VAXART INC (VXRT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VXRT SEC filings page.
VAXART INC (VXRT) reported $243.1M in revenue over the twelve months to Jun 30, 2026, up 201.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Vaxart’s 2025 results show a sudden shift from cash-consuming development to reported operating profitability, but cash conversion remains incomplete.
The key quality check is the gap between operating income of$18.1M and operating cash flow of$7.7M : less than half of reported operating profit became cash. Free cash flow of$7.6M nearly matched operating cash flow because capital spending was minimal, pointing to earnings supported partly by non-cash or working-capital effects rather than a fully cash-rich operating model.
Revenue expanded from
R&D consumed
Financial Health Signals
VAXART INC does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
VAXART INC scores -0.90, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($105.9M) relative to total liabilities ($98.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
VAXART INC passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
VAXART INC reported $16K of net income while generating $7.7M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead.
Key Financial Metrics
Earnings & Revenue
VAXART INC generated $27.2M in revenue in Q2 2026. This represents a decrease of 31.6% from the same quarter a year earlier. Against the prior quarter it is down 30.7%.
VAXART INC's EBITDA was -$12.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 9.9% from the same quarter a year earlier. Against the prior quarter it is down 293.2%.
VAXART INC reported -$13.5M in net income in Q2 2026. This represents an increase of 10.0% from the same quarter a year earlier. Against the prior quarter it is down 360.6%.
Not reported for Q2 2026.
Cash & Balance Sheet
VAXART INC generated $2.7M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 117.1% from the same quarter a year earlier. Against the prior quarter it is up 209.6%.
VAXART INC held $50.9M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
VAXART INC's operating margin was -48.4% in Q2 2026, reflecting core business profitability. This is down 11.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 61.6 percentage points.
VAXART INC's net profit margin was -49.6% in Q2 2026, showing the share of revenue converted to profit. This is down 11.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 62.8 percentage points.
VAXART INC's ROE was -16.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 29.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 21.9 percentage points.
Not reported for Q2 2026.
Capital Allocation
VAXART INC invested $33.8M in research and development in Q2 2026. This represents a decrease of 32.1% from the same quarter a year earlier. Against the prior quarter it is up 14.8%.
VAXART INC invested $35K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 66.0% from the same quarter a year earlier. Against the prior quarter it is down 92.2%.
Not reported for Q2 2026.
VXRT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26S-1 | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25S-1 | Q4'24S-1 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $27.2M-31.6% | $39.2M+87.9% | $104.2M+586.5% | $72.4M+1367.9% | $39.7M+520.7% | $20.9M+857.2% | $15.2M+368.0% | $4.9M+134.8% |
| R&D Expenses | $33.8M-32.1% | $29.4M-4.3% | $45.1M+99.3% | $75.9M+404.1% | $49.7M+184.5% | $30.7M+61.7% | $22.7M+54.1% | $15.1M+0.4% |
| SG&A Expenses | $6.6M+43.6% | $4.6M-8.4% | $3.7M-8.9% | $4.3M-1.5% | $4.6M-11.2% | $5.1M-30.0% | $4.0M-26.0% | $4.3M-11.8% |
| Operating Income | -$13.2M+9.8% | $5.2M+134.6% | $55.4M+582.3% | -$7.8M+46.0% | -$14.6M+10.2% | -$14.9M+38.0% | -$11.5M+32.0% | -$14.5M+18.8% |
