Vaxart, Inc. (VXRT) has a 5-year average return on invested capital (ROIC) of -52.0%. This is below average and may indicate limited pricing power.
Vaxart, Inc. (VXRT) has a market capitalization of $119M. It is classified as a small-cap stock.
Vaxart, Inc. (VXRT) does not currently pay a regular dividend.
Vaxart, Inc. (VXRT) operates in the Biological Products, (No Diagnostic Substances) industry, within the Healthcare sector.
Vaxart, Inc. (VXRT) reported annual revenue of $237 million in its most recent fiscal year, based on SEC EDGAR filings.
Vaxart, Inc. (VXRT) has a net profit margin of 6.9%. This is a modest margin.
Vaxart, Inc. (VXRT) generated $8 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Vaxart Biosciences, Inc. was originally incorporated in California under the name West Coast Biologicals, Inc. in March 2004 and changed its name to Vaxart, Inc. (“Private Vaxart”) in July 2007, when it reincorporated in the state of Delaware. On February 13, 2018, Private Vaxart completed a reverse merger (the “Merger”) with Aviragen Therapeutics, Inc. (“Aviragen”), pursuant to which Private Vaxart survived as a wholly owned subsidiary of Aviragen. Under the terms of the Merger, Aviragen changed its name to Vaxart, Inc. and Private Vaxart changed its name to Vaxart Biosciences, Inc. Unless otherwise indicated, all references to “Vaxart,” “we,” “us,” “our” or the “Company” in this Annual Report mean Vaxart, Inc., the combined company. We are a clinical-stage biotechnology company primarily focused on the development of oral recombinant vaccines based on our Vector-Adjuvant-Antigen Standardized Technology (“VAAST”) proprietary oral vaccine platform.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 256M | 237M | - | - | - | - |
| Net Income | 37M | 16M | -67M | -82M | -108M | -70M |
| EPS | $0.15 | $0.07 | $-0.33 | $-0.57 | $-0.62 | $-0.52 |
| Free Cash Flow | 15M | 7.6M | -45M | -72M | -104M | -65M |
| ROIC | 114.1% | 87.4% | -114.7% | -97.9% | -97.4% | -37.6% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 0.10 | 0.30 | 0.59 | 0.39 | 0.18 |
| Dividends/Share | $0.00 | $0.00 | - | - | - | - |
| Operating Income | 38M | 18M | -66M | -83M | -115M | -73M |
| Operating Margin | 14.9% | 7.6% | - | - | - | - |
| ROE | 39.4% | 22.3% | -114.7% | -97.9% | -97.4% | -37.6% |
| Shares Outstanding | 241M | 233M | 203M | 145M | 174M | 136M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 69M | 25M | N/A | 5.8M | N/A | 9.9M | N/A | N/A | N/A | N/A | N/A | 237M | 256M |
| Gross Margin | 25.6% | 43.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | 18M | 20M | 26M | 12M | 17M | N/A | N/A | N/A | N/A | 68M | 74M | 202M | 200M |
| SG&A | 10M | 9.4M | 8.0M | 3.5M | 6.7M | N/A | N/A | N/A | N/A | 23M | 21M | 18M | 17M |
| EBIT | -12M | -20M | -25M | -10M | -22M | -16M | -30M | -73M | -115M | -83M | -66M | 18M | 38M |
| Op. Margin | -16.7% | -79.3% | N/A | -171.5% | N/A | -160.1% | N/A | N/A | N/A | N/A | N/A | 7.6% | 14.9% |
| Net Income | -11M | -19M | -25M | N/A | -18M | -19M | -32M | -70M | -108M | -82M | -67M | 16M | 37M |
| Net Margin | -16.0% | -77.6% | N/A | N/A | N/A | -189.1% | N/A | N/A | N/A | N/A | N/A | 6.9% | 14.5% |
| Non-Recurring | 2.1M | -200K | 0 | 69K | 1.6M | 4.9M | 849K | 0 | 0 | 445K | 0 | -38K | -38K |
| Returns on Capital | |||||||||||||
| ROIC | -14.2% | -24.4% | -127.4% | N/A | -109.7% | -96.3% | -26.1% | -37.6% | -97.4% | -97.9% | -114.7% | 87.4% | 114.1% |
| ROE | -14.2% | -24.4% | -127.4% | N/A | 133.4% | -144.0% | -26.1% | -37.6% | -97.4% | -97.9% | -114.7% | 22.3% | 39.4% |
| ROA | -11.0% | -19.8% | -33.4% | N/A | -92.3% | -50.3% | -21.1% | -31.9% | -70.0% | -67.1% | -51.9% | 9.3% | 20.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -3.3M | -9.6M | -14M | -10M | -15M | -13M | -24M | -60M | -95M | -70M | -45M | 7.7M | 15M |
| Free Cash Flow | -3.4M | -9.7M | -14M | -10M | -15M | -14M | -25M | -65M | -104M | -72M | -45M | 7.6M | 15M |
| Owner Earnings | -7.4M | -13M | -16M | -11M | -17M | -17M | -31M | -73M | -114M | -91M | -67M | -14M | -9.0M |
