0001437749-26-008023 | 10-K | XBRL Viewer

Retirement Benefits [Text Block]

NOTE 11. Benefit Plan

The Company provides a tax-qualified employee savings and retirement plan commonly known as a 401(k) plan (the “Plan”), which covers the Company’s eligible employees. Pursuant to the Plan, employees may elect to defer their current compensation up to the IRS annual contribution limit of $23,500 for calendar year 2025 and $23,000 for calendar year 2024. Employees age 50 or over may elect to contribute an additional $7,500 annually for 2025 and 2024.

Employees direct their contributions, which vest immediately, across a series of mutual funds. In the years ended December 31, 2025 and 2024, the Company matched employee contributions up to 3% of each employee’s eligible earnings, vesting immediately. The Company’s matching contributions totaled $0.5 million for each of the years ended December 31, 2025 and 2024. The costs of administering the Plan totaled $30,000 and $38,000 in the years ended December 31, 2025 and 2024, respectively.

The entire disclosure for retirement benefits.

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Note 12 - Income Taxes - Schedule of State and Local Income Tax (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)
Income tax	$ 3,000
State and Local Jurisdiction [Member] \| California Franchise Tax Board [Member]
Income tax	$ 1,600
Income tax, percent	63.40%

Note 9 - Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [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 our 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, and the Company has no present plan to issue any shares of preferred stock.

(b) Common Stock

As of December 31, 2025, the Company was authorized to issue 350,000,000 shares of common stock, $0.0001 par value per share, which includes an increase of 100,000,000 on June 11, 2024, 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 250,000,000 to 350,000,000 shares. 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 December 31, 2025, no dividends had been declared by the board of directors.

In November 2025, the Company entered into a Purchase Agreement with Dynavax (as defined in Note 1), pursuant to which 11,111,111 shares of the Company's common stock were sold to Dynavax at a price of $0.45 per share, resulting in gross proceeds of approximately $5.0 million, of which $0.8 million was determined to represent a premium and was allocated to deferred revenue.

In June 2024, the Company entered into an underwriting agreement with Oppenheimer & Co. Inc., relating to the issuance and sale by the Company in an underwritten registered direct offering of 50,000,000 shares of the Company’s common stock, at a price of $0.80 per share. The gross proceeds to the Company from such offering were $40.0 million, and after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, the net proceeds were $37.5 million.

In January 2024, the Company entered into the 2024 Securities Purchase Agreement with RA Capital Healthcare Fund, L.P. pursuant to which 15,384,615 shares of the Company's common stock were sold to RA Capital Healthcare Fund, L.P. at an offering price of $0.65 per share pursuant to the Company’s 2023 Shelf Registration. The gross proceeds from the 2024 Securities Purchase Agreement were $10.0 million and, after deducting offering expenses, the net proceeds were $9.9 million.

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 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:

	*December 31, 2025*		*December 31, 2024*

Options issued and outstanding		25,407,299		20,405,239
RSUs issued and outstanding		5,733,306		3,016,481
2019 Equity Incentive Plan available for future grant		10,831,860		18,046,374
2024 Inducement Award Plan available for future grant		43,250		1,603,750
Common stock warrants		10,914		140,596
2022 Employee Stock Purchase Plan		1,823,454		2,362,902
Total		43,850,083		45,575,342

The approved increase of reserved common stock for 2019 Equity Incentive Plan and 2022 Employee Stock Purchase Plan is detailed in Note 10.

(c) Warrants

In February 2025 and March 2025, 100,532 and 29,150, respectively, of the warrants outstanding as of December 31, 2024, expired unexercised. The following 10,914 warrants for common stock were outstanding as of December 31, 2025, 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		10,914	$	22.99	December 2026
Total		10,914

The entire disclosure for equity.

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Note 4 - Balance Sheet Components - Estimated Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
2026	$ 732
2027	731
2028	727
2029	636
Total	$ 2,826

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Nov. 04, 2025
Cash, Cash Equivalents, and Short-Term Investments	$ 63,800
Accounts Receivable, Allowance for Credit Loss	$ 0	$ 0
Developed Technology Rights [Member] \| Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	11 years 9 months
Intellectual Property [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	20 years
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| HHS Barda [Member]
Concentration Risk, Percentage	98.00%	48.00%
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Daiichi Sankyo [Member]
Concentration Risk, Percentage		52.00%
Customer Concentration Risk [Member] \| Unbilled Receivables [Member] \| HHS Barda [Member]
Concentration Risk, Percentage	100.00%	100.00%
Customer Concentration Risk [Member] \| Research and Development [Member] \| Clinical Research Organization and Analytical Testing Vendor [Member]
Concentration Risk, Percentage	76.00%
Customer Concentration Risk [Member] \| Research and Development [Member] \| Clinical Research Organization [Member]
Concentration Risk, Percentage		18.00%
License Agreement and Purchase Agreement [Member]
License Agreement, Stock To Be Purchased, Per Share (in dollars per share)			$ 0.45
License Agreement, Proceeds To Be Received			$ 30,000

Note 11 - Benefit Plan (Details Textual) - USD ($)	12 Months Ended
Note 11 - Benefit Plan (Details Textual) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%	3.00%
Defined Contribution Plan, Cost	$ 500,000	$ 500,000
Defined Contribution Plan, Administrative Expense	$ 30,000	$ 38,000

Note 7 - Leases (Details Textual) $ in Thousands	12 Months Ended
Note 7 - Leases (Details Textual) $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2021 USD ($)	Jul. 31, 2019
Gain (Loss) on Modification of Lease Liability	$ 1,005	$ (0)
Operating Lease, Right-of-Use Asset	$ 11,432	$ 20,404
Operating Lease, Weighted Average Discount Rate, Percent	10.10%
Operating Lease, Weighted Average Remaining Lease Term (Year)	3 years
Right of Use for Office and Manufacturing Facilities with Initial Terms Exceeding One Year [Member]
Lessee, Operating Lease, Number of Right-of-Use Leases		6
South San Francisco Real Estate [Member]
Gain (Loss) on Modification of Lease Liability	$ 1,000
Lessee, Operating Lease, Renewal Term (Year)	8 years			5 years
September 2021 Lease for Facility in South San Francisco [Member]
Lessee, Operating Lease, Renewal Term (Year)	8 years
Lease for Facility in South San Francisco Commenced in First Quarter of 2023 [Member]
Operating Lease, Right-of-Use Asset			$ 3,100
Facility in South San Francisco [Member]
Lessee, Operating Lease, Renewal Term (Year)	5 years
Facility in Burlingame, California [Member]
Lessee, Short-term Lease, Number of Leases	2

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	September 2021 ATM [Member] Common Stock Outstanding [Member]	September 2021 ATM [Member] Treasury Stock, Common [Member]	September 2021 ATM [Member] Additional Paid-in Capital [Member]	September 2021 ATM [Member] Retained Earnings [Member]	September 2021 ATM [Member]	RA Capital Healthcare Fund 2024 [Member] Common Stock Outstanding [Member]	RA Capital Healthcare Fund 2024 [Member] Treasury Stock, Common [Member]	RA Capital Healthcare Fund 2024 [Member] Additional Paid-in Capital [Member]	RA Capital Healthcare Fund 2024 [Member] Retained Earnings [Member]	RA Capital Healthcare Fund 2024 [Member]	June 2024 Offering [Member] Common Stock Outstanding [Member]	June 2024 Offering [Member] Treasury Stock, Common [Member]	June 2024 Offering [Member] Additional Paid-in Capital [Member]	June 2024 Offering [Member] Retained Earnings [Member]	June 2024 Offering [Member]	The March 2025 ATM [Member] Common Stock Outstanding [Member]	The March 2025 ATM [Member] Treasury Stock, Common [Member]	The March 2025 ATM [Member] Additional Paid-in Capital [Member]	The March 2025 ATM [Member] Retained Earnings [Member]	The March 2025 ATM [Member] AOCI Attributable to Parent [Member]	The March 2025 ATM [Member]	RA Capital Healthcare Fund 2025 [Member] Common Stock Outstanding [Member]	RA Capital Healthcare Fund 2025 [Member] Treasury Stock, Common [Member]	RA Capital Healthcare Fund 2025 [Member] Additional Paid-in Capital [Member]	RA Capital Healthcare Fund 2025 [Member] Retained Earnings [Member]	RA Capital Healthcare Fund 2025 [Member] AOCI Attributable to Parent [Member]	RA Capital Healthcare Fund 2025 [Member]	Common Stock Outstanding [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Dec. 31, 2023																												153,959,853
Balances at Dec. 31, 2023																												$ 15	$ (366)	$ 467,731	$ (409,574)	$ (1)	$ 57,805
Balances (in shares) at Dec. 31, 2023																													(507,020)
Issuance of common stock (in shares)	7,719,641	0				15,384,615	0				50,000,000	0
Issuance of common stock	$ 1	$ 0	$ 8,801	$ 0	$ 8,802	$ 2	$ 0	$ 9,943	$ 0	$ 9,945	$ 5	$ 0	$ 37,540	$ 0	$ 37,545
Issuance of common stock upon exercise of stock options (in shares)																												38,030	0				38,030
Issuance of common stock upon exercise of stock options																												$ 0	$ 0	30	0	0	$ 30
Issuance of common stock under ESPP (in shares)																												502,423	0
Issuance of common stock under ESPP																												$ 0	$ 0	312	0	0	312
Issuance of treasury stock under ESPP (in shares)																													280,516
Issuance of treasury stock under ESPP																													$ 230	(88)	0	0	142
Release of common stock for vested restricted stock units (in shares)																												599,260	0
Release of common stock for vested restricted stock units																												$ 0	$ 0	0	0	0	0
Repurchase of common stock to satisfy tax withholding (in shares)																												0	(203,043)
Repurchase of common stock to satisfy tax withholding																												$ 0	$ (214)	0	0	0	(214)
Stock-based compensation																												0	0	11,501		0	11,501
Unrealized gain on available-for-sale investments																												0	0	0	0	5	5
Net income (loss)																												$ 0	0	0	(66,948)	0	(66,948)
Balances (in shares) at Dec. 31, 2024																												228,203,822
Balances at Dec. 31, 2024																												$ 23	$ (350)	535,770	(476,522)	4	$ 58,925
Balances (in shares) at Dec. 31, 2024																													(429,547)				429,547
Issuance of common stock (in shares)																382,700	0				382,700	11,111,111	0
Issuance of common stock																$ 0	$ 0	$ 53	$ 0	$ 0	$ 53	$ 1	$ 0	$ 4,200	$ 0	$ 0	$ 4,201
Issuance of common stock upon exercise of stock options (in shares)																												3,625	0				3,625
Issuance of common stock upon exercise of stock options																												$ 0	$ 0	3	0	0	$ 3
Issuance of treasury stock under ESPP (in shares)																												0	539,448
Issuance of treasury stock under ESPP																												$ 0	$ 390	(209)	0	0	181
Release of common stock for vested restricted stock units (in shares)																												1,041,423	0
Release of common stock for vested restricted stock units																												$ 0	$ 0	0	0	0	0
Repurchase of common stock to satisfy tax withholding (in shares)																												0	(357,988)
Repurchase of common stock to satisfy tax withholding																												$ 0	$ (199)	0	0	0	(199)
Stock-based compensation																												0	0	8,314		0	8,314
Unrealized gain on available-for-sale investments																												0	0	0	0	(7)	(7)
Net income (loss)																												$ 0	0	0	16,327	0	16,327
Balances (in shares) at Dec. 31, 2025																												240,742,681
Balances at Dec. 31, 2025																												$ 24	$ (159)	$ 548,131	$ (460,195)	$ (3)	$ 87,798
Balances (in shares) at Dec. 31, 2025																													(248,087)				248,087

Note 9 - Stockholders' Equity - Summary of Warrants Outstanding (Details)	Dec. 31, 2025 $ / shares shares
Securities into which warrants are convertible (in shares)	10,914
Warrants Expiring March 2025 [Member]
Securities into which warrants are convertible (in shares)	10,914
Securities into which warrants are convertible (in dollars per share) \| $ / shares	$ 22.99

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company maintains general cybersecurity policies and procedures to assess, identify, and manage cyber threats, and has designated personnel to implement and maintain these policies and procedures, subject to oversight by our management and board of directors. The Company has implemented various technical, physical and administrative security controls to account for these and other cybersecurity threats. For example, we have implemented technical security controls focused on ensuring the security and protection of computer systems and networks; all pertinent domestic operating entities of the Company are required to adhere to a standardized “Company Confidentiality System,” which is centrally overseen and enforced, subject to oversight by our management and board of directors. This Company Confidentiality System includes specific provisions for information pertaining to network security, data security, and information that, if compromised, could have detrimental effects on the public interest and the Company. The Company and its employees are also required to sign confidentiality agreements for purposes including helping to ensure cybersecurity. The Company has taken measures to better ensure that key employees are aware of data security threats (including cybersecurity threats), and Company security policies and procedures, as appropriate. Improper or illegitimate use of the Company’s information system resources or violation of the Company’s information security policies and procedures may result in disciplinary action. As of the date of this report, we are not aware of any material risks from cybersecurity threats that have in the reporting calendar year materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition. The Company relies on third-party service providers for critical or key infrastructure and solutions across various Company operations. Cybersecurity incidents that impact third-party service providers have significantly increased in recent years and represent a continuing risk to the Company. The Company has sought to mitigate this risk through specific cybersecurity controls, designed to assess the business and security controls implemented by key information services to the Company, which are annually audited and subject to oversight by management and the board of directors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company maintains general cybersecurity policies and procedures to assess, identify, and manage cyber threats, and has designated personnel to implement and maintain these policies and procedures, subject to oversight by our management and board of directors.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	As of the date of this report, we are not aware of any material risks from cybersecurity threats that have in the reporting calendar year materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company has implemented various technical, physical and administrative security controls to account for these and other cybersecurity threats. For example, we have implemented technical security controls focused on ensuring the security and protection of computer systems and networks; all pertinent domestic operating entities of the Company are required to adhere to a standardized “Company Confidentiality System,” which is centrally overseen and enforced, subject to oversight by our management and board of directors. This Company Confidentiality System includes specific provisions for information pertaining to network security, data security, and information that, if compromised, could have detrimental effects on the public interest and the Company. The Company and its employees are also required to sign confidentiality agreements for purposes including helping to ensure cybersecurity. The Company has taken measures to better ensure that key employees are aware of data security threats (including cybersecurity threats), and Company security policies and procedures, as appropriate. Improper or illegitimate use of the Company’s information system resources or violation of the Company’s information security policies and procedures may result in disciplinary action.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Company has implemented various technical, physical and administrative security controls to account for these and other cybersecurity threats. For example, we have implemented technical security controls focused on ensuring the security and protection of computer systems and networks; all pertinent domestic operating entities of the Company are required to adhere to a standardized “Company Confidentiality System,” which is centrally overseen and enforced, subject to oversight by our management and board of directors. This Company Confidentiality System includes specific provisions for information pertaining to network security, data security, and information that, if compromised, could have detrimental effects on the public interest and the Company. The Company and its employees are also required to sign confidentiality agreements for purposes including helping to ensure cybersecurity. The Company has taken measures to better ensure that key employees are aware of data security threats (including cybersecurity threats), and Company security policies and procedures, as appropriate. Improper or illegitimate use of the Company’s information system resources or violation of the Company’s information security policies and procedures may result in disciplinary action.
Cybersecurity Risk Role of Management [Text Block]	The Company has implemented various technical, physical and administrative security controls to account for these and other cybersecurity threats. For example, we have implemented technical security controls focused on ensuring the security and protection of computer systems and networks; all pertinent domestic operating entities of the Company are required to adhere to a standardized “Company Confidentiality System,” which is centrally overseen and enforced, subject to oversight by our management and board of directors. This Company Confidentiality System includes specific provisions for information pertaining to network security, data security, and information that, if compromised, could have detrimental effects on the public interest and the Company. The Company and its employees are also required to sign confidentiality agreements for purposes including helping to ensure cybersecurity. The Company has taken measures to better ensure that key employees are aware of data security threats (including cybersecurity threats), and Company security policies and procedures, as appropriate. Improper or illegitimate use of the Company’s information system resources or violation of the Company’s information security policies and procedures may result in disciplinary action.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Company has implemented various technical, physical and administrative security controls to account for these and other cybersecurity threats. For example, we have implemented technical security controls focused on ensuring the security and protection of computer systems and networks; all pertinent domestic operating entities of the Company are required to adhere to a standardized “Company Confidentiality System,” which is centrally overseen and enforced, subject to oversight by our management and board of directors. This Company Confidentiality System includes specific provisions for information pertaining to network security, data security, and information that, if compromised, could have detrimental effects on the public interest and the Company. The Company and its employees are also required to sign confidentiality agreements for purposes including helping to ensure cybersecurity. The Company has taken measures to better ensure that key employees are aware of data security threats (including cybersecurity threats), and Company security policies and procedures, as appropriate. Improper or illegitimate use of the Company’s information system resources or violation of the Company’s information security policies and procedures may result in disciplinary action.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company has implemented various technical, physical and administrative security controls to account for these and other cybersecurity threats. For example, we have implemented technical security controls focused on ensuring the security and protection of computer systems and networks; all pertinent domestic operating entities of the Company are required to adhere to a standardized “Company Confidentiality System,” which is centrally overseen and enforced, subject to oversight by our management and board of directors. This Company Confidentiality System includes specific provisions for information pertaining to network security, data security, and information that, if compromised, could have detrimental effects on the public interest and the Company. The Company and its employees are also required to sign confidentiality agreements for purposes including helping to ensure cybersecurity. The Company has taken measures to better ensure that key employees are aware of data security threats (including cybersecurity threats), and Company security policies and procedures, as appropriate. Improper or illegitimate use of the Company’s information system resources or violation of the Company’s information security policies and procedures may result in disciplinary action.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company has implemented various technical, physical and administrative security controls to account for these and other cybersecurity threats. For example, we have implemented technical security controls focused on ensuring the security and protection of computer systems and networks; all pertinent domestic operating entities of the Company are required to adhere to a standardized “Company Confidentiality System,” which is centrally overseen and enforced, subject to oversight by our management and board of directors. This Company Confidentiality System includes specific provisions for information pertaining to network security, data security, and information that, if compromised, could have detrimental effects on the public interest and the Company. The Company and its employees are also required to sign confidentiality agreements for purposes including helping to ensure cybersecurity. The Company has taken measures to better ensure that key employees are aware of data security threats (including cybersecurity threats), and Company security policies and procedures, as appropriate. Improper or illegitimate use of the Company’s information system resources or violation of the Company’s information security policies and procedures may result in disciplinary action.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Note 13 - Net Income (Loss) Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Text Block]

