Inquiries: March 13 Fireside Chat

"Regarding the Rapid Response Partnership Vehicle (RRPV), did Vaxart submit formal responses to the RFIs for the Pandemic Readiness Platform and ASSURE? Given that these deadlines have passed, has there been any follow-up communication with the RRPV to discuss how Vaxart’s mucosal data can fulfill these specific national security requirements for 2026 and beyond?"

"With the massive, government-backed COVID Phase 2b trial generating a 5,400-participant 'golden dataset,' is Vaxart positioning its proprietary assays through the ASSURE RFI to become the government-recognized standard for evaluating mucosal immunity? Could these assays eventually be licensed by the FDA or Big Pharma as the 'gold standard' for testing oral vaccines, effectively creating a secondary revenue stream through 'Assay-as-a-Service' in the future?"

"Is Vaxart strategically pivoting toward a 'Lean IP Platform Enabler' model? By focusing on platform validation, IP development, and protection—while leaving the heavy lifting of manufacturing and commercialization to Big Pharma partners (like the recent Sanofi/Dynavax deal)—is the goal to transform into a lower-risk, high-margin biotech? If so, would the company only revisit in-house manufacturing once the platform is globally validated and cash reserves are significantly higher?"

"During the Oppenheimer presentation on Feb 25th, CEO Steven Lo mentioned exploring strategic options for internal funding of the Norovirus Phase 2b trial. Can you clarify if these funds are being redirected from recent cost-saving measures, such as the HQ lease cancellation (effective May 2026) and headcount reductions? Alternatively, is the company anticipating imminent funding from the Government or RRPV? Does the recent departure of the CTO also signal a broader shift toward a leaner, more IP-focused corporate structure?"

"Given that Vaxart’s patents and assays are 'generational assets,' how is the company protecting this IP while simultaneously licensing it out for specific indications? Furthermore, to strengthen board-level confidence, has the company considered adding a strategic advisor—someone of the caliber of a Steve Mollenkopf (current Boeing Board member, formerly CEO of Qualcomm)—with deep experience in protecting critical IP and standards-setting technology during high-stakes regulatory, partnership, or government interactions?"

"As both CEO and a member of the Board, Steven Lo, what is your 5 & 10-year vision for Vaxart? The VAAST platform represents a generational leap in technology that effectively has no direct global peer. Does the Board view Vaxart’s ultimate destination as becoming the de facto infrastructure for global immunization—where the Vaxart pill becomes the primary delivery standard for all major viral indications—or is the goal to remain a highly specialized R&D engine that powers the portfolios of major pharmaceutical giants? Specifically, do you see Vaxart’s path as an independent firm that grows into a 'Big Pharma' of oral vaccines through partnerships, or is the board also open to an acquisition by a larger player given that this is a one-of-a-kind, category-defining platform?"

"In our Deep-Dive analysis, we explored the hypothesis that a mucosal vaccine could plausibly reduce Long COVID risk. While we recognize that Vaxart is not running a dedicated Long COVID trial, has the company received any preliminary feedback—either anecdotal or structured—from Trial Coordinators or BARDA regarding post-infection recovery within the Sentinel-400 cohort? Specifically, are there plans to track post-acute sequelae (PASC) in the larger Phase 2b trial to see if the VAAST platform offers a differentiated advantage in reducing the long-term burden of the disease?"