Vaxart Inc
vaxart.comWhat Do They Do?
Develops oral tablet vaccine candidates for norovirus, coronavirus, and influenza, along with a therapeutic vaccine candidate for HPV-related disease.
10-K for FY2025, filed Mar 13, 2026We are a clinical-stage biotechnology company primarily focused on the development of oral recombinant vaccines based on our…View ↗
We are developing prophylactic vaccine candidates that target a range of infectious diseases, including norovirus (a widespread cause of…View ↗
Our proprietary enteric-coated tablet, which is designed to deliver the Ad5 vector to the small intestine.View ↗
How Do They Make Money?
HHS BARDA pays for trial work through completed milestones and reimbursement of allowable costs plus a fee as work proceeds. License and collaboration agreements can also bring upfront and milestone payments and royalties tied to product sales.
10-K for FY2025, filed Mar 13, 2026The Company accounts for the 2024 ATI-RRPV Contract under ASC 958-605 and recognizes revenue as the firm fixed-price milestone is earned…View ↗
The Company enters into license and collaboration agreements that may include the grant of licenses to intellectual property, research and…View ↗
The transaction price may include fixed consideration, such as upfront payments, and variable consideration, such as milestone payments and…View ↗
$237.3M
-
10-K for FY2025, filed Mar 13, 2026
$237.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Non Cash Royalty Revenue
Licensed
|
0.8%
FY2022: 100%
|
Non Cash Royalty Revenue, FY2025
$1.9M Sources
|
Licensed |
|
Government Contract
Recurring
10-K for FY2025, filed Mar 13, 2026 |
95% |
Government Contract, FY2025
$224.5M Sources
|
Recurring |
|
License
Licensed
|
3.7% |
License, FY2025
$8.7M Sources
|
Licensed |
|
Collaboration Revenue
Recurring
|
0.9% |
Collaboration Revenue, FY2025
$2.1M Sources
|
Recurring |
Who Are Their Customers?
The government trial contract is with Advanced Technology International, which is funded by HHS BARDA; Dynavax has a worldwide license and development collaboration, and Daiichi Sankyo markets Inavir in Japan.
10-K for FY2025, filed Mar 13, 2026In June 2024, the Company entered into an agreement (as modified or amended from time to time, the “2024 ATI-RRPV Contract”) with Advanced…View ↗
On November 4, 2025, the Company entered into an Exclusive License and Collaboration Agreement (“2025 License and Collaboration Agreement”)…View ↗
The Company generates royalty revenue from the sale of Inavir in Japan, pursuant to a collaboration and license agreement that Aviragen…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 7 cents of every revenue dollar as net income in FY2025 and turned 3 cents into free cash flow.
10-K for FY2025, filed Mar 13, 2026
$18.1MView ↗
10-K for FY2025, filed Mar 13, 2026
$16.3MView ↗
10-K for FY2025, filed Mar 13, 2026
$7.6MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$13.5MView ↗
- ▼ −10% (Loss)
- vs −$15M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
Growing. Revenue grew 266.0x in 4 years, from $892K in FY2021 to $237.3M in FY2025, about 304% a year.
Who Do They Compete With?
Competes with Moderna, Merck, Anhui Zhifei Longcom Biopharmaceutical, Chongqing Zhifei Biological Products, National Vaccine and Serum Institute of China, Cocrystal Pharma, Pfizer-BioNTech, Novavax, AstraZeneca, CSL, Emergent BioSolutions, F. Hoffmann-La Roche, GSK, Instituto Butantan, Merck &, Pfizer, Sanofi, Sinovac Biotech, Centivax, and Inovio Pharmaceuticals
10-K for FY2025, filed Mar 13, 2026As of January 2026, there are no vaccines approved by the FDA or other global regulatory agencies for the prevention of norovirus. We are…View ↗
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