Vaxart Provides Business Update and Reports Third Quarter 2025 Financial Results

Core Insights - Vaxart has entered into an exclusive license agreement with Dynavax for its COVID-19 oral pill vaccine candidate, potentially generating up to $700 million in cumulative proceeds plus royalties [1][4][3] - The company has completed enrollment of approximately 5,400 participants in its 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][9] - Vaxart reported positive data from its Phase 1 clinical trial for its second-generation oral norovirus vaccine, indicating improved protection against infection [1][3] COVID-19 Vaccine Developments - The exclusive agreement with Dynavax includes a $25 million upfront license fee and a $5 million equity investment, with additional potential payments of $50 million and up to $195 million in regulatory milestone payments [4] - Vaxart retains operational and financial responsibility for the oral COVID-19 vaccine program through the completion of the ongoing Phase 2b clinical trial [4] - The company has received $125.9 million in cash payments associated with its COVID-19 vaccine program as of September 30, 2025 [9] Norovirus Vaccine Developments - Vaxart's second-generation oral pill norovirus vaccine constructs have shown significantly stronger antibody responses compared to first-generation constructs [3][9] - The company plans to publish complete results of the Phase 1 study in a peer-reviewed journal and is exploring partnership opportunities for its norovirus candidate [3][9] Financial Results for Q3 2025 - Vaxart reported revenue of $72.4 million for Q3 2025, a significant increase from $4.9 million in Q3 2024, primarily from government contracts [9][15] - Research and development expenses rose to $75.9 million in Q3 2025 from $15.1 million in Q3 2024, mainly due to increased clinical trial expenses [9][15] - The net loss for Q3 2025 was $8.1 million, 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 [9][15] Cash Position and Runway - As of September 30, 2025, Vaxart had cash, cash equivalents, and investments totaling $28.8 million, with a current runway extended into the second quarter of 2027 following the Dynavax agreement [1][9]