Vaxart, Inc.

EDGAR

Annual consolidated revenue for 2025: about USD 237.3M, using the latest reported figures. The previous period, 2024, was about USD 28.7M.

Watchlist

Latest quarter

Revenue

27.2 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating margin

-48.45%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: -13172000 USD Source
  • Revenue: 27185000 USD Source

Operating cash flow

2.78 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 724000 USD Source
  • Operating Cash Flow: -2054000 USD Source

Free cash flow

2.74 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 724000 USD Source
  • Operating Cash Flow: -2054000 USD Source
  • Capital Expenditure: 483000 USD Source
  • Capital Expenditure: 448000 USD Source
Cash and cash equivalents
22 million USD Source
Exact value

22035000 USD

Long-term debt including current maturities
17.7 million USD Source
Exact value

17741000 USD

Shares outstanding
243 million shares Source
Exact value

242835358 shares

Reported share-count change

6.08% · 13.9 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 228912563 shares · 2025-06-30· Source
  • 242835358 shares · 2026-06-30· Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-19.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 5 of 11 periods available· newest 2025-12-31
  • Operating income: 9 of 11 periods available· newest 2025-12-31
  • Net income: 9 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 9 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 9 of 11 periods available· newest 2025-12-31
  • Total assets: 5 of 11 periods available· newest 2025-12-31
  • Total liabilities: 5 of 11 periods available· newest 2025-12-31
  • Current assets: 5 of 11 periods available· newest 2025-12-31
  • Current liabilities: 5 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 4 of 11 periods available· newest 2023-12-31
  • Long-term debt including current maturities: 2 of 11 periods available· newest 2018-12-31
  • Shares outstanding: 5 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +726.7%

    Prior period

    USD 28.7 million

    –

    Current period

    USD 237.26 million

    –

    Exact inputs and evidence

    237258000 − 28700000 = 208558000 USD

    28700000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    237258000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    +USD 83.28 million

    Prior period

    −USD 66.95 million

    –

    Current period

    USD 16.33 million

    –

    Exact inputs and evidence

    16327000 − -66948000 = 83275000 USD

    -66948000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    16327000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    +USD 52.48 million

    Prior period

    −USD 44.76 million

    –

    Current period

    USD 7.71 million

    –

    Exact inputs and evidence

    7714000 − -44764000 = 52478000 USD

    -44764000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    7714000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    -73.8%

    Prior period

    USD 554,000

    –

    Current period

    USD 145,000

    –

    Exact inputs and evidence

    145000 − 554000 = -409000 USD

    554000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    145000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 237.26 million 100% of revenue
  • Operating costs Derived USD 219.18 million 92% of revenue
  • Operating income USD 18.07 million 7.6% of revenue
  • Tax, interest and other Derived USD 1.75 million 0.7% of revenue
  • Net income USD 16.33 million 6.9% of revenue

Cash

  • Operating cash flow USD 7.71 million 3.3% of revenue
  • Capital expenditure USD 145,000 0.1% of revenue
  • Free cash flow Derived USD 7.57 million 3.2% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2017 Operating loss: operating costs were 272% of revenue.
  • 2018 Operating loss: operating costs were 623% of revenue.
  • 2023 Operating loss: operating costs were 1,230% of revenue.
  • 2024 Operating loss: operating costs were 331% of revenue.
  • 2025 92%
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2017 2017-01-01 – 2017-12-315839000 15854000 Derived -10015000 -433000 Derived -9582000 -10157000 Derived
Source
2018 2018-01-01 – 2018-12-314159000 25915000 Derived -21756000 -3749000 Derived -18007000 -15255000 Derived
Source
2023 2023-01-01 – 2023-12-317379000 90726000 Derived -83347000 -882000 Derived -82465000 -72324000 Derived
Source
2024 2024-01-01 – 2024-12-3128700000 94993000 Derived -66293000 655000 Derived -66948000 -45318000 Derived
Source
2025 2025-01-01 – 2025-12-31237258000 219184000 Derived 18074000 1747000 Derived 16327000 7569000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 237.3M 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.256.2M192.2M128.1M64.1M0.020172018202320242025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2017Revenue5839000
2018Revenue4159000
2023Revenue7379000
2024Revenue28700000
2025Revenue237258000

Revenue growth

Change in revenue from the same financial period one year earlier.

