Q3 2025 Vaxart Inc Earnings Call Transcript

Nov 13, 2025 / 09:30 PM GMT

Release Date Price: €0.38

Transcript 10-Q8-K

Key Points

Positve

Vaxart Inc (VXRT) announced a significant partnership with Dynavax, potentially worth up to $700 million, which validates the potential of their oral COVID-19 vaccine platform.
The partnership with Dynavax includes an upfront license fee of $25 million and a $5 million equity investment, extending Vaxart's cash runway into the second quarter of 2027.
Vaxart Inc (VXRT) reported a substantial increase in revenue for Q3 2025, reaching $72.4 million compared to $6.4 million in Q3 2024.
The company presented positive phase 1 results for their second-generation norovirus vaccine, showing stronger antibody responses compared to the first generation.
Vaxart Inc (VXRT) is on track to report multiple data sets from their COVID-19 phase 2B trial in 2026, which could further validate their oral vaccine platform.

Negative

Vaxart Inc (VXRT) received a stop work order from BARDA on their phase 2B COVID-19 clinical study, halting enrollment and potentially delaying progress.
The company remains dependent on securing partnerships or funding to advance their norovirus program, with the next clinical trial anticipated to start in 2026.
Despite the partnership with Dynavax, Vaxart Inc (VXRT) is still seeking strategic partnerships and non-dilutive funding options to extend their cash runway.
The COVID-19 vaccine market is experiencing reduced uptake, which could impact the commercial potential of Vaxart's oral vaccine.
Vaxart Inc (VXRT) faces competition in the vaccine space, and their success is contingent on the differentiation and acceptance of their oral vaccine platform.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

VXRT.PK - Vaxart Inc
Q3 2025 Vaxart Inc Earnings Call
Nov 13, 2025 / 09:30PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the Vaart Business Update and 3rd quarter 2025 financial results conference call. A question-and-answer session will follow management's opening remarks. As a reminder, this conference is being recorded. I would now like to turn the webcast over to your host, Ed Berg, senior Vice President and general counsel. Please go ahead.

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Unidentified_2 [2]
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Good afternoon and welcome to today's call.

Joining us from Vaart are Steven Lowe, Chief Executive Officer, Dr. Sean Tucker, founder and Chief Scientific Officer, Dr. James Cummings, Chief Medical

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