Item 2.02 Results of Operations and Financial Condition.
On July 8, 2020, Vaxart, Inc. (the “Company”) disclosed certain second quarter preliminary financial estimates as of June 30, 2020. The Company estimates that its cash and cash equivalents, as of June 30, 2020, will be approximately $44.4 million, compared to $29.9 million and $13.5 million as of March 31, 2020 and December 31, 2019, respectively. The increase is partially due to $14.4 million received from warrant and option exercises during the three-months ending June 30, 2020, and $10.3 million during the three-months ending March 31, 2020.
The Company’s consolidated financial statements as of, and for the three and six months ended, June 30, 2020 are not yet available. Accordingly, the information presented above reflects the Company’s preliminary estimates subject to the completion of the Company’s financial closing procedures and any adjustments that may result from the completion of the quarterly review of the Company’s consolidated financial statements. As a result, these preliminary estimates may differ from the actual results that will be reflected in the Company’s consolidated financial statements for the quarter when they are completed and publicly disclosed. These preliminary estimates may change and those changes may be material.
The Company’s expectations with respect to the Company’s unaudited results for the period discussed below are based upon management estimates and are the responsibility of management. The Company’s independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these preliminary results and, accordingly, does not express an opinion or any other form of assurance about them.
Because these financial results are only preliminary estimates and are based on information available to management as of the date of this prospectus, these expectations could change. The Company’s actual financial results as of, and for the three and six months ended, June 30, 2020 are subject to the completion of the Company’s financial statements as of and for such period, and are not indicative of future performance. The Company’s independent registered public accountants have not audited, reviewed or performed any procedures with respect to such preliminary estimates and accordingly do not express an opinion or any other form of assurance with respect thereto.
Complete quarterly results as of, and for the three and six months ended, June 30, 2020 will be included in the Company’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2020.
The information in this report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying Exhibit 99.1 shall not be deemed incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof regardless of any general incorporation language in such filing.