VXRT earnings analysis
What we found in VXRT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Vaxart, Inc. reported a disappointing Q1 2026 with revenues of $39.2 million, missing estimates by approximately 40% compared to expectations of $65.5 million. Despite this revenue miss, EPS of $0.02 aligned with estimates, and the company reported improved net income year-over-year, moving from a loss of $15.6 million in Q1 2025 to a profit of $5.2 million in Q1 2026, driven by government contract revenues. Management indicates the cash runway is expected to last into Q2 2027, amid various clinical trial advancements.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue of $39.2M vs. $65.5M Est.
- Q1 2026 revenue of $39.2 million fell short of expected $65.5 million, resulting in a 40% miss.
- EPS Matches Expectations
- Q1 2026 EPS of $0.02 matched consensus estimates.
- Significant Year-over-Year Improvement
- Net income increased to $5.2 million in Q1 2026 compared to a loss of $15.6 million in Q1 2025.
- Government Contract Revenue Up 88%
- Revenue from government contracts rose to $36.4 million from $19.3 million year-over-year.
- Decreased Cash Burn
- Net cash used in operating activities reduced to $2.1 million in Q1 2026 from $9.6 million in Q1 2025.
- Positive Liquidity Outlook
- Management expects cash runway into Q2 2027, based on existing funding and clinical commitments.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Regulatory Funding Uncertainties
- Continued funding under the 2024 ATI-RRPV Contract from HHS BARDA is uncertain and may be reduced.
- Delisting from Nasdaq
- Vaxart's common stock was delisted from Nasdaq, potentially impacting trading liquidity and future capital raises.
- High Dependency on Government Grants
- A significant portion of operational funding comes from government grants, which could be reduced or eliminated.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.02
What they said about what is next.
Management indicates cash runway extended into Q2 2027 but does not provide explicit numeric guidance for revenue or EPS.
The filing reads worse than the one before it.
What came before.
- 10-K · April 30, 2026
- Vaxart, Inc. reported a remarkable turnaround in Q4 2025, with actual revenue of $104.2 million, significantly exceeding estimates of $4.4 million, achieving an EPS of $0.24 against a consensus estimate of -$0.07. The…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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