Free cash flow remains highly inconsistent, fluctuating from a positive $30.7 million in 2025Q4 to a negative $2.5 million in 2026Q1, highlighting the company's struggle to maintain liquidity without intermittent grant funding.
| 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 |
|---|
| Cash from Operations | 15.26M | 7.71M | -44.76M | -70.45M | -94.78M | -59.83M | -23.75M | -13.09M | -14.55M | -10.04M | -30M | -14.1M | -9.6M | -3.3M | -13.9M | -15.17M | 39.93M | 6.22M | -18.9M | -26.74M | -43.91M | -89.71M | 8.74M | 7.54M | 10.92M | 24.05M | 9.81M | 23.3M | 18.2M | -25.6M | 6.2M |
| Operating CF Margin % | - | 3.25% | -155.97% | -954.78% | -88578.5% | -6707.62% | -587% | -132.73% | -349.8% | -171.95% | -337.08% | -151.61% | -39.02% | -4.8% | -41.37% | -102.21% | 114.08% | 59.27% | - | - | -48.86% | -83.03% | 6.15% | 4.27% | 5.57% | 10.24% | 4.29% | 9.97% | 7.49% | -11.19% | 2.58% |
| Operating CF Growth % | 725.26% | 117.23% | 36.46% | 25.67% | -58.41% | -151.92% | -81.44% | 10.02% | -44.9% | 66.53% | -112.77% | -46.88% | -190.91% | 76.26% | 8.35% | -137.98% | 542.3% | 132.89% | 29.33% | 39.1% | 51.05% | -1126.71% | 15.86% | -30.93% | -54.6% | 145.14% | -57.89% | 28.02% | 171.09% | -512.9% | 0% |
| Net Income | 37.1M | 16.33M | -66.95M | -82.47M | -107.76M | -70.47M | -32.22M | -18.64M | -18.01M | -9.58M | -29.4M | -25.4M | -19.1M | -11M | -8.9M | -7.51M | 878K | -18.73M | -22.98M | -24.52M | -59.95M | -118.57M | -50.39M | -6.83M | 2.06M | 104.68M | 4.02M | 3.3M | -21.8M | -11.2M | 14.2M |
| Depreciation & Amortization | 7.74M | 8.58M | 8.85M | 8.62M | 5.8M | 4.21M | 2.71M | 3.6M | 3.2M | 380K | 100K | 100K | 1.1M | 2.4M | 3M | 237K | 376K | 502K | 574K | 1.73M | 954K | 3.43M | 18.18M | 14.24M | 10.08M | 9.49M | 9.84M | 10.1M | 11.5M | 9.9M | 7.9M |
| Stock-Based Compensation | 7.34M | 8.31M | 11.5M | 14.13M | 13.59M | 8.87M | 4.36M | 627K | 539K | 477K | 1.9M | 2M | 2.1M | 1.7M | 2.6M | 2.17M | 3.92M | 2.46M | 2.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 4.09M | 3.09M | 0 | 1.37M | 1.72M | 0 | 0 | 0 | 200K | -1.7M | 1.5M | 4.5M | -613K | 10.14M | 5.42M | 0 | 0 | -2.92M | 4.71M | -6.21M | 486K | 4.26M | 0 | 0 | 0 | 2.5M | -6.4M |
| Other Non-Cash Items | -952K | -2.94M | -1.43M | 106K | -5.81M | -3.41M | -1.4M | -1.32M | -4.45M | -2.25M | -1.4M | 100K | 17.8M | 1.7M | -7.6M | 2.48M | -514K | 10.63M | 5M | 938K | 21.64M | 37.3M | 11.98M | 14.95M | 2.21M | -98.81M | -738K | 400K | 13.5M | 7.3M | 2.2M |
| Working Capital Changes | -35.96M | -22.56M | 3.26M | -10.85M | -4.7M | -2.12M | 2.81M | 1.28M | 2.45M | 935K | -1.2M | 9.1M | -11.5M | 3.6M | -4.5M | -12.54M | 35.27M | 11.35M | -4.23M | -4.89M | -6.55M | -8.96M | 24.25M | -8.61M | -3.91M | 4.43M | -3.31M | 9.5M | 15M | -34.1M | -11.7M |
| Change in Receivables | -41.45M | -39.38M | -2.75M | -2.99M | 51K | 263K | 3.29M | -1.82M | 13.5M | 960K | 100K | 11.9M | 6.2M | -7.1M | -4.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -7.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400K | -3M | 0 | 0 | 0 | 0 | 0 | -449K | -3.3M | -685K | -4.98M | -1.42M | -3.32M | 706K | 0 | 5.2M | -15.1M | -5.7M |
| Change in Payables | 7.55M | 14.64M | 5.27M | -2.44M | 357K | 1.63M | 1.21M | -62K | -3.78M | 0 | -3.3M | -700K | -15.8M | 10.6M | 2.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 2.72M | 16.63M | -21.32M | 43.95M | -20.41M | -49.1M | -1.22M | -850K | 26.21M | 3.18M | -1.6M | 1.3M | -19.4M | -10.1M | 31.7M | 55.25M | 2.3M | -35.64M | -20.64M | 207.23M | 29.26M | -5.68M | -34.22M | -71.65M | -12.16M | 135.74M | -20.79M | -18.5M | -18.9M | -27.5M | -31.6M |
