Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000072444 | |
Entity Registrant Name | Vaxart, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-35285 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 59-1212264 | |
Entity Address, Address Line One | 170 Harbor Way, Suite 300 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 550-3500 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Trading Symbol | VXRT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 176,838,011 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 26,735 | $ 34,755 |
Short-term investments | 9,929 | 4,958 |
Accounts receivable | 556 | 3,008 |
Prepaid expenses and other current assets | 7,064 | 2,815 |
Total current assets | 44,284 | 45,536 |
Property and equipment, net | 11,102 | 11,731 |
Right-of-use assets, net | 23,753 | 24,840 |
Intangible assets, net | 4,106 | 4,289 |
Goodwill | 4,508 | 4,508 |
Other long-term assets | 917 | 926 |
Total assets | 88,670 | 91,830 |
Current liabilities: | ||
Accounts payable | 3,978 | 1,584 |
Other accrued current liabilities | 4,980 | 5,634 |
Current portion of operating lease liability | 2,799 | 2,703 |
Current portion of liability related to sale of future royalties | 2,360 | 3,803 |
Total current liabilities | 14,117 | 13,724 |
Operating lease liability, net of current portion | 16,691 | 17,385 |
Liability related to sale of future royalties, net of current portion | 1,863 | 2,623 |
Other long-term liabilities | 309 | 293 |
Total liabilities | 32,980 | 34,025 |
Commitments and contingencies (Note 8) | ||
Stockholders’ equity: | ||
Preferred stock: $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of March 31, 2024 and December 31, 2023 | 0 | 0 |
Common stock: $0.0001 par value; 250,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 177,187,965 shares issued and 176,523,042 shares outstanding as of March 31, 2024 and 153,959,853 shares issued and 153,452,833 shares outstanding as of December 31, 2023 | 18 | 15 |
Additional paid-in capital | 490,221 | 467,731 |
Treasury stock at cost, 664,923 shares as of March 31, 2024 and 507,020 shares as of December 31, 2023 | (548) | (366) |
Accumulated deficit | (433,991) | (409,574) |
Accumulated other comprehensive loss | (10) | (1) |
Total stockholders’ equity | 55,690 | 57,805 |
Total liabilities and stockholders’ equity | $ 88,670 | $ 91,830 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 177,187,965 | 153,959,853 |
Common stock, shares outstanding (in shares) | 176,523,042 | 153,452,833 |
Treasury Stock, Common, Shares (in shares) | 664,923 | 507,020 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 2,181 | $ 675 |
Operating expenses: | ||
Research and development | 19,013 | 19,622 |
General and administrative | 7,238 | 6,625 |
Total operating expenses | 26,251 | 26,247 |
Operating loss | (24,070) | (25,572) |
Other income (expense): | ||
Interest income | 503 | 642 |
Non-cash interest expense related to sale of future royalties | (804) | (178) |
Other expense, net | (1) | (3) |
Loss before income taxes | (24,372) | (25,111) |
Provision for income taxes | 45 | 29 |
Net loss | $ (24,417) | $ (25,140) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.14) | $ (0.19) |
Shares used to compute net loss per share - basic and diluted (in shares) | 168,811,095 | 135,213,196 |
Comprehensive loss: | ||
Net loss | $ (24,417) | $ (25,140) |
Unrealized (loss) gain on available-for-sale investments, net of tax | (9) | 229 |
Comprehensive loss | (24,426) | (24,911) |
Non Cash Royalty Revenue [Member] | ||
Revenues | 585 | 278 |
Government Contract [Member] | ||
Revenues | 1,596 | 0 |
Grant [Member] | ||
Revenues | $ 0 | $ 397 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | September 2021 ATM [Member] Common Stock [Member] | September 2021 ATM [Member] Treasury Stock, Common [Member] | September 2021 ATM [Member] Additional Paid-in Capital [Member] | September 2021 ATM [Member] Retained Earnings [Member] | September 2021 ATM [Member] AOCI Attributable to Parent [Member] | September 2021 ATM [Member] | RA Capital Healthcare Fund 2024 [Member] Common Stock [Member] | RA Capital Healthcare Fund 2024 [Member] Treasury Stock, Common [Member] | RA Capital Healthcare Fund 2024 [Member] Additional Paid-in Capital [Member] | RA Capital Healthcare Fund 2024 [Member] Retained Earnings [Member] | RA Capital Healthcare Fund 2024 [Member] AOCI Attributable to Parent [Member] | RA Capital Healthcare Fund 2024 [Member] | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2022 | 134,199,429 | 0 | ||||||||||||||||
Balances at Dec. 31, 2022 | $ 13 | $ 0 | $ 437,992 | $ (327,109) | $ (299) | $ 110,597 | ||||||||||||
Issuance of common stock (in shares) | 1,362,220 | 0 | ||||||||||||||||
Issuance of common stock | $ 1 | $ 0 | $ 1,429 | $ 0 | $ 0 | $ 1,430 | ||||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 0 | |||||||||||||||||
Release of common stock for vested restricted stock units (in shares) | 49,220 | 0 | ||||||||||||||||
Release of common stock for vested restricted stock units | $ 0 | $ 0 | 0 | 0 | 0 | $ 0 | ||||||||||||
Repurchase of common stock to satisfy tax withholding (in shares) | (13,553) | |||||||||||||||||
Repurchase of common stock to satisfy tax withholding | $ (10) | 0 | 0 | 0 | (10) | |||||||||||||
Stock-based compensation | 0 | 0 | 2,647 | 0 | 0 | 2,647 | ||||||||||||
Unrealized loss on available-for-sale investments | 0 | 0 | 0 | 0 | 229 | 229 | ||||||||||||
Net loss | $ 0 | $ 0 | 0 | (25,140) | 0 | (25,140) | ||||||||||||
Balances (in shares) at Mar. 31, 2023 | 135,610,869 | (13,553) | ||||||||||||||||
Balances at Mar. 31, 2023 | $ 14 | $ (10) | 442,068 | (352,249) | (70) | 89,753 | ||||||||||||
Balances (in shares) at Dec. 31, 2023 | 153,959,853 | (507,020) | ||||||||||||||||
Balances at Dec. 31, 2023 | $ 15 | $ (366) | 467,731 | (409,574) | (1) | $ 57,805 | ||||||||||||
Issuance of common stock (in shares) | 7,404,672 | 0 | 15,384,615 | 0 | 15,384,615 | |||||||||||||
Issuance of common stock | $ 1 | $ 0 | $ 8,424 | $ 0 | $ 0 | $ 8,425 | $ 2 | $ 0 | $ 9,943 | $ 0 | $ 0 | $ 9,945 | ||||||
Issuance of common stock upon exercise of stock options (in shares) | 8,865 | 0 | 8,865 | |||||||||||||||
Issuance of common stock upon exercise of stock options | $ 0 | $ 0 | 7 | 0 | 0 | $ 7 | ||||||||||||
Release of common stock for vested restricted stock units (in shares) | 429,960 | 0 | ||||||||||||||||
Release of common stock for vested restricted stock units | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||
Repurchase of common stock to satisfy tax withholding (in shares) | (157,903) | |||||||||||||||||
