Vaxart (VXRT) Q4 2025 earnings summary

Executive summary

• Achieved major milestones including a global collaboration with Dynavax for the oral COVID-19 vaccine, publication of norovirus vaccine data in lactating mothers, and completion of enrollment for the 5,400-participant Phase 2b COVID-19 trial.

• Received $25 million upfront and $5 million equity investment from Dynavax, extending cash runway, and Sanofi acquired Dynavax, strengthening the COVID-19 vaccine program collaboration.

• Focused on executing the Phase 2b COVID-19 trial and advancing the norovirus program through partnerships, with clinical proof of passive immunity transfer in infants.

Financial highlights

• 2025 revenue was $237.3 million, up from $28.7 million in 2024, driven by BARDA contracts and collaboration agreements.

• Net income for 2025 was $16.3 million, compared to a net loss of $66.9 million in 2024; net income per share was $0.07.

• Ended Q4 2025 with $63.8 million in cash, cash equivalents, and investments, with a projected runway into Q2 2027.

Outlook and guidance

• Top-line data from the 400-subject sentinel cohort of the COVID-19 trial expected early Q2 2026; full trial data anticipated Q4 2026.

• Next clinical trial for second-generation norovirus vaccine planned for 2026, pending partnership or funding.

• Aggressively seeking strategic partnerships and non-dilutive funding to extend cash runway and achieve milestones.