Vaxart announces equity awards for new CFO Jeroen Grasman, effective May 19, 2025, as part of his employment agreement.
Quiver AI Summary
Vaxart, Inc. announced the approval of equity awards for its new Chief Financial Officer, Jeroen Grasman, effective May 19, 2025, as an inducement for his joining the company. The awards include an option to purchase 1,000,000 shares of common stock that vests over time and a restricted stock unit award for 350,000 shares, also vesting over a four-year period. These awards are granted under Vaxart's 2024 Inducement Award Plan as per Nasdaq regulations for new employees. Vaxart is a clinical-stage biotechnology firm focused on developing oral vaccines using its proprietary delivery platform, aiming to create vaccines for various diseases including coronavirus, norovirus, and HPV.
Potential Positives
- The appointment of Jeroen Grasman as Chief Financial Officer signifies a strategic move to strengthen the company's leadership team, which may contribute to future growth and operational effectiveness.
- The equity awards granted to Mr. Grasman, including a substantial option to purchase 1,000,000 shares, indicate the company's commitment to align his incentives with the long-term performance and success of Vaxart.
- Vaxart's focus on developing oral vaccines positions the company uniquely in the biotechnology sector, potentially offering a competitive edge over traditional vaccine delivery methods.
Potential Negatives
- The issuance of significant equity awards to a new executive may raise concerns among investors about the company's financial priorities, particularly if the company has been facing operational challenges or underperformance.
- The use of an employment inducement award might suggest difficulties in attracting talent, which could be viewed negatively in terms of the company’s competitiveness and market position.
- The high number of shares involved in the equity awards (1,000,000 options and 350,000 restricted stock units) could dilute existing shareholders' equity, leading to potential dissatisfaction among investors.
FAQ
What equity awards were given to Vaxart's new CFO?
Jeroen Grasman received an option to purchase 1,000,000 shares and a restricted stock unit award covering 350,000 shares.
When did Jeroen Grasman begin his role at Vaxart?
Jeroen Grasman officially started as Chief Financial Officer on May 19, 2025.
What is the purpose of the Vaxart Inducement Award Plan?
The Inducement Award Plan aims to grant equity awards to new employees as an inducement for joining Vaxart.
What type of vaccines does Vaxart develop?
Vaxart develops oral recombinant vaccines for diseases like coronavirus, norovirus, and influenza, among others.
How does Vaxart's vaccine delivery system work?
Vaxart's vaccines are administered through pills that do not require refrigeration, reducing risk and enhancing accessibility.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$VXRT Insider Trading Activity
$VXRT insiders have traded $VXRT stock on the open market 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $VXRT stock by insiders over the last 6 months:
- STEVEN LO (President, Chief Exec Officer) purchased 100,000 shares for an estimated $49,000
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$VXRT Hedge Fund Activity
We have seen 26 institutional investors add shares of $VXRT stock to their portfolio, and 54 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SIO CAPITAL MANAGEMENT, LLC removed 5,931,867 shares (-51.5%) from their portfolio in Q1 2025, for an estimated $2,414,269
- MILLENNIUM MANAGEMENT LLC removed 2,034,776 shares (-68.0%) from their portfolio in Q1 2025, for an estimated $828,153
- CITADEL ADVISORS LLC removed 501,623 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $204,160
- JONES FINANCIAL COMPANIES LLLP added 478,111 shares (+276364.7%) to their portfolio in Q1 2025, for an estimated $194,591
- SILVERARC CAPITAL MANAGEMENT, LLC removed 393,957 shares (-36.6%) from their portfolio in Q1 2025, for an estimated $160,340
- VANGUARD GROUP INC added 291,506 shares (+2.9%) to their portfolio in Q1 2025, for an estimated $118,642
- SQUAREPOINT OPS LLC added 287,677 shares (+55.7%) to their portfolio in Q1 2025, for an estimated $117,084
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SOUTH SAN FRANCISCO, Calif., May 20, 2025 (GLOBE NEWSWIRE) -- Vaxart, Inc. (Nasdaq: VXRT) (the “Company” or “Vaxart”) today announced that the Compensation Committee of the Board of Directors approved certain equity awards to the Company’s new Chief Financial Officer, Jeroen Grasman, effective May 19, 2025. The awards were made pursuant to the Company’s previously disclosed offer letter with Mr. Grasman, and as a material inducement to his joining the Company as Chief Financial Officer.
The awards made to Mr. Grasman are as follows: (i) an option to purchase 1,000,000 shares of Vaxart’s common stock, which vests as to 1/4th of the total shares on the one-year anniversary of his start date, and as to 1/48th of the total shares on each month thereafter, and has a per share exercise price equal to the closing price of Vaxart’s common stock on the grant date; and (ii) a restricted stock unit award covering 350,000 shares of Vaxart’s common stock, which vests as to 25% of the shares underlying the award on the first, second, third and fourth anniversary of his start date.
The awards were granted under the Vaxart, Inc. 2024 Inducement Award Plan as an employment “inducement award” pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Award Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Vaxart (or following a bona fide period of non-employment) as an inducement material to entering into employment with Vaxart.
About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.
Contact
| Vaxart Media and Investor Relations: |
| Matt Steinberg |
| FINN Partners |
| [email protected] |
| (646) 871-8481 |
This press release was published by a CLEAR® Verified individual.
