Vaxart inventory slips greater than 8% as Q3 bills leap, money place deteriorates

Shares of micro-cap U.S. vaccine maker Vaxart (NASDAQ:VXRT) had fallen 8.6% to $1.27 in late afternoon buying and selling on Wednesday, after its quarterly working bills soared and its money stability narrowed.

The corporate after hours on Tuesday posted Q3 GAAP EPS of -$0.23 which beat estimates by $0.01. It didn’t report any income for the quarter.

VXRT inventory has been on a horrible run, having posted a seven-day shedding streak in yesterday’s session.

VXRT initially opened greater and climbed as a lot as 14% within the first hour of buying and selling, as buyers appeared to purchase into the crushed down inventory. However the shares misplaced steam quickly after and by mid-morning had slipped into the purple.

VXRT’s whole working bills in Q3 rose ~69% Y/Y to $29.4M, primarily pushed by a greater than 80% Y/Y leap in R&D bills.

South San Francisco, Calif.-based Vaxart (VXRT) is growing vaccines for COVID-19, norovirus, influenza, respiratory syncytial virus and human papillomavirus.

The corporate is at the moment conducting a two-part section 2 medical trial for its oral COVID vaccine capsule. VXRT in early Sept. mentioned the primary a part of the trial met its predominant targets.

“The rise (in Q3 R&D bills) was primarily because of will increase in headcount and associated prices, and in manufacturing and medical trial bills associated to our COVID-19 and norovirus vaccine candidates,” VXRT mentioned within the earnings report.

VXRT ended Q3 with money, money equivalents and available-for-sale debt securities of $114.8M, about 13% decrease than the $131.5M reported on the finish of Q2.