Vaxart, Inc. Q1 FY2026 earnings call

• Progressed clinical programs and prepared for key data milestones, including COVID-19 program's Sentinel cohort data disclosure. • Strengthened financial position by establishing $25 million share purchase agreement and moving headquarters. • Added Dr. James Breitmaier to board for clinical and strategic oversight. • Continues dialogue with Sanofi on COVID-19 program. • Evaluating norovirus second-generation constructs and refining platform and manufacturing processes.

VaxArt ended the first quarter with cash, cash equivalents, and short-term investments of $61 million. Revenue for the first quarter was $39.2 million compared to $20.9 million last year, with growth driven by BARDA contract and Dynamax license and collaboration agreement. R&D and G&A expenses were reduced. The 400-person Sentinel cohort of Phase IIb COVID-19 trial is in data validation stage. Norovirus program is in preclinical stage with plan to initiate next clinical trial in 2026.

• Anticipates primary efficacy and safety data readout from ~5,000 participant main COVID-19 study cohort in early 2027. • Norovirus next clinical trial planned for 2026 depending on partnership or funding. • Cash runway expected to extend into second quarter of 2027.

• Uncertainty in clinical development and regulatory process. • Risks described in Form 10-K and other public periodic reports filed with SEC. • Procedural steps with BARDA for data disclosure taking longer than anticipated could impact timeline.

Q: Primary focus of Sentinel readout and timeline for release.

A: Sentinel cohort for safety and immunogenicity, not definitive efficacy. Data in final administrative stage, aiming for Q2 release but dependent on BARDA protocols.

Q: Norovirus partnership and trial timeline.

A: Active discussions with partners, trial depends on funding.

Q: Interaction with Sanofi.

A: Continues productive dialogue, Sanofi sees value in COVID-19 program.

Q: Board changes rationale.

A: Added Dr. Breitmaier for clinical and regulatory expertise to navigate data milestones.