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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

  ☑

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2024

 

OR

 

  ☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

 

Commission file number: 001-35285

 

  

Vaxart, Inc.

  

  

(Exact Name of Registrant as Specified in its Charter)

  

 

  

Delaware

  

59-1212264

  

  

(State or other jurisdiction of incorporation or organization)

  

(IRS Employer Identification No.)

  

 

  

170 Harbor Way, Suite 300, South San Francisco, CA 94080

  

(650) 550-3500

  

  

(Address of principal executive offices, including zip code)

  

(Registrant’s telephone number, including area code)

  

 

 

N/A

(Former Name, Former Address and Former Fiscal Year,

if Changed Since Last Report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

  

Title of each class

 

Trading symbol

  

Name of each exchange on which registered 

  

Common Stock, $0.0001 par value

 

VXRT

  

The Nasdaq Capital Market 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☑   No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☑   No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer ☑

Smaller reporting company ☑

Emerging growth company ☐

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ☐   No ☑

 

The Registrant had 227,439,293 shares of common stock, $0.0001 par value, outstanding as of August 1, 2024.

 

 

 
Table of Contents

 

 

 

FORM 10-Q

FOR THE QUARTER ENDED June 30, 2024

TABLE OF CONTENTS

 

 

   

Page

Part I

FINANCIAL INFORMATION

 1
         
   

Item 1.

Financial Statements (Unaudited)

 1
         
     

Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023

 1
         
     

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2024 and 2023

 2
         
     

Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2024 and 2023

 3
         
     

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023

 5
         
     

Notes to the Condensed Consolidated Financial Statements

 6
         
   

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 18
         
   

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 27
         
   

Item 4.

Controls and Procedures

 28
         
         

Part II

OTHER INFORMATION

 29
         
   

Item 1.

Legal Proceedings

 29
         
   

Item 1A.

Risk Factors

 29
         
   

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 30
         
   

Item 3.

Defaults Upon Senior Securities

 30
         
   

Item 4.

Mine Safety Disclosures

 30
         
   

Item 5.

Other Information

 30
         
   

Item 6.

Exhibits

 31
         

SIGNATURES

   33

 

 
Table of Contents

  

 

FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (this “Quarterly Report”) for the quarterly period ended June 30, 2024, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections, concerning our business, operations, and financial performance and condition as well as our plans, objectives, and expectations for business operations and financial performance and condition. Any statements contained herein that are not of historical facts may be deemed to be forward-looking statements. You can identify these statements by words such as “anticipate,” “assume,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “should,” “will,” “would,” and other similar expressions that are predictions of or indicate future events and future trends. These forward-looking statements are based on current expectations, estimates, forecasts, and projections about our business and the industry in which we operate and management’s beliefs and assumptions and are not guarantees of future performance or development and involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. As a result, any or all of our forward-looking statements in this Quarterly Report may turn out to be inaccurate. Factors that could materially affect our business operations and financial performance and condition include, but are not limited to, those risks and uncertainties described herein under “Item 1A. Risk Factors.” and those described in our Annual Report on Form 10-K for the year ended December 31, 2023, under “Item 1A. Risk Factors.” You are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. The forward-looking statements are based on information available to us as of the filing date of this Quarterly Report. Unless required by law, we do not intend to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise. You should, however, review the risk factors we describe in the reports we will file from time to time with the Securities and Exchange Commission (the “SEC”) after the date of this Quarterly Report.

 

This Quarterly Report also contains market data related to our business and industry. These market data include projections that are based on a number of assumptions. If these assumptions turn out to be incorrect, actual results may differ from the projections based on these assumptions. As a result, our markets may not grow at the rates projected by these data, or at all. The failure of these markets to grow at these projected rates may harm our business, results of operations, financial condition and the market price of our common stock.

 

 
 
Table of Contents

 

 

PART I FINANCIAL INFORMATION

 

Item 1.  Financial Statements

 

VAXART, INC.

