Based on the provided financial report articles, the title of the article is: "Vaxart, Inc. (VXRT) Q2 2026 10-Q Filing" This title indicates that the article is a quarterly report (10-Q) filed by Vaxart, Inc. (VXRT) for the second quarter of 2026.

Company Overview and Background

Vaxart Biosciences, Inc. is a clinical-stage biotechnology company primarily focused on the development of oral recombinant vaccines based on its Vector-Adjuvant-Antigen Standardized Technology (VAAST®) proprietary oral vaccine platform. The company is developing prophylactic vaccine candidates that target a range of infectious diseases, including norovirus, coronavirus (including SARS-CoV-2), and influenza. Vaxart has also generated preclinical data for its first therapeutic vaccine candidate targeting cervical cancer and dysplasia caused by human papillomavirus (HPV).

Our Product Pipeline

Vaxart is developing the following tablet vaccine candidates based on its proprietary platform:

Norovirus Vaccine

• Norovirus is a leading cause of acute gastroenteritis in the U.S., causing millions of cases and hundreds of deaths annually.
• Vaxart’s first-generation bivalent norovirus vaccine candidate met five of six primary endpoints in a Phase 2 challenge study, including a statistically significant 30% relative reduction in the rate of norovirus infection.
• Vaxart has created new, more potent second-generation norovirus GI.1 and GII.4 constructs, which showed improved immune responses in a recent Phase 1 study.

Coronavirus Vaccine

• Vaxart is developing an oral pill COVID-19 vaccine candidate and conducting a Phase 2b comparative study against an approved mRNA vaccine.
• The 400-participant sentinel safety cohort showed no vaccine-related serious adverse events and similar rates of symptomatic COVID-19 between the oral vaccine and mRNA comparator arms.
• The main 5,000-participant cohort is designed to support a statistical comparison of safety and relative efficacy between the two vaccine arms.

Influenza Vaccine

• Vaxart has completed a Phase 2 challenge study of its H1N1 flu vaccine candidate, which reduced clinical disease by 39% relative to placebo.
• The company is also advancing a new avian influenza vaccine candidate that was 100% protective against death in a preclinical ferret challenge model.

HPV Therapeutic Vaccine

• Vaxart is in the early stages of developing a bivalent HPV vaccine targeting the E6 and E7 oncogenic proteins of HPV-16 and HPV-18.
• Preclinical studies have demonstrated immunogenicity and tumor growth suppression with the HPV-16 vaccine candidate.

Next Steps

• Vaxart plans to advance its norovirus, COVID-19, and influenza vaccine candidates through further clinical development, pending partnerships or other funding.
• The company will need to make a regulatory filing to proceed with clinical trials for its HPV therapeutic vaccine candidate.

Antivirals

• Through a previous merger, Vaxart acquired two royalty-earning antiviral products, Relenza and Inavir, as well as three Phase 2 antiviral compounds, one of which (Vapendavir) is now being developed by a licensing partner.

Financial Operations Overview

Revenue

• Vaxart’s revenue sources include non-cash royalty revenue related to the sale of future royalties, revenue from government contracts (primarily the 2024 ATI-RRPV Contract with HHS BARDA), and collaboration revenue.
• Revenue from government contracts was $24.3 million and $39.7 million for the three months ended June 30, 2026 and 2025, respectively.

Research and Development Expenses

• Research and development expenses decreased by 32% and 22% for the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily due to lower costs related to the COVID-19 vaccine program.

General and Administrative Expenses

• General and administrative expenses increased by 44% and 16% for the three and six months ended June 30, 2026 compared to the same periods in 2025, mainly due to higher professional and legal fees.

Liquidity and Capital Resources

• Vaxart had approximately $64.0 million in cash, cash equivalents, and short-term investments as of June 30, 2026.
• The company’s primary sources of financing are the sale of common stock and funding from government contracts, such as the 2024 ATI-RRPV Contract with HHS BARDA.
• Vaxart expects its current cash runway to last into the second quarter of 2027, but may need to raise additional capital to continue operations beyond that point.

Outlook

• Vaxart remains focused on advancing its pipeline of oral vaccine candidates, with the goal of securing partnerships and additional funding to support further clinical development and potential commercialization.
• The company faces challenges related to the current economic environment, including uncertainty, high interest rates, rising inflation, and the potential for recession, which could impact its ability to raise capital and execute its plans.