NOTE 13. Net Income (Loss) Per Share Attributable to Common Stockholders

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of our common stock outstanding.

For the calculation of diluted net income (loss) per share, net income for basic net income per share is adjusted by the effect of dilutive securities, including awards under our equity compensation plans. Diluted net income (loss) per share is computed by dividing net income by the weighted-average number of fully diluted common shares outstanding.

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

	*Year Ended December 31,*
	*2025*		*2024*

Numerator
Net income (loss)	$	16,327	$	(66,948	)

Denominator
Weighted average shares used to compute net income (loss) per share, basic		230,269,605		202,137,531
Effect of dilutive shares:
Stock-based compensation plans		76,596		—
Weighted average shares used to compute net income (loss) per share, diluted		230,346,201		202,137,531

Net income (loss) per share:
Basic	$	0.07	$	(0.33	)
Diluted	$	0.07	$	(0.33	)

No adjustment has been made to the net income (loss) in the years ended December 31, 2025 and 2024, as the effect would be anti-dilutive due to the net loss.

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

	*Year Ended December 31,*
	*2025*		*2024*

Options to purchase common stock		24,809,770		20,659,336
Restricted stock units to purchase common stock		5,182,676		2,828,395
Warrants to purchase common stock		10,914		158,262
Employee Stock Purchase Plan		—		335,190

Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation		30,003,360		23,981,183

Note 5 - Revenue

12 Months Ended

Dec. 31, 2025

Basis of Accounting, Policy [Policy Text Block]

Revenue [Text Block]

NOTE 5. Revenue

Royalty Revenue Related to Sale of Future Royalties

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. Based on information provided by Daiichi Sankyo, the Company believes the expiration of the last patent related to Inavir is in August 2036, at which time royalty revenue will cease. 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. The royalty revenue related to Inavir recognized for the years ended December 31, 2025 and 2024, was zero. The Company recognized non-cash royalty revenue related to the sale of future royalties of $1.9 million and $3.8 million for the years ended December 31, 2025 and 2024, respectively. Both royalty revenue and the non-cash royalty revenue related to the sale of future royalties are subject to a 5% withholding tax in Japan, for which $0.1 million and $0.2 million was included in income tax expense for the years ended December 31, 2025 and 2024, respectively, further detailed in Note 6.

Revenue from Government Contracts

The Company recognized revenue from government contracts with HHS BARDA of $224.5 million and $24.9 million for the years ended December 31, 2025 and 2024, respectively, consisting of revenue from the 2024 ASPR-BARDA Contract (as defined below) and the 2024 ATI-RRPV Contract (as defined below) described in more detail below. Unbilled receivable from government contracts consists of government revenue from HHS BARDA, which was earned and not yet billed. As of December 31, 2025 and 2024, the amount of unbilled receivable was $36.8 million and $6.2 million, respectively, and deferred revenue was $0.1 million and $65.4 million, respectively.

2024 ATI-RRPV Contract

In June 2024, the Company entered into an agreement (as modified or amended from time to time, the “2024 ATI-RRPV Contract”) with Advanced Technology International, the Rapid Response Partnership Vehicle’s Consortium Management Firm funded by HHS BARDA, which was modified in the second half of 2024 to increase funding and provide for the manufacturing of a vaccine candidate targeting the KP.2 strain and acquire an approved mRNA vaccine targeting the KP.2 strain. Pursuant to the 2024 ATI-RRPV Contract, the Company may receive funding of up to $460.7 million to conduct a Phase 2b comparative study evaluating the Company’s oral pill COVID-19 vaccine candidate against an mRNA vaccine comparator approved by the U.S. Food and Drug Administration (“FDA”). As of December 31, 2025, the 2024 ATI-RRPV Contract made available an aggregate amount of authorized milestones up to $316.1 million. Pursuant to Modification No. 6 to the 2024 ATI-RRPV Contract, dated March 10, 2026, the total amount of funding available for payment under the 2024 ATI-RRPV Contract is approximately $316.0 million (see Note 15) including $67.9 million of firm fixed price amounts and the remaining amount for reimbursement of costs incurred in trial preparation and execution activities. The 2024 ATI-RRPV Contract further contemplates additional funding up to $144.7 million if the Company and HHS BARDA decide to continue with the Phase 2b comparative study. The Company anticipates a further modification to the 2024 ATI-RRPV Contract that will reflect the reduced scope of work and corresponding reduction in funding that resulted from previously issued stop work orders.

The Company accounts for the 2024 ATI-RRPV Contract under ASC 958-605 and recognizes revenue as the firm fixed-price milestone is earned and allowable cost-plus-fixed-fees are incurred. Reimbursable costs under the 2024 ATI-RRPV Contract primarily include direct labor, subcontract costs, materials, travel, and approved overhead and indirect costs. The 2024 ATI-RRPV Contract contains terms and conditions that are customary for contracts with HHS BARDA of this nature, including the U.S. government having the right to terminate the contract for convenience or to terminate for default if the Company fails to meet its obligations as set forth in the statement of work. Revenue from government contracts recognized on the 2024 ATI-RRPV Contract was $223.9 million, comprising of a cost-plus-fixed-fee of $158.4 million and a firm fixed-price milestone of $65.5 million, for the year ended December 31, 2025, based on costs incurred and the achievement of firm fixed-price milestones under the 2024 ATI-RRPV Contract. Revenue from government contracts recognized on the 2024 ATI-RRPV Contract was $16.2 million for the year ended December 31, 2024, based on costs incurred and the achievement of firm fixed-price milestones under the 2024 ATI-RRPV Contract. Deferred government revenue represents amounts that have been received from HHS BARDA and the earnings process is not yet complete. Deferred government revenue in current liabilities was $0.1 million and $64.8 million as of December 31, 2025 and 2024, respectively. The remaining deferred government revenue will be recognized as revenue once the earnings process is complete.

The Company believes that if the 2024 ATI-RRPV Contract were to be terminated prior to completion of the Phase 2b comparative study, the costs incurred through the effective date of such termination and any settlement costs resulting from such termination would be allowable costs. Cost reimbursement payments to the Company are provisional payments subject to adjustment upon annual audit by the government. The Company believes that revenue for periods not yet audited will be recorded in amounts that are expected to be realized upon final audit and settlement. When the final determination of the allowable costs for any year has been made, revenue and billings may be adjusted accordingly in the period that the adjustment becomes known.

2024 ASPR-BARDA Contract

In January 2024, the Company was awarded a contract (as amended, the “2024 ASPR-BARDA Contract”) by HHS BARDA with a base and all options value of $9.3 million. Under the 2024 ASPR-BARDA Contract, the Company received an award to support clinical trial planning activities for a Phase 2b clinical trial that would compare the Company’s XBB vaccine candidate to an mRNA comparator to evaluate efficacy for symptomatic and asymptomatic disease, systemic and mucosal immune induction, and adverse events. The 2024 ASPR-BARDA Contract originally had a period of performance term that was set to expire in July 2024, but the Company entered into an amendment in July 2024 that extended the period of performance expiration date into October 2024. The Company accounts for the 2024 ASPR-BARDA Contract under Accounting Standards Codification 958-605 and recognizes revenue as donor-imposed conditions are met. Revenue from government contracts recognized on the 2024 ASPR-BARDA Contract was $0.6 million and $8.7 million for the years ended December 31, 2025 and 2024, respectively, based on the achievement of certain milestones under the 2024 ASPR-BARDA Contract. Deferred government revenue represents amounts that have been received from HHS BARDA and the earnings process is not yet complete. Deferred government revenue in current liabilities was zero and $0.6 million as of December 31, 2025 and 2024, respectively.

Revenue from Dynavax License and Collaboration Agreement

On November 4, 2025, the Company entered into the 2025 License and Collaboration Agreement with Dynavax relating to the Company’s investigational oral vaccine candidate for COVID-19 based on its proprietary oral delivery platform (the “Vaccine Candidate”). Pursuant to the License Agreement, the Company granted Dynavax an exclusive, worldwide license to develop and commercialize the Company’s oral pill Vaccine Candidate for SARS-CoV-2, SARS coronavirus, or MERS coronavirus, including COVID-19 and all variants thereof. Under the terms of the 2025 License and Collaboration Agreement, Dynavax paid the Company an upfront license fee of $25.0 million and purchased $5.0 million of the Company’s common stock pursuant to the 2025 Securities Purchase Agreement. The 2025 License and Collaboration Agreement includes the Company continue to develop the Vaccine Candidate by conducting and completing its ongoing Phase 2b clinical trial and delivering the end-of-Phase 2 data package, performing its obligations under the 2024 ATI-RRPV agreement and conducting additional development and manufacturing activities related to the Vaccine Candidate.

Following the completion of the Company’s ongoing Phase 2b clinical trial and a planned end-of-Phase 2 meeting with the FDA, per the 2025 License and Collaboration Agreement, Dynavax has the right to elect, in its sole discretion, to assume responsibility for the continued development of the Vaccine Candidate. If Dynavax elects to assume responsibility for such continued development of the Vaccine Candidate, then Dynavax has agreed to pay the Company an additional fee of $50.0 million. If Dynavax does not elect to assume responsibility for such continued development of the Vaccine Candidate, then the 2025 License and Collaboration Agreement will terminate pursuant to its terms.

The Company determined that the 2025 License and Collaboration Agreement represented a contract with a customer and should be accounted for in accordance with ASC 606. The Company identified two performance obligations, (i) the exclusive license, together with the related transfer and manufacturing technology transfer (the “License Performance Obligation”), and (ii) the development program activities through delivery of the EOP2 Data Package, including participation in joint governance committees (the “Development Performance Obligation”).

The Company identified $25.8 million of total transaction price at inception, consisting of a non-refundable upfront payment of $25.0 million and the premium of approximately $0.8 million associated with Dynavax’s concurrent $5.0 million equity investment in the Company, which represented consideration in excess of the fair value of the common stock issued. The fixed consideration of $25.8 million was allocated to the two performance obligations on a relative standalone selling price basis. Revenue allocated to the License Performance Obligation was recognized at a point in time in the fourth quarter of 2025 upon completion of the technology transfer, when Dynavax obtained the right to use and benefit from the licensed intellectual property. Revenue allocated to the Development Performance Obligation is recognized over time using an input method based on costs incurred relative to total estimated costs to complete the development program.

The 2025 License and Collaboration Agreement also includes potential additional consideration in the form of evaluation fees, a $50.0 million election payment, regulatory and commercial milestone payments, and royalties on future product sales. Such amounts represent variable consideration and are included in the transaction price only to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur. Sales-based milestones and royalties will be recognized as revenue when the underlying sales occur in accordance with the sales- or usage-based royalty exception in ASC 606.

For the year ended December 31, 2025, the Company recognized revenue of $10.8 million from the 2025 License and Collaboration Agreement, which consisted of license revenue of $8.7 million and collaboration revenue was $2.1 million. As of December 31, 2025, the amount of deferred collaboration revenue was $15.0 million, of which $13.0 million was classified as current and $2.0 million as non-current. The remaining deferred collaboration revenue will be recognized as revenue once the earnings process is complete.

Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	Nov. 02, 2022	Jul. 27, 2022	Dec. 31, 2025
Purchase Obligation			$ 21.1
Himmelberg V. Vaxart, Inc. et al. [Member]
Litigation Settlement, Amount Awarded to Other Party		$ 12.0
Payments for Legal Settlements	$ 2.0
Reimbursable Purchase Agreement Commitment to Vendor [Member]
Purchase Obligation			20.1
Cost-plus-fixed-fees Arrangement Under ATI-RRPV Contract [Member]
Purchase Obligation			$ 21.6

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation, Liquidity and Going Concern – The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC assuming the Company will continue as a going concern.

The Company is a clinical-stage biotechnology company with no product sales. Its primary source of financing is from the sale and issuance of common stock in public offerings as well as funding from the Biomedical Advanced Research and Development Authority (“HHS BARDA”), a division of the Administration for Strategic Preparedness and Response (“ASPR”) within the United States (“U.S.”) Department of Health and Human Services. In the past, we have also obtained funds from the issuance of common stock warrants, secured debt and preferred stock and from collaboration agreements. As of December 31, 2025, the Company had cash, cash equivalents and short-term investments of $63.8 million. The Company’s cash, cash equivalents and investments are sufficient to fund the Company’s planned operations for at least the period of 12 months from the date the consolidated financial statements are issued.

The Company will be dependent upon raising additional capital through placement of its common stock, notes or other securities, borrowings, or entering into a partnership with a strategic party in order to implement its business plan. There can be no assurance that the Company will be successful raising additional capital in order to continue as a going concern.

Based on management’s current plan, including updated assumptions around the continued execution under the 2024 ATI-RRPV Contract, and considering events occurring after the balance-sheet date, the Company reassessed its liquidity and going-concern evaluation. On November 4, 2025, the Company entered into (i) an Exclusive License and Collaboration Agreement (the “2025 License and Collaboration Agreement”) and (ii) a Securities Purchase Agreement (“2025 Securities Purchase Agreement”) with Dynavax Technologies Corporation (“Dynavax”). Per the 2025 License and Collaboration Agreement, the Company granted Dynavax an exclusive, worldwide license to develop and commercialize its investigational oral COVID-19 vaccine candidate. Dynavax agreed to pay the Company an up-front license fee of $25.0 million and, pursuant to the 2025 Securities Purchase Agreement, to purchase $5.0 million of the Company’s common stock at $0.45 per share. The Company received a total of approximately $30.0 million from these transactions. Together with the Company’s updated operating plan and ongoing cost-management initiatives, these proceeds extend the Company’s cash runway into the second quarter of 2027. Accordingly, management concluded that the conditions and events that previously raised substantial doubt about the Company’s ability to continue as a going concern have been alleviated. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.

These consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Consolidation, Policy [Policy Text Block]

Basis of Consolidation – The 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 consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities (including accrued clinical and manufacturing accruals described within this Note 2), revenues and expenses and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. Actual results and outcomes could differ from these estimates and assumptions.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currencies – Foreign exchange gains and losses for assets and liabilities of the Company’s non-U.S. subsidiaries for which the functional currency is the U.S. dollar are recorded in foreign exchange gain or loss, net within other income and (expenses) in the Company’s consolidated statements of operations and comprehensive income (loss). The Company has no subsidiaries for which the local currency is the functional currency.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents – The Company considers all highly liquid debt investments with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents, which may consist of amounts invested in money market funds, corporate bonds and commercial paper, are stated at fair value.

Investment, Policy [Policy Text Block]

Short-term Investments – Excess cash balances may be invested in marketable debt securities. All marketable debt securities that are readily convertible to known amounts of cash with stated maturities greater than three months when purchased are classified as investments.

The Company determines the appropriate classification of its investments in marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. Marketable debt securities are classified and accounted for as available-for-sale. The Company does not generally intend to sell the investments and it is more likely than not that the investments will not be required to be sold before recovery of the amortized cost bases, which may be at maturity.

Marketable debt securities are carried at fair value and unrealized gains and losses, net of taxes, are reported as a component of stockholders’ equity. Any realized gains or losses on the sale of marketable debt securities are determined on a specific identification method, and such gains and losses are recorded as a component of other income (expense). Available-for-sale investments are classified as either current or non-current assets based on each instrument’s underlying effective maturity date and whether the Company has the intent and ability to hold the investment for a period of greater than 12 months. Marketable debt securities with remaining maturities of 12 months or less are classified as current and are reported as short-term investments in the consolidated balance sheets. Marketable debt securities with remaining maturities of more than 12 months for which the Company has the intent and ability to hold the investment for more than 12 months are classified as non-current and are included in long-term investments in the consolidated balance sheets.

The Company excludes the applicable accrued interest from both the fair value and amortized cost basis of marketable debt securities for purposes of identifying and measuring an impairment. Accrued interest receivable on marketable debt securities is recorded within prepaid expenses and other current assets on the balance sheets. The Company’s accounting policy is to not measure an allowance for credit loss for accrued interest receivable and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which is considered to be in the period in which it is determined the accrued interest will not be collected.

At each reporting date, the Company evaluates marketable debt securities with unrealized losses to determine whether such losses, if any, are due to credit-related factors. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. The Company evaluates, among other factors, whether the Company has the intention to sell any of its investments and whether it is more likely than not that the Company will be required to sell any of them before recovery of the amortized cost basis. Neither of these criteria were met in any period presented. In addition, the Company invests in marketable debt securities with high credit ratings that are classified in Level 1 and 2 of the fair value hierarchy and it has received and expects to continue to receive interest and principal payments as the investments become due. Based on this evaluation, as of December 31, 2025 and 2024, the Company determined that unrealized losses of its marketable debt securities were primarily attributable to changes in interest rates and other non-credit related factors. As such, no allowance for credit losses were recorded for the years ended December 31, 2025 and 2024.

Concentration Risk, Credit Risk, 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, available-for-sale investments and accounts receivable. The Company places its cash, cash equivalents and available-for-sale investments at financial institutions that the Company 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. Losses incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

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.

Receivable [Policy Text Block]

Accounts Receivable and Unbilled Receivable from Government Contracts – Accounts receivable consists of government contract receivables from HHS BARDA for allowable cost-plus-fixed-fees and firm fixed-price, and royalty revenue receivable for sales, net of estimated returns, of Inavir and are reported at amounts expected to be collected in future periods. Unbilled receivable from government contracts consists of government revenue from HHS BARDA, which was earned and not yet billed. An allowance for expected credit losses over the life of the receivables is reserved for based on a combination of historical experience, aging analysis, current economic trends and information on specific accounts, with related amounts recorded as a reserve against revenue recognized. The reserve is re-evaluated on a regular basis and adjusted as needed. Once a receivable is deemed to be uncollectible, such balance is charged against the reserve. The Company has provided no allowance for credit losses as of December 31, 2025 and 2024.

Accounts receivable and unbilled receivable from government contracts are subject to concentration risk whenever a customer has a balance that meets or exceeds 10% of the Company's total accounts receivable balance or has a balance that meets or exceeds 10% of the Company's total unbilled receivable balance. As of December 31, 2025, HHS BARDA represented 98% of the Company's total accounts receivable balance and 100% of the Company's total unbilled receivable balance. As of December 31, 2024, Daiichi Sankyo represented 52% of the Company's total accounts receivable balance, HHS BARDA represented 48% of the Company's total accounts receivable balance and HHS BARDA represented 100% of the Company's total unbilled receivable balance.

Prepaid Expenses and Prepaid Clinical Services [Policy Text Block]

Prepaid Expenses and Prepaid Clinical Services, Long-Term – Prepaid expenses and prepaid clinical services, long-term consist of amounts paid in advance for services to be received in future periods and are recorded as assets when paid. Prepaid expenses are expensed when such amounts are utilized against costs from a specific vendor. Prepaid expenses are presented as short term (in prepaid expenses and other current assets) or long term (in prepaid clinical services, long-term) depending on whether such assets are expected to be utilized within one year. In circumstances where the vendor needs to approve that prepaid expenses can be applied (such as by issuing a credit memo), the Company will continue to classify such expenses as long term (in prepaid clinical services, long-term).

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment – Property and equipment is carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Depreciation begins at the time the asset is placed in service. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is reflected in other income and (expenses) in the period realized.

The useful lives of the property and equipment are as follows:

Laboratory equipment (in years)			5
Office and computer equipment (in years)			3
Leasehold improvements			Shorter of remaining lease term or estimated useful life

Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill and Other Intangible Assets – Goodwill, which represents the excess of the purchase price over the fair value of assets acquired, is not amortized. 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 life of 11.75 years for developed technology and 20 years for intellectual property.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets – The Company reviews its long-lived assets, including property and equipment, goodwill and intangible assets with finite lives, for impairment in the fourth quarter of each year, and more frequently whenever events or changes in circumstances indicate the carrying amount of these assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate over its remaining life. When indications of impairment are present and the estimated undiscounted future cash flows from the use of these assets are less than the assets’ carrying value, the related assets will be written down to fair value. The Company assessed its developed technology as not impaired in the years ended December 31, 2025 and 2024 (see Note 4).

Accrued Clinical And Manufacturing Expenses Policy [Policy Text Block]

Accrued Clinical and Manufacturing Expenses – The Company accrues for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided and includes the costs incurred but not yet invoiced within other accrued liabilities in the consolidated balance sheets and within research and development expense in the consolidated statements of operations and comprehensive income (loss). These costs can be a significant component of the Company’s research and development expenses.

The Company estimates the amount of services provided through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. The Company makes significant judgments and estimates in determining the accrued balance in each reporting period. As actual costs become known, it adjusts its accrued estimates. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed, the number of subjects enrolled, and the rate of enrollment may vary from its estimates and could result in the Company reporting amounts that are too high or too low in any particular period. The Company’s accrued expenses are dependent, in part, upon the receipt of timely and accurate reporting from contract research organizations and other third-party service providers. To date, the Company has not experienced any material differences between accrued costs and actual costs incurred.

Lessee, Leases [Policy Text Block]

Leases – The Company records operating leases as right-of-use assets and operating lease liabilities in its consolidated balance sheets for all operating leases with terms exceeding one year. Right-of-use assets represent the right to use an underlying asset for the lease term, including extension options considered reasonably certain to be exercised, and operating lease liabilities to make lease payments. Right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term. To the extent that lease agreements do not provide an implicit rate, the Company uses its incremental borrowing rate based on information available at the lease commencement date to determine the present value of lease payments. We account for lease modifications that are not separate leases by remeasuring the lease liability at the effective date of modification using updated lease terms and discount rates, with a corresponding adjustment to right-of-use assets. The expense for operating lease payments is recognized on a straight-line basis over the lease term and is included in operating expenses in the Company’s consolidated statement of operations and comprehensive income (loss). The Company has elected to not separate lease and non-lease components of facilities leases, whereas non-lease components of equipment leases are accounted for separately from lease components.

Revenue [Policy Text Block]

Revenue Recognition – The Company recognizes revenue when it transfers control of promised goods or services to its customers, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition, the Company performs the following five steps:

(i)

identification of the promised goods or services in the contract;

(ii)

determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract;

(iii)

measurement of the transaction price, including the constraint on variable consideration;

(iv)

allocation of the transaction price to the performance obligations based on estimated selling prices; and

(v)

recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account.

Revenue from royalties earned as a percentage of end-user sales, including milestone payments based on achieving a specified level of sales, where a license is deemed to be the predominant item to which the royalties relate, is recognized as revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied), as required under the sales- and usage-based royalty exception.

Revenue from contracts with customers is recognized ratably, based on costs incurred, as the Company provides promised services to its customers in amounts that reflect the consideration that the Company expects to receive for those services.

The accounting for license and collaboration agreements requires significant judgment due to the complexity of the contractual terms and the application of revenue recognition guidance. In particular, the Company is required to evaluate whether performance obligations are satisfied over time or at a point in time and to determine the appropriate measure of progress for performance obligations satisfied over time. Estimating total expected inputs involves significant judgment and requires the Company to make assumptions regarding the scope of work, expected costs, and other factors that may not be fully known at contract inception. These estimates are reviewed and updated on a periodic basis as additional information becomes available. Changes in estimates of total expected inputs or changes in the assessment of the timing of satisfaction of performance obligations may result in cumulative catch-up adjustments to revenue in the period in which the changes are identified, which could be material to the Company’s consolidated financial statements.

Revenue from Government Contracts

Under firm fixed-price milestone contracts, the Company recognizes the firm fixed-price revenue as the milestones are substantially complete and the firm fixed-price for the milestone is earned (“firm fixed-price milestone”). Cash received in advance of the completion of a firm fixed-price milestone will be recorded as deferred revenue until the milestone has been substantially completed and earned.

Under cost reimbursable contracts, the Company recognizes revenue as allowable costs are incurred and the fixed fee is earned (“cost-plus-fixed-fee”). Reimbursable costs under the contract primarily include direct labor, subcontract costs, materials, equipment, travel, and approved overhead and indirect costs. Fixed fees under cost reimbursable contracts are earned in proportion to the allowable costs incurred in performance of the work relative to total estimated contract costs, with such costs incurred representing a reasonable measurement of the proportional performance of the work completed, as detailed in Note 5.

Payments to the Company under cost reimbursable contracts are provisional payments subject to adjustment upon annual audit by the government. The Company believes that revenue for periods not yet audited has been recorded in amounts that are expected to be realized upon final audit and settlement. When the final determination of the allowable costs for any year has been made, revenue and billings may be adjusted accordingly in the period that the adjustment is known.

Revenue from the 2025 License and Collaboration Agreement

The Company enters into license and collaboration agreements that may include the grant of licenses to intellectual property, research and development services, participation on joint governance committees, and manufacturing technology transfer. The terms of such arrangements may include non-refundable upfront payments, development and regulatory milestone payments, sales-based milestone payments, royalties on future product sales, and other contingent payments.

The Company accounts for its license and collaboration agreements in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, the Company identifies the performance obligations in the contract, determines the transaction price, allocates the transaction price to the identified performance obligations based on their relative standalone selling prices, and recognizes revenue when, or as, the performance obligations are satisfied.

Performance obligations under these arrangements may include licenses to intellectual property and research and development services. The Company evaluates whether licenses are distinct from other promised services and whether they represent functional intellectual property that provides a right to use intellectual property as it exists at a point in time or symbolic intellectual property that provides a right to access intellectual property over time. Licenses determined to be functional intellectual property are recognized at a point in time when control transfers to the customer. Research and development services are generally recognized over time as the services are performed.

The transaction price may include fixed consideration, such as upfront payments, and variable consideration, such as milestone payments and royalties. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Milestone payments that are not subject to the sales-based royalty exception are evaluated under the variable consideration constraint and recognized when the associated uncertainty is resolved. Sales-based milestone payments and royalties are recognized as revenue when the underlying sales occur.

For performance obligations satisfied over time, the Company measures progress using an input method based on costs incurred relative to total estimated costs to complete the performance obligation. Estimates of total costs are reassessed at each reporting period, and adjustments to revenue are recorded as a cumulative catch-up if estimates change.

Research and Development Expense, Policy [Policy Text Block]

Research and Development Costs – Research and development costs are expensed as incurred. Research and development costs consist primarily of salaries and benefits, stock-based compensation, consultant fees, third-party costs for conducting clinical trials and the manufacture of clinical trial materials, certain facility costs and other costs associated with clinical trials. Payments made to other entities are under agreements that are generally cancelable by the Company. Advance payments for research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related services are performed.

For the year ended December 31, 2025, one clinical research organization (“CRO”) and one analytical testing vendor collectively represented 76% of the Company's total research and development costs. For the year ended December 31, 2024, one CRO represented 18% of the Company's total research and development costs.

Share-Based Payment Arrangement [Policy Text Block]

Stock-Based Compensation – Stock-based compensation arrangements include stock option grants and restricted stock units (“RSU”s) awards under our equity incentive plans, as well as shares issued under our Employee Stock Purchase Plan (“ESPP”), through which employees may purchase our common stock at a discount to the market price. Stock-based compensation is measured at the grant date for all stock-based awards made to employees and non-employees based on the fair value of the awards, net of estimated forfeitures. Compensation expense for purchases under the ESPP is recognized based on the fair value of the award on the date of offering. The fair value of these awards is estimated using the Black-Scholes valuation model. The expected term of each option is estimated by taking the arithmetic average of its original contractual term and its average vesting term.

Earnings Per Share, Policy [Policy Text Block]

Net Income (Loss) Per Share – Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period, without consideration of potential common shares.

Diluted net income (loss) per common share is computed giving effect to all potential dilutive common shares, comprising common stock issuable upon exercise of stock options, warrants, RSUs and ESPP. The Company uses the treasury-stock method to compute diluted income (loss) per share with respect to its stock options, warrants, RSUs and ESPP. For purposes of this calculation, options, warrants, RSUs and ESPP plan grants to purchase common stock are considered to be potential common shares and are only included in the calculation of diluted net income per share when their effect is dilutive. In the event of a net loss, the effects of all potentially dilutive shares are excluded from the diluted net loss per share calculation as their inclusion would be antidilutive.

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassifications – Prior year data is subject to reclassification to conform to current year presentation. No reclassifications were made for the years ended December 31, 2025 and 2024.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the annual income tax disclosures for the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. Income taxes information regarding the annual effective tax rate is now to be disclosed in a newly designed and expanded tabular format with mandatory prescriptive captions. Income tax payments, net of refunds received, will now be disclosed in the income tax footnotes, the disclosure of which would need to agree with the longstanding disclosure in the cash flow statement; and will be disaggregated by federal, states, and foreign jurisdictions and by “significant” jurisdictions within “states” and “foreign.” Companies can adopt the new requirements prospectively without revisions of comparative period disclosures but the income tax footnote disclosures in the year of adoption would not be comparable (2025 disclosures would follow the new requirements of ASU 2023-09, while the comparative-period disclosures of 2024 would follow the current disclosure requirements in ASC 740-50, Income Taxes–Disclosure, and related SEC requirements). To maintain comparability, retroactive application to comparative-period disclosures is allowed. The Company adopted ASU 2023-09 on a prospective basis during the year ended December 31, 2025, with no material impact on its consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires new disclosures to disaggregate prescribed natural expenses underlying any income statement caption. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact ASU 2024-03 will have on the consolidated financial statement disclosures.