726.7% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.787%568%349%130%-89%20172018202320242025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2017Year over yearNo prior comparable period
2018Year over year-28.8%
2023Year over yearNo prior comparable period
2024Year over year288.9%
2025Year over year726.7%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 7.6% 2025
Net margin 6.9% 2025
Free cash flow margin 3.2% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.99%-231%-561%-891%-1,220%20172018202320242025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2017Operating margin-171.5%
2018Operating margin-523.1%
2023Operating margin-1,129.5%
2024Operating margin-231%
2025Operating margin7.6%
2017Net margin-164.1%
2018Net margin-433%
2023Net margin-1,117.6%
2024Net margin-233.3%
2025Net margin6.9%
2017Free cash flow margin-174%
2018Free cash flow margin-366.8%
2023Free cash flow margin-980.1%
2024Free cash flow margin-157.9%
2025Free cash flow margin3.2%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 7.7M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.14.0M-8.7M-31.4M-54.0M-76.7M20172018202320242025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2017Operating cash flow-10040000
2018Operating cash flow-14548000
2023Operating cash flow-70453000
2024Operating cash flow-44764000
2025Operating cash flow7714000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 7.6M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.14.0M-9.2M-32.4M-55.5M-78.7M20172018202320242025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2017Free cash flow-10157000
2018Free cash flow-15255000
2023Free cash flow-72324000
2024Free cash flow-45318000
2025Free cash flow7569000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

52.8% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1,033%774%516%258%0%20172018202320242025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2017Liabilities / assets956.1%
2018Liabilities / assets68.1%
2023Liabilities / assets37.1%
2024Liabilities / assets64.6%
2025Liabilities / assets52.8%

Current assets to current liabilities

Current assets divided by current liabilities.

1.57× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.3.58×2.69×1.79×0.90×0.00×20172018202320242025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2017Current assets / current liabilities0.83×
2018Current assets / current liabilities1.96×
2023Current assets / current liabilities3.32×
2024Current assets / current liabilities0.75×
2025Current assets / current liabilities1.57×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2017 2017-01-01 – 2017-12-31
−USD 9.58 million
Exact value

Exact value: -9582000 USD

2017-01-01 – 2017-12-31: -9582000 USD Inspect Net Income Open source
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−USD 10.04 million
Exact value

Exact value: -10040000 USD

2017-01-01 – 2017-12-31: -10040000 USD Inspect Operating Cash Flow Open source
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USD 117,000
Exact value

Exact value: 117000 USD

2017-01-01 – 2017-12-31: 117000 USD Inspect Capital Expenditure Open source
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−USD 10.16 million
Calculation and evidence

-10040000 − 117000 USD

Exact free cash flow: -10157000 USD

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2018 2018-01-01 – 2018-12-31
−USD 18.01 million
Exact value

Exact value: -18007000 USD

2018-01-01 – 2018-12-31: -18007000 USD Inspect Net Income Open source
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−USD 14.55 million
Exact value

Exact value: -14548000 USD

2018-01-01 – 2018-12-31: -14548000 USD Inspect Operating Cash Flow Open source
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USD 707,000
Exact value

Exact value: 707000 USD

2018-01-01 – 2018-12-31: 707000 USD Inspect Capital Expenditure Open source
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−USD 15.26 million
Calculation and evidence

-14548000 − 707000 USD

Exact free cash flow: -15255000 USD

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2019 2019-01-01 – 2019-12-31
−USD 18.65 million
Exact value

Exact value: -18645000 USD

2019-01-01 – 2019-12-31: -18645000 USD Inspect Net Income Open source
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−USD 13.09 million
Exact value

Exact value: -13090000 USD

2019-01-01 – 2019-12-31: -13090000 USD Inspect Operating Cash Flow Open source
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USD 850,000
Exact value

Exact value: 850000 USD

2019-01-01 – 2019-12-31: 850000 USD Inspect Capital Expenditure Open source
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−USD 13.94 million
Calculation and evidence

-13090000 − 850000 USD

Exact free cash flow: -13940000 USD

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2020 2020-01-01 – 2020-12-31
−USD 32.22 million
Exact value

Exact value: -32220000 USD

2020-01-01 – 2020-12-31: -32220000 USD Inspect Net Income Open source
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−USD 23.75 million
Exact value

