)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Vaxart (VXRT) investor relations material
Vaxart Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Entered an exclusive worldwide license and collaboration agreement with Dynavax for the oral COVID-19 vaccine, including a $25 million upfront payment, $5 million equity investment, and potential proceeds up to $700 million in license, regulatory, and milestone fees plus royalties, extending cash runway into Q2 2027.
COVID-19 Phase 2b trial funding from BARDA was reduced after a stop work order, with enrollment cut from 10,000 to 5,400 participants; future funding is under review.
Positive Phase 1 results for the second-generation norovirus vaccine candidate, showing significantly stronger antibody responses; next steps depend on partnership or funding.
Multiple data readouts for the COVID-19 Phase 2b trial are expected in 2026, with sentinel cohort data in Q1 and full cohort data in Q4.
Delisting from Nasdaq in September 2025 due to noncompliance with minimum bid price; now trading on OTCQX.
Financial highlights
Q3 2025 revenue was $72.4 million, up sharply year-over-year, primarily due to BARDA contract revenue.
Operating expenses for Q3 2025 were $80.2 million, up 313% year-over-year, mainly due to increased COVID-19 clinical trial costs.
Net loss for Q3 2025 was $8.1 million, improved from $14.1 million in Q3 2024; net loss per share was $0.04.
Cash, cash equivalents, and investments totaled $28.8 million as of September 30, 2025; cash runway extended into Q2 2027.
Nine-month revenue was $133.0 million, up 884% year-over-year.
Outlook and guidance
On track to report 12-month top-line data from the COVID-19 Phase 2b Sentinel cohort in Q1 2026 and full cohort in Q4 2026.
Next clinical trial for the norovirus program anticipated to start in 2026, pending funding or partnership.
Aggressively pursuing additional strategic partnerships and non-dilutive funding to extend cash runway and achieve milestones.
Future funding for the COVID-19 program is uncertain due to BARDA contract modifications and reduced trial enrollment.
Dynavax's $50M election criteria post-Phase IIb?
Norovirus: What's delaying next clinical trial?
Value of partial COVID-19 Phase IIb data?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Vaxart earnings date
Q4 202519 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Vaxart Inc. is a biotechnology company focused on developing oral vaccines that are administered using tablet formulations rather than injections. The company's proprietary oral vaccine platform is designed to stimulate immune responses in mucosal tissues, which are the first line of defense against many infections. Vaxart's vaccine candidates target a range of infectious diseases, including influenza, norovirus, and COVID-19. The company is headquartered in South San Francisco, California, and its shares are listed on the NASDAQ.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage