# EDGAR Filing Document

**Accession Number:** 0001354457
**File Stem:** 0001354457-25-001171
**Filing Date:** 2025-11
**Character Count:** 6442
**Document Hash:** 371ad52e87f2f138f21d1ac270ede1c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001354457-25-001171.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0001354457-25-001171

**CONFORMED SUBMISSION TYPE**: 25-NSE

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**SUBJECT COMPANY**: 

**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:** 25-NSE
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35285

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nasdaq Stock Market LLC
- **CENTRAL INDEX KEY:** 0001354457

**ORGANIZATION NAME:**
- **EIN:** 521165937
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 25-NSE

**BUSINESS ADDRESS:**
- **STREET 1:** One Liberty Plaza
- **CITY:** New York
- **STATE:** NY
- **ZIP:** 10006
- **BUSINESS PHONE:** 301-978-4144

**MAIL ADDRESS:**
- **STREET 1:** Office of General Counsel
- **STREET 2:** 805 King Farm Blvd.
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** The Nasdaq Stock Market LLC
- **DATE OF NAME CHANGE:** 20060224

## Exhibit 99.25

```

Delisting Determination, The Nasdaq Stock Market, LLC, November 7, 2025,
Vaxart, Inc.
The Nasdaq Stock Market LLC (the Exchange) has determined to remove
from listing the common stock of Vaxart, Inc. effective at the
opening of the trading session on December 1, 2025. Based on review
of information provided by the Company, Nasdaq Staff
determined that the Company no longer qualified for listing on the
Exchange pursuant to Listing Rule 5550(a)(2).The Company was
notified of the Staff determination on July 1, 2025.
On July 3, 2025 the Company exercised its right to appeal
the Staff determination to the Listing Qualifications Hearings
Panel (Panel) pursuant to Listing Rule 5815.
On August 14, 2025 the Hearing was held.
On August 26, 2025 the Panel reached a
decision and a Decision letter was issued on August 27, 2025.
The Panel agreed to allow the Company to remain on the
Exchange as long as the Company achieved each milestone
as set forth in the Decision letter dated August 27, 2025.
On September 2, 2025, the Company requested an extension
to comply with the Panel requirements to remain on the
Exchange.  On or about September 19, 2025, outside Counsel for the Company
informed the Panel that it would be unable to comply with the
Nasdaq Listing Rules. The Exchange informed the Company
of the suspension on September 19, 2025.
The Company common stock was suspended on July 8, 2025. The
Staff determination to delist the Company common stock
became final on November 3, 2025.

```

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 25

### NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

**Commission File Number:** 001-35285

|  |  |
|:---|:---|
| Issuer:                                                                                                             | Vaxart, Inc.                                                    |
| Exchange:                                                                                                           | Nasdaq Stock Market LLC                                         |
| (Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered) |  |
| Address:                                                                                                            | 290 Utah Ave, Suite 200, South San Francisco, CALIFORNIA, 94080 |
| Telephone number:                                                                                                   | 650-550-3500                                                    |
| (Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)   |  |
| (Description of class of securities)                                                                                | Common Stock                                                    |

---

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

- [ ] 17 CFR 240.12d2-2(a)(1)
- [ ] 17 CFR 240.12d2-2(a)(2)
- [ ] 17 CFR 240.12d2-2(a)(3)
- [ ] 17 CFR 240.12d2-2(a)(4)
- [x] Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange.
- [ ] Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d2-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

---

Pursuant to the requirements of the Securities Exchange Act of 1934, Nasdaq Stock Market
LLC certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing the Form 25 and has caused this notification to be signed on its
behalf by the undersigned duly authorized person.

| Date       | By   | Name          | Title            |
|:---|:---|:---|:---|
| 2025-11-21 |  | Aravind Menon | Hearings Advisor |

Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR
240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number.