Vaxart(VXRT) - 2024 Q4 - Annual Results

Financial Performance - Vaxart reported a net loss of $66.9 million for the full year 2024, an improvement from a net loss of$82.5 million in 2023, with net loss per share decreasing from $0.57 to$0.33[11] - Revenue for 2024 was $28.7 million, significantly up from$7.4 million in 2023, primarily driven by government contracts related to BARDA[11] - Cash, cash equivalents, and investments totaled $51.7 million as of December 31, 2024, providing a runway into the fourth quarter of 2025[11] - Vaxart's total assets increased to$166.4 million as of December 31, 2024, compared to $91.8 million in 2023[19] Expenses - Research and development expenses increased to$74.2 million in 2024 from $68.1 million in 2023, mainly due to clinical trial expenses for the COVID-19 vaccine candidate[11] - General and administrative expenses decreased to$20.8 million in 2024 from $22.6 million in 2023, attributed to lower personnel-related costs[12] - The company implemented a restructuring plan leading to a 10% reduction in workforce following a stop work order on the COVID-19 Phase 2b trial[11] Clinical Trials and Programs - Vaxart initiated a Phase 1 clinical trial for its second-generation oral norovirus vaccine in March 2025, with topline data expected by mid-2025[5] - The 400-person sentinel cohort for the COVID-19 Phase 2b trial completed enrollment, with initial safety assessments showing no modifications recommended by the Data Safety Monitoring Board[10] - Vaxart's avian influenza program is advancing with a new vaccine candidate targeting the latest clade 2.3.4.4b, with preclinical studies ongoing[7]