Vaxart, Inc. (NASDAQ:VXRT) Q4 2024 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call highlights significant challenges, including a stop work order from BARDA and workforce reductions, indicating financial and operational strain. Despite a positive EPS surprise, the lack of clear guidance on future product efficacy and management's vague responses during the Q&A add to uncertainties. The increase in revenue is overshadowed by these issues, and future funding strategies are speculative. The overall sentiment leans negative due to regulatory and competitive pressures, potential supply chain issues, and the need for strategic funding to maintain operations.
Key Financial Performance
Revenue $28.7 million (up from $7.4 million in 2023), a year-over-year increase of approximately 287%. The increase was primarily due to government contracts related to BARDA and non-cash royalty revenue from sales of Inavir in Japan.
Cash and Cash Equivalents $51.7 million at the end of 2024. This figure reflects the company's financial position following the revenue increase and is crucial for sustaining operations.
EPS Reported EPS is $-0.05, compared to expectations of $-0.10, indicating a better-than-expected performance.
You have reached the limit. Sign up to access full content
Get started
Operating Highlights
COVID-19 Vaccine Development: Vaxart received an award of approximately $460 million to conduct a 10,000 participant head-to-head study against an available mRNA comparator. Enrollment of the initial sentinel cohort of 400 participants was completed in November 2024.
Norovirus Vaccine Development: Initiated a Phase 1 trial evaluating second-generation oral norovirus vaccine constructs against first-generation constructs, with potential Phase 2 study beginning in the second half of 2025.
Revenue Growth: Revenue for 2024 was $28.7 million, compared to $7.4 million in 2023, primarily from government contracts and non-cash royalty revenue.
Cash Position: Vaxart ended 2024 with cash, cash equivalents, and investments of $51.7 million, anticipating cash runway into Q4 2025.
Expense Management: Implemented measures to reduce expenses, including workforce reduction following the BARDA stop work order.
Strategic Partnerships: Exploring various strategies to extend cash runway through strategic partnerships, non-dilutive funding, and cost reduction initiatives.
You have reached the limit. Sign up to access full content
Get started
Risk or Challenges
Regulatory Issues: Vaxart received a stop work order related to its BARDA funded Project NextGen award from the US Department of Health and Human Services, halting all activities related to a planned 10,000 participant study.
Financial Risks: The company is implementing measures to reduce expenses, including workforce reduction, due to the impact of the stop work order. Vaxart is exploring strategies to extend its cash runway through partnerships and funding.
Clinical Development Risks: Uncertainty inherent in the clinical development and regulatory process could materially affect actual results compared to forward-looking statements.
Supply Chain Challenges: The company is reviewing its preclinical programs and determining if further investment is needed, indicating potential supply chain or resource allocation challenges.
Competitive Pressures: Vaxart's oral vaccine candidates are in competition with established injectable vaccines, which may affect market acceptance and funding opportunities.
Economic Factors: The norovirus program addresses a significant economic burden of $10 billion annually in the US, highlighting the financial implications of public health challenges.
You have reached the limit. Sign up to access full content
Get started
Guidance & Outlook
COVID-19 Program Funding: Received an award of approximately $460 million to conduct a 10,000 participant head-to-head study against an available mRNA comparator.
Norovirus Program Progress: Initiated a Phase 1 trial evaluating second-generation oral norovirus vaccine constructs head-to-head against first-generation constructs.
Preclinical Programs Review: Carefully reviewing preclinical programs, including avian influenza and HPV vaccine programs, to determine further investment.
2024 Revenue: Revenue for 2024 was $28.7 million, compared to $7.4 million in 2023.
Cash Position: Ended 2024 with cash, cash equivalents, and investments of $51.7 million.
Cash Runway: Anticipates cash runway into the fourth quarter of 2025.
Cost Reduction Initiatives: Implemented measures to reduce expenses, including workforce reduction following the BARDA stop work order.
Future Funding Strategies: Exploring various strategies to extend cash runway through strategic partnerships, non-dilutive funding, and cost reduction initiatives.
You have reached the limit. Sign up to access full content
Get started
Shareholder Return Plan
Cash Position: Vaxart ended 2024 with cash, cash equivalents, and investments of $51.7 million.
Cash Runway: Based on current plans, Vaxart anticipates cash runway into the fourth quarter of 2025.
Expense Reduction Measures: In the first quarter of 2025, the company implemented measures to reduce expenses, including a reduction in its workforce following the BARDA stop work order.
Future Funding Strategies: Vaxart continues to explore various strategies to extend its cash runway through strategic partnerships, non-dilutive funding, and other cost reduction initiatives.
You have reached the limit. Sign up to access full content
Get started
Key Q&A
Q:Is the new or second-generation product bivalent or monovalent?
A:We are looking at a GI.1 and a GII.4.
