Filing Flows › Vaxart (VXRT) › Q3 2026 › vs Q3 2025
Vaxart (VXRT) Q3 2026 vs Q3 2025 (year over year)
Vaxart's revenue fell $61.8M (-85%) from $72.4M in Q3 2025 to $10.6M in Q3 2026. The biggest changes: Government Contract −$64.9M (-90%); Collaboration Revenue +$2.9M (—); Non Cash Royalty Revenue +$154K (—).
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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 10.0% | 3.4% | +6.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Government Contract | $7.5M | $72.4M | −$64.9M | -90% |
| Collaboration Revenue | $2.9M | $0 | $2.9M | — |
| Non Cash Royalty Revenue | $154K | $0 | $154K | — |
| Revenue | $10.6M | $72.4M | −$61.8M | -85% |
| Net loss | $17.7M | $8.1M | $9.5M | +117% |
| Costs & expenses | $28.3M | $80.6M | −$52.2M | -65% |
| Operating costs | $27.9M | $80.2M | −$52.3M | -65% |
| Interest & other, net | $94K | $313K | −$219K | -70% |
| Income tax | $312K | $17K | $295K | 18× |
| Research & development | $22.8M | $75.9M | −$53.1M | -70% |
| General & admin | $5.1M | $4.3M | $797K | +19% |
| Operating cash sources | $19.1M | $10.7M | $8.4M | +78% |
| Depreciation & amortization | $1.3M | $2.1M | −$808K | -39% |
| Share-based compensation | $1.2M | $2.0M | −$825K | -41% |
| Working capital & other | $16.7M | $6.6M | $10.0M | +151% |
| Net loss absorbed | $17.7M | $8.1M | $9.5M | +117% |
| Operating cash flow | $1.4M | $2.6M | −$1.2M | -45% |
| Free cash flow (OCF − capex) | $1.1M | $2.5M | −$1.4M | -57% |
| Capital expenditures | $371K | $117K | $254K | +217% |
Questions
How much did Vaxart's revenue grow year over year in Q3 2026?
Vaxart's revenue fell $61.8M (-85%) from $72.4M in Q3 2025 to $10.6M in Q3 2026.
What drove Vaxart's revenue change in Q3 2026?
Government Contract −$64.9M (-90%); Collaboration Revenue +$2.9M (—); Non Cash Royalty Revenue +$154K (—).