0001437749-22-026427 | 10-Q | XBRL Viewer

Significant Accounting Policies [Text Block]

NOTE 2. Summary of Significant Accounting Policies

Basis of Presentation – The Company has prepared the accompanying condensed consolidated financial statements pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to these rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes related thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022 (the “Annual Report”). Unless noted below, there have been no material changes to the Company’s significant accounting policies described in Note 2 to the consolidated financial statements included in the Annual Report. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position and the results of its operations and cash flows. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year or any future periods.

Basis of Consolidation – The condensed consolidated financial statements include the financial statements of Vaxart, Inc. and its subsidiaries. All significant transactions and balances between Vaxart, Inc. and its subsidiaries have been eliminated in consolidation.

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Actual results and outcomes could differ from these estimates and assumptions.

Concentration of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents and available-for-sale investments. The Company places its cash, cash equivalents and available-for-sale investments at financial institutions that management believes are of high credit quality. The Company is exposed to credit risk in the event of default by the financial institutions holding the cash and cash equivalents to the extent such amounts are in excess of the federally insured limits. The Company has not experienced any losses on its deposits since inception.

The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating.

Recent Accounting Pronouncements

The Company has reviewed all newly-issued accounting pronouncements that are not yet effective and concluded that they are either not applicable to its operations or their adoption is not expected to have a material impact on its financial position or results of operations.

Note 3 - Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Text Block]

NOTE 3. Fair Value of Financial Instruments

Fair value accounting is applied for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Financial instruments include cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued liabilities that approximate fair value due to their relatively short maturities.

Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance also establishes a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity.

The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:

Level 1 – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2 – Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3 – Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

The following table sets forth the fair value of the Company’s financial assets that are measured on a recurring basis as of September 30, 2022 and December 31, 2021 (in thousands):

	*Level 1*		*Level 2*		*Level 3*		*Total*
September 30, 2022
Financial assets:
Money market funds	$	30,873	$	—	$	—	$	30,873
U.S. Treasury securities		—		49,389		—		49,389
Commercial paper		—		8,959		—		8,959
Corporate debt securities		—		5,651		—		5,651
Total	$	30,873	$	63,999	$	—	$	94,872

	*Level 1*		*Level 2*		*Level 3*		*Total*
December 31, 2021
Financial assets:
Money market funds	$	70,978	$	—	$	—	$	70,978
U.S. Treasury securities		—		24,997		—		24,997
Commercial paper		—		7,491		—		7,491
Corporate debt securities		—		6,464		—		6,464
Total	$	70,978	$	38,952	$	—	$	109,930

The Company held no recurring financial liabilities as of September 30, 2022 or December 31, 2021, or in the nine months ended September 30, 2022 or 2021.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 4 - Balance Sheet Components

9 Months Ended

Sep. 30, 2022

Supplemental Balance Sheet Disclosures [Text Block]

NOTE 4. Balance Sheet Components

(a)

Cash, Cash Equivalents and Investments

Cash, cash equivalents and investments consisted of the following (in thousands):

	*Amortized*		*Gross Unrealized*					*Estimated*		*Cash and Cash*		*Short-Term*		*Long-Term*
	*Cost*		*Gains*		*Losses*			*Fair Value*		*Equivalents*		*Investments*		*Investments*
September 30, 2022
Cash at banks	$	19,895	$	—	$	—		$	19,895	$	19,895	$	—	$	—
Money market funds		30,873		—		—			30,873		30,873		—		—
U.S. Treasury securities		49,841		—		(452	)		49,389		—		49,389		—
Commercial paper		8,959		—		—			8,959		—		8,959		—
Corporate debt securities		5,716		—		(65	)		5,651		—		5,651		—
Total	$	115,284	$	—	$	(517	)	$	114,767	$	50,768	$	63,999	$	—

	*Amortized*		*Gross Unrealized*					*Estimated*		*Cash and Cash*		*Short-Term*		*Long-Term*
	*Cost*		*Gains*		*Losses*			*Fair Value*		*Equivalents*		*Investments*		*Investments*
December 31, 2021
Cash at banks	$	72,767	$	—	$	—		$	72,767	$	72,767	$	—	$	—
Money market funds		70,978		—		—			70,978		70,978		—		—
U.S. Treasury securities		25,055		—		(58	)		24,997		—		12,022		12,975
Commercial paper		7,491		—		—			7,491		—		7,491		—
Corporate debt securities		6,480		—		(16	)		6,464		—		3,229		3,235
Total	$	182,771	$	—	$	(74	)	$	182,697	$	143,745	$	22,742	$	16,210

(b)

Accounts Receivable

Accounts receivable comprises royalties receivable of nil and $71,000 as of September 30, 2022 and December 31, 2021, respectively. The Company has provided no allowance for uncollectible accounts as of September 30, 2022 and December 31, 2021.

(c)

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):

	*September 30, 2022*			*December 31, 2021*

Laboratory equipment	$	7,465		$	5,057
Office and computer equipment		767			481
Leasehold improvements		1,063			1,063
Construction in progress		5,596			1,305
Total property and equipment		14,891			7,906
Less: accumulated depreciation		(2,611	)		(1,305	)
Property and equipment, net	$	12,280		$	6,601

Depreciation expense was $489,000 and $211,000 for the three months ended September 30, 2022 and 2021, respectively, and $1.3 million and $406,000 for the nine months ended September 30, 2022 and 2021, respectively. There were no impairments of the Company’s property and equipment recorded in the nine months ended September 30, 2022 or 2021.

(d)

Right-of-Use Assets, Net

Right-of-use assets, net comprises facilities of $26.6 million and $13.2 million as of September 30, 2022 and December 31, 2021, respectively.

