Vaxart (VXRT) AI Stock Analysis

• Market Cap: $87.63M
• Dividend Yield: N/A
• Average Volume (3M): 573.73K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.90
• Revenue Growth: 784.27%
• EPS Growth: 45.66%
• Country: US
• Employees: 105
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.04
• Shares Outstanding: 240,069,840
• 10 Day Avg. Volume: 484,123
• 30 Day Avg. Volume: 573,734
• PEG Ratio: 0.27
• Price to Book (P/B): 5.48
• Price to Sales (P/S): 11.24
• P/FCF Ratio: -7.12
• Enterprise Value/Market Cap: 0.84
• Enterprise Value/Revenue: 0.50
• Enterprise Value/Gross Profit: 0.50
• Enterprise Value/Ebitda: -1.92
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.26
• Revenue Forecast (FY): $141.30M

• Rating: 52 Neutral
• Price Target: $0.37 ▲(2.78% Upside)

Vaxart's overall score is primarily influenced by its financial performance challenges, including negative profitability and cash flow issues. The strategic partnership with Dynavax provides a positive outlook, but technical indicators and valuation concerns limit the stock's attractiveness.

Positive Factors

Strategic Partnership

The partnership with Dynavax provides significant financial stability and validates Vaxart's technology, extending cash runway to Q2 2027.

Revenue Growth

Strong revenue growth indicates successful execution of contracts and potential for future expansion in the vaccine market.

Innovative Vaccine Platform

The tablet-based vaccine delivery system offers a competitive advantage by improving patient compliance and accessibility, crucial for market adoption.

Negative Factors

Profitability Challenges

Ongoing profitability issues highlight operational challenges that could hinder long-term financial health and shareholder value.

Nasdaq Delisting

The move to OTCQX may limit investor interest and liquidity, impacting the company's ability to raise capital and its market perception.

Cash Flow Issues

Negative cash flows suggest financial strain, potentially affecting the company's ability to fund operations and invest in growth.

Vaxart Business Overview & Revenue Model

Company Description

Vaxart, Inc., a clinical-stage biotechnology company, engages in the discovery and development of oral recombinant protein vaccines based on its proprietary oral vaccine platform. The company's product pipeline includes norovirus vaccine, an oral tablet vaccine, which is in a Phase Ib clinical trial with bivalent oral tablet vaccine for the GI.1 and GII.4 norovirus strains; seasonal influenza vaccine, which is in Phase II clinical trial for the treatment of H1 influenza infection; respiratory syncytial virus vaccine; and coronavirus vaccine, which is in Phase II clinical trial for the treatment of SARS-CoV-2 infection. It is also developing therapeutic vaccines for cervical cancer and dysplasia caused by human papillomavirus. The company is headquartered in South San Francisco, California.

How the Company Makes Money

Vaxart generates revenue primarily through funding from partnerships, grants, and potential licensing agreements related to its vaccine development programs. The company may also earn income from research and development collaborations with pharmaceutical companies, academic institutions, and government agencies. Additionally, if successful in advancing its vaccine candidates through clinical trials and obtaining regulatory approvals, Vaxart could monetize its products through sales, royalties, or further licensing agreements. The potential for revenue growth is tied to the success of its oral vaccine candidates in clinical settings and the demand for innovative vaccine solutions.

Vaxart Financial Statement Overview

Summary

Vaxart shows strong revenue growth but struggles with profitability and cash flow. Negative margins and cash flows, along with a negative return on equity, highlight operational inefficiencies and financial instability.

Income Statement

Vaxart's income statement shows significant revenue growth in the TTM period, with an 83.6% increase, indicating strong top-line expansion. However, the company is struggling with profitability, as evidenced by negative net profit, EBIT, and EBITDA margins. The net profit margin is particularly concerning at -34.2%, reflecting ongoing operational challenges.

Balance Sheet

The balance sheet reveals a moderate debt-to-equity ratio of 0.58, suggesting manageable leverage. However, the return on equity is negative at -123.5%, indicating that the company is not generating returns for its shareholders. The equity ratio stands at 12.8%, showing a relatively low proportion of equity financing.

