Vaxart — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the third quarter of 2026 was $10.6 million, a decrease from $72.4 million in the third quarter of 2025.
• Revenue in Q3 2026 and Q3 2025 was primarily derived from government contracts under the BARDA agreement, with Q3 2026 also including revenue from the Dynavax license and collaboration agreement.
• Research and development expenses were $22.8 million for Q3 2026, down from $75.9 million in Q3 2025, driven by lower clinical trial, personnel, facilities, and manufacturing costs.
• General and administrative expenses were $5.1 million for Q3 2026, an increase from $4.3 million in Q3 2025, primarily due to higher professional and legal fees.
• The Company reported a net loss of $17.7 million for Q3 2026, compared to a net loss of $8.1 million in Q3 2025.
• Net loss per share was ($0.07) for Q3 2026, compared to ($0.04) for Q3 2025.
• Cash, cash equivalents, and short-term investments totaled $65.5 million as of September 30, 2026.
• Cumulative cash payments received under the BARDA contract as of September 30, 2026, totaled $278.0 million.
• Total assets were $148.2 million as of September 30, 2026, compared to $186.1 million as of December 31, 2025.
• Total liabilities were $81.9 million as of September 30, 2026, compared to $98.3 million as of December 31, 2025.
• Deferred government revenue was $57,000 as of September 30, 2026, down from $68,000 at year-end 2025.
• Deferred collaboration revenue was $6.3 million as of September 30, 2026, down from $15.0 million at year-end 2025.

Guidance and Future Outlook:

• Topline efficacy and safety data from the Phase 2b COVID-19 trial, including the 400-person sentinel safety cohort and approximately 5,000 patients in the main cohort, are anticipated by mid-year 2027.
• The Company anticipates its cash runway will extend into the second quarter of 2027.
• Vaxart is actively exploring business development partnerships and non-dilutive funding options to extend its cash runway and achieve upcoming clinical and regulatory milestones.

Business Segments and Product Lines:

• COVID-19: The Phase 2b trial is advancing, with analytical testing and result disclosure ongoing in collaboration with BARDA.
• Norovirus: In August 2026, Vaxart received a new European patent protecting key aspects of its room-temperature stable, needle-free pill technology for norovirus, extending IP protection through at least 2036 in major European jurisdictions.
• Influenza: In October 2026, Vaxart announced positive preclinical results for its second-generation candidate VXA-H5-02 against Highly Pathogenic Avian Influenza (HPAI) H5N1, demonstrating complete protection against a fatal dose of the current dominant strain.
• HPV: The Company continues development of Vaxart's first immune-oncology indication, a therapeutic vaccine for human papillomavirus (HPV).

Market and Competitive Landscape:

• Vaxart is reinforcing its competitive positioning through the expansion of its global intellectual property portfolio.
• The Company's proprietary pill vaccine delivery platform is positioned to develop oral versions of currently marketed vaccines and design recombinant vaccines for new indications.

Risks and Challenges:

• Forward-looking statements regarding trial results, commercialization, and IP protection involve substantial risks and uncertainties, including the possibility that product candidates may not receive FDA or non-U.S. regulatory approval.
• Even if approved, product candidates may not achieve broad market acceptance.
• Actual results may differ materially from plans due to risks detailed in the Company's Form 10-K and Form 10-Q filings.

Management Commentary and Tone:

• CEO Steven Lo stated that releasing topline efficacy and safety data from the main cohort remains a top priority.
• Management emphasized active work toward completing analytical testing and disclosure of trial results in collaboration with BARDA.
• The Company remains focused on expanding board governance and fostering open dialogue with retail stockholders.

Other Key Points:

• In October 2026, the Company appointed Retired Vice Admiral Raquel C. Bono, M.D., to its Board of Directors. Dr. Bono serves as Chair of the newly established Stockholder Engagement Committee and is a member of the Nominating and Governance Committee and the Clinical and Regulatory Affairs Committee.
• Dr. Bono's appointment was made pursuant to a Cooperation Agreement Vaxart entered into with a group of stockholders in July 2026.
• A live stockholder fireside chat is scheduled for November 6, 2026, at 4:30 p.m. ET.
• The Company has filed broad domestic and international patent applications covering its proprietary technology for oral vaccination using adenovirus and TLR3 agonists.