VXRT Vaxart Inc

$VXRT It’s Finally Happening It’s hard to overstate how important this is. I was shocked when I read the following two paragraphs from our June RRPV Modification #7: 1. “Vaxart will perform Qualified/Fit-for-purpose MSD assays against S protein for SARS1, MERS, 229E, OC43, on D1, D31, D91, D181, and D366 for nasal samples (IgA and total IgA). 2. “Vaxart will perform Qualified/Fit-for-purpose MSD assays*, against S protein for SARS1, MERS, 229E, OC43 on D1, D31, D91, D181, and D366 for and saliva (IgA and total IgA). So after all this time, the U.S. government is testing nasal and saliva samples from our 5K cohort for common cold coronaviruses 229E and OC43. Many of us speculated about the common cold years ago. During that time, I posted this question: “Could the S+N provide immunity for Covid-19 and the common cold? And here we are. And the government is paying us for the research. This could have massive implications, but it doesn’t surprise me, because Vaxart has already told us multiple times that not only did it look like our S+N was cross-reactive to the four viruses that cause common colds, but it appeared to be cross-reactive to all coronaviruses. Here’s the receipts from Vaxart's blockbuster PR from May 3, 2021 on the S+N P1: 1. “Vaxart’s vaccine candidate triggered specific IgA antibodies in the mucosa. These mucosal IgA responses appeared to be cross-reactive against other coronaviruses such as SARS-CoV-1, MERS, and the endemic common cold viruses 229E, NL63, HKU1, and OC43.” 2. “Vaxart’s vaccine candidate showed higher CD8+ T-cell responses than the Pfizer and Moderna vaccines.” 3. “Higher T-cell responses correlated to protection against COVID disease.” 4. “N protein responses to SARS-CoV-1 have been shown to last 17 years after infection and cross-react to SARS-CoV-2.” During the last decade, Bezos and Gates have publicly mentioned room temp needle-free vaccines: Gates as early as 2015, Bezos in 2018. They’ve also spoke about developing vaccines that could eliminate the common cold. During that time, Amazon, the U.S. Army, and Stanford (among others) were each working on vaccines to address the common cold. In 2020, the media reported on 1492, Amazon’s secret common cold vaccine project called Project Gesundheidt. Meanwhile, Stanford’s Jan Carette was quoted as saying, “Our grandmas have been asking us if you’re so smart, why haven’t you come up with a cure for the common cold now? We have a new way to do that.” Eric Lander, formerly of the Office of Science and Technology Policy (a Cabinet position): “You know how everybody says there's no cure for the common cold? Well, coronaviruses cause common colds. I'm just speculating here, but if there was a pan-coronavirus vaccine, it might be very effective against the common cold.” There are 7 known human coronaviruses that infect humans: The first four listed cause common colds: • OC43 • 229E • NL63 • HKU1 • SARS-CoV — causes SARS • MERS-CoV — causes MERS • SARS-CoV-2 — causes COVID-19 If our platform produces broad coronavirus immunity, the opportunity could encompass future emerging coronaviruses. If we demonstrate cross-reactivity and protection against infection or disease, we’re looking at a major value inflection point. Let’s look at the numbers for a vaccine producing durable mucosal immunity against SARS-CoV-2 + common cold coronaviruses + potential other coronaviruses: There are 12.8 billion common colds annually. The four common cold coronaviruses cause about 15–30% of common colds in adults. • 15% prevented: 1.92 billion episodes • 30% prevented: 3.84 billion episodes Assuming a one-dose Covid + common cold tablet: At $50 per