VXRT · Vaxart, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.23M | - | $72.41M | $39.73M | $20.88M | - | $2.10M | $1.36M | $2.18M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $29.41M | - | $75.95M | $49.73M | $30.74M | - | $15.07M | $17.48M | $19.01M | - |
| SG&A | $4.64M | - | $4.28M | $4.60M | $5.07M | - | $4.34M | $5.18M | $7.24M | - |
| Total Operating Expenses | $34.05M | - | $80.22M | $54.33M | $35.81M | - | $19.41M | $22.66M | $26.25M | - |
| D&A | $1.13M | - | $900.0K | $900.0K | $2.25M | - | $1.00M | $900.0K | $2.18M | - |
| Operating Income | $5.17M | - | ($7.81M) | ($14.60M) | ($14.94M) | - | ($14.47M) | ($16.26M) | ($24.07M) | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $29.0K | - | $17.0K | $20.0K | $95.0K | - | $18.0K | $21.0K | $45.0K | - |
| Net Income | $5.18M | - | ($8.14M) | ($14.99M) | ($15.59M) | - | ($14.08M) | ($16.47M) | ($24.42M) | - |
| EPS - Basic | $0.02 | - | ($0.04) | ($0.07) | ($0.07) | - | ($0.06) | ($0.09) | ($0.14) | - |
| EPS - Diluted | ($0.07) | - | - | - | - | - | - | - | - | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $50.75M | $53.81M | $16.88M | $20.11M | $28.70M | $25.23M | $22.04M | $43.28M | $46.83M | $34.76M |
| Accounts Receivable | $7.14M | $14.56M | $42.72M | $4.28M | $1.50M | $5.76M | $591.0K | $1.09M | $556.0K | $3.01M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $24.18M | $21.50M | $53.08M | $10.61M | $16.62M | $6.96M | $2.52M | $3.59M | $3.98M | $1.58M |
| Current Assets | $131.70M | $136.12M | $117.37M | $70.38M | $62.65M | $68.26M | $66.46M | $71.53M | $44.28M | $45.54M |
| Total Assets | $180.06M | $186.08M | $208.99M | $164.09M | $158.56M | $166.39M | $166.67M | $113.75M | $88.67M | $91.83M |
| Current Liabilities | $76.84M | $86.75M | $169.30M | $117.88M | $98.50M | $90.88M | $80.36M | $15.76M | $14.12M | $13.72M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $85.94M | $98.28M | $182.23M | $131.21M | $112.94M | $107.46M | $98.23M | $33.73M | $32.98M | $34.02M |
| Stockholders' Equity | $94.12M | $87.80M | $26.76M | $32.88M | $45.62M | $58.92M | $68.44M | $80.01M | $55.69M | $57.80M |
| Retained Earnings | ($455.02M) | ($460.19M) | ($515.24M) | ($507.10M) | ($492.11M) | ($476.52M) | ($464.54M) | ($450.46M) | ($433.99M) | ($409.57M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($2.05M) | - | - | - | ($9.60M) | - | - | - | ($21.19M) | - |
| Investing Cash Flow | ($676.0K) | - | - | - | $13.23M | - | - | - | ($5.02M) | - |
| Financing Cash Flow | ($338.0K) | - | - | - | ($164.0K) | - | - | - | $18.20M | - |
| CapEx | $448.0K | - | - | - | $130.0K | - | - | - | $131.0K | - |
| Free Cash Flow | ($2.50M) | - | - | - | ($9.73M) | - | - | - | ($21.32M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 13.2% | - | -10.8% | -36.8% | -71.5% | - | -689.0% | -1197.1% | -1103.6% | - |
| EBITDA margin | 16.1% | - | -9.5% | -34.5% | -60.8% | - | -641.4% | -1130.8% | -1003.8% | - |
| Net margin | 13.2% | - | -11.2% | -37.7% | -74.7% | - | -670.2% | -1212.5% | -1119.5% | - |
| Free cash flow margin | -6.4% | - | - | - | -46.6% | - | - | - | -977.6% | - |
| FCF / Net income | -0.48 | - | - | - | 0.62 | - | - | - | 0.87 | - |
| R&D / Revenue | 75.0% | - | 104.9% | 125.2% | 147.3% | - | 717.1% | 1287.2% | 871.8% | - |
| SG&A / Revenue | 11.8% | - | 5.9% | 11.6% | 24.3% | - | 206.7% | 381.2% | 331.9% | - |
| Effective tax rate | 0.6% | - | - | - | - | - | - | - | - | - |
| Return on assets | 2.9% | - | -3.9% | -9.1% | -9.8% | - | -8.4% | -14.5% | -27.5% | - |
| Return on equity | 5.5% | - | -30.4% | -45.6% | -34.2% | - | -20.6% | -20.6% | -43.8% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.71 | 1.57 | 0.69 | 0.60 | 0.64 | 0.75 | 0.83 | 4.54 | 3.14 | 3.32 |
| Quick ratio | 1.71 | 1.57 | 0.69 | 0.60 | 0.64 | 0.75 | 0.83 | 4.54 | 3.14 | 3.32 |
| Cash ratio | 0.66 | 0.62 | 0.10 | 0.17 | 0.29 | 0.28 | 0.27 | 2.75 | 3.32 | 2.53 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.91 | 2.12 | 7.81 | 4.99 | 3.48 | 2.82 | 2.44 | 1.42 | 1.59 | 1.59 |
| Liabilities / Assets | 0.48 | 0.53 | 0.87 | 0.80 | 0.71 | 0.65 | 0.59 | 0.30 | 0.37 | 0.37 |
| Efficiency | ||||||||||
| Asset turnover | 0.22 | - | 0.35 | 0.24 | 0.13 | - | 0.01 | 0.01 | 0.02 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 66d | - | 215d | 39d | 26d | - | 103d | 292d | 93d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 1.6x | - | - | - | - | - | - | - | - | - |
| P / S | 3.8x | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | 15.4x | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 87.9% | - | 3346.6% | 2825.6% | 857.2% | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | -16.6% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | - | - | 46.0% | 10.2% | 38.0% | - | 18.8% | 29.5% | 5.9% | - |
| Net income growth (YoY) | - | - | 42.2% | 9.0% | 36.1% | - | 19.1% | 27.0% | 2.9% | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 74.3% | - | - | - | 54.4% | - | - | - | 17.0% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 106.3% | 49.0% | -60.9% | -58.9% | -18.1% | 1.9% | -4.3% | -5.9% | -38.0% | -47.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$237.26M totalGovernment Contract$224.52M · 94.6%
License$8.71M · 3.7%
Collaboration Revenue$2.11M · 0.9%
Non Cash Royalty Revenue$1.93M · 0.8%
Peer comparison
Same SIC group: Biological Products, (No Diagnostic Substances)
Comparing Vaxart against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Nov 9, 2012 | $12.1880 |