Vaxart Inc. (OTCQX: VXRT) entered into a share purchase agreement with Lincoln Park Capital Fund that provides the biotechnology company access to up to $25 million in funding over 24 months, according to a company statement.

Under the agreement terms, Vaxart maintains discretion over the timing and amount of stock sales to Lincoln Park. The investment firm is obligated to purchase shares at prevailing market prices with no upper price limits. The arrangement includes no warrants, rights of first refusal, or participation rights for future financings, and Lincoln Park agreed not to engage in short selling or hedging of Vaxart common stock.

"This agreement with Lincoln Park Capital provides flexible and efficient access to capital as we continue to pursue strategic partnerships, grants and other funding options to advance our oral vaccine programs," said Jeroen Grasman, Chief Financial Officer of Vaxart.

The share issuance will be made under exemptions from federal and state securities law registration requirements. Before any sales can occur under the agreement, a registration statement must be declared effective by the Securities and Exchange Commission and other specified conditions must be met. Vaxart issued shares to Lincoln Park as consideration for entering the agreement.

Vaxart develops oral vaccines using a proprietary delivery platform designed to eliminate refrigeration requirements and needle-stick injury risks. The company's development programs include vaccines for coronavirus, norovirus, influenza, and a therapeutic vaccine for human papillomavirus.

The company filed a Current Report on Form 8-K with the SEC concurrently with the announcement, providing additional details about the financing arrangement.