VXRT on OTC

Vaxart

American biotechnology company

Vaxart, Inc. is an American biotechnology company focused on the discovery, development, and commercialization of oral recombinant vaccines administered using temperature-stable tablets that can be stored and shipped without refrigeration, eliminating the need for needle injection.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

Jan 1, 2004Founded1

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  • TickerVXRT on OTC1
  • Industrybiotechnology1
  • HeadquartersSan Francisco1
  • Websitevaxart.com
  • Incorporated inDE4
  • Business address310 Utah Avenue, Suite 150, South San Francisco, Ca4
  • Filer categoryAccelerated filer, Smaller reporting company4

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VaxartHQ
Photo: BGirST, CC BY-SA 4.0, via Wikimedia Commons6

Vaxart, Inc. is an American biotechnology company focused on the discovery, development, and commercialization of oral recombinant vaccines administered using temperature-stable tablets that can be stored and shipped without refrigeration, eliminating the need for needle injection. Its development programs for oral vaccine delivery (Vector-Adjuvant-Antigen Standardized Technology known as VAAST) include prophylactic, enteric-coated tablet vaccines for inhibiting norovirus, seasonal influenza, respiratory syncytial virus, and human papillomavirus. It was founded in 2004 by Sean Tucker. Originally incorporated as West Coast Biologicals, Inc. in California in 2004, the company later changed its name to Vaxart, Inc. in July 2007, after reincorporating in Delaware. A significant development in the company's history was the reverse merger with Aviragen Therapeutics, Inc. on February 13, 2018, which led to Vaxart becoming a wholly owned subsidiary of Aviragen. Post-merger, the company continued as Vaxart, Inc.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

7.6%Operating margin7
6.9%Net margin7
726.7%Revenue growth, 20257
18.6%Return on equity7
$7.6MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Government Contract brought in 95% of the revenue Vaxart broke down this way in fiscal 2025.

  1. Government Contract$224.5M795%up 803% from 2024
  2. License$8.7M74%
  3. Collaboration Revenue$2.1M71%
  4. Non Cash Royalty Revenue$1.9M71%down 50% from 2024
Products and services by year
Products and services20242025
Government Contract$24.9M$224.5M
License$0$8.7M
Collaboration Revenue$0$2.1M
Non Cash Royalty Revenue$3.8M$1.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development85¢$201.6M
  • Other costs8¢$18.9M
  • Income tax0¢$476.0K
  • Profit7¢$16.3M

Out of $237.3M in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending2¢$145.0K
  • Kept or used elsewhere98¢$7.6M

Out of $7.7M of cash from operations.7

Financial statements

Revenue8910117$237.3M in 2025+2306% since 2019
0$100.0M$200.0M$300.0M2019: $9.9M$9.9M20192020: $4.0M$4.0M2020−59%2021: $892.0K$892.0K2021−78%2022: $107.0K$107.0K2022−88%2023: $7.4M$7.4M2023+6796%2024: $28.7M$28.7M2024+289%2025: $237.3M$237.3M2025+727%
Operating income8910117$18.1M in 2025
-$150.0M-$100.0M-$50.0M0$50.0M2019: -$15.8M-$15.8M20192020: -$30.2M-$30.2M2020+91%2021: -$72.8M-$72.8M2021+141%2022: -$114.6M-$114.6M2022+58%2023: -$83.3M-$83.3M2023−27%2024: -$66.3M-$66.3M2024−20%2025: $18.1M$18.1M2025
Net income8910117$16.3M in 2025
-$150.0M-$100.0M-$50.0M0$50.0M2019: -$18.6M-$18.6M20192020: -$32.2M-$32.2M2020+73%2021: -$70.5M-$70.5M2021+119%2022: -$107.8M-$107.8M2022+53%2023: -$82.5M-$82.5M2023−23%2024: -$66.9M-$66.9M2024−19%2025: $16.3M$16.3M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.7

