# EDGAR Filing Document

**Accession Number:** 0000072444
**File Stem:** 0001437749-25-025769
**Filing Date:** 2025-8
**Character Count:** 11641
**Document Hash:** 71e4a4cf671863d8361f389cf5c9b1bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-025769.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001437749-25-025769

**CONFORMED SUBMISSION TYPE**: DEFA14A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**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:** DEFA14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35285
- **FILM NUMBER:** 251199357

**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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 14A INFORMATION**

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

Filed by the Registrant ☒ <br> Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☐ Definitive Proxy Statement

☒ Definitive Additional Materials

☐ Soliciting Material Pursuant to § 240.14a-12

**VAXART, INC.**

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)

Payment of Filing Fee (Check the appropriate box)

☒ No fee required. <br> ☐ Fee paid previously with preliminary materials <br> ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

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**Vaxart CEO Issues Letter to Stockholders**

*- Management Urges Stockholders to Vote* ***FOR*** *Reverse Stock Split Proposal by 11:59 p.m. Eastern Time on September 4, 2025 -*

SOUTH SAN FRANCISCO, Calif., August 8, 2025 — Vaxart, Inc. (OTCQX: VXRT) ("Vaxart" or the "Company"), a clinical-stage biotechnology company developing a range of oral recombinant pill vaccines based on its proprietary delivery platform, today issued the following letter to its stockholders from its President & Chief Executive Officer, Steven Lo.

Dear Vaxart, Inc. Stockholders:

We deeply appreciate your continued support and commitment to Vaxart's mission. Many of you have stood by us through both exciting breakthroughs and challenging moments, and we want to acknowledge that journey as we provide an important update on our efforts to relist Vaxart's common stock on Nasdaq.

**<u>Why Relisting Matters</u>**

We understand that some stockholders—particularly those who have been with us for years—may feel frustrated by the current share price and are skeptical about another reverse stock split proposal. We hear you and we share that frustration. We have worked hard to advance our science and will continue to make every effort to create value for our stockholders. But we also want to be transparent about why regaining our Nasdaq listing is a strategic imperative for Vaxart's future and will ultimately maximize long-term value for all stockholders.

Being listed on Nasdaq offers critical advantages that directly impact our ability to continue to advance toward developing and commercializing our products, making Vaxart and our vaccines more valuable to potential non-dilutive, strategic and other investors and ultimately giving us the best chance to see share price appreciation. Nasdaq listing provides:

● **Broader Access to Investors**: Many institutional investors and life sciences funds are restricted from investing in OTC-listed stocks or those trading below $1. Likewise, some brokerage platforms limit access to OTC-listed stocks for retail investors. A Nasdaq listing expands the pool of potential investors—retail and institutional alike.

● **Greater Visibility and Analyst Coverage**: Most sell-side analysts do not cover OTC-listed stocks. Relisting would increase the likelihood of analyst coverage, which can enhance market visibility and help all investors make more informed decisions.

● **Enhanced Financial Flexibility**: Drug development is capital intensive. While we are grateful for BARDA's support, recent events such as the Stop Work Order the Company has received demonstrate that we must rely on multiple sources for funding, allowing us to be prepared for regulatory shifts or opportunities to accelerate promising programs. A Nasdaq listing improves our ability to secure financing on more favorable terms—helping to protect long-term value and reduce dilution risk.

● **Improved Market Perception**: Nasdaq is home to many of the world's most respected biotech companies. Relisting would reaffirm our position as a serious innovator in vaccine science and offer greater transparency, liquidity, and stability for all investors.

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● **Stronger Partnership Positioning**: A Nasdaq listing provides credibility and leverage in negotiations, which enhances our position as we explore collaborations to accelerate our pipeline.

Additionally, we believe the enhanced liquidity and rigorous rules of Nasdaq help protect stockholder interests and could weigh favorably on stock price.

