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Dec 31, 2024
Vaxart Q4 2024 Earnings Report
Vaxart reported its full year 2024 financial results, including a net loss of $66.9 million and total revenue of $28.7 million.
Key Takeaways
Vaxart reported a net loss of $66.9 million for the full year 2024, an improvement from the $82.5 million net loss in 2023. Total revenue for 2024 was $28.7 million, primarily driven by government contracts. The company initiated a Phase 1 clinical trial for its second-generation oral norovirus vaccine and continues follow-up for its COVID-19 Phase 2b trial.
Vaxart's net loss for the full year 2024 was $66.9 million, an improvement from $82.5 million in 2023.
Total revenue for the full year 2024 was $28.7 million, primarily from government contracts related to BARDA awards.
The company initiated a Phase 1 clinical trial for its second-generation oral norovirus vaccine, with topline data expected by mid-2025.
Cash, cash equivalents, and investments totaled $51.7 million as of December 31, 2024, providing a runway into the fourth quarter of 2025.
Vaxart
Vaxart
Vaxart Revenue by Segment
Revenue by Segment
Government Contracts Revenue
CapyFin.com Forward Guidance
Vaxart is focused on advancing its oral vaccine candidates, with key milestones including topline data for its norovirus vaccine and continued follow-up for the COVID-19 trial. The company anticipates its current cash to fund operations into Q4 2025.
Positive Outlook
- Initiation of Phase 1 clinical trial for second-generation oral norovirus vaccine with topline data expected by mid-2025.
- Potential for Phase 2b safety and immunogenicity study for norovirus vaccine to begin as early as H2 2025, followed by a potential Phase 3 trial in 2026.
- Continued per protocol follow-up for the COVID-19 Phase 2b 400-person sentinel cohort.
- Advancement of avian influenza program with new vaccine candidate and ongoing preclinical studies.
- Cash, cash equivalents and investments of $51.7 million as of December 31, 2024, providing runway into the fourth quarter of 2025.
Challenges Ahead
- Stop work order received from Advanced Technology International on behalf of the U.S. government for COVID-19 Phase 2b trial, with potential for termination.
- Future steps for norovirus vaccine development (Phase 2b and 3) are pending partnership or other funding.
- Uncertainties inherent in research and development, including meeting anticipated clinical endpoints and regulatory approval dates.
- Risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities.
- Potential for Vaxart's product candidates not to be approved by regulatory authorities or not to achieve broad market acceptance even if approved.