Vaxart
Vaxart is a clinical-stage biotechnology company developing oral recombinant pill vaccines using its proprietary VAAST platform, with a Phase 2b COVID-19 program funded by BARDA and an exclusive worldwide license held by Dynavax (now part of Sanofi).
- Company typePublic
- Founded2008
- HeadquartersSan Francisco, United States
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What Vaxart does
Vaxart is a clinical-stage biotechnology company developing oral recombinant pill vaccines using its proprietary VAAST (Vector-Adjuvant-Antigen Standardized Technology) platform, which employs a non-replicating recombinant adenovirus Type 5 (rAd5) vector combined with protein antigens and a molecular adjuvant. The platform enables modular vaccine development and is designed to elicit both mucosal and systemic immunity through oral delivery to the small intestine, with thermostable formulations that eliminate cold-chain storage requirements. The clinical pipeline includes VXA-CoV2-3.3 (oral COVID-19 vaccine in Phase 2b funded by BARDA under Project NextGen, with an award up to $460 million), VXA-G1.1-NN (oral norovirus vaccine in Phase 1/2 development), an oral influenza vaccine that demonstrated 39% reduction in clinical disease versus 27% for Fluzone in a Phase 2 challenge study, and an HPV therapeutic vaccine in preclinical development.
The company's revenue model is anchored on non-dilutive government funding and strategic partnerships rather than commercial product sales. BARDA provides milestone-based funding under Project NextGen, with approximately $345 million currently available and total awards up to $460 million. An exclusive worldwide license and collaboration agreement with Dynavax Technologies (acquired by Sanofi in February 2026) for the oral COVID-19 vaccine generated $25 million upfront plus a $5 million equity investment, with potential milestones, royalties, and fees up to $700 million. Following Phase 2b data readout (expected late 2026), Dynavax/Sanofi may assume late-stage development and commercialization responsibilities. The company has supplemented these with equity financings including a $40 million underwritten offering (June 2024), a $10 million registered direct offering with RA Capital (January 2024), and a $25 million share purchase facility with Lincoln Park Capital Fund (April 2026). As of December 31, 2025, Vaxart reported $63.8 million in cash with runway into Q2 2027, supported by 101-250 employees (following a 21% workforce reduction in 2025) at its South San Francisco headquarters.
The company serves government health agencies (primary), healthcare providers, the general public (via future commercial products), and global health organizations (including the Gates Foundation, which funded norovirus research in lactating mothers). Vaxart is publicly traded under ticker VXRT on OTCMKTS (delisted from Nasdaq in November 2025) and faces governance friction including a proxy battle at its July 2026 Annual Meeting with dissident shareholders seeking to replace half the board.
Vaxart firmographics
Firmographics- Name
- Vaxart
- Legal name
- Vaxart, Inc.
- Website
- https://vaxart.com
- Company type
- Public
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Vaxart is a clinical-stage biotechnology company developing oral recombinant pill vaccines using its proprietary VAAST platform, with a Phase 2b COVID-19 program funded by BARDA and an exclusive worldwide license held by Dynavax (now part of Sanofi).
- Ownership category
- akta.pro rank
Vaxart industry classification
Industry- Product category
- Oral Vaccines
- NAICS
- Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical and Medicine Manufacturing (3254)
- SIC
- Biological Products, (No Disgnostic Substances) (2836)
- akta.pro primary industry
- Vaccine Technology Platforms (mRNA, viral vector, protein subunit, inactivated/live-attenuated, VLP, DNA) (HLAAAEAD)
- akta.pro secondary industries
- Therapeutic Vaccines (cancer, chronic infection immunotherapy) (HLAAAEAB), Therapeutic Vaccines (e.g., Cancer/Chronic Infection) (HLAIAEAG), Vaccine Adjuvants & Formulation Systems (HLAIAEAI), Vaccine Delivery & Administration Systems (needle-free, microneedle patches, intranasal/oral) (HLAAAEAF)
Keywords
Where Vaxart is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Vaxart business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Government Contracts: Vaxart receives substantial funding from BARDA under Project NextGen for its Phase 2b COVID-19 oral vaccine trial, with awards valued at up to $460 million. The company also received approximately $29 million in additional BARDA funding released in June 2026, bringing total available funding to approximately $345 million. Total BARDA project award is worth up to $453 million.
- Licensing and Partnership Revenue: Exclusive worldwide license and collaboration agreement with Dynavax Technologies for oral COVID-19 vaccine. Vaxart received $25 million upfront payment and $5 million equity investment, with potential milestone payments, royalties, and fees up to $700 million total.
- Equity Financing Facility: Share purchase agreement with Lincoln Park Capital Fund providing access to up to $25 million in common stock sales over a 24-month period at prevailing market prices, with no warrants or rights of first refusal.