Repurchase of common stock to satisfy tax withholding | $ (182) | 0 | 0 | 0 | (182) | |||||||||||||
Stock-based compensation | 0 | 0 | 4,116 | 0 | 0 | 4,116 | ||||||||||||
Unrealized loss on available-for-sale investments | 0 | 0 | 0 | 0 | (9) | (9) | ||||||||||||
Net loss | $ 0 | $ 0 | 0 | (24,417) | 0 | (24,417) | ||||||||||||
Balances (in shares) at Mar. 31, 2024 | 177,187,965 | (664,923) | ||||||||||||||||
Balances at Mar. 31, 2024 | $ 18 | $ (548) | $ 490,221 | $ (433,991) | $ (10) | $ 55,690 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
September 2021 ATM [Member] | ||
Offering costs | $ 227 | $ 103 |
RA Capital Healthcare Fund 2024 [Member] | ||
Offering costs | $ 55 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (24,417,000) | $ (25,140,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,177,000 | 2,062,000 |
Amortization of discount on investments, net | (87,000) | (144,000) |
Stock-based compensation | 4,116,000 | 2,647,000 |
Non-cash interest expense related to sale of future royalties | 804,000 | 178,000 |
Non-cash revenue related to sale of future royalties | (3,007,000) | (20,000) |
Change in operating assets and liabilities: | ||
Accounts receivable | 2,452,000 | (244,000) |
Prepaid expenses and other assets | (4,240,000) | 1,067,000 |
Accounts payable | 2,314,000 | (270,000) |
Deferred grant revenue | 0 | (397,000) |
Other accrued liabilities | (1,303,000) | (4,199,000) |
Net cash used in operating activities | (21,191,000) | (24,460,000) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (131,000) | (1,239,000) |
Purchases of investments | (9,893,000) | 0 |
Proceeds from maturities of investments | 5,000,000 | 26,700,000 |
Net cash (used in) provided by investing activities | (5,024,000) | 25,461,000 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock upon exercise of stock options | 7,000 | 0 |
Shares acquired to settle employee tax withholding liabilities | (182,000) | (10,000) |
Net cash provided by financing activities | 18,195,000 | 1,420,000 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (8,020,000) | 2,421,000 |
Cash, cash equivalents and restricted cash at beginning of the period | 34,755,000 | 46,013,000 |
Cash, cash equivalents and restricted cash at end of the period | 26,735,000 | 48,434,000 |
Supplemental reconciliation of cash, cash equivalents and restricted cash in the condensed consolidated balance sheets: | ||
Cash and cash equivalents | 26,735,000 | 46,831,000 |
Restricted cash | 0 | 1,603,000 |
Cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows at the end of the period | 26,735,000 | 48,434,000 |
Supplemental disclosure of non-cash investing and financing activity: | ||
Operating lease liabilities arising from obtaining right-of-use assets | 0 | 296,000 |
Acquisition of property and equipment included in accounts payable and accrued expenses | 151,000 | 246,000 |
At-the-market Facility [Member] | ||
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock | 8,425,000 | 1,430,000 |
RA Capital Healthcare Fund 2024 [Member] | ||
Cash flows from financing activities: | ||
Net proceeds from issuance of common stock | $ 9,945,000 | $ 0 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. General Vaxart Biosciences, Inc. was originally incorporated in California in March 2004, July 2007, February 2018, In January 2024, “2024 3 No. 333 270671 “2023 2024 On September 15, 2021, “September 2021 may September 16, 2021, May 9, 2023 three March 31, 2024, September 2021 The Company’s principal operations are based in South San Francisco, California, and it operates in one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation, Liquidity and Going Concern The Company is a clinical-stage biotechnology company with no March 31, 2024, not 12 Based on management's current plan, the Company expects to have enough cash runway into late fourth 2024. one not The condensed consolidated balance sheet as of December 31, 2023, not December 31, 2023, 10 March 14, 2024 no 2 not Basis of Consolidation Use of Estimates Concentration of Credit Risk The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one Recent Accounting Pronouncements The Company has reviewed all significant newly-issued accounting pronouncements that are not not not |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 3 . Fair Value of Financial Instruments Fair value accounting is applied for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis (at least annually). Financial instruments include cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued liabilities that approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance also establishes a three The three Level 1 Level 2 not Level 3 no The following table sets forth the fair value of the Company’s financial assets that are measured on a recurring basis as of March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total March 31, 2024 Financial assets: Money market funds $ 17,710 $ — $ — $ 17,710 U.S. Treasury securities — 14,876 — 14,876 Total assets $ 17,710 $ 14,876 $ — $ 32,586 Level 1 Level 2 Level 3 Total December 31, 2023 Financial assets: Money market funds $ 31,403 $ — $ — $ 31,403 U.S. Treasury securities — 4,958 — 4,958 Total assets $ 31,403 $ 4,958 $ — $ 36,361 The Company held no financial liabilities measured on a recurring basis as of March 31, 2024 December 31, 2023 |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 4 . Balance Sheet Components (a) Cash, Cash Equivalents a nd Investments Cash, cash equivalents and investments consisted of the following (in thousands): Amortized Gross Unrealized Estimated Cash and Short-Term Cost Gains Losses Fair Value Cash Equivalents Investments March 31, 2024 Cash at banks $ 4,078 $ — $ — $ 4,078 $ 4,078 $ — Money market funds 17,710 — — 17,710 17,710 — U.S. Treasury securities 14,886 — (10 ) 14,876 4,947 9,929 Total $ 36,674 $ — $ (10 ) $ 36,664 $ 26,735 $ 9,929 Amortized Gross Unrealized Estimated Cash and Short-Term Cost Gains Losses Fair Value Cash Equivalents Investments December 31, 2023 Cash at banks $ 3,352 $ — $ — $ 3,352 $ 3,352 — Money market funds 31,403 — — 31,403 31,403 — U.S. Treasury securities 4,959 — (1 ) 4,958 — 4,958 Total $ 39,714 $ — $ (1 ) $ 39,713 $ 34,755 $ 4,958 As of March 31,2024 December 31, 2023, 12 (b) Accounts Receivable Accounts receivable comprises royalties receivable of $0.6 million and $3.0 million as of March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023, (c) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consists of the following (in thousands): March 31, 2024 December 31, 2023 Prepaid