Vaxart, Inc. (VXRT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología de vacunas, Vaxart, Inc. (VXRT) surge como un innovador innovador, revolucionando el paradigma tradicional de suministro de vacunas a través de su ingeniosa plataforma de tabletas orales. Al desafiar el modelo de vacuna inyectable convencional, el enfoque único de Vaxart promete transformar las estrategias de inmunización en los sistemas de salud globales, ofreciendo una solución potencialmente que cambia el juego que podría simplificar la distribución de vacunas, reducir las complejidades administrativas y mejorar la accesibilidad para diversas poblaciones de todo el mundo.

Vaxart, Inc. (VXRT) - Modelo de negocio: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación académica

Vaxart ha establecido asociaciones con las siguientes instituciones de investigación académica:

Institución	Enfoque de colaboración	Año establecido
Rama médica de la Universidad de Texas	Desarrollo de vacunas Covid-19	2020
Colegio de Medicina de Baylor	Investigación de tecnología de vacuna oral	2019

Asociaciones con organizaciones de desarrollo de contratos farmacéuticos

Vaxart colabora con el desarrollo de contratos y las organizaciones de fabricación (CDMO):

• Biosoluciones emergentes: soporte de fabricación
• Soluciones farmacéuticas catalent - formulación de vacunas orales
• Wuxi Biologics - Servicios de desarrollo preclínico y clínico

Acuerdos de licencia con socios de transferencia de tecnología

Pareja	Área tecnológica	Términos de acuerdo
Instituto Intravacc	Tecnología de plataforma de vacuna oral	Acuerdo de licencia exclusivo
MOUNT SINAI Innovation Partners	Diseño de antígeno de vacuna	Transferencia de tecnología no exclusiva

Colaboraciones potenciales de la agencia de salud gubernamental

Vaxart se ha comprometido con las siguientes agencias de salud gubernamentales:

• Institutos Nacionales de Salud (NIH) - Beca de investigación de vacunas Covid -19: $ 5.1 millones en 2021
• Agencia de Proyectos de Investigación Avanzada de Defensa (DARPA) - Financiación de la preparación de pandemias: $ 3.7 millones en 2022

Financiación total de la asociación recibida en 2022-2023: $ 8.8 millones

Vaxart, Inc. (VXRT) - Modelo de negocio: actividades clave

Investigación y desarrollo de la plataforma de vacunas orales

A partir del cuarto trimestre de 2023, Vaxart ha invertido $ 12.3 millones en investigación y desarrollo de plataformas de vacunas orales. La compañía mantiene un equipo de investigación dedicado de 37 científicos centrados en tecnologías de vacunas orales.

Área de enfoque de investigación	Inversión anual	Personal de investigación
Plataforma de vacuna oral	$ 12.3 millones	37 científicos

Ensayos de vacuna preclínica y clínica

Vaxart ha realizado 6 ensayos clínicos a partir de 2024, con una inversión total de $ 8.7 millones en desarrollo y ejecución de ensayos.

• Ensayos de vacuna Covid-19: 3 completados
• Pruebas de vacuna contra el norovirus: 2 en curso
• Ensayos de vacuna contra la influenza: 1 en preparación

Innovación de tecnología de vacunas de tableta patentada

La compañía ha presentado 14 solicitudes de patentes relacionadas con la tecnología de vacunas de tabletas, con gastos de I + D de $ 5,6 millones en esta área específica.

Categoría de tecnología	Solicitudes de patentes	Inversión de I + D
Plataforma de vacuna de tableta	14 aplicaciones	$ 5.6 millones

Diseño de vacuna contra la inmunología y enfermedad infecciosa

Vaxart ha dedicado el 45% de su presupuesto de investigación al diseño de la vacuna contra la inmunología y las enfermedades infecciosas, por un total de aproximadamente $ 7.2 millones en 2024.

• Áreas de enfoque de enfermedad viral: Covid-19, norovirus, influenza
• Especialización del equipo de investigación: 22 inmunólogos

Protección de propiedad intelectual y presentación de patentes

La compañía ha asignado $ 3.1 millones para protección de propiedad intelectual y mantiene una cartera de patentes activa de 22 patentes otorgadas.

