0001437749-21-001388.txt : 20210301 0001437749-21-001388.hdr.sgml : 20210301 20210127161856 ACCESSION NUMBER: 0001437749-21-001388 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20210127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vaxart, Inc. CENTRAL INDEX KEY: 0000072444 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 591212264 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 385 OYSTER POINT BOULEVARD, SUITE 9A CITY: SOUTH SAN FRANCISCO STATE: CA ZIP: 94080 BUSINESS PHONE: (650) 550-3500 MAIL ADDRESS: STREET 1: 385 OYSTER POINT BOULEVARD, SUITE 9A CITY: SOUTH SAN FRANCISCO STATE: CA ZIP: 94080 FORMER COMPANY: FORMER CONFORMED NAME: Aviragen Therapeutics, Inc. DATE OF NAME CHANGE: 20160413 FORMER COMPANY: FORMER CONFORMED NAME: Biota Pharmaceuticals, Inc. DATE OF NAME CHANGE: 20121113 FORMER COMPANY: FORMER CONFORMED NAME: NABI BIOPHARMACEUTICALS DATE OF NAME CHANGE: 20100719 CORRESP 1 filename1.htm vxrt20210127_corresp.htm

vxrt20210127_correspimg001.gif

       170 Harbor Way, Suite 300 +1 650 550 3500 Main

                                                   South San Francisco, CA 94080 +1 650 871 8580 Fax

www.vaxart.com

 

UNLOCKING THE FULL POTENTIAL OF ORAL VACCINES

 

 

 

January 27, 2021

 

VIA EDGAR SUBMISSION

 

United States Securities and Exchange Commission

Division of Corporation Finance

100 F Street, N.E. 

Washington, D.C. 20549

     

Attention:

    

Kevin L. Vaughn
 

    

Jenn Do

 

Re: Vaxart, Inc.

Form 10-K for the fiscal year ended December 31, 2019

File No. 001-35285

 

 

Dear Mr. Vaughn:

 

 

This letter is in response to your comment letter, dated January 22, 2021, concerning the above-referenced filing by Vaxart, Inc. (the “Company”). For your convenience, we have set forth the staff’s comment in italicized, bold type, and such comment is followed by the Company’s response.

 

 

Form 10-K for the fiscal year ended December 31, 2019

 

Management’s Discussion and Analysis, page 77

 

Results of Operations, page 80

 

1.

We have read your response to comment 1 in our letter dated December 28, 2020. Please revise this section of your future filings to more clearly disclose that due to the timing of cash flows under the HCRP agreement, royalty revenues for Inavir for the second, third and fourth quarters of any given year get passed through to HCRP such that there are no such revenues recorded for those periods, but that those passed-through amounts are instead recorded as non-cash royalty revenue related to the sale of future royalties. Revise this section as well as the risk factor on page 58 to clarify the extent to which the seasonality you experience in your revenue recognition is more attributable to when flu season occurs versus attributable to the timing of cash flows pursuant to the HCRP agreement.

 

We respectfully submit that we will revise the sections that have been identified above by the staff in our future filings, including in our Form 10-K for the fiscal year ended December 31, 2020.

 

Please direct any further comments or inquiries regarding the foregoing to me at (650) 550-3500 (telephone) or (917) 453-9105 (facsimile).

 

   

Very truly yours,
 

 

 
       
   

/s/ Andrei Floroiu

  
   

Andrei Floroiu
   

President and Chief Executive Officer

 

 
 GRAPHIC 2 vxrt20210127_correspimg001.gif begin 644 vxrt20210127_correspimg001.gif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end