Vaxart, Inc. reported significant financial developments in its latest quarterly filing for the period ending June 30, 2025. The company generated total revenue of $39.7 million for the second quarter, a substantial increase of 521% compared to $6.4 million in the same period last year. For the first half of 2025, total revenue reached $60.6 million, up 606% from $8.6 million in the first half of 2024. This growth was primarily driven by revenue from government contracts, particularly the 2024 ATI-RRPV Contract, which contributed $39.7 million in the second quarter and $59.0 million in the first half of 2025.
Despite the increase in revenue, Vaxart's operating expenses also rose significantly, totaling $54.3 million for the second quarter, an increase of 140% from $22.7 million in the prior year. For the first half of 2025, operating expenses were $90.1 million, up 84% from $48.9 million in the same period of 2024. The rise in expenses was largely attributed to increased research and development costs associated with clinical trials for its COVID-19 and norovirus vaccine candidates. The company reported an operating loss of $14.6 million for the second quarter, a slight improvement from a loss of $16.3 million in the same quarter of 2024.
In terms of strategic developments, Vaxart has been actively pursuing its clinical programs, including a Phase 2b study for its COVID-19 vaccine candidate. However, the company faced operational challenges, including a workforce reduction of approximately 21% implemented in May and June 2025 to align costs with business needs. Additionally, Vaxart received a stop work order on August 5, 2025, for the COVID-19 Phase 2b trial under the 2024 ATI-RRPV Contract, although it may continue follow-up work for participants already dosed.
As of June 30, 2025, Vaxart reported cash, cash equivalents, and short-term investments totaling $26.3 million, which the company indicated would not be sufficient to fund its operations for the next 12 months. The company is exploring options for raising additional capital, including through the sale of common stock. Vaxart's management anticipates that, without additional funding, it may need to further reduce or delay operating expenses, raising concerns about its ability to continue as a going concern.
Looking ahead, Vaxart's management expects to have enough cash runway into the first quarter of 2026, contingent on successful fundraising efforts. The company is focused on advancing its vaccine candidates and is in discussions with potential partners for future collaborations. However, the ongoing economic uncertainties and the recent stop work order may impact its operational plans and timelines.
About Vaxart, Inc.
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