Vaxart, Inc. (VXRT)

Vaxart, Inc. is a clinical-stage biotechnology company based in South San Francisco, California, that develops vaccines delivered as oral tablets rather than injections. The operating business traces to a private company founded in 2004. Its public listing resulted from a 2018 reverse merger with Aviragen Therapeutics, a Nasdaq-listed company, after which the combined business took the Vaxart name and traded under the symbol VXRT.

The company's technology uses a recombinant viral vector platform to deliver vaccine antigens to the mucosal surfaces of the gastrointestinal tract, with the aim of generating immune responses at mucosal sites as well as systemically. Its pipeline included oral vaccine candidates against COVID-19, influenza, and norovirus. Oral administration was presented as a way to avoid needles and to simplify storage and distribution compared with injectable vaccines.

Vaxart drew wide market attention during the COVID-19 pandemic, when its stock traded at much higher levels than in prior years. It later received support from the U.S. government for its oral COVID-19 vaccine program, and it pursued collaboration and manufacturing relationships with outside organizations. As is common for clinical-stage companies, it generated little product revenue and depended on equity offerings, grants, and partner funding to pay for clinical trials and operations.

The path to delisting began in 2025. On July 1, 2025, Vaxart was notified of a Nasdaq Staff determination that it no longer qualified for listing under Nasdaq Listing Rule 5550(a)(2), which governs the minimum bid price for the Nasdaq Capital Market. The company appealed on July 3, 2025, and a hearing before the Listing Qualifications Hearings Panel was held on August 14, 2025. The Panel issued its decision on August 27, 2025, allowing the company to remain listed only if it met specified milestones.

On September 2, 2025, Vaxart asked the Panel for additional time. On September 19, 2025, the company's outside counsel informed the Panel that Vaxart would not be able to comply with the Nasdaq listing rules, and Nasdaq notified the company that its securities would be suspended. Trading on Nasdaq stopped with the September 18 session as the last day, and the shares began quoting over the counter under the same VXRT symbol.

The Staff delisting determination became final on November 3, 2025, and Nasdaq filed a Form 25 with the SEC on November 21, 2025. The removal from listing became effective at the opening of trading on December 1, 2025. The delisting was not part of an acquisition, merger, or bankruptcy, so there was no buyout price or successor company. Vaxart continued as an SEC reporting company with its shares traded over the counter.