VXRT Vaxart Inc

$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 Old Friends I ran across my post from 2021(?) when I called the Sanofi buyout. Very interesting. The following isn’t exactly word-by-word what I posted because I do a lot of editing in the ST post box. But it's close. Here’s some of what I posted: For some time, one of our own here has seen the names Prakikant bei (translation: intern) and Lehrer bei (translation: teacher) come and go on LI. They are listed as Vaxart employees and could be translators, although I’m not sure. Both based in the region of Hesse, Germany. Now guess who else is located in Hesse, Germany? Merck and Sanofi, the latter with a major presence in Frankfurt with 6,500 employees. This begs the question: What are our employees doing working in Germany, and who are they working with? Sanofi is going after it: Building a new facility in Toronto to increase global availability of high-dose influenza vaccine. Operational in 2026. Two new, additional facilities in Swiftwater, Pa. and France will also start to operate in the coming years. Building a massive plant in Singapore to produce innovative vaccines on a massive scale for Asia. Operational in 2026. Building a state-of-the-art vaccine manufacturing facility at Neuville sur Saône. “The Singapore factory will…allow production of three to four vaccines simultaneously, versus only one in current industrial sites…will have the flexibility to leverage multiple vaccine manufacturing technology platforms based on different cell types.” Sanofi’s goal is to dominate global vaccine manufacturing, especially different platforms. “Sanofi’s US Manufacturing & Supply Vaccines leadership team was honored to host members of BARDA...at our Swiftwater, PA, campus yesterday. It was an important day for our company and BARDA as we celebrated the groundbreaking of Building 87." Building 87 is one of three investments as part of the BARDA contract awarded to Sanofi and Swiftwater to increase US production capabilities for recombinant pandemic influenza vaccines. Connections between Vaxart and Sanofi: 1. Vaxart and Sanofi both have Stanford ties. 2. Vaxart advisor Stanley Plotkin has ties to both companies. 3. Edward Berg spent eight years at Sanofi. 4. Thomas Triomphe ran Sanofi Vaccines while Berg was there. 5. Former Sanofi lawyer Thomas Ghignone liking Vaxart on LI. 6. Vaxart outperformed Sanofi in P2 HCT. 7. Sanofi is investing billions in global vaccine manufacturing. 8. Vaxart could give Sanofi an oral vaccine platform. 9. An oral vaccine could offer stockpiling and deployment advantages. 10. Sanofi is one of the world’s biggest flu vaccine makers. 11. Sanofi has previously licensed outside vaccine technology. 12. Strong mucosal and B-cell responses increase Vaxart’s appeal. 13. HQ Miami move could make interaction with Sanofi easier. 14. Sanofi has a history of acquiring biotech companies. 15. Sanofi could license, partner with, or acquire Vaxart. 16. Vaxart’s tablet helps Sanofi’s goal of getting to carbon neutral. 17. Sanofi’s interest in universal flu vaccines. 18. Stanford paper based on Vaxart/Sanofi HCT established flu CoP. If you’re the leading flu manufacture and you get beat in a challenge study by a small no-name bio, wouldn’t you want to join forces? Especially when your company has stated your goal is to dominate the global manufacturing of vaccines? And your competitors in the influenza market are gaining market share? And you’re building huge facilities for different platforms around the globe? When you combine Sanofi’s goal to dominate the vaccine landscape, along with our technology, and all the links I’ve listed above, a Sanofi/Vaxart collaboration/acquisition would not be a surprise. I’m calling it here. It’s Sanofi, folks. There are way too many connections for it to be otherwise. Where there’s smoke, there’s fire. The smoke is coming out of my ears right now. Many of us have been dancing around Sanofi for awhile. I posted a dozen or so connections and speculated on a Sanofi collaboration a year and a half ago on YF. I believe Sanofi is the front runner for a buyout. According to my buddy who’s been in the pharmaceutical industry for decades, it’s all about relationships and trust. There’s a lot of repeat business between firms. Old friends. And one lesson I learned long ago: Friends are like whiskey. The older, the better.