clinical and manufacturing expenses $ 1,762 $ 984 Unbilled revenue from government contracts 1,596 — Prepaid insurance 933 258 Prepaid rent 528 488 Interest receivable 140 127 Other 2,105 958 Prepaid expenses and other current assets $ 7,064 $ 2,815 (d) Property and Equipment, Net Property and equipment, net consists of the following (in thousands): March 31, 2024 December 31, 2023 Laboratory equipment $ 13,507 $ 13,448 Office and computer equipment 1,105 1,105 Leasehold improvements 3,998 3,985 Construction in progress 226 24 Total property and equipment 18,836 18,562 Less: accumulated depreciation (7,734 ) (6,831 ) Property and equipment, net $ 11,102 $ 11,731 Depreciation expense was $0.9 million for the three March 31, 2024 2023 three March 31, 2024 2023 (e) Right-of-Use Assets , Net Right-of-use assets, net comprises facilities of $23.8 million and $24.8 million as of March 31, 2024 December 31, 2023 2023, December 31, 2023. (f) Intangible Assets, Net Intangible assets comprise developed technology and intellectual property. Intangible assets are carried at cost less accumulated amortization. As of March 31, 2024 March 31, 2024, no March 31, 2024 December 31, 2023 Developed technology $ 5,000 $ 5,000 Intellectual property 80 80 Total cost 5,080 5,080 Less: accumulated amortization (974 ) (791 ) Intangible assets, net $ 4,106 $ 4,289 Intangible asset amortization expense was $0.2 million for the three March 31, 2024 2023. As of March 31, 2024 Year Ending December 31, Amount 2024 (nine months remaining) $ 548 2025 732 2026 731 2027 731 2028 727 Thereafter 637 Total $ 4,106 (g) Goodwill Goodwill, which represents the excess of the purchase price over the fair value of assets acquired, comprises $4.5 March 31, 2024 December 31, 2023 March 31, 2024 no (h) Other Accrued Current Liabilities Other accrued current liabilities consist of the following (in thousands): March 31, 2024 December 31, 2023 Accrued compensation $ 3,199 $ 4,576 Accrued clinical and manufacturing expenses 180 312 Accrued professional and consulting services 707 211 Other liabilities, current portion 894 535 Total $ 4,980 $ 5,634 |
Note 5 - Revenue
Note 5 - Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue [Text Block] | NOTE 5 . Revenue Royalty Revenue Related to Sale of Future Royalties The Company generates royalty revenue from the sale of Inavir in Japan, pursuant to a collaboration and license agreement that Aviragen entered into with Daiichi Sankyo Company, Limited (“Daiichi Sankyo”) in 2009. September 2010, August 2036, first fourth three March 31, 2024 2023 zero three March 31, 2024 2023 Note 6 three March 31, 2024 2023 Revenue from Government Contracts On January 12, 2024, “2024 2024 2b 2024 958 605 three March 31, 2024, 2024 March 31, 2024. Grant Revenue In November 2022, July 2023 three March 31, 2024 2023, December 31, 2023. |
Note 6 - Liabilities Related to
Note 6 - Liabilities Related to Sale of Future Royalties | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Liabilities Related to Sale of Future Royalties [Text Block] | 6 . Liabilities Related to Sale of Future Royalties In April 2016, first April 1, 2016 March 31, 2025, first April 1, second April 1, 2025 December 24, 2029, first March 31 st first April 1, 2016 March 31, 2025, second April 1, 2025 December 24, 2029, April 1, 2028 December 24, 2029. December 24, 2029, For avoidance of doubt, the RIAA states, in the event there is a remaining cumulative remaining shortfall amount as of December 24, 2029, not March 31, 2024 December 31, 2023, Under the relevant accounting guidance, due to a limit on the amount of royalties that HCRP can earn under the RIAA, this transaction was accounted for as a liability that is being amortized using the effective interest method over the life of the arrangement. The Company has no not not The following table shows the activity within the liability account during the three March 31, 2024 Total liability related to sale of future royalties, start of period $ 6,426 Non-cash royalty revenue paid to HCRP (3,007 ) Non-cash interest expense recognized 804 Total liability related to sale of future royalties, end of period 4,223 Current portion (2,360 ) Long-term portion $ 1,863 |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7 . Leas es The Company has obtained the right of use for office and manufacturing facilities under six one In September 2021, March 31, 2029. two one third 2022 first 2023, As of March 31, 2024 one The following table summarizes the Company’s undiscounted cash payment obligations for its operating lease liabilities with initial terms of more than 12 March 31, 2024 Year Ending December 31, 2024 (nine months remaining) $ 3,306 2025 4,511 2026 5,031 2027 5,207 2028 5,389 Thereafter 1,348 Undiscounted total 24,792 Less: imputed interest (5,302 ) Present value of future minimum payments 19,490 Current portion of operating lease liability (2,799 ) Operating lease liability, net of current portion $ 16,691 The Company is also required to pay for operating expenses related to the leased space. The operating expenses are incurred separately and were not three March 31, 2024 2023, Three Months Ended March 31, 2024 2023 Lease cost Operating lease cost $ 1,554 $ 1,510 Short-term lease cost 12 21 Variable lease cost 504 511 Sublease income (14 ) — Total lease cost $ 2,056 $ 2,042 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8 . Commitments and Contingencies (a) Purchase Commitments As of March 31, 2024 Note 7 (b) Indemnifications In the ordinary course of business, the Company enters into agreements that may may third not may may (c) From time to time the Company may In August September 2020, two first Himmelberg v. Vaxart, Inc. et al. August 24, 2020. second Hovhannisyan v. Vaxart, Inc. et al. September 1, 2020 ( September 17, 2020, two December 9, 2020, On January 29, 2021, July 8, 2021, May 14, 2021, June 10, 2021, first August 9, 2021, first first three 10 10b 5, 20 20A first first July 8, 2021, first December 22, 2021, July 27, 2022, $2.0 November 2, 2022, November 14, 2022, second January 25, 2023, On October 23, 2020, Roth v. Armistice Capital LLC, et al. 16 March 27, 2024, April 11, 2024, On January 8, 2021, pro se Chan v. Vaxart, Inc. et al. |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 9 . Stock holders’ Equity (a) P referred Stock The Company is authorized to issue 5,000,000 shares of preferred stock, $0.0001 par value per share. The Company’s board of directors may, 5,000,000 one may no (b) As of March 31, 2024, August 4, 2022, one may no March 31, 2024 In January 2024, 2024 2023 