Q:Will you enroll both young adults and older adults in the Phase 1 trial?
A:We are enrolling folks 18 to 49 into the study population.
Q:Can you provide some color on the scope of the top-line data we should expect?
A:We’d be looking for preliminary safety and immunogenicity.
Q:How could the greater immune response in animal data translate to top-line efficacy?
A:Even a small change in humans could make a big difference in protective efficacy.
Q:Will the data generated from the first gen still contribute to FDA discussions?
A:It will be part of the overall discussion as we want to pick the best vaccine.
Q:What unicity measurement should we focus on for the top-line readout?
A:We’re going to measure serum NBAA response and fecal IgA.
Q:How should we think about the stronger potency regarding the dose in the clinical study?
A:We’re enrolling a total of 60 patients in three cohorts, considering low and high doses.
Q:Has the FDA seen the data for the sentinel cohort?
A:Yes, the data was sent to the FDA at the same time it was sent to the DSMB.
Q:Did the DSMB provide specific feedback?
A:They recommended the study proceed without modification.
Q:How do we think about the market opportunity given there is a competitor already in Phase 3?
A:There’s a significant market opportunity for norovirus, which has a $10 billion impact.
Q:When can we expect updates on preclinical studies in influenza and HPV?
A:We will publish the results when the preclinical studies are complete.
Q:Is there a way for Vaxart to expedite work on the bird flu vaccine?
A:We are conducting several preclinical studies to evaluate our second-generation construct.
Q:What partnership or non-dilutive funding options are you considering?
A:We continue to engage and update parties as we make progress on our programs.
Q:Review of Unclear Management Responses
A:Management avoided giving a direct answer regarding the specific details of the top-line data expected from the Phase 1 study, as well as the exact nature of the second-generation product's efficacy compared to the first generation.
You have reached the limit. Sign up to access full content
Get started
Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Americans
GI GII
HHS
HPV
antibody response
benefit
cohort study
construct generation
efficiency
event vaccine
expectation
expression
generation construct
generation norovirus
group
head generation
indication
model
mucosal antibody
norovirus program
norovirus vaccination
norovirus vaccine
participant portion
protection norovirus
publication program
publication science
reduction
response norovirus
science medicine
stop work
strain
study approach
trial end
trial generation
update program
use
vaccine head
work order
VXRT Transcript
Vaxart, Inc. (VXRT) Q3 2025 Earnings Call Transcript
Unknown11-13
The earnings call highlights a significant revenue increase and extended cash runway, which are positive. However, the dependency on partnerships for advancing the norovirus program and the BARDA stop work order pose risks. The Q&A session revealed uncertainty about independent trial initiation for the norovirus program, reflecting potential challenges. These mixed signals suggest a neutral sentiment, with positive financials balanced by strategic uncertainties.
Vaxart, Inc. (VXRT) Q2 2025 Earnings Call Transcript
Unknown8-13
The earnings call presented a mixed outlook. Positive aspects include revenue growth, a strong cash runway, and promising vaccine developments. However, workforce reductions, dependency on external funding for trials, and uncertainties in partnerships and trial progress are concerning. The Q&A highlighted management's lack of clarity on key issues, such as the COVID-19 trial's stop work order, which raises uncertainty. Despite potential catalysts like the avian flu vaccine, uncertainties and financial challenges balance out the positives, leading to a neutral sentiment.
Vaxart, Inc. (VXRT) Q1 2025 Earnings Call Transcript
Unknown5-13
The earnings call summary presents mixed signals: strong revenue growth and positive discussions with BARDA and potential partners are countered by regulatory and operational risks, including NASDAQ compliance concerns and workforce reductions. The Q&A reveals management's cautious optimism but also highlights uncertainties, especially regarding timelines and specifics on the COVID program. These factors, along with a potential reverse stock split, suggest a neutral short-term stock price movement, with no clear catalyst for significant gains or losses.
Vaxart, Inc. (NASDAQ:VXRT) Q4 2024 Earnings Call Transcript
Unknown3-24
The earnings call highlights significant challenges, including a stop work order from BARDA and workforce reductions, indicating financial and operational strain. Despite a positive EPS surprise, the lack of clear guidance on future product efficacy and management's vague responses during the Q&A add to uncertainties. The increase in revenue is overshadowed by these issues, and future funding strategies are speculative. The overall sentiment leans negative due to regulatory and competitive pressures, potential supply chain issues, and the need for strategic funding to maintain operations.
VXRT Report
Frequently Asked Questions
Where does this earnings call transcript come from?
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
How soon is the transcript available after the earnings call ends?
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
Is the transcript edited or altered in any way?
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
Why do some answers appear as “Unclear” or “Inaudible”?
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
Who creates the AI Summary and Key Q&A highlights shown above the transcript?
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