dose: • 15% scenario: $96 billion/year • 30% scenario: $192 billion/year At $100 per dose: • 15% scenario: $192 billion/year • 30% scenario: $384 billion/year Our low-to-mid-teens royalties (10-15%) would generate billions annually. Another potential massive revenue stream. And that doesn’t include people under 18. CDC confirms that children get colds more frequently than adults. A rough estimate: 2.4 billion children × 5 colds/year = 12 billion episodes annually. TAM for children: Let’s go really conservative, taking into account all the kids in underdeveloped nations. So maybe a $5 - $20 per dose global average, with a 25% uptake. At $5 per dose: 2.4 billion children × .25 x $5 = $3 billion annually At $20 per dose: 2.4 billion children × .25 x $20 = $12 billion annually Our annual royalties would be $300M - $1.8B Then add that to the adult royalties. We’re talking billions in revenue. Our cross-reactivity is the advantage of releasing the goods in the area that hosts 70% of our immune system. Sean is brilliant. Or, he got really lucky. Imagine the media reaction to a tablet that can simultaneously help prevent common colds, Covid, and possibly flu. This is not too good to be true, folks. Vaxart has mentioned their cross-reactivity to all coronaviruses in calls, PR’s, and Fireside Chats. Remember a few years ago when Sean said our Covid vaccine was cross-reactive to “everything out there?” Of course, we don’t know to what degree cross-reactivity results in cross protection, but BARDA would not be throwing money at this unless they suspected that the cross-reactivity was there. And now Sanofi controls an asset that appears to be cross-reactive to all coronaviruses. And they recently funded Altesa, whose vapendavir is in P2 as a treatment for rhinovirus infections, the leading cause of the common cold. We licensed it to them. So Sanofi has the vaccine, and has their eyes on the therapeutic anti-viral. Are they looking to control the entire market for common colds? For all cororaviruses? Our Dynavax agreement explicitly addresses combination products, and appears structurally capable of covering a Vaxart-platform COVID product formulated as a combination product. If so, Sanofi could create a Covid+flu tablet that also offers protection against common colds. That’s three indications, but they only paid for one. Now here’s something you can’t make up. Check out the historical vaccine developers who’ve worked on the common cold at one time or another: Pfizer Medical Research Council - UK Glaxo Group Research - UK Wellcome Foundation - UK National Research Development Corporation – UK Five years ago, CBS ran a segment on 60 Minutes on the Army’s pan-coronavirus vaccine program, developing a vaccine aimed at the entire coronavirus family, including viruses responsible for many common colds. Dr. Kayvon Modjarrad was the Army’s leader on the project, and a co-inventor of their pan-coronavirus vaccine candidate. Modjarrad told 60 Minutes that if the concept succeeded, a single vaccine could protect against all coronaviruses within five years. And here we are, five years later. And you’ll never guess who he’s working for: Pfizer - Global Medical Lead, Seasonal and Pipeline Vaccines, Vaccines Research & Development. That’s right, the guy who was in charge of the Army’s pan-coronavirus project is now with the company that has $15.2 billion in cash, and one of a handful of viable contenders who could acquire us. And they have a PR problem with their mRNA vaccines. Imagine if 2b demonstrates cross-reactivity and protection to common cold coronaviruses. Would Pfizer and the guy who ran the Army's common cold project be interested?

