Vaxart (VXRT) Q4 2024 earnings summary

Executive summary

• Advanced oral vaccine platform with robust safety and immunogenicity data across 19 clinical trials and 800+ participants, targeting multiple viruses.

• COVID-19 phase IIb trial's 400-person sentinel cohort completed enrollment and is under follow-up; BARDA-funded 10,000 participant expansion halted by HHS stop work order, pending review.

• Norovirus program initiated phase I trial of second-generation constructs, topline data expected mid-2025, aiming for phase II in late 2025 and phase III as early as 2026, pending funding.

• Preclinical programs in avian influenza and HPV progressing, with new constructs and studies underway.

• Appointed Kevin Finney to Board of Directors in January 2025.

Financial highlights

• 2024 revenue was $28.7 million, up from $7.4 million in 2023, mainly from BARDA contracts and government funding.

• Ended 2024 with $51.7 million in cash, cash equivalents, and investments, providing runway into Q4 2025.

• Net loss for 2024 was $66.9 million, improved from $82.5 million in 2023; net loss per share was $0.33 vs. $0.57.

• Research and development expenses rose to $74.2 million, primarily due to increased COVID-19 clinical trial and manufacturing costs.

• General and administrative expenses decreased to $20.8 million, mainly due to lower personnel and insurance costs.

Outlook and guidance

• Top-line data from norovirus phase I expected by mid-2025; phase II could begin in late 2025, phase III in 2026 if funded.

• Cash position expected to support operations through multiple development milestones and into Q4 2025.

• Exploring strategic partnerships and non-dilutive funding to further extend cash runway.

• Awaiting resolution of COVID-19 trial stop work order; further updates to be provided as events warrant.

• Ongoing review of preclinical programs to determine advancement priorities.