In This Article:
-
Revenue for 2024: $28.7 million, up from $7.4 million in 2023.
-
Cash Equivalents and Investments: $51.7 million at the end of 2024.
-
Cash Runway: Anticipated into the fourth quarter of 2025.
-
Expense Reduction: Implemented measures including workforce reduction following BARDA stop work order.
Release Date: March 20, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Vaxart Inc (NASDAQ:VXRT) has developed a robust body of data across multiple clinical studies, demonstrating promising safety and immune response benefits of their oral vaccine platform.
-
The company has initiated a Phase 1 trial for their second-generation oral Norovirus vaccine, which shows potential for improved potency over the first-generation constructs.
-
Vaxart Inc (NASDAQ:VXRT) received a $460 million award to conduct a large-scale study comparing their COVID-19 vaccine candidate to an mRNA comparator, indicating significant external validation and support.
-
The Norovirus vaccine program has shown promising efficacy in reducing infection rates and viral shedding, with a benign safety profile consistent with previous studies.
-
The company is exploring strategic partnerships and non-dilutive funding options to extend their cash runway, demonstrating proactive financial management.
Negative Points
-
A stop work order was issued for the BARDA-funded COVID-19 study, halting activities related to the planned 10,000 participant portion, creating uncertainty about the project's future.
-
Vaxart Inc (NASDAQ:VXRT) had to implement expense reductions, including workforce reductions, due to the stop work order, indicating financial strain.
-
There are no new updates on the 10,000 participant portion of the COVID-19 trial, leaving stakeholders in the dark about the project's progress.
-
The company faces competition in the Norovirus vaccine market, with a competitor already in Phase 3 trials, potentially impacting market share.
-
Vaxart Inc (NASDAQ:VXRT) ended 2024 with $51.7 million in cash equivalents and investments, which may not be sufficient to sustain operations without additional funding or partnerships.
Q & A Highlights
Q: Can you provide details on the new Phase 1 study for Norovirus, specifically whether the second-generation product is bivalent or monovalent, and the demographics of the trial participants? A: The Phase 1 study is enrolling participants aged 18 to 49. The second-generation product includes G11 and G24 constructs. Minor changes to the DNA backbone and antigen sequence have enhanced expression in intestinal epithelial cells, leading to greater immune responses in preclinical models. (James Cummings, Chief Medical Officer; Sean Tucker, Chief Scientific Officer)