VAXART, INC. (VXRT): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da tecnologia de vacinas, a Vaxart, Inc. (VXRT) emerge como inovador inovador, revolucionando o paradigma tradicional de entrega de vacinas por meio de sua engenhosa plataforma de tablet oral. Ao desafiar o modelo de vacina injetável convencional, a abordagem única da VAXART promete transformar estratégias de imunização em sistemas globais de saúde, oferecendo uma solução potencialmente revolucionária que poderia simplificar a distribuição da vacina, reduzir as complexidades de administração e aumentar a acessibilidade para diversas populações em todo o mundo.

VAXART, INC. (VXRT) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa acadêmica

A VAXART estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco de colaboração	Ano estabelecido
Filial Médica da Universidade do Texas	Desenvolvimento da vacina CoVID-19	2020
Baylor College of Medicine	Pesquisa de tecnologia de vacina oral	2019

Parcerias com organizações de desenvolvimento de contratos farmacêuticos

A VAXART colabora com organizações de desenvolvimento e fabricação de contratos (CDMOs):

• Biosoluções emergentes - Suporte de fabricação
• Soluções farmacêuticas catalentas - formulação de vacina oral
• Wuxi Biologics - Serviços de Desenvolvimento Clínico e Pré -Clínico

Acordos de licenciamento com parceiros de transferência de tecnologia

Parceiro	Área de tecnologia	Termos de acordo
Instituto Intravacc	Tecnologia de plataforma de vacina oral	Contrato de licenciamento exclusivo
Mount Sinai Innovation Partners	Projeto de antígeno da vacina	Transferência de tecnologia não exclusiva

Colaborações potenciais da agência de saúde do governo

VAXART se envolveu com as seguintes agências de saúde do governo:

• Institutos Nacionais de Saúde (NIH) - Cond -19 Vaccine Research Research: US $ 5,1 milhões em 2021
• Agência de Projetos de Pesquisa Avançada de Defesa (DARPA) - Financiamento da Preparação Pandêmica: US $ 3,7 milhões em 2022

Financiamento total da parceria recebida em 2022-2023: US $ 8,8 milhões

VAXART, INC. (VXRT) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento da plataforma de vacina oral

A partir do quarto trimestre de 2023, a VAXART investiu US $ 12,3 milhões em pesquisa e desenvolvimento de plataformas de vacinas orais. A empresa mantém uma equipe de pesquisa dedicada de 37 cientistas focada em tecnologias de vacinas orais.

Área de foco de pesquisa	Investimento anual	Pessoal de pesquisa
Plataforma de vacina oral	US $ 12,3 milhões	37 cientistas

Ensaios pré -clínicos e de vacinas clínicas

A VAXART realizou 6 ensaios clínicos a partir de 2024, com um investimento total de US $ 8,7 milhões em desenvolvimento e execução de ensaios.

• Ensaios de vacinas covid-19: 3 concluídos
• Ensaios de vacinas contra o norovírus: 2 em andamento
• Ensaios de vacina contra influenza: 1 na preparação

Inovação de tecnologia de vacinas para comprimidos proprietária

A empresa apresentou 14 pedidos de patentes relacionados à tecnologia de vacinas para tablets, com gastos com P&D de US $ 5,6 milhões nessa área específica.

Categoria de tecnologia	Aplicações de patentes	Investimento em P&D
Plataforma de vacinas para tablets	14 APLICAÇÕES	US $ 5,6 milhões

Imunologia e projeto de vacina contra doenças infecciosas

A VAXART dedicou 45% de seu orçamento de pesquisa à imunologia e projeto de vacinas contra doenças infecciosas, totalizando aproximadamente US $ 7,2 milhões em 2024.

• Áreas de foco da doença viral: Covid-19, norovírus, influenza
• Especialização da equipe de pesquisa: 22 imunologistas

Proteção à propriedade intelectual e arquivamento de patentes

A Companhia alocou US $ 3,1 milhões para proteção de propriedade intelectual e mantém um portfólio ativo de patentes de 22 patentes concedidas.

