Vaxart, Inc.

What they do

Vaxart develops oral recombinant vaccines using its VAAST platform, targeting norovirus, COVID-19, influenza, and HPV. Its lead COVID-19 vaccine candidate is in a Phase 2b trial, and a norovirus vaccine has completed a Phase 2 challenge study. The company's vaccines are administered as tablets, not injections.

Revenue drivers

• BARDA contract — Primary revenue source; $344.8 million total authorized funding for the COVID-19 Phase 2b study. Revenue recognized as costs are incurred under the contract.
• Dynavax license and collaboration agreement — Signed November 2025; contributed $2.9 million revenue in Q2 2026. Terms suggest near-term collaboration revenue.
• Grant and other government contracts — Historical revenue from government contracts; small relative to BARDA, as seen in prior years' annual revenue.

Recent performance

For Q2 2026, revenue was $27.2 million, down from $39.7 million in Q2 2025, primarily from the BARDA contract with $2.9 million from Dynavax. Net loss was $13.5 million ($0.06 per share) versus $15.0 million ($0.07) a year ago. R&D expenses decreased to $33.7 million from $49.7 million, while G&A rose to $6.6 million from $4.6 million. Cash, equivalents, and short-term investments totaled $64.0 million as of June 30, 2026.

Strategy

Management focuses on advancing the Phase 2b COVID-19 trial, expecting topline efficacy data from approximately 5,000 participants in the first half of 2027. They seek to extend cash runway through business development partnerships and non-dilutive funding, targeting achieving clinical and regulatory milestones. The company also continues development of norovirus and other vaccine candidates, though COVID-19 is the current priority.

Risks

• Dependence on BARDA funding — Revenue relies heavily on the BARDA contract, and any funding delays or changes could materially impact operations.
• Clinical trial uncertainty — Phase 2b COVID-19 trial is not yet complete; efficacy may not meet endpoints, and topline data is not expected until first half of 2027.
• Cash runway limited — Cash of $64.0 million is expected to fund operations only into Q2 2027, requiring additional financing or partnerships.
• History of losses — Generated net losses every year until 2025; while 2025 turned profitable, ongoing R&D spending may lead to future losses.

Outlook

Management expects to release topline efficacy and safety data from the full Phase 2b COVID-19 study (about 5,400 participants) in the first half of 2027. The company projects cash runway into the second quarter of 2027 but is actively exploring partnership and funding options to extend it. No guidance was given on future revenue or profitability.