Vaxart’s Strategic Moves and Financial Highlights

Vaxart ( (VXRT) ) has released its Q3 earnings. Here is a breakdown of the information Vaxart presented to its investors.

Vaxart, Inc. is a clinical-stage biotechnology company focused on developing oral recombinant vaccines using its proprietary delivery platform, which allows for vaccines to be administered in pill form. In its latest earnings report, Vaxart announced a significant collaboration with Dynavax Technologies for its COVID-19 oral vaccine candidate, potentially bringing in up to $700 million plus royalties. The company has also completed the enrollment of 5,400 participants in its COVID-19 Phase 2b trial, with data expected in 2026, and reported promising Phase 1 results for its norovirus vaccine candidate.

Key financial highlights from the third quarter of 2025 include a substantial increase in revenue to $72.4 million, primarily driven by government contracts, compared to $4.9 million in the same quarter of 2024. Despite this revenue growth, Vaxart reported a net loss of $8.1 million, an improvement from the $14.1 million loss in the previous year, attributed to increased research and development expenses related to its COVID-19 vaccine trials.

Strategically, Vaxart’s exclusive license agreement with Dynavax marks a pivotal step in advancing its COVID-19 oral vaccine, with potential milestone payments and royalties on the horizon. The company is also exploring partnership opportunities for its norovirus, HPV, and flu vaccine programs, which have shown promising results in early trials.

Looking ahead, Vaxart is poised to continue its innovative vaccine development efforts, with a cash runway extending into the second quarter of 2027. The company remains focused on achieving clinical and regulatory milestones, aiming to maximize stockholder value through strategic partnerships and non-dilutive funding options.