Vaxart Q2 2024: Assets $228M, Liabilities $154M

TL;DR

Vaxart Q2: $228M assets, $154M liabilities. Cash low at $688k.

AI Summary

Vaxart, Inc. filed its 10-Q for the period ending June 30, 2024, reporting total assets of $228.1 million and total liabilities of $153.9 million. The company's cash and cash equivalents stood at $688,331. Vaxart, formerly known as Aviragen Therapeutics, Inc., Biota Pharmaceuticals, Inc., and NABI BIOPHARMACEUTICALS, is focused on biological products.

Why It Matters

This filing provides a snapshot of Vaxart's financial health, indicating its asset base and debt obligations as of the second quarter of 2024.

Risk Assessment

Risk Level: medium — The company has significant liabilities relative to its cash on hand, which could pose financial risks.

Key Numbers

• $228.1B — Total Assets (As of June 30, 2024)
• $153.9B — Total Liabilities (As of June 30, 2024)
• $688,331 — Cash and Cash Equivalents (As of June 30, 2024)

Key Players & Entities

• Vaxart, Inc. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• $228.1 million (dollar_amount) — Total assets
• $153.9 million (dollar_amount) — Total liabilities
• $688,331 (dollar_amount) — Cash and cash equivalents
• Aviragen Therapeutics, Inc. (company) — Former company name
• Biota Pharmaceuticals, Inc. (company) — Former company name
• NABI BIOPHARMACEUTICALS (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value VXRT The Nasdaq Capital M
• $284 — Registration, net of offering costs of $284 16,000,000 1 — — 13,602 — — 13,603 I

Filing Documents

• vxrt20240630_10q.htm (10-Q) — 1860KB
• ex_709042.htm (EX-10.1) — 18KB
• ex_709229.htm (EX-10.2) — 283KB
• ex_709230.htm (EX-10.3) — 422KB
• ex_681173.htm (EX-31.1) — 16KB
• ex_681174.htm (EX-31.2) — 16KB
• ex_681175.htm (EX-32.1) — 12KB
• pipelineslide.jpg (GRAPHIC) — 59KB
• 0001437749-24-025556.txt ( ) — 8584KB
• vxrt-20240630.xsd (EX-101.SCH) — 61KB
• vxrt-20240630_cal.xml (EX-101.CAL) — 49KB
• vxrt-20240630_def.xml (EX-101.DEF) — 418KB
• vxrt-20240630_lab.xml (EX-101.LAB) — 371KB
• vxrt-20240630_pre.xml (EX-101.PRE) — 450KB
• vxrt20240630_10q_htm.xml (XML) — 1236KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 June 30, 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 43,285 $ 34,755 Short-term investments 19,308 4,958 Accounts receivable 1,088 3,008 Unbilled receivable from government contracts 3,689 — Prepaid expenses and other current assets 4,165 2,815 Total current assets 71,535 45,536 Property and equipment, net 10,280 11,731 Right-of-use assets, net 22,652 24,840 Intangible assets, net 3,923 4,289 Goodwill 4,508 4,508 Other long-term assets 851 926 Total assets $ 113,749 $ 91,830 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,587 $ 1,584 Other accrued current liabilities 6,611 5,634 Current portion of operating lease liability 2,872 2,703 Current portion of liability related to sale of future royalties 2,686 3,803 Total current liabilities 15,756 13,724 Operating lease liability, net of current portion 15,983 17,385 Liability related to sale of future royalties, net of current portion 1,591 2,623 Other long-term liabilities 405 293 Total liabilities 33,735 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 June 30, 2024 and December 31, 2023 — — Common stock: $ 0.0001 par value; 350,000,000 shares authorized as of June 30, 2024 and 250,000,000 shares authorized as of December 31, 2023; 228,119,936 shares issued and 227,431,605 shares outstanding as of June 30, 2024 and 153,959,853 shares issued and 153,452,833 shares outstanding as of December 31, 2023 23 15 Additional paid-in capital 531,029 467,731 Treasury stock at cost, 688,331 shares as of June 30, 2024 and 507,020 shares as of December 31, 2023 ( 565 ) ( 366 ) Accumulated deficit ( 450,457 ) ( 409,574

View Full Filing

View this 10-Q filing on SEC EDGAR