The company's financial position is characterized by significant equity erosion, evidenced by a $455.0 million deficit in retained earnings as of 2026Q1, alongside a modest debt-to-equity ratio of 0.08.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 131.7M | 136.12M | 68.26M | 45.54M | 99.45M | 169.17M | 128.53M | 17.6M | 14.64M | 3.75M | 39.9M | 72.4M | 70.8M | 101.1M | 80M | 97.88M | 110.03M | 129.69M | 142.18M | 226.19M | 175.16M | 232.6M | 162.59M | 186.59M | 113.05M | 193.06M | 77.88M | 78.91M | 85.5M | 99M | 98.1M |
| Cash & Short-Term Investments | 61.02M | 63.81M | 51.72M | 39.71M | 93.72M | 166.49M | 126.87M | 13.53M | 11.46M | 2.99M | 38.6M | 69M | 57.6M | 81.7M | 66.8M | 96.39M | 108.17M | 119M | 130.34M | 219.21M | 118.73M | 106.93M | 103.11M | 115.76M | 51.74M | 131.19M | 1.55M | 806K | 1M | 3.4M | 18.5M |
| Cash Only | 50.75M | 53.81M | 25.23M | 34.76M | 44.01M | 143.75M | 126.87M | 13.53M | 11.46M | 1.57M | 17.7M | 49.7M | 44.7M | 81.7M | 66.8M | 94.31M | 53.56M | 59.51M | 106.44M | 217.61M | 86.23M | 101.76M | 94.76M | 115.76M | 51.74M | 131.19M | 1.55M | 806K | 1M | 3.4M | 18.5M |
| Short-Term Investments | 10.28M | 9.99M | 26.49M | 4.96M | 49.7M | 22.74M | 0 | 0 | 0 | 1.42M | 20.9M | 19.3M | 12.9M | 0 | 0 | 2.08M | 54.6M | 59.49M | 23.9M | 1.6M | 32.5M | 5.17M | 8.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 57.57M | 51.34M | 11.97M | 3.01M | 20K | 71K | 334K | 3.62M | 1.8M | 630K | 600K | 700K | 12.6M | 18.7M | 11M | 995K | 1.03M | 9.12M | 0 | 2.37M | 20.38M | 19.68M | 32.41M | 37.06M | 36.33M | 36.04M | 38.31M | 34.02M | 40M | 36.1M | 38.1M |
| Days Sales Outstanding | 84.22 | 78.99 | 152.22 | 148.79 | 68.22 | 29.05 | 30.13 | 133.94 | 157.62 | 39.38 | 24.61 | 27.47 | 186.95 | 99.35 | 119.49 | 24.48 | 10.74 | 317.43 | - | - | 82.76 | 66.49 | 83.19 | 76.61 | 67.66 | 56.02 | 61.13 | 53.15 | 60.06 | 57.61 | 57.97 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.26M | 20.5M | 20.18M | 23.48M | 19.39M | 18.14M | 32.6M | 35.93M | 38.2M | 43.4M | 28.4M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 112.1 | 111.32 | 83.62 | 105.36 | 59 | 43.38 | 77.9 | 84.5 | 83.54 | 91.14 | 59.57 |
| Other Current Assets | 614K | 667K | 318K | 333K | 2M | 0 | 1.33M | 0 | 1.34M | 0 | 0 | 2.7M | 600K | 0 | 0 | 0 | 0 | 0 | 10.41M | 2.25M | 14.15M | 82.04M | 672K | -4.62M | 0 | 0 | 5.41M | 8.15M | 6.3M | 16.1M | 13.1M |
| Total Non-Current Assets | 48.35M | 49.96M | 98.13M | 46.29M | 54.4M | 52M | 24.05M | 19.43M | 20.58M | 770K | 200K | 300K | 8.6M | 12.9M | 5.8M | 84K | 3.85M | 1.62M | 2.04M | 12.38M | 90.71M | 96.73M | 205.58M | 200.72M | 119.77M | 117.25M | 146.61M | 135.69M | 132.8M | 126.9M | 104M |
| Property, Plant & Equipment | 15.47M | 16.86M | 29.11M | 36.57M | 41.3M | 19.77M | 8.32M | 2.2M | 1.07M | 730K | 200K | 300K | 200K | 2M | 4.3M | 84K | 597K | 855K | 1.31M | 1.97M | 88.33M | 93.86M | 115.41M | 101.83M | 103.71M | 107.87M | 120.19M | 109.1M | 99M | 89.2M | 60.6M |
