Vaxart (VXRT) AI Stock Analysis

• Market Cap: $157.28M
• Dividend Yield: N/A
• Average Volume (3M): 1.09M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.15
• 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: 1,650,893
• 30 Day Avg. Volume: 1,091,586
• 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: 0.96
• Enterprise Value/Revenue: 1.02
• Enterprise Value/Gross Profit: 1.02
• Enterprise Value/Ebitda: -3.93
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: $0.67 ▲(85.56% Upside)

The score is held back primarily by weak financial performance (losses, negative cash flow, and very negative ROE) despite strong revenue growth. The earnings call provides a meaningful offset via the Dynavax deal and extended cash runway, while technicals are strong but extremely overbought, increasing near-term risk. Valuation remains challenged due to negative earnings and no dividend.

Positive Factors

Dynavax Partnership

The Dynavax deal provides upfront cash, equity, milestone and royalty potential and materially extends runway into 2027. This validates Vaxart's oral vaccine tech, reduces near-term financing risk, and creates a clear path to non-dilutive milestones and commercialization support.

Revenue Growth & Contract Execution

Large year-over-year revenue expansion driven by government contracting demonstrates Vaxart's ability to monetize its platform and secure non-dilutive funding. That capability supports sustained R&D activity and reduces sole reliance on equity markets for financing development programs.

Oral Vaccine Platform & Clinical Signal

Positive early norovirus data supports the scientific validity of Vaxart's proprietary oral tablet platform across multiple indications. A platform that delivers improved immunogenicity and easier administration increases licensing, partnership and commercial opportunity across infectious disease markets.

Negative Factors

Weak Profitability

Sustained negative margins and deeply negative ROE indicate the company is not generating shareholder returns and remains loss-making. Until products reach market or recurring high-margin revenue is established, profitability shortfalls will limit capital allocation flexibility and shareholder value creation.

Negative Cash Flow Trends

Ongoing negative operating and free cash flows, with declining FCF growth, signal structural cash burn. Even with partner payments, persistent negative cash flow necessitates further financing or milestone-dependent funding, constraining long-term R&D pacing and commercialization investments.

BARDA Stop Work Order & Trial Delays

A regulatory stop work order halting trial enrollment is a material execution and regulatory setback. It delays development timelines, jeopardizes program continuity, and increases reliance on external partners for progress, which can meaningfully slow commercialization and milestone realization.

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

Strong TTM revenue growth (+83.6%) is outweighed by weak fundamentals: deeply negative profitability (net margin -34.2%), negative ROE (-123.5%), and negative operating/free cash flow with declining FCF growth (-18%). Leverage is moderate (D/E 0.58), but overall financial quality remains weak.

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: Positive
• 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 Positive. The current price of 0.36 is below the 20-day moving average (MA) of 0.55, below the 50-day MA of 0.44, and below the 200-day MA of 0.41, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 61.18 is Neutral, neither overbought nor oversold. The STOCH value of 49.45 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
KLRS	60 Neutral	$164.87M	-1.30	-63.45%	―	―	63.31%
RPTX	57 Neutral	$113.38M	-1.56	-49.78%	―	-82.16%	14.58%
VXRT	54 Neutral	$157.28M	-2.91	-106.52%	―	784.27%	45.66%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
KPTI	48 Neutral	$121.76M	-0.48	―	―	-3.98%	-29.94%
ATOS	45 Neutral	$88.52M	-2.92	-48.89%	―	―	-9.42%
PLRX	42 Neutral	$79.27M	-0.44	-64.27%	―	―	14.19%

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.

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.

The most recent analyst rating on (VXRT) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Vaxart stock, see the VXRT Stock Forecast page.