Vaxart Inc. (OTCQX: VXRT) filed preliminary proxy materials with the Securities and Exchange Commission for its annual stockholders meeting scheduled for July 16, 2026. The clinical-stage biotechnology company simultaneously issued an open letter to shareholders addressing a proxy contest from dissident investors.

The company faces opposition from a group of shareholders who nominated three candidates to replace directors on Vaxart's six-member board. Vaxart's board reviewed the nominees and determined they lack qualifications for the positions, citing absence of public company experience, clinical-stage pharmaceutical experience, financial management experience, and regulatory experience.

Vaxart reported approximately $61 million in cash resources at the end of the first quarter of fiscal 2026, providing runway into the second quarter of 2027. The company recently added Dr. James Breitmeyer to its board, bringing over 35 years of clinical development and regulatory experience.

The company's Phase 2b COVID-19 trial, conducted with the U.S. Biomedical Advanced Research and Development Authority, enrolled approximately 5,400 participants. Vaxart expects to release 12-month safety data from a 400-person sentinel cohort in the second quarter of 2026, with primary efficacy results from the main cohort anticipated in early 2027.

In November 2025, Vaxart entered a strategic partnership with Dynavax, which was subsequently acquired by Sanofi. The company also secured a $25 million share purchase agreement and implemented a 21% workforce reduction in 2025.

CEO Steven Lo holds more than 2.5 million shares and has not sold any shares, according to the company's statement. Vaxart develops oral recombinant vaccines for coronavirus, norovirus, influenza, and human papillomavirus indications.