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Corporate Presentation February 2026 The Pill That Moves The Needle®
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2Vaxart Corporate Presentation | February 2026 Forward Looking Statement This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Vaxart’s strategy, prospects, plans and objectives, results from preclinical and clinical trials, commercialization agreements and licenses, beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as “should,” “believe,” “could,” “potential,” “will,” “expected,” “plan” and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to Vaxart’s ability to develop (including enrolling a sufficient number of participants and manufacturing sufficient quantities of its product candidates) and commercialize its COVID-19 vaccine candidate and preclinical or clinical results and trial data (including plans with respect to the COVID-19 vaccine product candidates); expectations regarding the timing and nature of future announcements including, those related to clinical trials and results of preclinical studies; Vaxart’s expectations with respect to the important advantages it believes its oral vaccine platform can offer over injectable alternatives, particularly for coronaviruses; the potential applicability of results seen in our preclinical trials to those that may be seen in human studies or clinical trials; the expected role of mucosal immunity in blocking transmission of COVID-19; and Vaxart’s expectations with respect to the effectiveness of its products or product candidates, including Vaxart’s potential role in mitigating the impact of COVID-19 globally. Vaxart may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Vaxart makes, including uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials or preclinical studies, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial and preclinical study data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; decisions by regulatory authorities impacting labeling, manufacturing processes, and safety that could affect the availability or commercial potential of any product candidate, including the possibility that Vaxart’s product candidates may not be approved by the FDA or non-U.S. regulatory authorities; that, even if approved by the FDA or non-U.S. regulatory authorities, Vaxart’s product candidates may not achieve broad market acceptance; that a Vaxart collaborator may not attain development and commercial milestones; that Vaxart or its partners may experience manufacturing issues and delays due to events within, or outside of, Vaxart’s or its partners’ control, including the recent outbreak of COVID-19; difficulties in production, particularly in scaling up initial production, including difficulties with production costs and yields, quality control, including stability of the product candidate and quality assurance testing, shortages of qualified personnel or key raw materials, and compliance with strictly enforced federal, state, and foreign regulations; that Vaxart may not be able to obtain, maintain and enforce necessary patent and other intellectual property protection; that Vaxart’s capital resources may be inadequate; Vaxart’s ability to obtain sufficient capital to fund its operations on terms acceptable to Vaxart, if at all; the impact of government healthcare proposals and policies; competitive factors; and other risks described in the “Risk Factors” sections of Vaxart’s Quarterly and Annual Reports filed with the SEC. Vaxart does not assume any obligation to update any forward-looking statements, except as required by law.
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3Vaxart Corporate Presentation | February 2026 o Platform designed to generate both systemic and mucosal immunity o Thermostable oral pill format has potential to revolutionize distribution and administration of vaccines o Dynavax* partnership validates the promise of the platform and extends cash runway into Q2/2027 o Broad pipeline with programs in COVID-19, norovirus, and influenza • BARDA-funded COVID-19 study to provide platform validating H2H evidence of efficacy and safety vs. FDA approved mRNA vaccine • Phase 2 norovirus challenge study demonstrated potential to reduce rates of infection, illness, and shedding • Second-generation norovirus candidate showed statistically significant increases in GI.1 and GII.4 norovirus blocking antibodies vs. first-generation • Influenza program demonstrated potential superiority to market leader o Manufacturing fully based in the United States EXECUTIVE SUMMARY Pioneering a Transformative Approach with Our Oral Pill Vaccine Platform * Sanofi announced on February 10, 2026, that it had completed its acquisition of Dynavax Technologies Corporation
