debt_leverage_profile
0.20x Total Debt / Equity (Conservative)
High
SEC-XBRL
interest_rate_sensitivity
Low direct sensitivity; Vaxart carries minimal long-term debt, relies on equity financing, so rate hikes increase equity dilution cost but don't materially affect debt service
Inferred
Agent_Inference
geopolitical_supply_exposure
Low intensity; China and India supply >60% of global API inputs, creating concentration risk.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
CDMO manufacturing concentration (single-source fill-finish partners) and API raw material sourcing from China/India create primary geopolitical chokepoints
Inferred
Agent_Inference
international_expansion_readiness
Negligible currency devaluation exposure; Vaxart generates near-zero international product revenue, operating as a U.S.-based clinical-stage company funded in USD
Inferred
Agent_Inference
geographic_footprint
Effectively USD-only exposure; no material international commercial revenue; operations concentrated in South San Francisco with trial sites in U.S./EU denominated in grant/contract USD
Inferred
Agent_Inference
commodity_exposure_profile
Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
High; single CDMO partnerships (e.g., Emergent BioSolutions history) represent non-substitutable manufacturing input; switching costs are 12-24 months and regulatory re-validation
Inferred
Agent_Inference
business_model_type_primary
Clinical-stage biotech; cloud disruption risk is moderate but not existential—primary IP and manufacturing are physical/regulatory, not cloud-native
Inferred
Agent_Inference
business_model_type_secondary
Government grant and BARDA contract recipient; 30-day cloud termination would disrupt data/trial operations but not destroy core oral vaccine platform IP
Inferred
Agent_Inference
switching_cost_profile
Moderate API/software coupling risk; proprietary VXA-G1.0 vector platform creates internal lock-in; external API dependencies (CROs, data platforms) are substitutable within 3-6 months
Inferred
Agent_Inference
howey_test_risk_index
Low Howey risk; revenue model is grant/contract/licensing-based, not a common enterprise investment scheme; equity is standard registered security
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Moderate GDPR exposure from EU clinical trial participant data; CCPA exposure limited; clinical data handling requires IRB/EMA compliance adding sovereignty layer
Inferred
Agent_Inference
antitrust_exposure_flag
Negligible; Vaxart holds no dominant market position, operates in competitive vaccine space with large incumbents; no meaningful antitrust risk
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~100% transactional/non-recurring; revenue comprises U.S. government contracts and grants with milestone payments, no subscription or multi-year recurring commercial revenue
Inferred
Agent_Inference
monetization_vector
Government contract milestones and BARDA funding; future model targets licensing fees and per-dose royalties from oral vaccine platform partnerships
Inferred
Agent_Inference
pricing_architecture
No commercial pricing architecture exists; grant/contract pricing set by government negotiation; future licensing economics dependent on Phase 3 efficacy data leverage
Inferred
Agent_Inference
pricing_power_rating
Currently near-zero commercial pricing power; post-approval oral tablet differentiation could command premium over injectable vaccines (est. 20-40% price premium potential)
Inferred
Agent_Inference
target_gross_margin_bracket
Pre-commercial; projected post-launch gross margins 70-85% if manufacturing scales via CDMO partners, consistent with oral solid-dose biotech benchmarks
Inferred
Agent_Inference
churn_vulnerability_index
No free-rider problem; IP is platform-protected; government contracts are milestone-gated; churn risk is contract non-renewal upon failed clinical endpoints
Inferred
Agent_Inference
headcount_cost_structure
Sublinear growth potential post-approval; platform technology allows revenue scaling via licensing without proportional headcount growth; current ~60-80 FTE base
Inferred
Agent_Inference
marginal_cost_of_growth
Near-zero marginal cost for additional licensees once platform validated; CDMO-outsourced manufacturing avoids capital-intensive headcount scaling
Inferred
Agent_Inference
franchise_compliance_risk
Not applicable; Vaxart does not operate a franchise network
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale, government/pharma partner CAC remains low but dependent on Phase 3 data; unit economics hinge on per-dose royalty rate (est. $2-8/dose) vs. CDMO COGS
Inferred
Agent_Inference
network_effect_present
No meaningful network effects; oral vaccine platform value is data/efficacy-driven not network-driven; weak durability without clinical milestone catalysts
Inferred
Agent_Inference
asset_efficiency_ratio
9.0% Return on Assets (Excellent)
High
SEC-XBRL
recession_resistance_tier
Moderate-high recession resistance; pandemic preparedness and flu vaccine government funding is relatively recession-insulated but discretionary biodefense budgets can be cut
Inferred
Agent_Inference
customer_segment_primary
U.S. federal government (BARDA, DoD, HHS) represents primary and highly concentrated customer; single-customer concentration risk is critical
Inferred
Agent_Inference
customer_segment_secondary
Large pharmaceutical/biotech licensing partners (potential) as secondary segment; currently underdeveloped with no signed major commercial licensing deal as of 2024
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.32 (HIL — ~32% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
0.1% CapEx / Revenue (Low-CapEx Asset-Light)
High
SEC-XBRL
sec_cik
0000072444
High
SEC-EDGAR
ticker
VXRT
High
SEC-EDGAR