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, introducing a practical expedient and an accounting policy election for certain entities in estimating expected credit losses for current accounts receivable and current contract assets arising from transactions within the scope of ASC 606, Revenue from Contracts with Customers. Under the practical expedient, entities may assume that current conditions as of the balance sheet date remain unchanged for the remaining life of the asset when developing forecasts. ASU 2025-05 is effective for the Company beginning in the first quarter of 2026, with early adoption permitted, and should be applied prospectively. The Company is currently assessing the impact of the new guidance on its consolidated financial statement disclosures; however, no material effect is expected based on the current nature of the Company’s receivables and contract assets.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact ASU 2025-11 will have on the consolidated financial statement disclosures.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which updates the Codification for a broad range of topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted on an issue-by-issue basis. ASU 2025-12 is not expected to have a material effect on the Company's consolidated financial statements.

Note 7 - Leases - Operating Lease Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating lease cost	$ 5,824	$ 6,214
Short-term lease cost	44	40
Variable lease cost	1,425	1,876
Sublease income	(34)	(74)
Total lease cost	$ 7,259	$ 8,056

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

12 Months Ended

Dec. 31, 2025

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

Total liability related to sale of future royalties, start of year	$	5,758
Non-cash royalty revenue paid to HCRP		(4,521	)
Non-cash interest expense recognized		2,823
Total liability related to sale of future royalties, end of year		4,060
Current portion		(1,381	)
Long-term portion	$	2,679

Note 4 - Balance Sheet Components - Deferred Revenue, by Arrangement, Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Government Contract [Member]
Deferred Revenue, Balance	$ 65,400	$ 0
Revenue recognized	(65,513)	0
Amounts collected or invoiced	181	65,400
Deferred Revenue, Balance	68	65,400
Current portion	(68)	(65,400)
Collaboration Revenue [Member]
Deferred Revenue, Balance	0
Revenue recognized	(2,108)
Amounts collected or invoiced	17,084
Deferred Revenue, Balance	14,976	0
Current portion	(12,952)	0
Deferred Revenue, Noncurrent	$ 2,024	$ 0

Note 12 - Income Taxes - Schedule of Income Before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
United States	$ 14,703	$ (67,489)
Foreign	2,100	801
Income (loss) before income taxes	$ 16,803	$ (66,688)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ 16,327,000	$ (66,948,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	8,579,000	8,850,000
Loss on disposal of property and equipment	38,000	0
Amortization of discount on short-term investments, net	(278,000)	(761,000)
Gain on modification of lease liability	(1,005,000)	0
Stock-based compensation	8,314,000	11,501,000
Non-cash interest expense related to sale of future royalties	2,823,000	2,969,000
Non-cash revenue related to sale of future royalties	(4,521,000)	(3,637,000)
Change in operating assets and liabilities:
Accounts receivable	(8,803,000)	(2,753,000)
Unbilled receivable from government contracts	(30,573,000)	(6,208,000)
Prepaid expenses and other assets	(16,103,000)	(1,666,000)
Prepaid clinical services, long-term	34,898,000	(60,116,000)
Accounts payable	14,639,000	5,273,000
Accrued and other liabilities	33,735,000	3,332,000
Net cash provided by (used in) operating activities	7,714,000	(44,764,000)
Cash flows from investing activities:
Purchases of property and equipment	(145,000)	(554,000)
Proceeds from sale of property and equipment	5,000	0
Purchases of investments	(23,228,000)	(64,270,000)
Proceeds from maturities of investments	40,000,000	43,500,000
Net cash provided by (used in) investing activities	16,632,000	(21,324,000)
Cash flows from financing activities:
Shares acquired to settle employee tax withholding liabilities	(199,000)	(214,000)
Proceeds from issuance of common stock upon exercise of stock options	3,000	30,000
Proceeds from issuance of common stock under the employee stock purchase plan	0	312,000
Proceeds from issuance of treasury stock under the employee stock purchase plan	181,000	142,000
Net cash provided by financing activities	4,239,000	56,562,000
Net increase (decrease) in cash and cash equivalents	28,585,000	(9,526,000)
Cash and cash equivalents at beginning of the period	25,229,000	34,755,000
Cash and cash equivalents at end of the period	53,814,000	25,229,000
Supplemental disclosure of non-cash investing and financing activity:
Adjustment to operating lease right-of-use asset from lease modification	4,557,000	0
Acquisition of property and equipment included in accounts payable and other accrued current liabilities	166,000	106,000
RA Capital Healthcare Fund 2025 [Member]
Cash flows from financing activities:
Net proceeds from issuance of common stock	4,201,000	0
June 2024 Offering [Member]
Cash flows from financing activities:
Net proceeds from issuance of common stock	0	37,545,000
At-the-market Facility [Member]
Cash flows from financing activities:
Net proceeds from issuance of common stock	53,000	8,802,000
RA Capital Healthcare Fund 2024 [Member]
Cash flows from financing activities:
Net proceeds from issuance of common stock	0	9,945,000
Government Contract [Member]
Change in operating assets and liabilities:
Deferred revenue	(65,332,000)	65,400,000
Collaboration Revenue [Member]
Change in operating assets and liabilities:
Deferred revenue	$ 14,976,000	$ 0

Note 9 - Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

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

	*December 31, 2025*		*December 31, 2024*

Options issued and outstanding		25,407,299		20,405,239
RSUs issued and outstanding		5,733,306		3,016,481
2019 Equity Incentive Plan available for future grant		10,831,860		18,046,374
2024 Inducement Award Plan available for future grant		43,250		1,603,750
Common stock warrants		10,914		140,596
2022 Employee Stock Purchase Plan		1,823,454		2,362,902
Total		43,850,083		45,575,342

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		10,914	$	22.99	December 2026
Total		10,914

Note 2 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Property, Plant, and Equipment, Useful Life [Table Text Block]

Laboratory equipment (in years)			5
Office and computer equipment (in years)			3
Leasehold improvements			Shorter of remaining lease term or estimated useful life

Note 5 - Revenue (Details Textual) - USD ($) $ in Thousands		12 Months Ended
Note 5 - Revenue (Details Textual) - USD ($) $ in Thousands	Nov. 04, 2024	Dec. 31, 2025	Dec. 31, 2024	Mar. 10, 2026	Nov. 04, 2025	Jan. 12, 2024
Revenues		$ 237,258	$ 28,700
Income Tax Expense (Benefit)		$ 476	260
The 2024 ASPR-BARDA Contract [Member]
Government Assistance, Award Amount						$ 9,300
Foreign Tax Jurisdiction [Member] \| National Tax Agency, Japan [Member]
Royalty Withholding Tax		5.00%
Income Tax Expense (Benefit)		$ 100	200
License Agreement and Purchase Agreement [Member]
Revenues		10,800
Deferred Revenue		15,000
Deferred Revenue, Current		13,000
License Agreement, Fee To Be Received	$ 25,000				$ 25,000
License Agreement, Stock To Be Purchased, Amount	5,000				5,000
License Agreement, Consideration					$ 50,000
License Agreement, Total Transaction Price	25,800
License Agreement, Premium	800
License Agreement, Total Transaction Costs	25,800
Deferred Revenue, Noncurrent		$ 2,000
Royalty [Member] \| Daiichi Sankyo Collaberation and License Agreement [Member]
Royalty Percentage		4.00%
Non Cash Royalty Revenue [Member]
Revenues		$ 1,929	3,842
Non Cash Royalty Revenue [Member] \| Daiichi Sankyo Collaberation and License Agreement [Member]
Revenues		1,900	3,800
Government Contract [Member]
Revenues		224,516	24,858
Unbilled Contracts Receivable		36,800	6,200
Deferred Revenue		100
Deferred Revenue, Current		68	65,400
Government Contract [Member] \| The 2024 ATI-RRPV Contract [Member]
Revenues		223,900	16,200
Deferred Revenue, Current		100	64,800
Government Contract, Amount, Authorized Milestones		316,100
Government Contract [Member] \| The 2024 ATI-RRPV Contract [Member] \| Subsequent Event [Member]
Government Contract, Award Amount, Allotted and Available				$ 316,000
Government Contract, Award Amount, Initial Award Fixed Fee				67,900
Government Contract, Additional Funding Possible				$ 144,700
Government Contract [Member] \| The 2024 ATI-RRPV Contract [Member] \| Maximum [Member]
Government Assistance, Award Amount		460,700
Government Contract [Member] \| The 2024 ASPR-BARDA Contract [Member]
Revenues		600	8,700
Deferred Revenue, Current			600
Government Contract [Member] \| Cost-plus-fixed-fee [Member] \| The 2024 ATI-RRPV Contract [Member]
Revenues		158,400
Government Contract [Member] \| Firm Fixed-price Milestone [Member] \| The 2024 ATI-RRPV Contract [Member]
Revenues		65,500
Election Payment [Member] \| License Agreement and Purchase Agreement [Member] \| Maximum [Member]
Revenues	$ 50,000
License [Member]
Revenues		8,705	0
License [Member] \| License Agreement and Purchase Agreement [Member]
Revenues		8,700
Collaboration Revenue [Member]
Revenues		2,108	0
Deferred Revenue, Current		12,952	0
Deferred Revenue, Noncurrent		2,024	$ 0
Collaboration Revenue [Member] \| License Agreement and Purchase Agreement [Member]
Revenues		$ 2,100

Note 10 - Equity Incentive Plans - Assumptions of Options (Details) - Share-Based Payment Arrangement, Option [Member]	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Minimum [Member]
Risk-free interest rate	3.80%	3.70%
Expected term (in years) (Year)	5 years 6 months	5 years 6 months
Expected volatility	125.60%	128.90%
Maximum [Member]
Risk-free interest rate	4.40%	4.40%
Expected term (in years) (Year)	6 years	6 years
Expected volatility	128.60%	130.80%

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	Item *9B.* Other Information During our last fiscal quarter, no director or officer, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 7 - Leases (Tables)

12 Months Ended

Dec. 31, 2025

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Year Ending December 31,	Amount
2026	$	3,651
2027		2,947
2028		3,050
2029		760
Undiscounted total		10,408
Less: imputed interest		(1,423	)
Present value of future minimum payments		8,985
Current portion of operating lease liability		(2,978	)
Operating lease liability, net of current portion	$	6,007

Lease, Cost [Table Text Block]

	*2025*			*2024*
Operating lease cost	$	5,824		$	6,214
Short-term lease cost		44			40
Variable lease cost		1,425			1,876
Sublease income		(34	)		(74	)
Total lease cost	$	7,259		$	8,056

Note 4 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued compensation	$ 4,244	$ 5,087
Accrued clinical and manufacturing expenses	42,455	5,134
Accrued professional and consulting services	552	623
Other liabilities, current portion	628	534
Total	$ 47,879	$ 11,378

Note 7 - Leases - Lease Liabilities Payment Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
2026	$ 3,651
2027	2,947
2028	3,050
2029	760
Undiscounted total	10,408
Less: imputed interest	(1,423)
Present value of future minimum payments	8,985
Current portion of operating lease liability	(2,978)	$ (3,077)
Operating lease liability, net of current portion	$ 6,007	$ 14,449

Note 7 - Leases

12 Months Ended

Dec. 31, 2025

Lessee, Operating Leases [Text Block]

NOTE 7. Leases

The Company has obtained the right of use for office and manufacturing facilities under six operating lease agreements with initial terms exceeding one year. The lease term at the commencement date is determined by considering whether renewal options and termination options are reasonably assured of exercise.

The Company obtained the right of use of real estate located in South San Francisco, California, in November 2020 under a lease that was scheduled to terminate on September 30, 2025, which had been extended until March 31, 2029, with no additional extension option. On December 18, 2025, the Company entered into an agreement to terminate this lease agreement effective May 15, 2026, which was originally scheduled to expire on March 31, 2029. The Company is not required to pay any termination fees or penalties in connection with the termination of the Lease. As a result of the lease modification, the Company remeasured the operating lease liability using the revised lease term. The adjustment to the related right-of-use asset was limited to its carrying amount, and the Company recognized a resulting gain of $1.0 million within operating expenses in the consolidated statement of operations and comprehensive income for the year ended December 31, 2025.

The Company obtained the right of use of another property also located in South San Francisco, California, in June 2015 that was scheduled to terminate on April 30, 2020, with a five-year extension option that the Company exercised in July 2019, extending the lease until April 30, 2025, which has been further extended until March 31, 2029, with an option to extend for an additional eight years. In September 2021, the Company executed a lease for a facility in South San Francisco, California, with an initial term expiring on March 31, 2029, with an option to extend for an additional eight years. This lease includes a component for tenant improvements that were substantially completed in the three months ended September 30, 2022, when the lease for this component was deemed to have commenced for accounting purposes. It also includes a component for which tenant improvements of $3.1 million were completed and were recorded within right-of-use assets in the consolidated balance sheets when they were substantially completed in the three months ended March 31, 2023. Further, the Company has the right of use of a facility located in South San Francisco, California, under a lease that terminates on March 30, 2029, with a five-year renewal option. On May 31, 2025, the leases of two facilities in Burlingame, California expired.

As of December 31, 2025, the weighted average discount rate for operating leases with initial terms of more than one year was 10.1% and the weighted average remaining term of these leases was 3.0 years. Discount rates were determined using the Company’s marginal rate of borrowing at the time each lease was executed or extended.

The following table summarizes the Company’s undiscounted cash payment obligations for its operating lease liabilities with initial terms of more than 12 months as of December 31, 2025 (in thousands):

Year Ending December 31,	Amount
2026	$	3,651
2027		2,947
2028		3,050
2029		760
Undiscounted total		10,408
Less: imputed interest		(1,423	)
Present value of future minimum payments		8,985
Current portion of operating lease liability		(2,978	)
Operating lease liability, net of current portion	$	6,007

The Company is also required to pay for operating expenses related to the leased space, including common area maintenance, taxes and insurance. The operating expenses are incurred separately and were not included in the present value of lease payments. Operating lease expenses for years ended December 31 are summarized as follows (in thousands):

	*2025*			*2024*
Operating lease cost	$	5,824		$	6,214
Short-term lease cost		44			40
Variable lease cost		1,425			1,876
Sublease income		(34	)		(74	)
Total lease cost	$	7,259		$	8,056

Note 15 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Feb. 10, 2026	Mar. 10, 2026
The 2024 ATI-RRPV Contract [Member] \| Government Contract [Member]
Government Contract, Award Amount, Allotted and Available		$ 316
Sanofi [Member] \| Sanofi Merger With Dynavax [Member]
Business Combination, Price Per Share (in dollars per share)	$ 15.5
Business Combination, Consideration Transferred	$ 2,200
Business Combination, Voting Equity Interest Acquired, Percentage	73.92%

Note 12 - Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Net operating loss carry-forwards	$ 54,574	$ 48,154
Research and development tax credits	20,387	12,949
Capitalized research and development	18,283	27,892
Sale of future royalties	1,608	1,179
Lease liability	2,068	3,682
Accruals, reserves and other	1,203	1,790
Stock based compensation	6,757	4,886
Total deferred tax assets	104,880	100,532
Valuation allowance	(100,494)	(94,119)
Deferred tax assets net of valuation allowance	4,386	6,413
Intangible assets	(1,755)	(1,999)
Right-of-use assets	(2,631)	(4,309)
Depreciation on property and equipment	0	(105)
Total deferred tax liabilities	(4,386)	(6,413)
Net deferred tax assets	$ 0	$ 0

Note 4 - Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Supplemental Balance Sheet Disclosures [Text Block]

NOTE 4. Balance Sheet Components

(a) Cash, Cash Equivalents, and Short-Term Investments

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

	*Amortized*		*Gross Unrealized*					*Estimated*		*Cash and Cash*		*Short-Term*
	*Cost*		*Gains*		*Losses*			*Fair Value*		*Equivalents*		*Investments*
December 31, 2025
Cash at banks	$	3,583	$	—	$	—		$	3,583	$	3,583	$	—
Money market funds		46,164		—		—			46,164		46,164		—
U.S. Treasury securities		14,063		1		(4	)		14,060		4,067		9,993
Total	$	63,810	$	1	$	(4	)	$	63,807	$	53,814	$	9,993

	*Amortized*		*Gross Unrealized*					*Estimated*		*Cash and Cash*		*Short-Term*
	*Cost*		*Gains*		*Losses*			*Fair Value*		*Equivalents*		*Investments*
December 31, 2024
Cash at banks	$	8,740	$	—	$	—		$	8,740	$	8,740	$	—
Money market funds		16,489		—		—			16,489		16,489		—
U.S. Treasury securities		23,802		7		(4	)		23,805		—		23,805
Commercial paper		2,688		1		—			2,689		—		2,689
Total	$	51,719	$	8	$	(4	)	$	51,723	$	25,229	$	26,494

As of December 31, 2025 and 2024, all investments were available-for-sale debt securities with remaining maturities of 12 months or less. As of December 31, 2025 and 2024, the Company held 4 and 5 securities, respectively, in an unrealized loss position for 12 months or less. Interest receivable as of December 31, 2025 and 2024, was $0.2 million and $0.2 million, respectively, and is recorded as a component of prepaid expenses and other current assets on the consolidated balance sheets.

