties received on sales of Inavir;

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● the number and characteristics of product candidates that we pursue;

● the outcome, timing and costs of seeking regulatory approvals;

● revenue received from commercial sales of our future products, which will be subject to receipt of regulatory approval;

● the terms and timing of any future collaborations, licensing, consulting or other arrangements that we may enter into;

● the amount and timing of any payments that may be required in connection with the licensing, filing, prosecution, maintenance, defense and enforcement of any patents or patent applications or other intellectual property rights;

● the current economic uncertainty, high interest rates, rising inflation, tariffs, and the potential for local and/or global economic recession;

● our ability to maintain an active trading market for our common stock that would provide adequate liquidity to investors; and

● the extent to which we in-license or acquire other products and technologies.

**Cash Flows**

The following table summarizes our cash flows for the periods indicated (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| Net cash used in operating activities | $(25544) | $(33218) |
| Net cash provided by (used in) investing activities | 20465 | (14688) |
| Net cash (used in) provided by financing activities | (39) | 56436 |
| Net increase (decrease) in cash and cash equivalents | $(5118) | $8530 |

---

*Net Cash Used in Operating Activities*

We experienced negative cash flow from operating activities for the six months ended June 30, 2025 and 2024, in the amounts of $25.5 million and $33.2 million, respectively. The cash used in operating activities in the six months ended June 30, 2025, was due to cash used to fund a net loss of $30.6 million, partially offset by a decrease in working capital of $1.0 million, and adjustments for net non-cash expenses related to depreciation and amortization, accretion of discount on investments, net, stock-based compensation, non-cash interest expense related to sale of future royalties and non-cash revenue related to sale of future royalties totaling $6.0 million. The cash used in operating activities in the six months ended June 30, 2024, was due to cash used to fund a net loss of $40.9 million and an decrease in working capital of $1.1 million, partially offset by adjustments for net non-cash income related to depreciation and amortization, amortization of discount on investments, net, stock-based compensation, non-cash interest expense related to sale of future royalties and non-cash revenue related to sale of future royalties totaling $8.7 million.

*Net Cash Provided by (Used in) Investing Activities*

In the six months ended June 30, 2025, we received $20.5 million from maturities of investments, net of purchases, and used $27,000 of cash to purchase property and equipment. In the six months ended June 30, 2024, we used $14.1 million to purchase investments, net of maturities, and used $0.5 million of cash to purchase property and equipment.

*Net Cash (Used in) Provided by Financing Activities*

In the six months ended June 30, 2025, we used $0.2 million to acquire common stock to settle employee tax withholding liabilities, and received net proceeds of $53,000 from the sale of our common stock under the March 2025 ATM. In the six months ended June 30, 2024, we received net proceeds of $37.6 million from the sale of our common stock under the June 2024 Offering, net proceeds of $8.8 million from the sale of our common stock under the September 2021 ATM and net proceeds of $9.9 million from the sale of our common stock under the 2024 Securities Purchase Agreement, partially offset by $0.2 million from common stock acquired to settle employee tax withholding liabilities.

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**Contractual Obligations and Commercial Commitments**

We have the following contractual obligations and commercial commitments as of June 30, 2025 (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contractual Obligation** | Total | < 1 Year | 1 - 3 Years | 3 - 5 Years | > 5 Years |
| Long Term Debt, HCRP | $17000 | $2677 | $5520 | $5520 | $3283 |
| Operating Leases | 19226 | 4743 | 10415 | 4068 |  |
| Purchase Obligations | 28229 | 28229 |  |  |  |
| Total | $64455 | $35649 | $15935 | $9588 | $3283 |

---

*Long Term Debt, HCRP.* Under an agreement executed in 2016, during the first royalty interest period of April 1, 2016 through March 31, 2025, we are obligated to pay HCRP the first $3.0 million and any cumulative remaining shortfall amount plus 15% of the next $1.0 million in royalties earned in each year commencing on April 1, with any excess revenue being retained by us. Further, during the second royalty interest period beginning April 1, 2025 and ending on December 24, 2029, HCRP is entitled to the first $2.7 million and any cumulative remaining shortfall amount plus 15% of the next $1.0 million in royalties, with any excess revenue being retained by us. See [Note 6](#Note6) to the Condensed Consolidated Financial Statements in Part I, Item 1 for further details.

