Vaxart(US:VXRT)2025-11-13 21:11Licensing and Partnerships - Vaxart entered into an exclusive license agreement with Dynavax for its COVID-19 oral pill vaccine candidate, with potential cumulative proceeds of up to $700 million plus royalties[1]. - Vaxart received an upfront license fee of $25 million from Dynavax, along with a $5 million equity investment, enhancing its financial position[4]. - The company is exploring partnership opportunities for its norovirus, HPV, and flu vaccine programs, which have shown promising data in preclinical and clinical studies[3][6]. Clinical Trials and Research - Approximately 5,400 participants have been enrolled in the COVID-19 Phase 2b trial, with topline data expected in late 2026 and data from a 400-person sentinel cohort anticipated in the first quarter of 2026[1][6]. - The company showcased positive topline results from its Phase 1 trial for the second-generation oral norovirus vaccine, indicating stronger antibody responses compared to first-generation constructs[3][6]. Financial Performance - Revenue for the third quarter of 2025 was $72.4 million, a significant increase from $4.9 million in the same quarter of 2024, primarily from government contracts[6][15]. - Research and development expenses rose to $75.9 million in Q3 2025, compared to $15.1 million in Q3 2024, mainly due to increased clinical trial expenses[6][15]. - Vaxart reported a net loss of $8.1 million for Q3 2025, an improvement from a net loss of $14.1 million in Q3 2024, with a net loss per share of $0.04 compared to $0.06[6][15]. - Cash, cash equivalents, and investments totaled $28.8 million as of September 30, 2025, with a current runway extended into the second quarter of 2027[1][6]. - Total assets increased to $208.99 million as of September 30, 2025, compared to $166.39 million at the end of 2024[13].