INVESTOR PRESENTATION

November 2023

FORWARD-LOOKING STATEMENTS

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 subjects 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.

2

EXECUTIVE

SUMMARY

  • Oral tablet vaccine platform with profound transformative potential
  • Clinical proof-of-concept demonstrated in two challenge studies, against respiratory and GI viruses
  • Data suggests oral tablet vaccines may offer several important advantages over injectables
  • Norovirus challenge data suggests potentially very compelling real-world profile for bivalent vaccine candidate
  • Norovirus is a multibillion-dollar commercial opportunity: a significant unmet need with no approved vaccine
  • Vaxart's pipeline targets other large opportunities, such as universal flu and pan-coronavirus

3

VAXART'S MISSION

Improve global public health by developing a transformative oral tablet vaccine platform

The potential impact is revolutionary, scalable, and

could lead to better global public health

Vaxart's current main focus is on its norovirus vaccine candidate, while also advancing other programs that can exploit its platform's advantages

4

ORAL VACCINE PLATFORM WITH TRANSFORMATIONAL POTENTIAL

ORALLY DELIVERED TABLET WITH SEVERAL

POTENTIAL ADVANTAGES OVER INJECTABLES

  • The only oral vaccine shown to be as protective as an injectable against a respiratory pandemic virus in a human clinical trial1
  • By triggering mucosal and systemic immunity Vaxart's platform could offer several advantages over injectables:
    • Cross-reactivity& broader immune response
    • Reduction in transmission
    • Longer duration of protection
    • Better tolerability
  • All of this delivered in an oral tablet:
    • Fast, easy, painless administration

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1. Liebowitz, et al, Lancet ID, 2020

PLATFORM EXPRESSES ANTIGEN AND TLR3 ADJUVANT DELIVERED IN AD5 VECTOR

Proprietary Oral Vaccine Platform: VAAST™

Room-temperature (25⁰C) stable enteric- coated tablets

Creates a very broad immune response

not just serum antibodies

*VAAST™: Vector-Adjuvant-AntigenStandardized Technology

6

POTENTIALLY AS PROTECTIVE AS LEADING INJECTABLE AGAINST A RESPIRATORY VIRUS

CLINICAL TRIAL FUNDED BY U.S. GOVERNMENT'S BARDA* DEMONSTRATED SIGNIFICANT PROTECTION AGAINST ILLNESS AND INFECTION

Phase II clinical trial demonstrated:

  • Protection with Vaxart's oral tablet flu vaccine against illness and infection similar to that of Fluzone, but numerically favorable1
  • 80% chance of improved protection against infection compared to the market- leading Sanofi injectable flu vaccine in a BARDA* analysis

Protection Against Illness

Protection Against Infection

Reduction in Illness Rate vs. Placebo

Reduction in Infection Rate vs. Placebo

Vaxart Oral Vaccine

Fluzone

Vaxart Oral Vaccine

Fluzone

27%

39%

38%

49%

Note: Infection defined as detectable viral shedding on any day after the first 36 hours from challenge.

  • BARDA (The Biomedical Advanced Research and Development Authority) is a U.S. Department of Health and Human Services office responsible for the procurement and development of medical countermeasures

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Source Flitter, B.A. et al Drop the Needle; A Temperature Stable Oral Tablet Vaccine Is Protective against Respiratory Viral Pathogens. Vaccines 2022, 10, 593. https://doi.org/ 10.3390/vaccines10040593,

DATA SUGGESTS THAT BY TRIGGERING MUCOSAL IMMUNITY, VAXART'S ORAL VACCINES MAY OFFER SEVERAL ADVANTAGES OVER INJECTABLES

Cross-reactivity & Broad Immune Responses

  • Broad immune responses in preclinical & clinical COVID and Influenza studies
  • Cross-reactivityin COVID and norovirus clinical trials

Reduction in Transmission

  • Reduction in viral transmission in preclinical COVID study
  • Reduction in shedding (infection) in influenza clinical trial

Long Duration of Protection and Immune Responses

  • Long-lastingprotection demonstrated in Influenza human vaccine study
  • Long-lastingantibody responses in clinical Norovirus and COVID trials

Benign Tolerability

  • Benign tolerability profile observed across 19 clinical trials against 7 different viruses, evaluating 800+ subjects

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CROSS-REACTIVITY: BROAD BREADTH OF PROTECTION

CLINICAL AND PRECLINICAL DATA DEMONSTRATE BROAD CROSS-REACTIVITY IN TWO COVID-19 CLINICAL TRIALS

Cross-protection by Wuhan vaccine

Mucosal IgA responses highly cross

Mucosal IgA responses are

against Delta variant

reactive against all tested

cross-reactive to variants AND

coronaviruses

other coronaviruses

COVID Preclinical

COVID Ph I

Challenge: Delta Virus

Baselinevaccination-PreOverRiseFold

Cross Reactivity

SEM-+/MeanChangeWeightBody

rAd5-S (Intranasal)

100

rAd5-S (Oral)

Placebo (Intranasal)

10

0

10

-10

-20

0

2

4

6

8

10

1

%

Days Post Challenge

2

S

1

S

V

S

3

S

U

1

S

3

S

E

S

-

-

o

6

4

9

V

V

C

L

K

C

S C

o

S C

o

RS

N

O

2

R

R

H

2

A

M

E

A

Antigen

S

S

Antigen

Fold Rise Over Pre-vaccination Baseline

COVID Ph II

Cross Reactivity

Saliva

Nasal

Antigen

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LONG DURATION OF IMMUNE RESPONSES

DURABLE RESPONSES ACROSS MULTIPLE PROGRAMS AND CLINICAL TRIALS

Robust protection at least

90-120 days post vaccination

Influenza Ph II

Reduction in illness rate

vs. placebo

Vaxart Oral

Sustained antibody

responses to 360 days

COVID-19 Ph I

Antibody responses

Durable fecal antibody

Sustained IgA responses in

responses to 180 days

200 days post vaccination

Norovirus Ph I

Norovirus Ph I (Elderly)

Fecal IgA Response

Nasal IgA Response

Fold Change

Vaccine Fluzone

27%

39%

Fold Rise Over Pre-vaccination Baseline

D

D18

D36

D

1

2

0

0

9

Day Post Vaccine

Fold Increase in VP1 IgA

10000

D

1000

100

D1

80

10

1

0.1

c

o

Dose

Dos

e

Pla

eb

Low

igh

H

Group

60

Placebo

Low

Medium

G1.1 IGA

40

High

20

Anti-VP1

0

Change

D

D

D

D21

0

2

5

0

9

7

Fold

Days Post Challenge

10

Source Flitter, B.A. et al Drop the Needle; A Temperature Stable Oral Tablet Vaccine Is Protective against Respiratory Viral Pathogens. Vaccines 2022, 10, 593. https://doi.org/ 10.3390/vaccines10040593,

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Vaxart Inc. published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 21:00:31 UTC.