| EBITDA | -$12.2M+9.9% | $6.3M+149.6% | $59.7M+949.9% | -$6.8M+49.1% | -$13.5M+10.9% | -$12.7M+42.0% | -$7.0M+44.5% | -$13.4M+19.5% |
| Income Tax | $29K+45.0% | $29K-69.5% | $344K+95.5% | $17K-5.6% | $20K-4.8% | $95K+111.1% | $176K+1.1% | $18K-53.8% |
| Net Income | -$13.5M+10.0% | $5.2M+133.2% | $38.7M-29.4% | -$8.1M+42.2% | -$15.0M+9.0% | -$15.6M+36.1% | $54.9M-15.6% | -$14.1M+19.1% |
| EPS (Basic) | -$0.06+14.3% | $0.02+128.6% | $0.24+580.0% | -$0.04+33.3% | -$0.07+22.2% | -$0.07+50.0% | -$0.05+58.3% | -$0.06+45.5% |
| EPS (Diluted) | N/A | $0.02+128.6% | N/A | N/A | N/A | -$0.07 | N/A | N/A |
| Diluted Shares (Avg) | N/A | 242M+6.3% | N/A | N/A | N/A | 228M | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
VXRT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26S-1 | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25S-1 | Q4'24S-1 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $165.2M+0.7% | $180.1M+13.6% | $186.1M+11.8% | $209.0M+25.4% | $164.1M+44.3% | $158.6M+78.8% | $166.4M+81.2% | $166.7M+57.8% |
| Current Assets | $116.7M+65.8% | $131.7M+110.2% | $136.1M+99.4% | $117.4M+76.6% | $70.4M-1.6% | $62.6M+41.5% | $68.3M+49.9% | $66.5M+16.4% |
| Cash & Equivalents | $50.9M+153.2% | $50.7M+76.8% | $53.8M+113.3% | $16.9M-23.4% | $20.1M-53.5% | $28.7M+7.3% | $25.2M-27.4% | $22.0M-33.5% |
| Short-Term Investments | $13.0M+111.8% | $10.3M-22.4% | $10.0M-62.3% | $11.9M-67.5% | $6.2M-68.1% | $13.2M+33.3% | $26.5M+434.4% | $36.7M+85.2% |
| Accounts Receivable | $11K-99.7% | $7.1M+375.9% | $14.6M+152.8% | $42.7M+7127.7% | $4.3M+293.5% | $1.5M+169.8% | $5.8M+91.5% | $591K+39.4% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $4.5M0.0% | $4.5M0.0% | $4.5M0.0% | $4.5M0.0% | $4.5M0.0% | $4.5M0.0% | $4.5M0.0% | $4.5M0.0% |
| Total Liabilities | $82.8M-36.9% | $85.9M-23.9% | $98.3M-8.5% | $182.2M+85.5% | $131.2M+288.9% | $112.9M+242.5% | $107.5M+215.8% | $98.2M+187.9% |
| Current Liabilities | $73.1M-38.0% | $76.8M-22.0% | $86.8M-4.5% | $169.3M+110.7% | $117.9M+648.1% | $98.5M+597.8% | $90.9M+562.2% | $80.4M+613.2% |
| Non-Current Liabilities | $9.7M-27.2% | $9.1M-37.0% | $11.5M-30.5% | $12.9M-27.6% | $13.3M-25.9% | $14.4M-23.5% | $16.6M-18.3% | $17.9M-21.8% |
| Total Equity | $82.4M+150.5% | $94.1M+106.3% | $87.8M+49.0% | $26.8M-60.9% | $32.9M-58.9% | $45.6M-18.1% | $58.9M+1.9% | $68.4M-4.3% |
| Retained Earnings | -$468.5M+7.6% | -$455.0M+7.5% | -$460.2M+3.4% | -$515.2M-10.9% | -$507.1M-12.6% | -$492.1M-13.4% | -$476.5M-16.3% | -$464.5M-18.4% |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
VXRT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26S-1 | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25S-1 | Q4'24S-1 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.8M+117.4% | -$2.1M+78.6% | $30.7M+517.5% | $2.6M+161.8% | -$15.9M-32.6% | -$9.6M+54.7% | -$7.3M+45.7% | -$4.2M+72.0% |
| Depreciation & Amortization | $1.0M-9.1% | $1.1M-49.9% | $2.1M-8.1% | $1.0M-9.1% | $1.1M0.0% | $2.2M+3.2% | $2.2M-4.1% | $1.1M-8.3% |
| Stock-Based Compensation | $1.3M-39.2% | $1.5M-39.7% | N/A | $2.0M-18.5% | $2.1M-17.0% | $2.5M-40.3% | N/A | $2.5M-35.6% |
| Capital Expenditures | $35K-66.0% | $448K+244.6% | $1K-97.7% | $117K+1200.0% | -$103K-72.2% | $130K-0.8% | $44K-57.7% | $9K-96.8% |
| Free Cash Flow | $2.7M+117.1% | -$2.5M+74.3% | $30.7M+515.0% | $2.5M+158.9% | -$16.0M-29.5% | -$9.7M+54.4% | -$7.4M+45.8% | -$4.2M+72.5% |
| Investing Cash Flow | -$2.7M-137.6% | -$676K-105.1% | $2.0M-80.9% | -$5.8M+65.8% | $7.2M+174.8% | $13.2M+363.4% | $10.4M-31.1% | -$17.0M-442.8% |
| Financing Cash Flow | $121K-3.2% | -$338K-106.1% | $4.3M+3048.5% | -$4K+60.0% | $125K-99.7% | -$164K-100.9% | $136K+306.1% | -$10K-25.0% |
| Dividends Paid | N/A | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Not reported in any period shown, so not listed: Share Buybacks.
