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Vaxart Inc. (VXRT-8.48%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The company reported total revenue of $28.7 million for the year, a significant increase from $7.4 million in 2023. This increase was primarily driven by revenue from government contracts, which amounted to $24.9 million in 2024, compared to zero in the previous year.
Non-cash royalty revenue related to the sale of future royalties was $3.8 million, slightly down from $3.9 million in 2023. Vaxart continues to record this revenue despite the amounts being remitted to HealthCare Royalty Partners III, L.P.
Research and development expenses increased by 9% to $74.2 million, up from $68.1 million in 2023. This increase was mainly due to higher clinical trial expenses related to the COVID-19 vaccine candidate and increased manufacturing and preclinical expenses.
General and administrative expenses decreased by 8% to $20.8 million, compared to $22.6 million in 2023. The decrease was primarily due to reduced personnel-related costs and directors’ and officers’ insurance costs.
The company reported a net loss of $66.9 million for 2024, compared to a net loss of $82.5 million in 2023. The decrease in net loss was attributed to increased revenue from government contracts.
Vaxart's cash, cash equivalents, and short-term investments totaled $51.7 million as of December 31, 2024. The company anticipates needing additional capital to fund operations into the fourth quarter of 2025.
The company highlighted ongoing development programs for its norovirus and COVID-19 vaccine candidates, with significant funding from government contracts, including a contract with the U.S. Biomedical Advanced Research and Development Authority (BARDA).
Vaxart continues to face risks related to its financial position, including the need for additional capital, competition in the biotechnology sector, and potential delays in clinical development and regulatory approval processes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vaxart Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.