Start here if you're new
what it is
Vaxart is trying to turn vaccines into pills, so shipping and storage look more like aspirin than a flu shot.
how it gets paid
Last year Vaxart made $237M in revenue.
why it's growing
Revenue grew 726.7% last year. Revenue exploded to $237 million on a trailing basis.
what just happened
The last report was all about revenue: $133M in the latest quarter, while quarterly EPS improved to a loss of $0.04 from $0.11 a year earlier.
At a glance
C++ balance sheet — some cracks in the foundation
45/100 earnings predictability — expect surprises
-$0.33 fy2024 eps est
$29M fy2024 rev est
7.6% operating margin
xvary composite: 27/100 — weak
What they do
Vaxart is trying to turn vaccines into pills, so shipping and storage look more like aspirin than a flu shot.
This is a patents-and-distribution moat. Vaxart says it has filed broad U.S. and international patent applications around oral vaccination, and its tablet format skips refrigeration and needles. You can feel the edge in the cost math: with just 105 employees, it is built around a vaccine format that is easier to ship than an injectable one.
How they make money
$237M
annual revenue · their business grew +726.7% last year
total revenue
$237M
+726.7%
The products that matter
clinical-stage oral vaccine
Oral Norovirus Vaccine
mid-2026 catalyst
This is the program that matters most from here. Mid-2026 trial results are the next major proof point, and there is no commercial revenue to cushion a miss.
key readout
clinical-stage oral vaccine
Oral Coronavirus Vaccine
BARDA-linked work paused
This sits inside the same oral tablet platform, but near-term revenue looks thin after the BARDA contract. For now, it is pipeline value, not operating value.
no near-term sales
platform and partnering story
Oral Vaccine Platform
$237.3M quarter, then $19.2M est.
The platform produced a headline quarter through government work, then consensus swung back to $19.2M next quarter. Same platform. Very different economics.
proof still needed
Key numbers
$237M
ttm revenue
Sales → money actually booked → so what: the business just reported a revenue figure that is 8.2 times the $29M base annual sales forecast.
$29M
fy2024 sales
Forecast sales → expected revenue for the year ahead → so what: the baseline says the recent revenue spike is not being treated as normal.
-$0.33
2024 eps est
EPS → profit per share → so what: even with the revenue burst, the company is still expected to lose money for the year.
7%
debt capital
Debt as a share of capital → how levered the balance sheet is → so what: the debt load is light at $12M, which lowers financing stress.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $12M (7% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for VXRT right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The last report was all about revenue: $133M in the latest quarter, while quarterly EPS improved to a loss of $0.04 from $0.11 a year earlier.
Revenue exploded to $237 million on a trailing basis, up 726.7% vs. prior year, but the base annual sales forecast still sits at $29 million. That is the whole argument in one sentence: the company can post huge contract-driven revenue and still be treated like a money-losing clinical biotech.
$133M
revenue
-$0.04
eps
7.6%
operating margin
the number that mattered
$133 million mattered most because it shows Vaxart can produce real top-line dollars, even if the market is still debating how repeatable those dollars are.
source: company earnings report, 2026
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What could go wrong
The #1 risk here is the BARDA revenue cliff. This is a clinical-stage company that just reported a quarter larger than its current market cap, and consensus still says the next quarter falls back to $19.2M.
med
BARDA revenue does not repeat
92% of the last quarter's revenue came from a single BARDA contract. Next-quarter consensus is $19.2M after $237.3M reported.
If that gap holds, the market has to value VXRT on pipeline odds, not contract revenue.
med
Norovirus trial data disappoints
Mid-2026 norovirus results are the next major catalyst, and there is no commercial product base to offset a miss.
That would leave investors with a platform story, a weak composite score of 27/100, and no fresh operating proof.
med
Funding stays expensive
The balance sheet grade is C++, price stability is 5/100, and the stock trades at $0.57 with a market cap of about $151M.
Low debt helps, but volatile small-cap biotech financing rarely shows up on generous terms.
med
OTC trading keeps the stock on the margins
Shares trade on OTC markets after a Nasdaq delisting, which can reduce liquidity and narrow the pool of potential institutional buyers.
Even good data can take longer to re-rate when the stock sits outside many investors' allowed universe.
A forced reset from $237.3M of revenue to $19.2M next quarter would leave 100% of the equity story leaning on pipeline progress and funding durability.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
mid-2026 norovirus readout
This is the next real proof point. Positive data could reopen the partnering story. Weak data would hit the central thesis directly.
revenue reset
whether $19.2M is the new baseline
Consensus says the next quarter falls to $19.2M after $237.3M reported. You want to see how much of that drop is real and how much was timing.
partnering
any new development partner
With BARDA work paused and no commercial product, outside capital or partnering would matter almost as much as trial data.
trading risk
OTC liquidity and financing signals
At $0.57 per share and a ~$151M market cap, financing terms and trading liquidity can move the story nearly as much as operations.
Analyst rankings
earnings predictability
45 / 100
in human-speak, analysts do not trust quarterly earnings to behave like a normal operating business.
beta
1.7
Beta measures market sensitivity. In plain English: when small-cap biotech gets jumpy, VXRT tends to get jumpier.
source: institutional data
Institutional activity
institutional ownership data for VXRT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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