This article first appeared on GuruFocus .
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Full Year 2025 Revenue:$237.3 million, compared to $28.7 million for the full year 2024.
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Cash, Cash Equivalents, and Investments:$63.8 million at the end of the fourth quarter.
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Cash Runway:Expected to extend into the second quarter of 2027 based on current plans.
Release Date: March 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Vaxart Inc ( VXRT ) established a partnership with Dynavax for their oral COVID-19 vaccine candidate, receiving a $25 million upfront payment and a $5 million equity investment.
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The partnership with Dynavax, now a Sanofi company, provides significant validation of Vaxart's oral vaccine platform.
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Vaxart published a complete data set from the clinical study of their oral norovirus vaccine candidate in lactating mothers, demonstrating safety and immunogenicity.
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The company managed to reduce operating costs by entering into a lease termination agreement, enhancing their ability to focus financial resources on advancing lead programs.
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Vaxart reported a significant increase in revenue for the full year 2025, reaching $237.3 million compared to $28.7 million in 2024, primarily due to contracts related to BARDA and the Dynavax agreement.
Negative Points
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There is a slight delay in reporting the 400-person sentinel cohort data for the COVID-19 vaccine trial, now expected in early second quarter of 2026 instead of late first quarter.
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The 400-person sentinel cohort was designed primarily for safety assessment, not efficacy, limiting immediate insights into the vaccine's effectiveness.
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The larger 5,000-subject KP.2 cohort data, which will provide efficacy insights, is not expected until late in the fourth quarter of 2026.
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Vaxart's continuation of the norovirus program is contingent on securing a partnership or other funding, indicating potential financial constraints.
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The company remains dependent on strategic partnerships and non-dilutive funding options to extend their cash runway, highlighting ongoing financial challenges.
Q & A Highlights
Q: There seems to be a delay in the 400-person sentinel cohort data for the COVID-19 vaccine trial. Can you explain the reason for this change and how it affects expectations for the full Phase IIb data? A: The delay is due to coordination with BARDA, which influences the timing of data release. The 400-person cohort is primarily for safety data, with efficacy insights expected from the larger 5,000-person cohort later in the year. The slight change in timing is a result of ongoing discussions with BARDA.
Q: With multiple partnerships, including Dynavax and Sanofi, what are the decision points for the next steps after the data release in Q2 and Q4? Will there be immunogenicity data in the Q2 update? A: Vaxart and BARDA are responsible for the Phase IIb trial, with Dynavax deciding on further development post-Phase II. The Q2 update will focus on safety and initial efficacy, with immunogenicity data expected later. The larger KP.2 cohort will provide more comprehensive insights.
Q: Regarding the norovirus second-generation candidate, has there been any regulatory input on the endpoints for the next Phase II study? A: The primary endpoint for the Phase IIb study is safety, with ongoing discussions with the FDA. The study will also evaluate immunogenicity, pending partnership or funding to advance the program.
Q: Can you provide more details on the collaboration with Dynavax and its impact on the COVID-19 vaccine program? A: The partnership with Dynavax, now a Sanofi company, includes a $25 million upfront payment and potential future milestones. This collaboration validates Vaxart's oral vaccine platform and extends the company's cash runway, with ongoing productive interactions.
Q: What are Vaxart's priorities for 2026, and how do they plan to achieve them? A: Vaxart aims to execute data collection for the COVID-19 trial and secure partnerships for the norovirus program. The company is also exploring licensing opportunities for other assets, focusing on leveraging its oral pill vaccine platform to address public health challenges.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