(e)

Intangible Assets, Net

Intangible assets comprise developed technology and intellectual property. Intangible assets are carried at cost less accumulated amortization. Amortization is computed using the straight-line method over useful lives ranging from 1.3 to 11.75 years for developed technology and 20 years for intellectual property. As of September 30, 2022, developed technology and intellectual property had remaining lives of 7.1 and 5.25 years, respectively. Intangible assets consist of the following (in thousands):

September 30, 2022

December 31, 2021

Developed technology
$ 10,600 $ 10,600

Intellectual property
80 80

Total cost
10,680 10,680

Less: accumulated amortization
(1,069 ) (56 )

Intangible assets, net
$ 9,611 $ 10,624

Total amortization expense for the three months ended September 30, 2022 and 2021, was $338,000 and $433,000, respectively, and $1.0 million and $1.3 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the estimated future amortization expense by year is as follows (in thousands):

Year Ending December 31,

Amount

2022 (three months remaining)
$ 338

2023
1,350

2024
1,350

2025
1,350

2026
1,350

Thereafter
3,873

Total
$ 9,611

(f)

Goodwill

Goodwill, which represents the excess of the purchase price over the fair value of assets acquired, comprises $4.5 million as of September 30, 2022 and December 31, 2021. As of September 30, 2022, there have been no indicators of impairment.

(g)

Other Accrued Liabilities

Other accrued liabilities consist of the following (in thousands):

September 30, 2022

December 31, 2021

Accrued compensation
$ 3,809 $ 2,786

Accrued clinical and manufacturing expenses
1,203 986

Accrued professional and consulting services
715 556

Accrued litigation settlement
2,000 —

Other liabilities, current portion
2,617 736

Total
$ 10,344 $ 5,064

Note 5 - Revenue

9 Months Ended

Sep. 30, 2022

Revenue [Text Block]

NOTE 5. Revenue

Royalty Agreement

The Company generates royalty revenue from the sale of Inavir in Japan, pursuant to a collaboration and license agreement that Aviragen entered into with Daiichi Sankyo Company, Limited (“Daiichi Sankyo”) in 2009. In September 2010, laninamivir octanoate was approved for sale by the Japanese Ministry of Health and Welfare for the treatment of influenza in adults and children, which Daiichi Sankyo markets as Inavir. Under the agreement, the Company currently receives a 4% royalty on net sales of Inavir in Japan. The last patent related to Inavir is set to expire in December 2029, at which time royalty revenue will cease. No royalty revenue was recognized in the nine months ended September 30, 2022 and 2021. The Company recognized non-cash royalty revenue related to the sale of future royalties (see Note 6) of nil and $200,000 in the three months ended September 30, 2022 and 2021, respectively, and $85,000 and $805,000 in the nine months ended September 30, 2022 and 2021, respectively. Both royalty revenue and the non-cash royalty revenue related to sale of future royalties are subject to a 5% withholding tax in Japan, for which nil and $10,000 was included in income tax expense in the three months ended September 30, 2022 and 2021, respectively, and $4,000 and $40,000 in the nine months ended September 30, 2022 and 2021.

The Company’s royalty revenue is seasonal, in line with the flu season, so the majority of the Company’s royalty revenue and non-cash royalty revenue related to the sale of future royalties are earned in the first and fourth fiscal quarters.

Note 8 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Text Block]

NOTE 8. Commitments and Contingencies

(a)

Purchase Commitments

As of September 30, 2022, the Company had approximately $13.7 million of non-cancelable purchase commitments, principally for contract manufacturing and clinical services and leasehold improvements which are expected to be paid within the next year. In addition, the Company has operating lease commitments as detailed in Note 7 and a further commitment for an operating lease with unpaid rental payments totaling $0.4 million payable by March 31, 2029, which has been executed but has not yet commenced, for which we expect to spend a net total of approximately $2.8 million on leasehold improvements, of which $0.6 million has already been expended and $2.2 million is included within non-cancelable purchase commitments, which will be recorded as right-of-use assets when the lease commences.

(b)

Indemnifications

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend indemnified parties for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has also entered into indemnification agreements with certain officers and directors which provide, among other things, that the Company will indemnify and advance expenses incurred in connection with certain actions, suits or proceedings to such officer or director, under the circumstances and to the extent provided for therein, for expenses, damages, judgments, fines and settlements he or she may be required to pay in actions or proceedings which he or she is or may be made a party by reason of his or her position as a director, officer or other agent of the Company, and otherwise to the fullest extent permitted under Delaware law and the Company’s Bylaws. The Company currently has directors’ and officers’ insurance.

(c)

Litigation

From time to time the Company may be involved in legal proceedings arising in connection with its business. Based on information currently available, the Company believes that the amount, or range, of reasonably possible losses in connection with any pending actions against it in excess of established reserves, in the aggregate, is not material to its consolidated financial condition or cash flows. However, any current or future dispute resolution or legal proceeding, regardless of the merits of any such proceeding, could result in substantial costs and a diversion of management’s attention and resources that are needed to run the Company successfully, and could have a material adverse impact on its business, financial condition and results of operations.

On August 4, 2020, a purported shareholder derivative complaint was filed in the Superior Court of California, San Mateo County, entitled Godfrey v. Latour, et al. An amended complaint was filed on September 4, 2020 and the case was re-named Ennis v. Latour, et al. A second amended complaint was filed on November 25, 2020. A third amended complaint was filed on June 11, 2021. The third amended complaint names certain current and former Vaxart directors as defendants, asserting claims against them for breach of fiduciary duty, unjust enrichment, and waste and seeking, among other things, an award of unspecified damages, certain equitable relief, and attorneys’ fees and costs. The complaint also asserts claims for breach of fiduciary duty and aiding and abetting breach of fiduciary duty against Armistice Capital, LLC (“Armistice”). The third amended complaint challenges certain stock options granted to certain of the Company’s officers and directors in June 2020; certain alleged statements and omissions made in the Company’s April 24, 2020, proxy statement; and certain amendments to two warrants held by Armistice, as disclosed on June 8, 2020. The third amended complaint purports to bring the lawsuit derivatively on behalf of and for the benefit of the Company and names the Company as a “nominal defendant” against which no damages are sought. On August 31, 2021, the Company and certain of its directors (the “Vaxart Defendants”), as well as all other defendants, filed demurrers to the third amended complaint. The demurrer filed by the Vaxart Defendants has not yet been decided. On July 14, 2022, the court held a hearing on the defendants’ pending demurrers and decided to defer ruling in favor of additional briefing on the effects of the dismissal of the In re Vaxart, Inc. Stockholder Litigation in the Delaware Court of Chancery on the viability of the third amended complaint.

