vxrt20210930

vxrt20210930_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-35285

	Vaxart, Inc.
	(Exact Name of Registrant as Specified in its Charter)

	Delaware		59-1212264
	(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

	170 Harbor Way, Suite 300, South San Francisco, CA 94080		(650) 550-3500
	(Address of principal executive offices, including zip code)		(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

	Title of each class		Trading symbol		Name of each exchange on which registered
	Common stock, $0.0001 par value		VXRT		NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The Registrant had 125,496,066 shares of common stock, $0.0001 par value, outstanding as of November 3, 2021.

Table of Contents

FORM 10-Q

FOR THE QUARTER ENDED September 30, 2021

TABLE OF CONTENTS

				Page
Part I	FINANCIAL INFORMATION			1

		Item 1.	Financial Statements (Unaudited)	1

			Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020	1

			Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2021 and 2020	2

			Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2021 and 2020	3

			Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020	5

			Notes to the Condensed Consolidated Financial Statements	6

		Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

		Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29

		Item 4.	Controls and Procedures	30


Part II	OTHER INFORMATION			31

		Item 1.	Legal Proceedings	31

		Item 1A.	Risk Factors	31

		Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

		Item 3.	Defaults Upon Senior Securities	31

		Item 4.	Mine Safety Disclosures	31

		Item 5.	Other Information	31

		Item 6.	Exhibits	32

SIGNATURES				33

Table of Contents

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

VAXART, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

	*September 30, 2021*			*December 31, 2020*
Assets
Current assets:
Cash and cash equivalents	$	167,231		$	126,870
Short-term investments		20,438			—
Accounts receivable		190			334
Prepaid expenses and other current assets		4,441			1,327

Total current assets		192,300			128,531

Long-term investments		16,282			—
Property and equipment, net		5,427			1,480
Right-of-use assets, net		12,237			6,838
Intangible assets, net		14,062			15,361
Other long-term assets		828			372

Total assets	$	241,136		$	152,582

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	3,745		$	2,133
Current portion of operating lease liability		1,345			2,052
Current portion of liability related to sale of future royalties		3,118			2,779
Other accrued liabilities		4,387			4,799

Total current liabilities		12,595			11,763

Operating lease liability, net of current portion		11,397			5,156
Liability related to sale of future royalties, net of current portion		12,040			12,150
Other long-term liabilities		156			109

Total liabilities		36,188			29,178

Commitments and contingencies (Note 8)

Stockholders’ equity:
Preferred stock: $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of September 30, 2021 and December 31, 2020		—			—
Common stock: $0.0001 par value; 150,000,000 shares authorized; 125,294,816 and 110,271,093 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		13			11
Additional paid-in capital		403,525			272,274
Accumulated deficit		(198,587	)		(148,881	)
Accumulated other comprehensive loss		(3	)		—

Total stockholders’ equity		204,948			123,404

Total liabilities and stockholders’ equity	$	241,136		$	152,582

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Table of Conten

SEC Form 10-Q filed by Vaxart, Inc.