| CapEx | 100K | 100K | 200K | 117K | 707K | 850K | 1.2M | 5.2M | 9.6M | 1.9M | 554K | 145K | 463K |
| Maint. CapEx | 2.4M | 1.1M | 100K | 100K | 1.6M | 3.6M | 2.7M | 4.2M | 5.8M | 6.8M | 11M | 14M | 17M |
| Growth CapEx | 0 | 0 | 100K | 17K | 0 | 0 | 0 | 949K | 3.8M | 0 | 0 | 0 | 0 |
| D&A | 2.4M | 1.1M | 100K | 100K | 1.6M | 3.6M | 2.7M | 4.2M | 5.8M | 6.8M | 11M | 14M | 17M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 0.0% | 0.0% | 0.0% | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 1.7M | 2.1M | 2.0M | 477K | 539K | 627K | 4.4M | 8.9M | 14M | 14M | 12M | 8.3M | 7.3M |
| Debt Repayment | 0 | 0 | 0 | 0 | 214K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | -57M | -27M | 13M | 4.5M | N/A | N/A | N/A | N/A | N/A | -34M | -55M | -61M |
| Cash & Equiv. | 82M | 45M | 8.4M | 1.6M | 12M | N/A | N/A | N/A | N/A | 35M | 25M | 54M | 61M |
| Long-Term Debt | N/A | N/A | N/A | 16M | 18M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.31 | 0.00 | -0.01 | -0.42 | 1.60 | 1.86 | 0.24 | 0.18 | 0.39 | 0.59 | 0.30 | 0.10 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | -3.3 | -26.5 | -50.1 | N/A | -49.2 | -87.8 | N/A | N/A | N/A | N/A |
| Equity | 87M | 70M | -30M | -39M | 11M | 13M | 123M | 188M | 111M | 58M | 59M | 88M | 94M |
| Total Assets | 114M | 79M | 73M | 4.5M | 35M | 37M | 153M | 221M | 154M | 92M | 166M | 186M | 180M |
| Total Liabilities | 27M | 9.9M | 27M | 43M | 24M | 24M | 29M | 34M | 43M | 34M | 107M | 98M | 86M |
| Intangibles | N/A | N/A | N/A | 40K | 19M | 34M | 15M | 15M | 9.5M | 4.3M | 3.6M | 2.8M | 2.6M |
| Retained Earnings | -90M | -109M | -134M | -80M | -98M | -117M | -149M | -219M | -327M | -410M | -477M | -460M | -455M |
| Working Capital | 74M | 62M | 63M | -770K | 7.2M | 8.4M | 117M | 158M | 82M | 32M | -23M | 49M | 55M |
| Current Assets | 101M | 71M | 72M | 3.8M | 15M | 18M | 129M | 169M | 99M | 46M | 68M | 136M | 132M |
| Current Liabilities | 27M | 9.0M | 9.2M | 4.5M | 7.5M | 9.2M | 12M | 11M | 18M | 14M | 91M | 87M | 77M |
| Per Share Data | |||||||||||||
| EPS | -0.29 | -0.45 | -0.55 | -76.38 | -0.48 | -0.86 | -0.36 | -0.52 | -0.62 | -0.57 | -0.33 | 0.07 | 0.15 |
| Owner EPS | -0.20 | -0.30 | -0.35 | -63.88 | -0.44 | -0.15 | -0.34 | -0.54 | -0.66 | -0.63 | -0.33 | -0.06 | -0.04 |
| Book Value | 2.30 | 1.64 | -0.64 | -233.00 | 0.30 | 0.11 | 1.38 | 1.38 | 0.64 | 0.40 | 0.29 | 0.38 | 0.39 |
| Cash Flow/Share | -0.09 | -0.23 | -0.31 | -60.41 | -0.38 | -0.11 | -0.27 | -0.44 | -0.55 | -0.49 | -0.22 | 0.03 | 0.22 |
| Dividends/Share | N/A | 0.00 | 0.00 | 0.00 | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 |
| Shares Out. | 37.7M | 42.4M | 46.2M | 0.2M | 38.0M | 117.8M | 89.5M | 135.6M | 173.9M | 144.7M | 202.9M | 233.2M | 241.4M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.3 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.5 |
| Price/Book | 0.8 | N/A | N/A | N/A | N/A | 3.1 | 4.6 | 4.7 | 1.2 | 2.2 | 2.8 | N/A | 1.3 |
| Price/Sales | 1.6 | N/A | N/A | N/A | N/A | 11.2 | N/A | N/A | N/A | N/A | N/A | N/A | 0.5 |
| FCF Yield | -4.8% | N/A | N/A | N/A | N/A | -34.8% | -4.4% | -7.4% | -77.0% | -55.7% | -27.2% | N/A | 12.4% |
| Market Cap | 71M | 0 | 0 | 0 | 0 | 40M | 567M | 876M | 136M | 130M | 166M | 0 | 119M |
| Avg. Price | 39.44 | 0.00 | 0.00 | 0.00 | 0.00 | 0.93 | 4.84 | 7.42 | 3.47 | 0.83 | 0.83 | 0.00 | 0.50 |
| Year-End Price | 24.75 | 0.00 | 0.00 | 0.00 | 0.00 | 0.34 | 6.33 | 6.46 | 0.78 | 0.57 | 0.73 | 0.00 | 0.50 |
Vaxart, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
Vaxart, Inc. (VXRT) has a debt-to-equity ratio of 0.10. This indicates a conservatively financed balance sheet.
Vaxart, Inc. (VXRT) reported earnings per share (EPS) of $0.07 in its most recent fiscal year.
Vaxart, Inc. (VXRT) has a return on equity (ROE) of 22.3%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 17 years of financial data for Vaxart, Inc. (VXRT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Vaxart, Inc. (VXRT) has a book value per share of $0.38, based on its most recent annual SEC filing.