Vaxart (traded under the ticker VXRT) is frequently classified as a penny stock due to its low per-share trading price, which often trades below the five-dollar threshold, alongside its small market capitalization. Penny stocks are typically shares of smaller companies that trade over-the-counter or on major exchanges like the Nasdaq Capital Market. While they offer high potential percentage gains for speculative investors, they also carry significantly higher risks, including extreme price volatility, lower liquidity, and susceptibility to dramatic shifts based on corporate announcements or clinical trial news.