Vaxart (VXRT) Q3 2026 & Fireside Chat earnings summary

Executive summary

• Phase 2b COVID-19 study includes a 400-participant sentinel cohort and ~5,000-participant main cohort; full-study efficacy and safety data are targeted for mid-2027.

• Focus remains on completing analytical testing and clinical milestones while seeking funding and partnerships to extend runway.

Financial highlights

• Q3 revenue was $10.6M vs. $72.4M in Q3 2025, down 85% as government-contract activity declined; revenue included $7.5M in government-contract and $2.9M in collaboration revenue.

• Q3 R&D expense was $22.8M vs. $75.9M; G&A was $5.1M vs. $4.3M.

• Q3 net loss was $17.7M, or $0.07/share, vs. $8.1M, or $0.04/share; operating loss was $17.3M vs. $7.8M.

• Nine-month revenue was $77.0M vs. $133.0M; net loss was $26.0M vs. $38.7M.

• Cash, cash equivalents and short-term investments totaled $65.5M at September 30, 2026.

Outlook and guidance

• Full-study COVID-19 topline efficacy and safety results are expected by mid-2027, following participant follow-up, analytical testing, external lab processing and BARDA review.

• Management aims to submit the Phase 2b package to the FDA after the readout; Dynavax may elect to assume further development for a $50M payment.

• Cash resources are expected to fund operations into Q2 2027; additional capital may be needed, with further expense reductions or deferrals among planned responses if financing is unavailable on acceptable terms.

• Norovirus development could advance to the next clinical stage in 2027, subject to partnership or other funding; additional indications depend on appropriate financial or strategic support.

• Detailed sentinel-data timing remains uncertain; external lab completion and BARDA review and approval govern potential disclosure.