Sole Bookrunner on Vaxart's Registered Direct Offering

Vaxart, Inc. (“Vaxart”) (Nasdaq: VXRT), a clinical-stage biotechnology company developing a range of oral vaccines for a variety of infectious diseases, announced an underwritten offering of 50,000,000 shares of its common stock at an offering price of $0.80 per share, reflecting a premium to the last closing price of $0.75 per share. Gross proceeds to Vaxart from the offering were approximately $40 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Vaxart.

Vaxart’s oral vaccine pills act differently than their traditional injectable counterparts by acting in the places where pathogens first enter the body including the mouth, nose and gut. Besides the added convenience of an oral vaccine, this mode of action may provide for a differentiated and more robust immune response. The company has begun Phase 2 trials of its oral vaccines for both COVID and norovirus.

The company announced the financing concurrent to the receipt of a notification of an award valued at up to $453 million from Project NextGen through the Rapid Response Partnership Vehicle (RRPV). RRPV is a consortium funded by the Biomedical Advanced Research and Development Authority (BARDA), part of the Administration for Strategic Preparedness and Response (ASPR) in the U.S. Department of Health and Human Services (HHS).

Vaxart anticipates that net proceeds from the financing, expected fees and reimbursements under its Project NextGen award, combined with its existing cash, cash equivalents and investments, will extend its cash runway into 2026, funding through multiple key clinical and regulatory milestones. The company intends to use the net proceeds from this offering primarily for general corporate purposes, including working capital, operating expenses and capital expenditures.