Quick Answer
Vaxart, Inc. reported R&D Expense of $201.58 million for fiscal year 2025.
Vaxart, Inc. R&D Expense — Annual History
| Fiscal Year | R&D Expense | YoY Change |
|---|---|---|
| 2025 | $201.58M | +171.6% |
| 2024 | $74.21M | +8.9% |
| 2023 | $68.14M | -15.9% |
| 2022 | $81.05M | +66.3% |
| 2021 | $48.75M | +145.4% |
| 2020 | $19.86M | +36.6% |
| 2019 | $14.54M | -15.8% |
| 2018 | $17.27M | +39.8% |
| 2017 | $12.36M | -56.3% |
| 2017 | $28.30M | +7.6% |
| 2016 | $26.30M | +32.8% |
| 2015 | $19.80M | +13.1% |
| 2014 | $17.50M | -12.1% |
| 2013 | $19.90M | -17.4% |
| 2012 | $24.10M | +35.7% |
| 2011 | $17.77M | -47.0% |
| 2011 | $33.50M | +28.5% |
| 2010 | $26.08M | +58.1% |
| 2009 | $16.49M | — |
Quarterly R&D Expense
| Quarter Ending | R&D Expense | YoY | QoQ |
|---|---|---|---|
| September 30, 2025 | $75.95M | +404.1% | +52.7% |
| June 30, 2025 | $49.73M | +184.5% | +61.8% |
| March 31, 2025 | $30.74M | +61.7% | +104.1% |
| September 30, 2024 | $15.07M | +0.4% | -13.8% |
| June 30, 2024 | $17.48M | -7.1% | -8.1% |
| March 31, 2024 | $19.01M | -3.1% | +26.7% |
| September 30, 2023 | $15.00M | -33.2% | -20.3% |
| June 30, 2023 | $18.81M | -5.6% | -4.1% |
- Vaxart, Inc. showed an increase of +171.6% in R&D Expense compared to the prior fiscal year.
- Over the 2009–2025 period, Vaxart, Inc.’s r&d expense has grown by 1122.4% (from $16.49 million to $201.58 million).
- The most recent figure is from Vaxart, Inc.’s fiscal year 2025 report (Form 10-K), filed with the SEC on March 13, 2026.
- All figures are sourced from SEC EDGAR XBRL filings, last verified June 17, 2026.
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