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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vaxart Inc | NASDAQ:VXRT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.749 | 0.6942 | 0.7617 | 0 | 09:00:00 |
- $13 million raised in 1H19 -
- Norovirus bivalent vaccine Phase 1b clinical study underway with results expected in 2H19 -
Vaxart, Inc., a clinical-stage biotechnology company developing oral recombinant vaccines that are administered by tablet rather than by injection, today announced financial results for the first quarter ended March 31, 2019.
“With the Phase 1b study of our bivalent norovirus tablet vaccine underway and two successful financings behind us, we are well positioned to advance our lead product candidate, the first oral vaccine against norovirus, the leading cause of food-borne illness in the U.S.,” said Wouter Latour, M.D., chief executive officer of Vaxart. “We expect to initiate the Phase 2 monovalent norovirus challenge study in the first half of 2019, and we expect topline results from both the Phase 1b and Phase 2 studies in the second half of 2019. In addition, we are advancing our first therapeutic vaccine for the treatment of HPV associated cervical dysplasia and cancer toward the clinic.”
2019 Highlights:
Corporate:
Financial Results for the Three Months Ended March 31, 2019
About Vaxart
Vaxart is a clinical-stage biotechnology company focused on developing oral recombinant protein vaccines based on its proprietary oral vaccine platform. Vaxart’s vaccines are designed to generate broad and durable immune responses that protect against a wide range of infectious diseases and may also be useful for the treatment of chronic viral infections and cancer. Vaxart’s vaccines are administered using a convenient room temperature-stable tablet, rather than by injection. Vaxart believes that tablet vaccines are easier to distribute and administer than injectable vaccines and have the potential to significantly increase vaccination rates. Vaxart’s development programs include oral tablet vaccines that are designed to protect against norovirus, seasonal influenza and respiratory syncytial virus (RSV), as well as a therapeutic vaccine for human papillomavirus (HPV). For more information, please visit www.vaxart.com.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, prospects, plans and objectives, results from preclinical and clinical trials, commercialization agreements and licenses, beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as “believe,” “could,” “potential,” “will” and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to the Vaxart’s ability to develop and commercialize its product candidates and clinical results and trial data; the expected timing of the initiation of the Phase 2 monovalent challenge study; the expected timing of topline results from the Phase 1b bivalent study and Phase 2 monovalent challenge study in the second half of 2019; the continued advancement of the Company‘s first therapeutic vaccine for the treatment of HPV associated cervical dysplasia and cancer toward the clinic; and Vaxart’s expectations with respect to the important advantages it believes its oral vaccine platform can offer over injectable alternatives, particularly for mucosal pathogens such as norovirus, flu and RSV. Vaxart may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in our forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Vaxart makes, that Vaxart’s product candidates may not be approved by the FDA or non-U.S. regulatory authorities; that, even if approved by the FDA or non-U.S. regulatory authorities, Vaxart’s product candidates may not achieve broad market acceptance; that Vaxart may experience manufacturing issues and delays; and other risks described in the “Risk Factors” sections of Vaxart’s Quarterly and Annual Reports filed with the SEC. Vaxart does not assume any obligation to update any forward-looking statements, except as required by law.
Vaxart, Inc. Condensed Consolidated Balance Sheets March 31, 2019 December 31, 2018 (Unaudited) (1) (In thousands) Assets Cash and cash equivalents $ 8,424 $ 11,506 Accounts receivable 5,584 1,796 Prepaid and other assets 1,346 1,446 Property and equipment, net 1,559 1,066 Right-of-use assets, net 762 — Intangible assets, net 18,634 19,413 Total assets $ 36,309 $ 35,227 Liabilities and stockholders’ equity Accounts payable $ 849 $ 962 Accrued and other liabilities 1,745 1,675 Liability related to sale of future royalties 16,901 17,741 Secured promissory note 3,229 3,611 Operating lease liabilities 1,009 — Total liabilities 23,733 23,989 Stockholders’ equity 12,576 11,238 Total liabilities and stockholders’ equity $ 36,309 $ 35,227 (1) Derived from the audited consolidated financial statements of Vaxart, Inc. for the year ended December 31, 2018, included on the Form 10-K filed with the Securities and Exchange Commission on February 6, 2019.Vaxart, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended March 31, 2019 2018 (in thousands, except share and per share amounts) Revenue$
5,407
$ 1,503 Operating expenses: Research and development 3,829 3,408 General and administrative 2,026 2,010 Total operating expenses 5,855 5,418 Loss from operations (448 ) (3,915 ) Bargain purchase gain — 6,988 Other income and (expenses), net (641 ) (731 ) Provision for income taxes (250 ) (28 ) Net (loss) income$
(1,339
) $ 2,314 Net (loss) income attributable to common stockholders$
(1,339
) $ 1,975 Net (loss) income per common share, basic$
(0.18
) $ 0.54 Shares used in computing net (loss) income per share, basic 7,301,189 3,656,360 Net (loss) income per common share, diluted$
(0.18
) $ 0.49 Shares used in computing net (loss) income per share, diluted 7,301,189 5,299,751
View source version on businesswire.com: https://www.businesswire.com/news/home/20190509005805/en/
Daniella FunaroStern Investor Relations212-362-1200vaxart@sternir.com
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