SCHEDULE 13G 0001482416 XXXXXXXX LIVE Common Stock, $0.0001 par value per share 03/31/2025 0000072444 Vaxart, Inc. 92243A200 170 Harbor Way, Suite 300 South San Francisco CA 94080 Rule 13d-1(b) Sio Capital Management, LLC DE 0.00 5583448.00 0.00 5583448.00 5583448.00 N 2.45 IA 1 As of March 31, 2025, Sio Capital Management, LLC beneficially owned 5,583,448 shares of Common Stock with shared voting power and shared dispositive power. 2 Based on 228,208,284 shares of common stock outstanding as of March 26, 2025, as reported in the Issuer's Form Pre-14A filed with the SEC on March 31, 2025. Vaxart, Inc. 170 Harbor Way, Suite 300, South San Francisco, CALIFORNIA, 94080 This Statement is filed on behalf of Sio Capital Management, LLC (the "Reporting Person" or "Sio") Sio is a registered investment adviser to certain affiliated funds that directly hold the shares of Common Stock to which this statement relates for the benefit of their respective investors, and in such capacity Sio has voting and dispositive power over such shares. 600 Third Avenue, 2nd Floor New York, New York 10016 Sio is a Delaware limited liability company. N IA 5,583,448 2.45% 0 5,583,448 - Refer to footnote 3 3 Sio and Sio GP, LLC (the "GP") act as investment advisor and general partner, respectively, to various clients that are the record owners of the Common Stock reported on this Schedule 13G. Because Sio's investment discretion with respect to such clients is subject to oversight by the GP, the GP may be deemed to be the beneficial owner of the Common Stock of the Issuer owned by such clients. In addition, both Sio and the GP are controlled by Michael Castor. As such, he may be deemed to control the voting and dispositive decisions with respect to, and therefore be the beneficial owner of, the shares of Common Stock reported on this Schedule 13G. Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission by the GP or Michael Castor that such person is the beneficial owner of any of the equity securities referred to herein for purposes of Section 13(d) of the Exchange Act, or for any other purpose, and such beneficial ownership is expressly disclaimed. 0 5,583,448 - Refer to footnote 3 3 Sio and Sio GP, LLC (the "GP") act as investment advisor and general partner, respectively, to various clients that are the record owners of the Common Stock reported on this Schedule 13G. Because Sio's investment discretion with respect to such clients is subject to oversight by the GP, the GP may be deemed to be the beneficial owner of the Common Stock of the Issuer owned by such clients. In addition, both Sio and the GP are controlled by Michael Castor. As such, he may be deemed to control the voting and dispositive decisions with respect to, and therefore be the beneficial owner of, the shares of Common Stock reported on this Schedule 13G. Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission by the GP or Michael Castor that such person is the beneficial owner of any of the equity securities referred to herein for purposes of Section 13(d) of the Exchange Act, or for any other purpose, and such beneficial ownership is expressly disclaimed. N Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Sio Capital Management, LLC /s/ Jin W. Lee 04/04/2025