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Sep 30, 2025
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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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