Categoria IP	Total de patentes	Orçamento anual de proteção IP
Patentes concedidas	22	US $ 3,1 milhões

VAXART, INC. (VXRT) - Modelo de negócios: Recursos -chave

Plataforma de entrega de vacina oral proprietária

O principal recurso de Vaxart inclui um Plataforma de tecnologia de vacinas oral de tablets proprietários. A partir do quarto trimestre 2023, a plataforma abrange várias abordagens de desenvolvimento de vacinas.

Característica da plataforma	Detalhes específicos
Portfólio de patentes	17 emitiram patentes em dezembro de 2023
Cobertura de tecnologia	Sistemas de vetor viral e antígenos
Estágio de desenvolvimento	Vários programas pré-clínicos e de estágio clínico

Equipe de Pesquisa e Desenvolvimento Científica

A equipe de P&D da VAXART compreende profissionais de biotecnologia especializados.

• Pessoal total de P&D: 48 funcionários em dezembro de 2023
• Cientistas em nível de doutorado: 22 membros da equipe
• Especialistas em desenvolvimento de vacinas: 16 pesquisadores

Instalações de Laboratório de Biotecnologia Avançada

A VAXART mantém infraestrutura de pesquisa especializada em São Francisco, Califórnia.

Métrica da instalação	Especificação
Espaço total de laboratório	8.500 pés quadrados
Áreas certificadas BSL-2	3 zonas de pesquisa dedicadas
Investimento anual de P&D	US $ 24,3 milhões em 2023

Projeto de vacina e propriedade intelectual de fabricação

A propriedade intelectual da VAXART representa um recurso crítico para a estratégia de desenvolvimento de vacinas da empresa.

• Total de pedidos de patente: 26
• Patentes concedidas: 17
• Jurisdições de patentes: Estados Unidos, Europa, Ásia

Dados de ensaios clínicos e arquivos de pesquisa

A documentação abrangente de pesquisa apóia os esforços de desenvolvimento de vacinas da VAXART.

Métrica do arquivo de pesquisa	Dados quantitativos
Ensaios clínicos concluídos	7 ensaios a partir de 2023
Estudos clínicos em andamento	3 programas de pesquisa ativos
Volume de dados de pesquisa	Mais de 500 terabytes de dados científicos

VAXART, INC. (VXRT) - Modelo de negócios: proposições de valor

Tecnologia inovadora de vacina oral alternativa às injeções

A proposição de valor central da Vaxart centra -se na tecnologia de vacinas contra comprimidos orais. A partir do quarto trimestre de 2023, a empresa desenvolveu candidatos a vacinas orais visando múltiplas doenças infecciosas, incluindo Covid-19, Norovírus e influenza sazonal.

Tecnologia da vacina	Status de desenvolvimento	Vantagem potencial
Vacina covid-19 de comprimido oral	Ensaios clínicos de fase 2 concluídos	Estabilidade da temperatura ambiente
Vacina de norovírus oral	Estágio pré -clínico	Resposta imune da mucosa

Potencial para distribuição e administração mais fáceis de vacinas

A plataforma de vacina oral da VAXART oferece vantagens logísticas significativas sobre as vacinas injetáveis ​​tradicionais.

• Sem requisitos de cadeia de frio
• Formato auto-administrado
• Reduzido de envolvimento dos trabalhadores da saúde

Abordagem de desenvolvimento de vacinas econômicas

A partir de 2023 Relatórios Financeiros, as despesas de P&D da VAXART foram de aproximadamente US $ 45,3 milhões, demonstrando um investimento focado no desenvolvimento da tecnologia de vacinas orais.

