Vaxart Announces $40 Million Underwritten Offering of Common Stock

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Vaxart (Nasdaq: VXRT) has announced an underwritten offering of 50 million shares of its common stock at $0.80 per share, a premium over the last closing price of $0.75 per share. The offering is expected to generate gross proceeds of $40 million, before deducting underwriting discounts, commissions, and other expenses. The offering is scheduled to close around June 17, 2024, subject to customary conditions. Oppenheimer & Co. is the sole bookrunner for the offering. The shares are being offered under an effective shelf registration previously filed with the SEC, and additional details are available in the prospectus supplement to be filed with the SEC.

  • Offering price of $0.80 per share is a premium over the last closing price of $0.75 per share.
  • Expected gross proceeds of $40 million provide additional capital for Vaxart.
  • Offering under an effective shelf registration implies regulatory compliance.
  • Oppenheimer & Co. acting as the sole bookrunner adds credibility.
  • Issuance of 50 million shares may lead to shareholder dilution.
  • Expenses related to underwriting discounts, commissions, and offering costs will reduce net proceeds.
  • The actual closing of the offering is subject to customary conditions, introducing some uncertainty.

Vaxart’s decision to raise $40 million through an underwritten offering of 50 million shares of common stock at $0.80 per share holds several implications for the company's financial health. Firstly, the offering price being higher than the last closing price of $0.75 signals a positive market reception and investor confidence, though modest. This premium suggests that investors see potential in Vaxart's future performance, likely due to its ongoing projects or pipeline.

However, from a dilution perspective, issuing such a large volume of shares could lead to a significant dilution of existing shareholders' equity. This may potentially depress the stock price in the short term as more shares come into circulation. Additionally, the gross proceeds, while substantial, will be reduced by underwriting discounts, commissions and offering expenses, which need to be carefully managed to maximize the net benefit to the company.

In the long term, the infusion of cash should provide Vaxart with the necessary capital to continue its research and development activities, potentially leading to new products or advancements in clinical trials. Investors should weigh the immediate dilution against the potential for future growth driven by this capital influx. The overall financial impact will depend heavily on how effectively Vaxart deploys these funds.

From a market standpoint, Vaxart's move to secure additional funding through stock offering could be seen as a strategic step to bolster its financial position amidst the competitive biotech landscape. By opting for an underwritten offering, Vaxart ensures that it can raise the required funds efficiently and with a level of certainty that attracts investor interest.

It's also worth noting the role of Oppenheimer & Co. as the sole bookrunner, which adds credibility and may instill further confidence among investors. This reputable association could enhance the market perception of the offering, potentially leading to a more favorable reception and reducing the risk of a weak demand for the new shares.

However, it's critical for investors to monitor how the market responds once the shares begin trading at the new price. The company's ability to retain or improve its price level post-offering will be a key indicator of market sentiment and confidence in Vaxart's strategic direction and operational execution.

SOUTH SAN FRANCISCO, Calif., June 13, 2024 (GLOBE NEWSWIRE) -- Vaxart, Inc. (“Vaxart”) (Nasdaq: VXRT) today announced an underwritten offering of 50,000,000 shares of its common stock at an offering price of $0.80 per share, which is a premium to the last closing price of $0.75 per share. Gross proceeds to Vaxart from the offering are expected to be $40 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Vaxart. The offering is expected to close on or about June 17, 2024, subject to customary closing conditions.

Oppenheimer & Co. is acting as sole bookrunner for the offering.

The securities were offered by Vaxart pursuant to an effective shelf registration statement previously filed by Vaxart with the Securities and Exchange Commission (SEC). A prospectus supplement and accompanying prospectus related to the offering will be filed with the SEC, and will be available on the SEC’s website located at When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting: Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at (212) 667-8055, or by email at

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Vaxart

Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus, and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.

Forward-Looking Statements

This press release 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 and the timing of such results, commercialization agreements and licenses, and 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,” “anticipate,” “plan,” and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to the anticipated gross proceeds and anticipated closing date of the offering, including the satisfaction of customary closing conditions related to the offering. Other risks facing Vaxart are 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.


Vaxart Media Relations:
Mark Herr 
Vaxart, Inc. 
(203) 517-8957 
Investor Relations: 
Andrew Blazier
Finn Partners 
(646) 871-8486


What is the offering price for Vaxart's common stock?

The offering price for Vaxart's common stock is $0.80 per share.

How many shares is Vaxart offering?

Vaxart is offering 50 million shares of its common stock.

What are the expected gross proceeds from Vaxart's offering?

The expected gross proceeds from Vaxart's offering are $40 million.

When is Vaxart's offering expected to close?

Vaxart's offering is expected to close on or about June 17, 2024.

Who is the sole bookrunner for Vaxart's offering?

Oppenheimer & Co. is the sole bookrunner for Vaxart's offering.

What is the stock symbol for Vaxart?

The stock symbol for Vaxart is VXRT.

Where will the prospectus supplement for Vaxart's offering be filed?

The prospectus supplement for Vaxart's offering will be filed with the SEC.

Vaxart, Inc.


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Biological Product (except Diagnostic) Manufacturing
United States of America