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MARKETS / BALCAO / VXRT
BALCAO · BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES) · MID CAP

Vaxart, Inc. VXRT

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$237.3M
▲ 726.7% YoY
$16.3M
$7.6M
In brief

What this company does

Manufacturing its oral tablet vaccines consists of two main stages: the production of bulk vaccine, or drug substance, and the formulation and tableting of that bulk vaccine into drug product. As of December 31, 2025, it had approximately 65 full-time equivalent employees, excluding interns. As of December 31, 2025, it held three U.S. patents with claims relating to its platform technology. Vaxart Biosciences, Inc. was originally incorporated in California under the name West Coast Biologicals, Inc. in March 2004 and changed its name to Vaxart, Inc. in July 2007, when it reincorporated in the state of Delaware.

Written from the business description in Vaxart, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 13 March 2026. Every sentence was checked against that document before publication.

Growth
USD 237.3M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 237.3 · Net income 16.3
80M160M-40M-80M200920112013201520172019202120232025
Compound annual growth
+1204.0%
+125.8%
+38.3%
+21.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +125.8% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
7 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 7.6% · Net 6.9%
-50000%-100000%200920112013201520172019202120232025
ROE
FY2025 · ROE 22.3%
10%20%-50%-100%-150%200920112013201520172019202120232025

Each USD of equity produced 22 cents of profit this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 7.6
-40M-80M200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2011 · Dividends — · Net buybacks -0.3
2.5M5.0M200920102011

Total assetsUSD 186.1M
EquityUSD 87.8M
CashUSD 53.8M
Current ratio1.57×

Equity funds 47% of total assets.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.20.00.00.00.00.00.00.00.00.00.00.00.10.00.00.00.0
Operating income $B0.0−0.1−0.1−0.1−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B0.0−0.1−0.1−0.1−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B0.00.00.00.00.00.00.00.0·0.0·−0.0−0.00.0−0.0−0.0·
Net income $B0.0−0.1−0.1−0.1−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B0.0−0.0−0.1−0.1−0.1−0.0−0.0−0.0−0.0·−0.0−0.0−0.0−0.0−0.0−0.00.0
EPS, diluted $0.07−0.33··−0.58−0.36−0.86−2.90−91.65−0.76−0.66−0.54−0.35−0.32−0.85−1.12·
Dividend / sh $·················
Payout %·················
ROE %22.3−114.7−97.9−72.3−45.3−47.3−154.3··−90.6−43.9−24.4−14.2−14.0−27.3−28.4−19.2
Shares out B0.240.230.150.130.130.110.050.010.000.040.040.040.040.030.02··

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 65 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 24 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityBiological Products, (No Diagnostic Substances)
Listed onOTC market
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2009

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