$VXRT 2/2 The Greatest Chapter in the Vaxart Saga Re: former UK Vaccine Task Force Chair Kate Bingham telling the House of Commons that the Task Force was monitoring Vaxart. Bingham: “…some of the oral vaccines like Vaxart and Symvivo” were among the vaccines the Taskforce was monitoring because oral vaccines could potentially eliminate the need for cold-chain logistics and needles and could be scaled quickly. She also told Parliament in July 2020 that the UK wanted to get to a “sterilising vaccine” that would prevent infection, rather than merely reduce disease severity. “Ultimately, from a vaccine taskforce perspective, I would like to see a single shot, ideally a pill or something that does not involve a needle, which could combine a flu and Covid antigen…” That is from an official UK Parliament transcript. In October 2020, Bingham spoke at a private investor conference, reportedly disclosing names of vaccine developers the UK government was considering, including Vaxart, Symvivo and Medicago. So the U.S. and the UK (the two countries most responsible for the pandemic vaccines) had their eyes on Vaxart in 2020. We were on several radar screens: One of a handful of OWS companies listed on EmergentBio’s screenshot, the government’s go-to CDMO. Andrei scaling up from a dozen employees to nearly 200. Invitations to B20 and 10 Downing Street, the Prime Ministers’ residence. Members of Congress and staff in the WH liking us on LI. Francis Collins prompting our name at the WH Summitt. Stanford professor affiliated with the FDA’s Medical Countermeasure Initiative publishes paper with Vaxart identifying Vaxart correlates for flu. The Attwill MOU for 1B+ pills. The OWS leader saying the pill was the Holy Grail. The former FDA Commissioner saying they needed to get the pill to market asap. Vaxart talking about sterilized immunity. And only 6% infections in our P1 during a year of high transmission early in the pandemic, when immunity was low. And this was all happening with our S+N. And yet incredibly, they pivoted. Was it was an antiquated government response to the traditional metric of serum antibodies? Did Vaxart have any say in the matter? Was BARDA driving the bus? Regardless, here we are.

$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 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 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 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 side note on management manipulation and the biocon (RS and increase shares making initial investors paupers ). Watching ocgn , looks like shareholders rejected the increase in shares as vote has been extended, somewhat what Finney and board did here for the failed rs. Will be interesting to watch what happens... I believe these forums make smarter investors and con-man antics are loosing favor. Geovax is a frightful view of what could have happened here..

$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 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 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 On may 22 Geovax was $4.12 after the third reverse split, now the market cap is not even 3 million. RS is theft, I can't believe HARPO was pushing for this.

$VXRT I’ll leave this here. We are the PIONEERS of the NEXT FRONTIER. AKA: DISRUPTIVE Technology. Vaxart's VAAST platform (enteric-coated pill → small intestine → recombinant Ad5 vector + molecular adjuvant) was designed to solve exactly these problems. The fact that Sanofi (via Dynavax) licensed it in late 2025 signals that big pharma now agrees the mucosal angle is the next frontier.

$VXRT at the pace Vaxart travels with studies and data then PRs my grandkids will be benefitting from my Vaxart stock investment. 100% survival and slow released a year after. JEEZUS WTF. Weve known this is company is guilty of slow rolling and heres another example.

$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 damn, when’s this board going to be about Vaxart Vs mines bigger than yours. Geez I am interested in what posts vs all this chest pounding Is it possible, yes, anything is possible Go longs

$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. 🤷‍♀️

$VXRT What a way to wake, reading posts just submitted by and , what contrast !! 😂😂 Take a look at both and make your own mind up, if ever a case of illustrating the quality of input and output by each !! Scoots modestly directs all credit to but I think as we read his own contribution dovetails perfectly. In response, the other party will be dismissive and claim he is always right, I think his track record has already disproved that and any genuine investor would be delighted to be wrong but not this guy ? His purpose has always been to suppress any narrative that brings present day attention, interest and of course buying that would upset acquisition architecture !! 🤡🐀😂😂 100% speculation of course 😂😂😂😂😂🐀😂🤡😂😂😂😂😂 GLTA

$VXRT Hey… that sounds like great news to me today regarding Avian Flu preclinical studies. One more positive result in the BASKET of ailments Vaxart can positively be effective in. At some point… one random catalyst, or the collective of all the successful trials to date across all of the vaccine candidate’s thus far, will spring board this sumbitch. I just hope it’s soon, and I’ve still got a few marbles rolling around upstairs.