Vaxart (VXRT) AI Stock Analysis

• Market Cap: $151.48M
• Dividend Yield: N/A
• Average Volume (3M): 492.19K
• Price to Earnings (P/E): 4.9
• Beta (1Y): 2.06
• Revenue Growth: 784.27%
• EPS Growth: 45.66%
• Country: US
• Employees: 105
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.11
• Shares Outstanding: 240,069,840
• 10 Day Avg. Volume: 622,075
• 30 Day Avg. Volume: 492,185
• PEG Ratio: -0.03
• Price to Book (P/B): 0.92
• Price to Sales (P/S): 0.34
• P/FCF Ratio: 10.65
• Enterprise Value/Market Cap: 0.70
• Enterprise Value/Revenue: 0.45
• Enterprise Value/Gross Profit: 0.50
• Enterprise Value/Ebitda: 5.89
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.08
• Revenue Forecast (FY): $304.10M

• Rating: 66 Neutral
• Price Target: $0.80 ▲(121.11% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is driven primarily by improved financial performance (recent profitability and positive cash flow) but tempered by concerns about sustainability given prior multi-year losses and a reduced equity cushion. Technicals are supportive with a clear uptrend, valuation appears attractive on a low P/E, and the earnings call adds constructive support via the Dynavax partnership while noting meaningful program and funding/timeline risks.

Positive Factors

Dynavax partnership

A material collaboration with Dynavax provides validation of Vaxart’s oral vaccine platform and immediate non-dilutive cash via upfront and equity investment. The deal extends runway into Q2 2027 and creates staged milestone funding that can de-risk clinical development and preserve optionality.

Recent revenue inflection and profitability

The company shows a sharp financial inflection with large revenue growth and a shift to TTM profitability, indicating improved operational performance and potential scaling of revenue-generating activities. Sustained positive margins and revenue momentum improve funding prospects for clinical programs.

Low leverage and improved returns

Low absolute debt and a sizeable asset base provide financial flexibility for an R&D-heavy biotech. Elevated TTM ROE implies recent capital efficiency gains, supporting ability to fund trials or attract partners without heavy borrowing, a durable structural strength if earnings persist.

Negative Factors

Cash flow volatility and historical burn

Although TTM operating and free cash flow turned positive, the sharp negative FCF growth rate and a history of extended cash burn signal instability in cash generation. This raises risk that recent cash-positive results could reverse, necessitating external funding or dilutive financing.

Reduced equity cushion vs prior years

A materially smaller equity base compared with prior years weakens the balance sheet’s ability to absorb setbacks or higher R&D spend. With less internal capital buffer, the company is more exposed to financing risk and may need partner deals or equity issuance if development costs rise.

Regulatory stop work and trial delays

The BARDA stop work order and delayed norovirus trial create structural timeline and funding uncertainty for key programs. Halting enrollment and contingent trial starts can push milestones, increase costs, and heighten dependency on partners for advancement and commercialization.

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

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Vaxart Financial Statement Overview

Summary

TTM shows a meaningful turnaround with rapid revenue growth and a shift to profitability, supported by positive operating and free cash flow and low leverage. The key risk is durability given the historically loss-making profile, a sharp swing in results, and a notably reduced equity base versus prior years.

Income Statement

TTM (Trailing-Twelve-Months) shows a sharp inflection: revenue rose to $237.3M with strong growth (+60.1%) and the company turned profitable (net income $16.3M; net margin ~6.9%). This is a meaningful improvement versus 2024–2021, which were characterized by heavy losses and deeply negative margins. Key risk: profitability appears recent and potentially volatile given the historically loss-making profile and the large swing from sizable operating losses to modest profits.

Balance Sheet

Leverage looks manageable in the latest period, with low total debt ($9.0M) relative to equity ($88.0M), supporting financial flexibility. Total assets are $186.1M, and returns improved materially in TTM (return on equity ~33.8%) after several years of negative returns. Main watch-out: equity has declined notably versus prior years (e.g., $187.5M in 2021 to $88.0M TTM), reflecting prior losses and reducing the cushion if results weaken.

Cash Flow

TTM operating cash flow and free cash flow are positive ($7.7M and $7.6M), a major step up from consistently negative cash generation in 2020–2024. Free cash flow is roughly in line with net income (about 1.0x), suggesting reported earnings are backed by cash in the latest period. However, free cash flow growth is sharply negative in TTM (-124.8%), and the multi-year history of large cash burn indicates cash flow stability is still a key risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	237.26M	28.70M	7.38M	107.00K	892.00K
Gross Profit	0.00	28.70M	2.88M	107.00K	-47.86M
EBITDA	18.07M	-54.87M	-72.13M	-100.58M	-66.45M
Net Income	16.33M	-66.95M	-82.47M	-107.76M	-70.47M
Balance Sheet
Total Assets	186.08M	166.39M	91.83M	153.85M	221.17M
Cash, Cash Equivalents and Short-Term Investments	63.81M	51.72M	39.71M	93.72M	166.49M
Total Debt	8.98M	23.28M	26.51M	27.42M	24.53M
Total Liabilities	98.28M	107.46M	34.02M	43.25M	33.64M
Stockholders Equity	87.80M	58.92M	57.80M	110.60M	187.53M
Cash Flow
Free Cash Flow	7.57M	-45.32M	-72.32M	-104.38M	-64.99M
Operating Cash Flow	7.71M	-44.76M	-70.45M	-94.78M	-59.83M
Investing Cash Flow	16.63M	-21.32M	43.95M	-20.41M	-49.10M
Financing Cash Flow	4.24M	56.56M	15.24M	17.46M	125.80M

Vaxart Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.36
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Neutral. The current price of 0.36 is below the 20-day moving average (MA) of 0.70, below the 50-day MA of 0.63, and below the 200-day MA of 0.45, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 43.73 is Neutral, neither overbought nor oversold. The STOCH value of 41.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VXRT.

Vaxart Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VXRT	66 Neutral	$151.48M	4.94	33.83%	―	784.27%	45.66%
KLRS	60 Neutral	$145.12M	-2.27	-76.00%	―	―	63.31%
KPTI	54 Neutral	$144.00M	-0.41	―	―	-3.98%	-29.94%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PLRX	49 Neutral	$83.58M	-0.50	-71.51%	―	―	14.19%
ATOS	43 Neutral	$43.14M	-3.22	-48.89%	―	―	-9.42%

Vaxart Corporate Events

Vaxart to Relocate Headquarters Amid Lease Termination

On December 18, 2025, Vaxart, Inc. entered into a termination agreement with Britannia Pointe Grand Limited Partnership to end its lease for approximately 24,606 square feet of office and lab space at 170 Harbor Way in South San Francisco, which has served as the company’s headquarters. The lease, originally set to expire on March 31, 2029, will now terminate effective May 15, 2026, with Vaxart obligated only to pay rent and reimbursable expenses through the termination date and incurring no termination fees or penalties, as part of broader cost‑reduction efforts. Concurrent with the lease termination, Vaxart plans to relocate its headquarters and labs to one of its other offices in the South San Francisco area, indicating a consolidation of its facilities footprint while maintaining its operational presence in the same regional market.

The most recent analyst rating on (VXRT) stock is a Hold with a $0.37 price target. To see the full list of analyst forecasts on Vaxart stock, see the VXRT Stock Forecast page.