South San Francisco-based biotechnology company Vaxart, Inc. (NASDAQ:VXRT) has announced several key changes following its annual meeting of stockholders on June 11, 2024. The changes include an expansion of the company's authorized shares and amendments to its equity incentive and employee stock purchase plans, as detailed in a recent SEC filing.
Vaxart's stockholders approved an increase in the authorized number of shares of common stock from 250 million to 350 million. This move is designed to provide the company with greater flexibility for future corporate needs.
In addition to the share expansion, stockholders also endorsed amendments to Vaxart's 2019 Equity Incentive Plan (EIP) and 2022 Employee Stock Purchase Plan (ESPP). The EIP has been expanded to allow for an additional 15 million shares, bringing the total to 43.9 million shares available for equity-based compensation to employees, directors, and consultants. The ESPP now includes an additional 1.8 million shares for employee purchase, doubling the previous amount to 3.6 million shares.
These corporate actions reflect Vaxart's strategy to incentivize its workforce and potentially facilitate future growth initiatives. The company, which specializes in the development of oral recombinant vaccines, operates in the competitive biotech industry where attracting and retaining top talent is critical.
In other recent news, Vaxart Inc. has reported advancements in its vaccine development programs and disclosed financial results for the first quarter of 2024. The company has seen positive results from its Phase 1 clinical trial for a bivalent norovirus vaccine candidate, and is preparing for a mid-2024 meeting with the FDA to discuss the regulatory pathway for this program. Vaxart also plans to initiate a Phase 2b trial for its oral XBB COVID-19 vaccine candidate, pending additional funding and regulatory approval. The company reported a quarterly revenue of $2.2 million and holds $36.7 million in cash and investments, expected to last until late 2024.
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