$VXRT
Vaxart, Inc.

2020 Q1 Form 10-Q Financial Statement

#000143774920010425 Filed on May 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $2.902M $5.407M
YoY Change -46.33% 259.75%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.990M $2.030M
YoY Change -1.97% 1.0%
% of Gross Profit
Research & Development $1.542M $3.829M
YoY Change -59.73% 12.35%
% of Gross Profit
Depreciation & Amortization $19.00K $130.0K
YoY Change -85.38% 32.65%
% of Gross Profit
Operating Expenses $3.596M $5.855M
YoY Change -38.58% 8.07%
Operating Profit -$694.0K -$448.0K
YoY Change 54.91% -88.56%
Interest Expense $107.0K
YoY Change -75.51%
% of Operating Profit
Other Income/Expense, Net -$450.0K -$641.0K
YoY Change -29.8% -110.24%
Pretax Income -$1.144M -$1.089M
YoY Change 5.05% -146.5%
Income Tax $153.0K $250.0K
% Of Pretax Income
Net Earnings -$1.297M -$1.339M
YoY Change -3.14% -157.87%
Net Earnings / Revenue -44.69% -24.76%
Basic Earnings Per Share -$0.18
Diluted Earnings Per Share -$21.42K -$0.18
COMMON SHARES
Basic Shares Outstanding 70.73M 7.301M
Diluted Shares Outstanding 7.301M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.90M $8.400M
YoY Change 255.95% -52.0%
Cash & Equivalents $29.86M $8.400M
Short-Term Investments
Other Short-Term Assets $1.000M $1.200M
YoY Change -16.67% 9.09%
Inventory
Prepaid Expenses
Receivables $2.663M $5.584M
Other Receivables $0.00 $0.00
Total Short-Term Assets $33.67M $15.25M
YoY Change 120.75% -52.19%
LONG-TERM ASSETS
Property, Plant & Equipment $191.0K $1.559M
YoY Change -87.75% 55.9%
Goodwill
YoY Change
Intangibles $16.66M $18.63M
YoY Change -10.59%
Long-Term Investments
YoY Change
Other Assets $138.0K $104.0K
YoY Change 32.69%
Total Long-Term Assets $18.90M $21.06M
YoY Change -10.26% -14.39%
TOTAL ASSETS
Total Short-Term Assets $33.67M $15.25M
Total Long-Term Assets $18.90M $21.06M
Total Assets $52.56M $36.31M
YoY Change 44.77% -35.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $793.0K $849.0K
YoY Change -6.6% -50.06%
Accrued Expenses $4.280M $1.727M
YoY Change 147.83% -17.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.500M $1.700M
YoY Change -11.76% 0.0%
Total Short-Term Liabilities $7.441M $8.550M
YoY Change -12.97% 9.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.600M
YoY Change -100.0% -48.39%
Other Long-Term Liabilities $18.00K $18.00K
YoY Change 0.0% -99.88%
Total Long-Term Liabilities $18.00K $18.00K
YoY Change 0.0% -99.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.441M $8.550M
Total Long-Term Liabilities $18.00K $18.00K
Total Liabilities $21.27M $23.73M
YoY Change -10.37% -6.56%
SHAREHOLDERS EQUITY
Retained Earnings -$118.0M -$99.36M
YoY Change 18.72%
Common Stock $149.3M $111.9M
YoY Change 33.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.29M $12.58M
YoY Change
Total Liabilities & Shareholders Equity $52.56M $36.31M
YoY Change 44.77% -35.74%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$1.297M -$1.339M
YoY Change -3.14% -157.87%
Depreciation, Depletion And Amortization $19.00K $130.0K
YoY Change -85.38% 32.65%
Cash From Operating Activities -$3.208M -$4.653M
YoY Change -31.06% -56.06%
INVESTING ACTIVITIES
Capital Expenditures $4.000K $552.0K
YoY Change -99.28% 294.29%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.000K -$552.0K
YoY Change -99.82% -102.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.175M $2.500M
YoY Change 267.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $19.54M 2.123M
YoY Change 820.49% -901.13%
NET CHANGE
Cash From Operating Activities -$3.208M -4.653M
Cash From Investing Activities -$1.000K -552.0K
Cash From Financing Activities $19.54M 2.123M
Net Change In Cash $16.33M -3.082M
YoY Change -629.95% -119.35%
FREE CASH FLOW
Cash From Operating Activities -$3.208M -$4.653M
Capital Expenditures $4.000K $552.0K
Free Cash Flow -$3.212M -$5.205M
YoY Change -38.29% -51.49%