*Operating leases.* Operating lease amounts include future minimum lease payments under all our non-cancelable operating leases with an initial term in excess of one year.

*Purchase obligations.* As of June 30, 2025, the Company had approximately $28.2 million of non-cancelable purchase commitments, principally for clinical services which are expected to be paid within the next year. Approximately$24.1 million of non-cancelable purchase commitments are attributable to a third-party vendor that provides clinical services, that is reimbursable at approximately $25.9 million under a cost-plus-fixed-fees arrangement in the ATI-RRPV Contract.

**Critical Accounting Policies and Estimates**

Our management's discussion and analysis of financial condition and results of operations is based on our condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities and expenses. On an ongoing basis, we evaluate these estimates and judgments. We base our estimates on historical experience and on various assumptions that we believe to be reasonable under the circumstances. These estimates and assumptions form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially from these estimates. We believe that the accounting policies discussed below are critical to understanding our historical and future performance, as these policies relate to the more significant areas involving management's judgments and estimates.

***Accrued Research and Development Expenses***

We record accrued expenses for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. We record the estimated costs of research and development activities based upon the estimated amount of services provided and include the costs incurred but not yet invoiced within other accrued liabilities in the condensed consolidated balance sheets and within research and development expense in the condensed consolidated statements of operations and comprehensive loss. These costs can be a significant component of our research and development expenses.

We estimate the amount of work completed through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. We make significant judgments and estimates in determining the accrued balance in each reporting period. As actual costs become known, we adjust our accrued estimates.

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***Intangible Assets***

Intangible assets comprise developed technology and intellectual property. Intangible assets are carried at cost less accumulated amortization. Amortization is computed using the straight-line method over useful life of 11.75 years for developed technology and 20 years for intellectual property. The fair value as of June 30, 2025 is being amortized on a straight-line basis over the remaining period of 4.4 years and 2.5 years for developed technology and intellectual property, respectively.

***Revenue from Government Contracts***

Under firm fixed-price milestone contracts, we recognize the firm fixed-price revenue as the milestones are substantially complete and the firm fixed-price for the milestone is earned ("firm fixed-price milestone"). Cash received in advance of the completion of a firm fixed-price milestone will be recorded as deferred revenue until the milestone has been substantially completed and earned. Under cost reimbursable contracts, we recognize revenue as allowable costs are incurred and the fixed fee is earned ("cost-plus-fixed-fee"). Reimbursable costs under the contract primarily include direct labor, subcontract costs, materials, equipment, travel, and approved overhead and indirect costs. Fixed fees under cost reimbursable contracts are earned in proportion to the allowable costs incurred in performance of the work relative to total estimated contract costs, with such costs incurred representing a reasonable measurement of the proportional performance of the work completed.

Payments to us under cost reimbursable contracts are provisional payments subject to adjustment upon annual audit by the government. Management believes that revenue for periods not yet audited has been recorded in amounts that are expected to be realized upon final audit and settlement. When the final determination of the allowable costs for any year has been made, revenue and billings may be adjusted accordingly in the period that the adjustment is known.

***Stock-Based Compensation***

We measure the fair value of all stock option awards to employees, non-executive directors and consultants on the grant date, and record the fair value of these awards, net of estimated forfeitures, as compensation expense over the service period. The fair value of options is estimated using the Black-Scholes valuation model and the expense recorded is affected by subjective assumptions regarding a number of variables, as follows:

<u>Expected term</u> – This represents the period that our stock-based awards granted are expected to be outstanding and is determined using the simplified method (the arithmetic average of its original contractual term and its average vesting term). We have very limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for our stock-based awards. Based on the weighted average applied to options awarded in the six months ended June 30, 2025, a notional 10% decrease in expected term would have reduced the fair value and the related compensation expense by approximately 2.2%.

<u>Expected volatility</u> – This is a measure of the amount by which our common stock price has fluctuated or is expected to fluctuate. Since the beginning of 2020, we have measured volatility based on the historical volatility of our own stock over the retrospective period corresponding to the expected term of the options on the measurement date. Based on the weighted average applied to options awarded in the six months ended June 30, 2025, a notional 10% decrease in expected volatility (from 126.6% to 113.9%) would have reduced the fair value and the related compensation expense by approximately 4.2%.

