Vaxart, Inc.
Vaxart, Inc. is a U.S.-based clinical-stage biotechnology company focused on developing oral recombinant vaccines using its proprietary VAAST platform. Its pipeline includes prophylactic vaccine candidates for infectious diseases such as norovirus, coronavirus, and influenza, as well as a therapeutic HPV vaccine candidate in preclinical development.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueProprietary tablet-based vaccine technology designed to stimulate mucosal, systemic, and T-cell responses.
Prophylactic vaccine programs targeting norovirus, coronavirus, and influenza.
Preclinical vaccine programs aimed at HPV-related cervical cancer and dysplasia.
Revenue from U.S. government-funded development contracts supporting vaccine programs.
Non-cash royalty revenue and license/collaboration income tied to partnered assets.
Products
Reported · share of revenue- Government Contract94.6 %
- License3.7 %
- Collaboration Revenue0.9 %
- Non Cash Royalty Revenue0.8 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Vaxart’s direct customers are primarily government agencies and contract counterparties that fund vaccine research and development programs. If its candidates are commercialized, the end customers would be public health systems, healthcare providers, and potentially international commercial partners that distribute vaccines in their markets.
Fund clinical and development work through government contracts for vaccine candidates.
Partner with Vaxart on development, funding, and future commercialization rights.
Healthcare systems, public health programs, and distributors that would buy approved vaccines.
Third parties tied to legacy partnered assets that generate royalty or license revenue.
Strategy
Vaxart’s strategy centers on advancing its oral vaccine platform through clinical development, government-funded programs, and selective collaborations. The company also seeks to preserve optionality for future commercialization by using partners for certain markets while retaining rights where possible.
Clinical progress is the main path to validating the platform and creating future product value.
Government contracts and collaborations reduce funding burden and support ongoing R&D.
Patent and regulatory exclusivity are central to monetizing a platform-based biotech business.
Geography
Vaxart is headquartered in the United States and conducts its core research, development, and contracting activities from there. Its business is centered on U.S.-based government programs today, while future commercialization of tablet vaccines could extend into international markets through collaborators or licensees.
Risks
Vaxart faces the typical risks of a clinical-stage biotech company: uncertain clinical outcomes, dependence on third-party manufacturers and research vendors, and a need for ongoing external capital. Its business is also exposed to contract concentration, regulatory and commercialization risk, and reduced trading liquidity after Nasdaq delisting.
- Funding and liquidity riskImpact: CriticalLikelihood: High
The business requires continued capital raises and/or partner funding to sustain R&D.
Exposure - Clinical development and regulatory failureImpact: HighLikelihood: High
Vaccine candidates must succeed in trials and obtain approval before generating product revenue.
Exposure - Third-party manufacturing and clinical service dependenceImpact: HighLikelihood: Medium
The company relies on external CROs, labs, and contract manufacturers for development work.
Exposure - Government contract concentrationImpact: High
A large share of revenue is tied to a small number of government contracts that can be stopped or reprioritized.
Exposure - Trading liquidity and capital markets accessImpact: MediumLikelihood: High
Delisting from Nasdaq can reduce liquidity and make future financing more difficult.
Exposure: OTCQX quotation and state blue sky compliance
Accounting
Judgemental itemsRevenue from ASPR-BARDA and ATI-RRPV depends on performance obligations and work completed over time.
Impact: Can create large quarter-to-quarter swings in reported revenue
The company estimates costs for clinical trials and contract manufacturing before invoices are received.
Impact: Affects operating expenses and liabilities
Royalty receipts are subject to contractual sharing and may be non-cash in nature.
Impact: Affects other revenue and cash conversion
Non-cancelable clinical service commitments create future obligations that must be accrued or disclosed.
Impact: Impacts liquidity analysis and balance sheet obligations
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Last updated: 24/09/2026