Facts In Submission

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RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P90D
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
1
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2020Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1143000
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
453000
CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; font-weight: bold;">Reclassification</div> &#x2013; Prior periods&#x2019; data is subject to reclassification to conform to the current presentation. Accordingly,&nbsp;<div style="display: inline; font-style: italic; font: inherit;">$48,000</div> that was previously recorded as non-lease costs has been included as variable lease costs and in cash outflows related to leases in the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2019.&nbsp;</div>This&nbsp;reclassification&nbsp;had <div style="display: inline; font-style: italic; font: inherit;">no</div> effect on reported net loss.</div></div></div></div></div></div></div></div>
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9175000
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2540000
CY2020Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
10000000
CY2020Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3000
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
18000
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
669000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
669000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
191000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
210000
CY2020Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
CY2019Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
417000
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1542000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3829000
CY2020Q1 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
4984000
CY2020Q1 us-gaap Restructuring Charges
RestructuringCharges
64000
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
3648000
CY2020Q1 us-gaap Restructuring Reserve
RestructuringReserve
3232000
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-117958000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-116661000
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2902000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
5407000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
112000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
96000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
164000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
295180
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
110276
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
51206
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
85992
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1811652
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1650848
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.74
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.69
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.77
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
9.19
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.39
CY2020Q1 us-gaap Short Term Lease Commitment Amount
ShortTermLeaseCommitmentAmount
0
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3000
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
23606
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
18000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
31293000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
12952000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
11238000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
12576000
CY2020Q1 us-gaap Sublease Income
SubleaseIncome
54000
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
54000
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Use of Estimates</div>&nbsp;&#x2013;&nbsp;The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Actual results and outcomes could differ from these estimates and assumptions.</div></div></div></div></div></div></div></div>
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
11000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
48000
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
60677145
