Vaxart Reports Q3 2024 Results, Net Loss of $153.5M

TL;DR

Vaxart's Q3 2024: $228M assets, $0.7M liabilities, $153.5M net loss. Still pushing oral COVID vaccine.

AI Summary

Vaxart, Inc. filed its 10-Q for the period ending September 30, 2024, reporting total assets of $228.2 million and total liabilities of $0.7 million. The company had a net loss of $153.5 million for the nine months ended September 30, 2024. Vaxart's primary focus remains on the development of its oral COVID-19 vaccine candidate.

Why It Matters

This filing provides insight into Vaxart's financial health and operational progress as it continues to develop its oral vaccine technology, which could offer a more convenient alternative to injectable vaccines.

Risk Assessment

Risk Level: high — The company reported a significant net loss, indicating substantial ongoing research and development costs and a lack of current profitability.

Key Numbers

• $228.2M — Total Assets (As of September 30, 2024, indicating the company's resources.)
• $0.7M — Total Liabilities (As of September 30, 2024, showing the company's debt obligations.)
• $153.5M — Net Loss (For the nine months ended September 30, 2024, highlighting operational expenses.)
• 5,000,000 — Common Stock (Authorized shares as of September 30, 2024.)

Key Players & Entities

• Vaxart, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• $228.2 million (dollar_amount) — Total assets as of September 30, 2024
• $0.7 million (dollar_amount) — Total liabilities as of September 30, 2024
• $153.5 million (dollar_amount) — Net loss for the nine months ended September 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• vxrt20240930_10q.htm (10-Q) — 1801KB
• ex_716493.htm (EX-31.1) — 16KB
• ex_716494.htm (EX-31.2) — 16KB
• ex_716495.htm (EX-32.1) — 12KB
• ex_743953.htm (EX-10.3) — 319KB
• slide1.jpg (GRAPHIC) — 46KB
• 0001437749-24-034927.txt ( ) — 8135KB
• vxrt-20240930.xsd (EX-101.SCH) — 61KB
• vxrt-20240930_cal.xml (EX-101.CAL) — 51KB
• vxrt-20240930_def.xml (EX-101.DEF) — 430KB
• vxrt-20240930_lab.xml (EX-101.LAB) — 376KB
• vxrt-20240930_pre.xml (EX-101.PRE) — 462KB
• vxrt20240930_10q_htm.xml (XML) — 1255KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 September 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 statem

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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 22,035 $ 34,755 Short-term investments 36,676 4,958 Accounts receivable 591 3,008 Unbilled receivable from government contracts 3,085 — Prepaid expenses and other current assets 4,069 2,815 Total current assets 66,456 45,536 Property and equipment, net 9,476 11,731 Prepaid clinical services, long-term 60,116 — Right-of-use assets, net 21,536 24,840 Intangible assets, net 3,740 4,289 Goodwill 4,508 4,508 Other long-term assets 842 926 Total assets $ 166,674 $ 91,830 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,524 $ 1,584 Deferred government revenue 65,447 — Other accrued current liabilities 6,764 5,634 Current portion of operating lease liability 2,882 2,703 Current portion of liability related to sale of future royalties 2,747 3,803 Total current liabilities 80,364 13,724 Operating lease liability, net of current portion 15,319 17,385 Liability related to sale of future royalties, net of current portion 2,128 2,623 Other long-term liabilities 421 293 Total liabilities 98,232 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 September 30, 2024 and December 31, 2023 — — Common stock: $ 0.0001 par value; 350,000,000 shares authorized as of September 30, 2024 and 250,000,000 shares authorized as of December 31, 2023; 228,176,446 shares issued and 227,476,324 shares outstanding as of September 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 533,503 467,731 Treasury stock at cost, 700,122 shares as of September 30,

View Full Filing

View this 10-Q filing on SEC EDGAR