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are due to credit-related factors. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. Factors considered when evaluating available-for-sale investments for impairment include the severity of the impairment, changes in underlying credit ratings, the financial condition of the issuer, the probability that the scheduled cash payments will continue to be made and the Company’s intent and ability to hold the investment until recovery of the amortized cost basis. The Company has the ability, if necessary, to liquidate any of its cash equivalents and marketable securities to meet its liquidity needs.

As of December 31, 2025 and 2024, there were no material declines in the market value of the Company’s available-for-sale investments due to credit-related factors. The Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. As of December 31, 2025 and 2024, no allowance for credit losses was recorded and the Company did not recognize any impairment losses related to investments.

(b) Accounts Receivable

As of December 31, 2025 accounts receivable of $14.6 million consisted of $14.2 million of government contract receivable from 2024 ATI-RRPV Contract and $0.3 million of royalty receivable. As of December 31, 2024, accounts receivable balance of $5.7 million consisted of $2.7 million of government contract receivables from HHS BARDA and $3.0 million royalty receivable. See Note 5.

The Company has provided no allowance for credit losses as of December 31, 2025 and 2024 based on historical collection experience, customer credit worthiness, the age of accounts receivable balances, regulatory changes and current economic conditions and trends that may affect a customer’s ability to pay.

VAXART, INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(c) Unbilled Receivable from Government Contracts

Unbilled receivable, which was earned and not yet billed, consists of government contracts from HHS BARDA of $36.8 million and $6.2 million as of December 31, 2025 and 2024, respectively, as detailed in Note 5.

(d) Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):

	*December 31, 2025*		*December 31, 2024*

Prepaid clinical and manufacturing expenses	$	18,920	$	1,998
Prepaid insurance		168		282
Prepaid rent		539		521
Other prepaid		677		1,449
Other current assets		667		318
Prepaid expenses and other current assets	$	20,971	$	4,568

As of December 31, 2025, there was a significant concentration by one contract research organization (“CRO”), which represented 90% of the Company’s total prepaid expenses balance. As of December 31, 2024, there was a significant concentration by one CRO, which represented 28% of the Company’s total prepaid expenses balance.

(e) Property and Equipment, Net

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

	*December 31, 2025*			*December 31, 2024*

Laboratory equipment	$	14,005		$	13,806
Office and computer equipment		1,142			1,140
Leasehold improvements		3,929			4,107
Construction in progress		158			160
Total property and equipment		19,234			19,213
Less: accumulated depreciation		(13,801	)		(10,508	)
Property and equipment, net	$	5,433		$	8,705

Depreciation expense was $3.5 million, and $3.7 million for the years ended December 31, 2025 and 2024, respectively. There were no impairments of the Company’s property and equipment recorded for the years ended December 31, 2025 and 2024.

(f) Prepaid Clinical Services, Long-Term

Prepaid clinical services, long-term were $25.2 million and $60.1 million for the years ended December 31, 2025 and 2024, respectively. The long-term prepaid clinical services represent amounts the Company has paid to a single CRO as a vendor deposit that will be utilized in more than one year.

VAXART, INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(g) Right-of-Use Assets, Net

Right-of-use assets, net comprises facilities of $11.4 million and $20.4 million as of December 31, 2025 and 2024, respectively.

(h) Intangible Assets, Net

Intangible assets are comprised of developed technology and intellectual property. Intangible assets are carried at cost less accumulated amortization. As of December 31, 2025, developed technology and intellectual property had remaining lives of 3.9 years and 2.0 years, respectively. In each of the years ended December 31, 2025 and 2024, there have been no indicators of impairment.

Intangible assets consist of the following (in thousands):

	*December 31, 2025*			*December 31, 2024*

Developed technology	$	5,000		$	5,000
Intellectual property		80			80
Total cost		5,080			5,080
Less: accumulated amortization		(2,254	)		(1,523	)
Intangible assets, net	$	2,826		$	3,557

Intangible asset amortization expense was $0.7 million for each of the years ended December 31, 2025 and 2024.

As of December 31, 2025, the estimated future amortization expense by year is as follows (in thousands):

Year Ending December 31,	Amount
2026	$	732
2027		731
2028		727
2029		636
Total	$	2,826

(i) Goodwill

Goodwill, which represents the excess of the purchase price over the fair value of assets acquired, was $4.5 million as of December 31, 2025 and 2024. As of December 31, 2025 and 2024, there have been no indicators of impairment.

(j) Accounts Payable

Accounts payable were $21.5 million and $7.0 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025, there was a significant concentration by one CRO and one analytical testing vendor, which represented 94% of the Company’s total accounts payable balance. As of December 31, 2024, there was a significant concentration by one CRO, which represented 67% of the Company’s total accounts payable balance.

VAXART, INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(k) Deferred Government Revenue

Deferred government revenue represents amounts received from HHS BARDA contracts, consisting of the 2024 ASPR-BARDA Contract (as defined in Note 5) and the 2024 ATI-RRPV Contract (as defined in Note 5) where the earnings process is not yet complete. The Company will recognize deferred government revenue once the earnings process is complete, in accordance with its revenue recognition policies.

The following table represents the Company's deferred government revenue (in thousands):

	*December 31, 2025*			*December 31, 2024*

Balance at beginning of period	$	65,400		$	—
Revenue recognized		(65,513	)		—
Amounts collected or invoiced		181			65,400
Balance at end of period	$	68		$	65,400

Amounts collected or invoiced during the year ended December 31, 2025 primarily relate to amounts received on the 2024 ATI-RRPV Contract (as defined in Note 5) but for which revenue cannot yet be recognized due to contractual milestones not being achieved.

(l) Deferred Collaboration Revenue

Deferred collaboration revenue represents amounts received from the 2025 License and Collaboration Agreement with Dynavax, entered into in November 2025 (as defined in Note 5), where the earnings process is not yet complete. The Company will recognize deferred collaboration revenue once the earnings process is complete, in accordance with its revenue recognition policies.

The following table represents the Company's deferred collaboration revenue (in thousands):

	*December 31, 2025*

Balance at beginning of period	$	—
Revenue recognized for collaboration		(2,108	)
Amounts collected or invoiced		17,084
Total deferred collaboration revenue		14,976
Current portion		(12,952	)
Long-term portion	$	2,024

(m) Other Accrued Liabilities

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

	*December 31, 2025*		*December 31, 2024*

Accrued compensation	$	4,244	$	5,087
Accrued clinical and manufacturing expenses		42,455		5,134
Accrued professional and consulting services		552		623
Other liabilities, current portion		628		534
Total	$	47,879	$	11,378

As of December 31, 2025 and 2024, there was a significant concentration by one CRO, which represented 79% and 42% of the Company’s total other accrued liabilities balances, respectively.

VAXART, INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Note 4 - Balance Sheet Components - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible assets, gross	$ 5,080	$ 5,080
Less: accumulated amortization	(2,254)	(1,523)
Intangible assets, net	2,826	3,557
Developed Technology Rights [Member]
Intangible assets, gross	5,000	5,000
Intellectual Property [Member]
Intangible assets, gross	$ 80	$ 80

Note 1 - Organization and Nature of Business (Details Textual) $ / shares in Units, $ in Thousands		1 Months Ended			4 Months Ended	12 Months Ended
	Sep. 15, 2021 USD ($)	Nov. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jan. 31, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares
Number of Reportable Segments						1
License Agreement and Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares		11,111,111
Shares Issued, Price Per Share (in dollars per share) \| $ / shares		$ 0.45
Proceeds from Issuance or Sale of Equity		$ 5,000
Proceeds from Issuance or Sale of Equity, Net		$ 5,000
The March 2025 ATM [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares						382,700
Proceeds from Issuance or Sale of Equity						$ 200
Open Market Sale Agreement, Maximum Aggregate Offering Price						$ 50,000
Open Market Sale Agreement, Sales Commission, Percentage						3.00%
Proceeds from Issuance of Common Stock						$ 100
June 2024 Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares			50,000,000		50,000,000
Shares Issued, Price Per Share (in dollars per share) \| $ / shares			$ 0.8		$ 0.8
Proceeds from Issuance or Sale of Equity					$ 40,000
Proceeds from Issuance of Common Stock			$ 37,500		$ 37,500	0	$ 37,545
RA Capital Healthcare Fund 2024 [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares				15,384,615
Shares Issued, Price Per Share (in dollars per share) \| $ / shares				$ 0.65
Proceeds from Issuance of Common Stock				$ 9,900		$ 0	$ 9,945
Gross Proceeds from Issuance of Common Stock				$ 10,000
The September 2021 ATM [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares							7,719,641
Proceeds from Issuance or Sale of Equity							$ 9,100
Open Market Sale Agreement, Maximum Aggregate Offering Price	$ 100,000
Open Market Sale Agreement, Sales Commission, Percentage	3.00%
Proceeds from Issuance of Common Stock							$ 8,800

Note 3 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Recurring [Member]
Financial Liabilities Fair Value Disclosure, Total	$ 0	$ 0

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Note 4 - Balance Sheet Components (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 0205 USD ($)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions	4	5
Interest Receivable	$ 200	$ 200
Debt Securities, Available-for-Sale, Gain (Loss)	0	0
Debt Securities, Available-for-Sale, Allowance for Credit Loss	0	0
Accounts Receivable, Allowance for Credit Loss	0	0
Unbilled Receivables, Current	36,781	6,208
Depreciation	3,500	3,700
Tangible Asset Impairment Charges	0	0
Prepaid Expense Other, Noncurrent	25,218	60,116
Operating Lease, Right-of-Use Asset	11,432	20,404
Amortization of Intangible Assets	700
Goodwill	4,508	4,508
Goodwill, Impairment Loss	$ 0	0
Accounts Payable		$ 7,000	$ 21,500
Developed Technology Rights [Member]
Finite-Lived Intangible Asset, Remaining Life (Year)	3 years 10 months 24 days
Intellectual Property [Member]
Finite-Lived Intangible Asset, Remaining Life (Year)	2 years
Customer Concentration Risk [Member] \| Prepaid Expenses [Member] \| Clinical Research Organization [Member]
Concentration Risk, Percentage	90.00%	28.00%
Customer Concentration Risk [Member] \| Accounts Payable [Member] \| Clinical Research Organization [Member]
Concentration Risk, Percentage		67.00%
Customer Concentration Risk [Member] \| Accounts Payable [Member] \| Clinical Research Organizer and Analytic Testing Vendor [Member]
Concentration Risk, Percentage	94.00%
Customer Concentration Risk [Member] \| Other Accrued Liabilities [Member] \| Clinical Research Organization [Member]
Concentration Risk, Percentage	79.00%	42.00%
BARDA [Member]
Unbilled Receivables, Current	$ 36,800	$ 6,200
Government Contract [Member]
Accounts Receivable, after Allowance for Credit Loss	14,600	5,700
Government Contract [Member] \| HHS Barda [Member]
Accounts Receivable, after Allowance for Credit Loss	14,200	2,700
Royalty [Member]
Prepaid Royalties	$ 300	$ 3,000

Note 3 - Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

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

	*Level 1*		*Level 2*		*Level 3*		*Total*
December 31, 2025
Financial assets:
Money market funds	$	46,164	$	—	$	—	$	46,164
U.S. Treasury securities		—		14,060		—		14,060
Total assets	$	46,164	$	14,060	$	—	$	60,224

	*Level 1*		*Level 2*		*Level 3*		*Total*
December 31, 2024
Financial assets:
Money market funds	$	16,489	$	—	$	—	$	16,489
U.S. Treasury securities		—		23,805		—		23,805
Commercial paper		—		2,689		—		2,689
Total assets	$	16,489	$	26,494	$	—	$	42,983

Note 14 - Segment Reporting (Details Textual)	12 Months Ended
Note 14 - Segment Reporting (Details Textual)	Dec. 31, 2025
Number of Reportable Segments	1

Note 12 - Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Text Block]

NOTE 12. Income Taxes

The components of worldwide pretax earnings by United States and foreign jurisdictions consist of the following (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*

United States	$	14,703	$	(67,489	)
Foreign		2,100		801

Total worldwide pretax earnings	$	16,803	$	(66,688	)

The provision for income taxes consists of the following (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*

Current:
Federal	$	—	$	—
State		3		3
Foreign		473		257

Total Current		476		260

Deferred:
Federal		—		—
State		—		—
Foreign		—		—

Total Deferred		—		—

Provision for income taxes	$	476	$	260

The tax effect of significant items comprising deferred tax assets are as follows (in thousands):

	December 31, 2025			December 31, 2024
Deferred tax assets:
Net operating loss carry-forwards	$	54,574		$	48,154
Research and development tax credits		20,387			12,949
Capitalized research and development		18,283			27,892
Sale of future royalties		1,608			1,179
Lease liability		2,068			3,682
Accruals, reserves and other		1,203			1,790
Stock based compensation		6,757			4,886
Total deferred tax assets		104,880			100,532
Valuation allowance		(100,494	)		(94,119	)
Deferred tax assets net of valuation allowance		4,386			6,413
Deferred tax liabilities:
Intangible assets		(1,755	)		(1,999	)
Right-of-use assets		(2,631	)		(4,309	)
Depreciation on property and equipment		—			(105	)
Total deferred tax liabilities		(4,386	)		(6,413	)

Net deferred tax assets	$	—		$	—

As further described in Recently Adopted Accounting Pronouncements in Note 2, we have elected to prospectively adopt the guidance in ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures.

Companies can adopt the new requirements prospectively without revisions of comparative period disclosures but the income tax footnote disclosures in the year of adoption would not be comparable (2025 disclosures would follow the new requirements of ASU 2023-09, while the comparative-period disclosures of 2024 would follow the current disclosure requirements in ASC 740-50 and related SEC requirements). To maintain comparability, retroactive application to comparative-period disclosures is allowed. The Company is electing to report the new requirements using the prospective method.

The following table is a reconciliation of the provision for income taxes with the expected provision for income taxes computed by applying the federal statutory income tax rate of 21% to the net income (loss) before provision for income taxes in accordance with ASU 2023-09, as follows (in thousands):

	Year Ended December 31,						Year Ended December 31,
	2025						2024
	$			%			%

U.S. federal taxes at statutory rate	$	3,528			21.0	%		21.0%
State taxes (net of federal benefit)		3			—			0.1
Foreign		473			2.8			—
Foreign rate differential		—			—			(0.7)
Other nondeductible items		(76	)		(0.5	)		(0.1)
Tax credits		(11,442	)		(68.1	)		4.2
Change in valuation allowance		2,960			17.6			(17.4)
Changes in unrecognized tax benefits		4,577			27.2			—
Prior year true-up		—			—			(5.5)
Stock-based compensation		453			2.7			(2.0)

Provision for income taxes	$	476			2.8	%		(0.4)%

The Company’s actual tax expense differed from the statutory federal income tax expense using a tax rate of 21% for the years ended December 31, 2025 and 2024, respectively, primarily due to foreign income taxes being taxed at different rates, non-deductible expenses, research and development tax credits, and the change in valuation allowance.

As of December 31, 2025 and 2024, the Company had net operating loss (“NOL”) carryforwards of $254.0 million and $221.1 million for federal purposes, and $18.9 million and $8.9 million for state purposes, respectively. If not utilized, federal net operating losses of $1.7 million will begin to expire in 2026 and $252.3 million will be carried forward indefinitely; state net operating losses of $7.3 million will begin to expire in 2028 and $11.6 million will be carried forward indefinitely.