| Capital Expenditures | -463K | -145K | -554K | -1.87M | -9.6M | -5.16M | -1.22M | -850K | -707K | -117K | -530K | -200K | -100K | -100K | -1M | -1K | -154K | -4K | -53K | -110K | -223K | -8.71M | -22.63M | -71.65M | -12.16M | -13.05M | -18.98M | -21M | -18.9M | -36.4M | -23.1M |
| CapEx % of Revenue | 0.18% | 0.06% | 1.93% | 25.36% | 8972.9% | 578.14% | 30.23% | 8.62% | 17% | 2% | 5.96% | 2.15% | 0.41% | 0.15% | 2.98% | 0.01% | 0.44% | 0.04% | - | - | 0.25% | 8.06% | 15.92% | 40.58% | 6.2% | 5.56% | 8.3% | 8.99% | 7.77% | 15.92% | 9.63% |
| Acquisitions | 0 | 0 | 0 | 120K | 10.81M | -4.83M | 3K | 0 | 25.5M | 0 | 0 | 0 | 400K | 0 | 32.7M | 0 | 0 | 0 | 1.57M | 176.36M | 56.81M | 74K | 179K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.19M | -4.2M | -9.95M | 0 | -10.81M | 0 | 0 | 0 | 1.42M | 3.3M | -2.2M | -259K | -8.5M | 0 | 0 | 223K | -104K | -4K | 1.68M | 176.44M | 56.81M | -142K | -3.24M | 0 | 0 | 148.79M | -1.81M | 2.5M | 0 | 0 | 0 |
| Cash from Financing | 4.07M | 4.24M | 56.56M | 15.24M | 17.46M | 125.8M | 138.31M | 15.96M | -1.73M | 24K | -400K | 17.8M | -100K | 26.8M | 0 | 663K | -48.18M | -17.5M | -71.62M | -49.11M | -887K | 102.39M | 4.49M | 128.13M | -78.22M | -30.16M | 11.73M | -5M | -1.7M | 38M | 39.8M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.8M | -1.74M | 0 | -400K | -300K | -100K | 0 | 0 | 0 | -6.05M | -10.09M | -51.63M | -34.07M | -169K | 97.78M | -5.33M | 0 | -78.5M | -31.04M | -1.46M | -5M | -1.8M | 37.6M | 38M |
| Equity Issued (Net) | 4.36M | 4.44M | 56.78M | 15.03M | 17.24M | 122.21M | 111.11M | 18.35M | 0 | 0 | 0 | 0 | 0 | 26.8M | 0 | 663K | -42.13M | -7.41M | -19.88M | -15.79M | 1.56M | 108.73M | 9.82M | 128.13M | 282K | 869K | 13.19M | 100K | 100K | 400K | 1.9M |
| Dividends Paid | 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 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -42.77M | -7.94M | -20.01M | -16.52M | 0 | 0 | 0 | 0 | -917K | -977K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -291K | -199K | -214K | 213K | 225K | 3.59M | 27.2M | 1.41M | 13K | 24K | 0 | 18.1M | 0 | 0 | 0 | 0 | 0 | 0 | -106K | 757K | -2.28M | -104.11M | 0 | 0 | 0 | 10K | 0 | -100K | 0 | 0 | -100K |
| Net Change in Cash | 22.05M | 28.59M | -9.53M | -11.26M | -97.73M | 16.88M | 113.34M | 2.02M | 9.94M | -6.83M | -32M | 5M | -37M | 14.9M | 13M | 40.75M | -5.95M | -46.93M | -111.17M | 131.38M | -15.54M | 7M | -21M | 64.02M | -79.45M | 129.64M | 748K | -200K | -2.4M | -15.1M | 14.4M |
| Free Cash Flow | 14.8M | 7.57M | -45.32M | -72.32M | -104.38M | -64.99M | -24.97M | -13.94M | -15.26M | -10.16M | -30.53M | -14.3M | -9.7M | -3.4M | -14.9M | -15.17M | 39.78M | 6.21M | -18.95M | -26.85M | -44.13M | -98.43M | -13.89M | -64.11M | -1.24M | 11M | -9.17M | 2.3M | -700K | -62M | -16.9M |
| FCF Margin % | 5.79% | 3.19% | -157.9% | -980.13% | -97551.4% | -7285.76% | -617.23% | -141.35% | -366.79% | -173.95% | -343.03% | -153.76% | -39.43% | -4.95% | -44.35% | -102.22% | 113.64% | 59.23% | - | - | -49.11% | -91.09% | -9.77% | -36.31% | -0.63% | 4.68% | -4.01% | 0.98% | -0.29% | -27.11% | -7.04% |
| FCF Growth % | 143.87% | 116.7% | 37.34% | 30.71% | -60.61% | -160.24% | -79.15% | 8.62% | -50.19% | 66.73% | -113.5% | -47.42% | -185.29% | 77.18% | 1.76% | -138.13% | 540.24% | 132.78% | 29.42% | 39.15% | 55.16% | -608.36% | 78.33% | -5082.7% | -111.25% | 219.92% | -498.78% | 428.57% | 98.87% | -266.86% | 7.14% |