Categoría de IP	Patentes totales	Presupuesto anual de protección de IP
Patentes concedidas	22	$ 3.1 millones

Vaxart, Inc. (VXRT) - Modelo de negocio: recursos clave

Plataforma de entrega de vacunas orales patentadas

El recurso clave de Vaxart incluye un Plataforma de tecnología de vacunas de tabletas orales patentadas. A partir del cuarto trimestre de 2023, la plataforma cubre múltiples enfoques de desarrollo de vacunas.

Característica de la plataforma	Detalles específicos
Cartera de patentes	17 Patentes emitidas a diciembre de 2023
Cobertura tecnológica	Sistemas de entrega de vectores virales y antígeno
Etapa de desarrollo	Múltiples programas preclínicos y de etapa clínica

Equipo de Investigación y Desarrollo Científico

El equipo de I + D de Vaxart comprende profesionales de biotecnología especializados.

• Personal total de I + D: 48 empleados a diciembre de 2023
• Científicos a nivel de doctorado: 22 miembros del equipo
• Especialistas en desarrollo de vacunas: 16 investigadores

Instalaciones avanzadas de laboratorio de biotecnología

Vaxart mantiene una infraestructura de investigación especializada en San Francisco, California.

Métrica de la instalación	Especificación
Espacio total de laboratorio	8,500 pies cuadrados
Áreas certificadas BSL-2	3 zonas de investigación dedicadas
Inversión anual de I + D	$ 24.3 millones en 2023

Diseño de vacunas y propiedad intelectual de fabricación

La propiedad intelectual de Vaxart representa un recurso crítico para la estrategia de desarrollo de vacunas de la compañía.

• Solicitudes de patentes totales: 26
• Patentes concedidas: 17
• Jurisdicciones de patentes: Estados Unidos, Europa, Asia

Datos de ensayos clínicos y archivos de investigación

La documentación integral de investigación respalda los esfuerzos de desarrollo de vacunas de Vaxart.

Métrica de archivo de investigación	Datos cuantitativos
Ensayos clínicos completados	7 pruebas a partir de 2023
Estudios clínicos en curso	3 programas de investigación activos
Volumen de datos de investigación	Más de 500 terabytes de datos científicos

Vaxart, Inc. (VXRT) - Modelo de negocio: propuestas de valor

Innovadora tecnología de vacunas orales alternativas a las inyecciones

La propuesta de valor central de Vaxart se centra en la tecnología de vacunas de tabletas orales. A partir del cuarto trimestre de 2023, la compañía ha desarrollado candidatos de vacuna oral dirigidas a múltiples enfermedades infecciosas, incluidas Covid-19, Norovirus e influenza estacional.

Tecnología de vacunas	Estado de desarrollo	Ventaja potencial
Vacuna Oral Tablet Covid-19	Ensayos clínicos de fase 2 completados	Estabilidad de la temperatura ambiente
Vacuna contra el norovirus oral	Etapa preclínica	Respuesta inmune de la mucosa

Potencial para una distribución y administración de vacunas más fáciles

La plataforma de vacunas orales de Vaxart ofrece importantes ventajas logísticas sobre las vacunas inyectables tradicionales.

• Sin requisitos de la cadena de frío
• Formato autoadministrado
• Participación reducida de los trabajadores de la salud

Enfoque de desarrollo de vacunas rentable

A partir de los informes financieros de 2023, los gastos de I + D de Vaxart fueron de aproximadamente $ 45.3 millones, lo que demuestra una inversión enfocada en el desarrollo de tecnología de vacunas orales.

Métrica financiera	Valor 2023
Gastos de I + D	$ 45.3 millones
Gastos operativos totales	$ 67.2 millones

Potencial de almacenamiento reducido y complejidades de transporte

Las ventajas clave de la tecnología de vacuna oral incluyen:

• Sin requisitos de refrigeración
• Logística de envío simplificada
• Costos de distribución más bajos

Aplicabilidad amplia en múltiples objetivos de enfermedad

La plataforma de vacuna de Vaxart se dirige a múltiples indicaciones de enfermedades infecciosas, que incluyen:

Objetivo de enfermedad	Etapa de desarrollo
COVID-19	Fase 2
Norovirus	Preclínico
Influenza estacional	Preclínico

