Vaxart’s 2025 Revenue Hits $237.3M, Secures $25M Dynavax Partnership and Extends Runway to Q2 2027
Vaxart’s 2025 revenue jumped to $237.3 million from $28.7 million, driven by BARDA contracts and a Dynavax partnership with a $25 million upfront payment. Cash and investments of $63.8 million extend runway to Q2 2027; Phase IIb safety data is expected in early Q2 2026 and norovirus funding is uncertain.
1. Revenue Growth and Strategic Partnerships
Vaxart posted full-year 2025 revenue of $237.3 million, up from $28.7 million in 2024. This surge reflects new BARDA contracts and a partnership with Dynavax now under Sanofi, which provided a $25 million upfront payment and a $5 million equity investment validating Vaxart’s oral vaccine platform.
2. Strong Cash Position Extends Runway
At the end of Q4, Vaxart held $63.8 million in cash, cash equivalents and investments. Management expects this funding to support operations into the second quarter of 2027 under current development plans.
3. Clinical Program Timing and Funding Risks
The 400-person sentinel cohort for the oral COVID-19 vaccine trial has been delayed to early Q2 2026, with the larger 5,000-subject cohort efficacy readout slated for late Q4 2026. Advancement of the oral norovirus vaccine program depends on securing additional partnerships or funding to maintain momentum.