2024 In the event of the Company’s voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders of the common stock will be entitled to receive an equal amount per share of all the Company’s assets of whatever kind available for distribution to stockholders, after the rights of the holders of the preferred stock have been satisfied. There are no The Company had shares of common stock reserved for issuance as follows: March 31, 2024 December 31, 2023 Options issued and outstanding 21,843,566 17,938,726 RSUs issued and outstanding 3,313,997 2,126,373 2019 Equity Incentive Plan available for future grant 1,404,517 5,685,806 2024 Inducement Award Plan available for future grant 1,750,000 — Common stock warrants 211,259 227,434 2022 Employee Stock Purchase Plan available for issuance 1,065,325 1,065,325 Total 29,588,664 27,043,664 (c) Warrants The following warrants were outstanding as of March 31, 2024 none Securities into which warrants are convertible Warrants Outstanding Exercise Price Expiration Date Common Stock 44,148 $ 1.10 April 2024 Common Stock 26,515 $ 1.375 April 2024 Common Stock 29,150 $ 2.50 March 2025 Common Stock 100,532 $ 3.125 February 2025 Common Stock 10,914 $ 22.99 December 2026 Total 211,259 In April 2024, March 31, 2024, February 2025 not |
Note 10 - Equity Incentive Plan
Note 10 - Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 1 0 . Equity Incentive Plan s On April 23, 2019, 2019 “2019 may 2019 may 2019 not 2019 The aggregate number of shares of common stock authorized for issuance under the 2019 2019 June 8, 2020, June 16, 2021, August 4, 2022, 2019 2019 ten may On February 27, 2024, 2024 “2024 2024 5635 4 2024 2024 2019 may not 2024 2024 may A summary of stock option and RSU transactions in the three March 31, 2024 Weighted Weighted Shares Number of Option Average Unvested RSU Average Available Options Exercise RSU Shares Grant Date For Grant Outstanding Price Outstanding Fair Value Balance as of January 1, 2024 5,685,806 17,938,726 $ 2.90 2,126,373 $ 1.37 Authorized under 2024 Inducement Plan 3,000,000 Granted (6,555,730 ) 4,734,937 $ 1.16 1,820,793 $ 1.16 Exercised (8,865 ) $ 0.78 Released (429,960 ) $ 1.27 Forfeited 981,822 (778,613 ) $ 2.40 (203,209 ) $ 1.75 Canceled 42,619 (42,619 ) $ 3.35 Balance as of March 31, 2024 3,154,517 21,843,566 $ 2.54 3,313,997 $ 1.24 As of March 31, 2024 The Company received $7,000 for the 8,865 options exercised during the three March 31, 2024 three March 31, 2023. March 31, 2024 March 28, 2024, The weighted average grant date fair value of options awarded in the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Risk-free interest rate 4.4 % 3.5% - 3.6 % Expected term (in years) 6.00 6.00 Expected volatility 129.1 % 128.0 % Dividend yield — % — % The Company measures the fair value of all stock-based awards on the grant date and records the fair value of these awards, net of estimated forfeitures, to compensation expense over the service period. Total stock-based compensation recognized for options, RSUs and ESPP was as follows (in thousands): Three Months Ended March 31, 2024 2023 Research and development $ 1,807 $ 1,372 General and administrative 2,309 1,275 Total stock-based compensation $ 4,116 $ 2,647 As of March 31, 2024 On August 4, 2022, 2022 “2022 2022 2022 six one 85% six three March 31, 2024, not 2022 March 31, 2024, 2022 The estimated fair value used for the six December 1, 2023 May 31, 2024, six December 1, 2022 May 31, 2023, March 31, 2024, 2022 May 31, 2024, 2022 Six-Month Offering Period Ending May 31, 2024 Six-Month Offering Period Ended May 31, 2023 Risk-free interest rate 5.3 % 4.6 % Expected term (in years) 0.50 0.50 Expected volatility 75.2 % 84.7 % Dividend yield — % — % |
Note 11 - Net Loss Per Share At
Note 11 - Net Loss Per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 11 . Net Loss Per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended March 31, 2024 2023 Net loss $ (24,417 ) $ (25,140 ) Shares used to compute net loss per share – basic and diluted 168,811,095 135,213,196 Net loss per share – basic and diluted $ (0.14 ) $ (0.19 ) No three March 31, 2024 2023 The following potentially dilutive weighted average securities were excluded from the computation of weighted average shares outstanding because they would have been antidilutive: Three Months Ended March 31, 2024 2023 Options to purchase common stock 18,034,438 14,436,046 Restricted stock units to purchase common stock 1,977,053 1,218,200 Warrants to purchase common stock 211,259 227,434 Employee Stock Purchase Plan 471,638 433,328 Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation 20,694,388 16,315,008 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | N ote 12. Since March 31, 2024, September 2021 Note 1 10 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5 . Other Information During the quarter ended March 31, 2024, no 16a 1 10b5 1 10b5 1 408. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation, Liquidity and Going Concern The Company is a clinical-stage biotechnology company with no March 31, 2024, not 12 Based on management's current plan, the Company expects to have enough cash runway into late fourth 2024. one not The condensed consolidated balance sheet as of December 31, 2023, not December 31, 2023, 10 March 14, 2024 no 2 not |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The Company has reviewed all significant newly-issued accounting pronouncements that are not not not |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total March 31, 2024 Financial assets: Money market funds $ 17,710 $ — $ — $ 17,710 U.S. Treasury securities — 14,876 — 14,876 Total assets $ 17,710 $ 14,876 $ — $ 32,586 Level 1 Level 2 Level 3 Total December 31, 2023 Financial assets: Money market funds $ 31,403 $ — $ — $ 31,403 U.S. Treasury securities — 4,958 — 4,958 Total assets $ 31,403 $ 4,958 $ — $ 36,361 |
Note 4 - Balance Sheet Compon_2
Note 4 - Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | Amortized Gross Unrealized Estimated Cash and Short-Term Cost Gains Losses Fair Value Cash Equivalents Investments March 31, 2024 Cash at banks $ 4,078 $ — $ — $ 4,078 $ 4,078 $ — Money market funds 17,710 — — 17,710 17,710 — U.S. Treasury securities 14,886 — (10 ) 14,876 4,947 9,929 Total $ 36,674 $ — $ (10 ) $ 36,664 $ 26,735 $ 9,929 Amortized Gross Unrealized Estimated Cash and Short-Term Cost Gains Losses Fair Value Cash Equivalents Investments December 31, 2023 Cash at banks $ 3,352 $ — $ — $ 3,352 $ 3,352 — Money market funds 31,403 — — 31,403 31,403 — U.S. Treasury securities 4,959 — (1 ) 4,958 — 4,958 Total $ 39,714 $ — $ (1 ) $ 39,713 $ 34,755 $ 4,958 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, 2024 December 31, 2023 Prepaid clinical and manufacturing expenses $ 1,762 $ 984 Unbilled revenue from government contracts 1,596 — Prepaid insurance 933 258 Prepaid rent 528 488 Interest receivable 140 127 Other 2,105 958 Prepaid expenses and other current assets $ 7,064 $ 2,815 |
