Vaxart, Inc. 8-K

What Happened

• On June 22, 2026, Vaxart, Inc. announced Modification No. 7 to its ATI‑RRPV Project Award Agreement (Project Agreement) with Advanced Technology International, the consortium management firm funded by BARDA. The Project funds a Phase 2b comparative trial of Vaxart’s oral pill COVID‑19 vaccine candidate versus an FDA‑approved mRNA comparator.
• The Modification reduces total funding available under the Project Agreement to approximately $345 million (a decrease of about $116 million from the prior modification) following a BARDA partial termination on August 5, 2025 that cut enrolled participants by roughly 50%.

Key Details

• Date of Modification: June 22, 2026; press release issued June 25, 2026 (Exhibit 99.1).
• Total funding available after Modification: ~ $345 million (≈ $116M lower than prior level).
• Composition of funding: ~ $68 million in firm fixed‑price amounts; remainder reimburses trial preparation and execution costs.
• The Modification permits release of approximately $29 million to complete the trial and conduct exploratory safety and efficacy analyses.

Why It Matters

• The reduction in BARDA funding reflects a materially smaller trial (≈50% fewer participants), which can affect the scope, timelines and statistical power of the Phase 2b study.
• Investors should note that while overall funding was cut, the agreement still provides cash (including a $29M release) to complete the trial and pursue additional analyses—indicating BARDA continues to support completion in a reduced form.
• This development is directly relevant to Vaxart’s clinical progress and near‑term funding outlook for its COVID‑19 vaccine program; any changes to trial size or outcomes could influence future milestones, regulatory plans, and capital needs.