| Fixed Asset Turnover | 12.69x | 14.07x | 0.99x | 0.20x | 0.00x | 0.05x | 0.49x | 4.48x | 3.90x | 8.00x | 44.50x | 31.00x | 123.00x | 34.35x | 7.81x | 176.64x | 58.63x | 12.27x | - | - | 1.02x | 1.15x | 1.23x | 1.73x | 1.89x | 2.18x | 1.90x | 2.14x | 2.46x | 2.56x | 3.96x |
| Goodwill | 4.51M | 4.51M | 4.51M | 4.51M | 4.51M | 4.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.64M | 2.83M | 3.56M | 4.29M | 5.02M | 10.62M | 15.36M | 17.09M | 19.41M | 40K | 44K | 48K | 0 | 0 | 600K | 0 | 0 | 0 | 0 | 0 | 1.68M | 1.96M | 89.73M | 94.99M | 13.05M | 6.86M | 19.6M | 19.2M | 23.2M | 25.2M | 27.8M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 16.21M | 0 | 0 | 0 | 0 | 0 | 0 | 7.9M | 10M | 0 | 0 | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 25.73M | 25.76M | 60.95M | 926K | 3.57M | 890K | 372K | 141K | 103K | 0 | -44K | -48K | 0 | 0 | -600K | 0 | 748K | 769K | 729K | 10.41M | 701K | 914K | 449K | 3.89M | 3.01M | 2.52M | 6.82M | 7.39M | 10.6M | 12.5M | 15.6M |
| Total Assets | 180.06M | 186.08M | 166.39M | 91.83M | 153.85M | 221.17M | 152.58M | 37.03M | 35.23M | 4.52M | 40.1M | 72.7M | 79.4M | 114M | 85.8M | 97.97M | 113.87M | 131.32M | 144.22M | 238.57M | 265.88M | 329.34M | 368.17M | 387.3M | 232.82M | 310.31M | 224.49M | 214.6M | 218.3M | 225.9M | 202.1M |
| Asset Turnover | 1.38x | 1.28x | 0.17x | 0.08x | 0.00x | 0.00x | 0.03x | 0.27x | 0.12x | 1.29x | 0.22x | 0.13x | 0.31x | 0.60x | 0.39x | 0.15x | 0.31x | 0.08x | - | - | 0.34x | 0.33x | 0.39x | 0.46x | 0.84x | 0.76x | 1.02x | 1.09x | 1.11x | 1.01x | 1.19x |
| Asset Growth % | 95.03% | 11.83% | 81.19% | -40.31% | -30.44% | 44.95% | 312.03% | 5.12% | 678.84% | -88.72% | -44.84% | -8.44% | -30.35% | 32.87% | -12.42% | -13.97% | -13.29% | -8.95% | -39.55% | -10.27% | -19.27% | -10.55% | -4.94% | 66.36% | -24.97% | 38.23% | 4.61% | -1.69% | -3.36% | 11.78% | 46.45% |
| Total Current Liabilities | 76.84M | 86.75M | 90.88M | 13.72M | 17.92M | 10.78M | 11.76M | 9.17M | 7.47M | 4.52M | 5.9M | 9.2M | 9M | 26.9M | 17.6M | 6.25M | 17.93M | 33.91M | 7.64M | 20.3M | 44.94M | 47.04M | 64.41M | 39.06M | 38.55M | 44.41M | 38.28M | 42.91M | 45.8M | 35M | 34.5M |
| Accounts Payable | 24.18M | 21.5M | 6.96M | 1.58M | 5.51M | 3.87M | 2.13M | 852K | 962K | 1.39M | 1.4M | 3.9M | 1.9M | 2.8M | 2.4M | 146K | 552K | 1.74M | 1.23M | 3.65M | 8M | 12.38M | 21.94M | 10.87M | 21.65M | 20.65M | 15.92M | 16.02M | 15M | 11.4M | 9.8M |
| Days Payables Outstanding | - | - | - | 128.48 | - | 28.99 | 39.2 | - | 20.33 | 41.06 | 28.98 | 14.23K | 192.64 | 20 | 44.47 | 36.43 | 50.99 | 318.55 | - | - | 46.55 | 67.21 | 90.94 | 48.79 | 65.9 | 49.4 | 38.05 | 37.69 | 32.8 | 23.94 | 20.56 |
| Short-Term Debt | 0 | 0 | 4.06M | 3.8M | 95K | 836K | 4.83M | 0 | 1.67M | 1.53M | 200K | 400K | 200K | 0 | 0 | 0 | 0 | 5.95M | 0 | 0 | 291K | 223K | 10.17M | 4.23M | 0 | 0 | 1M | 704K | 100K | 6.3M | 2.2M |