As of December 31, 2025, the Company also has accumulated tax losses of $0.5 million for Australia available for carryforward against future earnings, which under relevant tax laws do not expire but may not be available under certain circumstances.

As of December 31, 2025 and 2024, the Company had research and development tax credit carryforwards for federal purposes of $24.3 million and $12.8 million, respectively, and state research and development tax credit carryforwards of $11.3 million and $10.0 million, respectively. The federal research and development tax credit carryforwards will expire at various dates between 2039 and 2045. The state research and development tax credit carryforwards do not expire.

Beginning on January 1, 2022, the Tax Cuts and Jobs Act (“the Act”), enacted in December 2017, eliminated the option to deduct research and development expenditures in the current period and requires taxpayers to capitalize and amortize U.S.-based and non-U.S. based research and development expenditures over five and fifteen years, respectively. However, the enactment of the bipartisan OBBB Act, signed into law in July 2025, repeals the mandatory capitalization requirement for domestic R&D expenditures for tax years beginning after December 31, 2024. As a result, beginning with the 2025 tax year, domestic R&D expenses are once again eligible for immediate deduction in the year incurred, while costs related to foreign R&D activities remain subject to 15-year amortization under Section 174. The Company elects to amortize any remaining unamortized amount with respect to the domestic R&D expenditures capitalized over the past few years ratably over the 2-taxable year period beginning with the first taxable year beginning after December 31, 2024. This legislation does not impact the Company's current tax obligations.

Sections 382 and 383 of the Internal Revenue Code provide for a limitation on the annual use of NOL and tax credit carryforwards following certain ownership changes that could limit the Company’s ability to utilize these carryforwards. The Company has completed an analysis to determine if such ownership changes have occurred and concluded it was more likely than not that there were changes in ownership. Due to the existence of a full valuation allowance, limitations under Section 382 and 383 will not impact the Company’s effective tax rate. Further analyses will be performed prior to recognizing the benefits of any losses or credits in the consolidated financial statements.

The Company is required to reduce its deferred tax assets by a valuation allowance if it is more likely than not that some or all of its deferred tax assets will not be realized. Management must use judgment in assessing the potential need for a valuation allowance, which requires an evaluation of both negative and positive evidence. The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified. In determining the need for and amount of the valuation allowance, if any, the Company assesses the likelihood that it will be able to recover its deferred tax assets using historical levels of income, estimates of future income and tax planning strategies. As a result of historical cumulative losses, the Company determined that, based on all available evidence, there was substantial uncertainty as to whether it will recover recorded net deferred taxes in future periods. Accordingly, the Company recorded a valuation allowance against all of its net deferred tax assets as of December 31, 2025 and 2024. The net change in total valuation allowance was an increase of approximately $6.4 million and $11.6 million for the years ended December 31, 2025 and 2024, respectively.

The cash paid for income taxes (net of refunds) during the year was as follows (in dollars):

	Year Ended December 31,
	2025

Federal	$	—
State and Local
California Extension		1,600
Massachusetts Extension		1,000
New York Refund		(75	)
Total State and Local		2,525

Foreign
Withholding Tax on Daiichi Royalty		96,464
Total Foreign		96,464

Total Taxes Paid	$	98,989

In each year, the state and local income taxes which comprise the majority of the state and local income taxes, net of federal effect category were as follows (in dollars):

	Year Ended December 31,
	2025

California	$	1,600	63.4	%

Total	$	1,600	63.4	%

The Company records unrecognized tax benefits, where appropriate, for all uncertain income tax positions. The Company recorded unrecognized tax benefits for uncertain tax positions of approximately $13.6 million and $8.5 million as of December 31, 2025 and 2024, respectively, of which none would impact the effective tax rate, if recognized, because the benefit would be offset by an increase in the valuation allowance.

A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*

Beginning Balance	$	8,537	$	6,566
Additions based on tax positions related to the current year		5,061		1,977
Decreases related to prior years’ tax positions		—		(6	)

Ending Balance	$	13,598	$	8,537

The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. During the years ended December 31, 2025 and 2024, the Company recognized no interest and penalties associated with unrecognized tax benefits. There are no tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date.

The Company files income tax returns in the U.S., Australia, as well as with various U.S. states. The Company is subject to tax audits in all jurisdictions in which it files income tax returns. Tax audits by their very nature are often complex and can require several years to complete. There are currently no tax audits that have commenced with respect to income tax returns in any jurisdiction.

Under the tax statute of limitations applicable to the Internal Revenue Code, the Company and its U.S. subsidiary, either standalone or as part of the consolidated group, is no longer subject to U.S. federal income tax examinations by the Internal Revenue Service for tax years before tax year 2021. Under the statute of limitations applicable to most state income tax laws, the Company is no longer subject to state income tax examinations by tax authorities for tax year before 2020 in states in which it has filed income tax returns. However, because the Company is carrying forward income tax attributes, such as net operating losses and tax credits from 2005 and earlier tax years, these attributes can still be audited when utilized on returns filed in the future. The Company is subject to foreign tax examinations by tax authorities for fiscal year 2021 and forward.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section 50
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Note 4 - Balance Sheet Components - Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash and cash equivalents	$ 53,814	$ 25,229
Gross unrealized gains	1	8
Gross unrealized losses	(4)	(4)
Short-term investments	9,993	26,494
Investments and Cash	63,810	51,719
Investments and Cash, Fair Value Disclosure	63,807	51,723
US Treasury Securities [Member]
Cash and cash equivalents	4,067	0
Amortized Cost	14,063	23,802
Gross unrealized gains	1	7
Gross unrealized losses	(4)	(4)
Estimated Fair Value	14,060	23,805
Short-term investments	9,993	23,805
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
Cash and cash equivalents		0
Amortized Cost		2,688
Gross unrealized gains		1
Gross unrealized losses		0
Estimated Fair Value		2,689
Short-term investments		2,689
Cash [Member]
Cash and Cash Equivalents, at Carrying Value	3,583	8,740
Money market funds, Fair Value	3,583	8,740
Cash and cash equivalents	3,583	8,740
Money Market Funds [Member]
Cash and Cash Equivalents, at Carrying Value	46,164	16,489
Money market funds, Fair Value	46,164	16,489
Cash and cash equivalents	$ 46,164	$ 16,489

Note 12 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Beginning Balance	$ 8,537	$ 6,566
Additions based on tax positions related to the current year	5,061	1,977
Decreases related to prior years’ tax positions	0	(6)
Ending Balance	$ 13,598	$ 8,537

Note 9 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended		4 Months Ended	12 Months Ended
	Nov. 04, 2025	Mar. 03, 2025	Feb. 27, 2025	Jun. 11, 2024	Jun. 30, 2024	Jan. 31, 2024	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 30, 2025
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)								350,000,000	350,000,000	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								$ 0
Class of Warrant or Right, Expirations in Period (in shares)		29,150	100,532
Class of Warrant or Right, Outstanding (in shares)								10,914
June 2024 Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)					50,000,000		50,000,000
Shares Issued, Price Per Share (in dollars per share)					$ 0.8		$ 0.8
Proceeds from Issuance or Sale of Equity							$ 40,000
Stock Issued During Period, Value, New Issues					$ 40,000				$ 37,545
Proceeds from Issuance of Common Stock					$ 37,500		$ 37,500	$ 0	37,545
RA Capital Healthcare Fund 2024 [Member]
Stock Issued During Period, Shares, New Issues (in shares)						15,384,615
Shares Issued, Price Per Share (in dollars per share)						$ 0.65
Stock Issued During Period, Value, New Issues									9,945
Proceeds from Issuance of Common Stock						$ 9,900		$ 0	$ 9,945
Gross Proceeds from Issuance of Common Stock						$ 10,000
License Agreement and Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)	11,111,111
Shares Issued, Price Per Share (in dollars per share)	$ 0.45
Proceeds from Issuance or Sale of Equity	$ 5,000
Premium Paid for Issuance of Equity	$ 800

Note 3 - Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

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 consolidated 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 consolidated 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 December 31, 2025 and 2024 (in thousands):

	*Level 1*		*Level 2*		*Level 3*		*Total*
December 31, 2025
Financial assets:
Money market funds	$	46,164	$	—	$	—	$	46,164
U.S. Treasury securities		—		14,060		—		14,060
Total assets	$	46,164	$	14,060	$	—	$	60,224

	*Level 1*		*Level 2*		*Level 3*		*Total*
December 31, 2024
Financial assets:
Money market funds	$	16,489	$	—	$	—	$	16,489
U.S. Treasury securities		—		23,805		—		23,805
Commercial paper		—		2,689		—		2,689
Total assets	$	16,489	$	26,494	$	—	$	42,983

The Company held no financial liabilities measured on a recurring basis as of December 31, 2025 or 2024.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Note 12 - Income Taxes - Income Taxes Paid (Details)	12 Months Ended
Note 12 - Income Taxes - Income Taxes Paid (Details)	Dec. 31, 2025 USD ($)
Federal	$ 0
State and Local
State and Local	2,525
Foreign
Foreign	96,464
Total Taxes Paid	98,989
California Franchise Tax Board [Member]
State and Local
State and Local	1,600
Massachusetts Tax Authority [Member]
State and Local
State and Local	1,000
New York State Division of Taxation and Finance [Member]
State and Local
State and Local	(75)
National Tax Agency, Japan [Member]
Foreign
Foreign	$ 96,464

Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	*Year Ended December 31,*
	*2025*		*2024*

United States	$	14,703	$	(67,489	)
Foreign		2,100		801

Total worldwide pretax earnings	$	16,803	$	(66,688	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	*Year Ended December 31,*
	*2025*		*2024*

Current:
Federal	$	—	$	—
State		3		3
Foreign		473		257

Total Current		476		260

Deferred:
Federal		—		—
State		—		—
Foreign		—		—

Total Deferred		—		—

Provision for income taxes	$	476	$	260

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31, 2025			December 31, 2024
Deferred tax assets:
Net operating loss carry-forwards	$	54,574		$	48,154
Research and development tax credits		20,387			12,949
Capitalized research and development		18,283			27,892
Sale of future royalties		1,608			1,179
Lease liability		2,068			3,682
Accruals, reserves and other		1,203			1,790
Stock based compensation		6,757			4,886
Total deferred tax assets		104,880			100,532
Valuation allowance		(100,494	)		(94,119	)
Deferred tax assets net of valuation allowance		4,386			6,413
Deferred tax liabilities:
Intangible assets		(1,755	)		(1,999	)
Right-of-use assets		(2,631	)		(4,309	)
Depreciation on property and equipment		—			(105	)
Total deferred tax liabilities		(4,386	)		(6,413	)

Net deferred tax assets	$	—		$	—

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,						Year Ended December 31,
	2025						2024
	$			%			%

U.S. federal taxes at statutory rate	$	3,528			21.0	%		21.0%
State taxes (net of federal benefit)		3			—			0.1
Foreign		473			2.8			—
Foreign rate differential		—			—			(0.7)
Other nondeductible items		(76	)		(0.5	)		(0.1)
Tax credits		(11,442	)		(68.1	)		4.2
Change in valuation allowance		2,960			17.6			(17.4)
Changes in unrecognized tax benefits		4,577			27.2			—
Prior year true-up		—			—			(5.5)
Stock-based compensation		453			2.7			(2.0)

Provision for income taxes	$	476			2.8	%		(0.4)%

Schedule of Income Taxes Paid [Table Text Block]

	Year Ended December 31,
	2025

Federal	$	—
State and Local
California Extension		1,600
Massachusetts Extension		1,000
New York Refund		(75	)
Total State and Local		2,525

Foreign
Withholding Tax on Daiichi Royalty		96,464
Total Foreign		96,464

Total Taxes Paid	$	98,989

Schedule of Income Tax by State [Table Text Block]

	Year Ended December 31,
	2025

California	$	1,600	63.4	%

Total	$	1,600	63.4	%

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	*Year Ended December 31,*
	*2025*		*2024*

Beginning Balance	$	8,537	$	6,566
Additions based on tax positions related to the current year		5,061		1,977
Decreases related to prior years’ tax positions		—		(6	)

Ending Balance	$	13,598	$	8,537

Note 1 - Organization and Nature of Business

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1. Organization and Nature of Business

General

Vaxart Biosciences, Inc. was originally incorporated in California in March 2004, under the name West Coast Biologicals, Inc. The Company changed its name to Vaxart, Inc. (“Private Vaxart”) in July 2007, and reincorporated in the state of Delaware. In February 2018, Private Vaxart completed a business combination with Aviragen Therapeutics, Inc. (“Aviragen”), pursuant to which Aviragen merged with Private Vaxart, with Private Vaxart surviving as a wholly-owned subsidiary of Aviragen (the “Merger”). Pursuant to the terms of the Merger, Aviragen changed its name to Vaxart, Inc. (together with its subsidiaries, the “Company” or “Vaxart”) and Private Vaxart changed its name to Vaxart Biosciences, Inc.

In November 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Dynavax Technologies Corporation (“Dynavax”), pursuant to which 11,111,111 shares of the Company’s common stock were sold to Dynavax at a purchase price of $0.45 per share. The gross proceeds from the Purchase Agreement were $5.0 million. After deducting offering expenses, the net proceeds were approximately $5.0 million.

In March 2025, the Company entered into an At the Market Offering Agreement (the “March 2025 ATM”) with Citizens JMP Securities, LLC (“Citizens”) and B. Riley Securities, Inc. (“B. Riley” and, together with Citizens, the “Managers”), pursuant to which the Company may offer and sell, from time to time through the Managers, shares of its common stock having an aggregate offering price of up to $50.0 million. The shares will be sold pursuant to an effective registration statement on Form S-3 (Registration Statement No. 333-270671) (the “2023 Shelf Registration Statement”), as previously filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company filed a prospectus supplement, dated March 21, 2025, with the SEC in connection with the offer and sale of the shares under the March 2025 ATM. The Company will pay the Managers a placement fee of up to 3% of the gross sale price from each sale of shares under the March 2025 ATM. During the year ended December 31, 2025, 382,700 shares were issued and sold under the March 2025 ATM for gross proceeds of $0.2 million, which, after deducting sales commissions and expenses incurred to date, resulted in net proceeds of $0.1 million.

In January 2024, the Company entered into a securities purchase agreement (the “2024 Securities Purchase Agreement”) with RA Capital Healthcare Fund, L.P. pursuant to which 15,384,615 shares of the Company’s common stock were sold to RA Capital Healthcare Fund, L.P. at an offering price of $0.65 per share pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-270671) (the “2023 Shelf Registration”). The gross proceeds from the 2024 Securities Purchase Agreement were $10.0 million and, after deducting offering expenses, the net proceeds were $9.9 million.

In September 2021, the Company entered into a Controlled Equity Offering Sales Agreement (the “September 2021 ATM”), pursuant to which it may offer and sell, from time to time through Cantor Fitzgerald & Co. and B. Riley Securities, Inc. (together, the “sales agents”), shares of its common stock having an aggregate offering price of up to $100 million. The Company filed a prospectus supplement with the SEC on September 16, 2021, a subsequent prospectus supplement with the SEC on May 9, 2023 and paid sales commissions of up to 3.0% of gross proceeds from the sale of shares. Effective October 18, 2024, the September 2021 ATM was terminated. Following such termination, the Company may not offer or sell any additional shares of its common stock under the September 2021 ATM or the related prospectus and prospectus supplement. From January 1, 2024 through October 18, 2024, 7,719,641 shares were issued and sold under the September 2021 ATM for gross proceeds of $9.1 million, which, after deducting sales commissions and expenses incurred to date, resulted in net proceeds of $8.8 million.

The Company’s principal operations are based in South San Francisco, California, and it operates in one reportable segment, which is the discovery and development of oral recombinant protein vaccines, based on its proprietary oral vaccine platform.

Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
September 2021 ATM [Member]
Offering costs		$ 248
RA Capital Healthcare Fund 2024 [Member]
Offering costs		55
June 2024 Offering [Member]
Offering costs		$ 2,455
The March 2025 ATM [Member]
Offering costs	$ 174
RA Capital Healthcare Fund 2025 [Member]
Offering costs	$ 10

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue:
Revenues	$ 237,258	$ 28,700
Operating expenses:
Research and development	201,576	74,213
General and administrative	17,608	20,780
Total operating expenses	219,184	94,993
Operating income (loss)	18,074	(66,293)
Other income (expense):
Interest income	1,596	2,543
Non-cash interest expense related to sale of future royalties	(2,823)	(2,969)
Other income (expense), net	(44)	31
Income (loss) before income taxes	16,803	(66,688)
Provision for income taxes	476	260
Segment net income (loss)	$ 16,327	$ (66,948)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.07	$ (0.33)
Diluted (in dollars per share)	$ 0.07	$ (0.33)
Basic (in shares)	230,269,605	202,137,531
Diluted (in shares)	230,346,201	202,137,531
Comprehensive income (loss):
Net income (loss)	$ 16,327	$ (66,948)
Unrealized gain (loss) on available-for-sale investments, net of tax	(7)	5
Comprehensive income (loss)	16,320	(66,943)
Non Cash Royalty Revenue [Member]
Revenue:
Revenues	1,929	3,842
Government Contract [Member]
Revenue:
Revenues	224,516	24,858
License [Member]
Revenue:
Revenues	8,705	0
Collaboration Revenue [Member]
Revenue:
Revenues	$ 2,108	$ 0

Note 10 - Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2025

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

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

Balance at January 1, 2024		5,685,806			17,938,726		$	2.90		2,126,373		$	1.37

Authorized under 2024 Inducement Plan		3,000,000			—		$	—		—		$	—
Authorized under 2019 Plan Amendment		15,000,000			—		$	—		—		$	—
Granted		(7,258,980	)		5,309,437		$	1.12		1,949,543		$	1.13
Exercised		—			(38,030	)	$	0.78		—		$	—
Released		—			—		$	—		(599,260	)	$	1.48
Forfeited		1,944,001			(1,483,826	)	$	2.29		(460,175	)	$	1.41
Canceled		1,279,297			(1,321,068	)	$	2.87		—		$	—
Balance at December 31, 2024		19,650,124			20,405,239		$	2.49		3,016,481		$	1.19

Granted		(12,969,746	)		8,281,792		$	0.53		4,687,954		$	0.51
Exercised		—			(3,625	)	$	0.78		—		$	—
Released		—			—		$	—		(1,041,423	)	$	1.13
Forfeited		2,781,683			(1,851,977	)	$	0.94		(929,706	)	$	0.83
Canceled		1,413,049			(1,424,130	)	$	2.47		—		$	—
Balance at December 31, 2025		10,875,110			25,407,299		$	1.96		5,733,306		$	0.70

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

	*Year Ended December 31,*
	*2025*			*2024*

Risk-free interest rate		3.8% - 4.4%			3.7% - 4.4%
Expected term (in years)		5.50 - 6.00			5.50 - 6.00
Expected volatility		125.6% - 128.6%			128.9% - 130.8%
Dividend yield		—	%		—%

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

	*Year Ended December 31,*
	*2025*		*2024*

Research and development	$	5,554	$	7,246
General and administrative		2,760		4,255
Total stock-based compensation	$	8,314	$	11,501

Note 14 - Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Revenues

$ 237,258

$ 28,700

General and administrative

201,576

74,213

17,608

20,780

Interest income

(1,596)

(2,543)

Non-cash interest expense related to sale of future royalties

2,823

2,969

Income Tax Expense (Benefit)

476

260

Segment net income (loss)

16,327

(66,948)

Adjustments and reconciling items

16,327

(66,948)

Net income (loss)

16,327

(66,948)

Operating Segments [Member]

Revenues

237,258

28,700

General and administrative

17,608

20,780

Interest income

(1,596)

(2,543)

Non-cash interest expense related to sale of future royalties

2,823

2,969

Other segment items(A)

^[1]

(31)

Income Tax Expense (Benefit)

476

260

Segment net income (loss)

16,327

(66,948)

Adjustments and reconciling items

16,327

(66,948)

Net income (loss)

16,327

(66,948)

Operating Segments [Member] | Norovirus Program [Member]

Operating Segments [Member] | Covid-19 Program [Member]

3,638

3,178

Operating Segments [Member] | Other Programs [Member]

155,049

16,883

Operating Segments [Member] | Preclinical Research [Member]

345

Operating Segments [Member] | Process Development Program [Member]

767

1,909

Operating Segments [Member] | Internal Research and Development Costs [Member]

271

Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]

41,731

51,940

Segment net income (loss)

Adjustments and reconciling items

Net income (loss)

$ 0

[1]	Other segment items included in other income (expense), net.

Note 14 - Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Year Ended December 31,*
	*2025*			*2024*
Revenue	$	237,258		$	28,700
Less:
Research and development
External program costs:
Norovirus program		3,638			3,178
COVID-19 program		155,049			16,883
Other programs		345			32
Preclinical research		767			1,909
Process Development		46			271
Internal research and development costs		41,731			51,940
General and administrative		17,608			20,780
Interest income		(1,596	)		(2,543	)
Non-cash interest expense related to sale of future royalties		2,823			2,969
Other segment items^(A)		44			(31	)
Provision for income taxes		476			260
Segment net income (loss)	$	16,327		$	(66,948	)
Reconciliation of net income (loss)
Adjustments and reconciling items		—			—
Net income (loss)	$	16,327		$	(66,948	)

Note 4 - Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Prepaid clinical and manufacturing expenses	$ 18,920	$ 1,998
Prepaid insurance	168	282
Prepaid rent	539	521
Other prepaid	677	1,449
Other current assets	667	318
Prepaid expenses and other current assets	$ 20,971	$ 4,568

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	240,742,681	228,203,822
Common stock, shares outstanding (in shares)	240,494,594	227,774,275
Treasury Stock, Common, Shares (in shares)	248,087	429,547

Note 13 - Net Loss Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	30,003,360	23,981,183
Share-Based Payment Arrangement, Option [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	24,809,770	20,659,336
Restricted Stock Units (RSUs) [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	5,182,676	2,828,395
Warrant [Member] \| Common Stock [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	10,914	158,262
Employee Stock Purchase Plan [Member]
Potentially dilutive securities excluded from denominator of the diluted earnings per share computation (in shares)	0	335,190

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2025	Mar. 06, 2026	Jun. 30, 2025
Document Information [Line Items]
Entity Central Index Key	0000072444
Entity Registrant Name	Vaxart, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-35285
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	59-1212264
Entity Address, Address Line One	170 Harbor Way, Suite 300
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	550-3500
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	VXRT
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 102,712,906
Entity Common Stock, Shares Outstanding		240,634,372
Auditor Name	WithumSmith+Brown, PC
Auditor Location	San Francisco, California
Auditor Firm ID	100

Note 10 - Equity Incentive Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Text Block]

NOTE 10. Equity Incentive Plans

On April 23, 2019, the Company’s stockholders approved the adoption of the 2019 Equity Incentive Plan (the “2019 Plan”), under which the Company is authorized to issue incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units (“RSUs”), other stock awards and performance awards that may be settled in cash, stock, or other property. The 2019 Plan is designed to secure and retain the services of employees, directors and consultants, provide incentives for the Company’s employees, directors and consultants to exert maximum efforts for the success of the Company and its affiliates, and provide a means by which employees, directors and consultants may be given an opportunity to benefit from increases in the value of the Company’s common stock. Following adoption of the 2019 Plan, all previous plans were frozen, and on forfeiture, cancellation and expiration, awards under those plans are not assumed by the 2019 Plan.

The aggregate number of shares of common stock authorized for issuance under the 2019 Plan was initially 1,600,000 shares, which was increased through an amendment to the 2019 Plan adopted by the Company’s stockholders (a “Plan Amendment”) on June 8, 2020, to 8,000,000, by a Plan Amendment on June 16, 2021, to 16,900,000, by a Plan Amendment on August 4, 2022, to 28,900,000, and by a Plan Amendment on June 11, 2024, to 43,900,000. Further amendments to the 2019 Plan to increase the share reserve would require stockholder approval. Awards that are forfeited or canceled generally become available for issuance again under the 2019 Plan. Awards have a maximum term of ten years from the grant date and may vest over varying periods, as specified by the Company’s board of directors for each grant.

On February 27, 2024, the Company’s board of directors adopted the Vaxart, Inc. 2024 Inducement Award Plan (the “2024 Inducement Plan”). The 2024 Inducement Plan was adopted without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4) and is administered by the Compensation Committee of the board of directors or the independent members of the board of directors. The board of directors reserved 3,000,000 shares of the Company’s common stock for issuance under the 2024 Inducement Plan, subject to adjustment as provided in the plan document. The terms of the 2024 Inducement Plan are substantially similar to the terms of the 2019 Plan, with the exception that incentive stock options may not be issued under the 2024 Inducement Plan and equity awards under the 2024 Inducement Plan (including nonqualified stock options, restricted stock, restricted stock units, and other stock-based awards) may be issued only to an employee who is commencing employment with the Company or any subsidiary or who is being rehired following a bona fide interruption of employment by the Company or any subsidiary, in either case if he or she is granted such award in connection with his or her commencement of employment and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary.

A summary of stock option and RSU transactions for the years ended December 31, 2025 and 2024 are as follows:

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

Balance at January 1, 2024		5,685,806			17,938,726		$	2.90		2,126,373		$	1.37

Authorized under 2024 Inducement Plan		3,000,000			—		$	—		—		$	—
Authorized under 2019 Plan Amendment		15,000,000			—		$	—		—		$	—
Granted		(7,258,980	)		5,309,437		$	1.12		1,949,543		$	1.13
Exercised		—			(38,030	)	$	0.78		—		$	—
Released		—			—		$	—		(599,260	)	$	1.48
Forfeited		1,944,001			(1,483,826	)	$	2.29		(460,175	)	$	1.41
Canceled		1,279,297			(1,321,068	)	$	2.87		—		$	—
Balance at December 31, 2024		19,650,124			20,405,239		$	2.49		3,016,481		$	1.19

Granted		(12,969,746	)		8,281,792		$	0.53		4,687,954		$	0.51
Exercised		—			(3,625	)	$	0.78		—		$	—
Released		—			—		$	—		(1,041,423	)	$	1.13
Forfeited		2,781,683			(1,851,977	)	$	0.94		(929,706	)	$	0.83
Canceled		1,413,049			(1,424,130	)	$	2.47		—		$	—
Balance at December 31, 2025		10,875,110			25,407,299		$	1.96		5,733,306		$	0.70

As of December 31, 2025, there were 25,407,299 options outstanding with a weighted average exercise price of $1.96, a weighted average remaining term of 7.28 years, and an aggregate intrinsic value of $4,000. Of these options, 14,808,497 were vested, with a weighted average exercise price of $2.84, a weighted average remaining term of 6.16 years, and an aggregate intrinsic value of $4,000.

The Company received $3,000 for the 3,625 options exercised in the year ended December 31, 2025, which had a minimal intrinsic value. The aggregate intrinsic value represents the total pre-tax value (i.e., the difference between the Company’s stock price and the exercise price) of stock options outstanding as of December 31, 2025, based on the Company’s common stock closing price of $0.35 on December 31, 2025, which would have been received by the option holders had all their in-the-money options been exercised as of that date. The Company received $30,000 for the 38,030 options exercised in the year ended December 31, 2024, which had an intrinsic value of $7,000.

The weighted average grant date fair value of options awarded in the years ended December 31, 2025 and 2024, was $0.47 and $1.01, respectively. Fair values were estimated using the following assumptions:

	*Year Ended December 31,*
	*2025*			*2024*

Risk-free interest rate		3.8% - 4.4%			3.7% - 4.4%
Expected term (in years)		5.50 - 6.00			5.50 - 6.00
Expected volatility		125.6% - 128.6%			128.9% - 130.8%
Dividend yield		—	%		—%

The Company measures the fair value of all stock-based awards on the grant date and records the fair value of these awards, net of estimated forfeitures, to compensation expense over the service period. Total stock-based compensation recognized for options, RSUs and ESPP was as follows (in thousands):

	*Year Ended December 31,*
	*2025*		*2024*

Research and development	$	5,554	$	7,246
General and administrative		2,760		4,255
Total stock-based compensation	$	8,314	$	11,501

As of December 31, 2025, the unrecognized stock-based compensation cost related to outstanding unvested stock options and RSUs expected to vest was $9.2 million, which the Company expects to recognize over an estimated weighted average period of 2.4 years.

On August 4, 2022, the 2022 Employee Stock Purchase Plan (the “2022 ESPP”) was approved by the Company’s stockholders. The Company initially reserved 1,800,000 shares of the Company’s common stock for purchase under the 2022 ESPP, which was increased by 1,800,000 shares through an amendment to the 2022 ESPP adopted by the Company’s stockholders on June 11, 2024, to 3,600,000 shares. The 2022 ESPP generally has a six-month offering period comprised of one purchase period. In May 2024, the 2022 ESPP had a one-time modification following the end of the six-month offering period ended May 31, 2024, to commence the follow-on offering period on July 1, 2024 for a five-month offering period. The purchase price of the stock is equal to 85% of the lesser of the market value of such shares at the beginning of the six-month offering period or the end of such offering period. During the year ended December 31, 2025, the Company received $0.2 million and issued 539,448 treasury shares under the 2022 ESPP. During the year ended December 31, 2024, the Company received $0.5 million and issued 782,939 shares under the 2022 ESPP. As of December 31, 2025, 1,823,454 shares are available and reserved for future issuance under the 2022 ESPP.

Stock-based compensation expense related to the ESPP was $0.2 million for each of the years ended December 31, 2025 and 2024.

Note 6 - Liabilities Related to Sale of Future Royalties - Deferred Revenue Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current portion	$ (1,381,000)	$ (4,060,000)
Long-term portion	2,679,000	$ 1,698,000
HealthCare Royalty Partners III, L.P. [Member] \| Royalty Arrangement [Member]
Total liability related to sale of future royalties, start of year	5,758
Non-cash royalty revenue paid to HCRP	(4,521,000)
Non-cash interest expense recognized	2,823,000
Total liability related to sale of future royalties, end of year	4,060
Current portion	(1,381,000)
Long-term portion	$ 2,679,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 53,814	$ 25,229
Short-term investments	9,993	26,494
Accounts receivable	14,564	5,761
Unbilled receivable from government contracts	36,781	6,208
Prepaid expenses and other current assets	20,971	4,568
Total current assets	136,123	68,260
Property and equipment, net	5,433	8,705
Prepaid clinical services, long-term	25,218	60,116
Right-of-use assets, net	11,432	20,404
Intangible assets, net	2,826	3,557
Goodwill	4,508	4,508
Other long-term assets	539	839
Total assets	186,079	166,389
Current liabilities:
Accounts payable	21,496	6,963
Other accrued current liabilities	47,879	11,378
Current portion of operating lease liability	2,978	3,077
Current portion of liability related to sale of future royalties	1,381	4,060
Total current liabilities	86,754	90,878
Operating lease liability, net of current portion	6,007	14,449
Liability related to sale of future royalties, net of current portion	2,679	1,698
Other long-term liabilities	817	439
Total liabilities	98,281	107,464
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred Stock: $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding as of December 31, 2025 or 2024	0	0
Common Stock: $0.0001 par value; 350,000,000 shares authorized as of December 31, 2025 and 2024; 240,742,681 shares issued and 240,494,594 shares outstanding as of December 31, 2025 and 228,203,822 shares issued and 227,774,275 shares outstanding as of December 31, 2024	24	23
Additional paid-in capital	548,131	535,770
Treasury Stock at cost, 248,087 shares as of December 31, 2025 and 429,547 shares as of December 31, 2024	(159)	(350)
Accumulated deficit	(460,195)	(476,522)
Accumulated other comprehensive income (loss)	(3)	4
Total stockholders’ equity	87,798	58,925
Total liabilities and stockholders’ equity	186,079	166,389
Government Contract [Member]
Current liabilities:
Deferred revenue	68	65,400
Collaboration Revenue [Member]
Current liabilities:
Deferred revenue	12,952	0
Deferred collaboration revenue, net of current portion	$ 2,024	$ 0

Note 12 - Income Taxes - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
State taxes (net of federal benefit)	$ 3
State taxes (net of federal benefit), percent	0.00%	0.10%
Foreign	$ 473
Foreign, percent	2.80%	0.00%
Foreign rate differential	$ 0
Foreign rate differential, rate	0.00%	(0.70%)
Other nondeductible items	$ (76)
Other nondeductible items, percent	(0.50%)	(0.10%)
Tax credits	$ (11,442)
Tax credits, percent	(68.10%)	4.20%
Change in valuation allowance	$ 2,960
Change in valuation allowance, percent	17.60%	(17.40%)
Changes in unrecognized tax benefits	$ 4,577
Changes in unrecognized tax benefits, percent	27.20%	0.00%
Prior year true-up	$ 0
Prior year true-up, percent	0.00%	(5.50%)
Stock-based compensation	$ 453
Stock-based compensation, percent	2.70%	(2.00%)
Provision for income taxes	$ 476	$ 260
Provision for income taxes, percent	2.80%	(0.40%)
Domestic Tax Jurisdiction [Member]
U.S. federal taxes at statutory rate	$ 3,528
U.S. federal taxes at statutory rate, percent	21.00%	21.00%

Note 8 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Text Block]

NOTE 8. Commitments and Contingencies

(a) Purchase Commitments

As of December 31, 2025, the Company had approximately $21.1 million of non-cancelable purchase commitments, principally for clinical services which are expected to be paid within the next year. Approximately $20.1 million of non-cancelable purchase commitments are attributable to a third-party vendor that provides clinical services, that is reimbursable at approximately $21.6 million under a cost-plus-fixed-fees arrangement in the ATI-RRPV Contract. In addition, the Company has operating lease commitments as detailed in Note 7.