Vaxart, Inc. (VXRT) - Modelo comercial: relaciones con los clientes

Compromiso directo con la comunidad de investigación farmacéutica

A partir del cuarto trimestre de 2023, Vaxart mantuvo canales de comunicación directa con aproximadamente 157 instituciones de investigación farmacéutica a nivel mundial. Las métricas de compromiso incluyen:

Tipo de compromiso	Número de interacciones
Discusiones de asociación de investigación	42
Reuniones de consulta técnica	87
Propuestas de investigación colaborativa	28

Conferencia científica y participación en eventos de la industria

Vaxart participó en 12 conferencias científicas importantes Durante 2023, incluyendo:

• Conferencia de la Sociedad Americana de Microbiología
• Congreso mundial de vacunas
• Simposio de desarrollo de vacunas internacionales

Comunicación transparente del progreso del ensayo clínico

Métricas de comunicación de ensayos clínicos para 2023:

Canal de comunicación	Frecuencia
Comunicados de prensa	17
Seminarios web de inversores	6
Actualizaciones de prueba detalladas	24

Relaciones con los inversores y comunicación de los accionistas

Estadísticas de relación de inversores para 2023:

• Inversores institucionales totales: 127
• Ganancias trimestrales Llame a los participantes: 215
• Eventos de presentación del inversor: 8

Colaboración de redes académicas y de investigación

Detalles de la red de investigación colaborativa:

Tipo de colaboración	Número de asociaciones
Asociaciones de investigación universitaria	23
Colaboraciones de investigación gubernamental	7
Redes de investigación internacionales	14

Vaxart, Inc. (VXRT) - Modelo de negocio: canales

Publicaciones científicas directas

Vaxart publicó 6 publicaciones científicas revisadas por pares en 2023, dirigidas a la inmunología y las revistas de desarrollo de vacunas.

Tipo de publicación	Número en 2023	Áreas de enfoque primario
Revistas revisadas por pares	6	Tecnología de vacuna oral
Procedimientos de conferencia	4	Inmunogenicidad de la vacuna

Conferencias de la industria de la biotecnología

Vaxart participó en 12 principales conferencias de biotecnología en 2023.

• Reunión anual de AAAS
• Conferencia de la Sociedad Americana de Microbiología
• Congreso mundial de vacunas

Plataformas de relaciones con los inversores

Vaxart utilizó múltiples canales de comunicación de inversores con Llamadas de ganancias trimestrales que llegan a 287 inversores institucionales.

Plataforma	Métricas de compromiso de los inversores
Llamadas de ganancias	287 inversores institucionales
Presentaciones de inversores	8 conferencias principales de inversores

Comunicación digital y comunicados de prensa

Vaxart distribuyó 24 comunicados de prensa en 2023, con un alcance digital que se extiende a 156,000 contactos profesionales.

Canales de presentación regulatoria

Enviaron 3 paquetes regulatorios a la FDA en 2023 para tecnologías de vacuna oral.

Agencia reguladora	Tipo de envío	Número de presentaciones
FDA	Investigación nueva droga (Ind)	3
EMA	Aplicación de ensayo clínico	1

Vaxart, Inc. (VXRT) - Modelo de negocio: segmentos de clientes

Organizaciones de investigación farmacéutica

Vaxart se dirige a organizaciones de investigación farmacéutica con su tecnología de plataforma de vacunas orales.

Características de segmento	Tamaño potencial del mercado
Gasto global de I + D	$ 186 mil millones en 2022
Número de organizaciones de investigación farmacéutica activa	4.500 a nivel mundial

Agencias de salud gubernamentales

Vaxart se centra en las agencias de salud gubernamentales para el desarrollo y distribución de vacunas.

• Presupuesto de Centros para el Control y Prevención de Enfermedades (CDC)
• Institutos Nacionales de Salud (NIH) Financiación de la investigación de vacunas
• Programas globales de adquisición de vacunas

Agencia	Presupuesto anual relacionado con la vacuna
Centros para el Control y la Prevención de Enfermedades	$ 8.1 mil millones en 2022
NIH	$ 41.7 mil millones Financiación total de investigación

Instituciones de investigación académica

Vaxart colabora con instituciones de investigación académica para tecnologías de vacunas innovadoras.

