Vaxart, Inc. (OTCQX: VXRT) entered into a share purchase agreement with Lincoln Park Capital Fund on April 17, 2026 that allows the company to sell up to $25 million of common stock over a 24‑month period. The company retains sole discretion over the timing and amount of each sale, and Lincoln Park will purchase shares at 97 % of a reference price, subject to a 4.99 % ownership cap and a requirement that the firm issue 447,067 commitment shares as consideration for the agreement.
The agreement includes no warrants, rights of first refusal, or participation rights in future financings, and Lincoln Park has agreed not to engage in short‑selling or hedging of Vaxart’s stock. The shares will be sold at a discount to prevailing market prices, and the transaction is subject to the effectiveness of a registration statement and other regulatory conditions.
Proceeds from the facility are earmarked to fund Vaxart’s clinical development pipeline, including its oral COVID‑19, norovirus, and influenza vaccine candidates, and to support strategic partnerships that could accelerate commercialization. The flexible structure allows Vaxart to tap capital as milestones are achieved, thereby extending the company’s runway without the dilution associated with a traditional public offering.
Management emphasized the strategic value of the financing. Chief Financial Officer Jeroen Grasman said the facility “provides flexible and efficient access to capital as we continue to pursue strategic partnerships, grants and other funding options to advance our oral vaccine programs.” The agreement gives Vaxart control over dilution and the ability to time sales to align with market conditions and funding needs.
The share purchase agreement follows a recent S‑3 shelf registration that permits up to $300 million of securities to be issued and an at‑the‑market facility with a capacity of $49.8 million. These additional financing tools reinforce Vaxart’s commitment to maintaining a robust balance sheet while advancing its pipeline.
The announcement underscores Vaxart’s ongoing strategy to secure capital in a manner that supports its long‑term growth objectives and positions the company to capitalize on opportunities in the oral vaccine market.
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