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VXRT

Vaxart, Inc.

VXRT

Vaxart, Inc. • NASDAQ
$0.37 ▲ 2.78% (+0.01)
Market Cap $88.82 M
52w High $0.98
52w Low $0.26
Dividend Yield 0%
P/E -1.68
Volume 125.57K
Outstanding Shares 240.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $72.413M ▲ $80.224M ▲ $-8.141M ▲ -11.242% ▲ $-0.04 ▲ $-5.436M ▲
Q2-2025 $39.73M ▲ $54.333M ▲ $-14.986M ▲ -37.72% ▲ $-0.07 ▼ $-12.097M ▲
Q1-2025 $20.876M ▲ $35.811M ▲ $-15.591M ▼ -74.684% ▲ $-0.068 ▼ $-12.252M ▼
Q4-2024 $15.185M ▲ $26.677M ▲ $-11.985M ▲ -78.927% ▲ $-0.053 ▼ $-8.649M ▲
Q3-2024 $4.933M $19.408M $-14.08M -285.425% $-0.029 $-11.207M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $28.793M ▲ $208.988M ▲ $182.232M ▲ $26.756M ▼
Q2-2025 $26.271M ▼ $164.085M ▲ $131.207M ▲ $32.878M ▼
Q1-2025 $41.938M ▼ $158.559M ▼ $112.941M ▲ $45.618M ▼
Q4-2024 $51.723M ▼ $166.389M ▼ $107.464M ▲ $58.925M ▼
Q3-2024 $58.711M $166.674M $98.232M $68.442M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-8.141M ▲ $2.595M ▲ $-5.822M ▼ $-4K ▼ $-3.231M ▲ $2.478M ▲
Q2-2025 $-14.986M ▲ $-15.945M ▼ $7.233M ▼ $125K ▲ $-8.587M ▼ $-15.842M ▼
Q1-2025 $-15.591M ▼ $-9.599M ▼ $13.232M ▲ $-164K ▼ $3.469M ▲ $-9.729M ▼
Q4-2024 $-11.985M ▲ $-7.345M ▼ $10.403M ▲ $136K ▲ $3.194M ▲ $-7.389M ▼
Q3-2024 $-14.08M $-4.201M $-17.039M $-10K $-21.25M $-4.21M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Government Contract
Government Contract
 $0 ▲$70.00M ▲$70.00M ▲$70.00M ▲
Non Cash Royalty Revenue
Non Cash Royalty Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Vaxart is still essentially a research-stage company, with only tiny levels of revenue and no established product sales yet. Its costs, mainly for research, development, and running the business, have been consistently higher than what it brings in. Losses have been steady over the past several years, with only modest signs of improvement. This profile is typical of an early-stage biotech: the business is spending heavily now in hopes of future payoff if its vaccines succeed, but profitability is not in sight based on current results.

Balance Sheet

Balance Sheet The balance sheet shows a small company with limited but real financial resources. Cash has come down notably from earlier years, which means the cushion to fund ongoing trials is thinner than it used to be. On the positive side, debt levels are relatively low, so the company is not heavily burdened by lenders. Shareholders’ equity has been eroded by repeated losses, suggesting that future progress will likely require either new funding, partnerships, or both.

Cash Flow

Cash Flow Vaxart has been consistently burning cash, largely to fund its clinical trials and platform development. Operating cash outflows have been steady and meaningful, while spending on equipment and facilities has been modest, showing that most cash goes directly into research and operations rather than big physical assets. The cash burn has eased slightly in the most recent year but remains significant for a company of its size. Without large incoming cash from products, grants, or partners, the company will likely need to raise additional capital over time to keep funding its programs.

Competitive Edge

Competitive Edge Vaxart’s main competitive strength is its focus on oral tablet vaccines that aim to trigger strong immune responses where infections often start, such as the nose, throat, and gut. This is a differentiated approach compared with standard injectable vaccines and, if proven, could offer advantages in ease of use, distribution, and potentially in blocking transmission. The pipeline targets big markets like COVID-19, norovirus, influenza, and HPV, but these areas are also crowded with powerful, well-funded competitors using more established technologies. Importantly, Vaxart’s edge is still mostly theoretical: it depends on successful late-stage trial results that show clear benefits versus standard vaccines, and other companies are also working on needle-free or mucosal vaccine approaches.

Innovation and R&D

Innovation and R&D Innovation is the core of Vaxart’s story. Its VAAST platform is designed to turn multiple vaccine targets into oral tablets, making it a flexible engine rather than a one-off product. The company has several promising programs, including COVID-19 and norovirus, with important clinical readouts expected over the next couple of years. Government support through initiatives like Project NextGen and collaboration with a partner such as Dynavax provide external validation and funding help. However, the science is still being tested in humans, so there is substantial technical and regulatory uncertainty, and setbacks in trials could quickly change the outlook.

Summary

Vaxart is a small, clinical-stage biotech with an ambitious goal: to replace many injected vaccines with convenient oral tablets. Financially, it is still in the classic high-risk, high-uncertainty phase—minimal revenue, ongoing losses, and continuous cash burn, supported by a modest balance sheet and low debt. The company’s value story rests almost entirely on the success of its oral vaccine platform and key programs, especially COVID-19 and norovirus, supported by government and partner involvement. Upcoming clinical data over the next several years will be critical in showing whether the technology truly works better or more conveniently than current options. Until then, the profile is that of a speculative, innovation-driven biotech where future outcomes could be very positive or very disappointing, depending on trial results and access to ongoing funding.

NEWS

November 7, 2025 · 8:00 AM UTC

Vaxart to Host Upcoming Conference Calls

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November 5, 2025 · 4:01 PM UTC

Dynavax Reports Third Quarter 2025 Financial Results and Announces New $100 Million Share Repurchase Program

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November 5, 2025 · 4:00 PM UTC

Dynavax Enters Exclusive License Agreement for Vaxart's Novel Oral COVID-19 Vaccine Program

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October 8, 2025 · 8:00 AM UTC

Vaxart to Showcase its Norovirus and COVID-19 Oral Pill Vaccine Candidates at World Vaccine Congress Europe 2025

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September 17, 2025 · 4:05 PM UTC

Vaxart Appoints W. Mark Watson as Lead Independent Director

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