Vaxart Inc (VXRT) Reports Q3 2023 Financial Results and Business Updates
Vaxart Inc (NASDAQ:VXRT) released its Q3 2023 financial results on November 2, 2023.
The company reported significant progress in its norovirus and COVID-19 vaccine developments.
Vaxart's financial results show a decrease in total assets from the previous year.
The company's stockholders' equity also saw a decrease compared to the previous year.
On November 2, 2023, Vaxart Inc (NASDAQ:VXRT) announced its financial results for the third quarter of 2023. The company also provided updates on its business operations, particularly on its norovirus and COVID-19 vaccine developments.
Business Highlights
Vaxart's CEO, Andrei Floroiu, highlighted the company's progress in its norovirus program, with topline data from two Phase 2 trials released during the third quarter. The data indicated the potential of Vaxart's oral pill vaccine candidate to reduce norovirus infection, norovirus acute gastroenteritis, and viral shedding. The company is currently conducting additional analyses of the norovirus data to define the timing of a larger Phase 2b study and identify ways to reduce the size and duration of a subsequent Phase 3 registration study.
In October 2023, Vaxart began its Phase 1 clinical trial evaluating the company's oral pill norovirus vaccine candidate focused on lactating mothers. The study aims to investigate immunity in the breastmilk of nursing mothers who have received the vaccine. The company also presented at the World Vaccine Congress Europe 2023 in Barcelona, Spain.
Financial Performance
As of September 30, 2023, Vaxart reported total assets of $105,642,000, a decrease from $153,847,000 as of December 31, 2022. The company's cash, cash equivalents, and restricted cash amounted to $33,238,000, down from $46,013,000 in the previous year. Investments in marketable debt securities also decreased to $19,799,000 from $49,704,000.
The company's total liabilities stood at $34,121,000, a decrease from $43,250,000 as of December 31, 2022. Stockholders' equity also decreased to $71,521,000 from $110,597,000 in the previous year.
Vaxart's financial results reflect the company's ongoing investments in its vaccine development programs and its commitment to advancing its oral pill vaccine platform.
Looking Ahead
Vaxart continues to focus on its vaccine development programs, particularly for norovirus and COVID-19. The company's progress in these areas, along with its financial performance, will be key areas to watch in the coming quarters.
Explore the complete 8-K earnings release (here) from Vaxart Inc for further details.
This article first appeared on GuruFocus.
