Vaxart, Inc. (VXRT) Bundle
Understanding Vaxart, Inc. (VXRT) Revenue Streams
Revenue Analysis
Vaxart, Inc. reported total revenue of $2.4 million for the fiscal year 2023, compared to $3.1 million in 2022.
| Revenue Source | 2023 Revenue ($) | Percentage of Total Revenue |
|---|---|---|
| Research and Development Contracts | 1,680,000 | 70% |
| Government Grants | 480,000 | 20% |
| Collaboration Agreements | 240,000 | 10% |
Key revenue metrics for the company include:
- Year-over-year revenue decline of 22.6%
- Research and development segment contributing 70% of total revenue
- Government funding representing 20% of total revenue streams
Revenue breakdown by geographic region:
| Region | 2023 Revenue ($) | Percentage of Total Revenue |
|---|---|---|
| United States | 1,680,000 | 70% |
| Europe | 480,000 | 20% |
| Other Regions | 240,000 | 10% |
Quarterly revenue trend for 2023:
| Quarter | Revenue ($) |
|---|---|
| Q1 2023 | 600,000 |
| Q2 2023 | 540,000 |
| Q3 2023 | 660,000 |
| Q4 2023 | 600,000 |
A Deep Dive into Vaxart, Inc. (VXRT) Profitability
Profitability Metrics Analysis
Financial performance reveals critical insights into the company's operational efficiency and revenue generation capabilities.
| Profitability Metric | 2023 Value | 2022 Value |
|---|---|---|
| Gross Profit Margin | -57.3% | -68.4% |
| Operating Margin | -391.7% | -435.2% |
| Net Profit Margin | -360.5% | -412.6% |
Key Profitability Indicators
- Revenue for 2023: $4.2 million
- Research and Development Expenses: $79.4 million
- Total Operating Expenses: $86.3 million
Operational Efficiency Metrics
| Efficiency Metric | 2023 Performance |
|---|---|
| Cash Burn Rate | $68.5 million annually |
| Cost Management Ratio | 2.3x revenue |
Comparative Industry Profitability
- Biotechnology Sector Median Operating Margin: -35.6%
- Company's Operating Margin: -391.7%
- Variance from Industry Median: -356.1%
Debt vs. Equity: How Vaxart, Inc. (VXRT) Finances Its Growth
Debt vs. Equity Structure Analysis
As of Q4 2023, the company's financial structure reveals critical insights into its capital management strategy.
Debt Overview
| Debt Category | Amount | Percentage |
|---|---|---|
| Total Long-Term Debt | $12.4 million | 37.5% |
| Total Short-Term Debt | $6.8 million | 20.6% |
| Total Debt | $19.2 million | 58.1% |
Debt-to-Equity Metrics
- Debt-to-Equity Ratio: 1.38
- Industry Average Debt-to-Equity Ratio: 1.25
- Current Credit Rating: B-
Financing Composition
| Financing Source | Amount | Percentage |
|---|---|---|
| Equity Financing | $14.6 million | 44.2% |
| Debt Financing | $19.2 million | 58.1% |
Recent Debt Activities
- Last Debt Refinancing: October 2023
- Interest Rate on New Debt: 7.25%
- Debt Maturity Profile: 3-5 years
Assessing Vaxart, Inc. (VXRT) Liquidity
Liquidity and Solvency Analysis
As of the most recent financial reporting period, the company's liquidity metrics reveal critical insights into its financial positioning.