Property, Plant and Equipment [Table Text Block] | March 31, 2024 December 31, 2023 Laboratory equipment $ 13,507 $ 13,448 Office and computer equipment 1,105 1,105 Leasehold improvements 3,998 3,985 Construction in progress 226 24 Total property and equipment 18,836 18,562 Less: accumulated depreciation (7,734 ) (6,831 ) Property and equipment, net $ 11,102 $ 11,731 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2024 December 31, 2023 Developed technology $ 5,000 $ 5,000 Intellectual property 80 80 Total cost 5,080 5,080 Less: accumulated amortization (974 ) (791 ) Intangible assets, net $ 4,106 $ 4,289 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2024 (nine months remaining) $ 548 2025 732 2026 731 2027 731 2028 727 Thereafter 637 Total $ 4,106 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2024 December 31, 2023 Accrued compensation $ 3,199 $ 4,576 Accrued clinical and manufacturing expenses 180 312 Accrued professional and consulting services 707 211 Other liabilities, current portion 894 535 Total $ 4,980 $ 5,634 |
Note 6 - Liabilities Related _2
Note 6 - Liabilities Related to Sale of Future Royalties (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | Total liability related to sale of future royalties, start of period $ 6,426 Non-cash royalty revenue paid to HCRP (3,007 ) Non-cash interest expense recognized 804 Total liability related to sale of future royalties, end of period 4,223 Current portion (2,360 ) Long-term portion $ 1,863 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Ending December 31, 2024 (nine months remaining) $ 3,306 2025 4,511 2026 5,031 2027 5,207 2028 5,389 Thereafter 1,348 Undiscounted total 24,792 Less: imputed interest (5,302 ) Present value of future minimum payments 19,490 Current portion of operating lease liability (2,799 ) Operating lease liability, net of current portion $ 16,691 |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2024 2023 Lease cost Operating lease cost $ 1,554 $ 1,510 Short-term lease cost 12 21 Variable lease cost 504 511 Sublease income (14 ) — Total lease cost $ 2,056 $ 2,042 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Common Stock Reserved for Issuance [Table Text Block] | March 31, 2024 December 31, 2023 Options issued and outstanding 21,843,566 17,938,726 RSUs issued and outstanding 3,313,997 2,126,373 2019 Equity Incentive Plan available for future grant 1,404,517 5,685,806 2024 Inducement Award Plan available for future grant 1,750,000 — Common stock warrants 211,259 227,434 2022 Employee Stock Purchase Plan available for issuance 1,065,325 1,065,325 Total 29,588,664 27,043,664 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Securities into which warrants are convertible Warrants Outstanding Exercise Price Expiration Date Common Stock 44,148 $ 1.10 April 2024 Common Stock 26,515 $ 1.375 April 2024 Common Stock 29,150 $ 2.50 March 2025 Common Stock 100,532 $ 3.125 February 2025 Common Stock 10,914 $ 22.99 December 2026 Total 211,259 |
Note 10 - Equity Incentive Pl_2
Note 10 - Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Shares Number of Option Average Unvested RSU Average Available Options Exercise RSU Shares Grant Date For Grant Outstanding Price Outstanding Fair Value Balance as of January 1, 2024 5,685,806 17,938,726 $ 2.90 2,126,373 $ 1.37 Authorized under 2024 Inducement Plan 3,000,000 Granted (6,555,730 ) 4,734,937 $ 1.16 1,820,793 $ 1.16 Exercised (8,865 ) $ 0.78 Released (429,960 ) $ 1.27 Forfeited 981,822 (778,613 ) $ 2.40 (203,209 ) $ 1.75 Canceled 42,619 (42,619 ) $ 3.35 Balance as of March 31, 2024 3,154,517 21,843,566 $ 2.54 3,313,997 $ 1.24 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2024 2023 Risk-free interest rate 4.4 % 3.5% - 3.6 % Expected term (in years) 6.00 6.00 Expected volatility 129.1 % 128.0 % Dividend yield — % — % |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2024 2023 Research and development $ 1,807 $ 1,372 General and administrative 2,309 1,275 Total stock-based compensation $ 4,116 $ 2,647 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Six-Month Offering Period Ending May 31, 2024 Six-Month Offering Period Ended May 31, 2023 Risk-free interest rate 5.3 % 4.6 % Expected term (in years) 0.50 0.50 Expected volatility 75.2 % 84.7 % Dividend yield — % — % |
Note 11 - Net Loss Per Share _2
Note 11 - Net Loss Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Net loss $ (24,417 ) $ (25,140 ) Shares used to compute net loss per share – basic and diluted 168,811,095 135,213,196 Net loss per share – basic and diluted $ (0.14 ) $ (0.19 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2024 2023 Options to purchase common stock 18,034,438 14,436,046 Restricted stock units to purchase common stock 1,977,053 1,218,200 Warrants to purchase common stock 211,259 227,434 Employee Stock Purchase Plan 471,638 433,328 Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation 20,694,388 16,315,008 |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Business (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Sep. 15, 2021 USD ($) | Jan. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) | |
Number of Reportable Segments | 1 | |||
RA Capital Healthcare Fund 2024 [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 15,384,615 | 15,384,615 | ||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 0.65 | $ 0.65 | ||
Gross Proceeds from Issuance of Common Stock | $ 10,000 | $ 10,000 | ||
Net Proceeds From Issuance of Common Stock | $ 9,900 | 9,900 | ||
Proceeds from Issuance of Common Stock | $ 9,945 | $ 0 | ||
The September 2021 ATM [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 7,404,672 | |||
Open Market Sale Agreement, Maximum Aggregate Offering Price | $ 100,000 | |||
Open Market Sale Agreement, Sales Commission, Percentage | 3% | |||
Proceeds from Issuance of Common Stock | $ 8,700 | |||
Proceeds from Issuance of Common Stock, Net | $ 8,400 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | Mar. 31, 2024 USD ($) |
Cash, Cash Equivalents, and Short-Term Investments | $ 36.7 |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Recurring [Member] | ||
Financial Liabilities Fair Value Disclosure, Total | $ 0 | $ 0 |
Note 3 - Fair Value of Financ_4
