Vaxart (VXRT) Q1 2026 earnings summary

Executive summary

• Achieved net income of $5.2 million for Q1 2026, a turnaround from a net loss of $15.6 million in Q1 2025, with revenue rising to $39.2 million, driven by BARDA contracts and new collaborations.

• Advanced clinical programs, focusing on key data milestones for the oral vaccine platform, including operational execution of the Phase 2b COVID-19 trial in collaboration with BARDA.

• Cash, cash equivalents, and short-term investments totaled $61.0 million as of March 31, 2026, providing runway into Q2 2027.

• Entered a $25 million share purchase agreement with Lincoln Park Capital for flexible equity financing; no shares sold to date.

• Strengthened board with the addition of Dr. James Breitmeyer, enhancing clinical and regulatory expertise.

Financial highlights

• Q1 2026 revenue was $39.2 million, up 88% year-over-year, primarily from BARDA contracts and Dynavax collaboration.

• Net income for Q1 2026 was $5.2 million, or $0.02 per share, compared to a net loss of $15.6 million in Q1 2025.

• R&D expenses decreased to $29.4 million; G&A expenses decreased to $4.6 million year-over-year.

• Collaboration revenue of $2.8 million recognized from the Dynavax agreement; none in prior year.

• Cash used in operating activities was $2.1 million, a significant improvement from $9.6 million used in Q1 2025.

Outlook and guidance

• Cash runway projected into Q2 2027, with ongoing efforts to extend runway through partnerships and non-dilutive funding.

• Topline 12-month safety and efficacy data from the 400-person sentinel cohort expected in Q2 2026; main 5,000-participant cohort data anticipated in early 2027.

• Next norovirus clinical trial planned for 2026, contingent on partnership or funding.

• Management expects significant R&D expenses to continue as clinical programs advance.

• Further modifications to the ATI-RRPV contract are anticipated, likely reducing total available funding.