Vaxart, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $4.9 million for the three months ended September 30, 2024, a substantial increase from $2.1 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $13.5 million, compared to $4.1 million in the prior year. This growth was primarily driven by revenue from government contracts, which amounted to $4.9 million for the third quarter and $12.9 million for the nine-month period.

Despite the revenue increase, Vaxart reported an operating loss of $14.5 million for the three months ended September 30, 2024, an improvement from a loss of $17.8 million in the same quarter of 2023. The nine-month operating loss also decreased to $54.8 million from $66.4 million year-over-year. The net loss for the third quarter was $14.1 million, down from $17.4 million in 2023, while the nine-month net loss decreased to $55.0 million from $65.1 million.

The company’s cash position as of September 30, 2024, included $22.0 million in cash and cash equivalents and $36.7 million in short-term investments, totaling $58.7 million. This represents a decrease from $39.7 million in total cash and investments at the end of 2023. Vaxart's total current liabilities surged to $80.4 million from $13.7 million at the end of the previous fiscal year, largely due to deferred government revenue of $65.4 million recognized from contracts.

In terms of strategic developments, Vaxart completed a common stock offering in June 2024, raising net proceeds of $37.5 million. Additionally, the company entered into a modified agreement with Advanced Technology International for up to $456.1 million to conduct a Phase 2b study and manufacture a COVID-19 vaccine candidate. The company also reported a decrease in research and development expenses for the nine months ended September 30, 2024, totaling $51.6 million, down from $53.4 million in 2023.

Vaxart's focus remains on developing oral recombinant vaccines, with ongoing clinical trials for its norovirus and COVID-19 vaccine candidates. The company anticipates needing to raise additional capital to sustain operations beyond 2026, as it continues to navigate its clinical and operational strategies.