$VXRT The Plot Thickens I'm following up on ’s post that our potential revenue streams could occur before FDA approval. Some revenue streams are substantially more actionable after 2b validation. All we need is one; after 2b we could get multiple streams. Current Potential Revenue Streams: • Individual vaccine licensing • VAAST/oral vaccine platform licensing • Co-development partnerships • Norovirus franchise • Influenza franchise • COVID franchise / Dynavax-Sanofi • HPV therapeutic vaccine • New infectious-disease franchises • Government/BARDA contracts • Proprietary assays + assay licensing • Antibody discovery partnerships • Antibody/IP licensing • Research collaborations • Manufacturing/formulation IP + technology transfer • Antigen optimization engine 2. Post-2B — New Revenue Streams • Direct vaccine/product sales • Combination-product partnerships • Therapeutic antibody opportunities 3. Post-P3/Approval — New Revenue Streams • None — all revenue streams are already represented. __________________________ As far as I know, the following hasn’t been factored into our valuation. How much money will Sanofi (or whoever eventually acquires us) save by running much smaller trials? During the last decade, Sanofi has run hundreds of P3 trials (depending on the source, anywhere from 100-700). Large scale P3 studies can exceed $250 million. Sanofi typically runs 25–35 Phase 3 programs at any given time. The savings could be hundreds of millions of dollars PER PROGRAM, depending on trial design, because one drug can generate multiple Phase 3 trials. For example, all of these trials might belong to a single Phase 3 development program: • One study in North America • One in Europe • One confirmatory study • One study in a different patient population The total savings for Sanofi could be potentially billions of dollars over the next decade, because Sanofi has spent $60–80 billion on R&D during the last 10 years, with a substantial portion of that supporting Phase 3 trials. _________________________ The 42-month PNG timeline in BARDA’s RFI ends July 2027, if you start the countdown from our initial funding announcement in January 2024. Perfect timing, the end of Q2 next year will close out the trial. The average quarterly cash burn was roughly $23M in the three years prior to 2b (2021-2023): • 2021 • Employees: 110 • Avg. OpEx / Quarter: $18.41M • Trials: COVID P1, Noro P1, COVID P2 • 2022 • Employees: 164 • Avg. OpEx / Quarter: $28.67M • Trials: COVID P2, Noro P2 • 2023 • Employees: 109 • Avg. OpEx / Quarter: $22.68M • Trials: Noro P2, Noro P1 • 2024 • Employees: 105 • Avg. OpEx / Quarter: $23.75M • Trials: COVID P2b, Noro P1, Noro P2 *Important: We had nearly 2-3x the number of employees, AND 2 non-funded trials running during the quarters prior to 2b. Now imagine what our cash burn will be once 2b is closed out by the end of Q2 next year. Our expenses will be minimal, significantly less than the numbers posted below. That’s why I’m assuming a burn of $10M or less beginning in Q3 next year, which takes our runway deep into 2028 (without Sanofi’s $50M), provided the remaining $60M BARDA funding covers the bulk of our operating expenses until then, which they’ve done for the last 6 quarters. So roughly an average of $15M per quarter. I’m expecting OpEx to drop significantly this quarter or next. If so, we’ll still have the majority of our current cash. With the $50M Sanofi payment, we could be sitting on $100M, or 10 quarters of runway BEGINNING in Q3 next year, taking us through 2029, when Sanofi and Altesa payments should start kicking in. _______________________ On occasion, Vaxart has given us clues as to what is going to happen. Remember when Andrei told us the PNG RFI looked like it was written for us, and he even threw out a $100M (or was it $150M?) funding number? Then Lo told us they were switching gears, focusing on being data-driven. And then the confident, forward-looking statements from Sean in his interview. Much of my faith comes from Sean. I put more weight behind his statements than anybody else at Vaxart. If data was poor, he wouldn’t be making statements like this: 1. "We have carried out machine learning and other computational analyses to drill down into which immune responses correlate most strongly with protection." 2. "Subsequent modeling suggested that a modest mucosal response is just as good as a really strong serum response. We were surprised at just how much protection a small mucosal response could provide compared to very high serum antibodies." 3. “So it took us a while to get to the point where we could actually get the preliminary data to convince people that are funders that we've solved it.” 4. Re: HPV: “This has been de-risked completely from the preclinical and essentially we're ready to get into the clinic.” 5. “Again, we're very bullish about the potential of our COVID vaccine for treatment of Long COVID." 6. "If our efficacy is comparable and the product is delivered as a tablet...we're confident it will generate strong enthusiasm." 7. "...we have made significant improvements to our manufacturing processes in preparation for Phase 3." He really let the cat out of the bag with that last statement. Why would he say they’re preparing for P3? Because they know it’s coming, otherwise Lopeman doesn’t come on board, they don’t hire two Senior Directors in HR, and a new QA position that reports to Lopeman. Lo: “We’re prepared for whatever the FDA wants.” “Best case, you could be looking at end of 2028, sometime in 2029, where this technology will be out in the marketplace.” JJ: He said, “Will be” out in the marketplace. Not maybe. That means a P3. There’s too much at risk and too much invested not to see it through. It's been roughly two years since PNG began. We've been asking: What are our employees doing? They've been working on improving our vaccines. Imagine how much they've learned in two years. They'll have a Next Gen II construct for P3. Vaxart has said Phase 2b is a cornerstone platform-validation study. For shareholders, it’s a platform-value inflection point. _______________________ I'm working on a major discovery. It's legit, and I believe I've solved a mystery surrounding the craziest chapter in the Vaxart saga. Working on it for tomorrow.

