---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-033362"
form_type: "8-K"
ticker: "VXRT"
cik: "0000072444"
company_name: "Vaxart, Inc."
filed_at: "2025-11-05T23:59:59+00:00"
generated_at: "2026-05-17T00:27:33.395297+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-25-033362
- form_type: 8-K
- ticker: VXRT
- cik: 0000072444
- company_name: Vaxart, Inc.
- filed_at: 2025-11-05T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/72444/000143774925033362/0001437749-25-033362-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/72444/000143774925033362/vxrt20251104_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-033362
- JSON: https://secwatch.observer/filing/0001437749-25-033362.json
- Plain text: https://secwatch.observer/filing/0001437749-25-033362.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.