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4Vaxart Corporate Presentation | February 2026 Vaxart Differentiation and Scientific Overview
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5Vaxart Corporate Presentation | February 2026 Injectable Vaccines Vaxart’s Oral Pill Vaccine Vaxart’s Oral Pill Vaccines Have the Potential to Revolutionize How the Immune System Responds and the Way Vaccines are Delivered Mechanism of Protective Immunity Safety Administration Distribution Systemic immunity only Injection site reactions Medical professional in clinic or at pharmacy Cold chain requirement makes for access challenges Systemic and mucosal immunity Benign safety & tolerability to date* Potential for self administration at home Thermo-stable, hence simplified access and logistics * 1,179 subjects dosed-to-date with Vaxart’s oral vaccine, excluding the ongoing COVID-19 study in partnership with BARDA
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6Vaxart Corporate Presentation | February 2026 HPV Influenza SARS-CoV-2 Vaxart has Developed a Unique Modular Vaccine Platform Which Provides Both a Systemic and Mucosal Response Vaxart’s thermostable rAd5 pill vaccine is taken orally Oral pill dissolves and the vaccine is delivered to the intestine, activating the immune system Vaxart’s oral pill vaccine dissolves in the intestine and elicits an immune response against protein antigen target rAd5 Delivery Vehicle Pathogen Specific Protein Antigen Molecular Adjuvant Norovirus Vaxart’s VAAST® Platform: Vector-Adjuvant-Antigen Standardized Technology
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7Vaxart Corporate Presentation | February 2026 Induction of Broader Immune Response May Induce Broader Protection Unlike injectable vaccines that only induce systemic IgG, Vaxart’s platform generates both mucosal and systemic responses—offering greater cross-reactivity and potential for high variant coverage Injectable mRNA vaccines induce predominantly systemic IgG response 1.Ejemel, et al, Nature, 2020 2.Muramatsu, et al, PLOS, 2014. • Binding affinity is significantly reduced when challenged with variants • Poor cross-reactivity with respect to known variants1,2 Vaxart’s oral pill vaccines induce systemic IgG response + mucosal IgA response • IgA response efficiently produced through VAAST platform • IgA antibodies show minimal decrease in binding affinity when challenged with variants • IgA antibodies show greater cross-reactivity
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8Vaxart Corporate Presentation | February 2026 Dynavax Partnership
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9Vaxart Corporate Presentation | February 2026 License and Collaboration Agreement for COVID-19 Respected Commercial-stage Vaccine Partner in Dynavax* • Collaboration positioned to leverage Vaxart’s oral vaccine platform and Dynavax’s commercial experience to address the need for easily administered COVID-19 vaccine options • Vaxart to continue leading and funding clinical development through Phase 2b completion and End of Phase 2 meeting with FDA; Dynavax to receive exclusive, worldwide license and right to assume responsibility for continued clinical development and commercialization following Phase 2b clinical development • Vaxart received a $25 million upfront payment and a $5 million equity investment from Dynavax • Potential additional $670 million in milestone-based payments and tiered royalties in the low to mid teens, contingent on Dynavax advancing the program post-Phase 2b data readout Nov 2025 $25 million upfront $5 million equity $50 million opt - in milestone Q4/2026 Phase 2b Topline ≤$425 million sales milestones ≤$195 million regulatory milestones Vaxart Executes Phase 2b Dynavax Executes Phase 3 and beyond * Sanofi announced on February 10, 2026, that it had completed its acquisition of Dynavax Technologies Corporation
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10Vaxart Corporate Presentation | February 2026 Clinical Pipeline