<u>Risk-free interest rate</u> – This is based on the U.S. Treasury yield curve on the measurement date corresponding with the expected term of the stock-based awards.

<u>Expected dividend</u> – We have not made any dividend payments and do not plan to pay dividends in the foreseeable future. Therefore, we use an expected dividend yield of zero.

<u>Forfeiture rate</u> – This is a measure of the number of awards that are expected to not vest and is reassessed quarterly. An increase in the estimated forfeiture rate will cause a small decrease to the related compensation expense early in the service period, but since the final expense recorded for each award is the number of options vested times their grant date fair value, it has no impact on the total expense recorded.

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**Recent Accounting Pronouncements**

See the "Recent Accounting Pronouncements" in [Note 2](#Note_2) to the Condensed Consolidated Financial Statements in Part I, Item 1 for information related to the issuance of new accounting standards to date. We are currently assessing the impact those new standards will have on the consolidated financial statements.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

**Interest Rate Sensitivity**

Our exposure to market risk for changes in interest rates relates primarily to our investments in marketable debt securities. The primary objective of our investment activities is to preserve principal, maintain liquidity that is sufficient to meet cash needs and maximize total return without significantly increasing risk. To achieve this goal, we maintain our excess cash and cash equivalents in money market funds and marketable debt securities. We do not enter into investments for trading or speculative purposes and we hold no equity securities. We presently have no borrowings or lines of credit.

Specifically, as of June 30, 2025, we had cash, cash equivalents and short-term investments of approximately $26.3 million, which consist of primarily bank deposits, money market funds and U.S. government securities. All of our investments must satisfy high credit rating requirements at the time of purchase. Such interest-earning instruments carry a degree of interest rate risk, however, because our investments are rated highly and mostly short-term, we believe that our exposure to risk of loss due to interest rate changes is not significant.

**Exchange Rate Sensitivity**

Our royalty revenue, which is calculated in U.S. dollars, is based on sales in Japanese yen, so a 1% increase in the strength of the U.S. dollar against the yen would lead to a 1% reduction in royalty revenue and related accounts receivable. All our other revenue and substantially all of our expenses, assets and liabilities are denominated in U.S. dollars and, as a result, we have not experienced significant foreign exchange gains or losses recently and do not anticipate that foreign exchange gains or losses will be significant in the near future.

**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

Our management, with the participation of our principal executive officer and principal accounting and financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our management has concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025.

**Changes in Internal Control over Financial Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There was no material change in our internal control over financial reporting that occurred during the quarter ended June 30, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**Inherent Limitations on Effectiveness of Controls** 

Our management, including our principal executive officer and principal accounting and financial officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within Vaxart have been detected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38

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**PART II** — **OTHER INFORMATION**

**Item 1. Legal Proceedings**

The information included in "[Note 7. Commitments and Contingencies—(c)](#Note_8)[Litigation](#N9Litigation)" to the Condensed Consolidated Financial Statements in Part I, Item 1 is incorporated by reference into this Item.

We may also from time to time be involved in legal proceedings arising in connection with our business. Based on information currently available, we believe that the amount, or range, of reasonably possible losses in connection with any pending actions against us in excess of established reserves, in the aggregate, is not material to our condensed consolidated financial condition or cash flows. However, any current or future dispute resolution or legal proceeding, regardless of the merits of any such proceeding, could result in substantial costs and a diversion of management's attention and resources that are needed to run our business successfully, and could have a material adverse impact on our business, financial condition and results of operations.

**Item 1A. Risk Factors**

You should consider the risks and uncertainties described under Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which we filed with the Securities and Exchange Commission on March 20, 2025, together with all other information contained or incorporated by reference in this Quarterly Report on Form 10-Q, when evaluating our business and our prospects. There are no material changes to the risk factors set forth in Part I, Item 1A, in our Annual Report on Form 10-K for the year ended December 31, 2024, except as described below.

