Vaxart (VXRT) AI Stock Analysis

• Market Cap: $81.64M
• Dividend Yield: N/A
• Average Volume (3M): 785.65K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.89
• Revenue Growth: 479.58%
• EPS Growth: 46.15%
• Country: US
• Employees: 105
• Sector: Healthcare
• Sector Strength: 47
• Industry: Biotechnology
• EPS (TTM): -0.07
• Shares Outstanding: 228,919,070
• 10 Day Avg. Volume: 510,864
• 30 Day Avg. Volume: 785,653
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.18
• Enterprise Value/Revenue: 1.19
• Enterprise Value/Gross Profit: 1.19
• Enterprise Value/Ebitda: -2.17
• 1Y Price Target: $4.17
• Price Target Upside: 1027.03% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 48 Neutral
• Price Target: $0.50 ▲(35.14% Upside)

Vaxart's overall score is primarily influenced by its strong revenue growth and promising vaccine developments, which are offset by significant profitability challenges and technical bearishness. The negative P/E ratio and NASDAQ listing issues further weigh on the stock's attractiveness.

Positive Factors

Clinical Trials

The Phase II COVID-19 vaccine trial is progressing rapidly, with the sentinel cohort enrollment ahead of schedule, indicating strong advancement in the study.

Growth Potential

Vaxart's efforts to refine its norovirus program address a significant unmet need in a market with no approved vaccines, showcasing potential for growth and innovation.

Regulatory Milestones

VXRT's norovirus oral vaccine unique competitive position to further benefit from upcoming regulatory milestones.

Vaccine Development

Vaxart advances with $453M BARDA-backed COVID-19 vaccine, poised to lead in mucosal immunity.

Negative Factors

Investor Perception

Investor perception of the norovirus opportunity has considerable room for improvement given the significant disease burden and the lack of approved or late-stage programs.

Vaxart Business Overview & Revenue Model

Company Description

Vaxart, Inc. (VXRT) is a biotechnology company focused on developing oral vaccines based on its proprietary Vaxart platform. The company operates primarily in the biopharmaceutical sector, specializing in the design and development of innovative vaccines for various infectious diseases, including influenza and norovirus. Vaxart aims to revolutionize immunization through its unique oral delivery system, which is designed to enhance patient compliance and improve immune responses compared to traditional injectable vaccines.

How the Company Makes Money

Vaxart generates revenue primarily through the development and commercialization of its vaccine candidates. This includes funding from government grants, research collaborations, and partnerships with other pharmaceutical companies. Key revenue streams include milestone payments from partners as vaccine candidates progress through clinical trials, as well as potential royalties on future sales of successful products. Additionally, Vaxart may engage in licensing agreements for its proprietary vaccine technology, which can provide upfront payments and ongoing royalties. The company's focus on innovative oral vaccines positions it to tap into funding opportunities for infectious disease prevention and control, especially in light of increasing global health challenges.

Vaxart Financial Statement Overview

Summary

Vaxart's financial performance is characterized by significant revenue growth and a strong gross profit margin, yet marred by high operating losses and negative cash flows. While the balance sheet shows some financial resilience due to cash reserves, the firm's profitability and cash flow generation remain major concerns. Continuous operating losses and reliance on external financing highlight the need for improved cost management and operational efficiency to achieve sustainable growth.

Income Statement

Vaxart's income statement shows a substantial increase in revenue over the years, with a notable jump to $47.4 million in the latest TTM period from $28.7 million the previous year. However, the company continues to operate at a loss, with a negative net profit margin of -122.6% and an EBIT margin of -120.6% in the TTM. The gross profit margin is strong at 97.7%, yet the persistent losses highlight challenges in controlling operating expenses and achieving profitability.

Balance Sheet

Vaxart's balance sheet indicates a moderate level of debt with a debt-to-equity ratio of 0.37 in the TTM. The equity ratio is 28.8%, showing reliance on equity financing. Despite a decrease in stockholders' equity over time, the company maintains a healthy level of cash and short-term investments, which provides some financial stability. However, the declining equity and high liabilities pose a risk.