In August and September 2020, two substantially similar securities class actions were filed in the U.S. District Court for the Northern District of California. The first action, titled Himmelberg v. Vaxart, Inc. et al. was filed on August 24, 2020. The second action, titled Hovhannisyan v. Vaxart, Inc. et al. was filed on September 1, 2020 (together, the “Putative Class Action”). By Order dated September 17, 2020, the two actions were deemed related. On December 9, 2020, the court appointed lead plaintiffs and lead plaintiffs’ counsel. On January 29, 2021, lead plaintiffs filed their consolidated amended complaint. On July 8, 2021, all defendants moved to dismiss the consolidated amended complaint. On May 14, 2021, the court granted lead plaintiffs’ request to amend the consolidated amended complaint and denied defendants’ motions to dismiss as moot. On June 10, 2021, lead plaintiffs filed an amended consolidated complaint. On August 9, 2021, lead plaintiffs filed a corrected amended consolidated complaint. The amended consolidated complaint names certain of Vaxart’s current and former executive officers and directors, as well as Armistice, as defendants. It claims three violations of federal civil securities laws; violation of Section 10(b) of the Exchange Act and SEC Rule 10b-5, as against the Company and all individual defendants; violation of Section 20(a) of the Exchange Act, as against Armistice and all individual defendants; and violation of Section 20A of the Exchange Act against Armistice. The amended consolidated complaint alleges that the defendants violated securities laws by misstating and/or omitting information regarding the Company’s development of a norovirus vaccine, the vaccine manufacturing capabilities of a business counterparty, and the Company’s involvement with Operation Warp Speed (“OWS”); and by engaging in a scheme to inflate Vaxart’s stock price. The first amended consolidated complaint seeks to be certified as a class action for similarly situated shareholders and seeks, among other things, an unspecified amount of damages and attorneys’ fees and costs. As disclosed in a Form 8-K filed by the Company on July 28, 2022, a Stipulation of Settlement was filed with the court, announcing the terms of a partial settlement of the Putative Class action. On October 3, 2022, the parties' motion for preliminary approval of the partial class settlement was granted by the district court. Under the order preliminarily approving the partial class settlement, Vaxart shall cause $2,000,000 to be paid into an escrow account, with its insurers placing the remainder of the settlement funds into a designated escrow account pending final approval. A fairness hearing was scheduled for January 12, 2023, to determine whether final class settlement approval will be granted. If the settlement is not approved, the parties will revert back to their prior litigation positions and the defendants would vigorously contest the claims.

On October 23, 2020, a complaint was filed in the U.S. District Court for the Southern District of New York, entitled Roth v. Armistice Capital LLC, et al. The complaint names Armistice and certain Armistice-related parties as defendants, asserting a violation of Exchange Act Section 16(b) and seeking the disgorgement of short-swing profits. The complaint purports to bring the lawsuit on behalf of and for the benefit of the Company and names the Company as a “nominal defendant” for whose benefit damages are sought.

On January 8, 2021, a purported shareholder, Phillip Chan, commenced a pro se lawsuit in the U.S. District Court for the Northern District of California titled Chan v. Vaxart, Inc. et al. (the “Opt-Out Action”). Because this complaint is nearly identical to an earlier version of a complaint filed in the Putative Class Action, the Opt-Out Action has been stayed pending resolution of the Putative Class Action.

The Company has accrued $2.0 million with respect to the Putative Class Action pursuant to the terms of the settlement agreement reached in that case. No other amounts have been accrued because the Company’s management does not presently believe that any loss is probable and it is not possible to reasonably estimate the loss, or range of losses, if any, that may result from any of the ongoing litigation. The Company’s legal costs incurred in its defense against these claims are expensed as incurred.

Note 9 - Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note Disclosure [Text Block]

NOTE 9. Stockholders’ Equity

(a)

Preferred Stock

The Company is authorized to issue 5,000,000 shares of preferred stock, $0.0001 par value per share. The Company’s board of directors may, without further action by the stockholders, fix the rights, preferences, privileges and restrictions of up to an aggregate of 5,000,000 shares of preferred stock in one or more series and authorize their issuance. These rights, preferences and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of the Company’s common stock. The issuance of preferred stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deterring or preventing a change of control or other corporate action. No shares of preferred stock are currently outstanding.

(b)

Common Stock

As of September 30, 2022, the Company was authorized to issue 250,000,000 shares of common stock, $0.0001 par value per share, which includes an increase of 100,000,000 on August 4, 2022, when the Company’s stockholders approved an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of common stock from 150,000,000. Except as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, the holders of common stock possess all voting power for the election of the Company’s directors and all other matters requiring stockholder action. Holders of common stock are entitled to one vote per share on matters to be voted on by stockholders. Holders of common stock are entitled to receive such dividends, if any, as may be declared from time to time by the Company’s board of directors in its discretion out of funds legally available therefor. In no event will any stock dividends or stock splits or combinations of stock be declared or made on common stock unless the shares of common stock at the time outstanding are treated equally and identically. As of September 30, 2022, no dividends had been declared by the board of directors.

In the event of the Company’s voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders of the common stock will be entitled to receive an equal amount per share of all of the Company’s assets of whatever kind available for distribution to stockholders, after the rights of the holders of the preferred stock have been satisfied. There are no sinking fund provisions applicable to the common stock.