***A significant portion of the funding to further develop our COVID-19 vaccine candidate is currently expected to come from HHS BARDA funds. If HHS BARDA were to eliminate, reduce, delay, or object to funding available to us under the 2024 ATI-RRPV Contract, this could have a significant, negative impact on our revenues and cash flows, and we may be forced to suspend or terminate the continued development of the product candidate or obtain alternative sources of funding.***

In June 2024, we entered into the 2024 ATI-RRPV Contract with ATI, the Rapid Response Partnership Vehicle's Consortium Management Firm funded by HHS BARDA. The 2024 ATI-RRPV Contract, as modified and amended to date, provides for a funding ceiling of approximately $460.7 million. In February 2025, we entered into Modification No. 5 to the 2024 ATI-RRPV Contract. Modification No. 5 increased the total amount of funding available for payment to approximately $240.1 million.

We anticipate that a significant portion of the funding to further develop our COVID-19 vaccine candidate will come from the remaining amounts to be received under the 2024 ATI-RRPV Contract. The 2024 ATI-RRPV Contract provides that the government has the right to determine whether to fund the continued performance of the study after the initial funding. In February 2025, we received written notification directing the Company to stop work on the 2024 ATI-RRPV Contract, with the exception that we could continue efforts associated with the per protocol follow-up for the 400-participant cohort. Subsequently, in April 2025, the Company received written notification from ATI in the form of the Lift Notice that the stop work order had been lifted and that the Company may resume incurring costs, participating in meetings, and communicating with the Government and ATI concerning the project award. The Lift Notice required further discussion between the Company and HHS BARDA regarding costs, timelines, and regulatory pathway agreement. In May 2025, the Company received approval from the Biomedical Advanced Research and Development Authority (BARDA), part of the Administration for Strategic Preparedness and Response (ASPR) in the U.S. Department of Health and Human Services to initiate dosing in the 10,000-participant portion of its ongoing Phase 2b clinical trial. The Company announced the first participant dosed in 10,000-participant portion of the trial later that month.

On August 5, 2025, the Company received written notification from ATI in the form of a stop work order directing the Company to stop work on screening and enrollment for the COVID-19 Phase 2b trial under the 2024 ATI-RRPV Contract as of the notification date. The Company may, however, continue efforts associated with the per protocol follow-up of all participants dosed as of the notification date in the study under the terms of the 2024 ATI-RRPV Contract. As of the notification date, the Company had enrolled approximately half of the targeted number of participants for the study. As of August 12, 2025, the Company has not been provided with any further details, including the reason for such stop work order.

Even as we continue to receive funds under the 2024 ATI-RRPV Contract, the terms of the grant may unfavorably change or the amount of funding may decrease. If the 2024 ATI-RRPV Contract is terminated or further suspended, or if there is any government decision not to continue funding or reduction or further delay in funding under the 2024 ATI-RRPV Contract, our revenues and cash flows would be significantly and negatively impacted and we may be forced to seek alternative sources of funding, which may not be available on non-dilutive terms, terms favorable to us, or at all.

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***Trading on the OTCQX may be volatile and sporadic, which could depress the market price of our common stock and make it difficult for our stockholders to sell their shares.***

Our common stock is quoted on the OTCQX electronic quotation service operated by the OTC Markets Group Inc. Trading in stocks quoted on the OTCQX is often thin and characterized by wide fluctuations in trading prices due to many factors that may have little to do with their operations or business prospects. This volatility could depress the market price of our common stock for reasons unrelated to operating performance. Moreover, the OTCQX is not a traditional stock exchange, and trading of securities on the OTCQX is often more sporadic than the trading of securities on a national exchange such as Nasdaq. Accordingly, stockholders may experience difficulty reselling shares of our common stock.

***Our common stock could become subject to the SEC's penny stock rules, which may cause broker-dealers to experience difficulty in completing transactions in our common stock, limiting a stockholder's ability to buy and sell our common stock.***

The SEC has adopted Rule 15g-9, which generally defines "penny stock" to be any equity security, not listed on a national exchange, that has a market price less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions, such as if the issuer of the security has net tangible assets in excess of $2.0 million. The market price of our common stock is less than $5.00, and, effective July 8, 2025, Nasdaq suspended trading in our common stock and started the process to delist our common stock from The Nasdaq Capital Market due to the Company's ongoing failure to comply with the minimum bid price requirement under

Nasdaq Listing Rule 5550(a)(2). Our common stock is presently exempt from being considered a "penny stock," regardless of whether Nasdaq ultimately delists our common stock from its exchange, because our net tangible assets exceed $2.0 million. As of December 31, 2024, we had approximately $30.5 million in net tangible assets. However, we cannot guarantee that we will be able to continue to qualify for this exemption, or any other available exemption from the definition of "penny stock."

