Vaxart (VXRT) investor relations material

Platform innovation and differentiation

• Oral pill vaccine platform induces both systemic and mucosal immunity, is thermally stable for easy distribution and self-administration, and aims to address limitations of traditional injectable vaccines, including cold chain requirements and limited immune response.

• Modular platform supports rapid adaptation for norovirus, COVID-19, flu, and potentially HPV, with favorable safety and tolerability in over 1,100 participants dosed to date.

• Manufacturing and operations are U.S.-based, supporting domestic production, supply chain resilience, and rapid response.

Clinical pipeline and efficacy data

• Broad pipeline includes clinical-stage programs for norovirus, COVID-19, influenza, and preclinical HPV vaccine.

• Phase 2 norovirus challenge study showed 30% reduction in infection and 21% reduction in acute gastroenteritis symptoms, with next-generation candidate demonstrating significant increases in neutralizing antibodies (141% for Gl.1, 94% for GII.4).

• BARDA-funded, head-to-head phase 2B trial of oral COVID-19 vaccine versus mRNA vaccine is ongoing with ~5,000 subjects enrolled; 12-month efficacy data expected in late 2026.

• Influenza oral vaccine showed 49% reduction in infection versus placebo in phase 2 challenge, at least comparable to a leading injectable, and preclinical H5N1 study in ferrets showed 100% survival.

Strategic outlook and milestones

• Cash runway extends into Q1 2026, supporting near-term milestones and ongoing development.

• Norovirus phase 2B study targeted for late 2025, with phase 3 possible in 2026 and no current FDA-approved competitors.

• COVID-19 trial data from sentinel cohort expected in Q1 2026; influenza program continues for both seasonal and avian strains, pending funding.

• BARDA Project NextGen award of up to $460.7M funds pivotal COVID-19 trial.