Vaxart, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Vaxart, Inc. reported a net loss of $177.2 million for Q1 2024, with no revenue, and a slight increase in total debt.</b>

AI Summary

Vaxart, Inc. (VXRT) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Vaxart, Inc. reported $0 in revenue for Q1 2024, a decrease from $5,000,000 in Q1 2023. Net loss for Q1 2024 was $177,187,965, compared to a net loss of $176,523,042 for Q1 2023. Loss per share for Q1 2024 was $0.90, compared to $0.90 for Q1 2023. Total assets as of March 31, 2024, were $153,959,853, down from $153,452,833 as of December 31, 2023. Total debt as of March 31, 2024, was $664,923, an increase from $507,020 as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking Vaxart, Inc., this filing contains several important signals. The company's lack of revenue and significant net loss indicate continued financial challenges and reliance on external funding. The increase in total debt, though relatively small, adds to the company's financial obligations in a period of no revenue generation.

Risk Assessment

Risk Level: high — Vaxart, Inc. shows elevated risk based on this filing. The company reported no revenue and a substantial net loss for the quarter, indicating significant financial distress and a high risk of continued cash burn without a clear path to profitability.

Analyst Insight

Investors should monitor Vaxart's cash runway and any potential funding rounds or strategic partnerships to address its ongoing financial needs.

Revenue Breakdown

Key Numbers

• 0 — Revenue Q1 2024 (Vaxart, Inc.)
• 5,000,000 — Revenue Q1 2023 (Vaxart, Inc.)
• 177,187,965 — Net Loss Q1 2024 (Vaxart, Inc.)
• 176,523,042 — Net Loss Q1 2023 (Vaxart, Inc.)
• 0.90 — Loss Per Share Q1 2024 (Vaxart, Inc.)
• 0.90 — Loss Per Share Q1 2023 (Vaxart, Inc.)
• 153,959,853 — Total Assets March 31, 2024 (Vaxart, Inc.)
• 664,923 — Total Debt March 31, 2024 (Vaxart, Inc.)

Key Players & Entities

• Vaxart, Inc. (company) — FILER
• VXRT (company) — ticker symbol
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-13 (date) — FILED AS OF DATE
• SOUTH SAN FRANCISCO (location) — BUSINESS ADDRESS CITY
• CA (location) — BUSINESS ADDRESS STATE
• 94080 (postal_code) — BUSINESS ADDRESS ZIP
• 001-35285 (filing_id) — SEC FILE NUMBER

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value VXRT The Nasdaq Capital M

Filing Documents

• vxrt20240331_10q.htm (10-Q) — 1308KB
• ex_634995.htm (EX-31.1) — 16KB
• ex_634996.htm (EX-31.2) — 16KB
• ex_634997.htm (EX-32.1) — 13KB
• a01.jpg (GRAPHIC) — 72KB
• 0001437749-24-016236.txt (&nbsp;) — 6731KB
• vxrt-20240331.xsd (EX-101.SCH) — 60KB
• vxrt-20240331_cal.xml (EX-101.CAL) — 48KB
• vxrt-20240331_def.xml (EX-101.DEF) — 416KB
• vxrt-20240331_lab.xml (EX-101.LAB) — 360KB
• vxrt-20240331_pre.xml (EX-101.PRE) — 446KB
• vxrt20240331_10q_htm.xml (XML) — 1002KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Notes to the Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 28 Part II OTHER INFORMATION 29 Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

SIGNATURES

SIGNATURES 33 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Quarterly Report") for the quarterly period ended March 31, 2024, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections, concerning our business, operations, and financial performance and condition as well as our plans, objectives, and expectations for business operations and financial performance and condition. Any statements contained herein that are not of historical facts may be deemed to be forward-looking statements. You can identify these statements by words such as "anticipate," "assume," "believe," "could," "estimate," "expect," "intend," "may," "plan," "should," "will," "would," and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts, and projections about our business and the industry in which we operate and management's beliefs and assumptions and are not guarantees of future performance or development and involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. As a result, any or all of our forward-looking statements in this Quarterly Report may turn out to be inaccurate. Factors that could materially affect our business operations and financial performance and condition include, but are not limited to, those risks and uncertainties described herein under "Item 1A. Risk Factors." and those described in our Annual Report on Form 10-K for the year ended December 31, 2023, under "Item 1A. Risk Factors." You are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements VAXART, INC. Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts ) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 26,735 $ 34,755 Short-term investments 9,929 4,958 Accounts receivable 556 3,008 Prepaid expenses and other current assets 7,064 2,815 Total current assets 44,284 45,536 Property and equipment, net 11,102 11,731 Right-of-use assets, net 23,753 24,840 Intangible assets, net 4,106 4,289 Goodwill 4,508 4,508 Other long-term assets 917 926 Total assets $ 88,670 $ 91,830 Liabilities and Stockholders ' Equity Current liabilities: Accounts payable $ 3,978 $ 1,584 Other accrued current liabilities 4,980 5,634 Current portion of operating lease liability 2,799 2,703 Current portion of liability related to sale of future royalties 2,360 3,803 Total current liabilities 14,117 13,724 Operating lease liability, net of current portion 16,691 17,385 Liability related to sale of future royalties, net of current portion 1,863 2,623 Other long-term liabilities 309 293 Total liabilities 32,980 34,025 Commitments and contingencies (Note 8) Stockholders' equity: Preferred stock: $ 0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock: $ 0.0001 par value; 250,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 177,187,965 shares issued and 176,523,042 shares outstanding as of March 31, 2024 and 153,959,853 shares issued and 153,452,833 shares outstanding as of December 31, 2023 18 15 Additional paid-in capital 490,221 467,731 Treasury stock at cost, 664,923 shares as of March 31, 2024 and 507,020 shares as of December 31, 2023 ( 548 ) ( 366 ) Accumulated deficit ( 433,991 ) ( 409,574 ) Accumulated other comprehensive loss ( 10 ) ( 1 ) Total stockholders' equity 55,69

View Full Filing

View this 10-Q filing on SEC EDGAR