If our securities become subject to the penny stock rules, broker-dealers who sell to persons other than established customers and "accredited investors" will be subject to additional sales practice requirements. The term "accredited investor" generally refers to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC, which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation. In addition, the penny stock rules require that prior to a transaction in penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for securities subject to these penny stock rules and affect the ability of broker-dealers to trade our securities. As a result of the foregoing requirements, the marketability of our common stock may be further limited.

***If our common stock is deemed "penny stock," broker-dealers trading in our securities may be subject to additional sales practice requirements adopted by the Financial Industry Regulatory Authority ("FINRA"), which may also limit a stockholder's ability to buy and sell our common stock.***

In addition to the penny stock rules described above, FINRA has adopted rules that require broker-dealers to have reasonable grounds for believing that an investment is suitable for a customer before recommending that investment to the customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers. If our common stock is deemed "penny stock," FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our securities, which may limit your ability to buy and sell our common stock and have an adverse effect on the market for our shares.

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***Our common stock may be delisted from Nasdaq, and there can be no assurance that it will trade on a national exchange again.***

Effective July 8, 2025, Nasdaq suspended trading in our common stock and started the process to delist our common stock from The Nasdaq Capital Market due to the Company's ongoing failure to comply with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). Our common stock is currently quoted on the OTCQX under the ticker symbol "VXRT." The Company timely requested a hearing before a Nasdaq Hearings Panel with respect to Nasdaq's determination to delist our common stock pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series and is considering all options remain listed on Nasdaq. In an effort to regain compliance with the minimum bid price requirement, the Company is also seeking stockholder approval, at the Company's upcoming Special Meeting of Stockholders to be held on September 5, 2025, to effect a reverse stock split of the Company's common stock with a ratio in the range between and including 1-for-5 and not more than 1-for-20, with the exact ratio to be set within this range by the board of directors of the Company. However, there can be no assurance that the Company will be able to remain listed on Nasdaq or its common stock will recommence trading on Nasdaq or any other national exchanges.

***Changes in U.S. and international trade policies may adversely impact our business and operating results.***

From time to time, proposals are made to significantly change existing trade agreements and relationships between the U.S. and other countries. In recent years, the U.S. government has implemented substantial changes to U.S. trade policies, including import restrictions, increased import tariffs and changes in U.S. participation in multilateral trade agreements. Because some of our vendors, manufactures and suppliers are located in other foreign countries, we are exposed to the possibility of product supply disruption and increased costs in the event of changes in the policies, laws, rules and regulations of the U.S. or foreign governments, as well as political unrest or unstable economic conditions in foreign countries. The U.S. government has indicated its intent to adopt a new approach to trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements. As a result of the foregoing developments, our supply may in the future be adversely impacted, which could make our products, if successfully developed and approved, less competitive than those of our competitors whose inputs are not subject to these tariffs. We may otherwise experience supply disruptions or delays, and our suppliers may not be able to continue to provide us with clinical supply in our required quantities, to our required specifications and quality levels or at attractive prices. Such disruption could have adverse effects on the development of our product candidates and our business operations.

***Changes in tax laws and regulations or in our operations may impact our effective tax rate and may adversely affect our business, financial condition and operating results.***

Changes in tax laws in any jurisdiction in which we operate, or adverse outcomes from any tax audits that we may be subject to in any such jurisdictions, could result in an unfavorable change in our effective tax rate in the future, which could adversely affect our business, financial condition, and operating results. For example, the OBBBA was signed into law on July 4, 2025. The OBBBA contains numerous tax provisions that we are currently in the process of evaluating, and which may significantly affect our business or financial condition. The recent changes under the OBBBA include tax rate extensions and changes to the business interest deduction limitation, the expensing of domestic research and development expenditures (in contrast to the continued capitalization and amortization of foreign research and development expenditures), the bonus depreciation deduction rules and the international tax framework. Regulatory guidance under the OBBBA and additional tax-related legislation is and continues to be forthcoming, and the overall impact of these changes is uncertain and may adversely affect our business, operating results and financial condition.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None.