Métrica financeira	2023 valor
Despesas de P&D	US $ 45,3 milhões
Despesas operacionais totais	US $ 67,2 milhões

Potenciais complexidades reduzidas de armazenamento e transporte

As principais vantagens da tecnologia de vacina oral incluem:

• Sem requisitos de refrigeração
• Logística de remessa simplificada
• Custos de distribuição mais baixos

Ampla aplicabilidade em vários alvos de doenças

A plataforma de vacina de Vaxart tem como alvo várias indicações de doenças infecciosas, incluindo:

Alvo de doença	Estágio de desenvolvimento
COVID 19	Fase 2
Norovírus	Pré -clínico
Influenza sazonal	Pré -clínico

VAXART, INC. (VXRT) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto com a comunidade de pesquisa farmacêutica

No quarto trimestre 2023, a VAXART mantinha canais de comunicação direta com aproximadamente 157 instituições de pesquisa farmacêutica em todo o mundo. As métricas de engajamento incluem:

Tipo de engajamento	Número de interações
Discussões de parceria de pesquisa	42
Reuniões de consulta técnica	87
Propostas de pesquisa colaborativa	28

Conferência Científica e Participação de Eventos da Indústria

VAXART participou 12 principais conferências científicas Durante 2023, incluindo:

• Conferência da Sociedade Americana de Microbiologia
• Congresso da Vacina Mundial
• Simpósio Internacional de Desenvolvimento de Vacinas

Comunicação transparente do progresso do ensaio clínico

Métricas de comunicação de ensaios clínicos para 2023:

Canal de comunicação	Freqüência
Comunicados de imprensa	17
Webinars de investidores	6
Atualizações detalhadas de teste	24

Relações com investidores e comunicação de acionistas

Estatísticas de relacionamento com investidores para 2023:

• Total de investidores institucionais: 127
• Recursos trimestrais chamam os participantes: 215
• Eventos de apresentação do investidor: 8

Colaboração da rede acadêmica e de pesquisa

Detalhes da rede de pesquisa colaborativa:

Tipo de colaboração	Número de parcerias
Parcerias de Pesquisa Universitária	23
Colaborações de pesquisa do governo	7
Redes de pesquisa internacionais	14

VAXART, INC. (VXRT) - Modelo de negócios: canais

Publicações científicas diretas

A VAXART publicou 6 publicações científicas revisadas por pares em 2023, visando periódicos de imunologia e desenvolvimento de vacinas.

Tipo de publicação	Número em 2023	Áreas de foco primário
Revistas revisadas por pares	6	Tecnologia de vacina oral
Anais da conferência	4	Imunogenicidade da vacina

Conferências da indústria de biotecnologia

VAXART participou de 12 principais conferências de biotecnologia em 2023.

• AAAS Reunião Anual
• Conferência da Sociedade Americana de Microbiologia
• Congresso da Vacina Mundial

Plataformas de relações com investidores

VAXART utilizou vários canais de comunicação de investidores com Chamadas de ganhos trimestrais atingindo 287 investidores institucionais.

Plataforma	Métricas de engajamento do investidor
Chamadas de ganhos	287 investidores institucionais
Apresentações de investidores	8 grandes conferências de investidores

Comunicação digital e comunicados de imprensa

A VAXART distribuiu 24 comunicados de imprensa em 2023, com o alcance digital se estendendo a 156.000 contatos profissionais.

Canais de submissão regulatórios

Enviado 3 pacotes regulatórios ao FDA em 2023 para tecnologias de vacinas orais.

Agência regulatória	Tipo de envio	Número de envios
FDA	Novo medicamento investigacional (IND)	3
Ema	Aplicação do ensaio clínico	1

VAXART, INC. (VXRT) - Modelo de negócios: segmentos de clientes

Organizações de pesquisa farmacêutica

A VAXART tem como alvo organizações de pesquisa farmacêutica com sua tecnologia de plataforma de vacina oral.

Características do segmento	Tamanho potencial de mercado
Gastos de P&D farmacêuticos globais	US $ 186 bilhões em 2022
Número de organizações de pesquisa farmacêutica ativa	4.500 globalmente

Agências de saúde do governo

A VAXART se concentra nas agências de saúde do governo para o desenvolvimento e distribuição de vacinas.

