Vaxart, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated total revenue of $72.4 million for the third quarter, a substantial increase from $4.9 million in the same period last year. This growth was primarily driven by revenue from government contracts, which amounted to $72.4 million, compared to just $4.9 million in the prior year. For the nine months ending September 30, 2025, total revenue reached $133 million, up from $13.5 million in the previous year. Despite this increase in revenue, Vaxart reported a net loss of $8.1 million for the quarter, a decrease from a loss of $14.1 million in the same quarter of 2024.
The company's operating expenses also saw a significant rise, totaling $80.2 million for the third quarter, compared to $19.4 million in the same period last year. This increase was largely attributed to heightened research and development costs, which surged to $75.9 million from $15.1 million year-over-year. The increase in R&D expenses reflects Vaxart's ongoing commitment to advancing its clinical trials, particularly for its COVID-19 and norovirus vaccine candidates. The company’s operating loss improved to $7.8 million from $14.5 million in the prior year, indicating a reduction in losses despite the increase in expenses.
In terms of strategic developments, Vaxart entered into a significant collaboration with Dynavax Technologies Corporation in November 2025, granting Dynavax an exclusive license to develop and commercialize Vaxart's investigational oral COVID-19 vaccine candidate. This agreement includes an upfront license fee of $25 million and a $5 million purchase of Vaxart's common stock, providing the company with a total of $30 million in funding. This partnership is expected to enhance Vaxart's cash runway into the second quarter of 2027, alleviating previous concerns about the company's ability to continue as a going concern.
Operationally, Vaxart reported a notable increase in accounts receivable, which rose to $42.7 million from $5.8 million year-over-year, primarily due to government contracts. The company also reported unbilled receivables from government contracts of $43.2 million, up from $6.2 million in the previous year. As of September 30, 2025, Vaxart had cash and cash equivalents of $16.9 million, down from $25.2 million at the end of 2024, reflecting the company's ongoing investment in its clinical programs.
Looking ahead, Vaxart's management remains focused on advancing its vaccine candidates through clinical trials while navigating the complexities of funding and regulatory approvals. The company anticipates continued investment in research and development, particularly for its oral vaccine platform, and is actively seeking additional capital to support its operations. The successful execution of its strategic partnerships and government contracts will be critical in determining Vaxart's future financial performance and operational viability.
About Vaxart, Inc.
Vaxart, Inc. is a biotechnology company specializing in oral recombinant vaccines using its proprietary VAAST platform. It develops vaccines for infectious diseases like norovirus, COVID-19, influenza, and HPV, emphasizing ease of administration and mucosal immunity. The company focuses on clinical-stage vaccine candidates, leveraging innovative delivery methods, patent protection, and strategic partnerships to address unmet medical needs globally.
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