Vaxart (VXRT) Q4 2024 earnings summary

Executive summary

• Advanced oral vaccine platform with multiple clinical programs, including COVID-19 and norovirus, showing favorable safety and immune response data across 19 clinical trials and 800+ participants.

• COVID-19 program received a $460M BARDA award for a 10,000-participant head-to-head study; a stop work order was issued in February 2024, pausing the main trial but not the 400-person sentinel cohort, with ongoing follow-up.

• Norovirus program initiated a phase I trial of second-generation constructs, with topline data expected mid-2025 and phase II/III trials planned pending funding and results.

• Preclinical programs in avian influenza and HPV are under review for further investment, with new avian influenza candidate in preclinical studies.

• Appointed Kevin Finney to Board of Directors in January 2025.

Financial highlights

• 2024 revenue was $28.7M, up from $7.4M in 2023, mainly from BARDA/government contracts and non-cash royalties.

• Ended 2024 with $51.7M in cash, cash equivalents, and investments, providing runway into Q4 2025.

• Net loss for 2024 was $66.9M, improved from $82.5M in 2023; net loss per share was $0.33 vs. $0.57.

• Research and development expenses rose to $74.2M, mainly due to increased COVID-19 clinical trial and manufacturing costs.

• General and administrative expenses decreased to $20.8M, mainly due to lower personnel and insurance costs.

Outlook and guidance

• Cash runway expected into Q4 2025, with ongoing efforts to secure strategic partnerships and non-dilutive funding.

• Top-line phase I norovirus data expected by mid-2025; phase II could begin in H2 2025, phase III as early as 2026 if milestones and funding are met.

• Awaiting resolution of COVID-19 trial stop work order; further updates to be provided as events warrant.