- Product Sales (Future): Once vaccines receive regulatory approval, the company plans to commercialize oral pill vaccines for COVID-19, norovirus, influenza, and HPV through partnerships and direct sales to healthcare providers and government agencies.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
Vaxart product offering
Product offeringCore offering
Vaxart is a clinical-stage biotechnology company developing oral recombinant pill vaccines built on its proprietary VAAST (Vector-Adjuvant-Antigen Standardized Technology) platform, which combines a non-replicating recombinant adenovirus Type 5 (rAd5) delivery vector with viral protein antigens and a molecular adjuvant. The portfolio includes lead candidates targeting COVID-19 (VXA-CoV2-3.3), norovirus (VXA-G1.1-NN), influenza, and HPV, all designed for needle-free oral administration that elicits mucosal and systemic immunity without cold-chain requirements.
Product overview
Vaxart is a clinical-stage biotechnology company developing a portfolio of oral recombinant pill vaccines based on its proprietary VAAST (Vector-Adjuvant-Antigen Standardized Technology) platform. The platform combines recombinant adenovirus Type 5 (rAd5) as a non-replicating delivery vector with antigens and molecular adjuvants. The product portfolio includes: VXA-CoV2-3.3 (oral COVID-19 vaccine candidate in Phase 2b with BARDA funding), VXA-G1.1-NN (oral norovirus vaccine in Phase 1/2 development with Phase 3 planned), an oral influenza vaccine (completed Phase 2 challenge study), and an HPV therapeutic vaccine (preclinical stage). All vaccines are designed for oral pill administration, eliminating needles, cold-chain storage requirements, and injection site reactions while generating both mucosal and systemic immunity.
Differentiator
Problem solved
Functional benefit
Products and services
- VXA-CoV2-3.3 (Oral COVID-19 Vaccine) An oral pill COVID-19 vaccine candidate built on the VAAST platform, designed to generate mucosal and systemic immunity at respiratory tract surfaces with potential broad protection across SARS-CoV-2 variants and no cold-chain requirements. Currently in Phase 2b clinical trial funded by BARDA under Project NextGen (award up to $460 million), licensed exclusively worldwide to Dynavax (now part of Sanofi).
- VXA-G1.1-NN (Oral Norovirus Vaccine) A bivalent oral pill vaccine targeting the two norovirus genogroups most associated with human infections. Designed to produce mucosal antibodies locally in the intestine plus systemic antibodies. In Phase 1/2 development with Phase 3 planned; supported by the Bill & Melinda Gates Foundation for maternal immunization applications, with a Phase 1 study showing 4-6-fold increase in norovirus antibodies in breast milk from lactating mothers.
- Oral Influenza Vaccine An oral pill influenza vaccine using the VAAST platform. Phase 2 human challenge study demonstrated comparable or superior efficacy to the market-leading Fluzone injectable vaccine, with 39% reduction in clinical disease and 47% reduction in infection rates. A Taiwan Biotech Forum presentation also noted a 49% relative reduction in influenza infection rates.
- HPV Therapeutic Vaccine An oral pill therapeutic vaccine for HPV-related cervical dysplasia targeting HPV 16 and HPV 18 proteins responsible for transforming healthy cells. Preclinical studies demonstrate stimulation of T-cell immune responses, reduction in tumor size, and increased survival in animal models.
- VAAST Platform (Vector-Adjuvant-Antigen Standardized Technology) Vaxart's proprietary modular vaccine platform combining recombinant adenovirus Type 5 (rAd5) as a non-replicating delivery vector, viral protein antigens, and a molecular adjuvant. Enables rapid insertion of protein antigens into the nucleic acid-based vector to create vaccines against existing and emerging pathogens, delivered as oral pills that stimulate both mucosal and systemic immunity.
Quantifiable outcome
- 39% reduction in clinical disease for influenza vs 27% for Fluzone injectable vaccine
- +5 more outcomes
Companies that use Vaxart
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles3 records
Vaxart technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Vaxart partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered flagship and minor.
- Dynavax Technologies (now Sanofi)flagshipDynavax and Vaxart entered an exclusive worldwide license and collaboration agreement for Vaxart's oral COVID-19 vaccine candidate. Dynavax paid $25 million upfront and made a $5 million equity investment, with additional milestone payments contingent on development progress. Vaxart leads development through Phase 2b, after which Dynavax may assume late-stage development and commercialization. Sanofi acquired Dynavax in February 2026.
- Altesa BioSciencesminorVaxart originally licensed worldwide rights to develop and commercialize vapendavir to Altesa BioSciences in 2021 under an exclusive agreement worth up to $130 million in potential milestones and royalties. Altesa raised $75 million in Series B funding in February 2026 to advance the drug through Phase IIb trials for COPD patients.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
Vaxart competitors and assessment
Company assessmentBroad incumbents
- Moderna: Moderna is a leading mRNA vaccine company with an approved COVID-19 vaccine and pipeline across infectious diseases including influenza and norovirus. Both companies compete in developing next-generation vaccines against similar pathogens, though Moderna uses mRNA technology delivered by injection while Vaxart uses adenovirus vector delivered orally.