Tipo de institución	Número de instituciones	Financiación de la investigación
Universidades de investigación	1.200 en Estados Unidos	Gastos de investigación total de $ 86.5 mil millones

Empresas de desarrollo de vacunas

Vaxart se dirige a las compañías de desarrollo de vacunas con su plataforma de vacuna oral.

• Tamaño del mercado global de vacunas: $ 59.2 mil millones en 2022
• Número de empresas de desarrollo de vacunas activas: 250 a nivel mundial

Proveedores de atención médica globales

Vaxart tiene como objetivo servir a los proveedores de atención médica globales con soluciones de vacunas innovadoras.

Categoría de proveedores de atención médica	Recuento global
Hospitales	59,000 en todo el mundo
Clínicas	153,000 a nivel mundial

Vaxart, Inc. (VXRT) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Vaxart reportó gastos totales de I + D de $ 35.4 millones.

Año fiscal	Gastos de I + D
2022	$ 40.1 millones
2023	$ 35.4 millones

Financiación del ensayo clínico

Vaxart asignó aproximadamente $ 22.7 millones para gastos de ensayos clínicos en 2023.

• Ensayos clínicos de vacuna oral de Covid-19: $ 12.5 millones
• Desarrollo clínico de vacuna contra norovirus: $ 6.2 millones
• Programas clínicas de vacuna contra la influenza: $ 4 millones

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual para Vaxart fueron de $ 1.8 millones en 2023.

Personal y compensación del personal científico

Categoría de personal	Compensación anual
Liderazgo ejecutivo	$ 4.2 millones
Personal científico	$ 9.6 millones
Personal de investigación	$ 6.3 millones

Infraestructura de laboratorio y tecnología

La inversión total en infraestructura y tecnología en 2023 fue de $ 5.6 millones.

• Equipo de laboratorio: $ 3.2 millones
• Plataformas tecnológicas: $ 1.8 millones
• Software y recursos computacionales: $ 0.6 millones

Vaxart, Inc. (VXRT) - Modelo de negocio: flujos de ingresos

Posibles acuerdos de licencia de vacuna

A partir del cuarto trimestre de 2023, Vaxart informó posibles oportunidades de ingresos por licencias para su plataforma de vacunas orales. No se divulgaron ingresos de acuerdo de licencia específico en los estados financieros.

Subvenciones de investigación y financiación

Año	Fuente de subvenciones	Cantidad
2023	Darpa	$ 5.4 millones
2022	Institutos Nacionales de Salud	$ 3.2 millones

Contratos de desarrollo colaborativo

Vaxart informó contratos de desarrollo colaborativo con múltiples socios farmacéuticos, aunque los valores de contrato específicos no se divulgaron públicamente en los informes financieros de 2023.

Posibles ventas de productos de vacuna futura

• COVID-19 Candidato de vacuna oral
• Desarrollo de la vacuna contra el norovirus
• Plataforma de vacuna contra la influenza estacional

Monetización de la propiedad intelectual

La cartera de propiedad intelectual de Vaxart incluye 12 familias de patentes A partir de 2023, con posibles estrategias de monetización futuras.

Métrica financiera	Valor 2023
Ingresos totales	$ 6.8 millones
Gastos de investigación y desarrollo	$ 45.3 millones

Vaxart, Inc. (VXRT) - Canvas Business Model: Value Propositions

Needle-free vaccine administration (oral pill format)

Vaxart, Inc. (VXRT) is built on the proprietary delivery platform for oral recombinant pill vaccines. The design allows for administration using pills.

Vaccine stability without refrigeration, simplifying global distribution

Vaxart vaccines are designed to be stored and shipped without refrigeration.

Potential to induce mucosal and systemic immunity

The platform is believed to provide both mucosal and systemic immunity against common viral diseases. The first-generation norovirus construct previously demonstrated mucosal and systemic immunity in older adults. In Phase 1 trials for the second-generation norovirus vaccine constructs, statistically significant increases were shown in blocking antibodies: GI.1 at 141% and GII.4 at 94% compared to first-generation constructs. The second-generation constructs also induced robust increases in fecal IgA, which correlated with protection in a prior challenge study.

