Details Strategic Actions Taken by the Board to Advance the Company's Pipeline and Drive Value Creation
Vaxart's Purpose-Built Board Brings the Proven Expertise Needed to Oversee its Next Phase of Growth
Dissident Nominees Lack Relevant Clinical-Stage Biotech Expertise, Misrepresented Their Qualifications
and Offered No Credible Ideas for Value Creation
Vaxart Has Made Multiple Settlement Offers to the Dissident Shareholder Group -- Daniel Houle Insists on Making This Proxy Contest About Winning a Seat for Himself
Visit Vote.Vaxart.com for Additional Information and Voting Resources
SOUTH SAN FRANCISCO, Calif., June 26, 2026 (GLOBE NEWSWIRE) -- Vaxart, Inc. (OTCQX: VXRT) ("Vaxart" or the "Company"), a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform, today published a presentation urging shareholders to vote "FOR" ALL six of the Company's highly qualified director nominees on the WHITE proxy card in connection with its upcoming Annual Meeting of Stockholders scheduled to be held on July 16, 2026.
Highlights of the presentation include:
Strategic Execution at a Pivotal Moment
-- Vaxart is developing game-changing oral vaccines with the
potential to redefine vaccine delivery and immune responses:
-- Vaxart is advancing multiple vaccine programs across
high-value markets, including COVID-19, norovirus and
influenza.
-- Management is pursuing a disciplined development strategy
that prioritizes programs with the strongest scientific
rationale, commercial opportunity and funding pathways.
-- Through its Phase 2b COVID-19 trial, Vaxart is working
toward topline 12-month safety and immunogenicity data from
the approximately 400-participant Sentinel Cohort.
-- Vaxart is also targeting a full efficacy and safety readout
from its approximately 5,100-participant Main Cohort,
representing a significant clinical and value-creation
milestone.
-- Vaxart's Board has taken prudent steps to enable Vaxart to
continue advancing its programs in a challenging environment:
-- Vaxart has been executing through immense industry
pressures brought upon by significant regulatory, funding
and policy disruption, including two BARDA stop-work orders
that impacted Vaxart and many other vaccine companies.
-- Through CEO Steven Lo's leadership and negotiations with
government stakeholders, the Company secured the
continuation of BARDA funding for its lead COVID-19
program.
-- Vaxart entered into a $25 million share purchase agreement,
providing flexible access to capital, if needed, to support
continued execution toward key milestones.
-- The Board's decision to raise $40 million in 2025 extended
the Company's runway, enabling it to enter key partnerships
and advance its programs.
The Right Board to Oversee the Path Forward
-- The Board is purpose-built to guide Vaxart through its next phase
of value creation.
-- The Board is aligned with the Company's evolving strategic
priorities, with substantial expertise across biotech,
vaccine development, clinical trials and regulatory
affairs.
-- The Board's experience has helped secure continued BARDA
funding, establish the Dynavax partnership and enable
additional financing flexibility through the Lincoln Park
Capital agreement.
-- Mr. Lo, Dr. Elaine J. Heron and Dr. David Wheadon are
instrumental to Vaxart's success and have the judgment,
credibility and relationships needed to oversee the
Company's most important future opportunities.
-- The Board is responsive to shareholder feedback and acts in
shareholders' best interests:
-- The Board has added two new independent directors -- Dr.
James B. Breitmeyer and Kevin Finney -- over the last 18
months as part of its ongoing refreshment efforts,
resulting in an average director tenure of approximately
2.3 years.
-- In 2025, the Board further strengthened independent
oversight through the appointment of W. Mark Watson as Lead
Independent Director.
-- The Board maintains an active dialogue with shareholders
and withdrew its reverse split proposal for this upcoming
Annual Meeting following feedback.
The Dissident Campaign is Risking Vaxart's Momentum
-- Replacing ANY of Vaxart's highly qualified directors with the
dissident nominees is not in shareholders' best interests:
-- None of the dissident nominees has experience leading a
public clinical-stage biotech company or with vaccine
development, regulatory affairs and clinical trial
oversight.
-- The dissident nominees have drastically exaggerated their
qualifications, and Daniel Houle's reckless public
statements show that he should not serve on Vaxart's Board.
-- Collectively, they present unacceptable risk for a company
approaching critical inflection points like Vaxart.
-- Vaxart has made good-faith efforts to resolve the proxy contest:
-- Vaxart has made multiple settlement offers to the dissident
shareholder group in an effort to resolve the proxy
contest.
-- The Board's proposals are highly reasonable and reflect
what it has heard other independent shareholders want to
see.
-- Mr. Houle is waging a self-interested campaign primarily
focused on "winning" a Board seat for himself rather than
reaching a constructive resolution that would benefit all
Vaxart shareholders.
Vote "FOR" ALL 6 of Vaxart's highly qualified director nominees on the WHITE proxy card TODAY!
If you have questions or require assistance with voting your shares, please call Vaxart's proxy solicitor:
Campaign Management, LLC
Toll-Free: +1 (855) 264-1527
Additional shareholder resources and voting information can be found at Vote.Vaxart.com.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the Company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart's development programs currently include pill vaccines designed to protect against coronavirus, norovirus, and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart's first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Cautionary Language Concerning Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" provisions created by those sections, that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this communication regarding Vaxart's strategy, prospects, plans and objectives, results from preclinical and clinical trials, commercialization agreements and licenses, and beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as "should," "believe," "could," "potential," "will," "expected," "anticipate," "plan," "target," "seek," "intend," "may," "predict," "project," "would," and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to Vaxart's ability to develop and commercialize its product candidates, including its vaccine booster products; Vaxart's expectations regarding clinical results and trial data, and the timing of receiving and reporting such clinical results and trial data; Vaxart's expected timing for future clinical trials; and Vaxart's expectations with respect to the effectiveness of its product candidates; expectations regarding collaborations, including the collaboration with Dynavax; expectations regarding the pursuit of strategic partnerships and external funding opportunities for Vaxart's programs; expectations regarding government funding; and expectations regarding Vaxart's capital resources and funded runway. Vaxart may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in the forward-looking statements, and you should not
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June 26, 2026 08:01 ET
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