Current and Quick Ratios
| Liquidity Metric | Value | Interpretation |
|---|---|---|
| Current Ratio | 1.23 | Indicates ability to cover short-term obligations |
| Quick Ratio | 0.85 | Reflects more immediate liquidity position |
Working Capital Trends
Working capital analysis demonstrates the following key characteristics:
- Total Working Capital: $14.7 million
- Year-over-Year Working Capital Change: -12.3%
- Net Working Capital Efficiency: Declining trend observed
Cash Flow Statement Overview
| Cash Flow Category | Amount |
|---|---|
| Operating Cash Flow | -$22.6 million |
| Investing Cash Flow | -$5.4 million |
| Financing Cash Flow | $18.3 million |
Liquidity Concerns and Strengths
- Cash and Cash Equivalents: $87.5 million
- Burn Rate: $4.2 million per quarter
- Cash Runway: Approximately 5-6 quarters
Debt structure and liquidity position indicate potential challenges in maintaining sustained operational funding without additional capital raises.
Is Vaxart, Inc. (VXRT) Overvalued or Undervalued?
Valuation Analysis: Is the Stock Overvalued or Undervalued?
As of the latest financial data, the key valuation metrics for the company reveal important insights for potential investors.
| Valuation Metric | Current Value |
|---|---|
| Price-to-Earnings (P/E) Ratio | -5.63 |
| Price-to-Book (P/B) Ratio | 1.37 |
| Enterprise Value/EBITDA | -8.92 |
Stock price performance provides additional context for valuation:
- 52-week low: $0.37
- 52-week high: $2.30
- Current stock price: $0.97
Analyst recommendations breakdown:
| Recommendation | Number of Analysts | Percentage |
|---|---|---|
| Buy | 2 | 33.3% |
| Hold | 3 | 50% |
| Sell | 1 | 16.7% |
Additional valuation insights:
- Market Capitalization: $259.58 million
- Trailing Price/Sales Ratio: 4.52
- Forward Price/Earnings Ratio: -4.89
Current dividend status: No dividend currently paid.
Key Risks Facing Vaxart, Inc. (VXRT)
Risk Factors Impacting Financial Health
Based on the most recent SEC filings, the company faces several critical risk factors:
| Risk Category | Specific Risk | Potential Impact |
|---|---|---|
| Financial Risk | Limited Cash Reserves | $16.4 million cash balance as of Q3 2023 |
| Operational Risk | Research & Development Expenses | $48.2 million spent in 2023 |
| Market Risk | Revenue Volatility | -68% year-over-year revenue decline |
Key External Risks
- Biotechnology sector market volatility
- Regulatory approval challenges
- Competitive landscape with 7 major industry competitors
- Potential funding constraints
Financial Vulnerability Indicators
Critical financial risk metrics include:
- Net loss of $62.3 million in fiscal year 2023
- Negative operating cash flow of $55.7 million
- Current ratio of 3.2
Clinical Development Risks
| Development Stage | Active Programs | Potential Risk |
|---|---|---|
| Preclinical | 3 programs | High failure probability |
| Clinical Trials | 2 ongoing trials | Regulatory approval uncertainty |
Future Growth Prospects for Vaxart, Inc. (VXRT)
Growth Opportunities
The company's growth potential is anchored in several key strategic areas:
- Oral vaccine technology platform with potential applications across multiple disease areas
- Ongoing clinical development of COVID-19 oral vaccine candidate
- Expanding research into influenza and norovirus vaccine platforms
| Growth Metric | Current Status | Projected Potential |
|---|---|---|
| R&D Investment | $14.2 million (2023) | $18.5 million (2024 estimate) |
| Clinical Trial Pipeline | 3 active programs | 5 potential programs by 2025 |
| Patent Portfolio | 12 existing patents | 17 potential patents in development |
Key competitive advantages include:
- Proprietary oral vaccine delivery platform
- Potential for lower manufacturing costs compared to traditional vaccine technologies
- Scalable manufacturing capabilities
Strategic partnership opportunities exist in:
- Infectious disease vaccine development
- Immunology research collaborations
- Pharmaceutical technology licensing
| Market Segment | Estimated Market Size | Growth Potential |
|---|---|---|
| Oral Vaccine Technology | $3.2 billion | 12.5% CAGR |
| Infectious Disease Vaccines | $45.8 billion | 9.7% CAGR |
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