Vaxart registers up to 32.9M shares for resale by Lincoln Park under $25M equity line

Filed May 18, 2026 · ~2 min read

Key Changes

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  This is a resale registration by selling stockholder Lincoln Park Capital under a $25M equity line of credit. Vaxart receives no proceeds from Lincoln Park's resales under this prospectus; the company may separately receive up to $25M from future direct sales to Lincoln Park at its discretion over 24 months.

  Use of Proceeds verify on EDGAR →
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  Vaxart was delisted from Nasdaq in November 2025 for failing to maintain the minimum bid price and now trades on the OTCQX at $0.74/share (May 7, 2026). OTCQX is a lower-tier market with reduced liquidity and no longer qualifies as a 'covered security,' subjecting the stock to state-by-state blue sky regulation.

  Prospectus Summary verify on EDGAR →
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  The company reported net income of $16.3M for 2025 (vs. a $66.9M net loss in 2024) on $237.3M in revenue, primarily from a $460.7M BARDA contract. However, BARDA issued a stop-work order in August 2025 halting trial enrollment at half the target; contract funding was reduced to ~$316M and is under further review.

  Management's Discussion and Analysis verify on EDGAR →