Vaxart Reports $27.2 Million Revenue in Q2 2026, Down 32% Year-Over-Year

Vaxart, Inc. reported a total revenue of $27.2 million for the second quarter of 2026, a decrease of 32% compared to $39.7 million in the same period of 2025. The decline was primarily driven by a significant drop in revenue from government contracts, which fell to $24.3 million from $39.7 million year-over-year. However, collaboration revenue increased to $2.9 million, reflecting the impact of the 2025 License and Collaboration Agreement with Dynavax Technologies Corporation. For the first half of 2026, total revenue rose to $66.4 million, a 10% increase from $60.6 million in the prior year.

Operating expenses for the second quarter decreased by 26% to $40.4 million, down from $54.3 million in the same quarter of 2025. This reduction was largely attributed to lower research and development costs, which fell to $33.8 million from $49.7 million, as the company scaled back on clinical trial expenses related to its COVID-19 vaccine candidate. General and administrative expenses, however, increased by 44% to $6.6 million, driven by higher professional and legal fees. The net loss for the quarter was $13.5 million, a 10% improvement from the $15.0 million loss reported in the second quarter of 2025.

In terms of operational developments, Vaxart's cash and cash equivalents stood at $50.9 million as of June 30, 2026, a decrease from $53.8 million at the end of 2025. The company has also seen a notable increase in unbilled receivables from government contracts, which rose to $47.0 million from $36.8 million. The total liabilities decreased to $82.8 million from $98.3 million, reflecting a reduction in accounts payable and accrued liabilities. The company’s employee headcount remained stable, with no significant changes reported.

Strategically, Vaxart has entered into a purchase agreement with Lincoln Park Capital Fund, allowing for the potential sale of up to $25 million in common stock over a 24-month period. This agreement is part of the company's efforts to secure additional capital to fund ongoing operations and clinical trials. The company is also navigating the challenges posed by its delisting from Nasdaq, with its stock now quoted on the OTCQX market. Looking ahead, Vaxart anticipates needing to raise further capital to support its operations into the second quarter of 2027, with plans to potentially reduce or delay operating expenses if necessary.