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Vaxart vs Sutro Biopharma: VXRT and STRO compared
Vaxart is the larger company: $10.6M of revenue in its latest quarter (Q3 2026) against $9.8M for Sutro Biopharma (Q2 2026). Sutro Biopharma is growing faster (-85% against -85% a year earlier). Vaxart is more profitable, with an operating margin of -162.7% against -303.8%.
Where the money goes: VXRT and STRO
Vaxart (VXRT) · Q3 2026
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 follows the revenue to costs, profit and cash.
Sutro Biopharma (STRO) · Q2 2026
Sutro Biopharma, Q2 2026: revenue $9.8M (-85% year over year), operating margin -303.8%, net loss $38.5M, operating cash flow −$38.3M. The chart follows the revenue to costs, profit and cash.
| Vaxart (VXRT) | Sutro Biopharma (STRO) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $10.6M | $9.8M |
| Revenue growth, Y/Y | -85% | -85% |
| Operating margin | -162.7% | -303.8% |
| Net earnings | −$17.7M | −$38.5M |
| Net margin | -166.6% | -391.6% |
| Operating cash flow | $1.4M | −$38.3M |
| Free cash flow | $1.1M | — |
Where the revenue comes from
Vaxart
- Government Contract: $7.5M (71%)
- Collaboration Revenue: $2.9M (28%)
- Non Cash Royalty Revenue: $154K (1%)
Questions
Which is bigger, Vaxart or Sutro Biopharma?
Vaxart is the larger company: $10.6M of revenue in its latest quarter (Q3 2026) against $9.8M for Sutro Biopharma (Q2 2026).
Is Vaxart or Sutro Biopharma growing faster?
Sutro Biopharma is growing faster (-85% against -85% a year earlier).
Which is more profitable, Vaxart or Sutro Biopharma?
Vaxart is more profitable, with an operating margin of -162.7% against -303.8%.
More: Vaxart earnings · how Vaxart makes money · Sutro Biopharma earnings · how Sutro Biopharma makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 12, 2026). Fiscal quarters can end on different dates. Not investment advice.