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Mar 31
Vaxart Q1 2025 Earnings Report
Vaxart reported increased revenue in Q1 2025 driven by BARDA contract income while narrowing its net loss year-over-year.
Key Takeaways
Vaxart significantly grew its revenue in Q1 2025 due to BARDA funding, despite higher R&D expenses for ongoing vaccine programs. The company reduced its net loss compared to the prior year and maintains a cash runway into 2026.
Revenue surged to $20.9 million in Q1 2025, primarily from BARDA-related government contracts.
Net loss decreased to $15.6 million compared to $24.4 million in Q1 2024.
R&D expenses increased to $30.7 million due to ongoing COVID-19 and norovirus vaccine development.
Cash, cash equivalents, and investments totaled $41.9 million, supporting operations into 2026.
Vaxart
Vaxart
Forward Guidance
Vaxart expects continued progress in clinical programs and aims to secure partnerships or non-dilutive funding to extend its runway.
Positive Outlook
- Screening underway for 10,000-participant COVID-19 Phase 2b trial.
- Completion of Phase 1 enrollment for norovirus vaccine.
- Strong preclinical results for avian influenza vaccine.
- Robust BARDA contract support continues to drive revenue.
- New CFO with over 20 years of experience appointed to strengthen leadership.
Challenges Ahead
- Increased R&D expenses have raised operational costs.
- Cash runway limited to early 2026 without additional funding.
- Dependence on government grants and partnerships for trial continuation.
- Potential delays in trial progression due to regulatory or funding issues.
- Ongoing risk of clinical trial data not meeting endpoints or expectations.