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11Vaxart Corporate Presentation | February 2026 PRECLINICAL PHASE 1 PHASE 2 ENTERIC VACCINES Norovirus Bivalent (First-Generation) Bivalent (Second-Generation) RESPIRATORY VACCINES COVID-19 S Protein Influenza Monovalent (H1) Seasonal (Trivalent) Pandemic (H5), Clade 2.1 Pandemic (H5), Clade 2.3.4.4b THERAPEUTIC VACCINES HPV HPV, cervical dysplasia and/or cancer Multiple Promising Clinical-Stage Programs Based on our proprietary platform technology * Sanofi announced on February 10, 2026, that it had completed its acquisition of Dynavax Technologies Corporation *
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12Vaxart Corporate Presentation | February 2026 Conducting a Head-to-Head Study against Approved mRNA Injectable 1. COVID-19 2. Norovirus 3. Influenza Highlights: • Conducting BARDA funded Phase 2b clinical trial - Enrolled ~5,400 subjects • The study aims to confirm safety and tolerability for this specific indication while reinforcing the broader platform's safety profile • Study uses our second-generation vaccine construct • 12-month relative efficacy endpoint expected to read out in Q1 2026 for sentinel 400 subject cohort, in Q4 2026 for main ~5,000 subject cohort 1 2 3
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13Vaxart Corporate Presentation | February 2026 Head-to-Head Study of Vaxart’s Oral Pill vs. mRNA Injectable 2024 2026 Phase 2b - 400 subject sentinel cohort 200 Vaxart XBB oral vaccine, 200 XBB mRNA Phase 2b - ~5,000 subject main cohort ~2,500 Vaxart KP .2 oral vaccine, ~2,500 KP .2 mRNA 2025 12-mo Observation Period 12-mo Observation Period Contract awarded 12-mo data 400 subjects • ~5,400 subject Phase 2b trial evaluating our oral pill COVID-19 vaccine candidate against an FDA approved mRNA vaccine comparator • Primary endpoint is relative efficacy of the two vaccines for 12 months post vaccination, while the trial will also measure efficacy for symptomatic and asymptomatic disease, systemic and mucosal immune induction, and adverse events • Vaxart received a BARDA Project NextGen award to fund this trial 12-mo data ~5,000 subjects
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14Vaxart Corporate Presentation | February 2026 Second-Generation Vaccine Builds on Compelling Data In Challenge Model with Enhanced Efficacy Potential 1. COVID-19 2. Norovirus 3. Influenza Highlights: • Norovirus responsible for up to $10bn+ annual U.S. economic burden1 • First in class potential – no approved vaccines available • Potential to reduce rates of norovirus infection, illness, and shedding demonstrated in Phase 2 challenge study of our first-generation vaccine candidate • Bivalent vaccine provides protection against dominant GI.1 and GII.4 norovirus strains • Potential for improved protection against norovirus infection with our second-generation vaccine candidate 1 2 3 1.Bartsch, et. al., JID, 2020.
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15Vaxart Corporate Presentation | February 2026 Norovirus a Leading Cause of Acute Gastroenteritis (AGE) Worldwide1 At least 1 episode by age 5 3 – 8 episodes of norovirus Individual Life-Time Risk1 Disease Burden1 Worldwide (per year) US (per year) Infections 685 M 20 M Deaths and Hospitalizations 220 K Deaths (50K among children) 900 Deaths (mostly older adults) 100 K Hospitalizations Economic Costs $62 BN $10 BN Norovirus AGE causes significant morbidity and mortality in countries of all income levels, particularly among young children and older adults1 1. Carlson, et. al., npj Vaccines, 2024
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16Vaxart Corporate Presentation | February 2026 Norovirus GI.1 Challenge Study1 Demonstrated Protection Against Infection and a Reduction in Viral Shedding INFECTION SECONDARY 58% 82% 0% 20% 40% 60% 80% 100% Vaccine N=71 Placebo N=65 30% relative reduction, p=0.003 45% 57% 0% 20% 40% 60% 80% 100% 21% relative reduction, p=0.149 NOROVIRUS AGE CORRELATES Functional antibodies (NBAA) and fecal IgA identified as clear correlates of protection using machine learning. 1.Flitter, et. al., STM, 2025 Vaccine N=71 Placebo N=65 KEY PRIMARY ENDPOINYS Potential reduction in transmission potential with observed reductions in: • Virus in stool • Emesis incidence • Virus in emesis NEXT STEPS: These correlates are being used to guide second-generation vaccine candidate development
