Vaxart (VXRT) CEO Steven Lo receives major stock option and RSU grants

Rhea-AI Filing Summary

Vaxart, Inc. director and CEO Steven Lo received new equity awards as part of his compensation. He was granted stock options for 1,543,000 shares of common stock at an exercise price of $0.6795 per share, expiring on March 16, 2036. These options vest 25% on March 16, 2027 and then in 36 equal monthly installments until fully vested on March 16, 2030.

Lo also received a grant of 846,500 shares of common stock upon vesting of restricted stock units. Those units vest 25% on each anniversary of the vesting commencement date of March 16, 2026, fully vesting on the fourth anniversary. Following these awards, he directly holds 2,634,059 common shares and 1,543,000 options, plus an indirect holding of 100,000 shares through the Lo Family Trust.

Insights

Equity Compensation Analyst

CEO received sizable time-vested equity awards, a standard incentive structure.

The CEO of Vaxart, Inc., Steven Lo, was granted 1,543,000 stock options at an exercise price of $0.6795 and 846,500 shares via vested restricted stock units. Both awards feature multi‑year vesting schedules tied to continued service rather than immediate market transactions.

This pattern indicates routine compensation, not open‑market buying or selling. The options vest from March 2027 through March 2030, while the RSUs vest annually from March 2026 over four years. Future company performance and share price will determine the ultimate value of these awards to the executive.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lo Steven

(Last) (First) (Middle)

C/O VAXART, INC.

170 HARBOR WAY, SUITE 300

(Street)

SOUTH SAN FRANCISCO CALIFORNIA 94080

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Vaxart, Inc. [ VXRT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, Chief Exec Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/16/2026		A		846,500(1)	A	$0	2,634,059	D
Common Stock								100,000	I	By the Lo Family Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$0.6795	03/16/2026		A		1,543,000		(2)	03/16/2036	Common Stock	1,543,000	$0	1,543,000	D

Explanation of Responses:

1. Grant of shares upon vesting of restricted stock units. 25% of the shares underlying the award shall vest on each anniversary of the vesting commencement date of March 16, 2026, so that the restricted stock units would be fully vested on the fourth anniversary of the vesting commencement date.

2. The shares subject to this stock option shall vest as to 25% of the shares underlying the grant on March 16, 2027, the first anniversary of the date that vesting commenced, and thereafter in 36 equal monthly installments such that the stock option shall be fully vested on March 16, 2030.

	/s/ Edward Berg, Attorney-in-Fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Vaxart (VXRT) CEO Steven Lo acquire in this Form 4 filing?

Steven Lo received equity awards, not open-market purchases. He was granted 1,543,000 stock options at $0.6795 per share and 846,500 shares via vested restricted stock units, both subject to multi-year vesting tied to his continued service with Vaxart.

What are the terms of Steven Lo’s new stock options at Vaxart (VXRT)?

Lo received options for 1,543,000 Vaxart common shares with a $0.6795 exercise price, expiring on March 16, 2036. They vest 25% on March 16, 2027, then in 36 equal monthly installments, becoming fully vested on March 16, 2030.

How do Steven Lo’s restricted stock units in Vaxart (VXRT) vest?

The filing shows 846,500 shares granted upon vesting of restricted stock units. Twenty-five percent of the shares vest on each anniversary of the March 16, 2026 vesting commencement date, so the award becomes fully vested on the fourth anniversary of that date.

How many Vaxart (VXRT) shares does Steven Lo hold after these awards?

After the reported grants, Lo directly owns 2,634,059 shares of Vaxart common stock and holds options for 1,543,000 shares. He also has an indirect interest in 100,000 shares held by the Lo Family Trust, as disclosed in the Form 4 filing.

Is this Vaxart (VXRT) Form 4 a sign of insider buying or selling?

The transactions reflect compensation grants, not open-market trades. Both the stock options and the 846,500-share restricted stock unit vesting are coded as acquisitions (A) related to awards, indicating routine equity compensation rather than discretionary buying or selling in the market.

What is the significance of the Lo Family Trust holding Vaxart (VXRT) shares?

The Form 4 notes an indirect holding of 100,000 Vaxart shares held by the Lo Family Trust. This entry reflects additional beneficial ownership associated with Steven Lo through the trust structure, complementing his direct share and option holdings reported in the same filing.