Q2 FY2026 EarningsQ2 FY26 results beat consensus on earnings but missed on operating loss, with a GAAP EPS of -$1.97 vs. -$2.10 expected. The company reported $0 revenue, in-line with expectations for its clinical stage, while operating expenses of $302.8M exceeded the $315.7M EBIT loss forecast due to intensified Phase 3 clinical trial activities for VAX-31. Cash burn remains a focal point as net cash used in operating activities climbed to $513.1M for the first half of FY26.