Vaxart, Inc.

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.