| Deferred Revenue (Current) | 154.96M | 13.02M | 0 | 0 | 0 | 0 | 0 | 4.57M | 1.52M | 0 | 2.9M | 3.6M | 5.9M | 0 | 300K | 2.53M | 7.8M | 18.45M | 0 | 0 | 16.09M | 17.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 4.12M | 5.63M | 65.4M | 0 | 2M | 1 | 3.18M | 2.01M | 3.78M | 88K | 3.9M | 4.3M | 3.7M | 900K | 1.5M | 1.66M | 2.21M | 2.82M | 4.64M | 13.43M | 28.8M | 16.97M | 0 | 0 | 0 | 0 | 21.36M | 26.18M | 30.7M | 17.3M | 22.5M |
| Current Ratio | 1.71x | 1.57x | 0.75x | 3.32x | 5.55x | 15.69x | 10.93x | 1.92x | 1.96x | 0.83x | 6.76x | 7.87x | 7.87x | 3.76x | 4.55x | 15.66x | 6.14x | 3.82x | 18.62x | 11.14x | 3.90x | 4.94x | 2.52x | 4.78x | 2.93x | 4.35x | 2.03x | 1.84x | 1.87x | 2.83x | 2.84x |
| Quick Ratio | 1.71x | 1.57x | 0.75x | 3.32x | 5.55x | 15.69x | 10.93x | 1.92x | 1.96x | 0.83x | 6.76x | 7.87x | 7.87x | 3.76x | 4.55x | 15.66x | 6.14x | 3.82x | 18.62x | 11.14x | 3.47x | 4.51x | 2.21x | 4.18x | 2.43x | 3.94x | 1.18x | 1.00x | 1.03x | 1.59x | 2.02x |
| Cash Conversion Cycle | 84.22 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 148.31 | 110.6 | 75.86 | 133.18 | 60.76 | 50 | 100.98 | 99.97 | 110.79 | 124.82 | 96.99 |
| Total Non-Current Liabilities | 9.1M | 11.53M | 16.59M | 20.3M | 25.33M | 22.85M | 17.41M | 14.91M | 16.51M | 38.72M | 15.5M | 17.3M | 900K | 200K | 200K | 32.84M | 35.37M | 0 | 15.2M | 71.74M | 109.55M | 120.47M | 19.44M | 28.93M | 5.24M | 78.69M | 108.81M | 113.49M | 118.3M | 115.2M | 81.5M |
| Long-Term Debt | 0 | 0 | 1.7M | 2.62M | 5.62M | 10.69M | 12.15M | 0 | 1.94M | 38.72M | 100K | 300K | 800K | 0 | 0 | 0 | 0 | 0 | 15.2M | 71.74M | 109.31M | 119.85M | 13.67M | 23.17M | 0 | 78.5M | 108.53M | 112.3M | 118M | 114.8M | 81.3M |
| Capital Lease Obligations | 35.73M | 6.01M | 14.45M | 17.39M | 19.48M | 12M | 5.16M | 1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 238K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3.21M | 3.5M | 439K | 293K | 231K | 171K | 109K | 13.43M | 14.57M | 0 | 15.4M | 17M | 100K | 200K | 200K | 0 | 0 | 0 | 0 | 0 | 238K | 378K | 5.77M | 5.76M | 5.24M | 190K | 276K | 1.19M | 300K | 400K | 200K |
| Total Liabilities | 85.94M | 98.28M | 107.46M | 34.02M | 43.25M | 33.64M | 29.18M | 24.08M | 23.99M | 43.24M | 21.4M | 26.5M | 9.9M | 27.1M | 17.8M | 39.09M | 53.3M | 33.91M | 22.84M | 92.04M | 154.49M | 167.51M | 83.85M | 67.98M | 43.79M | 123.1M | 147.09M | 156.4M | 164.1M | 150.2M | 116M |
| Total Debt | 7.97M | 8.98M | 23.28M | 26.51M | 27.42M | 24.53M | 22.14M | 2.31M | 3.61M | 40.25M | 300K | 700K | 1M | 0 | 0 | 0 | 0 | 5.95M | 15.2M | 71.74M | 109.6M | 109.61M | 23.84M | 27.39M | 0 | 78.5M | 109.53M | 113M | 118.1M | 121.1M | 83.5M |
| Net Debt | -42.78M | -44.83M | -1.95M | -8.24M | -16.59M | -119.22M | -104.73M | -11.21M | -7.84M | 38.68M | -17.4M | -49M | -43.7M | -81.7M | -66.8M | -94.31M | -53.56M | -53.56M | -91.24M | -145.87M | 23.38M | 7.84M | -70.92M | -88.36M | -51.74M | -52.69M | 107.98M | 112.2M | 117.1M | 117.7M | 65M |
| Debt / Equity | 0.08x | 0.10x | 0.40x | 0.46x | 0.25x | 0.13x | 0.18x | 0.18x | 0.32x | - | 0.02x | 0.02x | 0.01x | - | - | - | - | 0.06x | 0.13x | 0.49x | 0.98x | 0.68x | 0.08x | 0.09x | - | 0.42x | 1.42x | 1.94x | 2.18x | 1.60x | 0.97x |
