Vaxart (VXRT) Registration filing summary

Company overview and business model

• Clinical-stage biotechnology company focused on oral recombinant vaccines using proprietary VAAST platform targeting infectious diseases such as norovirus, coronavirus (including SARS-CoV-2), and influenza, with preclinical work on HPV-related cancer vaccines.

• Oral vaccines are administered as room temperature-stable tablets, aiming for broad, durable immune responses and improved convenience over injections.

• Corporate history includes a 2018 reverse merger and recent transition from Nasdaq to OTCQX® Best Market in July 2025.

Financial performance and metrics

• As of December 31, 2025, held $63.8 million in cash, cash equivalents, and investments, expected to fund operations into Q2 2027.

• Historical net tangible book value as of December 31, 2025, was $80.5 million ($0.33 per share); after the offering, as adjusted net tangible book value would be $128.7 million ($0.40 per share).

• Recurring losses from operations and negative cash flows raise substantial doubt about ability to continue as a going concern without additional funding.

Use of proceeds and capital allocation

• Net proceeds from the offering are intended primarily for general corporate purposes, including working capital, operating expenses, and capital expenditures.

• Management retains broad discretion over use of funds, with timing and allocation dependent on development and collaboration progress.