Vaxart, Inc. (VXRT): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la technologie des vaccins en évolution, Vaxart, Inc. (VXRT) émerge comme un innovateur révolutionnaire, révolutionnant le paradigme traditionnel de livraison de vaccins à travers sa plate-forme de tablette orale ingénieuse. En contestant le modèle de vaccin injectable conventionnel, l'approche unique de Vaxart promet de transformer les stratégies d'immunisation à travers les systèmes de soins de santé mondiaux, offrant une solution potentiellement révolutionnaire qui pourrait simplifier la distribution des vaccins, réduire les complexités de l'administration et améliorer l'accessibilité à diverses populations dans le monde entier.

Vaxart, Inc. (VXRT) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec les établissements de recherche universitaires

Vaxart a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de la collaboration	Année établie
Branche médicale de l'Université du Texas	Développement du vaccin Covid-19	2020
Baylor College of Medicine	Recherche sur la technologie des vaccins oraux	2019

Partenariats avec des organisations pharmaceutiques de développement de contrats

Vaxart collabore avec les organisations de développement et de fabrication de contrats (CDMOS):

• Biosolutions émergentes - Support de fabrication
• Solutions pharmatriques catalennes - Formulation de vaccin oral
• Wuxi Biologics - Services de développement préclinique et clinique

Accords de licence avec des partenaires de transfert de technologie

Partenaire	Zone technologique	Conditions de l'accord
Institut Intravacc	Technologie de plate-forme vaccinale orale	Contrat de licence exclusif
Mount Sinai Innovation Partners	Conception de l'antigène vaccinal	Transfert de technologie non exclusive

Collaborations potentielles de l'agence de santé gouvernementale

Vaxart s'est engagé avec les agences de santé gouvernementales suivantes:

• National Institutes of Health (NIH) - GRANTION DE RECHERCHE DE VOCIDE COVID-19: 5,1 millions de dollars en 2021
• Defense Advanced Research Projects Agency (DARPA) - Financement de la préparation pandémique: 3,7 millions de dollars en 2022

Financement total de partenariat reçu en 2022-2023: 8,8 millions de dollars

Vaxart, Inc. (VXRT) - Modèle d'entreprise: Activités clés

Recherche et développement de la plate-forme de vaccins oraux

Au quatrième trimestre 2023, Vaxart a investi 12,3 millions de dollars dans la recherche et le développement de la plate-forme de vaccin contre les vaccins oraux. La société maintient une équipe de recherche dédiée de 37 scientifiques axée sur les technologies de vaccination orale.

Domaine de mise au point de recherche	Investissement annuel	Personnel de recherche
Plate-forme vaccinale orale	12,3 millions de dollars	37 scientifiques

Essais de vaccins précliniques et cliniques

Vaxart a mené 6 essais cliniques en 2024, avec un investissement total de 8,7 millions de dollars en développement et en exécution d'essais.

• Essais vaccinaux Covid-19: 3 terminés
• Essais de vaccin contre le norovirus: 2 en cours
• Essais de vaccination de grippe: 1 en préparation

Innovation technologique de vaccin contre la tablette propriétaire

La société a déposé 14 demandes de brevet liées à la technologie des vaccins sur tablette, avec des dépenses de R&D de 5,6 millions de dollars dans ce domaine spécifique.

Catégorie de technologie	Demandes de brevet	Investissement en R&D
Plate-forme vaccinale de tablette	14 applications	5,6 millions de dollars

Immunologie et conception de vaccin contre les maladies infectieuses

Vaxart a consacré 45% de son budget de recherche à l'immunologie et à la conception des vaccins contre les maladies infectieuses, totalisant environ 7,2 millions de dollars en 2024.

• Zones de mise au point des maladies virales: Covid-19, Norovirus, grippe
• Spécialisation de l'équipe de recherche: 22 immunologues

Protection de la propriété intellectuelle et dépôt de brevets

La société a alloué 3,1 millions de dollars pour la protection de la propriété intellectuelle et maintient un portefeuille de brevets actif de 22 brevets accordés.