**Item 3. Defaults Upon Senior Securities**

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item *5*. Other Information**

During the quarter ended *June 30, 2025*, no director or officer, as defined in Rule *16a*-*1*(f), adopted or terminated a "Rule *10b5*-*1* trading arrangement" or a "non-Rule *10b5*-*1* trading arrangement," each as defined in Item *408* of Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41

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**Item 6. Exhibits**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** |
| **Exhibit<br> Number** | **Description of Document** | **Schedule/Form** | **File<br> Number** | **Exhibit** | **Filing Date** |
| 3.1 | [Restated Certificate of Incorporation of Aviragen Therapeutics, Inc.](http://www.sec.gov/Archives/edgar/data/72444/000143774916038645/ex3-1.htm) | Form 10-K | 001-35285 | 3.1 | September 13, 2016 |
| 3.2 | [Certificate of Amendment to Restated Certificate of Incorporation of Aviragen Therapeutics, Inc.](http://www.sec.gov/Archives/edgar/data/72444/000119312518049470/d536843dex31.htm) | Form 8-K | 001-35285 | 3.1 | February 20, 2018 |
| 3.3 | [Certificate of Amendment to Restated Certificate of Incorporation of Vaxart, Inc.](http://www.sec.gov/Archives/edgar/data/72444/000119312518049470/d536843dex32.htm) | Form 8-K | 001-35285 | 3.2 | February 20, 2018 |
| 3.4 | [<u>Certificate of Amendment to Restated Certificate of Incorporation of Vaxart, Inc.</u>](http://www.sec.gov/Archives/edgar/data/72444/000143774919007847/ex_141491.htm) | Form 8-K | 001-35285 | 3.1 | April 24, 2019 |
| 3.5 | [<u>Certificate of Amendment to Restated Certificate of Incorporation of Vaxart, Inc.</u>](http://www.sec.gov/Archives/edgar/data/72444/000143774920012735/ex_189396.htm) | Form 8-K | 001-35285 | 3.1 | June 9, 2020 |
| 3.6 | [Certificate of Amendment to Restated Certificate of Incorporation of Vaxart, Inc.](http://www.sec.gov/Archives/edgar/data/72444/000143774922019415/ex_404948.htm) | Form 10-Q | 001-35285 | 3.3 | August 8, 2022 |
| 3.7 | [Amended and Restated Bylaws of Vaxart, Inc., effective as of October 18, 2023](http://www.sec.gov/Archives/edgar/data/72444/000143774923028774/ex_584587.htm) | Form 8-K | 001-35285 | 3.1 | October 23, 2023 |
| 3.8 | [Certificate of Amendment to Restated Certificate of Incorporation of Vaxart, Inc.](http://www.sec.gov/Archives/edgar/data/72444/000143774924020194/ex_687496.htm) | Form 8-K | 001-35285 | 3.1 | June 13, 2024 |
| 10.1\*# | [Offer Letter, dated as of April 18, 2025, between Vaxart, Inc. and Jeroen Grasman.](ex_848901.htm) |  |  |  |  |

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| | |
|:---|:---|
| 31.1 \* | [Certification of Principal Executive Officer pursuant to Exchange Act Rule, 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex_829072.htm) |
| 31.2 \* | [Certification of Principal Financial Officer pursuant to Exchange Act Rule, 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex_829073.htm) |
| 32.1 § | [Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex_829074.htm) |
| 101.INS \* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH \* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL \* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF \* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB \* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE \* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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| | |
|:---|:---|
| \* | Filed herewith. |
| # | Management contract or compensation plan or arrangement. |
| § | In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certification furnished in Exhibit 32.1 hereto is deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed "filed" for purposes of Section 18 of the Exchange Act. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. |
| ^ | Pursuant to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit have been omitted as (i) the Company has determined the omitted information is not material and/or (ii) the Company customarily and actually treats the omitted information as private or confidential. |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | VAXART, INC. |
| Dated: August 13, 2025 | By: /s/ STEVEN LO |
|  | Steven Lo |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Dated: August 13, 2025 | By: /s/ JEROEN GRASMAN |
|  | Jeroen Grasman |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44