 

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

 

  

June 30, 2024

  

December 31, 2023

 

Assets

        

Current assets:

        

Cash and cash equivalents

 $43,285  $34,755 

Short-term investments

  19,308   4,958 

Accounts receivable

  1,088   3,008 

Unbilled receivable from government contracts

  3,689   — 

Prepaid expenses and other current assets

  4,165   2,815 
         

Total current assets

  71,535   45,536 
         

Property and equipment, net

  10,280   11,731 

Right-of-use assets, net

  22,652   24,840 

Intangible assets, net

  3,923   4,289 

Goodwill

  4,508   4,508 

Other long-term assets

  851   926 
         

Total assets

 $113,749  $91,830 
         

Liabilities and Stockholders’ Equity

        

Current liabilities:

        

Accounts payable

 $3,587  $1,584 

Other accrued current liabilities

  6,611   5,634 

Current portion of operating lease liability

  2,872   2,703 

Current portion of liability related to sale of future royalties

  2,686   3,803 
         

Total current liabilities

  15,756   13,724 
         

Operating lease liability, net of current portion

  15,983   17,385 

Liability related to sale of future royalties, net of current portion

  1,591   2,623 

Other long-term liabilities

  405   293 
         

Total liabilities

  33,735   34,025 
         

Commitments and contingencies (Note 8)

          
         

Stockholders’ equity:

        

Preferred stock: $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of June 30, 2024 and December 31, 2023

  —   — 

Common stock: $0.0001 par value; 350,000,000 shares authorized as of June 30, 2024 and 250,000,000 shares authorized as of December 31, 2023; 228,119,936 shares issued and 227,431,605 shares outstanding as of June 30, 2024 and 153,959,853 shares issued and 153,452,833 shares outstanding as of December 31, 2023

  23   15 

Additional paid-in capital

  531,029   467,731 

Treasury stock at cost, 688,331 shares as of June 30, 2024 and 507,020 shares as of December 31, 2023

  (565)  (366)

Accumulated deficit

  (450,457)  (409,574)

Accumulated other comprehensive loss

  (16)  (1)
         

Total stockholders’ equity

  80,014   57,805 
         

Total liabilities and stockholders’ equity

 $113,749  $91,830 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

1
Table of Contents

 

 

VAXART, INC.

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

(Unaudited)

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  
   

2024

    

2023

    

2024

    

2023

  

Revenue:

                                

Non-cash royalty revenue related to sale of future royalties

   $ 37     $ 30     $ 622     $ 308  

Revenue from government contracts

     6,364       —       7,960       —  

Grant revenue

     —       1,328       —       1,725  
                                 

Total revenue

     6,401       1,358       8,582       2,033  
                                 

Operating expenses:

                                

Research and development

     17,480       18,813       36,493       38,435  

General and administrative

     5,177       5,598       12,415       12,223  
                                 

Total operating expenses

     22,657       24,411       48,908       50,658  
                                 

Operating loss

     (16,256 )     (23,053 )     (40,326 )     (48,625 )
                                 

Other income (expense):

                                

Interest income

     416       711       919       1,353  

Non-cash interest expense related to sale of future royalties

     (610 )     (188 )     (1,414 )     (366 )

Other income (expense), net

     5       (1 )     4       (4 )
                                 

Loss before income taxes

     (16,445 )     (22,531 )     (40,817 )     (47,642 )
                                 

Provision for income taxes

     21       19       66       48  
                                 

Net loss

   $ (16,466 )   $ (22,550 )   $ (40,883 )   $ (47,690 )
                                 

Net loss per share - basic and diluted

   $ (0.09 )   $ (0.16 )   $ (0.23 )   $ (0.35 )
                                 

Shares used to compute net loss per share - basic and diluted

     184,703,003       139,594,238       176,757,049       137,403,416  
                                 

Comprehensive loss:

                                

Net loss

   $ (16,466 )   $ (22,550 )   $ (40,883 )   $ (47,690 )

Unrealized (loss) gain on available-for-sale investments, net of tax

     (6 )     46       (15 )     275  

Comprehensive loss

   $ (16,472 )   $ (22,504 )   $ (40,898 )   $ (47,415 )

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

2
Table of Contents

 

 

VAXART, INC.

