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Jun 30, 2025
Vaxart Q2 2025 Earnings Report
Vaxart reported its second quarter 2025 financial results, highlighting increased revenue from government contracts and continued progress in its vaccine development programs, despite a net loss.
Key Takeaways
Vaxart experienced a significant increase in revenue during the second quarter of 2025, primarily driven by government contracts. The company continued to advance its oral vaccine platform with positive topline data for its norovirus vaccine and ongoing work on its COVID-19 and avian influenza programs. Despite the revenue growth, Vaxart reported a net loss, though it was a smaller loss compared to the same period last year.
Revenue for Q2 2025 surged to $39.7 million, a substantial increase from $6.4 million in Q2 2024, primarily due to government contracts.
The company reported a net loss of $15.0 million for Q2 2025, an improvement from a net loss of $16.5 million in Q2 2024.
Research and development expenses significantly increased to $49.7 million in Q2 2025, reflecting higher clinical trial expenses for COVID-19 and norovirus vaccine candidates.
Vaxart's cash, cash equivalents, and investments stood at $26.3 million as of June 30, 2025, with an anticipated cash runway into the first quarter of 2026.
Revenue by Segment
Forward Guidance
Vaxart is focused on advancing its clinical programs and exploring strategies to extend its cash runway. Key milestones include potential Phase 2 trials for norovirus and continued follow-up for the COVID-19 trial.
Positive Outlook
- Expects to conduct a Phase 2b safety and immunogenicity study for norovirus vaccine as early as the second half of 2025, pending partnership or funding.
- Anticipates an End of Phase 2 meeting with the FDA for the norovirus vaccine after the Phase 2b study.
- A Phase 3 trial for the norovirus vaccine could begin as early as 2026.
- Continued per protocol follow-up for all dosed participants in the COVID-19 Phase 2b trial.
- Topline data for the COVID-19 Phase 2b trial is anticipated in late 2026.
Challenges Ahead
- Received a stop work order for screening and enrollment in the COVID-19 Phase 2b trial.
- Cash runway is currently anticipated only into the first quarter of 2026, necessitating exploration of funding options.
Historical Earnings Impact
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