Pipeline targeting major infectious diseases (e.g., Norovirus, COVID-19)

Vaxart, Inc. (VXRT) is advancing multiple candidates through clinical stages.

Disease Target	Development Stage / Key Metric (as of late 2025)	Financial/Statistical Data Point
COVID-19 Oral Pill Vaccine	Phase 2b Trial Enrollment Completed (approx. 5,400 participants as of September 30, 2025)	Potential cumulative proceeds from Dynavax license agreement up to $700 million plus royalties
Norovirus Oral Pill Vaccine (Second-Generation)	Phase 1 Trial Enrollment Completed (April 2025)	Statistically significant increase in GI.1 blocking antibody: 141%
Avian Influenza Vaccine (New Candidate)	Preclinical Testing	100% protection against death in ferret challenge model
Financial Context (Q3 2025)	Revenue for the third quarter of 2025	$72.4 million
Financial Context (Q3 2025)	Research and development expenses for the third quarter of 2025	$75.9 million
Financial Context (Q3 2025)	Net loss for the third quarter of 2025	$8.1 million
Financial Context (September 30, 2025)	Cash, cash equivalents and investments	$28.8 million

The COVID-19 Phase 2b trial has a topline data anticipation set for late 2026. The Project NextGen award for the COVID-19 program has potential funding up to $460.7 million. Following the Dynavax agreement, Vaxart anticipates cash runway into the second quarter of 2027.

• Norovirus Phase 1 trial topline data was expected mid-2025.
• The COVID-19 Phase 2b trial enrolled approximately 5,000 participants before a stop work order was issued.
• The company reported a Q1 2025 net loss of $15.6 million on revenue of $20.9 million.
• Cash, cash equivalents and investments were $41.9 million as of March 31, 2025.

Vaxart, Inc. (VXRT) - Canvas Business Model: Customer Relationships

You're managing a biotech firm where relationships with key external parties are as critical as the science itself. For Vaxart, Inc. (VXRT), these relationships are highly structured, moving from deep collaboration on product development to formal government oversight and broad communication with the investment community.

The collaboration with strategic partners is definitely high-touch, especially following the November 5, 2025, exclusive license agreement with Dynavax for the oral COVID-19 vaccine program. This partnership structure involves significant potential financial upside for Vaxart, Inc. (VXRT).

• Potential cumulative proceeds from the Dynavax deal are up to $700 million plus royalties.
• Vaxart, Inc. (VXRT) received an upfront license fee of $25 million.
• The deal also included a $5 million equity investment from Dynavax at a premium to market price.
• Future potential regulatory milestone payments from Dynavax could reach up to $195 million.
• Potential future net sales milestone payments from Dynavax could total up to $425 million.
• Tiered royalties are set in the low-to-mid teens on potential future net sales.

The relationship with government agencies is formalized through contractual agreements, primarily with the Biomedical Advanced Research and Development Authority (BARDA). This relationship is central to funding late-stage clinical work for the COVID-19 vaccine candidate. The project award through the Rapid Response Partnership Vehicle (RRPV) Consortium is valued at up to $460.7 million, funded with federal funds from HHS, ASPR, and BARDA under Other Transaction (OT) number 75A50123D00005. However, a follow-up notice on October 8, 2025, clarified that BARDA intends to delimit the Project Agreement to exclude Paused Work, though funding continues for evaluating enrolled participants.

Investor relations and communication with stockholders require consistent, transparent reporting, especially given the clinical trial timelines and cash position. Vaxart, Inc. (VXRT) reported its Third Quarter 2025 financial results on November 13, 2025, and scheduled a live stockholder fireside chat for November 18, 2025, at 4:30 p.m. ET. You need to track the cash position closely; as of September 30, 2025, cash, cash equivalents, and investments totaled $28.8 million. With the Dynavax proceeds factored in, the company anticipates cash runway into the second quarter of 2027.