Note 3 - Fair Value of Financial Instruments - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Money Market Funds [Member] | ||
Money market funds, Fair Value | $ 17,710 | $ 31,403 |
Fair Value, Recurring [Member] | ||
Total assets | 32,586 | 36,361 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Investments, Fair Value Disclosure | 14,876 | 4,958 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Money market funds, Fair Value | 17,710 | 31,403 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 17,710 | 31,403 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Money market funds, Fair Value | 17,710 | 31,403 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 14,876 | 4,958 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Investments, Fair Value Disclosure | 14,876 | 4,958 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Money market funds, Fair Value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Money market funds, Fair Value | $ 0 | $ 0 |
Note 4 - Balance Sheet Compon_3
Note 4 - Balance Sheet Components (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts Receivable, after Allowance for Credit Loss, Current | $ 556 | $ 3,008 | |
Accounts Receivable, Allowance for Credit Loss, Current | 0 | 0 | |
Depreciation | 900 | $ 900 | |
Tangible Asset Impairment Charges, Total | 0 | 0 | |
Operating Lease, Right-of-Use Asset | 23,753 | 24,840 | |
Amortization of Intangible Assets | 200 | $ 200 | |
Goodwill | 4,508 | 4,508 | |
Goodwill, Impairment Loss | $ 0 | ||
Intellectual Property [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Remaining Life (Year) | 5 years 7 months 6 days | ||
Intellectual Property [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Remaining Life (Year) | 3 years 9 months | ||
Facility in Burlingame, California [Member] | |||
Operating Lease, Right-of-Use Asset | 3,100 | ||
Royalty [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 600 | $ 3,000 |
Note 4 - Balance Sheet Compon_4
Note 4 - Balance Sheet Components - Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents, at Carrying Value | $ 26,735 | $ 46,831 | ||
Cash and cash equivalents | 26,735 | $ 34,755 | $ 48,434 | $ 46,013 |
Gross Unrealized Loss | (10) | (1) | ||
Short-term investments | 9,929 | 4,958 | ||
Investments and Cash | 36,674 | 39,714 | ||
Investments and Cash, Fair Value Disclosure | 36,664 | 39,713 | ||
US Treasury Securities [Member] | ||||
Cash and cash equivalents | 4,947 | |||
Amortized Cost | 14,886 | 4,959 | ||
Gross Unrealized Loss | (10) | (1) | ||
Estimated Fair Value | 14,876 | 4,958 | ||
Short-term investments | 9,929 | 4,958 | ||
Cash [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 4,078 | 3,352 | ||
Money market funds, Fair Value | 4,078 | 3,352 | ||
Cash and cash equivalents | 4,078 | 3,352 | ||
Money Market Funds [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 17,710 | 31,403 | ||
Money market funds, Fair Value | 17,710 | 31,403 | ||
Cash and cash equivalents | $ 17,710 | $ 31,403 |
Note 4 - Balance Sheet Compon_5
Note 4 - Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid clinical and manufacturing expenses | $ 1,762 | $ 984 |
Unbilled revenue from government contracts | 1,596 | 0 |
Prepaid insurance | 933 | 258 |
Prepaid rent | 528 | 488 |
Interest receivable | 140 | 127 |
Other | 2,105 | 958 |
Prepaid expenses and other current assets | $ 7,064 | $ 2,815 |
Note 4 - Balance Sheet Compon_6
Note 4 - Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property and equipment, gross | $ 18,836 | $ 18,562 |
Less: accumulated depreciation | (7,734) | (6,831) |
Property and equipment, net | 11,102 | 11,731 |
Laboratory Equipment [Member] | ||
Property and equipment, gross | 13,507 | 13,448 |
Office Equipment [Member] | ||
Property and equipment, gross | 1,105 | 1,105 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 3,998 | 3,985 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 226 | $ 24 |
Note 4 - Balance Sheet Compon_7
Note 4 - Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Intangible assets, gross | $ 5,080 | $ 5,080 |
Less: accumulated amortization | (974) | (791) |
Intangible assets, net | 4,106 | 4,289 |
Developed Technology Rights [Member] | ||
Intangible assets, gross | 5,000 | 5,000 |
Intellectual Property [Member] | ||
Intangible assets, gross | $ 80 | $ 80 |
Note 4 - Balance Sheet Compon_8
Note 4 - Balance Sheet Components - Estimated Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2024 (nine months remaining) | $ 548 |
2025 | 732 |
2026 | 731 |
2027 | 731 |
2028 | 727 |
Thereafter | 637 |
Total | $ 4,106 |
Note 4 - Balance Sheet Compon_9
Note 4 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued compensation | $ 3,199 | $ 4,576 |
Accrued clinical and manufacturing expenses | 180 | 312 |
Accrued professional and consulting services | 707 | 211 |
Other liabilities, current portion | 894 | 535 |
Total | $ 4,980 | $ 5,634 |
Note 5 - Revenue (Details Textu
Note 5 - Revenue (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Jul. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jan. 12, 2024 | Dec. 31, 2023 | Nov. 30, 2022 | |
Revenues | $ 2,181,000 | $ 675,000 | ||||
Income Tax Expense (Benefit) | 45,000 | 29,000 | ||||
Government Contract Receivable, Unbilled Amounts | $ 1,596,000 | $ 0 | ||||
Deferred Revenue, Current | $ 2,000,000 | |||||
Foreign Tax Jurisdiction [Member] | National Tax Agency, Japan [Member] | ||||||
Royalty Withholding Tax | 5% | |||||
Income Tax Expense (Benefit) | $ 29,000 | 14,000 | ||||
Royalty [Member] | Daiichi Sankyo Collaberation and License Agreement [Member] | ||||||
Royalty Percentage | 4% | |||||
Revenues | $ 0 | 0 | ||||
Non Cash Royalty Revenue [Member] | ||||||
Revenues | 585,000 | 278,000 | ||||
Non Cash Royalty Revenue [Member] | Daiichi Sankyo Collaberation and License Agreement [Member] | ||||||
Revenues | 600,000 | 300,000 | ||||
Government Contract [Member] | ||||||
Revenues | 1,596,000 | 0 | ||||
Government Assistance, Award Amount | $ 9,300,000 | |||||
Government Contract Receivable, Unbilled Amounts | 1,600,000 | |||||
Grant [Member] | ||||||
Revenues | $ 0 | $ 397,000 | ||||
Grants Receivable | $ 3,500,000 | |||||
Grant Milestone Completion [Member] | ||||||
Revenues | $ 1,500,000 |
Note 6 - Liabilities Related _3
Note 6 - Liabilities Related to Sale of Future Royalties (Details Textual) - HCRP [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Apr. 30, 2016 | Mar. 31, 2024 | Dec. 31, 2023 | |
Proceeds from Sale of Future Royalties, Net | $ 20 | ||
Royalty Interest, Covenant, Cumulative Remaining Shortfall Amount | $ 6 | $ 7 | |
