Vaxart, Inc. Q2 FY2025 earnings call

• COVID-19: Received second stop work order on Phase IIb trial but had 5,000 enrolled; Independent Data Safety Monitoring Board determined study could continue. Enrollment was rapid but ceased with latest stop work order. - Norovirus: Positive Phase I top-line results from second-generation constructs, showing higher norovirus blocking antibodies. Potential to advance to Phase IIb with funding/partnership. - Avian flu: Preclinical data showed 100% survival and reduced viral load in ferret challenge model. - Financials: Implemented workforce reductions to cut costs. - Stock listing: Listed on OTCQX, aim to regain NASDAQ compliance via reverse stock split, scheduled stockholder meeting on 9/5.

Revenue for the second quarter of 2025 was $39.7 million compared to $6.4 million for the second quarter of 2024. Revenue in Q2 2025 was primarily from the BARDA contract awarded in June 2024. Vaxart ended the second quarter with cash, cash equivalents and investments of $26.3 million.

• Vaxart expects cash runway into Q1 2026. - Seeking strategic partnerships and nondilutive funding to extend cash runway. - Plan to regain NASDAQ compliance via reverse stock split, with a stockholder meeting scheduled for 9/5 to vote on reverse split proposal.

• Uncertainty around the second stop work order on COVID-19 trial and its impact on enrollment and data. - Risks inherent in clinical development and regulatory processes. - Stock listing compliance issues and challenges in regaining NASDAQ listing.

Q: Congrats on fast pace of COVID trial enrollment. What's the statistical assumption and plan regarding comparing immunogenicity and efficacy vs comparator?

A: It's a 5,000-person enrolled study, randomized, relooking at statistical analysis plan.

Q: On norovirus program, is progression to Phase IIb contingent on funding/partnership?

A: Yes, progression is contingent on funding or partnership.

Q: On COVID-19 second stop work order, rationale and path to resuming enrollment?

A: No specific info on rationale yet, waiting for more from BARDA.

Q: On norovirus Phase I data, deal structure and development plan?

A: Agnostic on deal structure, open to co-development/licensing; key is to get science moving forward.

Q: On avian flu data, publication plan and R&D spend?

A: Planning to publish data in peer-reviewed journal; R&D expenses partially reimbursed by BARDA, anticipate greater than 50% of original contract collected.