Oct. 4 at 7:07 PM
$VXRT To Mr. Steve Lo, CEO of Vaxart:
One of your top three priorities — alongside forming strong partnerships and strengthening the science to make it commercially viable and industry attractive — must be to reduce the company’s monthly net burn rate by at least 75%. Maintaining over 100 employees year after year without clearly justified performance has resulted in the waste of retail investors’ capital, while progress on the Norovirus program remains minimal and the BARDA-funded COVID trial of 5,000 participants moves on not-clear path since the last stop order.
As a concerned large individual shareholder, I urge you and your key executives to stop pursuing further heavy dilutions simply to sustain an unnecessary
$7 million monthly burn, especially given the meager results delivered consistently over the past four years. This strategy has done nothing but keep the stock price severely suppressed.
Instead, take the path of sound business practice: radically lower the burn rate, extend the company’s runway, and reduce reliance on excessive dilutions at today’s depressed market valuations — valuations that remain low due to weak company performance and the management’s overdependence on hedge fund financing — all while working to secure the needed partnerships
