Vaxart Provides Financial Update; On Track to Report Topline Data from Phase 2 Trial in Q3 2023

Vaxart, Inc. (Nasdaq: VXRT) has provided a business update and financial results for the second quarter of 2023.

Andrei Floroiu, Vaxart’s Chief Executive Officer, said, “During the second quarter, we continued to advance our oral pill vaccine programs and deliver on our planned timelines for this year…We are excited about the potential for our norovirus vaccine program, the only one formulated for oral administration and delivery to the gastrointestinal system.”

Vaxart is included in Prism MarketView’s biotechnology index.

Highlights

In July 2023, Vaxart reported positive preliminary topline data from the Phase 2 dose-ranging clinical trial of its oral pill bivalent norovirus vaccine candidate. The study met all primary endpoints and the vaccine was well-tolerated.

Topline data from the ongoing Phase 2 challenge study of Vaxart’s GI.1 norovirus vaccine candidate is expected in Q3 2023.

Vaxart continues to progress its COVID-19 vaccine program.

Revenue for the second quarter of 2023 was $1.4 million.

The company ended the second quarter of 2023 with cash, cash equivalents, restricted cash and marketable securities of $67.9 million, compared to $71.8 million as of March 31, 2023.

Vaxart reported a net loss of $22.6 million for the second quarter of 2023, compared to $29.4 million for the second quarter of 2022. 

About Vaxart

Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against norovirus, coronavirus, seasonal influenza, and respiratory syncytial virus (RSV), as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.