Regulation FD Disclosure (Form 8-K)

As previously disclosed, on August 5, 2025, Vaxart, Inc. (the "Company") received written notification (the "Previous Notice") in the form of a stop work order, directing the Company to stop work on all of the Company's efforts with respect to Project Agreement No. 01; RRPV-24-04-NGVx-003, as modified through June 13, 2024 (the "Project Agreement"), under the Consortium Base Agreement with ATI, the Rapid Response Partnership Vehicle's Consortium Management Firm funded by the Biomedical Advanced Research and Development Authority ("BARDA") of the U.S. Department of Health and Human Services (such work subject to the foregoing stop work order, "Paused Work"). The Company was, however, permitted to continue efforts associated with the per protocol follow-up for the 10,000-person cohort, to the extent already dosed, in connection with the Phase 2b comparative study evaluating the Company's oral pill COVID-19 vaccine candidate (the "Trial"). The Company also disclosed that the Previous Notice further indicated that a follow-up notice with further details will follow.

On October 8, 2025, the Company received a notice (the "Follow-Up Notice") from ATI, clarifying the scope of the Project Agreement. The Follow-Up Notice sets forth that BARDA intends to conclusively delimit the Project Agreement to exclude Paused Work. Despite this change, the approximately 5,000 participants already enrolled in the Trial will continue to be followed. Further, the Company will continue to receive funding with respect to its evaluation of the foregoing participants.

The Company believes that the Trial data from the enrolled participants will provide useful insights and a strong foundation of evidence that could potentially advance its COVID program.

The information in this Item 7.01 is being furnished and shall not be deemed "filed" with the Securities and Exchange Commission for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.