Vaxart(OTC) VXRT

Vaxart develops oral tablet vaccines for diseases like flu and COVID-19. Its products aim to make vaccination easier for people who dislike injections. The company’s work helps public health by targeting common and emerging infections.

Swallowing the Science: Vaxart’s Main Offerings

• Oral Norovirus Vaccine: Tablet vaccine in early clinical trials for stomach virus; targets adults and children. (0% of revenue; all revenue from contracts)
• Oral Influenza Vaccine: Tablet vaccine previously completed a Phase II challenge study for seasonal flu; further development ongoing. (0% of revenue)
• Oral COVID-19 Vaccine: Tablet vaccine in Phase II trials for COVID-19; aims for easy mass immunization. (0% of revenue)
• Therapeutic HPV Vaccines: Early-stage vaccines for cervical cancer and pre-cancer caused by human papillomavirus. (0% of revenue)
• Royalty-Earning Antivirals: Receives minimal royalties from Inavir, used for flu treatment in Japan, and previously from Relenza. (Minimal revenue contribution)

Growth Spurts and Strategic Moves

• Secured major US government contracts in 2024 and 2025 for COVID-19 vaccine development.
• Partnered with Advanced Technology International and HHS BARDA for clinical trial funding.
• Launched large Phase 2b COVID-19 vaccine trial in 2025; paused after government stop work order.
• Reduced workforce by 21% in mid-2025 to manage costs.
• Licensed out antiviral Vapendavir to Altesa Biosciences for further development.

What Makes Vaxart Stand Out (Without the Hype)

Vaxart’s oral tablet vaccines do not require injections or cold storage, making them easier to distribute. The company’s focus on mucosal immunity aims to improve protection at the body’s entry points for viruses. Its business relies on government contracts and partnerships rather than commercial product sales.

Five Things You Need to Know

• Revenue was $39.7 million in Q2 2025, up 520.7% from Q2 2024.
• All Q2 2025 revenue came from US government contracts, not product sales.
• Operating loss was $14.6 million in Q2 2025, improving 10% year-over-year.
• Cash and investments totaled $26.3 million as of June 30, 2025, down 49% from December 2024.
• Delisted from Nasdaq in July 2025; now trades on OTCQX due to low share price.

Bottom Line

Vaxart has shifted from research to large-scale clinical trials, relying on government funding. Its oral vaccine platform offers a different approach, but commercial sales have not yet begun.