Period ending2025-12-312024-12-31
Revenues$237.3M$28.7M
Research and development$201.6M$74.2M
General and administrative$17.6M$20.8M
Total operating expenses$219.2M$95.0M
Operating income (loss)$18.1M-$66.3M
Interest income$1.6M$2.5M
Non-cash interest expense related to sale of future royalties-$2.8M-$3.0M
Other income (expense), net-$44.0K$31.0K
Income (loss) before income taxes$16.8M-$66.7M
Provision for income taxes$476.0K$260.0K
Basic (in dollars per share)$0.07-$0.33
Diluted (in dollars per share)$0.07-$0.33
Basic (in shares)230.3M shares202.1M shares
Diluted (in shares)230.3M shares202.1M shares
Net income (loss)$16.3M-$66.9M
Unrealized gain (loss) on available-for-sale investments, net of tax-$7.0K$5.0K
Comprehensive income (loss)$16.3M-$66.9M

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Leadership

Who has led Vaxart, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Thomas H. McLain2003–2007
  2. Leslie Hudson2007
  3. Raafat E. F. Fahim2008–2011
  4. Russell H. Plumb2012–2014
  5. Joseph M. Patti2014–2017
  6. Wouter Latour2018–2020
  7. Cezar Andrei Floroiu2020

Chair

  1. Thomas H. McLain2004–2007
  2. Geoffrey F. Cox2007–2008
  3. Russell H. Plumb2015–2016

President

  1. Thomas H. McLain2003–2007
  2. Leslie Hudson2007
  3. Raafat E. F. Fahim2008–2011
  4. Russell H. Plumb2012–2014
  5. Joseph M. Patti2014
  6. Wouter Latour2018–2020
  7. Cezar Andrei Floroiu2021–2023
  8. Steven Lo2024–now

Chief financial officer

  1. Mark L. Smith2003–2006
  2. Adam Logal2006
  3. Jordan I. Siegel2006–2008
  4. Raafat E. F. Fahim2009–2011
  5. Mark P. Colonnese2015–2017
  6. John M. Harland2018
  7. Fuad Ahmad2022
  8. Phillip E. Lee2022–2025
  9. Jeroen Nicolaas Grasman2025–now
20052010201520202025
Board members and other officers (54)

Products and brands

The Vaxart technology is based on the potential to prevent or inhibit infectious diseases by using orally delivered vaccines by tablets, eliminating intramuscular injection concerns which may involve pain, fear of needles, cross-contamination, dosing inconsistencies, and higher cost for large-scale immunizations. As a proof of concept for oral vaccination efficacy, an oral vaccine against polio was proved to be safe and effective, and is in common use in many countries.

Vaxart uses enteric-coated tablets to protect the active vaccine from acidic degradation in the stomach, delivering the vaccine into the small intestine where it can engage the immune system to stimulate systemic and mucosal immune responses against a virus.

Vaxart uses a specific virus called adenovirus type 5 (Ad5) as a delivery biological "vector" to carry genes coding for the antigen to generate a protective immune response. The Ad5 vector delivers the antigen to the epithelial cells lining the mucosa of the small intestine where it stimulates the immune system to respond against the vaccine antigen, creating a systemic immune response against a virus.

In addition to its focus on infectious diseases, Vaxart has expanded its vaccine development efforts to include therapeutic vaccines for chronic viral infections and cancer. These efforts are anchored in the company's innovative technology that enables the creation of tablet-based vaccines, which can generate broad and durable immune responses, including systemic, mucosal, and T-cell responses. This comprehensive immune activation is particularly critical in the context of chronic viral infections and cancer, where both systemic and localized immune responses play a pivotal role in effective treatment.

From Wikipedia’s article on Vaxart, shared under CC BY-SA 4.0.5

Former names

  • Aviragen Therapeutics, Inc.Apr 26, 2016 to Feb 15, 20184
  • Biota Pharmaceuticals, Inc.Nov 14, 2012 to Apr 13, 20164
  • NABI BIOPHARMACEUTICALSJul 21, 2010 to Nov 8, 20124
  • NABI BIOPHARMACEUTICALSApr 15, 2002 to Jun 29, 20104
  • NABI /DE/Nov 27, 1996 to Feb 14, 20024
  • NORTH AMERICAN BIOLOGICALS INCNov 8, 1994 to Feb 14, 19964

