Vaxart, Inc. Earnings Recaps
Q3 2025
Nov 15, 2025
Vaxart secured a transformative partnership with Dynavax, granting an upfront payment and potential future earnings tied to its oral COVID-19 vaccine, while advancing its norovirus program, expected to initiate a new clinical trial in 2026.
Key takeaways
- A partnership with Dynavax includes a $25 million upfront payment and an additional potential $700 million through future milestones and royalties.
- Vaxart's cash runway extends to Q2 2027 due to this partnership, enhancing its financial position for ongoing clinical developments.
- Promising Phase I results for the norovirus vaccine highlight the potential for first-in-class status, with plans for a new clinical trial projected in 2026, dependent on securing funding.
- The collaboration is seen as a significant validation of Vaxart's innovative oral vaccine platform, enhancing its strategic position in the vaccine market.