Vaxart (VXRT) H.C. Wainwright 27th Annual Global Investment Conference summary

Platform Overview and Differentiation

• Oral pill vaccine platform induces both systemic and mucosal immunity, is thermally stable, and enables self-administration at home, simplifying distribution logistics.

• Modular platform supports rapid adaptation for norovirus, COVID-19, influenza, and potentially HPV.

• U.S.-based manufacturing supports domestic supply chain resilience and rapid response.

• Safety and tolerability profile is favorable, with over 1,100 participants dosed and benign results to date.

Clinical Pipeline and Efficacy Data

• Broad pipeline includes clinical-stage programs for norovirus, COVID-19, influenza, and preclinical HPV vaccine.

• Phase 2 norovirus challenge study showed 30% reduction in infection and 21% reduction in acute gastroenteritis symptoms.

• Next-generation norovirus vaccine demonstrated significant increases in neutralizing antibodies (141% for GI.1, 94% for GII.4).

• Influenza oral vaccine provided 49% reduction in infection in Phase 2, outperforming Fluzone's 38%, and showed at least comparable protection to market-leading injectable.

• Preclinical H5N1 avian flu study in ferrets showed 100% survival with vaccine candidate.

Norovirus Vaccine Program

• Next-generation bivalent vaccine targets dominant GI.1 and GII.4 strains for improved protection.

• No FDA-approved norovirus vaccines exist, representing a significant unmet need and market opportunity.

• Phase 2B safety study could start in late 2025, with Phase 3 possible in 2026, pending partnerships or funding.