- Pfizer: Pfizer, together with BioNTech, developed and commercializes the leading mRNA COVID-19 vaccine (Comirnaty) and has an extensive infectious disease vaccine portfolio. As a broad incumbent in vaccines including COVID-19 and influenza, Pfizer competes against Vaxart for market share, government contracts, and partnership opportunities.
- BioNTech: BioNTech partnered with Pfizer to develop and commercialize the leading mRNA COVID-19 vaccine and has an expanding pipeline across infectious diseases and oncology. As a platform-based vaccine developer using mRNA technology, BioNTech is comparable to Vaxart in modality focus but vastly larger in resources and commercial reach.
Direct peers
- Novavax: Novavax is a clinical-stage and commercial-stage vaccine developer with an approved protein subunit COVID-19 vaccine and pipeline including influenza candidates. Vaxart's CMO Dr. Cummings was previously VP Clinical Development at Novavax. Both companies compete in COVID-19 and influenza vaccine development with differentiated platform technologies.
- Bavarian Nordic: Bavarian Nordic is a vaccine company with approved products including smallpox and Ebola vaccines, and is developing vaccines for respiratory syncytial virus and other infectious diseases. Vaxart Director Dr. Breitmeyer was President of Bavarian Nordic. Both companies focus on differentiated vaccine platforms targeting infectious diseases.
- Dynavax Technologies: Dynavax (now part of Sanofi) developed the CpG 1018 adjuvant used in approved hepatitis B and COVID-19 vaccines. Dynavax is Vaxart's exclusive worldwide licensee for the oral COVID-19 vaccine candidate, making it both a direct partner and a comparable vaccine platform/adjuvant technology company.
- CureVac: CureVac is an mRNA vaccine company developing COVID-19, influenza, and rabies vaccines. As a clinical-stage vaccine developer focused on infectious diseases, CureVac is comparable in scale and stage to Vaxart, with both competing for government funding and partnership opportunities.
- Altimmune: Altimmune is a clinical-stage biopharmaceutical company developing intranasal vaccines including an intranasal COVID-19 vaccine candidate and therapies for liver disease. Both Altimmune and Vaxart are clinical-stage companies pursuing non-injectable vaccine delivery methods (intranasal vs oral) targeting similar infectious disease indications.
Emerging players
- Arcturus Therapeutics: Arcturus is a clinical-stage mRNA vaccine and therapeutics company with COVID-19 vaccine approvals and pipeline programs in influenza and other infectious diseases. Comparable to Vaxart in clinical stage, scale, and platform-based approach to vaccine development against similar indications.
- Icosavax: Icosavax is a clinical-stage biotechnology company developing VLP (virus-like particle) vaccines against infectious diseases including respiratory syncytial virus (RSV) and SARS-CoV-2. As a clinical-stage vaccine platform company developing next-generation technologies, Icosavax is comparable in size, stage, and strategic positioning to Vaxart.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Vaxart social profiles
Digital presenceVaxart financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vaxart leadership team
Management profileNumber of profiles
Profiles8 records
Vaxart funding detail
Funding detailFunding overview
Funding rounds18 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vaxart M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vaxart
What does Vaxart do?
Vaxart is a clinical-stage biotechnology company developing oral recombinant pill vaccines built on its proprietary VAAST (Vector-Adjuvant-Antigen Standardized Technology) platform, which combines a non-replicating recombinant adenovirus Type 5 (rAd5) delivery vector with viral protein antigens and a molecular adjuvant. The portfolio includes lead candidates targeting COVID-19 (VXA-CoV2-3.3), norovirus (VXA-G1.1-NN), influenza, and HPV, all designed for needle-free oral administration that elicits mucosal and systemic immunity without cold-chain requirements.
Is Vaxart a public or private company?
Vaxart is a public company. It is classified as public and is currently operating.
When was Vaxart founded?
Vaxart was founded in 2008. It employs 101 to 250 people.
Where is Vaxart based?
Vaxart is headquartered in San Francisco, United States, in the North America region.
How does Vaxart make money?
Four revenue lines are on record. Government Contracts are the primary driver. The others are licensing and Partnership Revenue, equity Financing Facility and product Sales (Future).
Who are Vaxart's main competitors?
Broad incumbents on record are Moderna, Pfizer and BioNTech. Direct peers are Novavax, Bavarian Nordic, Dynavax Technologies, CureVac and Altimmune. Emerging players are Arcturus Therapeutics and Icosavax.
Does Vaxart have an API?
No public API is recorded for Vaxart.
What industry is Vaxart in?
Vaxart's product category is Oral Vaccines. Its primary akta.pro industry code is HLAAAEAD, Vaccine Technology Platforms (mRNA, viral vector, protein subunit, inactivated/live-attenuated, VLP, DNA), with a secondary code of HLAAAEAB, Therapeutic Vaccines (cancer, chronic infection immunotherapy). Its NAICS code is 325414 and its SIC code is 2836.