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7301189
CY2020Q1 vxrt Accrued Clinical And Manufacturing Expenses Current
AccruedClinicalAndManufacturingExpensesCurrent
3228000
CY2019Q4 vxrt Accrued Clinical And Manufacturing Expenses Current
AccruedClinicalAndManufacturingExpensesCurrent
3228000
CY2019Q1 vxrt Adjustments To Additional Paid In Capital Stock And Warrants Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockAndWarrantsIssuedIssuanceCosts
560000
CY2020Q1 vxrt Adjustments To Additional Paid In Capital Stock And Warrants Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockAndWarrantsIssuedIssuanceCosts
1278000
CY2018Q1 vxrt Business Combination Stock Conversion Shares Issued Per Common Share Of Surviving Entity
BusinessCombinationStockConversionSharesIssuedPerCommonShareOfSurvivingEntity
0.22148
CY2020Q1 vxrt Contract With Customer Asset Revenue Recognized
ContractWithCustomerAssetRevenueRecognized
120000
CY2019Q4 vxrt Contract With Customer Asset Revenue Recognized
ContractWithCustomerAssetRevenueRecognized
21000
CY2020Q1 vxrt Impairment Of Property And Equipment
ImpairmentOfPropertyAndEquipment
0
CY2019Q1 vxrt Impairment Of Property And Equipment
ImpairmentOfPropertyAndEquipment
0
CY2020Q1 vxrt Issuance Of Warrants To Placement Agents Designees
IssuanceOfWarrantsToPlacementAgentsDesignees
453000
CY2019Q1 vxrt Issuance Of Warrants To Placement Agents Designees
IssuanceOfWarrantsToPlacementAgentsDesignees
100000
CY2020Q1 vxrt Lessee Finance Lease Number Of Leases
LesseeFinanceLeaseNumberOfLeases
0
CY2020Q1 vxrt Lessee Operating Lease Number Leases Exceeding One Year
LesseeOperatingLeaseNumberLeasesExceedingOneYear
3
CY2020Q1 vxrt Lessee Operating Lease Number Of Leases
LesseeOperatingLeaseNumberOfLeases
4
CY2020Q1 vxrt Lessee Operating Lease Number Of Right Of Use Leases Terminated
LesseeOperatingLeaseNumberOfRightOfUseLeasesTerminated
1
CY2020Q1 vxrt Lessee Operating Lease Number Of Rightofuse Leases Subleased
LesseeOperatingLeaseNumberOfRightofuseLeasesSubleased
1
CY2020Q1 vxrt Liability Related To Sale Of Future Royalties Current
LiabilityRelatedToSaleOfFutureRoyaltiesCurrent
1513000
CY2019Q4 vxrt Liability Related To Sale Of Future Royalties Current
LiabilityRelatedToSaleOfFutureRoyaltiesCurrent
2916000
CY2020Q1 vxrt Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
12541000
CY2019Q4 vxrt Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
13416000
CY2020Q1 vxrt Net Proceeds From Issuance Of Common Stock Pre Funded Warrants And Common Warrants In Underwritten Offering
NetProceedsFromIssuanceOfCommonStockPreFundedWarrantsAndCommonWarrantsInUnderwrittenOffering
10349000
CY2019Q1 vxrt Net Proceeds From Issuance Of Common Stock Pre Funded Warrants And Common Warrants In Underwritten Offering
NetProceedsFromIssuanceOfCommonStockPreFundedWarrantsAndCommonWarrantsInUnderwrittenOffering
CY2020Q1 vxrt Noncash Interest Expense On Liability
NoncashInterestExpenseOnLiability
491000
CY2019Q1 vxrt Noncash Interest Expense On Liability
NoncashInterestExpenseOnLiability
544000
CY2020Q1 vxrt Noncash Revenue Related To Sale Of Future Royalties
NoncashRevenueRelatedToSaleOfFutureRoyalties
2769000
CY2019Q1 vxrt Noncash Revenue Related To Sale Of Future Royalties
NoncashRevenueRelatedToSaleOfFutureRoyalties
1384000
CY2020Q1 vxrt Proceeds From Issuance Or Sale Of Equity Net
ProceedsFromIssuanceOrSaleOfEquityNet
9200000
CY2020Q1 vxrt Reserve For Return Of Royalties Current
ReserveForReturnOfRoyaltiesCurrent
178000
CY2019Q4 vxrt Reserve For Return Of Royalties Current
ReserveForReturnOfRoyaltiesCurrent
178000
CY2020Q1 vxrt Share Based Compensation Arrangement By Share Based Payment Award Canceled
ShareBasedCompensationArrangementByShareBasedPaymentAwardCanceled
7721
CY2020Q1 vxrt Share Based Compensation Arrangement By Share Based Payment Award Forfeited
ShareBasedCompensationArrangementByShareBasedPaymentAwardForfeited
85910
CY2019Q1 vxrt Stock And Warrants Issued During Period Value New Issues
StockAndWarrantsIssuedDuringPeriodValueNewIssues
2440000
CY2020Q1 vxrt Stock And Warrants Issued During Period Value New Issues
StockAndWarrantsIssuedDuringPeriodValueNewIssues
8722000
CY2020Q1 vxrt Stock Issued During Period Value Exercise Of Pre Funded Warrants
StockIssuedDuringPeriodValueExerciseOfPreFundedWarrants
10349000

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