$VXRT 2/2 Goosebumps Continued... So I'm just saying right now, if you were to go into production— Yeah. Okay, you've got all the testing done, you've got everything, and Vaxart comes in and says, "All right, let's go." How many can you make? We can make probably about—[number unclear]—a day right now, because we only have one small pilot plant area. But we're growing that plant. That was the next thing. we have an area—we're going to have an empty room, right? And we're talking about a lot of growth in the next year. Yeah, yeah. Remember, we have a capsule machine in this facility. That's like the second—the capsule machine. It's like the Cadillac of capsule machines. And we're not making capsules for them, we're making tablets. The tablet machine we have is very small because we're doing it for pilot work. Our capsule machine can do [number unclear] capsules a shift. A shift. Yeah, so [number unclear] capsules a day. So our friends from companies like Cary and DuPont, they're all saying, "Oh my God, we've got capsule capacity around the corner." They're lining up to use it. And that's current? Current. Now you're expanding. What is your— So we've got about [number unclear] square-foot area that we're going to build out just for vaccines. And that's the one that's going to hit the billion a year. Right. And you're looking at [number unclear] people? Oh yeah, in the next couple quarters. Maybe. I think we said total, like [number unclear], right? Well, no. It's like our total, just for doing reagents and things like that, is going to be about [number unclear]. All right. For the reason— Yeah, you know, we're looking at about—I think it was—we've already hired [number unclear], plus another [number unclear]. Literally. So you have [number unclear] specific positions for— Yeah. That you're going to be looking to hire. And you've got to remember this isn't just about running the equipment or packaging or putting it into shippers and that kind of stuff. That's managing that environment, right? Right. So it's going to run the gambit from people that are literally on the equipment, running the operators that are running equipment, to people that are getting ready to inventory components and making sure upstream stuff's getting down here too. So how many employees do you have right now, roughly? Like [number unclear]. We're up to [number unclear]. Yeah. So you're looking at being over [number unclear]. Yeah, yeah. And that's a pretty big employer for Lodi. Plus our sales guys. We're starting to hire sales guys as well because we're bringing the bead manufacturing—we want to keep increasing that capacity. So it's just going to grow. I'm guessing we're going to have to buy some more land and build another building at some point because we're limited. We looked at this property and we're limited a little bit to how big we can go here. But we probably have to—we got pretty excited. You know, we were a while back looking at actually building like a campus, a biotech campus, here, right out here. Because the land's relatively inexpensive and we have access to a good labor market, and we're in a good spot geographically. We're in a good spot in the States too. Because you're centralized, right? Yeah, and you've got a good airport just down the road to get things out of here. And the ability to keep expanding and building—there's land around here. We're hoping we can. The plan is to build a whole biotech campus here. You know, and we're not done. Like, look, Bill and I, this is great. We love the vaccine thing. We love the reagent thing, but we're into our own things too, right? We're developing our own technologies too. I am fascinated by the fact that we're doing this in Lodi. That Lodi is going to be a hub for some amazingly advanced medical science. Yeah. And that we're drawing in—I mean, we've got UW and we've got UW hospitals, and we've got MATC, and we can pull from Chicago and Milwaukee and anywhere around here. That we have something that is going to draw in that high-end business and high-end employees and that tech because we've got a great agricultural base and we've got a very good industrial base with Elkay, Rabbit Pack over here. To be able to have that diversity and bring in science— Yeah. America needs to keep manufacturing. We can't allow it to go offshore. We've got to keep it here. We've got to build it here. And we have to make sure that the stockpiles of what we need for our country here are still here. __________________ JJ: There’s no reason for Vaxart to PR anything right now, until they get relisted or are making a run to get uplisted. Otherwise, they’re wasting catalysts. So wait for 5K data and the Sanofi $50M. That’s the big one. Then add a Noro partner, HPV going into P1, and hopefully some large insider buys. All over a period of a couple months. Keep building the momentum, giving investors time to digest each catalyst. Btw, BARDA works closely with the FDA. From BARDA’s perspective, they want their funding to help products get across the finish line. The FDA wants serum antibodies. BARDA has to listen to the FDA, as does Vaxart, so they moved forward with the construct that gives them the best chance to get to market, while minimizing risk. So they relied primarily on serum antibodies, AND higher IgA. It might not have been Vaxart’s decision to pivot to the S-only, and the higher serum antibodies and IgA in the S-only were hard to dismiss. At any rate, I forgot to make one of #1budgettrader's most important points on the S+N: Double the dose. A 2x dose would most likely result in stronger responses to each of the coronaviruses. Remember our trial years ago where they discovered that larger doses did not impact safety? However, Vaxart has said antibody response are dose-dependent, but a higher dose eventually plateaus. Look at the image below: GI.1: The newer ED150 construct has a much larger antibody response at 10^5adenovirus dose than the old CS186 construct, but the advantage is much smaller at 10^6and 10^7. GII.4: The newer ED153 construct shows a striking increase over old ED11 at 10^6, but the difference shrinks at 10^7.

