Vaxart (VXRT)
OTHER OTC:VXRT
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Vaxart
(OTC:VXRT)
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Rating:61Neutral
Price Target:
$0.66
▲(83.61% Upside)
Action:Reiterated
Date:05/20/26
The score is supported primarily by improved financial performance (profitability/FCF turning positive with low leverage) and generally constructive earnings-call updates (partnership validation, data progress, and runway extension). These positives are tempered by weak technical momentum and meaningful execution/timing uncertainty tied to BARDA, partner opt-in decisions, and contract-driven revenue variability.
Positive Factors
Strategic partnership with Dynavax/Sanofi
The collaboration provides non-dilutive near-term funding, external validation of the oral vaccine platform, and a pathway to large milestone and royalty upside. Structurally this reduces single-party funding risk and aligns a large partner to accelerate development and commercialization decisions over the next several years.
Negative Factors
Partner continuation is optional and conditional
Key program advancement and future milestone revenue hinge on the partner electing to continue after Phase 2 review. This conditional structure concentrates execution risk externally: a partner decline or slow opt-in could delay development, funding, and commercialization pathways for core programs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic partnership with Dynavax/Sanofi
The collaboration provides non-dilutive near-term funding, external validation of the oral vaccine platform, and a pathway to large milestone and royalty upside. Structurally this reduces single-party funding risk and aligns a large partner to accelerate development and commercialization decisions over the next several years.
Read all positive factors
Vaxart (VXRT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$151.83M
Dividend YieldN/A
Average Volume (3M)416.84K
Price to Earnings (P/E)7.1
Beta (1Y)1.78
Revenue Growth439.32%
EPS GrowthN/A
CountryUS
Employees105
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.14
Shares Outstanding241,973,000
10 Day Avg. Volume453,949
30 Day Avg. Volume416,842
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.92
Price to Sales (P/S)0.34
P/FCF Ratio10.65
Enterprise Value/Market Cap0.69
Enterprise Value/Revenue0.41
Enterprise Value/Gross Profit0.41
Enterprise Value/Ebitda2.22
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.32
Revenue Forecast (FY)$304.10M
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 ...
How the Company Makes Money
null...
Vaxart Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed several strong positives: a significant strategic partnership with Dynavax (now Sanofi) with meaningful upfront consideration and large potential upside, a substantial year-over-year revenue increase driven by government contracts and the licensing transaction, robust and published norovirus clinical data demonstrating safety and durable mucosal IgA responses (including exploratory infant passive transfer), and active cost management that extends runway into 2027. Offsetting these positives are meaningful execution risks and timing uncertainties: a BARDA stop-work reduced planned Phase 2b enrollment (from 10,000 planned to ~5,400 enrolled), immunogenicity readouts are delayed and contingent on BARDA, the norovirus next study requires partner funding, and the strong 2025 revenue was largely contract-driven rather than recurring commercial revenue. On balance, the highlights—large partnership validation, major revenue pickup, and encouraging clinical data—outweigh the operational and timing challenges, supporting a constructive outlook but with clear dependency on partners and future data readouts.Positive Updates
Strategic Partnership with Dynavax (now Sanofi)
Entered a license and collaboration agreement (Nov 2025) with Dynavax, receiving $25,000,000 upfront and a $5,000,000 equity investment; potential additional $50,000,000 upon Dynavax electing to continue development after Phase 2b FDA submission; total potential deal value up to $700,000,000 including up to $195,000,000 in regulatory milestones, $425,000,000 in sales milestones, and tiered royalties in the low- to mid-teens.
Negative Updates
BARDA Stop-Work Impacted Phase 2b Enrollment
A BARDA-issued stop-work order in August 2025 halted enrollment; the trial was originally designed for 10,000 KP2 cohort subjects but only ~5,400 subjects had been enrolled prior to the stop-work (400 sentinel + ~5,000 KP2), which reduces the originally planned sample size and may affect timing/robustness of efficacy readouts.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic Partnership with Dynavax (now Sanofi)
Entered a license and collaboration agreement (Nov 2025) with Dynavax, receiving $25,000,000 upfront and a $5,000,000 equity investment; potential additional $50,000,000 upon Dynavax electing to continue development after Phase 2b FDA submission; total potential deal value up to $700,000,000 including up to $195,000,000 in regulatory milestones, $425,000,000 in sales milestones, and tiered royalties in the low- to mid-teens.
