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Vaxart cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.1M in Q3 2026 · $32.0M over twelve months

Operating cash flow$1.4M
Capital spending−$371K
Free cash flow+$1.1M

Analysis

In Q3 2026, Vaxart generated $1.4M of operating cash flow and spent $371K on capital projects, leaving free cash flow of $1.1M. That is $1.4M less than in Q3 2025 ($2.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $32.8M; the largest uses were other investing ($18.2M), capital spending ($855K), taxes on employees’ shares ($389K); besides operations, cash came from other financing ($4.8M), shares issued ($57K); the cash balance rose by $18.2M.

Operating cash flow was $1.4M against net income of −$17.7M. The largest differences: receivables −$21.0M, payables +$12.8M, accrued liabilities −$10.8M.

Free cash flow

Vaxart: free cash flow by quarterVaxart: free cash flow by quarter−$7.4MQ4 2024−$9.7MQ1 2025−$15.8MQ2 2025$2.5MQ3 2025$30.7MQ4 2025−$2.5MQ1 2026$2.7MQ2 2026$1.1MQ3 2026
Operating cash flow less capital spending.
Vaxart: operating cash flow against capital spendingVaxart: operating cash flow against capital spendingOperating cash flowCapital spending−$7.3M$44KQ4 2024−$9.6M$130KQ1 2025−$15.9M−$103KQ2 2025$2.6M$117KQ3 2025$30.7M$1KQ4 2025−$2.1M$448KQ1 2026$2.8M$35KQ2 2026$1.4M$371KQ3 2026
Latest (Q3 2026): Operating cash flow $1.4M, Capital spending $371K.

Capital allocation, year by year

Vaxart: where the cash came from (up) and went (down), by fiscal yearVaxart: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow −$59.8MFY2021: Shares issued $124MFY2021: Capital spending −$5.2MFY2021: Acquisitions −$4.8M$124MFY2021FY2022: Operating cash flow −$94.8MFY2022: Shares issued $17.5MFY2022: Capital spending −$9.6M$17.5MFY2022FY2023: Operating cash flow −$70.5MFY2023: Shares issued $17KFY2023: Asset sales $120KFY2023: Capital spending −$1.9M$137KFY2023FY2024: Operating cash flow −$44.8MFY2024: Shares issued $30KFY2024: Capital spending −$554K$30KFY2024FY2025: Operating cash flow $7.7MFY2025: Shares issued $3KFY2025: Asset sales $5KFY2025: Capital spending −$145K$7.7MFY2025
Over these 5 years operating cash flow totalled −$262M; the largest uses were operating cash flow ($270M) and capital spending ($17.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$65.5M
Debtnone
Net cash$65.5M

Vaxart funds itself: free cash flow was $32.0M over the last twelve months, with $65.5M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Vaxart: sources (+) and uses (−) of cash, Q3 2026Vaxart: sources (+) and uses (−) of cash, Q3 2026Other investing−$17.3MCash drawn (+) / kept (−)$15.8MOperating cash flow$1.4MOther financing$415KCapital spending−$371KTaxes on employees’ shares−$4KAsset & business sales$1K
Vaxart: sources (+) and uses (−) of cash, TTM to Q3 2026Vaxart: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$32.8MCash drawn (+) / kept (−)−$18.2MOther investing−$18.2MOther financing$4.8MCapital spending−$855KTaxes on employees’ shares−$389KShares issued$57KAsset & business sales$14K

From profit to cash

Vaxart: net income to operating cash flow, Q3 2026Vaxart: net income to operating cash flow, Q3 2026Net income−$17.7MDepreciation & amortization$1.3MStock-based pay$1.2MGains on disposals$2KReceivables−$21.0MPayables$12.8MAccrued liabilities−$10.8MPrepaid and other assets$554KOperating cash flow$1.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.4M−$371K—$15.8M$1.1M
Q2 2026$2.8M−$35K$57K−$183K$2.7M
Q1 2026−$2.1M−$448K—$3.1M−$2.5M
Q4 2025$30.7M−$1K—−$36.9M$30.7M
Q3 2025$2.6M−$117K—$3.2M$2.5M
Q2 2025−$15.9M$103K—$8.6M−$15.8M
Q1 2025−$9.6M−$130K$3K−$3.5M−$9.7M
Q4 2024−$7.3M−$44K—−$3.2M−$7.4M

Vaxart: income statement and cash flow

Vaxart, Q3 2026: revenue $10.6M (-85% year over year), operating margin -162.7%. The chart follows the revenue to costs, profit and cash.

Vaxart: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.