 

Condensed Consolidated Statements of Stockholders’ Equity

For the Three and Six Months Ended June 30, 2024

(In thousands, except share amounts)

(Unaudited)

 

                          

Accumulated

     
                  

Additional

      

Other

  

Total

 
  

Common Stock

  

Treasury Stock

  

Paid-in

  

Accumulated

  

Comprehensive

  

Stockholders’

 

Three Months Ended June 30, 2024

 

Shares

  

Amount

  

Shares

  

Amount

  

Capital

  

Deficit

  

Loss

  

Equity

 
                                 

Balances as of March 31, 2024

  177,187,965  $18   (664,923) $(548) $490,221  $(433,991) $(10) $55,690 
                                 

Issuance of common stock under the September 2021 ATM, net of offering costs of $21

  314,969   —   —   —   377   —   —   377 
                                 

Issuance of common stock under the 2024 Securities Purchase Agreement, net of offering costs of $55

  —   —   —   —   —   —   —   — 
                                 

Issuance of common stock under the June 2024 Offering, net of offering costs of $2,445

  50,000,000   5   —   —   37,550   —   —   37,555 
                                 

Issuance of common stock upon exercise of stock options

  18,115   —   —   —   14   —   —   14 
                                 

Issuance of common stock under ESPP

  502,423   —   —   —   312   —   —   312 
                                 

Release of common stock for vested restricted stock units

  96,464   —   —   —   —   —   —   — 
                                 

Repurchase of common stock to satisfy tax withholding

  —   —   (23,408)  (17)  —   —   —   (17)
                                 

Stock-based compensation

  —   —   —   —   2,555   —   —   2,555 
                                 

Unrealized gain on available-for-sale investments

  —   —   —   —   —   —   (6)  (6)
                                 

Net loss

  —   —   —   —   —   (16,466)  —   (16,466)
                                 

Balances as of June 30, 2024

  228,119,936  $23   (688,331) $(565) $531,029  $(450,457) $(16) $80,014 
                                 

Six Months Ended June 30, 2024

                                
                                 

Balances as of December 31, 2023

  153,959,853  $15   (507,020) $(366) $467,731  $(409,574) $(1) $57,805 
                                 

Issuance of common stock under the September 2021 ATM, net of offering costs of $248

  7,719,641   1   —   —   8,801   —   —   8,802 
                                 

Issuance of common stock under the 2024 Securities Purchase Agreement, net of offering costs of $55

  15,384,615   2   —   —   9,943   —   —   9,945 
                                 

Issuance of common stock under the June 2024 Offering, net of offering costs of $2,445

  50,000,000   5   —   —   37,550   —   —   37,555 
                                 

Issuance of common stock upon exercise of stock options

  26,980   —   —   —   21   —   —   21 
                                 

Issuance of common stock under ESPP

  502,423   —   —   —   312   —   —   312 
                                 

Stock-based compensation

  —   —   —   —   6,671   —   —   6,671 
                                 

Release of common stock for vested restricted stock units

  526,424   —   —   —   —   —   —   — 
                                 

Repurchase of common stock to satisfy tax withholding

  —   —   (181,311)  (199)  —   —   —   (199)
                                 

Unrealized gains on available-for-sale investments

  —   —   —   —   —   —   (15)  (15)
                                 

Net loss

  —   —   —   —   —   (40,883)  —   (40,883)
                                 

Balances as of June 30, 2024

  228,119,936  $23   (688,331) $(565) $531,029  $(450,457) $(16) $80,014 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

3
Table of Contents

 

VAXART, INC.

 

Condensed Consolidated Statements of Stockholders’ Equity

For the Three and Six Months Ended June 30, 2023

(In thousands, except share amounts)

(Unaudited)

 

                          

Accumulated

     
                  

Additional

      

Other

  

Total

 
  

Common Stock

  

Treasury Stock

  

Paid-in

  

Accumulated

  

Comprehensive

  

Stockholders’

 

Three Months Ended June 30, 2023

 

Shares

  

Amount

  

Shares

  

Amount

  

Capital

  

Deficit

  

(Loss) Gain

  

Equity

 
                                 

Balances as of March 31, 2023

  135,610,869  $14   (13,553) $(10) $442,068  $(352,249) $(70) $89,753 
                                 

Issuance of common stock under 2023 Shelf Registration, net of offering costs of $284

  16,000,000   1   —   —   13,602   —   —   13,603 
                                 

Issuance of common stock upon exercise of stock options

  54,720   —   —   —   17   —   —   17 
                                 

Issuance of common stock under ESPP

  301,061   —   —   —   298   —   —   298 
                                 

Stock-based compensation

  —   —   —   —   3,927   —   —   3,927 
                                 

Release of common stock for vested restricted stock units

  49,588   —   —   —   —   —   —   — 
                                 

Repurchase of common stock to satisfy tax withholding

  —   —   (19,693)  (21)  —   —   —   (21)
                                 