$VXRT Someone is seeing data and has valuable insight right now. Last participant was dosed on or before 8/5/2025, 1 year and 2 months ago. The trial design was Sequential, no large data drop at the end. Data was entered throughout the trial. Sure the data needs to be cleaned, locked, and final/full analysis but some have seen trends, growing implications and have a good idea where the final results will end up. Vaxart can hide behind "we're blinded" but Sean, James, Lo, BARDA and Sanofi have a good idea where this is going to go.

$VXRT Why does it seem that 90% of the PR for this company comes from us? I could name names but fearful I’d leave someone out. When the big one hits, I’ll buy the trophies for the Vegas celebration. Vaxart PR you’re not invited.

$VXRT Moderna owns mRNA. Everyone else owns vaccines. Vaxart may own an entirely different delivery modality. BARDA's RFP reads like a race to the moon. If that's true, most bidders have better astronauts. Vaxart has the rocket.

$VXRT The current OTC valuation at $0.431 and the $105M market cap reflect pure management execution, not the underlying biological asset. The recent Frontiers publication definitively validated the mucosal sIgA kinetics and the localized delivery mechanism. The science works. Bridging the translational gap to human clinical success—specifically overcoming the Gen-2 intracellular bottlenecks and MHC-I inhibition—is a structural engineering task. That architectural calibration is actively being addressed at the appropriate institutional levels. Real strategic value is evaluated and secured strictly off-market before it ever reflects on a retail ticker. Ignore the noise, focus on the peer-reviewed data.

$VXRT I'm frustrated and perplexed as hell with being invested here 6 years or so. But I do get some pleasure and stimulation of thought reading about all the theories, potential pathways we may be headed, and many dots that may or may not be connected down the confusing and arduous path of a company named Vaxart. To all the folks who post their research and well thought out paths that may or may not lie ahead....thank you. I don't have the capacity for such things but I appreaciate what you bring to the board, yea or nay. There's a destination ahead, just not sure yet what it will be. All hands on deck and full speed ahead even if it's a snail pace. What a ride. Happy Friday.

$VXRT Moderna owns mRNA. GSK is chasing mRNA. BARDA is spending millions trying to understand Vaxart oral platform. Sanofi already knows the asset. The real question isn't whether someone wants the COVID program. The question is whether someone wants the only oral vaccine platform before everyone else realizes what they have. LFG

$VXRT anybody have that feeling that they are just beginning to shake the tree harder to get rid of these pesty retail shareholders. Anybody feel like me that we may be the reason for the slow roll out of everything?

