NASDAQ$VXRT
Vaxart Inc · Q2 2025 earnings
Q2 2025 earnings · · After market close · Investor relations
Briefing
Vaxart Inc reported Q2 2025 results with $39.7 million in government contract revenue and a narrowed net loss.
Vaxart Inc recorded total revenue of $39.7 million for the three months ended June 30, 2025, driven almost entirely by government contracts supporting its COVID-19 vaccine program. The company posted a net loss of $15.0 million and basic EPS of $(0.07), while ending the quarter with $20.1 million in cash and cash equivalents and total assets of $164.1 million. Management indicated cash runway extending into the first quarter of 2026 following recent workforce reductions.
- Q2 revenue reached $39.7 million, up sharply from $6.4 million in the prior-year quarter, almost all from government contracts.
- Net loss improved to $15.0 million from $16.5 million year-over-year despite higher R&D spend on clinical trials.
- R&D expenses totaled $49.7 million while G&A expenses declined to $4.6 million.
- Cash and cash equivalents stood at $20.1 million with runway projected into Q1 2026 after a 21% workforce reduction.
Headline financials
Revenue & EPS history
Vaxart · Revenue · Quarterly
$39.7M
Revenue by segment
Vaxart · $39.7M total across 1 segment · Q2 2025
- Government Contracts$39.7M—100.0%
Forward guidance
Cash runway expected into the first quarter of 2026 following workforce reductions and continued government contract execution.
Tailwinds
- Strong government contract revenue supporting clinical programs
- Reduced G&A expenses year-over-year
- Workforce reduction to align costs with business needs
Headwinds
- Continued net losses and operating cash burn
- High R&D spend required for Phase 2b COVID-19 study
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports
-1.4%
Avg return
Earnings day
-0.2%
Avg return
5 days after
-3.7%
Avg return
30 days after
37%
23 / 62 earnings
Positive
+22.7%
Q1 2024
Best reaction
-23.1%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -1.4% | -8.8% | -19.5% | |
| Q4 2025 | -13.0% | -14.9% | -14.9% | |
| Q3 2025 | +11.6% | +5.4% | +0.0% | |
| Q1 2025 | -0.7% | +19.0% | +66.7% | |
| Q4 2024 | -9.1% | -19.3% | -40.4% | |
| Q3 2024 | -12.8% | -15.3% | -18.1% | |
| Q2 2024 | -2.7% | +0.0% | +48.3% | |
| Q1 2024 | +22.7% | +35.2% | +7.0% | |
| Q4 2023 | -4.4% | +2.7% | -19.5% | |
| Q3 2023 | +8.4% | +12.3% | +12.3% | |
| Q2 2023 | +1.3% | -3.9% | +9.2% | |
| Q1 2023 | +0.0% | +0.0% | +44.8% | |
| Q4 2022 | +0.0% | -10.1% | -16.5% | |
| Q3 2022 | -11.9% | +16.1% | -20.3% | |
| Q2 2022 | +3.4% | +1.2% | -31.1% | |
| Q1 2022 | -9.6% | -6.2% | +5.1% | |
| Q4 2021 | +18.9% | +12.8% | +13.9% | |
| Q3 2021 | -8.0% | -6.7% | -12.9% | |
| Q2 2021 | +5.4% | +11.6% | +4.9% | |
| Q1 2021 | -18.7% | -33.2% | -31.7% | |
| Q4 2020 | -2.6% | -2.7% | -18.4% | |
| Q3 2020 | +10.0% | +23.0% | +61.4% | |
| Q2 2020 | -4.9% | +11.3% | -49.0% | |
| Q1 2020 | +1.1% | -2.1% | -20.7% | |
| Q4 2019 | -23.1% | -27.4% | -15.0% | |
| Q3 2019 | -2.9% | -11.4% | -8.6% | |
| Q2 2019 | +21.1% | +17.5% | +22.8% | |
| Q1 2019 | +8.5% | +9.9% | -8.5% | |
| Q4 2018 | -9.5% | -12.2% | -25.3% | |
| Q3 2018 | -15.8% | -12.1% | +0.7% | |
| Q2 2018 | +0.6% | -1.0% | +0.3% | |
| Q1 2018 | -5.3% | -1.8% | +1.8% | |
| Q4 2017 | +4.8% | +0.0% | +9.5% | |
| Q3 2017 | -2.0% | +0.0% | -6.0% | |
| Q2 2017 | -1.7% | -1.7% | -46.6% | |
| Q1 2017 | -8.3% | -4.1% | -33.2% | |
| Q4 2016 | +0.0% | +11.3% | +12.0% | |
| Q3 2016 | -3.1% | — | — | |
| Q2 2016 | -15.2% | — | — | |
| Q1 2016 | +7.6% | — | — | |
| Q4 2015 | -4.6% | — | — | |
| Q3 2015 | -3.1% | — | — | |
| Q2 2015 | -2.4% | — | — | |
| Q4 2014 | -0.8% | — | — | |
| Q1 2015 | -0.8% | — | — | |
| Q3 2014 | -6.3% | — | — | |
| Q2 2014 | +0.2% | — | — | |
| Q1 2014 | +1.5% | — | — | |
| Q4 2013 | +1.5% | — | — | |
| Q3 2013 | -0.8% | — | — | |
| Q2 2013 | +2.6% | — | — | |
| Q1 2013 | +0.6% | — | — | |
| Q4 2012 | -1.8% | — | — | |
| Q3 2012 | +1.1% | — | — | |
| Q4 2011 | +0.0% | — | — | |
| Q3 2011 | -1.0% | — | — | |
| Q2 2011 | -5.2% | — | — | |
| Q2 2010 | -5.2% | — | — | |
| Q1 2011 | +0.9% | — | — | |
| Q4 2010 | +2.0% | — | — | |
| Q3 2010 | +0.2% | — | — | |
| Q1 2010 | -7.0% | — | — |
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