Vaxart Stock Climbs After Blockbuster Q1 Revenue

Benzinga ·  May 14 04:29

Vaxart, Inc. (NASDAQ:VXRT) reported its first-quarter financial results after the bell Monday. Here's a look at the details.

The Details: Vaxart reported quarterly losses of 14 cents per share, inline with the analyst consensus estimate.

Quarterly sales clocked in at $2.181 million, beating the analyst consensus estimate of $800,000 by 172.63% and representing a 223.11% increase over sales of $675,000 from the same period last year.

The company said it is preparing for a 10,000-subject, Phase 2b clinical study evaluating its oral pill XBB COVID-19 vaccine candidate against an approved mRNA vaccine comparator.

The preparations are being supported by a U.S. Biomedical Advanced Research and Development Authority (BARDA) contract for $9.27 million as part of BARDA's "Project NextGen" initiative. Vaxart anticipates initiating the Phase 2b trial as early as the second quarter of 2024.

Vaxart announced positive topline results from the Phase 1 clinical trial evaluating its oral pill bivalent norovirus candidate in lactating mothers in April.

The company said it plans to meet with the U.S. Food and Drug Administration (FDA) in mid-2024 to discuss data on correlates of protection, and these data will inform potential next steps, such as potentially conducting a Phase 2b study and potentially a GII.4 challenge study.

"We are pleased that we achieved an important milestone in our norovirus clinical program, delivering positive topline results from the Phase 1 trial of our oral pill bivalent norovirus candidate focused on lactating mothers," said Steven Lo, Vaxart's CEO.

"We look forward to additional data from this study that will further inform future pediatric studies for this indication. We have also made significant progress and remain on track to initiate a Phase 2b study evaluating our XBB COVID-19 vaccine candidate as early as this quarter."

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VXRT Price Action: According to Benzinga Pro, Vaxart shares are up 12.24% after-hours at 92 cents after gaining 16.31% during regular trading Monday.

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