Vaxart | 10-Q: FY2025 Q3 Revenue Beats Estimate at USD 72.41 M

Revenue: As of FY2025 Q3, the actual value is USD 72.41 M, beating the estimate of USD 40.1 M.

EPS: As of FY2025 Q3, the actual value is USD -0.04.

EBIT: As of FY2025 Q3, the actual value is USD -7.505 M.

Total Revenue: $72.4 million for the three months ended September 30, 2025, compared to $4.9 million for the same period in 2024, representing a 1,368% increase. For the nine months ended September 30, 2025, total revenue was $133.0 million, compared to $13.5 million for the same period in 2024, representing an 884% increase.

Operating Loss: - $7.8 million for the three months ended September 30, 2025, compared to - $14.5 million for the same period in 2024, representing a 46% decrease. For the nine months ended September 30, 2025, operating loss was - $37.3 million, compared to - $54.8 million for the same period in 2024, representing a 32% decrease.
Net Loss: - $8.1 million for the three months ended September 30, 2025, compared to - $14.1 million for the same period in 2024, representing a 42% decrease. For the nine months ended September 30, 2025, net loss was - $38.7 million, compared to - $55.0 million for the same period in 2024, representing a 30% decrease.

Net Cash Used in Operating Activities: - $22.9 million for the nine months ended September 30, 2025, compared to - $37.4 million for the same period in 2024.
Net Cash Provided by Investing Activities: $14.6 million for the nine months ended September 30, 2025, compared to - $31.7 million used in the same period in 2024.
Net Cash Used in Financing Activities: - $43 thousand for the nine months ended September 30, 2025, compared to $56.4 million provided in the same period in 2024.

Revenue from Government Contracts: $72.4 million for the three months ended September 30, 2025, compared to $4.9 million for the same period in 2024. For the nine months ended September 30, 2025, revenue from government contracts was $131.4 million, compared to $12.9 million for the same period in 2024.

Core Business Focus: The company plans to continue developing its tablet vaccine candidates, including advancing the norovirus and COVID-19 programs. The COVID-19 program is expected to continue with the Phase 2b study, which will measure efficacy for symptomatic and asymptomatic disease, systemic and mucosal immune induction, and the incidence of adverse events.
Non-Core Business: The company has entered into a collaboration with Dynavax Technologies Corporation to develop and commercialize its investigational oral COVID-19 vaccine candidate, which includes an upfront license fee of $25.0 million and a purchase of $5.0 million of the company’s common stock.

The collaboration with Dynavax Technologies Corporation is expected to extend the company’s cash runway into the second quarter of 2027, alleviating previous concerns about the company’s ability to continue as a going concern.