Catégorie IP	Total des brevets	Budget annuel de protection IP
Brevets accordés	22	3,1 millions de dollars

Vaxart, Inc. (VXRT) - Modèle d'entreprise: Ressources clés

Plate-forme de livraison de vaccin oral propriétaire

La ressource clé de Vaxart comprend un plate-forme technologique de vaccin contre la tablette orale propriétaire. Depuis le quatrième trimestre 2023, la plate-forme couvre plusieurs approches de développement des vaccins.

Caractéristique de la plate-forme	Détails spécifiques
Portefeuille de brevets	17 brevets délivrés en décembre 2023
Couverture technologique	Systèmes de livraison de vecteur viral et d'antigène
Étape de développement	Multiples programmes précliniques et à stade clinique

Équipe de recherche et développement scientifique

L'équipe R&D de Vaxart comprend des professionnels de la biotechnologie spécialisés.

• Personnel total de R&D: 48 employés en décembre 2023
• Scientifiques de niveau doctoral: 22 membres de l'équipe
• Spécialistes du développement des vaccins: 16 chercheurs

Installations avancées de laboratoire de biotechnologie

Vaxart maintient une infrastructure de recherche spécialisée à San Francisco, en Californie.

Métrique de l'installation	Spécification
Espace de laboratoire total	8 500 pieds carrés
Zones certifiées BSL-2	3 zones de recherche dédiées
Investissement annuel de R&D	24,3 millions de dollars en 2023

Conception vaccinale et fabrication de propriété intellectuelle

La propriété intellectuelle de Vaxart représente une ressource critique pour la stratégie de développement des vaccins de l'entreprise.

• Demandes totales de brevet: 26
• Brevets accordés: 17
• Juridictions de brevet: États-Unis, Europe, Asie

Données d'essai cliniques et archives de recherche

La documentation complète de la recherche soutient les efforts de développement des vaccins de Vaxart.

Métrique d'archives de recherche	Données quantitatives
Essais cliniques terminés	7 essais à partir de 2023
Études cliniques en cours	3 programmes de recherche actifs
Volume de données de recherche	Plus de 500 téraoctets de données scientifiques

Vaxart, Inc. (VXRT) - Modèle d'entreprise: propositions de valeur

Alternative innovante de la technologie des vaccins oraux aux injections

La proposition de valeur fondamentale de Vaxart se concentre sur la technologie de vaccin contre les tablettes orales. Depuis le quatrième trimestre 2023, la société a développé des candidats vaccinaux oraux ciblant plusieurs maladies infectieuses, notamment Covid-19, Norovirus et la grippe saisonnière.

Technologie de vaccination	Statut de développement	Avantage potentiel
Vaccin contre le comprimé oral-19	Phase 2 essais cliniques terminés	Stabilité de la température ambiante
Vaccin contre le norovirus oral	Étape préclinique	Réponse immunitaire des muqueuses

Potentiel de distribution et d'administration plus faciles

La plate-forme vaccinale orale de Vaxart offre des avantages logistiques importants par rapport aux vaccins injectables traditionnels.

• Aucune exigence de chaîne froide
• Format auto-administré
• Réduction de la participation des agents de santé

Approche de développement des vaccins rentable

En 2023 rapports financiers, les dépenses de R&D de Vaxart étaient d'environ 45,3 millions de dollars, démontrant un investissement ciblé dans le développement de la technologie des vaccins oraux.