Timeline

  1. Jun 17, 2020New chief executive Cezar Andrei Floroiu becomes CEO15
  2. Feb 14, 2018New chief executive Wouter Latour becomes CEO16
  3. Oct 2, 2014New chief executive Joseph M. Patti becomes CEO17
  4. Nov 14, 2012New chief executive Russell H. Plumb becomes CEO18
  5. Jan 24, 2008New chief executive Raafat E. F. Fahim becomes CEO19
  6. Feb 20, 2007New chief executive Leslie Hudson becomes CEO20
  7. Jan 1, 2004Founded Founded1
  8. Nov 3, 2003New chief executive Thomas H. McLain becomes CEO21

Filings

347 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 107 major events, 113 insider forms, 11 large holders, 95 other. The latest 20:

  1. Sep 14, 20268-K EDGAR
  2. Aug 25, 20268-K EDGAR
  3. Aug 6, 202610-Q EDGAR
  4. Aug 6, 20268-K EDGAR
  5. Jul 28, 20268-K EDGAR
  6. Jul 20, 20264 EDGAR
  7. Jul 17, 20264 EDGAR
  8. Jul 17, 20264 EDGAR
  9. Jul 17, 20264 EDGAR
  10. Jul 17, 20264 EDGAR
  11. Jul 17, 20268-K EDGAR
  12. Jul 7, 20268-K EDGAR
  13. Jul 6, 2026DEFA14A DEFINITIVE ADDITIONAL MATERIALS EDGAR
  14. Jul 2, 2026DEFA14A DEFINITIVE ADDITIONAL MATERIALS EDGAR
  15. Jul 2, 20268-K CURRENT REPORT EDGAR
  16. Jul 2, 2026DFAN14A EDGAR
  17. Jul 1, 2026DEFA14A DEFINITIVE ADDITIONAL MATERIALS EDGAR
  18. Jun 26, 20268-K EDGAR
  19. Jun 26, 2026DEFA14A DEFINITIVE ADDITIONAL MATERIALS EDGAR
  20. Jun 26, 2026DEFA14A DEFINITIVE ADDITIONAL MATERIALS EDGAR

The 347 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

15 open-market trades by officers, directors and large owners since October 2021: 13 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 22, 2026Watson W. MarkDirectorBuy10,000$0.65$6.5KForm 4
Nov 17, 2025Watson W. MarkDirectorBuy20,000$0.41$8.2KForm 4
Nov 17, 2025HERON ELAINE JDirectorBuy40,000$0.40$15.9KForm 4
Aug 15, 2025Finney KevinDirectorBuy100,000$0.36$36.0KForm 4
Jul 30, 2025Finney KevinDirectorBuy25,874$0.38$9.8KForm 4
Jul 29, 2025Watson W. MarkDirectorBuy10,000$0.41$4.0KForm 4
Jul 28, 2025Finney KevinDirectorBuy20,000$0.40$8.0KForm 4
Jul 25, 2025Finney KevinDirectorBuy20,000$0.39$7.8KForm 4
Jul 17, 2025Finney KevinDirectorBuy794$0.38$302Form 4
May 19, 2025Lo StevenPresident, Chief Exec OfficerBuy100,000$0.49$49.0KForm 4
Jun 18, 2024Watson W. MarkDirectorBuy20,000$0.68$13.6KForm 4
Dec 28, 2022Watson W. MarkDirectorBuy20,000$0.76$15.1KForm 4
Jun 22, 2022Ahmad FuadInterim CFOBuy5,000$3.22$16.1KForm 4
Jan 10, 2022Yedid Robert A.DirectorSale1,500$6.01$9.0KForm 4
Nov 30, 2021Echerd MargaretSVP, Principal Accntng OfficerSale3,602$8.00$28.8KForm 4

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 11 such filings since October 2021, the latest 10:

  1. Apr 8, 2025SCHEDULE 13G
  2. Feb 10, 2025SCHEDULE 13G
  3. Feb 13, 2024SC 13G/A
  4. Jan 19, 2024SC 13G
  5. Jul 7, 2023SC 13G/A
  6. Feb 9, 2023SC 13G
  7. Feb 1, 2023SC 13G/A
  8. Jan 10, 2023SC 13G/A
  9. Mar 10, 2022SC 13G/A
  10. Feb 11, 2022SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Heritage Wealth Advisors29,655$17.9K0.0%No change
Kingswood Wealth Advisors, LLC10,005$6.1K0.0%New
Archer Investment Corp30$180.0%+15
Lvm Capital Management Ltd/mi25,000$150.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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