Here's a quick look at some key financial and operational metrics as of late 2025:

Metric	Value/Date	Context
Q3 2025 Revenue	$72.4 million	Primarily from the BARDA contract awarded in June 2024
Q3 2025 Net Loss	$8.1 million	Compared to $14.1 million for Q3 2024
Cash as of September 30, 2025	$28.8 million	Anticipated runway into Q2 2027 with Dynavax payment
COVID-19 Trial Participants Enrolled	Approximately 5,400	Follow-up continues; topline data anticipated late 2026
BARDA Project Award Ceiling	Up to $460.7 million	Value of the project through the RRPV Consortium

Scientific engagement relies on disseminating data through established channels. Vaxart, Inc. (VXRT) presented additional Phase 1 data for its second-generation norovirus oral pill vaccine candidate at IDWeek 2025. That data specifically showed a 25-fold increase in the GII.4 fecal IgA response over baseline after a single tablet administration of the high-dose second-generation candidate. The COVID-19 Phase 2b trial involves approximately 5,400 participants, with data from the 400-person sentinel cohort expected in the first quarter of 2026.

• Norovirus Phase 1 data showed a tenfold increase in the GI.1 fecal IgA response over baseline.
• The primary endpoint for the COVID-19 study is relative efficacy compared with the mRNA vaccine for 12 months post-vaccination.
• The company continues to advance its avian influenza program, aiming to publish full study analysis once complete.

Finance: draft 13-week cash view by Friday.

Vaxart, Inc. (VXRT) - Canvas Business Model: Channels

You're looking at how Vaxart, Inc. gets its product candidates and data out into the world as of late 2025. It's a mix of big pharma deals, government funding, and running the actual tests.

Direct licensing agreements with commercial-stage biopharma companies

Vaxart, Inc. uses direct licensing to move its vaccine candidates toward commercialization, especially after achieving key clinical milestones. The most significant channel here is the agreement for the oral COVID-19 vaccine candidate.

This channel is designed to bring in non-dilutive funding and leverage commercial expertise from established partners. For instance, the November 2025 exclusive, worldwide license and collaboration agreement with Dynavax Technologies Corporation is a prime example of this channel in action.

Here's a quick look at the financial structure of that key licensing deal:

Deal Component	Amount/Rate
Upfront License Fee	$25 million
Equity Investment	$5 million
Potential Cumulative Proceeds (Total Milestones)	Up to $700 million
Potential Future Regulatory Milestones (if Dynavax assumes)	Up to $195 million
Potential Future Net Sales Milestones (if Dynavax assumes)	Up to $425 million
Tiered Royalties on Net Sales (if Dynavax assumes)	Rates in the low to mid-teens

Vaxart, Inc. retains full operational and financial responsibility for the oral COVID-19 vaccine program only through the completion of the ongoing Phase 2b clinical trial and the subsequent End of Phase 2 (EOP2) meeting with the U.S. Food and Drug Administration (FDA). After that point, Dynavax has the right to assume responsibility for continued development and commercialization.

Government procurement channels for public health initiatives

Government contracts serve as a critical revenue stream, funding the development of Vaxart, Inc.'s vaccine platform, particularly the COVID-19 candidate. Revenue in the third quarter of 2025 was $72.4 million, which was primarily sourced from government contracts related to the Biomedical Advanced Research and Development Authority (BARDA) contract awarded in June 2024.

The Project NextGen award is the main mechanism here. The terms of this award, last modified on February 7, 2025, outline significant potential funding.

• Total potential funding under the current award terms: Up to $460.7 million.
• Amount currently available for payment as of February 7, 2025: Up to $240.1 million.
• Cash payments received as of September 30, 2025, associated with this award: $125.9 million.
• Cash payments received as of June 30, 2025, associated with this award: $98.9 million.

This government funding directly supports the high Research and Development expenses, which hit $75.9 million in the third quarter of 2025.

Clinical trial sites for product testing and data generation

Clinical trial sites are the essential operational channel for generating the safety and immunogenicity data needed to validate the oral vaccine platform and advance candidates toward partnership or regulatory submission. Vaxart, Inc. utilizes these sites to test both its COVID-19 and norovirus vaccine candidates.

For the COVID-19 Phase 2b trial, enrollment was completed for approximately 5,400 participants before a temporary stop work order was issued in August 2025. The original plan targeted 10,000 participants. Follow-up work continues for all dosed participants, including the 400-person sentinel cohort, with topline data from this cohort anticipated in the first quarter of 2026.