| FCF per Share | 0.06 | 0.03 | -0.09 | -0.15 | -0.21 | -0.13 | -0.05 | -0.06 | -0.24 | -0.23 | -0.87 | -0.41 | -0.30 | -0.12 | -0.58 | -2.36 | 5.91 | 0.81 | -2.41 | -2.94 | -4.78 | -10.85 | -1.56 | -8.67 | -0.21 | 1.62 | -1.60 | 0.42 | -0.13 | -11.69 | -3.10 |
| FCF Conversion (FCF/Net Income) | 0.40x | 0.47x | 0.67x | 0.85x | 0.88x | 0.85x | 0.74x | 0.70x | 0.81x | 0.81x | 1.02x | 0.56x | 0.50x | 0.30x | 1.56x | 3.35x | 45.48x | -0.33x | 1.01x | -0.57x | 0.75x | 0.70x | -0.17x | -1.10x | 5.31x | 0.23x | 2.25x | 7.06x | -0.83x | 2.29x | 0.47x |
| Interest Paid | 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 |
| Taxes Paid | 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 financial statements, Vaxart's operating cash flow frequently diverges from net income, with the OCF/NI ratio fluctuating wildly between -0.40 and 1.06, suggesting that reported earnings are heavily influenced by non-cash accounting adjustments rather than sustainable cash-generating activities from the core vaccine platform.
The lack of a consistent relationship between net income and operating cash flow indicates that the company's profitability metrics are currently unreliable for assessing operational health. Investors should monitor the extent to which non-cash items and milestone accounting distort the true cash-generating capacity of the business.
Based on historical cash flow data, Vaxart's free cash flow trajectory remains deeply inconsistent, swinging from a positive $30.7 million in 2025Q4 to a negative $2.5 million in 2026Q1, underscoring the company's ongoing struggle to achieve self-sustaining cash flow outside of intermittent grant-funded periods.
The extreme variance in FCF margins suggests that the company's cash position is highly sensitive to the timing of project-based revenue recognition. This volatility makes it difficult to project a clear path toward operational self-sufficiency without continued reliance on external capital injections.
According to recent SEC filings, Vaxart experienced a significant working capital outflow of $27.7 million in 2025Q4, which highlights how lumpy milestone payments and clinical trial accruals can create temporary cash flow distortions that mask the underlying structural burn rate of the research-heavy organization.
These working capital fluctuations appear to be driven by the timing of government contract payments and the settlement of clinical research obligations. Analysts should look past these quarterly swings to focus on the underlying cash burn rate, which remains elevated due to the company's intensive R&D requirements.
As noted in the provided financial data, Vaxart consistently utilizes stock-based compensation, reaching $4.1 million in 2024Q1, which serves as a significant non-cash expense that effectively subsidizes the company's operating burn while simultaneously diluting the equity base of existing shareholders over the long term.
The reliance on equity-based incentives suggests that management is attempting to preserve cash for clinical operations at the expense of shareholder dilution. This practice warrants further investigation into the total cost of talent acquisition relative to the actual progress made on the Norovirus and COVID-19 clinical programs.
Quick answers to the most common questions about buying VXRT stock.
Vaxart, Inc. (VXRT) generated $7.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vaxart, Inc. (VXRT) generated $7.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Vaxart, Inc. (VXRT) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.