--- title: "Vaxart sets up $50,000,000 at-the-market stock program" url: "https://aibio.space/news/vaxart-sets-up-50-000-000-market-stock-program/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-03-21" section: "Financings" tickers: "OTC:VXRT" source: "https://www.sec.gov/Archives/edgar/data/72444/000143774925008756/vxrt20250321_424b5.htm" summary: "Vaxart agreed on March 21, 2025 to sell up to $50 million of common stock through Citizens JMP Securities and B. Riley Securities, which may each receive a" --- By the aibio.space news desk. Sources - [Vaxart, Inc. 424B5 (2025-03-21)](https://www.sec.gov/Archives/edgar/data/72444/000143774925008756/vxrt20250321_424b5.htm) - [vxrt20250321_8k.htm](https://www.sec.gov/Archives/edgar/data/72444/000143774925008765/vxrt20250321_8k.htm) - [Vaxart, Inc. 10-K (2025-03-20): business](https://www.sec.gov/Archives/edgar/data/72444/000143774925008572/vxrt20241231_10k.htm) [VXRT](https://aibio.space/companies/vaxart/) 2025-03-21 # Vaxart sets up $50,000,000 at-the-market stock program Tickers [VXRT](https://aibio.space/companies/vaxart/) Vaxart agreed on March 21, 2025 to sell up to $50 million of common stock through Citizens JMP Securities and B. Riley Securities, which may each receive a commission of up to 3% of gross sales. The stock closed at $0.5754 on March 17, 2025. ## Key facts - **Company**: Vaxart, Inc. (OTC: VXRT) - **News type**: Financings - **Primary source**: [Vaxart, Inc. 424B5 (2025-03-21)](https://www.sec.gov/Archives/edgar/data/72444/000143774925008756/vxrt20250321_424b5.htm) *A city skyline seen across a river. Photo: Matt Bango, CC0, via StockSnap. The picture shows the field, not the companies named.* Vaxart, Inc., a South San Francisco company whose common stock trades on the Nasdaq Capital Market as VXRT, entered into an At the Market Offering Agreement dated March 21, 2025 with Citizens JMP Securities, LLC and B. Riley Securities, Inc. Under the agreement, Vaxart may sell common stock with an aggregate offering price of up to $50 million from time to time through the two firms. The company filed a prospectus supplement the same day and disclosed the agreement in a Form 8-K. The shares are sold under an existing shelf registration on Form S-3, file number 333-270671, with a base prospectus dated May 5, 2023. ## How the program works Sales may be made directly on the Nasdaq Capital Market, on another existing trading market, or through a market maker. With Vaxart's prior written approval, the agents may also sell in privately negotiated transactions. The agents are not required to sell any specific number or dollar amount, but must use commercially reasonable efforts. Vaxart is not obligated to sell any shares. It may instruct the agents not to sell below a price it sets. It can end the agreement on three business days' prior written notice, and the agents can end it at their discretion. ## Fees and proceeds Each agent is paid a fixed commission of up to 3% of the gross sales price of each share it sells, plus reimbursement of certain expenses. Vaxart receives the sales price less those commissions and any other costs it incurs. The 8-K names only Citizens JMP Securities and B. Riley Securities as managers of the program. Thompson Hine LLP of New York is counsel to Vaxart and gave the legal opinion on the shares, filed as Exhibit 5.1. The prospectus supplement says Ellenoff Grossman & Schole LLP of New York represents the sales agents. The filings name no other bank or advisor for the program. ## The stock price and the going-concern warning The prospectus supplement reports a closing price of $0.5754 per share on March 17, 2025. Nasdaq's minimum bid price requirement is $1.00. Vaxart says its stock traded below that level for 30 consecutive trading days and that it received a Nasdaq notice on July 2, 2024. Nasdaq gave it until December 30, 2024 to regain compliance. On December 31, 2024, Nasdaq said the company had not regained compliance but was eligible for another 180 days, until June 30, 2025. The prospectus supplement says Vaxart's recurring losses and negative cash flows raise substantial doubt about its ability to continue as a going concern. As of December 31, 2024, it had $51.7 million of cash, cash equivalents and investments, which it believes is enough to fund operations into the fourth quarter of 2025. It says it plans to raise money through convertible stock, additional equity, debt financings, government programs or strategic alliances. Assuming all $50,000,000 of stock were sold at $0.5754, new buyers would face immediate dilution of $0.26 per share, and the stock outstanding would rise from 227,949,245 shares to up to 314,845,317 shares. Vaxart says it intends to use the net proceeds primarily for general corporate purposes, including working capital, operating expenses and capital expenditures. ## The business behind the program The company's annual report for 2024, filed on March 20, 2025, describes Vaxart as developing oral tablet vaccine candidates for infectious diseases. Its programs target norovirus, COVID-19 and influenza, and it has candidates aimed at cervical cancer and dysplasia caused by human papillomavirus, or HPV. The prospectus supplement describes a contract with the Rapid Response Partnership Vehicle, funded by the Biomedical Advanced Research and Development Authority, or BARDA. The 2024 contract provided for funding of up to $460.7 million to conduct a Phase 2b study and manufacture a COVID-19 vaccine candidate targeting the KP.2 strain. In February 2025 a modification set the total funding available for payment at approximately $240.1 million. Later that month Vaxart received written notice to stop work on the contract, other than follow-up of a 400-person cohort. The stop-work order runs 90 days, after which the contract's consortium manager, as directed by the U.S. government, will cancel it, extend it or terminate the work. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story VXRT Vaxart, Inc. 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