Note 19 - Subsequent Events	12 Months Ended
Dec. 31, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 19. Subsequent Events On March 2, 2020, the Company completed a registered direct offering (the “March 2020 Offering”) of 4,000,000 shares of common stock and warrants to purchase 2,000,000 shares of common stock. Each share of common stock with half of an accompanying common stock warrant to purchase one share of common stock were sold for $2.50. Each common stock warrant entitles the holder to purchase one share of common stock for $2.50, is exercisable immediately, subject to certain ownership limitations, and will expire five years from the date of issuance. Each common stock warrants entitles the holder to receive cash consideration equal to a Black-Scholes valuation in the event of a Fundamental Transaction within the Company’s control (see Note 12 ). The total gross proceeds from the March 2020 Offering to the Company were $10.0 million. After deducting placement agent fees and offering expenses payable by the Company, the aggregate net proceeds received by the Company totaled $9.1 million. Pursuant to the terms of the engagement letter with the placement agents, the Company paid the placement agents aggregate fees and reimbursable costs of $775,000. In addition, the Company issued the placement agents’ designees 280,000 common stock warrants at the closing of the March 2020 Offering, each warrant entitling the holder to purchase one share of common stock for $3.125 at any time within five years of the effective date of the March 2020 Offering and to receive cash consideration equal to a Black-Scholes valuation in the event of a Fundamental Transaction within the Company’s control. The aggregate fair value of these warrants at issuance was estimated to be $453,000, using the Black-Scholes valuation model, using a closing stock price of $2.34 and assumptions including estimated volatility of 98%, a risk-free interest rate of 0.88%, a zero dividend rate and an estimated remaining term of 4.99 years. This estimated fair value is recorded in offering costs. Since December 31, 2019, in addition to the 4,000,000 shares of common stock issued in the March 2020 Offering, the Company has issued 18,472,183 shares of common stock upon the exercise of warrants for cash proceeds totaling $9.8 million. On March 17, 2019, the Company entered into an agreement with Emergent BioSolutions Inc. (“Emergent”), whereby Emergent will deploy its molecule-to-market contract development and manufacturing services to help develop and manufacture Vaxart’s experimental oral vaccine candidate for the coronavirus disease COVID- 19.

NOTE

19.

Subsequent Events

March 2, 2020,

the Company completed a registered direct offering (the

“March 2020

Offering”) of

4,000,000

shares of common stock and warrants to purchase

2,000,000

shares of common stock. Each share of common stock with half of an accompanying common stock warrant to purchase

one

share of common stock were sold for

$2.50.

Each common stock warrant entitles the holder to purchase

one

share of common stock for

$2.50,

is exercisable immediately, subject to certain ownership limitations, and will expire

five

years from the date of issuance. Each common stock warrants entitles the holder to receive cash consideration equal to a Black-Scholes valuation in the event of a Fundamental Transaction within the Company’s control (see Note

The total gross proceeds from the

March 2020

Offering to the Company were

$10.0

million. After deducting placement agent fees and offering expenses payable by the Company, the aggregate net proceeds received by the Company totaled

$9.1

million. Pursuant to the terms of the engagement letter with the placement agents, the Company paid the placement agents aggregate fees and reimbursable costs of

$775,000.

In addition, the Company issued the placement agents’ designees

280,000

common stock warrants at the closing of the

March 2020

Offering, each warrant entitling the holder to purchase

one

share of common stock for

$3.125

at any time within

five

years of the effective date of the

March 2020

Offering and to receive cash consideration equal to a Black-Scholes valuation in the event of a Fundamental Transaction within the Company’s control. The aggregate fair value of these warrants at issuance was estimated to be

$453,000,

using the Black-Scholes valuation model, using a closing stock price of

$2.34

and assumptions including estimated volatility of

98%,

a risk-free interest rate of

0.88%,

zero

dividend rate and an estimated remaining term of

4.99

years. This estimated fair value is recorded in offering costs.

Since

December 31, 2019,

in addition to the

4,000,000

shares of common stock issued in the

March 2020

Offering, the Company has issued

18,472,183

shares of common stock upon the exercise of warrants for cash proceeds totaling

$9.8

million.

March 17, 2019,

the Company entered into an agreement with Emergent BioSolutions Inc. (“Emergent”), whereby Emergent will deploy its molecule-to-market contract development and manufacturing services to help develop and manufacture Vaxart’s experimental oral vaccine candidate for the coronavirus disease COVID-

19.