Vaxart Balance Sheet

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	50.75	53.81	25.23	34.76	44.01	143.75
Short-Term Investments	10.28	9.99	26.49	4.96	49.7	22.74
Cash & Short-Term Investments	61.02	63.81	51.72	39.71	93.72	166.49
Cash Growth	45.51%	23.36%	30.24%	-57.63%	-43.71%	31.23%
Accounts Receivable	57.57	51.35	11.97	3.01	0.02	0.07
Receivables	57.57	51.35	11.97	3.01	0.02	0.07
Prepaid Expenses	13.11	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	131.7	136.12	68.26	45.54	99.45	169.17
Property, Plant & Equipment	15.47	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	4.51
Other Intangible Assets	2.64	2.83	3.56	4.29	5.02	10.62
Other Long-Term Assets	25.73	25.76	60.96	0.93	3.57	0.89
Total Assets	180.06	186.08	166.39	91.83	153.85	221.17
Accounts Payable	24.19	21.5	6.96	1.58	5.51	3.87
Accrued Expenses	36.53	47.88	11.38	5.63	8.08	5.06
Current Portion of Long-Term Debt	1.86	1.38	4.06	3.8	0.1	0.84
Current Portion of Leases	2.53	2.98	3.08	2.7	2.23	1.01
Current Unearned Revenue	11.74	13.02	65.4	-	2	-
Total Current Liabilities	76.84	86.75	90.88	13.72	17.92	10.78
Long-Term Debt	2.37	2.68	1.7	2.62	5.62	10.69
Long-Term Leases	5.44	6.01	14.45	17.39	19.48	12
Long-Term Unearned Revenue	0.45	2.02	-	-	-	-
Other Long-Term Liabilities	0.84	0.82	0.44	0.29	0.23	0.17
Total Liabilities	85.94	98.28	107.46	34.03	43.25	33.64
Common Stock	0.02	0.02	0.02	0.02	0.01	0.01
Additional Paid-In Capital	549.61	548.13	535.77	467.73	437.99	406.94
Retained Earnings	-455.02	-460.2	-476.52	-409.57	-327.11	-219.35
Treasury Stock	-0.5	-0.16	-0.35	-0.37	-	-
Comprehensive Income & Other	-0.01	-0	0	-0	-0.3	-0.07
Total Common Equity	94.12	87.8	58.93	57.81	110.6	187.53
Shareholders' Equity	94.12	87.8	58.93	57.81	110.6	187.53
Total Liabilities & Equity	180.06	186.08	166.39	91.83	153.85	221.17
Total Debt	12.2	13.05	23.28	26.51	27.42	24.53
Net Cash (Debt)	48.82	50.76	28.44	13.2	66.3	141.96
Net Cash Growth	128.38%	78.49%	115.46%	-80.09%	-53.30%	35.54%
Net Cash Per Share	0.21	0.22	0.14	0.09	0.52	1.17
Filing Date Shares Outstanding	241.97	240.63	227.95	173.86	135.56	125.81
Total Common Shares Outstanding	241.41	240.49	227.77	153.45	134.2	125.59
Working Capital	54.86	49.37	-22.62	31.81	81.53	158.38
Book Value Per Share	0.39	0.37	0.26	0.38	0.82	1.49
Tangible Book Value	86.97	80.46	50.86	49.01	101.07	172.4
Tangible Book Value Per Share	0.36	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.