Government Contract was Vaxart’s largest product and service line in fiscal 2025, bringing in $159.00M of $175.74M (90%).
| Product and Service | FY 2017 | FY 2018 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Government Contract | — | — | — | $16.20M | $159.00M | ||||||
| License | — | — | — | — | $8.70M | ||||||
| Collaboration Revenue | — | — | — | — | $4.21M | ||||||
| Grant | — | — | $3.46M | — | — | ||||||
| Royalty | — | — | — | — | — | ||||||
| Non Cash Royalty Revenue | $107.00K | — | $3.92M | $3.80M | $3.83M | ||||||
| Grant Milestone Completion | — | $1.50M | — | — | — | ||||||
| Customer Service Contracts | — | — | — | — | — | ||||||
| Total | $107.00K | $1.50M | $7.38M | $20.00M | $175.74M |
Vaxart brought in $175.74M from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That is less than the $234.50M it reports by collaborative arrangement and arrangement other than collaborative, so these lines do not cover all of its revenue. Government Contract was the largest at $159.00M (90.5%), ahead of License at $8.70M (5.0%) and Collaboration Revenue at $4.21M (2.4%). The remaining line, Non Cash Royalty Revenue, brought in $3.83M.
Compared with fiscal 2024, Government Contract grew 881.5% to $159.00M and Non Cash Royalty Revenue grew 0.8% to $3.83M. Some of that change comes from Vaxart regrouping its lines.
Vaxart began breaking out License in fiscal 2025 and Collaboration Revenue in fiscal 2025. Vaxart stopped reporting Grant ($3.46M in fiscal 2023) and Grant Milestone Completion ($1.50M in fiscal 2023) as separate lines.
Cost-Plus-Fixed-Fee was Vaxart’s largest revenue line in fiscal 2025, bringing in $158.40M of $234.50M (68%).
| Collaborative Arrangement and Arrangement Other than Collaborative | FY 2025 |
|---|---|
| Cost-Plus-Fixed-Fee | $158.40M |
| Firm Fixed-Price Milestone | $65.50M |
| License Agreement & Purchase Agreement | $8.70M |
| Daiichi Sankyo Collaberation & License Agreement | $1.90M |
| Total | $234.50M |
Vaxart brought in $234.50M from its four revenue lines in fiscal 2025, the year ended December 31, 2025. Cost-Plus-Fixed-Fee was the largest at $158.40M (67.5%), ahead of Firm Fixed-Price Milestone at $65.50M (27.9%) and License Agreement & Purchase Agreement at $8.70M (3.7%). The remaining revenue line, Daiichi Sankyo Collaberation & License Agreement, brought in $1.90M.
Vaxart (VXRT) reports its revenue by product and service and by collaborative arrangement and arrangement other than collaborative. In fiscal 2025, Government Contract was its largest product and service line, bringing in $159.00M (90.5% of the total), followed by License at $8.70M (5.0%).
Government Contract was Vaxart's largest product and service line in fiscal 2025, bringing in $159.00M, or 90.5% of the $175.74M total across its four product and service lines.
Cost-Plus-Fixed-Fee was Vaxart's largest revenue line in fiscal 2025, bringing in $158.40M, or 67.5% of the $234.50M total across its four revenue lines.
Every figure comes from Vaxart's annual financial filings, as reported. Each line keeps the name Vaxart gives it, and years follow its fiscal calendar.
Vaxart's revenue by product and service goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.