| Debt / EBITDA | 0.17x | 0.34x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 20.58x | - | 0.62x | 8.16x | 7.11x | 11.69x | 28.83x | 4.37x |
| Net Debt / EBITDA | -0.94x | -1.68x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -66.39x | -3.76x | -0.42x | 8.05x | 7.06x | 11.59x | 28.02x | 3.40x |
| Interest Coverage | 17.09x | 6.95x | -21.46x | -55.81x | -81.52x | -46.54x | -16.07x | -6.60x | -5.68x | - | -15.17x | -83.67x | - | - | - | - | -3.22x | -16.49x | -5.60x | -10.23x | -16.47x | -39.60x | -23.67x | 4.06x | 7.41x | 54.99x | 1.00x | - | -0.25x | - | 2.80x |
| Total Equity | 94.12M | 87.8M | 58.92M | 57.8M | 110.6M | 187.53M | 123.4M | 12.95M | 11.24M | -38.72M | 18.7M | 46.2M | 69.5M | 86.9M | 68M | 58.87M | 60.57M | 97.41M | 121.38M | 146.53M | 111.39M | 161.83M | 284.32M | 319.32M | 189.03M | 187.21M | 77.39M | 58.2M | 54.2M | 75.7M | 86.1M |
| Equity Growth % | 35.5% | 49% | 1.94% | -47.73% | -41.02% | 51.97% | 852.78% | 15.25% | 129.02% | -307.07% | -59.52% | -33.53% | -20.02% | 27.79% | 15.51% | -2.8% | -37.82% | -19.75% | -17.16% | 31.55% | -31.17% | -43.08% | -10.96% | 68.92% | 0.97% | 141.89% | 32.98% | 7.38% | -28.4% | -12.08% | 24.06% |
| Book Value per Share | 0.39 | 0.38 | 0.12 | 0.12 | 0.23 | 0.38 | 0.25 | 0.06 | 0.18 | -0.88 | 0.53 | 1.32 | 2.16 | 3.05 | 2.65 | 9.18 | 9.00 | 12.70 | 15.45 | 16.04 | 12.06 | 17.84 | 32.01 | 43.19 | 31.50 | 27.54 | 13.54 | 10.72 | 10.25 | 14.27 | 15.81 |
| Total Shareholders' Equity | 94.12M | 87.8M | 58.92M | 57.8M | 110.6M | 187.53M | 123.4M | 12.95M | 11.24M | -38.72M | 18.7M | 46.2M | 69.5M | 86.9M | 68M | 58.87M | 60.57M | 97.41M | 121.38M | 146.53M | 111.39M | 161.83M | 284.32M | 319.32M | 189.03M | 187.21M | 77.39M | 58.2M | 54.2M | 75.7M | 86.1M |
| Common Stock | 24K | 24K | 23K | 15K | 13K | 13K | 11K | 5K | 714K | 0 | 3.9M | 3.9M | 3.9M | 3.5M | 2.8M | 6.36M | 6.32M | 6.28M | 6.24M | 6.21M | 6.15M | 6.03M | 5.94M | 5.77M | 3.9M | 3.85M | 3.78M | 3.5M | 0 | 0 | 0 |
| Retained Earnings | -455.02M | -460.19M | -476.52M | -409.57M | -327.11M | -219.35M | -148.88M | -116.66M | -97.99M | -79.98M | -163.8M | -134.3M | -108.9M | -89.8M | -78.8M | -228.08M | -223.55M | -224.43M | -205.73M | -169.6M | -216.67M | -157.97M | -29.52M | 20.87M | 27.71M | 25.65M | -79.03M | -83.4M | -86.7M | -65M | -53.8M |
| Treasury Stock | -497K | -159K | -350K | -366K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -92.57M | -92.57M | -50.27M | -42.19M | -23.61M | -5.32M | -5.32M | -5.3M | -5.24M | -2.14M | -977K | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -7K | -3K | 4K | -1K | -299K | -74K | 0 | 0 | 0 | 0 | 19M | 19M | 18.9M | 26.8M | 25.3M | 0 | -3K | -20K | 60K | 0 | 0 | 171K | -303K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in recent financial statements, Vaxart's current ratio fluctuated from a high of 4.54 in 2024Q2 to a low of 0.60 in 2025Q2, illustrating that the company's liquidity position is heavily dependent on the timing of non-recurring milestone payments rather than consistent operational cash inflows.