Cash Flow

Cash flow analysis highlights negative operating and free cash flows, with a concerning free cash flow growth rate of -18% in the TTM period. The operating cash flow to net income ratio is negative, reflecting cash flow challenges. However, the free cash flow to net income ratio is slightly positive, indicating some alignment between cash flow and accounting profits.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	148.20M	28.70M	7.38M	107.00K	892.00K	4.05M
Gross Profit	148.20M	28.70M	2.88M	107.00K	-47.86M	-15.82M
EBITDA	-38.43M	-54.87M	-72.13M	-100.58M	-66.45M	-28.26M
Net Income	-50.70M	-66.95M	-82.47M	-107.76M	-70.47M	-32.22M
Balance Sheet
Total Assets	208.99M	166.39M	91.83M	153.85M	221.17M	152.58M
Cash, Cash Equivalents and Short-Term Investments	28.79M	51.72M	39.71M	93.72M	166.49M	126.87M
Total Debt	15.44M	23.28M	26.51M	27.42M	24.53M	22.14M
Total Liabilities	182.23M	107.46M	34.02M	43.25M	33.64M	29.18M
Stockholders Equity	26.76M	58.92M	57.80M	110.60M	187.53M	123.40M
Cash Flow
Free Cash Flow	-30.48M	-45.32M	-72.32M	-104.38M	-64.99M	-24.97M
Operating Cash Flow	-30.29M	-44.76M	-70.45M	-94.78M	-59.83M	-23.75M
Investing Cash Flow	25.05M	-21.32M	43.95M	-20.41M	-49.10M	-1.22M
Financing Cash Flow	93.00K	56.56M	15.24M	17.46M	125.80M	138.31M

Vaxart Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.36
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VXRT, the sentiment is Positive. The current price of 0.36 is below the 20-day moving average (MA) of 0.37, below the 50-day MA of 0.36, and below the 200-day MA of 0.41, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 51.44 is Neutral, neither overbought nor oversold. The STOCH value of 51.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VXRT.

Vaxart Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RPTX	60 Neutral	$76.47M	-0.69	-49.78%	―	-82.16%	14.58%
VXRT	52 Neutral	$87.63M	―	-106.52%	―	784.27%	45.66%
KPTI	52 Neutral	$98.04M	-0.39	―	―	-3.98%	-29.94%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PLRX	37 Underperform	$98.83M	-0.47	-64.27%	―	―	14.19%
ATOS	36 Underperform	$109.55M	-3.77	-48.89%	―	―	-9.42%
KLRS	28 Underperform	$107.96M	―	-63.45%	―	―	63.31%

Vaxart Corporate Events

Vaxart Partners with Dynavax for Oral COVID-19 Vaccine

On November 4, 2025, Vaxart entered into an exclusive license and collaboration agreement with Dynavax Technologies Corporation for Vaxart’s investigational oral COVID-19 vaccine candidate. Under this agreement, Dynavax will pay Vaxart an upfront fee of $25 million and make a $5 million equity investment. Vaxart will continue to lead the development through Phase 2b, after which Dynavax may assume responsibility for further development. If Dynavax proceeds, Vaxart could receive additional milestone payments and royalties. This collaboration aims to leverage Vaxart’s oral vaccine platform and Dynavax’s commercial expertise to provide easily administered COVID-19 vaccine options, potentially enhancing patient acceptance and distribution.

Vaxart Secures Funding for COVID-19 Trial

On August 5, 2025, Vaxart received a stop work order for its Project Agreement under the Consortium Base Agreement with ATI, funded by BARDA. Despite this, the company can continue follow-up efforts for a Phase 2b study involving its oral COVID-19 vaccine candidate. On October 8, 2025, a follow-up notice clarified that BARDA intends to exclude the paused work from the Project Agreement, but Vaxart will still receive funding for evaluating the trial’s 5,000 participants. The company believes the trial data will provide valuable insights and support for advancing its COVID program.

Vaxart Faces Nasdaq Delisting, Moves to OTCQX

Vaxart, Inc. faced a delisting from Nasdaq after failing to meet the conditions set by the Nasdaq Hearings Panel, which included obtaining shareholder approval and completing a reverse stock split by specified dates in 2025. Consequently, Vaxart’s common stock was suspended from trading on Nasdaq and is now quoted on the OTCQX Best Market under the symbol ‘VXRT’.

Vaxart Withdraws Proposal, Cancels Stockholder Meeting

Vaxart, Inc. had planned a special meeting of stockholders on September 5, 2025, which was adjourned to September 19, 2025, to allow more time for voting on a proposal. However, on September 18, 2025, the company decided to withdraw the proposal and will not reconvene the meeting, indicating a shift in their strategic decisions.