VXRT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'26S-1 | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'25S-1 | Q4'24S-1 | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -48.4%-11.7pp | 13.2%+84.7pp | 53.2%+128.8pp | -10.8% | -36.8% | -71.5% | -75.7% | -293.4% |
| Net Margin | -49.6%-11.9pp | 13.2%+87.9pp | 37.2% | -11.2% | -37.7% | -74.7% | 361.5% | -285.4% |
| Return on Equity | -16.4%+29.2pp | 5.5%+39.7pp | 44.1%-49.0pp | -30.4%-9.9pp | -45.6%-25.0pp | -34.2%+9.7pp | 93.2%-19.3pp | -20.6%+3.8pp |
| Return on Assets | -8.2%+1.0pp | 2.9%+12.7pp | 20.8%-12.2pp | -3.9%+4.6pp | -9.1%+5.4pp | -9.8%+17.7pp | 33.0%-37.8pp | -8.5%+8.0pp |
| Current Ratio | 1.60+1.0x | 1.71+1.1x | 1.57+0.8x | 0.69-0.1x | 0.60-3.9x | 0.64-2.5x | 0.75-2.6x | 0.83-4.2x |
| Debt-to-Equity | 1.01-3.0x | 0.91-1.6x | 1.12-0.7x | 6.81+5.4x | 3.99+3.6x | 2.48+1.9x | 1.82+1.2x | 1.44+1.0x |
| Asset Turnover | 0.16-0.1x | 0.22+0.1x | 0.56+0.5x | 0.35+0.3x | 0.24+0.2x | 0.13+0.1x | 0.09+0.1x | 0.030.0x |
| FCF Margin | 10.1%+50.5pp | -6.4%+40.2pp | 29.4%+78.1pp | 3.4%+88.8pp | -40.4% | -46.6% | -48.7% | -85.3% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| VAXART INC VXRT | FY2025 | $237.3M | $16K | 0.0% | $105.9M | — |
| XBiotech Inc XBIT | FY2025 | N/A | -$45.5M | N/A | $69.8M | — |
| HilleVax, Inc. HLVX | FY2024 | N/A | -$147.3M | N/A | $104.8M | — |
| Oramed Pharmaceuticals Inc. ORMP | FY2025 | $2.0M | $75K | 3.8% | $180.1M | 51/100 |
| InflaRx N.V. IFRX | FY2025 | $20K | N/A | N/A | $235.8M | — |
| Connect Biopharma Holdings Limited CNTB | FY2025 | $64K | -$55.5M | N/A | $54.8M | — |
Where VAXART INC Ranks
Frequently Asked Questions
What is VAXART INC's annual revenue?
VAXART INC (VXRT) reported $237.3M in total revenue for fiscal year 2025. This represents a 726.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is VAXART INC's revenue growing?
VAXART INC (VXRT) revenue grew by 726.7% year-over-year, from $28.7M to $237.3M in fiscal year 2025.
Is VAXART INC profitable?
Yes, VAXART INC (VXRT) reported a net income of $16K in fiscal year 2025, with a net profit margin of 0.0%.
What is VAXART INC's EBITDA?
VAXART INC (VXRT) had EBITDA of $26.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is VAXART INC's operating margin?
VAXART INC (VXRT) had an operating margin of 7.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is VAXART INC's net profit margin?
VAXART INC (VXRT) had a net profit margin of 0.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is VAXART INC's return on equity (ROE)?
VAXART INC (VXRT) has a return on equity of 0.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is VAXART INC's free cash flow?
VAXART INC (VXRT) generated $7.6M in free cash flow during fiscal year 2025. This represents a 116.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is VAXART INC's operating cash flow?
VAXART INC (VXRT) generated $7.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are VAXART INC's total assets?
VAXART INC (VXRT) had $186.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are VAXART INC's capital expenditures?
VAXART INC (VXRT) invested $145K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does VAXART INC spend on research and development?
VAXART INC (VXRT) invested $201.6M in research and development during fiscal year 2025.
What is VAXART INC's current ratio?
VAXART INC (VXRT) had a current ratio of 1.57 as of fiscal year 2025, which is generally considered healthy.
What is VAXART INC's debt-to-equity ratio?
VAXART INC (VXRT) had a debt-to-equity ratio of 1.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is VAXART INC's return on assets (ROA)?
VAXART INC (VXRT) had a return on assets of 0.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is VAXART INC's P/E ratio?
VAXART INC (VXRT) trades at 4.8x earnings, its market capitalization divided by net income of $22.3M net income, trailing 12 months to June 30, 2026. The market capitalization is $105.9M as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is VAXART INC's price-to-sales ratio?
VAXART INC (VXRT) trades at 0.4x sales, its market capitalization divided by revenue of $243.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $105.9M as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is VAXART INC's Altman Z-Score?
VAXART INC (VXRT) has an Altman Z-Score of -0.90, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is VAXART INC's Piotroski F-Score?
VAXART INC (VXRT) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are VAXART INC's earnings high quality?
VAXART INC (VXRT) reported $16K of net income while generating $7.7M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.