VXRT
Vaxart, Inc.0.3700
+0.0100+2.78%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Sentinel data slips to early Q2
Q&A clarified a slight delay in the 400-person COVID sentinel cohort top-line data to early Q2 2026 from late Q1, chalked up to BARDA coordination. Management stressed its safety focus with initial efficacy insights only—no immunogenicity until later, even for the larger KP2 cohort's Q4 readout. Dynavax (now Sanofi) opt-in awaits the full end-Phase 2 FDA package, amid positive interactions. Norovirus Phase 2 plans hinge on FDA-aligned safety/immunogenicity endpoints, pending a partner. Answers largely reaffirmed prepared remarks. Data sequencing matters most now.
Key Stats
Market Cap
88.82MP/E (TTM)
-Basic EPS (TTM)
-0.22Dividend Yield
0%Recent Filings
10-K
FY2025 results
Vaxart swung to FY2025 net income of $16.3M from a $66.9M loss in FY2024, fueled by $237M revenue—up 727%—primarily from $224M in BARDA COVID-19 contracts versus $25M prior year. Q4 momentum accelerated with $30M from Dynavax license deal (upfront plus equity premium), recognizing $10.8M revenue while deferring $15M collaboration revenue pending Phase 2b completion. R&D spiked 172% to $202M on COVID trial execution, yet cash burn eased to $7.7M operating inflow. $64M cash funds into Q2 2027. BARDA stop-work orders halved enrollment, risking trial delays.
8-K
Profitable 2025, key trial data ahead
Vaxart swung to $16.3M net income for 2025 on $237.3M revenue, up from $28.7M and a $66.9M loss in 2024, fueled by BARDA contracts and the November Dynavax collaboration. Cash hit $63.8M, runway to Q2 2027. COVID-19 Phase 2b sentinel safety data due early Q2 2026; full readout Q4. Norovirus vaccine showed passive immunity transfer in lactating women.
8-K
Lease terminated, no fees
8-K
Dynavax COVID license deal
Vaxart inked an exclusive worldwide license with Dynavax for its COVID-19 oral vaccine, grabbing a $25M upfront plus $5M equity investment and potential $700M in milestones and royalties. Completed enrollment of 5,400 in Phase 2b trial, with sentinel data due Q1 2026 and topline late 2026. Cash hit $28.8M, runway to Q2 2027. Deal bolsters finances amid narrowed Q3 net loss to $8.1M.
10-Q
Q3 FY2025 results
Vaxart exploded revenue to $72.4M in Q3 (up 1,368% y/y, 884% YTD to $133.0M) from HHS BARDA contracts, mainly the 2024 ATI-RRPV deal, yet posted a narrower $7.8M operating loss thanks to cost-plus reimbursements outpacing $76.0M R&D spend. Q/q net loss shrank to $8.1M ($0.04/share) from deeper prior losses, with EPS matching 229M diluted shares. Cash dipped to $28.8M amid receivables buildup, but November's $30M Dynavax deal—$25M upfront plus $5M stock for exclusive oral COVID license—extends runway to Q2 2027. BARDA funding cuts remain a key risk.
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