Vaxart Cash Flow Statement

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
Net Income	16.33	-66.95	-82.47	-107.76	-70.47
Depreciation & Amortization	8.58	8.85	8.62	5.81	4.21
Loss (Gain) From Sale of Assets	0.04	-	0.06	-	-
Asset Writedown & Restructuring Costs	-	-	-	4.25	3.01
Loss (Gain) From Sale of Investments	-0.28	-0.76	-0.66	-0.16	0.09
Stock-Based Compensation	8.31	11.5	14.13	13.59	8.87
Other Operating Activities	-2.7	-0.67	0.71	-5.81	-3.41
Change in Accounts Receivable	-39.38	-8.96	-2.99	0.05	0.26
Change in Accounts Payable	14.64	5.27	-2.44	0.36	1.63
Change in Unearned Revenue	-50.36	65.4	-2	2	-
Change in Other Net Operating Assets	52.53	-58.45	-3.42	-7.11	-4.01
Operating Cash Flow	7.71	-44.76	-70.45	-94.78	-59.83
Capital Expenditures	-0.15	-0.55	-1.87	-9.6	-5.16
Sale of Property, Plant & Equipment	0.01	-	0.12	-	-
Cash Acquisitions	-	-	-	-	-4.83
Investment in Securities	16.77	-20.77	45.7	-10.81	-39.11
Investing Cash Flow	16.63	-21.32	43.95	-20.42	-49.1
Issuance of Common Stock	4.62	59.53	16	18.25	131.56
Repurchase of Common Stock	-0.2	-0.21	-0.37	-	-
Other Financing Activities	-0.18	-2.76	-0.39	-0.79	-5.75
Financing Cash Flow	4.24	56.56	15.24	17.46	125.8
Net Cash Flow	28.59	-9.53	-11.26	-97.73	16.88
Free Cash Flow	7.57	-45.32	-72.32	-104.38	-64.99
Free Cash Flow Margin	3.19%	-157.90%	-980.13%	-97551.40%	-7285.76%
Free Cash Flow Per Share	0.03	-0.22	-0.50	-0.82	-0.54
Levered Free Cash Flow	-30.85	42.32	-40.58	-56.37	-35.61
Unlevered Free Cash Flow	-29.08	44.17	-39.68	-55.56	-34.69
Change in Working Capital	-22.56	3.26	-10.85	-4.7	-2.12

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