Vaxart, Inc.
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Range $2 – $2
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About the company
Vaxart, Inc. operates as a biotechnology firm currently in the clinical development phase, concentrating its efforts on identifying and advancing novel oral recombinant protein vaccines. The company leverages its unique proprietary platform for delivering these oral vaccine solutions.
- CEO
- Steven Lo
- IPO
- 1981
- Employees
- 65
- HQ
- South San Francisco, CA, US
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- Market Cap
- $125.79M
- P/E
- 3.46
- PEG
- 0.01
- P/S
- 0.52
- P/B
- 1.53
- EV/EBITDA
- 1.75
- Div Yield
- 0.00%
- Gross Margin
- 100.00%
- Op Margin
- 16.30%
- Net Margin
- 15.88%
- ROE
- 53.04%
- ROIC
- 41.42%
Latest fiscal year · YoY change
- Revenue
- $237.26M+726.7%
- Gross Profit
- $237.26M+726.7%
- Op Income
- $18.07M
- Net Income
- $16.33M+124.4%
- EPS
- $0.07+150.0%
- OCF Growth
- +117.2%
- FCF Growth
- +116.7%
- 52W High
- $0.84
- 52W Low
- $0.31
- 50D MA
- $0.54
- 200D MA
- $0.57
- Beta
- 1.09
- RSI (14)
- 46
- Avg Volume
- 331.58K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Vaxart highlighted encouraging safety data from its Phase IIb COVID pill vaccine study, but the bigger efficacy readout is still ahead and the company remains dependent on BARDA and future financing for its next steps.· August 7, 2026
- Phase IIb COVID sentinel cohort showed 0 vaccine-related serious complications and 0 severe or long-lasting adverse events in either arm.
- Vaxart said its oral pill had fewer common side effects than the mRNA comparator, with injection-site pain above 60% in the mRNA group versus no injection-site pain for the pill.
- Management reiterated that the approximately 5,000-participant main cohort is fully enrolled, with top-line data expected in the first half of 2027.
- BARDA released funding via a June contract modification, including $29 million for expanded analyses such as sequencing and mucosal/cellular biomarker profiling.
- Norovirus partnering remains active, but Vaxart says timing is contingent on funding and it is also exploring non-dilutive capital sources.
Vaxart reported second-quarter 2026 revenue of $27.2 million versus $39.7 million in second-quarter 2025. R&D expense was $33.7 million, down from $49.7 million a year ago, and G&A expense was $6.6 million. Net loss was $13.5 million, or $0.06 per share, compared with a net loss of $15 million, or $0.07 per share, in the prior-year quarter. The company ended the quarter with $64 million in cash, cash equivalents and short-term investments, and said its current capital is expected to fund operations into the second quarter of 2027. Management said the $25 million Lincoln Park Capital share purchase agreement remains available, and that the June BARDA contract modification released $29 million for final trial execution and expanded analyses. Forward-looking, Vaxart expects top-line efficacy and safety data from the full COVID study set in the first half of 2027; it did not provide timing for the separate 400-person immunogenicity readout.
Steve Lo framed the quarter as a pivotal execution period, pointing to the positive 12-month safety data from the sentinel cohort and the release of additional BARDA funding as validation of the platform and the program. He emphasized that the main strategic priority is completing the COVID-19 Phase IIb trial, while continuing to pursue a partner for norovirus without rushing into a deal that undervalues the asset. His tone was constructive and defensive at the same time, stressing governance improvements, board changes, and closer engagement with shareholders.
Jeroen Grasman focused on liquidity, runway, and cost discipline. He said Vaxart ended Q2 2026 with $64 million in cash, cash equivalents and short-term investments and expects that to fund operations into Q2 2027, while also highlighting the $25 million Lincoln Park facility as flexible capital access. He walked through the quarter’s financials: revenue of $27.2 million, R&D of $33.7 million, G&A of $6.6 million, and a net loss of $13.5 million, and said the company is evaluating non-dilutive funding options such as government grants and partnerships.
Analysts focused heavily on COVID timing, the meaning of the sentinel cohort data, and whether immunogenicity and efficacy comparisons versus mRNA vaccines would be disclosed soon. Management said the full efficacy and safety data set from the 400-person sentinel cohort plus the 5,000-person main cohort is expected in the first half of 2027, but the 400-person immunogenicity timeline is not yet available because BARDA controls the timing and content of readouts. Questions on norovirus centered on Moderna’s delayed program and whether that helps Vaxart’s partnering leverage; management called it a “mixed blessing,” saying it both validates the market and makes partners more cautious. Shareholders also asked about future financing and the Sanofi opt-in point, and management replied that it is prioritizing cost discipline, non-dilutive funding, strategic partnerships, and the existing Lincoln Park facility to extend runway.
The call gave investors a concrete safety data point: 0 serious or severe vaccine-related events in the sentinel cohort and a side-effect profile management says compares favorably with injectable mRNA. BARDA’s additional funding and the fully enrolled 5,000-person cohort suggest the core COVID program is still moving forward on a funded path, with a major readout expected in first-half 2027.
The biggest risk is that the main efficacy readout is still far away, and management would not commit to a timeline for the 400-person immunogenicity analysis. Vaxart also remains dependent on BARDA approval for disclosures and on external funding or partnerships to advance norovirus and other pipeline programs, while revenue fell year over year and the company still posted a net loss.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 98.5%
- Shares Outstanding
- 242.04M
- Float Shares
- 238.37M
of shares held by institutions
5 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Org Partners LLC | 2.00K | 0 |
Held by 5 ETFs
Biggest fund positions in VXRT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 16, 26 | Finney Kevin | other | 39,400 |
| Jul 16, 26 | Finney Kevin | other | 78,700 |
| Jul 16, 26 | BREITMEYER JAMES B | other | 8,315 |
| Jul 16, 26 | BREITMEYER JAMES B | other | 16,610 |
| Jul 16, 26 | HERON ELAINE J | other | 39,400 |
| Jul 16, 26 | HERON ELAINE J | other | 78,700 |
| Jul 16, 26 | Watson W. Mark | other | 39,400 |
| Jul 16, 26 | Watson W. Mark | other | 78,700 |
| Jul 16, 26 | Wheadon David E. | other | 39,400 |
| Jul 16, 26 | Wheadon David E. | other | 78,700 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our VXRT coverage
Recent articles, reports, and earnings notes.
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Generate VXRT report →Vaxart Q2 Earnings Call Highlights
marketbeat.com · Aug 9
Vaxart, Inc. (VXRT) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 7
Vaxart to Host Stockholder Fireside Chat on August 7 at 4:30 p.m. ET
globenewswire.com · Jul 30
Vaxart Investors Reject Say-on-Pay as CEO Rules Out Reverse Split for Now
defenseworld.net · Jul 22
Vaxart to Participate in BTIG Biotechnology Conference 2026
globenewswire.com · Jul 21
Vaxart Investors Reject Say-on-Pay as CEO Rules Out Reverse Split for Now
marketbeat.com · Jul 20
Vaxart Announces Results of Annual Meeting of Stockholders
globenewswire.com · Jul 17
Vaxart Announces Results of Annual Meeting of Stockholders
globenewswire.com · Jul 17
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