Vaxart ( (VXRT) ) has released its Q3 earnings. Here is a breakdown of the information Vaxart presented to its investors.
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Vaxart, Inc. is a clinical-stage biotechnology company specializing in the development of oral recombinant vaccines using a proprietary pill-based delivery platform. These vaccines target a variety of diseases including coronavirus, norovirus, and influenza, as well as therapeutic applications for human papillomavirus (HPV).
In its latest earnings report for the third quarter of 2024, Vaxart highlighted significant progress in its COVID-19 and norovirus vaccine programs. The company expects to complete the enrollment of its COVID-19 Phase 2b sentinel cohort by November 2024, a key step toward advancing the 10,000-participant trial segment. Additionally, Vaxart is refining its norovirus vaccine constructs, following constructive feedback from the FDA.
The company’s financial performance showed a reduction in net loss, which stood at $14.1 million compared to $17.4 million in the same period last year. Revenue more than doubled to $4.9 million, driven primarily by government contracts. Vaxart maintained a solid cash position with $58.7 million in cash, cash equivalents, and investments as of September 30, 2024, projecting a cash runway into 2026.
Despite challenges, Vaxart reported stable research and development expenses, reflecting ongoing investments in its vaccine candidates. General and administrative expenses decreased due to lower stock-based compensation and insurance costs, although legal fees increased. These financial metrics underscore Vaxart’s commitment to advancing its vaccine programs while managing operational costs.
Looking ahead, Vaxart remains focused on achieving critical clinical and regulatory milestones, supported by its robust financial position. The company’s strategic advancements in its vaccine pipeline suggest a promising outlook as it navigates the next phases of development with an eye on regulatory approvals and potential market introduction.
