← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Vaxart, Inc.: Revenue grew 726.7% to $237M from $28.7M. Net income turned positive at $16.33M from a $66.95M loss. Free cash flow turned positive at $7.569M from a $45.32M outflow. Operating margin expanded 23861 bps to 7.62%. Vaxart, Inc.'s annual comparison also shows the manipulation screen is flagged and should be investigated as a warning rather than treated as proof; the balance-sheet screen falls in the distress range and requires business-model context.
The read at a glance✓ Audited against SEC data
- Growth — Revenue grew 726.7% to $237M from $28.7MOK
- Profitability — Net income turned positive at $16.33M from a $66.95M lossOK
- Cash flow — Free cash flow turned positive at $7.569M from a $45.32M outflowOK
- Margins — Operating margin expanded 23861 bps to 7.62%OK
- Accounting — Flagged statistical warning; not proofWatch
- Insiders — 5 purchases and 0 salesOK
Business
Our Tablet Vaccine Platform Platform Components Our platform technology employs a vector-based approach and consists of the following components: ● A vector, which is a virus used as a carrier to deliver DNA coding for vaccine antigens and an adjuvant selected to activate the immune system.
Where the revenue comes from
Fiscal 2025, as Vaxart, Inc. reports it. History and quarterly detail are in the app.
- Government Contract$224.5M
- License$8.7M
- Collaboration Revenue$2.1M
- Non Cash Royalty Revenue$1.9M
Leadership changes
From Vaxart, Inc.'s own filings, the day they're filed.
- Michael J. Finney · directors · departureeff. 2025-09-30
- Jeroen Grasman · Chief Financial Officer · appointmenteff. 2025-05-19
- Elaine J. Heron · appointmenteff. 2025-01-28
Latest filings
- 8-K · Company announcement2026-08-25
- 8-K · Company announcement2026-08-06
- 10-Q · Quarterly report2026-08-06
- 8-K · Company announcement2026-07-28
- 8-K · Company announcement2026-07-17
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about Vaxart, Inc., every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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