The Company had shares of common stock reserved for issuance as follows:

	*September 30, 2022*		*December 31, 2021*

Options issued and outstanding		14,965,813		10,216,106
RSUs issued and outstanding		723,716		—
Available for future grants of equity awards		11,932,077		5,582,742
Common stock warrants		227,434		232,434
2022 Employee Stock Purchase Plan		1,800,000		—
Total		29,649,040		16,031,282

(c)

Warrants

The following warrants were outstanding as of September 30, 2022, all of which contain standard anti-dilution protections in the event of subsequent rights offerings, stock splits, stock dividends or other extraordinary dividends, or other similar changes in the Company’s common stock or capital structure, and none of which have any participating rights for any losses:

Securities into which warrants are convertible	Warrants Outstanding		Exercise Price		Expiration Date

Common Stock		44,148	$	1.10	April 2024
Common Stock		26,515	$	1.375	April 2024
Common Stock		29,150	$	2.50	March 2025
Common Stock		100,532	$	3.125	February 2025
Common Stock		16,175	$	3.125	March 2024
Common Stock		10,914	$	22.99	December 2026
Total		227,434

In the event of a Fundamental Transaction (a transfer of ownership of the Company as defined in the warrant) within the Company’s control, the holders of the unexercised common stock warrants exercisable for $1.10 and $2.50 and those exercisable for $3.125 expiring in February 2025 shall be entitled to receive cash consideration equal to a Black-Scholes valuation, as defined in the warrant. If such Fundamental Transaction is not within the Company’s control, the warrantholders would only be entitled to receive the same form of consideration (and in the same proportion) as the holders of the Company’s common stock, hence these warrants are classified as a component of permanent equity.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

Note 11 - Net Loss Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Text Block]

NOTE 11. Net Loss Per Share

The following table presents the calculation of basic and diluted net loss per share (in thousands, except share and per share amounts):

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2022*			*2021*			*2022*			*2021*

Net loss	$	(29,309	)	$	(17,583	)	$	(83,840	)	$	(49,706	)

Shares used to compute net loss per share – basic and diluted		126,889,718			123,984,141			126,374,424			120,110,780

Net loss per share – basic and diluted	$	(0.23	)	$	(0.14	)	$	(0.66	)	$	(0.41	)

No adjustment has been made to the net loss in the three and nine months ended September 30, 2022 or 2021, as the effect would be anti-dilutive due to the net loss.

The following potentially dilutive securities were excluded from the computation of diluted weighted average shares outstanding because they would have been antidilutive:

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2022*		*2021*		*2022*		*2021*

Options to purchase common stock		14,735,710		8,464,753		13,170,959		7,683,510

Restricted stock units		660,660		—		353,738		—

Warrants to purchase common stock		227,434		232,434		229,156		413,121

Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation		15,623,804		8,697,187		13,753,853		8,096,631

Note 12 - Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Text Block]

NOTE 12. Subsequent Events

Since September 30, 2022, the Company has issued 3,194,043 shares of common stock under the September 2021 ATM (see Note 1) for net proceeds totaling $5.5 million.

Changes in the status of litigation since September 30, 2022, are included in “Note 8. Commitments and Contingencies—(c) Litigation”.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation – The Company has prepared the accompanying condensed consolidated financial statements pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to these rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes related thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on February 24, 2022 (the “Annual Report”). Unless noted below, there have been no material changes to the Company’s significant accounting policies described in Note 2 to the consolidated financial statements included in the Annual Report. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position and the results of its operations and cash flows. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year or any future periods.
Consolidation, Policy [Policy Text Block]	Basis of Consolidation – The condensed consolidated financial statements include the financial statements of Vaxart, Inc. and its subsidiaries. All significant transactions and balances between Vaxart, Inc. and its subsidiaries have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Actual results and outcomes could differ from these estimates and assumptions.
Investment, Policy [Policy Text Block]	Concentration of Credit Risk – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents and available-for-sale investments. The Company places its cash, cash equivalents and available-for-sale investments at financial institutions that management believes are of high credit quality. The Company is exposed to credit risk in the event of default by the financial institutions holding the cash and cash equivalents to the extent such amounts are in excess of the federally insured limits. The Company has not experienced any losses on its deposits since inception. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any one corporate issuer or sector and establishing a minimum allowable credit rating.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements The Company has reviewed all newly-issued accounting pronouncements that are not yet effective and concluded that they are either not applicable to its operations or their adoption is not expected to have a material impact on its financial position or results of operations.

Note 3 - Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	*Level 1*		*Level 2*		*Level 3*		*Total*
September 30, 2022
Financial assets:
Money market funds	$	30,873	$	—	$	—	$	30,873
U.S. Treasury securities		—		49,389		—		49,389
Commercial paper		—		8,959		—		8,959
Corporate debt securities		—		5,651		—		5,651
Total	$	30,873	$	63,999	$	—	$	94,872

	*Level 1*		*Level 2*		*Level 3*		*Total*
December 31, 2021
Financial assets:
Money market funds	$	70,978	$	—	$	—	$	70,978
U.S. Treasury securities		—		24,997		—		24,997
Commercial paper		—		7,491		—		7,491
Corporate debt securities		—		6,464		—		6,464
Total	$	70,978	$	38,952	$	—	$	109,930

Note 4 - Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2022

Cash, Cash Equivalents and Investments [Table Text Block]

	*Amortized*		*Gross Unrealized*					*Estimated*		*Cash and Cash*		*Short-Term*		*Long-Term*
	*Cost*		*Gains*		*Losses*			*Fair Value*		*Equivalents*		*Investments*		*Investments*
September 30, 2022
Cash at banks	$	19,895	$	—	$	—		$	19,895	$	19,895	$	—	$	—
Money market funds		30,873		—		—			30,873		30,873		—		—
U.S. Treasury securities		49,841		—		(452	)		49,389		—		49,389		—
Commercial paper		8,959		—		—			8,959		—		8,959		—
Corporate debt securities		5,716		—		(65	)		5,651		—		5,651		—
Total	$	115,284	$	—	$	(517	)	$	114,767	$	50,768	$	63,999	$	—

	*Amortized*		*Gross Unrealized*					*Estimated*		*Cash and Cash*		*Short-Term*		*Long-Term*
	*Cost*		*Gains*		*Losses*			*Fair Value*		*Equivalents*		*Investments*		*Investments*
December 31, 2021
Cash at banks	$	72,767	$	—	$	—		$	72,767	$	72,767	$	—	$	—
Money market funds		70,978		—		—			70,978		70,978		—		—
U.S. Treasury securities		25,055		—		(58	)		24,997		—		12,022		12,975
Commercial paper		7,491		—		—			7,491		—		7,491		—
Corporate debt securities		6,480		—		(16	)		6,464		—		3,229		3,235
Total	$	182,771	$	—	$	(74	)	$	182,697	$	143,745	$	22,742	$	16,210

Property, Plant and Equipment [Table Text Block]