(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 indeterminable 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.

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 a first amended consolidated complaint, and on August 9, 2021, lead plaintiffs filed a corrected first amended consolidated complaint. The first amended consolidated complaint, as corrected, named certain of Vaxart’s current and former executive officers and directors, as well as Armistice Capital, LLC (“Armistice”), as defendants. It claimed 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 first amended consolidated complaint, as corrected, alleged 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 sought certification as a class action for similarly situated shareholders and sought, among other things, an unspecified amount of damages and attorneys’ fees and costs. On July 8, 2021, all defendants moved to dismiss the first amended consolidated complaint. By Order dated December 22, 2021, the court granted the motion to dismiss by Armistice with leave to amend and otherwise denied the motions to dismiss. On July 27, 2022, lead plaintiffs filed a notice announcing that they had reached a partial settlement (the “Partial Settlement”) to resolve all claims against the Company and its current or former officers and/or directors in their capacity as officers and/or directors of the Company (the “Settling Defendants”). Pursuant to the Partial Settlement, the Company agreed to a settlement amount of $12.0 million with $2.0 million to be paid by the Company and the remainder to be paid by the Company’s insurers. On November 2, 2022, the Company paid the $2.0 million settlement amount with respect to the Putative Class Action pursuant to the terms of the settlement agreement reached in that case. On November 14, 2022, lead plaintiffs filed a second amended consolidated class action complaint that purported to include new allegations to support claims against Armistice. By Orders dated January 25, 2023, the court approved the Partial Settlement and entered judgment dismissing with prejudice all claims asserted in the Putative Class Action against the Settling Defendants.

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. Following discovery, a motion for summary judgment was filed by Armistice and the Armistice-related party defendants to dismiss the complaint. On March 27, 2024, the court granted the motion for summary judgment and dismissed all claims in the complaint in their entirety. On April 11, 2024, the Plaintiff timely filed a notice of appeal of the court’s decision to the Second Circuit Court of Appeals, commencing appellate proceedings. In June 2024, Plaintiff filed a motion to the court of appeals to stay the appeal pending efforts to re-instate the complaint in the district court, which was granted by the court of appeals. In July 2024, Plaintiff filed a motion with the district court seeking to set aside the judgment and to re-instate the complaint. On August 15, 2024, the district court denied Plaintiff’s motion to set aside the judgment. On September 10, 2024, Plaintiff re-filed its appeal with the Second Circuit Court of Appeals. On August 28, 2025, the Second Circuit Court of Appeals denied Plaintiff’s appeal and affirmed the decision of the district court dismissing all claims in the complaint. Plaintiff’s time to appeal from that decision has expired and no further proceedings remain.

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”), opting out of the consolidated Himmelberg v. Vaxart, Inc. et al. and Hovhannisyan v. Vaxart, Inc. et al. class actions, (together, the “Putative Class 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 while the Putative Class Action is pending.

Note 6 - Liabilities Related to Sale of Future Royalties (Details Textual) - HCRP [Member] - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2016	Dec. 31, 2025	Dec. 31, 2024
Proceeds from Sale of Future Royalties, Net	$ 20.0
Royalty Interest, Covenant, Cumulative Remaining Shortfall Amount		$ 4.4	$ 6.0
Royalty Payment, Interest, First Period [Member]
Royalty Interest, Covenant, Shortfall in Royalty Payments	$ 3.0
Royalty Interest, Percentage of Additional Royalties Due Each Year	15.00%
Royalty Interest, Additional Royalties Due Each Year	$ 1.0
Royalty Payment, Interest, Second Period [Member]
Royalty Interest, Covenant, Shortfall in Royalty Payments	$ 2.7
Royalty Interest, Percentage of Additional Royalties Due Each Year	15.00%
Royalty Interest, Additional Royalties Due Each Year	$ 1.0

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	Dec. 31, 2025
Award Tmg Disc Line Items
Award Timing MNPI Considered [Flag]	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted [Flag]	true

Note 2 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Significant Accounting Policies [Text Block]

NOTE 2. Summary of Significant Accounting Policies

These consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

The useful lives of the property and equipment are as follows:

Laboratory equipment (in years)			5
Office and computer equipment (in years)			3
Leasehold improvements			Shorter of remaining lease term or estimated useful life

(i)

identification of the promised goods or services in the contract;

(ii)

determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract;

(iii)

measurement of the transaction price, including the constraint on variable consideration;

(iv)

allocation of the transaction price to the performance obligations based on estimated selling prices; and

(v)

Revenue from Government Contracts

Revenue from the 2025 License and Collaboration Agreement

Reclassifications – Prior year data is subject to reclassification to conform to current year presentation. No reclassifications were made for the years ended December 31, 2025 and 2024.

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 6,400	$ 11,600
Unrecognized Tax Benefits	13,598	8,537	$ 6,566
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 0	$ 0
Domestic Tax Jurisdiction [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Operating Loss Carryforwards	$ 254,000	$ 221,100
Operating Loss Carryforwards, Subject to Expiration	1,700
Operating Loss Carryforward, Carried Forward Indefinitely	252,300
Domestic Tax Jurisdiction [Member] \| Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	24,300	12,800
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	18,900	8,900
Operating Loss Carryforwards, Subject to Expiration	7,300
Operating Loss Carryforward, Carried Forward Indefinitely	$ 11,600
Open Tax Year	2020 2021 2022 2023 2024 2025
State and Local Jurisdiction [Member] \| Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	$ 11,300	$ 10,000
Foreign Tax Jurisdiction [Member]
Open Tax Year	2021 2022 2023 2024 2025
Foreign Tax Jurisdiction [Member] \| Australian Taxation Office [Member]
Operating Loss Carryforwards	$ 500

Note 10 - Equity Incentive Plans - Total Stock-based Compensation Recognized for Options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement, Expense	$ 8,314	$ 11,501
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expense	5,554	7,246
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expense	$ 2,760	$ 4,255

Note 4 - Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and equipment, gross	$ 19,234	$ 19,213
Less: accumulated depreciation	(13,801)	(10,508)
Property and equipment, net	5,433	8,705
Laboratory Equipment [Member]
Property and equipment, gross	14,005	13,806
Office Equipment [Member]
Property and equipment, gross	1,142	1,140
Leasehold Improvements [Member]
Property and equipment, gross	3,929	4,107
Construction in Progress [Member]
Property and equipment, gross	$ 158	$ 160

Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	Dec. 31, 2025
Laboratory Equipment [Member]
Laboratory equipment (in years) (Year)	5 years
Office Equipment [Member]
Laboratory equipment (in years) (Year)	3 years

Note 10 - Equity Incentive Plans - Summary of Stock Option Transactions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Shares available for grant, balance (in shares)	19,650,124	5,685,806
Number of options outstanding, beginning balance (in shares)	20,405,239	17,938,726
Weighted average exercise price, balance (in dollars per share)	$ 2.49	$ 2.9
Shares available for grant, granted (in shares)	(12,969,746)	(7,258,980)
Number of options outstanding, granted (in shares)	8,281,792	5,309,437
Weighted average exercise price, granted (in dollars per share)	$ 0.53	$ 1.12
Number of options outstanding, exercised (in shares)	(3,625)	(38,030)
Weighted average exercise price, exercised (in dollars per share)	$ 0.78	$ 0.78
Shares available for grant, forfeited (in shares)	2,781,683	1,944,001
Number of options outstanding, forfeited (in shares)	(1,851,977)	(1,483,826)
Weighted average exercise price, forfeited (in dollars per share)	$ 0.94	$ 2.29
Shares available for grant, canceled (in shares)	1,413,049	1,279,297
Number of options outstanding, canceled (in shares)	(1,424,130)	(1,321,068)
Weighted average exercise price, canceled (in dollars per share)	$ 2.47	$ 2.87
Shares available for grant, balance (in shares)	10,875,110	19,650,124
Number of options outstanding, balance (in shares)	25,407,299	20,405,239
Weighted average exercise price, balance (in dollars per share)	$ 1.96	$ 2.49
The 2024 Inducement Award Plan [Member]
Authorized (in shares)		3,000,000
The 2019 Plan [Member]
Authorized (in shares)		15,000,000
Restricted Stock Units (RSUs) [Member]
Number of RSUs outstanding (in shares)	3,016,481	2,126,373
Balance, Weighted average grant date fair value (in dollars per share)	$ 1.19	$ 1.37
Number of RSUs outstanding, granted (in shares)	4,687,954	1,949,543
Granted, Weighted average grant date fair value (in dollars per share)	$ 0.51	$ 1.13
Number of RSUs outstanding, release (in shares)		(599,260)
Released, Weighted average grant date fair value (in dollars per share)		$ 1.48
Number of RSUs outstanding, forfeite (in shares)	(929,706)	(460,175)
Forfeited, Weighted average grant date fair value (in dollars per share)	$ 0.83	$ 1.41
Number of RSUs outstanding (in shares)	5,733,306	3,016,481
Balance, Weighted average grant date fair value (in dollars per share)	$ 0.7	$ 1.19

Note 14 - Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting Disclosure [Text Block]

NOTE 14. 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 income (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.

Our segment revenue, segment loss, significant segment expenses, and other segment items consist of the following (in thousands):

	*Year Ended December 31,*
	*2025*			*2024*
Revenue	$	237,258		$	28,700
Less:
Research and development
External program costs:
Norovirus program		3,638			3,178
COVID-19 program		155,049			16,883
Other programs		345			32
Preclinical research		767			1,909
Process Development		46			271
Internal research and development costs		41,731			51,940
General and administrative		17,608			20,780
Interest income		(1,596	)		(2,543	)
Non-cash interest expense related to sale of future royalties		2,823			2,969
Other segment items^(A)		44			(31	)
Provision for income taxes		476			260
Segment net income (loss)	$	16,327		$	(66,948	)
Reconciliation of net income (loss)
Adjustments and reconciling items		—			—
Net income (loss)	$	16,327		$	(66,948	)

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

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Note 13 - Net Loss Per Share Attributable to Common Stockholders - Calculation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Adjustments and reconciling items	$ 16,327	$ (66,948)
Basic (in shares)	230,269,605	202,137,531
Weighted average shares used to compute net income (loss) per share, diluted (in shares)	230,346,201	202,137,531
Basic (in dollars per share)	$ 0.07	$ (0.33)
Diluted (in dollars per share)	$ 0.07	$ (0.33)
Share-Based Payment Arrangement [Member]
Stock-based compensation plans (in shares)	76,596	0

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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Note 12 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
Federal	$ 0	$ 0
State	3	3
Foreign	473	257
Total Current	476	260
Deferred:
Federal	0	0
State	0	0
Foreign	0	0
Total Deferred	0	0
Provision for income taxes	$ 476	$ 260

Note 15 - Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Text Block]

NOTE 15. Subsequent Events

Sanofi Acquisition of Dynavax

On December 23, 2025, Sanofi, a French société anonyme, entered into an Agreement and Plan of Merger with Dynavax Technologies Corporation (“Dynavax”), pursuant to which Sanofi agreed to acquire all outstanding shares of Dynavax common stock for $15.50 per share in cash, reflecting a total equity value of approximately $2.2 billion. On January 12, 2026, Sanofi commenced a tender offer to acquire all outstanding shares of Dynavax. The tender offer expired on February 9, 2026, at which time approximately 73.92% of Dynavax’s outstanding shares were validly tendered. On February 10, 2026, Sanofi completed the acquisition through a merger in which Dynavax became an indirect wholly owned subsidiary of Sanofi.

As disclosed in Note 5, the Company entered into the 2025 License and Collaboration Agreement with Dynavax on November 4, 2025. Pursuant to the terms of the 2025 License and Collaboration Agreement, the agreement permits assignment without the Company’s consent in connection with a change of control involving the transfer or sale of substantially all of a party’s business related to the licensed products. Accordingly, upon completion of the Sanofi acquisition, the rights and obligations under the 2025 License and Collaboration Agreement were assigned to or assumed by Sanofi (or its affiliates) as the successor to Dynavax. In addition, the 2025 License and Collaboration Agreement provides Dynavax (or its successor) with the right to terminate the agreement for any reason upon 90 days’ prior written notice to the Company.

Modification of 2024 ATI-RRPV Contract

On March 10, 2026, the Company entered into Modification No. 6 (the “Modification”) to the ATI-RRPV Project Award Agreement No. 001, dated June 13, 2024 (the “Project Agreement”), with Advanced Technology International, the Rapid Response Partnership Vehicle’s Consortium Management Firm funded by BARDA of the U.S. Department of Health and Human Services. As previously disclosed, pursuant to the Project Agreement, the Company received funding to conduct a Phase 2b comparative study (the “Trial”) evaluating the Company’s oral pill COVID-19 vaccine candidate against an mRNA vaccine comparator approved by the U.S. Food and Drug Administration. The Company previously announced that it had completed enrollment of the sentinel cohort portion of the study comprising approximately 400 participants comparing its oral pill XBB candidate against an mRNA XBB comparator and an independent data safety monitoring board recommended the study to proceed without modifications based on initial safety assessment of 30-day data from the sentinel cohort.

The Modification increased the total amount of funding currently allotted to the Trial and available for payment to approximately $316.0 million. The Company anticipates a further modification to the 2024 ATI-RRPV Contract that will reflect the reduced scope of work and corresponding reduction in funding that resulted from previously issued stop work orders.

Note 13 - Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2025

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

	*Year Ended December 31,*
	*2025*		*2024*

Numerator
Net income (loss)	$	16,327	$	(66,948	)

Denominator
Weighted average shares used to compute net income (loss) per share, basic		230,269,605		202,137,531
Effect of dilutive shares:
Stock-based compensation plans		76,596		—
Weighted average shares used to compute net income (loss) per share, diluted		230,346,201		202,137,531

Net income (loss) per share:
Basic	$	0.07	$	(0.33	)
Diluted	$	0.07	$	(0.33	)

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

	*Year Ended December 31,*
	*2025*		*2024*

Options to purchase common stock		24,809,770		20,659,336
Restricted stock units to purchase common stock		5,182,676		2,828,395
Warrants to purchase common stock		10,914		158,262
Employee Stock Purchase Plan		—		335,190

Total potentially dilutive securities excluded from denominator of the diluted earnings per share computation		30,003,360		23,981,183

Note 4 - Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025