Unrealized gain on available-for-sale investments

  —   —   —   —   —   —   46   46 
                                 

Net loss

  —   —   —   —   —   (22,550)  —   (22,550)
                                 

Balances as of June 30, 2023

  152,016,238  $15   (33,246) $(31) $459,912  $(374,799) $(24) $85,073 
                                 

Six Months Ended June 30, 2023

                                
                                 

Balances as of December 31, 2022

  134,199,429  $13   —  $-  $437,992  $(327,109) $(299) $110,597 
                                 

Issuance of common stock under September 2021 ATM, net of offering costs of $103

  1,362,220   1   —   —   1,429   —   —   1,430 
                                 

Issuance of common stock under 2023 Shelf Registration, net of offering costs of $284

  16,000,000   1         13,602         13,603 
                                 

Issuance of common stock upon exercise of stock options

  54,720   —   —   —   17   —   —   17 
                                 

Issuance of common stock under ESPP

  301,061   —   —   —   298   —   —   298 
                                 

Stock-based compensation

  —   —   —   —   6,574   —   —   6,574 
                                 

Release of common stock for vested restricted stock units

  98,808   —   —   —   —   —   —   — 
                                 

Repurchase of common stock to satisfy tax withholding

  —   —   (33,246)  (31)  —   —   —   (31)
                                 

Unrealized gain on available-for-sale investments

  —   —   —   —   —   —   275   275 
                                 

Net loss

  —   —   —   —   —   (47,690)  —   (47,690)
                                 

Balances as of June 30, 2023

  152,016,238  $15   (33,246) $(31) $459,912  $(374,799) $(24) $85,073 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

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VAXART, INC.

 

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

   

Six Months Ended June 30,

  
   

2024

    

2023

  
                 

Cash flows from operating activities:

                

Net loss

   $ (40,883 )   $ (47,690 )

Adjustments to reconcile net loss to net cash used in operating activities:

                

Depreciation and amortization

     4,390       4,228  

Amortization of discount on investments, net

     (178 )     (220 )

Stock-based compensation

     6,671       6,574  

Non-cash interest expense related to sale of future royalties

     1,414       370  

Non-cash revenue related to sale of future royalties

     (3,563 )     (288 )

Change in operating assets and liabilities:

                

Accounts receivable

     1,920       (9 )

Unbilled receivable from government contracts

     (3,689 )     —  

Prepaid expenses and other assets

     (1,275 )     2,447  

Accounts payable

     2,083       105  

Deferred grant revenue

     —       (1,725 )

Other accrued liabilities

     (108 )     (5,723 )
                 

Net cash used in operating activities

     (33,218 )     (41,931 )
                 

Cash flows from investing activities:

                

Purchases of property and equipment

     (501 )     (1,693 )

Purchases of investments

     (29,187 )     (22,629 )

Proceeds from maturities of investments

     15,000       48,200  
                 

Net cash (used in) provided by investing activities

     (14,688 )     23,878  
                 

Cash flows from financing activities:

                

Net proceeds from issuance of common stock in the June 2024 Offering

     37,555       —  

Net proceeds from issuance of securities in registered direct offering

     —       13,603  

Net proceeds from issuance of common stock through at-the-market facilities

     8,802       1,430  

Net proceeds from issuance of common stock through the 2024 Securities Purchase Agreement

     9,945       —  

Proceeds from issuance of common stock upon exercise of stock options

     21       17  

Shares acquired to settle employee tax withholding liabilities

     (199 )     (31 )

Proceeds from issuance of common stock under the employee stock purchase plan

     312       298  
                 

Net cash provided by financing activities

     56,436       15,317  
                 

Net increase (decrease) in cash, cash equivalents and restricted cash

     8,530       (2,736 )
                 

Cash, cash equivalents and restricted cash at beginning of the period

     34,755       46,013  
                 

Cash, cash equivalents and restricted cash at end of the period

   $ 43,285     $ 43,277  

 

 

Supplemental reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets:

   $ 43,285     $ 43,002  

Cash and cash equivalents

                

Restricted cash

     —       275  

Cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows at the end of the period

   $ 43,285     $ 43,277  

 

 

Supplemental disclosure of non-cash investing and financing activity:

                

Operating lease liabilities arising from obtaining right-of-use assets

   $ —     $ 296  

Acquisition of property and equipment included in accounts payable and accrued expenses

   $ 35     $ 281  

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

5