	*September 30, 2022*			*December 31, 2021*

Laboratory equipment	$	7,465		$	5,057
Office and computer equipment		767			481
Leasehold improvements		1,063			1,063
Construction in progress		5,596			1,305
Total property and equipment		14,891			7,906
Less: accumulated depreciation		(2,611	)		(1,305	)
Property and equipment, net	$	12,280		$	6,601

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	*September 30, 2022*			*December 31, 2021*

Developed technology	$	10,600		$	10,600
Intellectual property		80			80
Total cost		10,680			10,680
Less: accumulated amortization		(1,069	)		(56	)
Intangible assets, net	$	9,611		$	10,624

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Year Ending December 31,	Amount
2022 (three months remaining)	$	338
2023		1,350
2024		1,350
2025		1,350
2026		1,350
Thereafter		3,873
Total	$	9,611

Schedule of Accrued Liabilities [Table Text Block]

	*September 30, 2022*		*December 31, 2021*

Accrued compensation	$	3,809	$	2,786
Accrued clinical and manufacturing expenses		1,203		986
Accrued professional and consulting services		715		556
Accrued litigation settlement		2,000		—
Other liabilities, current portion		2,617		736
Total	$	10,344	$	5,064

Note 6 - Liabilities Related to Sale of Future Royalties (Tables)

9 Months Ended

Sep. 30, 2022

Deferred Revenue, by Arrangement, Disclosure [Table Text Block]

Total liability related to sale of future royalties, start of period	$	11,522
Non-cash royalty revenue paid to HCRP		(152	)
Non-cash interest expense recognized		988
Total liability related to sale of future royalties, end of period		12,358
Current portion		(1,331	)
Long-term portion	$	11,027

Note 7 - Leases (Tables)

9 Months Ended

Sep. 30, 2022

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Year Ending December 31,
2022 (three months remaining)	$	994
2023		4,072
2024		4,213
2025		4,356
2026		4,964
Thereafter		11,787
Undiscounted total		30,386
Less: imputed interest		(8,218	)
Present value of future minimum payments		22,168
Current portion of operating lease liability		(2,149	)
Operating lease liability, net of current portion	$	20,019

Lease, Cost [Table Text Block]

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2022*		*2021*		*2022*		*2021*
Lease cost
Operating lease cost	$	1,202	$	651	$	2,652	$	1,824
Short-term lease cost		117		101		335		232
Variable lease cost		397		313		926		937
Sublease income		—		—		—		(36	)
Total lease cost	$	1,716	$	1,065	$	3,913	$	2,957

Note 9 - Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Common Stock Reserved for Issuance [Table Text Block]

	*September 30, 2022*		*December 31, 2021*

Options issued and outstanding		14,965,813		10,216,106
RSUs issued and outstanding		723,716		—
Available for future grants of equity awards		11,932,077		5,582,742
Common stock warrants		227,434		232,434
2022 Employee Stock Purchase Plan		1,800,000		—
Total		29,649,040		16,031,282

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Securities into which warrants are convertible	Warrants Outstanding		Exercise Price		Expiration Date

Common Stock		44,148	$	1.10	April 2024
Common Stock		26,515	$	1.375	April 2024
Common Stock		29,150	$	2.50	March 2025
Common Stock		100,532	$	3.125	February 2025
Common Stock		16,175	$	3.125	March 2024
Common Stock		10,914	$	22.99	December 2026
Total		227,434

Note 10 - Equity Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement, Activity [Table Text Block]

							*Weighted*					*Weighted*
	*Shares*			*Number of*			*Average*		*Number of*			*Average*
	*Available*			*Options*			*Exercise*		*RSUs*			*Grant Date*
	*For Grant*			*Outstanding*			*Price*		*Outstanding*			*Fair Value*

Balance at January 1, 2022		5,582,742			10,216,106		$	4.96		—		$	—
2019 Plan Amendment		12,000,000			—		$	—		—		$	—
Granted		(6,530,935	)		5,777,657		$	4.38		753,278		$	3.98
Exercised		—			(166,993	)	$	1.28		—		$	—
Forfeited		818,749			(789,252	)	$	6.40		(29,562	)	$	3.79
Canceled		61,521			(71,705	)	$	8.82		—		$	—

Balance at September 30, 2022		11,932,077			14,965,813		$	4.68		723,716		$	3.99

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	*Nine Months Ended September 30,*
	*2022*		*2021*

Risk-free interest rate		1.62% - 3.20%		0.91% - 1.19%
Expected term (in years)		5.42 - 6.08		5.44 - 6.08
Expected volatility		125% - 131%		122% - 131%
Dividend yield		—%		—%

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2022*		*2021*		*2022*		*2021*

Research and development	$	2,567	$	1,206	$	6,977	$	2,429
General and administrative		1,076		893		3,217		3,525
Total stock-based compensation	$	3,643	$	2,099	$	10,194	$	5,954

Note 11 - Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2022*			*2021*			*2022*			*2021*

Net loss	$	(29,309	)	$	(17,583	)	$	(83,840	)	$	(49,706	)

Shares used to compute net loss per share – basic and diluted		126,889,718			123,984,141			126,374,424			120,110,780

Net loss per share – basic and diluted	$	(0.23	)	$	(0.14	)	$	(0.66	)	$	(0.41	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2022*		*2021*		*2022*		*2021*

Options to purchase common stock		14,735,710		8,464,753		13,170,959		7,683,510

Restricted stock units		660,660		—		353,738		—

Warrants to purchase common stock		227,434		232,434		229,156		413,121

Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation		15,623,804		8,697,187		13,753,853		8,096,631

Note 1 - Organization and Basis of Presentation (Details Textual) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended	9 Months Ended		11 Months Ended
	Sep. 15, 2021	Oct. 13, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 13, 2021
Proceeds from Issuance of Common Stock					$ 8,650	$ 122,210
The October 2020 Offering [Member]
Open Market Sale Agreement, Maximum Aggregate Offering Price		$ 250,000
Payments of Stock Issuance Costs		$ 300
Open Market Sale Agreement, Sales Commission, Percentage		4.50%
Stock Issued During Period, Shares, New Issues (in shares)				692,651		13,239,839	13,932,490
Proceeds from Issuance of Common Stock				$ 5,500		$ 127,900	$ 133,400
Proceeds from Issuance of Common Stock, Net				$ 4,900		$ 122,200	$ 127,100
The September 2021 ATM [Member]
Open Market Sale Agreement, Maximum Aggregate Offering Price	$ 100,000
Open Market Sale Agreement, Sales Commission, Percentage	3.00%
Stock Issued During Period, Shares, New Issues (in shares)			0		2,565,022
Proceeds from Issuance of Common Stock					$ 9,200
Proceeds from Issuance of Common Stock, Net					$ 8,600

