Vaxart Reports $16.3 Million Net Income for 2025, Driven by $237.3 Million Revenue

Vaxart, Inc., a clinical-stage biotechnology company focused on oral recombinant vaccines, reported a net income of $16.3 million for the year ended December 31, 2025, a significant turnaround from the $66.9 million net loss in 2024. This improvement was primarily driven by a substantial increase in total revenue, which reached $237.3 million, compared to $28.7 million in the previous year. The company's revenue stream included $1.9 million in non-cash royalty revenue, $224.5 million from government contracts, and $10.8 million from license and collaboration agreements. Operating expenses also increased, totaling $219.2 million, up from $95.0 million in 2024, largely due to increased research and development spending.

The company's financial performance was significantly influenced by government contracts, particularly the Advanced Technology International (ATI)-Rapid Response Partnership Vehicle (RRPV) contract, which contributed $223.9 million in revenue for 2025. This contract supports the Phase 2b clinical study of Vaxart's oral pill COVID-19 vaccine candidate. However, the company faced some challenges with this contract, including stop work orders and subsequent modifications, which affected the scope of the study and available funding. Despite these challenges, the company continued to collect participant data and anticipates further funding under the contract.

Operationally, Vaxart made progress in its norovirus vaccine program, reporting positive topline results from a Phase 1 clinical trial evaluating second-generation bivalent norovirus vaccine constructs. The company also continued its COVID-19 vaccine program, initiating and completing enrollment of the sentinel cohort of the Phase 2b study. However, the company experienced stop work orders and modifications to its ATI-RRPV contract, impacting the enrollment of the main cohort. In its influenza program, Vaxart completed a preclinical study with a newly created avian influenza vaccine candidate, demonstrating 100% protection against death in a ferret challenge model. As of December 31, 2025, the company had approximately 65 full-time equivalent employees and 9 full-time equivalent contractors.

Looking ahead, Vaxart anticipates continued data collection from the Phase 2b COVID-19 study and further development of its vaccine candidates, contingent on funding and partnerships. The company's financial outlook is dependent on its ability to secure additional capital, manage expenses, and achieve milestones in its clinical development programs. As of December 31, 2025, Vaxart had $63.8 million in cash, cash equivalents, and investments, which it believes will be sufficient to fund operations into the second quarter of 2027. The company's future success hinges on the successful development, regulatory approval, and commercialization of its oral vaccine candidates.