## Exhibit 10.1

**Exhibit 10.1**

**Certain information contained in this document, marked by** "**[\*\*\*]**"**, has been omitted because it constitutes a clearly unwarranted invasion of personal privacy**

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| | | |
|:---|:---|:---|
| ![logosml.jpg](logosml.jpg) | 170 Harbor Way, Suite 300<br> South San Francisco, CA 94080  | +1 650 550 3500 Main<br> +1 650 871 8580 Fax<br> www.vaxart.com<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNLOCKING THE FULL POTENTIAL OF ORAL VACCINES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNLOCKING THE FULL POTENTIAL OF ORAL VACCINES |

---

April 17, 2025

Jeroen Grasman

[\*\*\*]

Via email: [\*\*\*]

**Re: Offer of Employment**

Dear Jeroen,

Vaxart, Inc. (the "Company") is pleased to offer you the position of Chief Financial Officer. We tentatively propose **May 19, 2025** as your start date, but will finalize your actual start date at a later time to take into account any needs you or the Company may have as we transition you into your new role. This is a full-time position, reporting to Steven Lo, President and Chief Executive Officer of the Company (the "CEO").

**<u>Salary, Bonus Rate and Benefits</u>**

The Company will pay you a salary at an annualized rate of **$435,000.00** per year, which will be paid to you in substantially equal monthly installments pursuant to the Company's regular payroll policy. The Board of Directors of the Company (the "Board") shall review your base salary on an annual basis as part of its normal performance and salary review process.

You will be eligible to participate in the Company's annual bonus program, which provides the opportunity to receive a bonus payment at the discretion of the Board, based on its assessment of performance relative to corporate and individual performance objectives, among other factors. Your target annual bonus opportunity shall equal **40%** of your base salary earned in the year and will be pro-rated for 2025.

In addition to your cash compensation, you are eligible to participate in the standard benefit plans offered to all eligible employees, as described in the Company's Employee Handbook and the Company's Summary of Employee Benefits, subject to any eligibility requirements imposed by such plans. The Company currently offers group medical, dental, vision insurance life, accidental death and dismemberment (AD&D), and long-term disability insurance, to regular status employees who work a minimum of 30 hours per week on a regular basis. Eligibility begins on the first of the month following the date of hire. Benefits may be changed at any time at the discretion of the Company.<br>Regular status employees also are eligible for vacation, sick leave and paid holidays as described in the Company's Employee Handbook.

We currently provide matching of the first 3% of your salary that you contribute to the Company sponsored 401(k) Plan

Page 1 of 3

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**<u>Equity Grant</u>**

We will recommend to the independent members of the Board that you be granted (i) a non-qualified stock option to purchase **1,000,000** shares of our common stock, and (ii) a restricted stock unit award covering **350,000** shares of our common stock. The stock option will vest over 48 months, with 25% vesting on the first anniversary of your start date and 1/48th vesting monthly thereafter. The restricted stock unit award will vest as to 25% of the shares underlying the award on each anniversary of your start date, so that the award would be fully vested on the fourth anniversary of your start date. The stock option and restricted stock unit award will be granted on the terms, and subject to the conditions, of the Vaxart, Inc. 2024 Inducement Award Plan and the standard forms of award agreement issued thereunder.

**<u>At-Will Employment</u>**

Your employment with the Company is "at-will." That means that it is not for any specified period of time and can be terminated either by you or by the Company at any time, with or without advance notice, and for any or no particular reason or cause. In addition, your job duties, title, responsibilities, reporting level, compensation, and benefits, as well as the Company's personnel policies and procedures, may be changed with or without notice at any time at the sole discretion of the Company. The "at-will" nature of your employment is one aspect of our employment relationship that will not change during your tenure as an employee, except by way of a written agreement expressly altering the at-will employment relationship and signed by you and the Company's CEO.

**<u>Severance</u>**

You shall participate in the Vaxart, Inc. Severance Benefit Plan, as amended from time to time (the "Severance Plan"), subject to applicable eligibility requirements set forth in Section 3 of the Severance Plan. A copy of the Severance Plan will be provided under separate cover. Your "Non-CIC Severance Period," as defined in the Severance Plan, shall be 6 months, and your "CIC Severance Period", as defined in the Severance Plan, shall be 12 months.

