Vaxart Inc (NASDAQ: VXRT) is a clinical-stage biopharmaceutical company that develops oral tablet vaccines and immunotherapies. Revenue is generated through license and collaboration agreements, structured as upfront payments, milestone payments, and royalties under ASC 606, as well as through government contracts that produce unbilled receivables. As of the 10-K filed March 13, 2026 (FY2025), the company had no approved products on the market and relied on equity financing to fund operations, including $4.2 million raised via the Dynavax Purchase Agreement and $53,000 from an at-the-market facility during the year ended December 31, 2025. Vaxart competes for collaboration partners and grant funding in a field where competing product candidates and collaborator resource constraints directly affect deal terms and timelines. The company has not disclosed a dominant customer and carries long-term debt tied to a royalty interest agreement executed in 2016 with HCRP.

Revenue model

License and collaboration agreements recognized under ASC 606, including upfront payments, milestone payments, and royalties. Government contract revenue recognized as services are performed, with unbilled receivables recorded. No product sales revenue as of FY2025.

Products and services

Oral tablet vaccine and immunotherapy product candidates in clinical development. No approved or commercially sold products as of the 10-K filed March 13, 2026.

Customers and end markets

Collaboration partners and government agencies are the primary counterparties. No individual customer concentration disclosed in the excerpts. End markets are preventive and therapeutic vaccines.

Value-chain role

Drug developer and licensor. Relies on third-party contract manufacturers for clinical trial materials and on contract research organizations for preclinical studies and clinical trials. Does not manufacture or distribute commercial products.

Geographic exposure

Primary operations in the United States. Subject to GDPR for any European data processing. No specific international revenue mix disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-13

Industry: Biological Products, (No Diagnostic Substances) Peers: 4D Molecular Therapeutics Inc Whitehawk Therapeutics Inc AVEO PHARMACEUTICALS, INC. Bioatla Inc Sutro Biopharma Inc Generation Bio Co. Immuneering Corp Outlook Therapeutics Inc Poseida Therapeutics, Inc.