Filing Flows › Vaxart (VXRT) › Q3 2026 › vs Q2 2026
Vaxart (VXRT) Q3 2026 vs Q2 2026 (quarter over quarter)
Vaxart's revenue fell $16.6M (-61%) from $27.2M in Q2 2026 to $10.6M in Q3 2026. The biggest changes: Government Contract −$16.8M (-69%); Non Cash Royalty Revenue +$143K (14×); Collaboration Revenue +$3K (+0.1%).
Vaxart, Q3 2026: revenue $10.6M (-85% year over year), operating margin -162.7%, net loss $17.7M, operating cash flow $1.4M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Free cash flow margin | 10.0% | 10.1% | -0.1 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Government Contract | $7.5M | $24.3M | −$16.8M | -69% |
| Collaboration Revenue | $2.9M | $2.9M | $3K | +0.1% |
| Non Cash Royalty Revenue | $154K | $11K | $143K | 14× |
| Revenue | $10.6M | $27.2M | −$16.6M | -61% |
| Net loss | $17.7M | $13.5M | $4.2M | +31% |
| Costs & expenses | $28.3M | $40.7M | −$12.4M | -30% |
| Operating costs | $27.9M | $40.4M | −$12.5M | -31% |
| Interest & other, net | $94K | $293K | −$199K | -68% |
| Income tax | $312K | $29K | $283K | +976% |
| Research & development | $22.8M | $33.8M | −$10.9M | -32% |
| General & admin | $5.1M | $6.6M | −$1.5M | -23% |
| Operating cash sources | $19.1M | $16.3M | $2.9M | +18% |
| Depreciation & amortization | $1.3M | $741K | $531K | +72% |
| Share-based compensation | $1.2M | $1.3M | −$97K | -8% |
| Working capital & other | $16.7M | $14.2M | $2.4M | +17% |
| Net loss absorbed | $17.7M | $13.5M | $4.2M | +31% |
| Operating cash flow | $1.4M | $2.8M | −$1.3M | -48% |
| Free cash flow (OCF − capex) | $1.1M | $2.7M | −$1.7M | -61% |
| Capital expenditures | $371K | $35K | $336K | +960% |
Questions
How much did Vaxart's revenue grow quarter over quarter in Q3 2026?
Vaxart's revenue fell $16.6M (-61%) from $27.2M in Q2 2026 to $10.6M in Q3 2026.
What drove Vaxart's revenue change in Q3 2026?
Government Contract −$16.8M (-69%); Non Cash Royalty Revenue +$143K (14×); Collaboration Revenue +$3K (+0.1%).