Exact value: -23750000 USD

2020-01-01 – 2020-12-31: -23750000 USD Inspect Operating Cash Flow Open source
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USD 1.22 million
Exact value

Exact value: 1223000 USD

2020-01-01 – 2020-12-31: 1223000 USD Inspect Capital Expenditure Open source
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−USD 24.97 million
Calculation and evidence

-23750000 − 1223000 USD

Exact free cash flow: -24973000 USD

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2021 2021-01-01 – 2021-12-31
−USD 70.47 million
Exact value

Exact value: -70470000 USD

2021-01-01 – 2021-12-31: -70470000 USD Inspect Net Income Open source
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−USD 59.83 million
Exact value

Exact value: -59832000 USD

2021-01-01 – 2021-12-31: -59832000 USD Inspect Operating Cash Flow Open source
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USD 5.16 million
Exact value

Exact value: 5157000 USD

2021-01-01 – 2021-12-31: 5157000 USD Inspect Capital Expenditure Open source
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−USD 64.99 million
Calculation and evidence

-59832000 − 5157000 USD

Exact free cash flow: -64989000 USD

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2022 2022-01-01 – 2022-12-31
−USD 107.76 million
Exact value

Exact value: -107758000 USD

2022-01-01 – 2022-12-31: -107758000 USD Inspect Net Income Open source
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−USD 94.78 million
Exact value

Exact value: -94779000 USD

2022-01-01 – 2022-12-31: -94779000 USD Inspect Operating Cash Flow Open source
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USD 9.6 million
Exact value

Exact value: 9601000 USD

2022-01-01 – 2022-12-31: 9601000 USD Inspect Capital Expenditure Open source
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−USD 104.38 million
Calculation and evidence

-94779000 − 9601000 USD

Exact free cash flow: -104380000 USD

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2023 2023-01-01 – 2023-12-31
−USD 82.47 million
Exact value

Exact value: -82465000 USD

2023-01-01 – 2023-12-31: -82465000 USD Inspect Net Income Open source
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−USD 70.45 million
Exact value

Exact value: -70453000 USD

2023-01-01 – 2023-12-31: -70453000 USD Inspect Operating Cash Flow Open source
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USD 1.87 million
Exact value

Exact value: 1871000 USD

2023-01-01 – 2023-12-31: 1871000 USD Inspect Capital Expenditure Open source
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−USD 72.32 million
Calculation and evidence

-70453000 − 1871000 USD

Exact free cash flow: -72324000 USD

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2024 2024-01-01 – 2024-12-31
−USD 66.95 million
Exact value

Exact value: -66948000 USD

2024-01-01 – 2024-12-31: -66948000 USD Inspect Net Income Open source
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−USD 44.76 million
Exact value

Exact value: -44764000 USD

2024-01-01 – 2024-12-31: -44764000 USD Inspect Operating Cash Flow Open source
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USD 554,000
Exact value

Exact value: 554000 USD

2024-01-01 – 2024-12-31: 554000 USD Inspect Capital Expenditure Open source
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−USD 45.32 million
Calculation and evidence

-44764000 − 554000 USD

Exact free cash flow: -45318000 USD

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2025 2025-01-01 – 2025-12-31
USD 16.33 million
Exact value

Exact value: 16327000 USD

2025-01-01 – 2025-12-31: 16327000 USD Inspect Net Income Open source
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USD 7.71 million
Exact value

Exact value: 7714000 USD

2025-01-01 – 2025-12-31: 7714000 USD Inspect Operating Cash Flow Open source
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USD 145,000
Exact value

Exact value: 145000 USD

2025-01-01 – 2025-12-31: 145000 USD Inspect Capital Expenditure Open source
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USD 7.57 million
Calculation and evidence

7714000 − 145000 USD

Exact free cash flow: 7569000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

186 filings · 5,219 latest values · 5,219 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0000072444, 72444, VXRT, avir, bota, edgar:72444, vxrt

Also known as Aviragen Therapeutics, Inc., Biota Pharmaceuticals, Inc., NABI BIOPHARMACEUTICALS, NABI /DE/, NABI BIOPHARMACEUTICALS, NORTH AMERICAN BIOLOGICALS INC, Vaxart, Inc.