Vaxart (NASDAQ: VXRT) CMO receives new stock options and RSUs

Rhea-AI Filing Summary

Vaxart, Inc. reported that Chief Medical Officer James F. Cummings received new equity awards on March 16, 2026. He was granted stock options for 455,000 shares of common stock at an exercise price of $0.6795 per share, expiring on March 16, 2036. The option vests 25% on March 16, 2027 and then in 36 equal monthly installments until March 16, 2030. He also received 227,000 shares of common stock through vesting of restricted stock units, which vest 25% on each anniversary of March 16, 2026 over four years. Following these grants, he holds 964,792 shares of common stock directly.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Cummings James F.

Role Chief Medical Officer

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to buy)	455,000	$0.00	--
Grant/Award	Common Stock	227,000	$0.00	--

Holdings After Transaction: Stock Option (right to buy) — 455,000 shares (Direct); Common Stock — 964,792 shares (Direct)

Footnotes (1)

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. 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.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
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^*

Cummings James F.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Medical 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		227,000(1)	A	$0	964,792	D

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		455,000		(2)	03/16/2036	Common Stock	455,000	$0	455,000	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 insider transactions did Vaxart (VXRT) disclose for James F. Cummings?

Vaxart disclosed two equity awards for Chief Medical Officer James F. Cummings on March 16, 2026: a stock option grant for 455,000 shares and a restricted stock unit award for 227,000 common shares, both structured as multi-year, time-based vesting compensation.

How many Vaxart (VXRT) stock options were granted to the CMO and at what price?

The CMO received 455,000 stock options to buy Vaxart common stock at an exercise price of $0.6795 per share. These options vest gradually through March 16, 2030 and expire on March 16, 2036, providing long-term equity incentives tied to service.

What is the vesting schedule for the Vaxart (VXRT) CMO’s new stock options?

The stock options vest over four years. Twenty-five percent of the 455,000 options vest on March 16, 2027, with the remaining options vesting in 36 equal monthly installments so the grant is fully vested by March 16, 2030, encouraging ongoing tenure.

What are the terms of the restricted stock units granted by Vaxart (VXRT)?

The CMO received 227,000 shares via RSU vesting. Twenty-five percent of the shares underlying the award vest on each anniversary of March 16, 2026, so the restricted stock units will be fully vested on the fourth anniversary, creating a four-year retention framework.

How many Vaxart (VXRT) common shares does the CMO hold after these awards?

After the reported transactions, the CMO holds 964,792 shares of Vaxart common stock directly. This figure reflects his position following the 227,000-share restricted stock unit vesting reported for March 16, 2026, as disclosed in the Form 4 filing.

Do the Vaxart (VXRT) insider grants involve any stock sales by the CMO?

No stock sales were reported in this Form 4. Both transactions are coded as acquisitions (A) for grants or awards: one stock option grant and one restricted stock unit vesting into shares, indicating compensation-related awards rather than market purchases or sales.