Revenue: As of FY2025, the actual value is USD 237.26 M, beating the estimate of USD 202.7 M.EPS: As of FY2025, the actual value is USD 0.07.EBIT: As of FY2025, the actual value is USD 19.3 M.<h4>Segment Revenue</h4>Vaxart, Inc.’s Non-Cash Royalty Revenue related to the sale of future royalties (Inavir) was $1.9 million for the year ended December 31, 2025, marking a 50% decrease from $3.8 million in 2024. The cumulative remaining shortfall amount for HCRP was $4.4 million as of December 31, 2025.Revenue from government contracts totaled $224.5 million for 2025, an 803% increase from $24.9 million in 2024. Specifically, the 2024 ASPR-BARDA Contract generated $0.6 million in 2025 and $8.7 million in 2024, while the 2024 ATI-RRPV Contract generated $223.9 million in 2025 and $16.2 million in 2024.License revenue was $8.7 million and collaboration revenue was $2.1 million for the year ended December 31, 2025, compared to zero for 2024, primarily from the 2025 License and Collaboration Agreement with Dynavax. Deferred revenue from this agreement was $15.0 million as of December 31, 2025, with $13.0 million current and $2.0 million non-current.<h4>Operational Metrics</h4>Total revenue for Vaxart, Inc. reached $237.3 million for 2025, representing a 727% increase from $28.7 million for 2024.Total operating expenses were $219.2 million for 2025, an increase of 131% from $95.0 million for 2024.Research and Development (R&amp;D) expenses totaled $201.6 million for 2025, a 172% increase from $74.2 million for 2024, mainly due to clinical trial expenses for the COVID-19 vaccine candidate. External program costs included $3,638 thousand for the Norovirus program in 2025 ($3,178 thousand in 2024), $155,049 thousand for the COVID-19 program in 2025 ($16,883 thousand in 2024), $345 thousand for other programs in 2025 ($32 thousand in 2024), $767 thousand for preclinical research in 2025 ($1,909 thousand in 2024), and $46 thousand for process development in 2025 ($271 thousand in 2024). Internal R&amp;D costs were $41,731 thousand for 2025, down from $51,940 thousand for 2024.General and Administrative (G&amp;A) expenses decreased by 15% to $17.6 million for 2025, from $20.8 million for 2024, primarily due to lower personnel costs, legal and professional fees, and facilities expense.Vaxart, Inc. reported an operating income of $18.1 million for 2025, a significant improvement from an operating loss of - $66.3 million for 2024.Net non-operating expense was - $1.3 million for 2025, compared to - $0.4 million for 2024. Interest income decreased by 37% to $1.6 million for 2025 from $2.5 million for 2024, mainly due to a lower cash, cash equivalents, and investments balance and lower interest rates. Non-cash interest expense related to the sale of future royalties was - $2.8 million for 2025, a 5% decrease from - $3.0 million for 2024.Provision for income taxes increased by 83% to $0.5 million for 2025 from $0.3 million for 2024, primarily related to interest on an intercompany loan and foreign withholding tax on royalty revenue.Net income was $16.3 million for 2025, a substantial improvement from a net loss of - $66.9 million for 2024. The accumulated deficit stood at - $460.2 million as of December 31, 2025.<h4>Cash Flow</h4>Vaxart, Inc. generated net cash from operating activities of $7.7 million for 2025, a turnaround from net cash used in operating activities of - $44.8 million for 2024.Net cash provided by investing activities was $16.6 million for 2025, compared to net cash used in investing activities of - $21.3 million for 2024.Net cash provided by financing activities was $4.2 million for 2025, a decrease from $56.6 million for 2024.<h4>Unique Metrics</h4>Cash, cash equivalents, and investments totaled $63.8 million as of December 31, 2025.Contractual obligations and commercial commitments as of December 31, 2025, amounted to $48.5 million, with $26.2 million due within 1 year, $11.5 million in 1-3 years, $6.3 million in 3-5 years, and $4.6 million beyond 5 years.<h4>Outlook / Guidance</h4>Vaxart, Inc. anticipates significant research and development expenses in 2026 and beyond as it progresses its tablet vaccine candidates through clinical trials, regulatory approval, and potential commercial launch, requiring substantial investment in manufacturing and inventory. The company expects third parties to bear a significant portion of these costs through licensing, partnering, or collaboration agreements. Vaxart, Inc. believes its current cash, cash equivalents, and investments are sufficient to fund operations into the second quarter of 2027, but will require further capital thereafter.

Vaxart | 10-K: FY2025 Revenue Beats Estimate at USD 237.26 M