Vaxart Reports 88% Revenue Growth and Net Income Turnaround in Latest Quarterly Filing

Vaxart, Inc. reported significant financial improvements in its latest quarterly filing for the period ending March 31, 2026. The company generated total revenue of $39.2 million, an increase of 88% compared to $20.9 million in the same period last year. This growth was primarily driven by a substantial rise in revenue from government contracts, which reached $36.4 million, up from $19.3 million in the prior year. Collaboration revenue also contributed, amounting to $2.8 million, reflecting the impact of a new agreement with Dynavax Technologies Corporation.

The company achieved an operating income of $5.2 million, a notable turnaround from an operating loss of $14.9 million in the previous year. This improvement was accompanied by a net income of $5.2 million, compared to a net loss of $15.6 million in the same quarter of 2025. The increase in profitability was attributed to higher revenues and a reduction in operating expenses, which decreased by 5% to $34.1 million, down from $35.8 million a year earlier.

Operationally, Vaxart has made strategic advancements, including the ongoing development of its oral vaccine candidates targeting various infectious diseases. The company is currently focused on its COVID-19 vaccine candidate, which is part of a Phase 2b clinical study funded by the U.S. Biomedical Advanced Research and Development Authority (HHS BARDA). As of March 31, 2026, Vaxart had approximately $61 million in cash, cash equivalents, and short-term investments, which management believes is sufficient to fund operations for at least the next 12 months.

In terms of organizational changes, Vaxart appointed Dr. James B. Breitmeyer to its Board of Directors in April 2026, enhancing its governance structure. The company also entered into a new equity line of credit agreement with Lincoln Park Capital Fund, allowing it to raise up to $25 million through the sale of common stock, subject to certain conditions. This move is expected to provide additional financial flexibility as Vaxart continues to advance its clinical programs and explore commercial opportunities.

Looking ahead, Vaxart anticipates further modifications to its government contracts, particularly in light of recent stop work orders that have affected enrollment in its clinical trials. The company is committed to maintaining its cash runway into the second quarter of 2027, although it acknowledges the need for additional capital to support ongoing operations and product development. The management remains focused on navigating the evolving market conditions and regulatory landscape to achieve its strategic objectives.