The norovirus program also relied on clinical sites for its Phase 1 trial:

• Enrollment completion for the norovirus Phase 1 trial occurred in April 2025.
• Total participants enrolled in the norovirus Phase 1 trial: All 60 participants.
• Topline data from this Phase 1 trial was expected in mid-2025.
• The company expects to initiate the next clinical trial for norovirus in 2026, pending funding or a partnership.

These sites are the engine for data collection, which in turn unlocks the value in the licensing channel.

Vaxart, Inc. (VXRT) - Canvas Business Model: Customer Segments

You're looking at the core groups Vaxart, Inc. (VXRT) targets with its oral pill vaccine platform as of late 2025. This isn't about the science; it's about who pays and who benefits from the delivery mechanism.

Global pharmaceutical companies seeking novel vaccine platforms.

This segment is validated by major commercial agreements. Vaxart, Inc. entered an exclusive, worldwide license and collaboration agreement with Dynavax Technologies Corporation in November 2025 for the oral COVID-19 vaccine candidate. This deal immediately brought in an upfront license fee of $25 million plus a $5 million equity investment at a premium to market. The potential value here is substantial, with Vaxart possibly receiving up to $195 million in future regulatory milestone payments and up to $425 million in future net sales milestone payments, plus tiered royalties in the low-to-mid teens on net sales. That's a clear signal of interest from a larger player in the pharma space.

U.S. government and public health organizations (BARDA, Project NextGen).

The U.S. government remains a critical customer, providing significant non-dilutive funding. Revenue for Vaxart, Inc. in the third quarter of 2025 hit $72.4 million, which was primarily sourced from government contracts tied to the Biomedical Advanced Research and Development Authority (BARDA) contract awarded in June 2024. Furthermore, under the Project NextGen award, Vaxart, Inc. may receive funding up to $460.7 million, with $85.6 million of cash payments received as of March 31, 2025. BARDA funding is also supporting the ongoing follow-up for the approximately 5,400 enrolled subjects in the COVID-19 Phase 2b trial.

Here's a quick look at the financial relationship with government funding sources through Q3 2025:

Metric	Value as of Late 2025	Source Context
Q3 2025 Revenue	$72.4 million	Primarily from BARDA contract awarded June 2024
Project NextGen Potential Funding	Up to $460.7 million	Total potential under the award
Project NextGen Payments Received (as of 3/31/2025)	$85.6 million	Cash payments received under the award
COVID-19 Trial Participants Under BARDA Follow-up	Approx. 5,400	Subjects for whom BARDA continues to provide funding

Future global patient populations needing convenient, stable vaccines.

The patient base is defined by the diseases Vaxart, Inc. targets, where convenience is a key differentiator. The oral pill format addresses the need for easier administration and potentially better stability than traditional injectables. The ongoing COVID-19 Phase 2b trial completed enrollment of approximately 5,400 participants, showing strong initial demand. Data readouts are expected in 2026, with sentinel cohort data in the first quarter of 2026 and full data in the fourth quarter of 2026. For the norovirus program, the next clinical trial is targeted for initiation in 2026, contingent on securing a partnership or funding.

Healthcare providers seeking easier-to-administer vaccines.

Healthcare providers are the end-users who benefit from the logistical advantages of an oral vaccine, reducing the need for trained personnel and specialized storage. The platform's potential is underscored by preclinical and early clinical data supporting its efficacy profile. For instance, the second-generation norovirus vaccine constructs showed meaningful immune responses compared to first-generation ones, with increases in blocking antibodies of 141% (GI.1) and 94% (GII.4). This suggests a product that could simplify mass vaccination campaigns and routine immunization schedules. The company's cash, cash equivalents, and investments totaled $28.8 million as of September 30, 2025, with the runway extended into the second quarter of 2027, partly due to the Dynavax deal, which helps fund the path to these future products.

• Oral delivery platform targets needle-free vaccination acceptance.
• COVID-19 Phase 2b trial enrolled about 5,400 subjects.
• Norovirus second-gen constructs showed 141% and 94% antibody increases.
• Next norovirus trial expected in 2026, pending funding.