Cash Flow

Cash flow analysis reveals negative operating cash flow of -$33.2 million and a negative free cash flow of -$33.7 million in the TTM, indicating the company is not generating sufficient cash from its operations. The free cash flow to net income ratio is negative, reflecting challenges in converting profits into cash. Despite these issues, financing activities have provided some liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	80.72M	28.70M	7.38M	107.00K	892.00K	4.05M
Gross Profit	80.72M	28.70M	2.88M	-80.95M	-47.86M	-15.82M
EBITDA	-44.20M	-54.87M	-72.13M	-103.12M	-66.45M	-28.26M
Net Income	-56.64M	-66.95M	-82.47M	-107.76M	-70.47M	-32.22M
Balance Sheet
Total Assets	164.09M	166.39M	91.83M	153.85M	221.17M	152.58M
Cash, Cash Equivalents and Short-Term Investments	26.27M	51.72M	39.71M	93.72M	166.49M	126.87M
Total Debt	16.11M	23.28M	26.51M	27.42M	24.53M	22.14M
Total Liabilities	131.21M	107.46M	34.02M	43.25M	33.64M	29.18M
Stockholders Equity	32.88M	58.92M	57.80M	110.60M	187.53M	123.40M
Cash Flow
Free Cash Flow	-37.17M	-45.32M	-72.32M	-104.38M	-64.99M	-24.97M
Operating Cash Flow	-37.09M	-44.76M	-70.45M	-94.78M	-59.83M	-23.75M
Investing Cash Flow	13.83M	-21.32M	43.95M	-20.41M	-49.10M	-1.22M
Financing Cash Flow	87.00K	56.56M	15.24M	17.46M	125.80M	138.31M

Vaxart Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.37
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VXRT, the sentiment is Negative. The current price of 0.37 is above the 20-day moving average (MA) of 0.37, below the 50-day MA of 0.41, and below the 200-day MA of 0.52, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 47.56 is Neutral, neither overbought nor oversold. The STOCH value of 63.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VXRT.

Vaxart Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MGNX	52 Neutral	$114.40M	―	-69.71%	―	303.47%	73.70%
Sector *	51 Neutral	$7.83B	-0.18	-40.10%	2.29%	21.46%	-2.03%
OBIO	48 Neutral	$161.87M	―	-313.82%	―	41.61%	-17.39%
VXRT	48 Neutral	$81.64M	―	-100.35%	―	479.58%	46.15%
ZNTL	46 Neutral	$133.45M	―	-49.55%	―	-33.76%	17.10%
SGMT	44 Neutral	$219.18M	―	-37.89%	―	-100.00%	-62.44%
IMUX	37 Underperform	$86.81M	―	-208.93%	―	―	35.46%

Vaxart Corporate Events

Vaxart Discusses Reverse Stock Split Proposal

On August 20, 2025, Vaxart, Inc. held a virtual fireside chat with stockholders to discuss a proposed reverse stock split and its implications for the company’s NASDAQ listing. The management emphasized the importance of maintaining a NASDAQ listing for increased visibility, liquidity, and access to capital, which are crucial for advancing their vaccine development programs. The reverse stock split is seen as a strategic move to enhance the company’s market position and protect stockholder investments, with advisory firms ISS and Glass Lewis recommending support for the proposal.

Vaxart Schedules Fireside Chat on Stock Split

On August 14, 2025, Vaxart announced a virtual stockholder fireside chat scheduled for August 20, 2025, to discuss a reverse stock split proposal. Supported by proxy advisory firms ISS and Glass Lewis, the proposal aims to regain Nasdaq compliance. The event will allow stockholders to engage directly with Vaxart’s management and address frequently asked questions.

