Vaxart, Inc. Q3 FY2025 earnings call

• COVID-19 Clinical Program: Partnered with Dynavax, potentially receiving up to $700 million in total fees. Dynavax pays upfront license fee of $25M and $5M equity investment. Vaxart retains responsibility for oral COVID-19 vaccine program through Phase IIb and FDA meeting. Potential future milestones and royalties. - Norovirus Program: Positive Phase I top line results for second-generation constructs with stronger antibody responses. Presented at medical conferences highlighting increased blocking antibodies. Norovirus is a major health issue with urgent need for a vaccine. Actively seeking partnerships for norovirus program. - Financials: Jeroen Grasman shared Q3 2025 financials, noting revenue growth and cash position.

In the third quarter of 2025, revenue was $72.4 million compared to $4.9 million in the third quarter of 2024. The revenue in 2025 was primarily from the BARDA contract awarded in June 2024. At the end of the third quarter, Vaxart had cash, cash equivalents, and investments of $28.8 million. With the license agreement with Dynavax, the cash runway extends into the second quarter of 2027.

• Cash runway extended to the second quarter of 2027 due to the Dynavax license agreement. - Anticipate multiple datasets from the COVID Phase IIb trial in 2026. - Update in guidance for the next norovirus clinical trial to start in 2026.

• Uncertainty inherent in the clinical development and regulatory process as mentioned in forward-looking statements. - Partnership discussions for the norovirus program are dependent on other parties' timelines, not just Vaxart's.

Q: Can you talk about why Dynavax decided to reach a deal now and color on data seen before the deal?

A: Dynavax saw the science and platform potential, and the fit between the companies worked out well. It was a good timing even before data, with due diligence done.

Q: With additional funding from Dynavax, thoughts on norovirus program and pipeline priority?

A: Excited about validation of technology, ongoing dialogue with potential partners for norovirus and other assets, priority remains having productive conversations with interested parties.

Q: How do you think about this year's COVID season and product's strain ability?

A: COVID still a market opportunity, company versatile in manufacturing for different strains. Clinical trial looks at efficacy over 12 months including strain changes, and oral pill platform is differentiated.

Q: How does the norovirus program fit with additional funding?

A: Validation of platform creates opportunities for ongoing dialogue with potential partners for norovirus, and other assets, with priority on productive collaborations.