Note 3 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Fair Value, Recurring [Member]
Financial Liabilities Fair Value Disclosure, Total	$ 0	$ 0	$ 0

Note 3 - Fair Value of Financial Instruments - Financial Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Money Market Funds [Member]
Money market funds, Fair Value	$ 30,873	$ 70,978
Fair Value, Recurring [Member]
Assets, Fair Value	94,872	109,930
Fair Value, Recurring [Member] \| US Treasury Securities [Member]
Investments, Fair Value Disclosure	49,389	24,997
Fair Value, Recurring [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Investments, Fair Value Disclosure	8,959	7,491
Fair Value, Recurring [Member] \| Corporate Debt Securities [Member]
Investments, Fair Value Disclosure	5,651	6,464
Fair Value, Recurring [Member] \| Money Market Funds [Member]
Money market funds, Fair Value	30,873	70,978
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value	30,873	70,978
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Money market funds, Fair Value	30,873	70,978
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value	63,999	38,952
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| US Treasury Securities [Member]
Investments, Fair Value Disclosure	49,389	24,997
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Investments, Fair Value Disclosure	8,959	7,491
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Investments, Fair Value Disclosure	5,651	6,464
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Money market funds, Fair Value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| US Treasury Securities [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities [Member]
Investments, Fair Value Disclosure	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Money market funds, Fair Value	$ 0	$ 0

Note 4 - Balance Sheet Components (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Accounts Receivable, after Allowance for Credit Loss, Current, Total	$ 0		$ 0			$ 71,000
Accounts Receivable, Allowance for Credit Loss, Current	0		0			0
Depreciation, Total	489,000	$ 211,000	1,300,000	$ 406,000
Tangible Asset Impairment Charges, Total			0	0
Operating Lease, Right-of-Use Asset	26,607,000		26,607,000			13,168,000
Amortization of Intangible Assets	338,000	$ 433,000	1,000,000.0	$ 1,300,000
Goodwill, Ending Balance	4,508,000		4,508,000		$ 4,500,000	4,508,000
Goodwill, Impairment Loss			$ 0
Developed Technology Rights [Member]
Finite-Lived Intangible Assets, Remaining Amortization Period (Year)			7 years 1 month 6 days
Intellectual Property [Member]
Finite-Lived Intangible Asset, Useful Life (Year)			20 years
Finite-Lived Intangible Assets, Remaining Amortization Period (Year)			5 years 3 months
Minimum [Member] \| Developed Technology Rights [Member]
Finite-Lived Intangible Asset, Useful Life (Year)			1 year 3 months 18 days
Maximum [Member] \| Developed Technology Rights [Member]
Finite-Lived Intangible Asset, Useful Life (Year)			11 years 9 months
Royalty [Member]
Accounts Receivable, after Allowance for Credit Loss, Current, Total	$ 0		$ 0			$ 71,000

Note 4 - Balance Sheet Components - Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Cash and cash equivalents	$ 50,768	$ 143,745	$ 167,231	$ 126,870
Gross Unrealized Loss	(517)	(74)
Short-term investments	63,999	22,742
Long-term investments	0	16,210
Investments and Cash	115,284	182,771
Investments and Cash, Fair Value Disclosure	114,767	182,697
US Treasury Securities [Member]
Amortized Cost	49,841	25,055
Gross Unrealized Loss	(452)	(58)
Estimated Fair Value	49,389	24,997
Short-term investments	49,389	12,022
Long-term investments	0	12,975
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Amortized Cost	8,959	7,491
Gross Unrealized Loss	0
Estimated Fair Value	8,959	7,491
Short-term investments	8,959	7,491
Corporate Debt Securities [Member]
Amortized Cost	5,716	6,480
Gross Unrealized Loss	(65)	(16)
Estimated Fair Value	5,651	6,464
Short-term investments	5,651	3,229
Long-term investments		3,235
Cash [Member]
Cash and Cash Equivalents, at Carrying Value	19,895	72,767
Money market funds, Fair Value	19,895	72,767
Cash and cash equivalents	19,895	72,767
Money Market Funds [Member]
Cash and Cash Equivalents, at Carrying Value	30,873	70,978
Money market funds, Fair Value	30,873	70,978
Cash and cash equivalents	$ 30,873	$ 70,978

Note 4 - Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property and equipment, gross	$ 14,891	$ 7,906
Less: accumulated depreciation	(2,611)	(1,305)
Property and equipment, net	12,280	6,601
Laboratory Equipment [Member]
Property and equipment, gross	7,465	5,057
Office Equipment [Member]
Property and equipment, gross	767	481
Leasehold Improvements [Member]
Property and equipment, gross	1,063	1,063
Construction in Progress [Member]
Property and equipment, gross	$ 5,596	$ 1,305

Note 4 - Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Intangible assets, gross	$ 10,680	$ 10,680
Less: accumulated amortization	(1,069)	(56)
Intangible assets, net	9,611	10,624
Developed Technology Rights [Member]
Intangible assets, gross	10,600	10,600
Intellectual Property [Member]
Intangible assets, gross	$ 80	$ 80

Note 4 - Balance Sheet Components - Estimated Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
2022 (three months remaining)	$ 338
2023	1,350
2024	1,350
2025	1,350
2026	1,350
Thereafter	3,873
Total	$ 9,611

Note 4 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued compensation	$ 3,809	$ 2,786
Accrued clinical and manufacturing expenses	1,203	986
Accrued professional and consulting services	715	556
Accrued litigation settlement	2,000	0
Other liabilities, current portion	2,617	736
Total	$ 10,344	$ 5,064

