VXRT - Vaxart shares slide after first-quarter earnings miss

Vaxart (VXRT) shares slide over 12% during premarket trading after the company posted first-quarter results that missed Wall Street estimates, owing to higher research and development costs and a fall in Inavir related royalty revenue.The company's quarterly revenue plummeted over 80% to $0.51M, mainly due to a reduction in royalty revenue related to Inavir sales in Japan as a result of abnormally low incidences of seasonal influenza. Revenue missed analysts' estimate by $0.11M.The company saw its R&D expenses rise to $10.1M from $1.5M last year, mainly due to manufacturing and clinical trial expenses related to the COVID-19 and norovirus vaccine candidates.General and administrative expenses also rose to $5.9M from $2M in the prior-year period.Vaxart reported a net loss of $16M, or $0.14 per share, compared to a net loss of $1.3M, or $0.02 per share last year.The company ended the quarter with cash, cash equivalents, and available-for-sale debt securities of $177.3M, compared to $126.9M

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Vaxart shares slide after first-quarter earnings miss