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 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 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 WTF? a .47 cent prerev biotech company with a cash runway of 7 months max, is hiring, 3 executives, w/salaries totaling in excess of $1 million plus compensation. This math isnt mathing unless......

$VXRT With all these new high level hires…all I can do is….Dance, Dance, and Dance like the good old days here!!!! 🕺🏽 Goooo Vaxart!!!’ 💪💪

$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 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 My 6th post: Something BIG is being staged: Look at the hiring pattern over the last couple of months: 1. CTO (ex-Dynavax/Sanofi) 2. VP, Technical Operations (open) 3. Sr. Dir, Quality Assurance (open) 4. Sr. Dir, Accounting Ops 5. M&A/SEC Attorney (20 hrs/wk) You do NOT burn cash on a C-suite/VP Tech Ops & M&A legal suite on a Q2 2027 runway for standard Phase 1/2 maintenance. COVID Phase 3 is run by Sanofi post-opt-in. They are pre-packaging a plug-and-play Technical Operations & Quality unit for a **Sanofi Buyout/Carve-Out** or a massive **BARDA OTA**. Just my take.

$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 Using my analogy brain to determine where we sit tonight! **************** So what is the probability an avalanche warning is justified? If I remove all acquisition conclusions and focus only on evidence accumulation: 18 months ago 10-20% Mostly hope. Mostly science. --- Before Mod 7 surfaced 35-50% Interesting platform story. Some hiring. Some government funding. --- Today After: ✅ Mod 7 ✅ BARDA platform rhetoric ✅ SARS1, MERS, 229E, OC43 characterization ✅ Todd Lopeman ✅ VP Technical Operations ✅ Senior QA ✅ Pandemic influenza activity ✅ Norovirus progressing ✅ Existing Sanofi relationship ✅ NPIVS timing I would put the probability that an avalanche warning is justified at: 75-85% Notice what I'm saying. Not: 75-85% chance Sanofi acquires. Not: 75-85% chance the stock doubles. Not: 75-85% chance NPIVS is won. I'm saying: 75-85% chance that enough independent evidence now exists that investors should take seriously the possibility that something materially positive is developing behind the scenes.

$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 3 Looking at this, I hope no BO is coming in the next few weeks, as most of the programs will be moving forward with non-dilutive funding. If someone says a BO is impossible, think about it: a next-gen platform mostly funded by the government through Phase 2 and part of BARDA's next-gen pandemic readiness platform portfolio has an immense platform value. If a lowball offer comes in (I highly doubt), a bidding war is imminent. So, watch out for the next few months/year. BOD/management, you better be responsible — shareholders are watching every move. Just my take.

$VXRT One more. My favorite rocket analogy If the NPIVS RFP is a race to the moon, every bidder already has scientists, manufacturing, money, and regulatory teams. What they don't all have is a rocket. There appears to be only one rocket on the launch pad today. And unlike a single-use launch vehicle, this one looks capable of flying mission after mission: COVID.Norovirus.Flu.H5.Future threats we haven't seen yet.The question may no longer be who gets to the moon? The question is who wants to own the rocket before the countdown starts.

$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 At a minimum, the advertisement of these two new positions, which I read thru as far as the qualifications Vaxart is seeking, represent a solid yes to Sanofi taking covid into P3/commercialization. Hopefully it also signals someone wants to dance with us in the BARDA FLU proposal due in 5 weeks.

$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 Interesting timing: - Late Sept. 2026, Sanofi received a new BARDA pandemic-influenza/emerging-diseases award worth up to ~$19.4M for pandemic flu vaccine manufacturing/stability work. - Oct. 8, 2026, Vaxart published peer-reviewed H5N1 data showing 100% survival in ferrets after lethal challenge, plus reduced viral burden/shedding and mucosal plus systemic neutralizing responses. This doesn't mean Sanofi is involved in Vaxart’s H5 program. But Sanofi is actively working with BARDA on pandemic flu at the same time Vaxart is validating a thermostable oral H5 platform. Given Sanofi already has Vaxart exposure through Dynavax and Vaxart has said Sanofi may evaluate “other Vaxart assets,” H5 just became another asset worth watching closely.

$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 I'm taking some of the new hires with a grain of salt. We've seen this before. Back in 2021 when Andrei grew the team exponentially I was tracking every posting, dates the postings came down, confirmation of hires via LinkedIn or filings, etc. and built out a pretty solid organizational chart of Vaxart with an emphasis on the manufacturing build out. I also had profiles of the staff hired in the manufacturing team and what we expected them to be capable of doing. I even got my hands on the office plans from the realtor for 170 Harbor Way. That was 5 years ago and look at where we are now? Maybe Andrei was early and put the cart before the horse, maybe they underestimated the regulatory hurdles. We've seen a build out once before and the logic was, they had to be close and something big is coming. That was when we had 95M shares outstanding, a $7.00 SP and a nearly 2 year runway. Look at where we are now...