Note 5 - Revenue (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Note 5 - Revenue (Details Textual) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 200,000	$ 85,000	$ 818,000
Income Tax Expense (Benefit), Total	16,000	21,000	$ 51,000	89,000
Foreign Tax Authority [Member] \| National Tax Agency, Japan [Member]
Royalty Withholding Tax			5.00%
Income Tax Expense (Benefit), Total	0	10,000	$ 4,000	40,000
Royalty [Member] \| Daiichi Sankyo Collaberation and License Agreement [Member]
Royalty Percentage			4.00%
Revenue from Contract with Customer, Including Assessed Tax			$ 0	0
Non Cash Royalty Revenue [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	200,000	85,000	805,000
Non Cash Royalty Revenue [Member] \| Daiichi Sankyo Collaberation and License Agreement [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 200,000	$ 85,000	$ 805,000

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Note 6 - Liabilities Related to Sale of Future Royalties (Details Textual) - HCRP [Member] $ in Millions	1 Months Ended
	Apr. 30, 2016 USD ($)
Proceeds from Sale of Future Royalties, Net	$ 20
Royalty Interest Due Each Year	$ 3
Royalty Interest, Percentage of Additional Royalties Due Each Year	15.00%
Royalty Interest, Additional Royalties Due Each Year	$ 1

Note 6 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Current portion	$ (1,331)	$ (836)
Long-term portion	11,027	$ 10,686
HealthCare Royalty Partners III, L.P. [Member] \| Royalty Arrangement [Member]
Total liability related to sale of future royalties, start of period	11,522
Non-cash royalty revenue paid to HCRP	(152)
Non-cash interest expense recognized	988
Total liability related to sale of future royalties, end of period	12,358
Current portion	(1,331)
Long-term portion	$ 11,027

Note 7 - Leases (Details Textual)	3 Months Ended		9 Months Ended
Note 7 - Leases (Details Textual)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jul. 31, 2019
Operating Lease, Weighted Average Discount Rate, Percent	9.80%		9.80%
Operating Lease, Weighted Average Remaining Lease Term (Year)	6 years 4 months 2 days		6 years 4 months 2 days
Lessee, Finance Lease, Number of Leases	0		0
Short-Term Lease Commitment, Amount	$ 0		$ 0
Operating Lease, Payments	$ 1,400,000	$ 970,000	$ 7,800,000	$ 2,800,000
Right of Use for Equipment with Initial Terms Exceeding One Year [Member]
Lessee, Operating Lease, Number of Right-of-Use Leases	7		7
Operating Lease Arrangements for Facilities [Member]
Lessee, Short-term Lease, Number of Leases	2		2
Lease Agreements for Manufacturing Equipment with Initial Terms of One Year or Less [Member]
Lessee, Short-term Lease, Number of Leases	1		1
South San Francisco Real Estate [Member]
Lessee, Operating Lease, Renewal Term (Year)	8 years		8 years		5 years
September 2021 Lease for Facility in South San Francisco [Member]
Lessee, Operating Lease, Renewal Term (Year)	8 years		8 years
Lessee, Operating Lease, Expected Tenant Improvements	$ 2,800,000		$ 2,800,000
Facility in South San Francisco [Member]
Lessee, Operating Lease, Renewal Term (Year)	5 years		5 years
Facility in Burlingame, California [Member]
Lessee, Short-term Lease, Number of Leases	2		2
Lessee, Operating Lease, Renewal Term (Year)	30 months		30 months
Lessee, Operating Lease, Number of Renewal Option	2		2

Note 7 - Leases - Lease Liabilities Payment Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
2022 (three months remaining)	$ 994
2023	4,072
2024	4,213
2025	4,356
2026	4,964
Thereafter	11,787
Undiscounted total	30,386
Less: imputed interest	(8,218)
Present value of future minimum payments	22,168
Current portion of operating lease liability	(2,149)	$ (1,011)
Operating lease liability, net of current portion	$ 20,019	$ 11,997

Note 7 - Leases - Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating lease cost	$ 1,202	$ 651	$ 2,652	$ 1,824
Short-term lease cost	117	101	335	232
Variable lease cost	397	313	926	937
Sublease income	0	0	0	(36)
Total lease cost	$ 1,716	$ 1,065	$ 3,913	$ 2,957

Note 8 - Commitments and Contingencies (Details Textual) - USD ($)		13 Months Ended
	Oct. 03, 2022	Sep. 30, 2022	Dec. 31, 2021
Accrued Litigation Settlement		$ 2,000,000	$ 0
Himmelberg v. Vaxart, Inc. et al. and Hovhannisyan v. Vaxart, Inc. et al.[Member] \| Subsequent Event [Member]
Litigation Settlement, Amount to Escrow Account	$ 2,000,000
Lease for Facility in South San Francisco, California [Member]
Purchase Obligation, Total		13,700,000
Lessee, Operating Lease, Lease Not yet Commenced		400,000
Lessee, Operating Lease, Lease Not yet Commenced, Minimum Tenant Improvements		2,800,000
Payments for Tenant Improvements		600,000
Lessee, Operating Lease, Lease Not Yet Commenced, Purchase Obligation		$ 2,200,000

Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Aug. 04, 2022	Sep. 30, 2022	Aug. 03, 2022	Dec. 31, 2021
Preferred Stock, Shares Authorized (in shares)		5,000,000		5,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.0001		$ 0.0001
Preferred Stock, Shares Outstanding, Ending Balance (in shares)		0		0
Common Stock, Shares Authorized (in shares)		250,000,000	150,000,000	250,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.0001		$ 0.0001
Common Stock, Increase in Shares Authorized (in shares)	100,000,000
Dividends, Total		$ 0
First Set of Warrants Expiring April 2024 [Member]
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share)		$ 1.10
Warrants Expiring March 2025 [Member]
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share)		2.50
Warrants Expiring February 2025 [Member]
Warrant Exercise Price to be Entitled to Receive Cash Consideration, Fundamental Transaction (in dollars per share)		$ 3.125

