Vaxart Reports $66.9 Million Net Loss and $28.7 Million Revenue for 2024

Vaxart, Inc. reported a net loss of $66.9 million for the year ended December 31, 2024, compared to a net loss of $82.5 million in 2023. Revenue increased significantly to $28.7 million in 2024 from $7.4 million in 2023. This increase was primarily driven by revenue from government contracts, totaling $24.9 million in 2024, compared to zero in 2023. The increase in government contract revenue stemmed from the $9.3 million 2024 ASPR-BARDA contract and the $460.7 million 2024 ATI-RRPV contract, although the latter contract received a stop-work order in February 2025. Non-cash royalty revenue related to the sale of future royalties decreased slightly to $3.8 million in 2024 from $3.9 million in 2023.

Research and development expenses increased by 9% to $74.2 million in 2024, primarily due to increased clinical trial expenses for the COVID-19 vaccine candidate and manufacturing costs. General and administrative expenses decreased by 8% to $20.8 million, mainly due to lower personnel and insurance costs. The company's cash, cash equivalents, and investments totaled $51.7 million as of December 31, 2024, which management believes is sufficient to fund operations into the fourth quarter of 2025. However, the company acknowledges that its recurring losses and negative cash flows raise substantial doubt about its ability to continue as a going concern.

Significant developments during the year included the initiation of a Phase 1 clinical trial for a second-generation norovirus vaccine in March 2025, and the completion of enrollment in the sentinel cohort of a Phase 2b COVID-19 vaccine trial. The company also received constructive feedback from the FDA on its norovirus program and is currently discussing contract closeout for the 2024 ASPR-BARDA contract. The company's employee count decreased from 109 to 105 during the year, with a further 10% reduction in full-time equivalent employees implemented in the first quarter of 2025.

The company's product pipeline includes norovirus, COVID-19, influenza, and HPV vaccine candidates, all at various stages of clinical development. The company faces significant competition in each of these areas from established pharmaceutical companies. The company's financial performance is heavily reliant on the success of its clinical trials and the ability to secure additional funding, which may not be available on favorable terms or at all. The company also highlighted numerous risks related to clinical development, regulatory approval, manufacturing, intellectual property, and financial resources.

Vaxart's outlook is contingent upon successful clinical trial outcomes, regulatory approvals, and securing further funding. The company's ability to achieve profitability remains uncertain, and its continued operation is dependent on securing additional capital. The company's financial statements include a going concern qualification due to the substantial doubt about its ability to continue as a going concern.