**<u>Work Location</u>**

You will work from the Vaxart headquarters located in South San Francisco.<br>**<u>Indemnification and Insurance</u>**<br> The Company will indemnify you for claims made against you in connection with your employment as Chief Financial Officer to the extent provided for in its corporate charter, Bylaws, or any other indemnification policy or procedure as in effect from time to time, and applicable to other similarly situated directors and senior executive officers. In addition, as the Chief Financial Officer of the Company, you will be named as an insured on the director and officer liability insurance policy currently maintained, or as may be maintained, by the Company from time to time.

**<u>Conditions</u>**

This offer, and any employment pursuant to this offer, is contingent upon the following:

● Approval by the Board of your appointment as Chief Financial Officer for the Company.

● Your ability to provide satisfactory documentary proof of your identity and eligibility to work in the United States on or before your third day of employment.

● The satisfactory results of a background screening, which includes reference checks, and education and employment verifications.

● Your execution of, and ongoing compliance with, the terms of our Employee Confidential Information and Invention Assignment Agreement.

Page 2 of 3

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● The execution and return of the enclosed copy of this letter no later than **April 18, 2025**, after which time this offer will expire.

By signing and accepting this offer, you represent and warrant that: (a) you are not subject to any pre-existing contractual or other legal obligation with any person, company or business enterprise which may be an impediment to your employment with, or your providing services to, the Company as its employee; and (b) you have no and shall not bring onto Company premises, or use in the course of your employment with the Company, any confidential or proprietary information of another person, company or business enterprise to whom you previously provided services.

**<u>Entire Agreement</u>**

If you accept this offer, and the conditions of this offer are satisfied, this offer, and the written agreements and plans referenced in this letter shall constitute the complete agreement between you and the Company with respect to the terms and conditions of your employment. Any representations, whether written or oral, not contained in this letter or contrary to those contained in this letter that may have been made to you are expressly cancelled and superseded by this offer. Except as otherwise specified in this letter, the terms and conditions of your employment pursuant to this letter may not be changed, except by a writing issued by the CEO. California law shall govern this letter. If any provision of this letter is held invalid or unenforceable, such provision shall be severed, and the remaining provisions shall continue to be valid and enforceable.

We look forward to your accepting this offer and our having a mutually rewarding relationship.

As with all important decisions, your decision concerning this offer should be based on your own independent investigation and judgment concerning the Company and its prospects.

If you choose to accept this offer, please sign and date below and if you have any questions please do not hesitate to reach out.

---

| | |
|:---|:---|
| **VAXART, INC.** | **VAXART, INC.** |
| By: | */s/ Steven Lo* |
| Name: | Steven Lo |
| Title: | President and Chief Executive Officer |

---

I accept the above offer and will begin employment on the date set forth above.

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| | | |
|:---|:---|:---|
| Date: | Signature: | */s/ Jeroen Grasman* |
|  |  | Jeroen Grasman |

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION** 

I, Steven Lo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Vaxart, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 13, 2025 | By: | /s/ STEVEN LO |
|  |  | **Steven Lo** |
|  |  | **President and Chief Executive Officer** |
|  |  | **(Principal Executive Officer)** |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION** 

I, Jeroen Grasman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Vaxart, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 13, 2025 | By: | /s/ JEROEN GRASMAN |
|  |  | **Jeroen Grasman** |
|  |  | **Chief Financial Officer** |
|  |  | **(Principal Financial and Accounting Officer)** |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350<br> AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Steven Lo, President and Chief Executive Officer of Vaxart, Inc. (the "Company"), and Jeroen Grasman, Chief Financial Officer of the Company, hereby certify that, to their knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company's Quarterly Report on Form 10-Q for the period ended June 30, 2025 , to which this Certification is attached as Exhibit 32.1 (the "Periodic Report"), fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: August 13, 2025 | By: | /s/ STEVEN LO |
|  |  | **Steven Lo** |
|  |  | **President and Chief Executive Officer** |
|  |  | **(Principal Executive Officer)** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: August 13, 2025 | By: | /s/ JEROEN GRASMAN |
|  |  | **Jeroen Grasman** |
|  |  | **Chief Financial Officer** |
|  |  | **(Principal Financial and Accounting Officer)** |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Vaxart, Inc. and will be retained by Vaxart, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

This certification accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing.