Vaxart Inc (VXRT) Q1 2025 Earnings Report

Vaxart delivered a material top-line improvement in QQ1 2025, recording revenue of $20.9 million largely driven by BARDA-related payments under the 2024 contract, up from $2.2 million in QQ1 2024. The quarterly gross profit totaled $20.9 million, yielding a 100% gross margin on revenue, while the company sustained an operating loss of approximately $14.9 million and a net loss of about $15.6 million, resulting in a basic and diluted EPS of -$0.07. The quarter marked a pivotal inflection in liquidity, with cash and investments totaling about $41.9 million and a cash runway guided into Q1 2026, supported by ongoing cost-reduction actions and a continued focus on securing strategic partnerships and non-dilutive funding. Management highlighted meaningful program milestones, including resumed dosing for the 10,000-participant COVID-19 Phase 2b cohort in Q2 2025, topline mid-2025 data for the second-generation norovirus Phase 1 trial, and potential Phase 2b/Phase 3 flow contingent on partnerships and regulatory progress. The company also signaled ongoing governance and capital-structure considerations, including a reverse stock split discussion to maintain NASDAQ listing and the planned transition in CFO leadership.