Vaxart Inc (VXRT) Reports Full Year 2023 Financial Results
Revenue: Reported annual revenue of $7.379 million for 2023.
Net Loss: Net loss widened to $82.465 million, or $0.57 per share.
Research and Development Expenses: R&D expenses decreased to $68.142 million from $81.054 million in the previous year.
General and Administrative Expenses: G&A expenses reduced to $22.584 million from $29.386 million in 2022.
Cash Position: Cash, cash equivalents, and restricted cash totaled $34.755 million, down from $46.013 million at the end of 2022.
New Leadership: Steven Lo appointed as President, CEO, and Board Member.
Operational Progress: Preparing for a Phase 2b study of oral COVID-19 vaccine and expecting Phase 1 norovirus study data in mid-2024.
On March 14, 2024, Vaxart Inc (NASDAQ:VXRT), a clinical-stage biotechnology company, released its 8-K filing, detailing its financial results for the full year ended December 31, 2023. The company, known for developing oral recombinant vaccines, reported a net loss of $82.465 million or $0.57 per share, compared to a net loss of $107.758 million or $0.84 per share in the previous year. Despite the net loss, the company has made significant strides in its vaccine development programs, including preparations for a Phase 2b study of its oral COVID-19 vaccine.
Financial Performance and Corporate Developments
Vaxart Inc (NASDAQ:VXRT) reported a decrease in research and development expenses to $68.142 million in 2023 from $81.054 million in 2022, reflecting the company's efforts to streamline its vaccine development programs. General and administrative expenses also saw a reduction to $22.584 million from $29.386 million in the previous year, indicating improved operational efficiency.
The company's cash reserves decreased to $34.755 million from $46.013 million at the end of 2022, highlighting the ongoing investment in its clinical programs. Despite this, Vaxart has continued to progress, with Steven Lo joining as the new President, CEO, and Board Member, bringing extensive biopharma leadership experience to the team.
Strategic Focus and Future Outlook
Vaxart's focus on developing its oral vaccine platform has been reinforced by the recent BARDA Project NextGen contract award, which supports the company's differentiated approach to vaccine delivery. The oral pill vaccines being developed by Vaxart could offer several advantages over traditional injectables, including ease of administration and the potential to vaccinate more people rapidly and painlessly.
Looking ahead, Vaxart anticipates topline data from its Phase 1 norovirus study in lactating mothers by mid-2024. This, along with the upcoming Phase 2b study of its oral COVID-19 vaccine, positions the company at the forefront of innovation in the vaccine industry.
The company's commitment to revolutionizing vaccination methods through its proprietary delivery platform is evident in its broad patent applications and ongoing development programs for vaccines against coronavirus, norovirus, influenza, and HPV.
Value investors and potential GuruFocus.com members interested in the biotechnology sector may find Vaxart Inc (NASDAQ:VXRT)'s approach to vaccine development and its potential for future growth an intriguing opportunity for further research and investment consideration.
For a detailed analysis of Vaxart Inc (NASDAQ:VXRT)'s financial results and strategic initiatives, please visit GuruFocus.com.
Explore the complete 8-K earnings release (here) from Vaxart Inc for further details.
This article first appeared on GuruFocus.