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17Vaxart Corporate Presentation | February 2026 Enhanced Antigen Expression and Improved Immune Responses With Our Second-Generation Norovirus Vaccine NVV-109 study was designed to evaluate whether the new optimized second-generation vaccine candidate generated increased antibody levels in humans compared to the first generation • Open label, 3-arm study, enrolled sequentially • Immunological endpoints1 – Serum NBAA2 titers (Primary) – Fecal IgA against VP1 (Exploratory) • The trial design was not powered to determine statistical significance – NBAA results to inform the selection of the better vaccine candidate and dose based on trends – Fecal IgA to confirm improved mucosal responses Treatment Arm Study Drug Dose (±0.5 log)4 No. of subjects Arm 1 Bivalent3 Second Generation 1x1010 I.U. 20 Arm 2 Bivalent First Generation 1x1011 I.U. 20 Arm 3 Bivalent Second Generation 1x10 11 I.U. 20 1 Both endpoints correlated with protection from norovirus infection in a completed Phase 2 challenge study 2 NBAA = Norovirus Blocking Antibody Assay. 3 Stimulating an immune response against two different norovirus strains – GI.1 and GII.4 4 For each strain in the bivalent vaccine candidate
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18Vaxart Corporate Presentation | February 2026 Significant improvement in geometric fold rise of NBAA in both GI.1 and GII.4 following second-generation high-dose vaccine at the same dose level as the first-generation vaccine GMFR = Geometric mean fold rise One-way ANOVA, Tukey post-test Significant Increases In GI.1 (+141%) and GII.4 (+94%) Neutralizing Antibodies With Our Second-Generation Norovirus Vaccine Candidate 0 1 2 3 4 5 6 7 8 9 10 Next Gen Low Dose First Gen High Dose Next Gen High Dose +141% GI.1 NBAA GMFR 95% CI GI.1 ns P<0.05 5.10 5.37 2.23 0 1 2 3 4 5 6 7 8 9 10 Next Gen Low Dose First Gen High Dose Next Gen High Dose +94% GII.4 NBAA GMFR 95% CI GII.4 ns P<0.05 3.54 3.73 1.92 N=20 N=19 N=20 N=20 N=19 N=20
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19Vaxart Corporate Presentation | February 2026 Start of Phase 2b and 3 contingent on partnership or other funding Second-Generation Norovirus Vaccine to Progress to Phase 2b for Additional Insights into Safety and Immunogenicity Development timelines for our norovirus program are contingent on partnership or other funding. Vaxart expects to conduct a Phase 2b safety and immunogenicity study that could potentially begin in 2026. 2025 2026 and beyondthrough 2024 PH 1Head-to-head 1st vs. 2nd generation, multi-dose Safety and dose ranging – multiple studies • monovalent, bivalent, placebo Vaccine efficacy against GI.1 challenge Lactating mothers | safety, immunogenicity PH 1PH 1PH 1* PH 1* PH 2* PLANNED: 600 subjects | safety, immunogenicity PLANNED: 10-25,000 subjects | efficacy PH 2b * PH 3 * * Placebo controlled studies
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20Vaxart Corporate Presentation | February 2026 Promising Phase 2 Data Comparing Vaxart’s Oral Pill Influenza Vaccine to an Approved Injectable Vaccine 1. COVID-19 2. Norovirus 3. Influenza Highlights: • Demonstrated to be at least as protective as an approved market-leading injectable vaccine in a Phase 2 challenge trial • Differentiated mechanism of action: protection from both mucosal and serum antibodies • Reduced shedding may reduce disease transmission • Favorable safety data • H5N1 program demonstrated strong survival benefit in animal model 1 2 3
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21Vaxart Corporate Presentation | February 2026 Head-to-Head Challenge Study Shows At Least Comparable Protection for Vaxart’s Oral Vaccine vs. Injected Vaccine 36% 44% 71% 0% 10% 20% 30% 40% 50% 60% 70% 80% Vaxart Tablet Vaccine Fluzone Placebo p = 0.001 p = 0.009 Influenza Infection rates Human Influenza Challenge Study Design • A single dose administration of one of the following: o VXA-A1.1 oral vaccine + placebo IM injection (n=60) o QIV (Fluzone) injection + oral placebo pill (n=60) o Placebo IM injection + oral placebo pill (n=30) • Influenza challenge after 90-120 days o A wild-type influenza A/Ca/2009/pH1N1 strain • Primary endpoint o Number and % of subjects protected against infection and illness following influenza challenge Vaxart’s first-generation oral vaccine candidate protected as well as market leading injected vaccine against influenza infection* and had an 80% probability of improved protection * Infection defined as detectable viral shedding on any day after the first 36 hours from challenge. Flitter, et. al., Vaccines, 2022. - 49% - 38%