• Centros de Controle e Prevenção de Doenças (CDC) Orçamento
• Financiamento da Pesquisa de Vacinas dos Institutos Nacionais de Saúde (NIH)
• Programas globais de aquisição de vacinas

Agência	Orçamento anual relacionado à vacina
CDC	US $ 8,1 bilhões em 2022
NIH	US $ 41,7 bilhões de financiamento total de pesquisa

Instituições de pesquisa acadêmica

A VAXART colabora com instituições de pesquisa acadêmica para tecnologias inovadoras de vacinas.

Tipo de instituição	Número de instituições	Pesquisa financiamento
Universidades de pesquisa	1.200 nos Estados Unidos	US $ 86,5 bilhões em gastos de pesquisa totais

Empresas de desenvolvimento de vacinas

A VAXART tem como alvo as empresas de desenvolvimento de vacinas com sua plataforma de vacina oral.

• Tamanho global do mercado de vacinas: US $ 59,2 bilhões em 2022
• Número de empresas de desenvolvimento de vacinas ativas: 250 globalmente

Provedores globais de saúde

A VAXART pretende atender os prestadores de serviços de saúde globais com soluções inovadoras de vacinas.

Categoria de prestador de serviços de saúde	Contagem global
Hospitais	59.000 em todo o mundo
Clínicas	153.000 globalmente

VAXART, INC. (VXRT) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a VAXART registrou despesas totais de P&D de US $ 35,4 milhões.

Ano fiscal	Despesas de P&D
2022	US $ 40,1 milhões
2023	US $ 35,4 milhões

Financiamento de ensaios clínicos

A VAXART alocou aproximadamente US $ 22,7 milhões para despesas de ensaios clínicos em 2023.

• Ensaios clínicos de vacinas orais Covid-19: US $ 12,5 milhões
• Desenvolvimento Clínico da Vacina de Norovírus: US $ 6,2 milhões
• Programas clínicos da vacina contra influenza: US $ 4 milhões

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual da VAXART foram de US $ 1,8 milhão em 2023.

Pessoal e compensação da equipe científica

Categoria de pessoal	Remuneração anual
Liderança executiva	US $ 4,2 milhões
Equipe científica	US $ 9,6 milhões
Pessoal de pesquisa	US $ 6,3 milhões

Infraestrutura de laboratório e tecnologia

A infraestrutura total e o investimento em tecnologia em 2023 foi de US $ 5,6 milhões.

• Equipamento de laboratório: US $ 3,2 milhões
• Plataformas de tecnologia: US $ 1,8 milhão
• Software e recursos computacionais: US $ 0,6 milhão

VAXART, INC. (VXRT) - Modelo de negócios: fluxos de receita

Potenciais acordos de licenciamento de vacinas

A partir do quarto trimestre 2023, a VAXART relatou possíveis oportunidades de receita de licenciamento para sua plataforma de vacina oral. Nenhum contrato de licenciamento específico foi divulgado nas demonstrações financeiras.

Bolsas de pesquisa e financiamento

Ano	Fonte de concessão	Quantia
2023	Darpa	US $ 5,4 milhões
2022	Institutos Nacionais de Saúde	US $ 3,2 milhões

Contratos de desenvolvimento colaborativo

VAXART relatou contratos de desenvolvimento colaborativo com Vários parceiros farmacêuticos, embora valores específicos do contrato não tenham sido divulgados publicamente em 2023 relatórios financeiros.

Vendas futuras de produtos de vacina futuros

• Candidato a vacina oral covid-19
• Desenvolvimento da vacina de norovírus
• Plataforma de vacina contra influenza sazonal

Monetização da propriedade intelectual

O portfólio de propriedade intelectual de Vaxart inclui 12 famílias de patentes a partir de 2023, com possíveis estratégias futuras de monetização.

Métrica financeira	2023 valor
Receita total	US $ 6,8 milhões
Despesas de pesquisa e desenvolvimento	US $ 45,3 milhões

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.