Vaxart CEO issues letter to shareholders

Vaxart (VXRT) issued the following letter to its stockholders from its President & Chief Executive Officer, Steven Lo. “We are writing to update you on recent developments that positively impact Vaxart’s ability to advance our promising vaccine candidates and highlight the importance of remaining listed on Nasdaq in order to maintain our progress…. Despite extreme volatility from macroeconomic disruption resulting in substantial challenges within the biotech sector, Vaxart has done a remarkable job navigating this environment and believes it remains well-positioned to transform global public health with oral pill vaccines… As indicated in our recently filed Form 8-K, a previously issued government stop work order was lifted on April 24, 2025, enabling the Company to continue the planned clinical trial of our promising COVID-19 vaccine candidate. This exciting development provides strong support for the important work we are doing and paves the way for continued nondilutive government funding… We are also making rapid progress with our norovirus program, having completed enrollment of all 60 participants in under two months. As recently announced, we remain on track to report topline data in mid-2025… Concurrently, in light of the challenging environment, we continue to take prudent measures to control costs in order to best position the Company for future success… We continue to believe Vaxart is a compelling investment opportunity, and we are dedicated to executing on the Company’s strategic plan to drive long-term value… Vaxart’s annual meeting will be held on Wednesday, May 21, 2025, and your support would be greatly appreciated. Of particular importance is a proposal to provide the board of directors with the option, but not the requirement to implement a reverse stock split…. The board of directors only intends to effect a reverse stock split if it is required to maintain a Nasdaq listing; and in the case that a reverse split is required, to select a ratio only high enough as it deems necessary to resolve the Nasdaq deficiency, taking into account the recent volatility of the stock market.”