Vaxart (VXRT) investor relations material

Executive summary

• Achieved positive 12-month safety data from the phase II-B COVID-19 Sentinel cohort, validating the oral pill vaccine platform and supporting further development; topline safety data from the 400-person sentinel cohort showed no vaccine-related serious adverse events and a favorable safety profile compared to mRNA comparators.

• Finalized a BARDA contract modification, unlocking dedicated funding for deeper scientific analysis and expanded trial analytics, with total authorized study funding now at $344.8 million.

• Continued disciplined pursuit of partnerships for the norovirus program, with increased interest following competitor delays.

• Enhanced corporate governance through board reorganization, new committee formation, and a cooperation agreement with a shareholder group.

• Collaboration with Dynavax (now part of Sanofi) for COVID-19 oral vaccine, with potential milestone payments pending trial outcomes.

Financial highlights

• Q2 2026 revenue was $27.2 million, down 32% year-over-year from $39.7 million in Q2 2025, primarily from BARDA contracts and $2.9 million from a Dynavax agreement.

• Research and development expenses decreased to $33.7 million from $49.7 million year-over-year, reflecting lower clinical and personnel costs.

• General and administrative expenses increased to $6.6 million from $4.6 million, driven by higher professional and legal fees.

• Net loss for Q2 2026 was $13.5 million ($0.06 per share), improved from $15 million ($0.07 per share) in Q2 2025.

• Cash, cash equivalents, and short-term investments totaled $64.0 million as of June 30, 2026, with a projected runway into Q2 2027.

Outlook and guidance

• Topline efficacy and safety data from the full ~5,400 participant COVID-19 cohort expected in the first half of 2027.

• Actively seeking non-dilutive funding and strategic partnerships to extend cash runway and support pipeline programs.

• Management plans to reduce or delay operating expenses if unable to raise further capital.