Vaxart (VXRT) Q1 2025 earnings summary

Executive summary

• The company is a clinical-stage biotech focused on oral recombinant vaccines for infectious diseases, with key programs in norovirus, COVID-19, and influenza, and operates a single segment centered on its proprietary oral vaccine platform.

• The stop work order on the 10,000-participant phase 2B COVID-19 vaccine trial was lifted, allowing the study to resume with BARDA and HHS support; screening and site activation are underway.

• Enrollment for the phase 1 norovirus vaccine trial was completed quickly, with topline data expected mid-2025.

• Workforce reductions of 10% in Q1 and 21% in May 2025 were implemented to align costs with business needs.

• CFO transition announced, with Jeroen Grasman joining as the new CFO effective May 19, 2025.

Financial highlights

• Q1 2025 revenue was $20.9 million, up 857% year-over-year, primarily from BARDA/government contracts.

• Net loss for Q1 2025 was $15.6 million ($0.07/share), improved from $24.4 million ($0.14/share) in Q1 2024.

• R&D expenses rose to $30.7 million, mainly due to increased clinical trial activity.

• Cash, cash equivalents, and investments totaled $41.9 million at quarter-end.

• Cash runway is expected to last into Q1 2026 based on current plans.

Outlook and guidance

• Dosing for the 10,000-participant COVID-19 phase 2B trial is expected to begin in Q2 2025, with a projected six-month enrollment period.

• Topline data from the phase 1 norovirus trial is anticipated mid-2025; a phase 2B study could start in the second half of 2025 if results are positive.

• Management expects current cash resources to fund operations into Q1 2026, but additional capital will be needed beyond that period.