Vaxart, Inc. Q1 FY2025 earnings call

• Acknowledged partnership with BARDA and HHS leading to lifting of the stop work order on the 10,000 participant COVID-19 trial. • Discussed progress on COVID-19, norovirus, and avian flu clinical programs. • Mentioned workforce reductions to rationalize costs. • Announced Phil Lee's resignation as CFO and welcome of Jeroen Grasman as incoming CFO. • Update on COVID-19 Phase 2b trial, norovirus Phase 1 trial, and avian flu preclinical program.

Revenue for the first quarter of 2025 was $20.9 million, compared to $2.2 million for the first quarter of 2024. Revenue in Q1 2025 was primarily from the BARDA contract awarded in June 2024. Vaxart ended the first quarter with cash, cash equivalents, and investments of $41.9 million.

• Hopeful to begin dosing in the 10,000 participant COVID-19 trial in Q2 2025. • Expect to report top-line data from norovirus Phase 1 trial in mid-2025. • Plan to report avian flu preclinical data later in the year. • Cash runway into Q1 2026 with current plans.

• Uncertainty in clinical development and regulatory process. • Potential delisting from NASDAQ if reverse stock split not approved, leading to lower liquidity and reduced investor appeal. • Contractual obligations with BARDA and HHS limiting communication transparency.

Q: About COVID-19 program gating factors and norovirus Phase 1 success A: Steve and James discussed gating factors and Sean/Tucker on norovirus success being new constructs trending better.

Q: Follow-up on COVID program BARDA correspondence and sentinel cohort A: James mentioned activating sites and screening, incorporating learnings.

Q: COVID program stop order impact and norovirus partnership A: Steve and James talked about stop order impact and ongoing norovirus partnership discussions