Vaxart signs exclusive license with Dynavax for oral COVID-19 vaccine; $25M upfront, $5M equity investment

Vaxart, Inc.

Dynavax pays $25M upfront license fee and $5M equity (11.1M shares at $0.45/share) for worldwide rights to Vaxart's oral COVID-19 vaccine.
Vaxart retains responsibility to complete ongoing Phase 2b trial (enrolled ~5,400; topline data expected late 2026) and EOP2 meeting.
After Phase 2b data, Dynavax can elect to assume development for $50M additional payment; otherwise agreement terminates.
If Dynavax continues, Vaxart eligible for up to $195M regulatory milestones, $425M sales milestones, and low-to-mid teens royalties.

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