Finance: draft 13-week cash view by Friday.

Vaxart, Inc. (VXRT) - Canvas Business Model: Cost Structure

You're looking at the major outlays for Vaxart, Inc. as of late 2025. For a clinical-stage biotech, the cost structure is heavily weighted toward getting those drug candidates through trials.

The single largest cost component is Research and Development (R&D). Vaxart, Inc. reported high Research and Development (R&D) expenses, totaling $156.3 million through Q3 2025. This figure reflects the intensive work required to advance their oral vaccine platform through late-stage testing.

To give you a clearer picture of the recent spending trajectory, here's a look at the quarterly figures leading up to that point:

Expense Category	Q3 2024 Amount (USD)	Q3 2025 Amount (USD)
Research and Development (R&D)	$15.1 million	$75.9 million
General and Administrative (G&A)	$4.3 million	$4.3 million

The significant jump in R&D spending from the prior year is directly tied to specific program costs. The primary drivers for the increased R&D expense in Q3 2025 were:

• Clinical trial expenses for the Phase 2b COVID-19 program, which completed enrollment of approximately 5,400 participants.
• Ongoing costs associated with the Norovirus program, with the next clinical trial now targeted for 2026, pending partnership or funding.
• Preclinical and manufacturing expenses across multiple programs.

Personnel costs for the scientific and executive teams are embedded within these R&D figures. To be fair, the R&D increase in Q3 2025 was partially offset by a decrease in personnel costs, alongside decreases in preclinical and manufacturing expenses.

General and administrative (G&A) expenses remained flat quarter-over-quarter, reported at $4.3 million in Q3 2025, the same amount reported in Q3 2024. This stability suggests controlled overhead costs relative to the massive increase in development spending. Finance: draft 13-week cash view by Friday.

Vaxart, Inc. (VXRT) - Canvas Business Model: Revenue Streams

You're looking at Vaxart, Inc.'s (VXRT) revenue streams as of late 2025, and it's clear that non-dilutive funding from government sources and strategic partnerships are the lifeblood right now. Honestly, the numbers tell the story of a company heavily reliant on milestone-driven and contract-based income while pushing its pipeline forward.

The most significant near-term cash flow driver has been government contract funding. Through the third quarter of 2025, this funding has totaled $133.0 million. To give you a sense of the recent flow, Vaxart, Inc. reported Q3 2025 revenue of $72.4 million, which was primarily sourced from the Biomedical Advanced Research and Development Authority (BARDA) contract awarded in June 2024. As of September 30, 2025, the company had already received $125.9 million in cash payments associated with this specific award.

The collaboration with Dynavax Technologies represents a massive validation and a crucial financial boost. This deal structure is designed to bring in immediate cash while setting up substantial future payments tied to success. Here's the quick math on that agreement:

Payment Type	Amount/Structure	Status/Target
Upfront License Fee	$25 million	Received
Equity Investment	$5 million	Received
Potential Future Milestones (Regulatory & Sales)	Up to $700 million	Future Payments
Future Royalties	Tiered rates in the low-to-mid teens	Long-Term Stream on Net Sales

This partnership immediately extended Vaxart, Inc.'s cash runway into the second quarter of 2027, which is a critical metric for any development-stage firm. Beyond the immediate cash, the long-term revenue potential is heavily weighted toward success-based payments. You've got to keep an eye on those future milestone payments, which could climb up to $700 million from Dynavax if the oral COVID-19 vaccine candidate hits all its targets. That's the big prize here.

Other key financial data points that shape the current revenue picture include:

• Q3 2025 revenue was $72.4 million, a big jump from $6.4 million in Q3 2024.
• Cash, cash equivalents, and investments stood at $28.8 million at the end of Q3 2025.
• The potential future milestone payments from Dynavax break down into up to $195 million for regulatory milestones and up to $425 million for net sales milestones.
• The tiered royalties are set at rates in the low-to-mid teens on potential future net sales of the licensed oral COVID-19 vaccines.

So, you see, the business model relies on government support to fund operations while simultaneously monetizing platform technology through upfront fees and massive contingent future payments from partners like Dynavax. Finance: draft 13-week cash view by Friday.