Vaxart Stock Approved for OTCQX Best Market

On July 8, 2025, Vaxart announced that its common stock has been approved to trade on the OTCQX Best Market, providing enhanced transparency and accessibility for investors. This move follows a delisting notice from Nasdaq, with Vaxart seeking a hearing to address the issue, while continuing to focus on advancing its oral pill vaccines for infectious diseases.

Vaxart Stockholders Reject Reverse Stock Split Proposal

On June 13, 2025, Vaxart held its reconvened 2025 annual meeting of stockholders, where two proposals were approved and two were rejected. Stockholders elected six directors and ratified the selection of WithumSmith+Brown, PC as the company’s independent accounting firm. However, they did not approve an amendment for a reverse stock split or the 2024 executive compensation plan. The company is evaluating its options following the rejection of the reverse stock split proposal and has canceled a special meeting previously scheduled for June 30, 2025.

Vaxart Announces Positive Phase 1 Norovirus Vaccine Results

On June 11, 2025, Vaxart announced positive results from its Phase 1 clinical trial for its second-generation oral pill norovirus vaccine constructs. The trial demonstrated that the new constructs significantly increased antibody responses compared to the first-generation constructs, with a 141% and 94% increase in GI.1 and GII.4 norovirus blocking antibodies, respectively. The vaccines were well-tolerated with no serious adverse events reported. These results suggest the potential for improved protection against norovirus, a virus with no currently approved vaccine that causes millions of infections globally, leading to significant economic burdens. Vaxart plans to incorporate these findings into discussions with potential partners and aims to advance to a Phase 2b study, potentially starting in the latter half of 2025.

Vaxart Adjourns Annual Meeting for Reverse Stock Split

On June 2, 2025, Vaxart announced the adjournment of its 2025 annual meeting of stockholders to June 13, 2025, due to insufficient votes for a proposal to amend the company’s Restated Certificate of Incorporation for a reverse stock split. The company aims to provide additional time for stockholders to vote and solicit more support for the proposal, which is crucial for maintaining its Nasdaq listing. Leading proxy advisory firms ISS and Glass Lewis have endorsed the proposal, and Vaxart has engaged in discussions with major stockholders to address concerns, resulting in increased support.

Vaxart Discusses Reverse Stock Split and Capital Raise

On May 28, 2025, Vaxart, Inc. addressed additional frequently asked questions from retail investors regarding a proposed reverse stock split, which is to be voted on at their Annual Meeting on June 2, 2025. The company emphasized the importance of the reverse stock split to regain compliance with Nasdaq listing requirements, as failure to do so could result in delisting. Vaxart also highlighted its strategic decision to raise capital through a $40 million offering to extend its cash runway and advance its clinical programs, despite having an at-the-market offering in place. The company reassured investors that the reverse stock split would not inherently increase short selling or cause dilution and remains committed to exploring partnerships to support its vaccine development efforts.

Vaxart Begins Phase 2b Trial for Oral COVID-19 Vaccine

On May 27, 2025, Vaxart announced the dosing of the first patient in a significant 10,000-participant Phase 2b clinical trial for its oral COVID-19 vaccine candidate. This trial aims to evaluate the vaccine’s efficacy, safety, and immunogenicity compared to an approved mRNA COVID-19 vaccine. The trial’s progression follows a positive safety review from an independent board, and it is supported by substantial funding from BARDA and NIAID under Project NextGen, highlighting the potential impact on Vaxart’s market positioning and contribution to next-generation COVID-19 vaccine development.

Vaxart Adjourns Annual Meeting for Stockholder Voting

On May 21, 2025, Vaxart announced the adjournment of its 2025 annual meeting of stockholders to June 2, 2025, to allow additional time for stockholders to vote on proposals. The company’s board believes that approving a reverse stock split proposal is crucial for maintaining Nasdaq listing compliance and attracting investor interest. Stockholders who have already voted do not need to recast their votes, and proxies submitted will remain valid unless revoked.