Vaxart Announces Share Purchase Agreement for up to $25 Million with Lincoln Park Capital
Rhea-AI Summary
Vaxart (OTCQX: VXRT) entered a share purchase agreement with Lincoln Park Capital providing the company the right to sell up to $25 million of common stock over a 24-month period. Vaxart retains sole discretion on timing and amounts; Lincoln Park must buy at prevailing market prices.
The SPA contains no warrants or participation rights, Lincoln Park agreed not to short or hedge, and Vaxart issued shares as consideration. Sales require a registration statement to be declared effective by the SEC before any shares are sold under the facility.
Positive
- Up to $25 million equity purchase capacity over 24 months
- Company retains sole discretion on timing and amount of sales
- No warrants or participation rights included, limiting extra investor claims
- Lincoln Park agreed not to short or hedge Vaxart common stock
Negative
- Vaxart issued shares as consideration for entering the SPA
- Sales are contingent on a registration statement being declared effective by the SEC
News Market Reaction – VXRT
In the Apr 17 session, VXRT gained 3.02%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 12 | Earnings and update | Positive | -14.4% | Full-year 2025 results with revenue, profit and cash runway into Q2 2027. |
| Mar 03 | Investor webcasts | Neutral | +1.3% | Announcement of business update call and stockholder fireside chat webcasts. |
| Feb 18 | Conference presentation | Neutral | -1.6% | Planned presentation at Oppenheimer healthcare conference and webcast availability. |
| Jan 15 | Clinical data update | Positive | +18.4% | Phase 1 data showing safe oral bivalent norovirus vaccine with mucosal immunity. |
| Jan 08 | Conference participation | Neutral | +41.7% | Participation in Global BioInnovation Forum with leadership presentations. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
VXRT has seen sharp, sometimes counterintuitive moves around news: strong rallies on select scientific updates and large selloffs even after seemingly positive business/financial disclosures.
Over the past few months, Vaxart has balanced clinical progress with investor communications and financial updates. A January 15 Phase 1 norovirus readout with positive safety and immune data saw a 18.4% gain, while a January 8 conference participation headline coincided with a 41.7% rise. Later, a March 12 full-year 2025 update citing revenue of $237.3M, net income of $16.3M, and cash of $63.8M with runway into Q2 2027 was followed by a -14.38% move. Today’s financing facility slots into this backdrop of active capital markets positioning and ongoing clinical execution.
Key Terms
short selling financial
hedging financial
registration statement regulatory
form 8-k regulatory
securities laws regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
SOUTH SAN FRANCISCO, Calif., April 17, 2026 (GLOBE NEWSWIRE) -- Vaxart, Inc. (OTCQX: VXRT) (“Vaxart” or the “Company”), a clinical-stage biotechnology company developing a range of oral vaccines based on its proprietary delivery platform, today announced that it has entered into a share purchase agreement (SPA) with Lincoln Park Capital Fund.
Under the terms of the agreement, Vaxart has the right, in its sole discretion, to sell to Lincoln Park up to
"This agreement with Lincoln Park Capital provides flexible and efficient access to capital as we continue to pursue strategic partnerships, grants and other funding options to advance our oral vaccine programs,” said Jeroen Grasman, Chief Financial Officer of Vaxart. “This facility allows us the sole discretion to strengthen our balance sheet on an as-needed basis as we continue to execute on our clinical milestones while remaining focused on driving long-term value for our shareholders."
The issuance of the shares of common stock to Lincoln Park Capital Fund is being made pursuant to exemptions from the registration requirements of the federal and state securities laws. Pursuant to the SPA, before selling any shares under the SPA, a registration statement registering shares to be sold to Lincoln Park must be declared effective by the SEC and certain other conditions must be satisfied as more fully described in the 8-K filed today with the SEC. We issued shares of our common stock to Lincoln Park as consideration for entering into the SPA.
The information in this press release is summary information only and should be read in conjunction with Vaxart’s Current Report on Form 8-K, which Vaxart filed with the SEC concurrently with this press release. A copy of Vaxart’s Current Report on Form 8-K can be found on Vaxart’s website at www.vaxart.com and the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, 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.
Note Regarding 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 Vaxart’s ability to raise capital pursuant to the share purchase agreement with Lincoln Park Capital Fund, Vaxart's ability to develop and commercialize its product candidates; Vaxart's expectations regarding clinical results and trial data, and the timing of receiving and reporting such clinical results and trial data; Vaxart’s expected timing for future clinical trials; and Vaxart's expectations with respect to the effectiveness of its product candidates. 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, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial 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 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; 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; 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.
Contact
Vaxart Media and Investor Relations:
FINN Partners
IR@vaxart.com