$VXRT the otc market is about to go absolutely parabolic. This is going to sound insane but I think we will easily be over $10 by mid November

$VXRT Vaxart Patent Update — 8 October 2026 I found one new development since our previous update: a Spanish publication relating to Vaxart’s recently granted European norovirus patent. Patent: ES3079817T3 Jurisdiction: Spain Publication date: 29 September 2026 Application: ES2020195995T Related European patent: EP3791859 Technology: Oral norovirus vaccine formulations. The Spanish patent publication covers enteric-coated vaccine formulations designed to deliver norovirus VP1 antigens to the ileum, a region of the small intestine. Its claims include formulations using adenoviral vectors and a specified coating pH range of 5.8–6.8. Why this matters for investors: Vaxart announced on 26 August that it intended to validate EP3791859 across 13 European jurisdictions, including Spain. The new Spanish T3 publication is evidence of progress in that national validation process.

$VXRT Morning Coffee: Imagine, 10,000 clinical study, how much longer would it have been before we see the data, here at day 501 since first swallow, makes you wonder. Musk, Kennedy a strain change.. all pieces to an unknown result. Was the chopping to 5000 a blessing. The money 'game' would have played longer. Finney may have survived. The RS may not have been an urgent need until next year and CSG may have never formed. Time fell inline with retail votes. That is the undisputed savior. Mistimed, unforseen , overbought retail shares, ignored by the board. I can't wait for the future to get here so today's history is documented. morning coffee

$VXRT release animal information at the open of the market... release human information after the market closes... all the time... Finney is gone.. You are not going to get a reverse split... Quit the suppression tactics... Lets cut the bullshit... Lo, Berg...

$VXRT AS LONG AS WE DON'T DO A REVERSE SPLIT I'M OK WITH THE SP FOR NOW, I JUST KEEP ACCUMULATING.

$VXRT One under-the-radar VXRT angle I’m watching: biodefense. Vaxart’s VAAST platform isn’t limited to viruses—the company’s filings describe the ability to use bacterial proteins as antigens. Meanwhile, the U.S. government is actively funding next-generation vaccines against threats like pneumonic plague, including interest in oral/mucosal approaches. Vaxart is not currently developing a plague vaccine, but its oral/mucosal platform could theoretically be adapted to bacterial targets. If Vaxart ever landed a BARDA/DoD biodefense partnership, that could open an entirely new lane beyond its current pipeline. Not a current catalyst—just interesting platform optionality that I don’t think the market is pricing in.

$VXRT The CSG settlement framework and the resulting agreement were/are smoke and mirrors. Absolutely nothing beyond a few cosmetic changes have been implemented...Vaxart resumed business as usual in short order (as we all knew they would). The only meaningful change since the agreement was signed is a renewed decline in shareholder value. However, Lo is nice...so we're good 😂

$VXRT My fellow longs. Five years or more holding VXRT isn’t an investment strategy anymore, it’s a faith-based endurance program. 🙏🏼 If you’ve survived more than five years holding Vaxart, chances are the Lord Almighty has already blessed you with eternal life. 😂 Also, a short note for sir Lo, GFY…

$VXRT Trump is making an announcement tomorrow at 1pm. He named OMB Director Russ Vought as being involved. I asked ChatGPT for some things he could be involved with right now, and pandemic preparedness was one of the answers it gave unprompted. That would be nice. 💊💊💊💊

$VXRT Interesting shift vs 2025: Sean Tucker gave 2 presentations at WVC Europe last year: next-gen norovirus + COVID P2b, and Nicholas Bennett presented at IDWeek on the 2nd-gen Noro P1 results. No Calicivirus meeting in 2026, and so far no Vaxart speaker, poster or abstract at WVC Europe or IDWeek 2026. Could simply be a data “dead zone” Noro data already presented while the much bigger COVID P2b dataset isn’t ready yet. 🤷‍♀️