Vaxart urges shareholder vote ahead of July proxy contest

Vaxart, Inc. (OTCQX: VXRT), a clinical-stage biotechnology company, published a presentation asking shareholders to support its six director nominees ahead of its Annual Meeting of Stockholders scheduled for July 16, 2026.

The presentation, based on a company press release, outlines actions the board has taken to advance its pipeline, including securing continued funding from the Biomedical Advanced Research and Development Authority (BARDA) after two stop-work orders affected the company and other vaccine developers. The company also entered a $25 million share purchase agreement and raised $40 million in 2025 to extend its operational runway.

Vaxart is conducting a Phase 2b trial of an oral COVID-19 vaccine, with topline 12-month safety and immunogenicity data expected from an approximately 400-participant Sentinel Cohort, and a full efficacy readout targeted from an approximately 5,100-participant Main Cohort. The company also has vaccine programs targeting norovirus and influenza.

The board added two independent directors — Dr. James B. Breitmeyer and Kevin Finney — over the past 18 months, and appointed W. Mark Watson as Lead Independent Director in 2025. Average director tenure is approximately 2.3 years.

Vaxart is facing a proxy contest from a dissident shareholder group led by Daniel Houle. The company states it has made multiple settlement offers to the group, which have not been accepted. Vaxart claims the dissident nominees lack experience in public clinical-stage biotech companies and vaccine development, and that their qualifications have been misrepresented.

The company states that Mr. Houle's campaign is focused on securing a board seat for himself rather than reaching a resolution benefiting all shareholders. Vaxart withdrew a reverse stock split proposal following shareholder feedback ahead of the upcoming meeting.

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