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Sep 30
Vaxart Q3 2025 Earnings Report
Vaxart reported a significant increase in revenue for Q3 2025 driven by government contracts, while narrowing its net loss compared to the prior year.
Key Takeaways
Vaxart generated $72.4 million in revenue during Q3 2025, largely from BARDA-related contracts. Despite higher R&D expenses due to clinical trial activity, the company reported a narrower net loss of $8.1 million. A new license deal with Dynavax extended its cash runway into Q2 2027.
Revenue surged to $72.4 million from $4.9 million in Q3 2024, primarily from BARDA-related government contracts.
Net loss narrowed to $8.1 million, or $0.04 per share, from $14.1 million in the same quarter last year.
R&D expenses rose sharply to $75.9 million due to costs associated with the COVID-19 Phase 2b trial.
The Dynavax license agreement brought in $30 million and extended the company's cash runway into Q2 2027.
Vaxart
Vaxart
Vaxart Revenue by Segment
Revenue by Segment
Government Contracts Revenue
CapyFin.com Forward Guidance
Vaxart anticipates reporting multiple datasets in 2026 from its ongoing COVID-19 Phase 2b trial and is actively seeking partnerships to support advancement of other vaccine candidates.
Positive Outlook
- Cash runway extended into Q2 2027 following Dynavax deal
- Topline data from COVID-19 sentinel cohort expected in Q1 2026
- Full Phase 2b trial results expected by late 2026
- Promising Phase 1 results for next-gen norovirus vaccine
- Exploring partnerships for HPV, flu, and norovirus programs
Challenges Ahead
- Significant increase in R&D expenses driven by COVID-19 trials
- Revenue dependent on government contract timing
- No new partnerships yet secured for non-COVID programs
- Continued operating losses despite revenue growth
- Future milestone payments from Dynavax remain contingent