**<u>Reverse Stock Split Proposal</u>**

We recognize that reverse stock splits are often met with concern, especially among retail investors. Let us be clear: we do not take this decision lightly. We share in the disappointment that the share price has remained below the Nasdaq minimum bid price even when no reverse split proposal was effected. Given our current valuation and absent substantial near-term appreciation, a reverse stock split remains the most viable path to relist on Nasdaq.

We have appealed Nasdaq's suspension and are scheduled to meet with their hearings panel on August 14, 2025. But based on our discussions and the realities of the market, we believe relisting is contingent on conducting a reverse stock split.

Importantly, this proposal includes a significantly narrower split ratio and a proportionally reduced authorized share count to minimize dilution. And while reverse splits may feel disruptive, they do not change the fundamental value of your investment—just the number of shares you hold. Think of it as exchanging four five-dollar bills for one twenty-dollar bill.

Finally, this proposal will have an equal impact on our employees, management and directors. The reverse stock split, per our plan documents, will be consistently applied to all common equity, including option holdings, option exercise prices and share holdings, as well as the pool of shares available for future grants. We believe this aligns managements interest in share price appreciation with your interests.

**<u>Your Voice Matters</u>**

We are asking stockholders to approve this proposal at our Special Meeting of Stockholders on September 5, 2025. We know this is a consequential vote, and we want to ensure you feel heard.

To that end, we've scheduled a Stockholder Fireside Chat on August 20, 2025 at 4:30 p.m. ET. You can submit questions in advance to ir@vaxart.com or participate live via webcast. We'll share more details soon.

**<u>Scientific Progress and Milestones</u>**

While we deem re-listing on Nasdaq essential to Vaxart's market position, our core mission remains unchanged: to advance transformative oral vaccines that improve global health. We're proud to share recent progress:

● **COVID-19 Oral Vaccine**: Our Phase 2b trial has enrolled rapidly, and we have successfully enrolled approximately half of the anticipated 10,000 participants before receiving the most recent stop work order. While we work to determine next steps in this study and remain in dialogue with our government partners, we believe that with more than 5,000 enrolled participants our data will be very comprehensive. Topline data is anticipated in late 2026.

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● **Norovirus Vaccine**: We announced positive Phase 1 results for our second-generation oral pill constructs, showing stronger antibody responses and excellent safety. Discussions for a Phase 2 partnership are ongoing.

● **Avian Influenza Candidate**: Our preclinical vaccine showed 100% protection in a robust ferret challenge model. Full results will be published upon completion of our analysis.

We've also taken steps to extend our cash runway into 2026, implementing cost reductions while preserving our ability to deliver multiple data readouts.

**<u>Thank You</u>**

We know this has been a challenging period, and we are grateful for your continued belief in Vaxart's vision. We remain committed to transparency, scientific excellence, and creating long-term value for all stockholders—retail and institutional alike.

We hope you will join us in supporting this critical proposal and continuing the journey toward a stronger, more visible, and more impactful Vaxart.

Sincerely,

Steven Lo

President & Chief Executive Officer

If you have any questions or need assistance with voting, please contact Vaxart's proxy solicitation firm:

**Campaign Management, LLC**

**Toll-Free: 1-855-264-1527**

**Email: <u>info@campaign-mgmt.com</u>**

**About Vaxart** 

Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart's development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart's first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.

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**Note Regarding Forward-Looking Statements** 

**Participants in the Solicitation**

The Company and its directors, executive officers, and certain employees and other persons may be deemed to be participants in the solicitation of proxies from the Company's stockholders in connection with the business to be conducted at the special meeting of stockholders. Investors and security holders may obtain more detailed information regarding the names, affiliations, and interests of the Company's directors and executive officers in the definitive proxy statement filed in connection with the special meeting of stockholders as well as the Company's other filings with the U.S. Securities and Exchange Commission (the "SEC"), all of which may be obtained free of charge at the website maintained by the SEC at www.sec.gov.

**Contact**

**Vaxart Media and Investor Relations**

Matt Steinberg

FINN Partners

<u>IR@vaxart.com</u>

(646) 871-8481