Vaxart(US:VXRT)2025-08-13 20:13Vaxart Q2 2025 Business Update and Financial Results Recent Business Highlights Vaxart reported significant progress across its vaccine pipeline, including its norovirus, COVID-19, and influenza programs Norovirus Vaccine Developments - Positive topline data from the Phase 1 trial of the second-generation oral norovirus vaccine showed statistically significant increases in GI.1 (141%) and GII.4 (94%) norovirus blocking antibodies compared to the first-generation constructs15 - The company is in discussions with potential partners to support a Phase 2b trial, which could begin as early as the second half of 2025, with a potential Phase 3 trial starting in 202645 COVID-19 Vaccine Developments - On August 5, 2025, Vaxart received a stop work order for screening and enrollment in its COVID-19 Phase 2b trial, after approximately 5,000 participants had been enrolled149 - Follow-up for all dosed participants will continue, with data from a 400-person sentinel cohort expected in Q1 2026 and overall topline data in late 202619 Influenza Program Developments - The new avian influenza vaccine candidate was 100% protective against death in a ferret challenge model, compared to 0% survival in the placebo group7 Second Quarter 2025 Financial Results The company reported a significant revenue increase to $39.7 million and a narrowed net loss, ending the quarter with a cash runway into Q1 2026 Q2 2025 Financial Highlights | Financial Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | $39.7 million | $6.4 million | | Research & Development Expenses | $49.7 million | $17.5 million | | General & Administrative Expenses | $4.6 million | $5.2 million | | Net Loss | $15.0 million | $16.5 million | | Net Loss Per Share | $0.07 | $0.09 | - Cash, cash equivalents, and investments totaled $26.3 million as of June 30, 2025, with an anticipated cash runway into the first quarter of 202619 - The increase in revenue was primarily from government contracts related to the BARDA contract awarded in June 20249 - The rise in R&D expenses was mainly driven by increased clinical trial costs for the COVID-19 and norovirus vaccine candidates9 Corporate Updates and Events Vaxart announced an upcoming conference call and a special stockholder meeting to vote on a potential reverse stock split - A virtual special meeting of stockholders is scheduled for September 5, 2025, to seek approval for a reverse stock split11 - The proposed reverse stock split ratio would be between 1-for-5 and 1-for-20, aimed at regaining compliance with Nasdaq's minimum bid price requirement14 - A conference call to discuss Q2 2025 results is scheduled for August 13, 2025, and a live stockholder fireside chat will be held on August 20, 20252312 Financial Statements This section presents the unaudited condensed consolidated balance sheets and statements of operations as of June 30, 2025 Condensed Consolidated Balance Sheets Balance Sheet Summary | Balance Sheet Item (in thousands) | June 30, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $20,111 | $25,230 | | Total assets | $164,085 | $166,391 | | Liabilities & Equity | | | | Total liabilities | $131,207 | $107,465 | | Stockholders' equity | $32,878 | $58,926 | | Total liabilities and stockholders' equity | $164,085 | $166,391 | Condensed Consolidated Statements of Operations Three Months Ended June 30 | Statement of Operations (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $39,730 | $6,401 | | Total operating expenses | $54,333 | $22,657 | | Operating loss | ($14,603) | ($16,256) | | Net loss | ($14,986) | ($16,466) | Six Months Ended June 30 | Statement of Operations (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $60,606 | $8,582 | | Total operating expenses | $90,144 | $48,908 | | Operating loss | ($29,538) | ($40,326) | | Net loss | ($30,577) | ($40,883) |