Vaxart Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	53.81	25.23	34.76	44.01	143.75
Short-Term Investments	9.99	26.49	4.96	49.7	22.74
Cash & Short-Term Investments	63.81	51.72	39.71	93.72	166.49
Cash Growth	23.36%	30.24%	-57.63%	-43.71%	31.23%
Accounts Receivable	51.35	11.97	3.01	0.02	0.07
Receivables	51.35	11.97	3.01	0.02	0.07
Prepaid Expenses	20.3	4.25	2.48	3.71	2.61
Restricted Cash	-	-	-	2	-
Other Current Assets	0.67	0.32	0.33	-	-
Total Current Assets	136.12	68.26	45.54	99.45	169.17
Property, Plant & Equipment	16.87	29.11	36.57	41.3	19.77
Long-Term Investments	-	-	-	-	16.21
Goodwill	4.51	4.51	4.51	4.51	4.51
Other Intangible Assets	2.83	3.56	4.29	5.02	10.62
Other Long-Term Assets	25.76	60.96	0.93	3.57	0.89
Total Assets	186.08	166.39	91.83	153.85	221.17
Accounts Payable	21.5	6.96	1.58	5.51	3.87
Accrued Expenses	47.88	11.38	5.63	8.08	5.06
Current Portion of Long-Term Debt	1.38	4.06	3.8	0.1	0.84
Current Portion of Leases	2.98	3.08	2.7	2.23	1.01
Current Unearned Revenue	13.02	65.4	-	2	-
Total Current Liabilities	86.75	90.88	13.72	17.92	10.78
Long-Term Debt	2.68	1.7	2.62	5.62	10.69
Long-Term Leases	6.01	14.45	17.39	19.48	12
Long-Term Unearned Revenue	2.02	-	-	-	-
Other Long-Term Liabilities	0.82	0.44	0.29	0.23	0.17
Total Liabilities	98.28	107.46	34.03	43.25	33.64
Common Stock	0.02	0.02	0.02	0.01	0.01
Additional Paid-In Capital	548.13	535.77	467.73	437.99	406.94
Retained Earnings	-460.2	-476.52	-409.57	-327.11	-219.35
Treasury Stock	-0.16	-0.35	-0.37	-	-
Comprehensive Income & Other	-0	0	-0	-0.3	-0.07
Total Common Equity	87.8	58.93	57.81	110.6	187.53
Shareholders' Equity	87.8	58.93	57.81	110.6	187.53
Total Liabilities & Equity	186.08	166.39	91.83	153.85	221.17
Total Debt	13.05	23.28	26.51	27.42	24.53
Net Cash (Debt)	50.76	28.44	13.2	66.3	141.96
Net Cash Growth	78.49%	115.46%	-80.09%	-53.30%	35.54%
Net Cash Per Share	0.22	0.14	0.09	0.52	1.17
Filing Date Shares Outstanding	240.63	227.95	173.86	135.56	125.81
Total Common Shares Outstanding	240.49	227.77	153.45	134.2	125.59
Working Capital	49.37	-22.62	31.81	81.53	158.38
Book Value Per Share	0.37	0.26	0.38	0.82	1.49
Tangible Book Value	80.46	50.86	49.01	101.07	172.4
Tangible Book Value Per Share	0.33	0.22	0.32	0.75	1.37
Machinery	15.15	14.95	14.55	13.11	5.54
Construction In Progress	0.16	0.16	0.02	3.98	1.31
Leasehold Improvements	3.93	4.11	3.99	1.76	1.06

Source: S&P Global Market Intelligence. Standard template. Financial Sources.