Vaxart, Inc. (OTCQX: VXRT) announced a contract modification with the Biomedical Advanced Research and Development Authority (BARDA), through Advanced Technology International (ATI), that releases approximately $29 million to support data analysis from its ongoing Phase 2b COVID-19 oral pill vaccine trial.

The modification brings total funding available for the trial to approximately $345 million, a decrease of roughly $116 million from the prior modification. The reduction follows an approximately 50% cut in trial enrollment resulting from a BARDA partial termination ordered on August 5, 2025.

The released funds will support completion of the trial and exploratory analyses to evaluate safety and efficacy. Vaxart said it intends to report 12-month data from a 400-participant Sentinel Cohort in the coming weeks, and 12-month data from the 5,085-participant main cohort in the first half of 2027.

Chief Executive Officer Steven Lo said the contract modification "was a necessary step to unblinding and reporting the first set of data from our sentinel cohort," adding that the additional analytics "should bring forward a more comprehensive understanding of the trial data."

Funding for the trial was received under Project NextGen, a BARDA and National Institute of Allergy and Infectious Diseases (NIAID) initiative to develop next-generation COVID-19 vaccines and therapeutics. The award falls under Other Transaction Number: 75A50123D00005 from the Department of Health and Human Services.