Métrique financière	Valeur 2023
Dépenses de R&D	45,3 millions de dollars
Dépenses d'exploitation totales	67,2 millions de dollars

Potentiel réduit les complexités de stockage et de transport

Les principaux avantages de la technologie des vaccins oraux comprennent:

• Aucune exigence de réfrigération
• Logistique d'expédition simplifiée
• Coûts de distribution réduits

Large applicabilité sur plusieurs cibles de la maladie

La plate-forme vaccinale de Vaxart cible plusieurs indications de maladies infectieuses, notamment:

Cible de la maladie	Étape de développement
COVID 19	Phase 2
Norovirus	Préclinique
Grippe saisonnière	Préclinique

Vaxart, Inc. (VXRT) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche pharmaceutique

Depuis le quatrième trimestre 2023, Vaxart a maintenu des canaux de communication directs avec environ 157 institutions de recherche pharmaceutique dans le monde. Les mesures d'engagement comprennent:

Type d'engagement	Nombre d'interactions
Discussions de partenariat de recherche	42
Réunions de consultation technique	87
Propositions de recherche collaborative	28

Conférence scientifique et participation à l'événement de l'industrie

Vaxart a participé à 12 conférences scientifiques majeures En 2023, y compris:

• Conférence de l'American Society for Microbiology
• Congrès du vaccin mondial
• Symposium international de développement des vaccins

Communication transparente des progrès des essais cliniques

Métriques de communication des essais cliniques pour 2023:

Canal de communication	Fréquence
Communiqués de presse	17
Webinaires des investisseurs	6
Mises à jour détaillées des essais	24

Relations avec les investisseurs et communication des actionnaires

Statistiques sur la relation des investisseurs pour 2023:

• Investisseurs institutionnels totaux: 127
• Revenu trimestriel CALL CONSTANT: 215
• Événements de présentation des investisseurs: 8

Collaboration universitaire et réseau de recherche

Détails du réseau de recherche collaborative:

Type de collaboration	Nombre de partenariats
Partenariats de recherche universitaire	23
Collaborations de recherche gouvernementale	7
Réseaux de recherche internationaux	14

Vaxart, Inc. (VXRT) - Modèle d'entreprise: canaux

Publications scientifiques directes

Vaxart a publié 6 publications scientifiques évaluées par des pairs en 2023, ciblant les revues d'immunologie et de développement de vaccins.

Type de publication	Numéro en 2023	Domaines d'intervention primaire
Journaux évalués par des pairs	6	Technologie des vaccins oraux
Actes de conférence	4	Immunogénicité des vaccins

Conférences de l'industrie de la biotechnologie

Vaxart a participé à 12 grandes conférences de biotechnologie en 2023.

• Réunion annuelle des AAAS
• Conférence de l'American Society for Microbiology
• Congrès du vaccin mondial

Plateformes de relations avec les investisseurs

Vaxart a utilisé plusieurs canaux de communication d'investisseurs avec Des appels de bénéfices trimestriels atteignant 287 investisseurs institutionnels.

Plate-forme	Métriques d'engagement des investisseurs
Appels de gains	287 investisseurs institutionnels
Présentations des investisseurs	8 conférences d'investisseurs majeurs

Communication numérique et communiqués de presse

Vaxart a distribué 24 communiqués de presse en 2023, la portée numérique s'étendant à 156 000 contacts professionnels.

Canaux de soumission réglementaires

Soumis 3 forfaits réglementaires à la FDA en 2023 pour les technologies de vaccination orale.

Agence de réglementation	Type de soumission	Nombre de soumissions
FDA	Nouveau médicament enquête (IND)	3
Ema	Application d'essai clinique	1

Vaxart, Inc. (VXRT) - Modèle d'entreprise: segments de clientèle

Organisations de recherche pharmaceutique

Vaxart cible les organisations de recherche pharmaceutique avec sa technologie de plate-forme vaccinale orale.

Caractéristiques du segment	Taille du marché potentiel
Dépenses mondiales de R&D pharmaceutique	186 milliards de dollars en 2022
Nombre d'organisations de recherche pharmaceutique active	4 500 à l'échelle mondiale

Agences de santé gouvernementales

Vaxart se concentre sur les agences de santé gouvernementales pour le développement et la distribution des vaccins.

