Vaxart (VXRT) Q2 2026 earnings summary

Executive summary

• Achieved positive 12-month safety data from the Phase 2b COVID-19 oral pill vaccine sentinel cohort, showing no vaccine-related serious adverse events and a favorable safety profile compared to mRNA comparators, validating the oral vaccine platform and supporting further clinical progress.

• Finalized a BARDA contract modification, unlocking dedicated funding for deeper scientific analysis and expanded trial analytics, with total authorized study funding now at $344.8 million.

• Collaboration with Dynavax (now part of Sanofi) for the COVID-19 oral vaccine continues, with potential milestone payments pending trial outcomes.

• Enhanced corporate governance through board reorganization, new committee formation, and a cooperation agreement with a shareholder group.

• Focused on oral recombinant vaccines for infectious diseases, with lead programs in norovirus and COVID-19, and early-stage HPV and influenza candidates.

Financial highlights

• Q2 2026 revenue was $27.2 million, down 32% year-over-year from $39.7 million, primarily from BARDA contracts and $2.9 million from a Dynavax agreement; six-month revenue was $66.4 million, up 10%.

• Research and development expenses decreased to $33.7 million from $49.7 million year-over-year, while general and administrative expenses increased to $6.6 million from $4.6 million.

• Net loss for Q2 2026 was $13.5 million ($0.06/share), improved from $15 million ($0.07/share) in Q2 2025; six-month net loss was $8.3 million, a 73% improvement year-over-year.

• Cash, cash equivalents, and short-term investments totaled $64.0 million as of June 30, 2026, with a projected runway into Q2 2027.

• Maintains a $25 million share purchase agreement with Lincoln Park Capital for flexible capital access, with minimal drawdown to date.

Outlook and guidance

• Topline efficacy and safety data from the full ~5,400 participant Phase 2b COVID-19 trial cohort expected in the first half of 2027.

• Actively seeking non-dilutive funding and strategic partnerships to extend cash runway and support pipeline advancement; management may reduce or delay expenses if unable to raise further capital.

• Norovirus program advancement contingent on securing partnership or non-dilutive funding; timeline not disclosed due to funding uncertainty.