Note 11 - Segment Reporting

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

VAXART, INC. AND SUBSIDIARIES

Notes to the Condensed Consolidated Financial Statements (Unaudited)

NOTE 11. Segment Reporting

The Company operates in one reportable segment, which is the discovery and development of oral recombinant protein vaccines, based on its proprietary oral vaccine platform. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the Chief Executive Officer as chief operating decision maker (the “CODM”) in assessing segment performance and deciding how to allocate resources on a consolidated basis.

The CODM uses consolidated net loss to evaluate the Company’s spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The Company's segment revenue, segment loss, significant segment expenses, and other segment items consist of the following (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue	$	72,413		$	4,933		$	133,019		$	13,515
Less:
Research and development
External program costs:
Norovirus program		519			821			3,227			2,560
COVID-19 program		66,220			1,513			118,413			7,849
Other programs		-			2			346			16
Preclinical research		98			216			722			1,596
Process Development		—			106			46			189
Internal research and development costs		9,110			12,408			33,672			39,349
General and administrative		4,277			4,342			13,942			16,757
Interest income		(302	)		(1,022	)		(1,049	)		(1,941	)
Non-cash interest expense related to sale of future royalties		608			631			2,277			2,045
Other segment items(A)		7			(22	)		9			(26	)
Provision for income taxes		17			18			132			84
Segment net loss	$	(8,141	)	$	(14,080	)	$	(38,718	)	$	(54,963	)
Reconciliation of net loss
Adjustments and reconciling items		—			—			—			—
Net loss	$	(8,141	)	$	(14,080	)	$	(38,718	)	$	(54,963	)

(A) Other segment items included in other income (expense), net.