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…
Earnings analysis · 10-Q
VXRT earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
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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.
Reported figures
- Earnings per share
- $0.02
What stood out
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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.
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EPS Matches Expectations
Q1 2026 EPS of $0.02 matched consensus estimates.
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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.
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Government Contract Revenue Up 88%
Revenue from government contracts rose to $36.4 million from $19.3 million year-over-year.
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Decreased Cash Burn
Net cash used in operating activities reduced to $2.1 million in Q1 2026 from $9.6 million in Q1 2025.
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Positive Liquidity Outlook
Management expects cash runway into Q2 2027, based on existing funding and clinical commitments.
What to watch
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Regulatory Funding Uncertainties
Continued funding under the 2024 ATI-RRPV Contract from HHS BARDA is uncertain and may be reduced.
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Delisting from Nasdaq
Vaxart's common stock was delisted from Nasdaq, potentially impacting trading liquidity and future capital raises.
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High Dependency on Government Grants
A significant portion of operational funding comes from government grants, which could be reduced or eliminated.
Management's outlook
Management indicates cash runway extended into Q2 2027 but does not provide explicit numeric guidance for revenue or EPS.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.