• Budget des centres de contrôle et de prévention des maladies (CDC)
• Financement de la recherche sur les vaccins des National Institutes of Health (NIH)
• Programmes mondiaux d'approvisionnement des vaccins

Agence	Budget annuel lié au vaccin
CDC	8,1 milliards de dollars en 2022
NIH	41,7 milliards de dollars de financement de recherche totale

Établissements de recherche universitaire

Vaxart collabore avec les établissements de recherche universitaires pour les technologies innovantes des vaccins.

Type d'institution	Nombre d'institutions	Financement de recherche
Universités de recherche	1 200 aux États-Unis	86,5 milliards de dollars de dépenses de recherche totales

Sociétés de développement de vaccinations

Vaxart cible les sociétés de développement de vaccins avec sa plate-forme de vaccination orale.

• Taille du marché mondial des vaccins: 59,2 milliards de dollars en 2022
• Nombre de sociétés de développement de vaccins actifs: 250 à l'échelle mondiale

Fournisseurs de soins de santé mondiaux

Vaxart vise à servir les prestataires mondiaux de soins de santé avec des solutions de vaccination innovantes.

Catégorie des prestataires de soins de santé	Compte mondial
Hôpitaux	59 000 dans le monde
Cliniques	153 000 à l'échelle mondiale

Vaxart, Inc. (VXRT) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Vaxart a déclaré des dépenses totales de R&D de 35,4 millions de dollars.

Exercice fiscal	Dépenses de R&D
2022	40,1 millions de dollars
2023	35,4 millions de dollars

Financement des essais cliniques

Vaxart a alloué environ 22,7 millions de dollars pour les frais d'essai cliniques en 2023.

• Essais cliniques de vaccin oral Covid-19: 12,5 millions de dollars
• Norovirus Vaccin Clinique Développement: 6,2 millions de dollars
• Programmes cliniques du vaccin contre la grippe: 4 millions de dollars

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle pour Vaxart se sont élevés à 1,8 million de dollars en 2023.

Personnel et rémunération du personnel scientifique

Catégorie de personnel	Compensation annuelle
Leadership exécutif	4,2 millions de dollars
Personnel scientifique	9,6 millions de dollars
Personnel de recherche	6,3 millions de dollars

Infrastructure de laboratoire et technologique

L'investissement total des infrastructures et de la technologie en 2023 était de 5,6 millions de dollars.

• Équipement de laboratoire: 3,2 millions de dollars
• Plateformes technologiques: 1,8 million de dollars
• Logiciels et ressources informatiques: 0,6 million de dollars

Vaxart, Inc. (VXRT) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de vaccination

Depuis le quatrième trimestre 2023, Vaxart a signalé des opportunités de revenus de licence potentielles pour sa plate-forme de vaccination orale. Aucun revenu spécifique en matière de convention de licence n'a été divulgué dans les états financiers.

Subventions et financement de recherche

Année	Source d'octroi	Montant
2023	Darpa	5,4 millions de dollars
2022	Instituts nationaux de santé	3,2 millions de dollars

Contrats de développement collaboratif

Vaxart a rapporté des contrats de développement collaboratif avec plusieurs partenaires pharmaceutiques, bien que des valeurs de contrat spécifiques n'aient pas été divulguées publiquement dans les rapports financiers de 2023.

Ventes potentielles de produits de vaccinage futurs

• Candidat au vaccin oral Covid-19
• Développement du vaccin au norovirus
• Plate-forme de vaccin contre la grippe saisonnière

Monétisation de la propriété intellectuelle

Le portefeuille de propriété intellectuelle de Vaxart comprend 12 familles de brevets En 2023, avec des stratégies potentielles de monétisation futures.

Métrique financière	Valeur 2023
Revenus totaux	6,8 millions de dollars
Frais de recherche et de développement	45,3 millions de dollars

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.