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SOUTH SAN FRANCISCO – Vaxart, Inc. (NASDAQ:VXRT), a clinical-stage biotechnology company with a market capitalization of $93.3 million, announced the appointment of Jeroen Grasman as its new Chief Financial Officer (CFO) starting May 19, 2025. The appointment comes at a crucial time as InvestingPro data shows the company is quickly burning through cash, though it maintains more cash than debt on its balance sheet. Grasman will be taking over from Phillip Lee, who is stepping down for personal reasons but will stay on until June 1, 2025, to aid in the transition.
Grasman arrives at Vaxart with a wealth of experience in the biotech industry, having spent over two decades in financial leadership roles. His expertise will be particularly valuable as the company faces financial challenges, with InvestingPro analysis indicating short-term obligations currently exceed liquid assets, with a current ratio of 0.75. His most recent position was as CFO at AltruBio, where his tenure included scaling the company for global clinical trials. Prior to that, he held the position of Vice President, Finance and Operations at PACT Pharma and has also worked at Intarcia Therapeutics and Genentech.
Steven Lo, CEO of Vaxart, expressed confidence in Grasman’s ability to contribute to the company’s growth, citing his extensive financial expertise and operational acumen. Lo also thanked the outgoing CFO, Phillip Lee, for his dedication and role in the company’s progress.
Grasman, who holds an MSc in Applied Mathematics and an MBA from Harvard Business School, expressed his enthusiasm for joining Vaxart and contributing to the development of the company’s oral pill vaccine programs.
Vaxart is known for developing oral recombinant vaccines based on a proprietary delivery platform. Its product pipeline includes vaccines for coronavirus, norovirus, influenza, and a therapeutic vaccine for HPV. The company’s technology aims to offer vaccines in pill form, which could be stored and shipped without refrigeration and eliminate needle-stick injury risks.
This press release contains forward-looking statements, which involve risks and uncertainties. It should be noted that actual results may differ from those projected in the forward-looking statements. According to InvestingPro, which offers comprehensive analysis of over 1,400 stocks including Vaxart, analysts anticipate a sales decline and continued unprofitability in the current year. The company has made claims regarding its vaccine development and effectiveness, which are subject to verification by regulatory authorities and clinical trial outcomes.
The information for this article is based on a press release statement from Vaxart, Inc.
In other recent news, Vaxart, Inc. reported its fourth quarter 2024 earnings, which showed a notable revenue beat but missed earnings per share (EPS) expectations. The company reported revenue of $28.7 million, surpassing the projected $20.77 million, while the EPS came in at -$0.33, falling short of the forecasted -$0.10. Vaxart has also completed enrollment for its Phase 1 clinical trial of the second-generation oral norovirus vaccine candidates, with topline data expected in mid-2025. Additionally, the company has received authorization to proceed with a government-funded clinical trial after a previous stop work order was lifted, allowing Vaxart to resume trial operations for a COVID-19 vaccine candidate.
The company is seeking stockholder approval for a reverse stock split to maintain its Nasdaq listing, supported by proxy advisory firms Institutional Shareholder Services and Glass Lewis. Vaxart has implemented strategic cost reductions, including workforce cuts, to extend its cash runway into 2026. The company plans to host a Q1 2025 earnings call on May 13, 2025, and will present at the Citizens Life Sciences Conference on May 7, 2025. These developments highlight Vaxart’s ongoing efforts to advance its vaccine programs and secure financial stability.
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