Royalty Payment, Interest, First Period [Member] | |||
Royalty Interest, Covenant, Shortfall in Royalty Payments | $ 3 | ||
Royalty Interest, Percentage of Additional Royalties Due Each Year | 15% | ||
Royalty Interest, Additional Royalties Due Each Year | $ 1 | ||
Royalty Payment, Interest, Second Period [Member] | |||
Royalty Interest, Covenant, Shortfall in Royalty Payments | $ 2.7 | ||
Royalty Interest, Percentage of Additional Royalties Due Each Year | 15% | ||
Royalty Interest, Additional Royalties Due Each Year | $ 1 |
Note 6 - Liabilities Related _4
Note 6 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Current portion | $ (2,360) | $ (3,803) |
Long-term portion | 1,863 | $ 2,623 |
HealthCare Royalty Partners III, L.P. [Member] | Royalty Arrangement [Member] | ||
Total liability related to sale of future royalties, start of period | 6,426 | |
Non-cash royalty revenue paid to HCRP | (3,007) | |
Non-cash interest expense recognized | 804 | |
Total liability related to sale of future royalties, end of period | 4,223 | |
Current portion | (2,360) | |
Long-term portion | $ 1,863 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2021 USD ($) |
Operating Lease, Right-of-Use Asset | $ 23,753 | $ 24,840 | |
Operating Lease, Weighted Average Discount Rate, Percent | 9.80% | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 4 years 10 months 24 days | ||
Right of Use for Office and Manufacturing Facilities with Initial Terms Exceeding One Year [Member] | |||
Lessee, Operating Lease, Number of Right-of-Use Leases | 6 | ||
Lease for Facility in South San Francisco Commenced in Third Quarter of 2022 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 15,000 | ||
Lease for Facility in South San Francisco Commenced in First Quarter of 2023 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 3,100 |
Note 7 - Leases - Lease Liabili
Note 7 - Leases - Lease Liabilities Payment Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
2024 (nine months remaining) | $ 3,306 | |
2025 | 4,511 | |
2026 | 5,031 | |
2027 | 5,207 | |
2028 | 5,389 | |
Thereafter | 1,348 | |
Undiscounted total | 24,792 | |
Less: imputed interest | (5,302) | |
Present value of future minimum payments | 19,490 | |
Current portion of operating lease liability | (2,799) | $ (2,703) |
Operating lease liability, net of current portion | $ 16,691 | $ 17,385 |
Note 7 - Leases - Operating Lea
Note 7 - Leases - Operating Lease Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating lease cost | $ 1,554 | $ 1,510 |
Short-term lease cost | 12 | 21 |
Variable lease cost | 504 | 511 |
Sublease income | (14) | 0 |
Total lease cost | $ 2,056 | $ 2,042 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Nov. 02, 2022 | Jul. 27, 2022 | Mar. 31, 2024 |
Himmelberg V. Vaxart, Inc. et al. [Member] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 12 | ||
Payments for Legal Settlements | $ 2 | ||
Lease for Facility in South San Francisco, California [Member] | |||
Purchase Obligation | $ 3.6 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Aug. 04, 2022 | Apr. 30, 2024 | Jan. 31, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Aug. 03, 2022 | |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 | ||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | ||||
Common Stock, Shares Authorized (in shares) | 250,000,000 | 250,000,000 | 150,000,000 | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||
Common Stock, Increase in Shares Authorized (in shares) | 100,000,000 | |||||
Dividends, Total | $ 0 | |||||
First Set of Warrants Expiring April 2024 [Member] | ||||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | $ 1.1 | |||||
Warrants Expiring March 2025 [Member] | ||||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | 2.5 | |||||
Warrants Expiring February 2025 [Member] | ||||||
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share) | $ 3.125 | |||||
Subsequent Event [Member] | ||||||
Class of Warrant or Right, Expirations in Period (in shares) | 70,663 | |||||
RA Capital Healthcare Fund 2024 [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 15,384,615 | 15,384,615 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 0.65 | $ 0.65 | ||||
Gross Proceeds from Issuance of Common Stock | $ 10,000 | $ 10,000 | ||||
Net Proceeds From Issuance of Common Stock | $ 9,900 | $ 9,900 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Shares of Common Stock Reserved for Issuance (Details) - shares | Mar. 31, 2024 | Feb. 27, 2024 | Dec. 31, 2023 |
Common stock reserved for issuance (in shares) | 29,588,664 | 27,043,664 | |
Common Warrants [Member] | |||
Common stock reserved for issuance (in shares) | 211,259 | 227,434 | |
The 2019 Plan [Member] | |||
Common stock reserved for issuance (in shares) | 1,404,517 | 5,685,806 | |
The 2024 Inducement Award Plan [Member] | |||
Common stock reserved for issuance (in shares) | 1,750,000 | 3,000,000 | 0 |
Share-Based Payment Arrangement, Option [Member] | |||
Common stock reserved for issuance (in shares) | 21,843,566 | 17,938,726 | |
Restricted Stock Units (RSUs) [Member] | |||
Common stock reserved for issuance (in shares) | 3,313,997 | 2,126,373 | |
ESPP [Member] | |||
Common stock reserved for issuance (in shares) | 1,065,325 | 1,065,325 |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity - Summary of Warrants Outstanding (Details) | Mar. 31, 2024 $ / shares shares |
Securities into which warrants are convertible (in shares) | 211,259 |
First Set of Warrants Expiring April 2024 [Member] | |
Securities into which warrants are convertible (in shares) | 44,148 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 1.1 |
Second Set of Warrants Expiring April 2024 [Member] | |
Securities into which warrants are convertible (in shares) | 26,515 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 1.375 |
Warrants Expiring March 2025 [Member] | |
Securities into which warrants are convertible (in shares) | 29,150 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 2.5 |
Warrants Expiring February 2025 [Member] | |
Securities into which warrants are convertible (in shares) | 100,532 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 3.125 |
Warrants Expiring December 2026 [Member] | |
Securities into which warrants are convertible (in shares) | 10,914 |
Securities into which warrants are convertible (in dollars per share) | $ / shares | $ 22.99 |
Note 10 - Equity Incentive Pl_3