Note 9 - Stockholders' Equity - Shares of Common Stock Reserved for Issuance (Details) - shares	Sep. 30, 2022	Dec. 31, 2021
Common stock reserved for issuance (in shares)	29,649,040	16,031,282
Common Warrants [Member]
Common stock reserved for issuance (in shares)	227,434	232,434
Share-Based Payment Arrangement, Option [Member]
Common stock reserved for issuance (in shares)	14,965,813	10,216,106
Restricted Stock Units (RSUs) [Member]
Common stock reserved for issuance (in shares)	723,716	0
Future Grants of Equity Awards [Member]
Common stock reserved for issuance (in shares)	11,932,077	5,582,742
ESPP [Member]
Common stock reserved for issuance (in shares)	1,800,000	0

Note 9 - Stockholders' Equity - Summary of Warrants Outstanding (Details)	Sep. 30, 2022 $ / shares shares
Warrants outstanding (in shares)	227,434
First Set of Warrants Expiring September 2024 [Member]
Warrants outstanding (in shares)	44,148
Exercise Price (in dollars per share) \| $ / shares	$ 1.10
First Set of Warrants Expiring April 2024 [Member]
Warrants outstanding (in shares)	26,515
Exercise Price (in dollars per share) \| $ / shares	$ 1.375
Second Set of Warrants Expiring April 2024 [Member]
Warrants outstanding (in shares)	29,150
Exercise Price (in dollars per share) \| $ / shares	$ 2.50
Warrants Expiring March 2025 [Member]
Warrants outstanding (in shares)	100,532
Exercise Price (in dollars per share) \| $ / shares	$ 3.125
Warrants Expiring February 2025 [Member]
Warrants outstanding (in shares)	16,175
Exercise Price (in dollars per share) \| $ / shares	$ 3.125
Warrants Expiring March 2024 [Member]
Warrants outstanding (in shares)	10,914
Exercise Price (in dollars per share) \| $ / shares	$ 22.99

Note 10 - Equity Incentive Plans (Details Textual) - USD ($)		9 Months Ended
	Apr. 23, 2019	Sep. 30, 2022	Sep. 30, 2021	Aug. 04, 2022	Dec. 31, 2021	Jun. 16, 2021	Jun. 08, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)		14,965,813			10,216,106
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)		$ 4.68			$ 4.96
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)		8 years 5 months 12 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value		$ 1,400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares)		5,415,197
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in dollars per share)		$ 3.75
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term (Year)		7 years 2 months 15 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value		$ 1,200,000
Proceeds from Stock Options Exercised		$ 214,000	$ 1,240,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)		166,993	771,344
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 474,000	$ 4,600,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 3.88	$ 6.67
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		29,649,040			16,031,282
Restricted Stock Units (RSUs) [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		723,716			0
Restricted Stock Units (RSUs) [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		688,061
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		4 years
Restricted Stock Units (RSUs) [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		29,500
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Restricted Stock Units (RSUs) [Member] \| Director [Member] \| The Day Before Annual Stockholders Meeting, or Grant Date Anniversary [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		35,717
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 38,400,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		3 years 18 days
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		14,965,813			10,216,106
The 2019 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	1,600,000			28,900,000		16,900,000	8,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)	10 years
The 2022 ESPP [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)				1,800,000

Note 10 - Equity Incentive Plans - Summary of Stock Option and RSU Transactions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Shares available for grant (in shares)	5,582,742
Number of options outstanding (in shares)	10,216,106
Weighted average exercise price (in dollars per share)	$ 4.96
2019 Plan Amendment (in shares)	12,000,000
Shares available for grant, granted (in shares)	(6,530,935)
Number of options outstanding, granted (in shares)	5,777,657
Weighted average exercise price, granted (in dollars per share)	$ 4.38
Number of options outstanding, exercised (in shares)	(166,993)	(771,344)
Weighted average exercise price, exercised (in dollars per share)	$ 1.28
Shares available for grant, forfeited (in shares)	818,749
Number of options outstanding, forfeited (in shares)	(789,252)
Weighted average exercise price, forfeited (in dollars per share)	$ 6.40
Canceled (in shares)	61,521
Canceled (in shares)	(71,705)
Canceled (in dollars per share)	$ 8.82
Shares available for grant (in shares)	11,932,077
Number of options outstanding (in shares)	14,965,813
Weighted average exercise price (in dollars per share)	$ 4.68
Restricted Stock Units (RSUs) [Member]
Number of RSUs outstanding (in shares)	0
Weighted average grant date fair value (in dollars per share)	$ 0
Number of RSUs outstanding, granted (in shares)	753,278
Weighted average grant date fair value, granted (in dollars per share)	$ 3.98
Number of RSUs outstanding, exercised (in shares)	0
Weighted average grant date fair value, exercised (in dollars per share)	$ 0
Number of RSUs outstanding, forfeited (in shares)	(29,562)
Weighted average grant date fair value, forfeited (in dollars per share)	$ 3.79
Number of RSUs outstanding (in shares)	723,716
Weighted average grant date fair value (in dollars per share)	$ 3.99

Note 10 - Equity Incentive Plans - Assumptions of Options (Details) - Share-Based Payment Arrangement, Option [Member]	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Minimum [Member]
Risk-free interest rate	1.62%	0.91%
Expected term (in years) (Year)	5 years 5 months 1 day	5 years 5 months 8 days
Expected volatility	125.00%	122.00%
Maximum [Member]
Risk-free interest rate	3.20%	1.19%
Expected term (in years) (Year)	6 years 29 days	6 years 29 days
Expected volatility	131.00%	131.00%

Note 10 - Equity Incentive Plans - Total Stock-based Compensation Recognized for Options (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-based compensation	$ 3,643	$ 2,099	$ 10,194	$ 5,954
Research and Development Expense [Member]
Stock-based compensation	2,567	1,206	6,977	2,429
General and Administrative Expense [Member]
Stock-based compensation	$ 1,076	$ 893	$ 3,217	$ 3,525

Note 11 - Net Loss Per Share (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Dilutive Securities, Effect on Basic Earnings Per Share, Total	$ 0	$ 0	$ 0	$ 0

Note 11 - Net Loss Per Share - Calculation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net loss	$ (29,309)	$ (17,583)	$ (83,840)	$ (49,706)
Shares used to compute net loss per share - basic and diluted (in shares)	126,889,718	123,984,141	126,374,424	120,110,780
Net loss per share - basic and diluted (in dollars per share)	$ (0.23)	$ (0.14)	$ (0.66)	$ (0.41)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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