Read all positive updates
Company Guidance
Management guided that 12‑month top‑line data from the 400‑participant sentinel cohort of the Phase 2b COVID‑19 trial are expected in early Q2 2026 (timing to be agreed with BARDA) and that the larger ~5,000‑subject KP2 cohort efficacy readout is expected in late 2026 with immunogenicity results to follow; BARDA amended the work order to fund follow‑up for roughly 5,400 subjects enrolled prior to the August 2025 stop‑work. They reiterated the Dynavax (now Sanofi) deal economics—$25.0M upfront, $5.0M equity, $50.0M upon Phase 2b continuation, up to $195.0M in regulatory and $425.0M in sales milestones (total potential ~ $700.0M) plus tiered low‑to‑mid‑teens royalties—and said a next‑generation norovirus trial is planned to start in 2026 pending partnership/funding. Financial guidance noted full‑year 2025 revenue of $237.3M (vs. $28.7M in 2024), cash, cash equivalents and investments of $63.8M at year end with runway into 2027, and a lease termination that accelerates exit to 05/15/2026 (vs. prior 03/31/2029) to reduce operating expenses.Vaxart Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
74
Positive
Cash Flow
59
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 255.61M | 237.26M | 28.70M | 7.38M | 107.00K | 892.00K |
| Gross Profit | 255.61M | 237.26M | 28.70M | 2.88M | 107.00K | -47.86M |
| EBITDA | 47.30M | 28.20M | -54.87M | -72.13M | -100.58M | -66.45M |
| Net Income | 37.10M | 16.33M | -66.95M | -82.47M | -107.76M | -70.47M |
Balance Sheet | ||||||
| Total Assets | 180.06M | 186.08M | 166.39M | 91.83M | 153.85M | 221.17M |
| Cash, Cash Equivalents and Short-Term Investments | 61.02M | 63.81M | 51.72M | 39.71M | 93.72M | 166.49M |
| Total Debt | 7.97M | 8.98M | 23.28M | 26.51M | 27.42M | 24.53M |
| Total Liabilities | 85.94M | 98.28M | 107.46M | 34.02M | 43.25M | 33.64M |
| Stockholders Equity | 94.12M | 87.80M | 58.92M | 57.80M | 110.60M | 187.53M |
Cash Flow | ||||||
| Free Cash Flow | 14.80M | 7.57M | -45.32M | -72.32M | -104.38M | -64.99M |
| Operating Cash Flow | 15.26M | 7.71M | -44.76M | -70.45M | -94.78M | -59.83M |
| Investing Cash Flow | 2.72M | 16.63M | -21.32M | 43.95M | -20.41M | -49.10M |
| Financing Cash Flow | 4.07M | 4.24M | 56.56M | 15.24M | 17.46M | 125.80M |
Vaxart Technical Analysis
Negative
0.36
Price Trends
0.69
Negative
0.65
Negative
0.51
Positive
Market Momentum
-0.02
Positive
36.02
Neutral
18.91
Positive
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 0.36 is below the 20-day moving average (MA) of 0.72, below the 50-day MA of 0.69, and below the 200-day MA of 0.51, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 36.02 is Neutral, neither overbought nor oversold. The STOCH value of 18.91 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VXRT.
Vaxart Risk Analysis
Vaxart disclosed 93 risk factors in its most recent earnings report. Vaxart reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Vaxart Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $151.83M | 7.09 | 61.43% | ― | 439.32% | ― | |
52 Neutral | $161.81M | -1.37 | 77.87% | ― | 6.33% | -102.63% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $41.16M | -1.18 | -84.91% | ― | ― | -40.23% | |
46 Neutral | $103.46M | -3.15 | -72.78% | ― | ― | 73.91% | |
44 Neutral | $73.07M | -0.97 | -59.06% | ― | ― | 49.00% |
* Healthcare Sector Average
VXRT
Vaxart
0.61
0.10
20.08%
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Vaxart Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and ComplianceShareholder Meetings
Vaxart Urges Shareholder Support Amid Proxy Contest, Updates Pipeline
Positive
May 19, 2026
On May 19, 2026, Vaxart issued a letter to shareholders and filed preliminary proxy materials ahead of its Annual Meeting scheduled for July 16, 2026, outlining clinical, financial and governance developments over the past year. The company urged ...
Business Operations and StrategyExecutive/Board Changes
Vaxart Adds Veteran Biotech Leader to Board
Positive
Apr 23, 2026
On April 23, 2026, Vaxart, Inc., a clinical-stage biotechnology company developing oral vaccines using a proprietary pill-based delivery platform, said it had appointed veteran biotech executive James B. Breitmeyer, M.D., Ph.D., to its Board of Di...
Business Operations and Strategy
Vaxart Expands Utah Avenue Space, Consolidates South SF Footprint
Neutral
Apr 21, 2026
On April 20, 2026, Vaxart, Inc. amended its lease agreement with its Utah Avenue landlord in South San Francisco to add two suites totaling approximately 3,531 rentable square feet, with the new space becoming effective on May 14, 2026, for a 36&#...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Vaxart Secures Flexible $25 Million Equity Purchase Facility
Positive
Apr 17, 2026
On April 16, 2026, Vaxart, Inc. entered into a purchase agreement and related registration rights agreement with Lincoln Park Capital Fund, under which Lincoln Park committed to buy up to $25 million of Vaxart common stock over a 24‑month pe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.