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22Vaxart Corporate Presentation | February 2026 Avian Flu Challenge Study: 100% Survival with Novel LS17 Vaccine LS17 Vaccinated Ferrets had 100% Survival and Reduced Viral Load in H5N1 Challenge Study Avian flu challenge in ferrets vaccinated with old H5 (ND1.1) vs. new H5 (LS17) vaccines • Two-dose (D0, D28) oral endoscopic administration of ND1.1 vaccine (n=8) vs. LS17 vaccine (n=8) vs. Placebo (n=8) • Intranasal H5N1 challenge at D56 challenged with 1 x 105 TCID50 of Clade 2.3.4.4b HPAI, Genotype B* * Preliminary results % survival 100% survival for LS17-immunized ferrets vs. 0% survival for ferrets on placebo >2-log reduction in nasal wash viral load in LS17-immunized ferrets by Day 3 * A/dairy cow/Texas/24-008749-002-v/2024
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23Vaxart Corporate Presentation | February 2026 Upcoming Milestones and Cash Runway
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24Vaxart Corporate Presentation | February 2026 Multiple Value Creating Milestones and Cash Runway into 2Q 2027 COVID-19 Vaccine • Conducting head-to-head study to assess safety, immunogenicity, and efficacy for 12 months post-vaccination • Anticipating data for the 400-subject cohort in Q1 2026, data for main ~5,000 subject cohort in late 2026 Norovirus Vaccine • Phase 2b safety and immunogenicity study could potentially begin in 2026 Influenza Vaccine • Continuing development of our seasonal and avian influenza programs Completed enrollment 400 subject data ~5,000 subject data 2025 20272026 Ph2b start* FDA EoPh2* COVID NORO * Timing of next steps in norovirus clinical development contingent on partnership or other funding
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25Vaxart Corporate Presentation | February 2026 Leadership Has Deep Experience in Vaccines and Biopharma Jeroen Grasman Chief Financial Officer Steven Lo Chief Executive Officer Sean Tucker, Ph.D. Chief Scientific Officer Published in: James Cummings, M.D. Chief Medical Officer Edward Berg SVP, General Counsel Laurie Hastings SVP, Human Resources Founder
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26Vaxart Corporate Presentation | February 2026 EXECUTIVE SUMMARY Pioneering a Transformative Approach with Our Oral Pill Vaccine Platform o Platform designed to generate both systemic and mucosal immunity o Thermostable oral pill format has potential to revolutionize distribution and administration of vaccines o Dynavax* partnership validates the promise of the platform and extends cash runway into Q2/2027 o Broad pipeline with programs in COVID-19, norovirus, and influenza • BARDA-funded COVID-19 study to provide platform validating H2H evidence of efficacy and safety vs. FDA approved mRNA vaccine • Phase 2 norovirus challenge study demonstrated potential to reduce rates of infection, illness, and shedding • Second-generation norovirus candidate showed statistically significant increases in GI.1 and GII.4 norovirus blocking antibodies vs. first-generation • Influenza program demonstrated potential superiority to market leader o Manufacturing fully based in the United States * Sanofi announced on February 10, 2026, that it had completed its acquisition of Dynavax Technologies Corporation
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27Vaxart Corporate Presentation | February 2026 vaxart.com
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28Vaxart Corporate Presentation | February 2026 Significant improvement in fold rise of Fecal IgA in both GI.1 and GII.4 following second-generation high-dose vaccine at the same dose level as the first-generation vaccine Significant Increases in GI.1 (73%) and GII.4 (90%) Fecal IgA with Our Second-Generation Norovirus Vaccine Candidate
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29Vaxart Corporate Presentation | February 2026 Serum antibody responses evaluated using 8 spot MSD Second-Generation Norovirus Vaccine Candidate Shows Enhanced Cross-reactive Serum Responses GI GII