Vaxart, Inc. Reports Third Quarter 2024 Financial Results –

Vaxart, Inc., a Delaware-based company trading on the Nasdaq Capital Market under the symbol VXRT, has recently released its financial results for the quarter ending September 30, 2024. The company issued a press release pertaining to these financial results on November 13, 2024. The press release provided insights into the performance of the company’s various initiatives during the said period.

The financial results revealed a net revenue of $3.1 million for the third quarter of 2024 compared to $8.4 million for the same period in 2023. This decrease in revenue can be attributed to a decline in net revenue from both diagnostic services and consumer products. The diagnostic services witnessed a substantial decrease due to reduced COVID-19 testing volumes, dropping from 13,000 tests in 2023 to zero tests in 2024.

Cost of revenues for the third quarter of 2024 amounted to $3.3 million, with a gross margin loss of $0.2 million. This marked a significant decrease compared to a gross margin profit of $2.3 million for the same period in 2023. The company indicated that the decrease was primarily in diagnostic services and consumer products gross margins.

The financial report demonstrated a net loss of $6.6 million, or $(0.35) per share, for the third quarter of 2024. This was an increase from the net loss of $5.1 million, or $(0.30) per share, recorded in the third quarter of 2023. The report also highlighted the company’s cash and cash equivalents standing at $1.1 million as of November 12, 2024, and a working capital position from the end of the quarter.

Vaxart, Inc. disclosed that the financial information provided in the report, including the attached press release, is furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934. The company also stated that the information should not be incorporated by reference into any filings with the U.S. Securities and Exchange Commission.

The company’s focused efforts and strategic moves in the face of revenue challenges indicate a proactive approach to managing its operations during these times. Vaxart, Inc. continues to navigate the evolving market conditions and aims to maintain a steady growth trajectory.

Please note that all the information provided is as per the company’s Form 8-K filing with the Securities and Exchange Commission. Readers and investors are encouraged to refer to the original document for more detailed insights and information on Vaxart, Inc.’s financial performance and business updates.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Vaxart’s 8K filing here.

Vaxart Company Profile

Vaxart, Inc, a clinical-stage biotechnology company, discovers and develops oral recombinant protein vaccines based on its proprietary oral vaccine platform. The company’s product pipeline includes norovirus vaccine, a bivalent oral tablet vaccine in Phase 2 clinical trial for the GI.1 and GII.4 norovirus strains; coronavirus vaccine, which is in Phase 2 clinical trial, for the treatment of SARS-CoV-2 infection; seasonal influenza vaccine, which is in Phase 2 clinical trial, to treat H1 influenza infection; and human papillomavirus therapeutic vaccine, which is in preclinical stage, that targets HPV-16 and HPV-18 for cervical cancers and precancerous cervical lesions.