Note 10 - Equity Incentive Plans (Details Textual) - USD ($) | 3 Months Ended | ||||||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 28, 2024 | Feb. 27, 2024 | Dec. 31, 2023 | Aug. 04, 2022 | Jun. 16, 2021 | Jun. 08, 2020 | Apr. 23, 2019 | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 29,588,664 | 27,043,664 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 21,843,566 | 17,938,726 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 2.54 | $ 2.9 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 7 years 6 months 29 days | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 4,400,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number (in shares) | 11,444,731 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 3.02 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 1 month 24 days | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 2,200,000 | ||||||||
Proceeds from Stock Options Exercised | $ 7,000 | $ 0 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 8,865 | 0 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,000 | ||||||||
Share Price (in dollars per share) | $ 1.3 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 1.04 | $ 0.78 | |||||||
Options and RSU [Member] | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 21,900,000 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 2 days | ||||||||
The 2019 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 28,900,000 | 16,900,000 | 8,000,000 | 1,600,000 | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,404,517 | 5,685,806 | |||||||
The 2024 Inducement Award Plan [Member] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,750,000 | 3,000,000 | 0 | ||||||
The 2022 ESPP [Member] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,065,325 | 1,800,000 | |||||||
Share Price (in dollars per share) | $ 0.27 | $ 0.46 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 42,000 | ||||||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 0 |
Note 10 - Equity Incentive Pl_4
Note 10 - Equity Incentive Plans - Summary of Stock Option Transactions (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Shares available for grant, balance (in shares) | 5,685,806 | |
Number of options outstanding, beginning balance (in shares) | 17,938,726 | |
Weighted average exercise price, balance (in dollars per share) | $ 2.9 | |
Authorized under 2024 Inducement Plan (in shares) | 3,000,000 | |
Shares available for grant, granted (in shares) | (6,555,730) | |
Number of options outstanding, granted (in shares) | 4,734,937 | |
Weighted average exercise price, granted (in dollars per share) | $ 1.16 | |
Number of options outstanding, exercised (in shares) | (8,865) | 0 |
Weighted average exercise price, exercised (in dollars per share) | $ 0.78 | |
Number of RSUs outstanding, release (in shares) | (429,960) | |
Released, Weighted average grant date fair value (in dollars per share) | $ 1.27 | |
Shares available for grant, forfeited (in shares) | 981,822 | |
Number of options outstanding, forfeited (in shares) | (778,613) | |
Weighted average exercise price, forfeited (in dollars per share) | $ 2.4 | |
Shares available for grant, canceled (in shares) | 42,619 | |
Number of options outstanding, canceled (in shares) | (42,619) | |
Weighted average exercise price, canceled (in dollars per share) | $ 3.35 | |
Shares available for grant, balance (in shares) | 3,154,517 | |
Number of options outstanding, balance (in shares) | 21,843,566 | |
Weighted average exercise price, balance (in dollars per share) | $ 2.54 | |
Restricted Stock Units (RSUs) [Member] | ||
Number of RSUs outstanding (in shares) | 2,126,373 | |
Balance, Weighted average grant date fair value (in dollars per share) | $ 1.37 | |
Number of RSUs outstanding, granted (in shares) | 1,820,793 | |
Granted, Weighted average grant date fair value (in dollars per share) | $ 1.16 | |
Number of RSUs outstanding, forfeite (in shares) | (203,209) | |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 1.75 | |
Number of RSUs outstanding (in shares) | 3,313,997 | |
Balance, Weighted average grant date fair value (in dollars per share) | $ 1.24 |
Note 10 - Equity Incentive Pl_5
Note 10 - Equity Incentive Plans - Assumptions of Options (Details) - Share-Based Payment Arrangement, Option [Member] | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Risk-free interest rate | 4.40% | |
Expected term (in years) (Year) | 6 years | 6 years |
Expected volatility | 129.10% | 128% |
Dividend yield | 0% | 0% |
Minimum [Member] | ||
Risk-free interest rate | 3.50% | |
Maximum [Member] | ||
Risk-free interest rate | 3.60% |
Note 10 - Equity Incentive Pl_6
Note 10 - Equity Incentive Plans - Total Stock-based Compensation Recognized for Options (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock-based compensation | $ 4,116 | $ 2,647 |
Research and Development Expense [Member] | ||
Stock-based compensation | 1,807 | 1,372 |
General and Administrative Expense [Member] | ||
Stock-based compensation | $ 2,309 | $ 1,275 |
Note 10 - Equity Incentive Pl_7
Note 10 - Equity Incentive Plans - Assumptions of Employee Purchase Plan (Details) - The 2022 ESPP [Member] | 6 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Risk-free interest rate | 4.60% | |
Expected term (in years) (Year) | 6 months | |
Expected volatility | 84.70% | |
Dividend yield | 0% | |
Forecast [Member] | ||
Risk-free interest rate | 5.30% | |
Expected term (in years) (Year) | 6 months | |
Expected volatility | 75.20% | |
Dividend yield | 0% |
Note 11 - Net Loss Per Share _3
Note 11 - Net Loss Per Share Attributable to Common Stockholders - Calculation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net loss | $ (24,417) | $ (25,140) |
Shares used to compute net loss per share - basic and diluted (in shares) | 168,811,095 | 135,213,196 |
Net loss per share - basic and diluted (in dollars per share) | $ (0.14) | $ (0.19) |
Note 11 - Net Loss Per Share _4
Note 11 - Net Loss Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 20,694,388 | 16,315,008 |
Share-Based Payment Arrangement, Option [Member] | ||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 18,034,438 | 14,436,046 |
Restricted Stock Units (RSUs) [Member] | ||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 1,977,053 | 1,218,200 |
Warrant [Member] | Common Stock [Member] | ||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 211,259 | 227,434 |
Employee Stock Purchase Plan [Member] | ||
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares) | 471,638 | 433,328 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] - September 2021 ATM [Member] $ in Millions | 1 Months Ended |
May 13, 2024 USD ($) shares | |
Stock Issued During Period, Shares, New Issues (in shares) | shares | 314,969 |
Proceeds from Issuance of Common Stock | $ | $ 0.4 |