The sharp contraction in the current ratio during 2025 suggests that the company's ability to cover short-term obligations is precarious without external funding injections. Investors should monitor the cash runway closely, as the current $50.7 million cash balance in 2026Q1 provides only a limited buffer against the high fixed costs of ongoing clinical trials.
Based on reported figures, Vaxart maintains a modest debt-to-equity ratio of 0.08 as of 2026Q1, though the historical peak of 0.58 in 2025Q3 indicates that management has utilized debt as a stop-gap measure when non-dilutive grant funding failed to align with clinical trial expenditure requirements.
While the current debt load appears manageable, the reliance on debt during periods of low cash suggests that the company lacks the internal cash flow durability to fund its R&D pipeline organically. This leverage profile warrants further investigation into the restrictive covenants that may accompany these debt instruments, which could limit future operational flexibility.
According to the balance sheet data, Vaxart's retained earnings have deteriorated to a deficit of $455.0 million as of 2026Q1, reflecting the cumulative impact of sustained R&D spending that has consistently outpaced the company's ability to generate sustainable commercial revenue from its vaccine platform.
The persistent decline in equity quality suggests that the company is effectively consuming its capital base to advance its clinical pipeline. This trend implies that shareholders may face continued dilution risks if management is forced to issue additional equity to offset the erosion of retained earnings and maintain operations.
As noted in recent SEC filings, the presence of $12.2 million in deferred revenue as of 2026Q1 acts as a significant accounting distortion, potentially masking the true extent of the company's operational burn by inflating current liabilities and complicating the assessment of actual cash-generating capacity.
This deferred revenue represents obligations to perform future research services, meaning it is not a source of free cash but rather a liability that must be satisfied through further expenditure. Analysts should be wary of interpreting these balances as indicators of future profitability, as they primarily reflect the timing of government contract recognition rather than commercial demand.
Quick answers to the most common questions about buying VXRT stock.
As of 2025, Vaxart, Inc. (VXRT) had total assets of $186.1M including $136.1M in current assets.
Vaxart, Inc. (VXRT) carries total debt of $9.0M, offset by $63.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Vaxart, Inc. (VXRT) has total shareholders' equity (book value) of $87.8M ($0.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Vaxart, Inc. (VXRT) reported a current ratio of 1.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.