Vaxart (VXRT) Corporate presentation summary

Transformative oral vaccine platform

• Oral pill vaccine platform induces both systemic and mucosal immunity, potentially revolutionizing vaccine delivery and access due to its thermostable, self-administered format.

• Platform validated by a partnership with Dynavax, now part of Sanofi, extending financial runway into Q2 2027.

• Manufacturing is fully based in the United States.

Clinical pipeline and partnerships

• Broad pipeline includes programs for COVID-19, norovirus, and influenza, with additional preclinical work in HPV.

• BARDA-funded Phase 2b COVID-19 trial compares oral vaccine to FDA-approved mRNA vaccine, with ~5,400 subjects enrolled and data readouts expected in 2026.

• Dynavax collaboration includes $25M upfront, $5M equity, and up to $670M in milestones and royalties, with Dynavax assuming development post-Phase 2b.

Scientific differentiation and efficacy

• Oral pill vaccines generate both IgG and mucosal IgA responses, offering broader protection and cross-reactivity against variants compared to injectable vaccines.

• Phase 2 norovirus challenge study showed reduced infection, illness, and viral shedding; second-generation candidate demonstrated significant increases in neutralizing antibodies and fecal IgA.

• Influenza oral vaccine demonstrated at least comparable protection to market-leading injectable in Phase 2, with reduced viral shedding and favorable safety.

• Avian flu (H5N1) oral vaccine showed 100% survival in animal models and significant reduction in viral load.