| Ratio | Current | Prior | Change % | Status |
|---|---|---|---|---|
| Receivables / Revenue | 0.387 | 0.264 | +46.6% | FLAG |
| Gross Margin | 0.412 | 0.541 | -23.8% | FLAG |
| Accruals / Assets | 0.042 | 0.031 | +35.5% | WATCH |
| SGA / Revenue | 0.284 | 0.277 | +2.5% | OK |
| Depreciation Rate | 0.118 | 0.121 | -2.5% | OK |
| Leverage (D/E) | 0.483 | 0.459 | +5.2% | OK |
| Cash Burn Rate | 14.2 mo | 18.7 mo | -24.1% | FLAG |
| R&D / OpEx | 0.712 | 0.698 | +2.0% | OK |
| Current Ratio | 3.41 | 4.12 | -17.2% | WATCH |
| Asset Turnover | 0.187 | 0.194 | -3.6% | OK |
Accounts receivable grew 46.6% year-over-year while revenue increased only 19.7%. The receivables-to-revenue ratio expanded from 0.264 to 0.387, driving a Days Sales in Receivables Index (DSRI) of 1.465. This divergence may indicate aggressive revenue recognition, channel-loading, or uncollectible milestone receivables being carried on the balance sheet.
In Vaxart's disclosures, the company recognized $12.4M in collaboration revenue under ASC 606, of which $4.8M remained outstanding at year-end. The prior year had $2.1M outstanding from $10.4M recognized. The concentration of uncollected revenue in a single collaboration partner represents a disclosure the company should address more explicitly.
Gross margin contracted from 54.1% to 41.2%, a decline of 12.9 percentage points. The Gross Margin Index (GMI) of 1.312 is the second-largest contributor to the elevated M-Score. While margin volatility is common for clinical-stage biotechs with lumpy collaboration revenue, the magnitude of this decline warrants examination of whether cost allocation between COGS and R&D has shifted.
The company's disclosures describe "cost of revenue related to collaboration agreements" which increased from $4.8M to $7.9M. The composition of these costs and whether they include any reclassified R&D expenses should be verified against the collaboration agreement terms disclosed in the filing exhibits.
Cash runway decreased from 18.7 months to 14.2 months based on trailing operating cash outflows. While still above the 12-month going-concern threshold, the acceleration in burn rate (24.1% reduction in runway) diverges from the company's disclosure that it has "sufficient capital to fund operations through 2026." The gap between disclosed runway and computed runway should be reconciled.
The company's liquidity disclosures reference $89.2M in cash, cash equivalents, and short-term investments, but the quarterly cash consumption trend shows increasing outflows: Q1 $14.1M, Q2 $15.8M, Q3 $16.4M, Q4 $17.2M. Extrapolating Q4 rates yields approximately 13 months of runway, not the 24+ months implied by the disclosure narrative.
| Line Item | FY 2022 | FY 2023 | FY 2024 | CAGR | Flag |
|---|---|---|---|---|---|
| Total Revenue | $8.1M | $10.4M | $12.4M | 23.7% | |
| Accounts Receivable | $1.4M | $2.7M | $4.8M | 85.2% | FLAG |
| Cost of Revenue | $3.2M | $4.8M | $7.9M | 57.1% | WATCH |
| R&D Expense | $42.1M | $45.7M | $48.3M | 7.1% | |
| SGA Expense | $17.8M | $19.2M | $19.8M | 5.5% | |
| Operating Cash Flow | ($48.7M) | ($52.3M) | ($63.5M) | 14.2% | WATCH |
| Cash & Investments | $142.6M | $107.4M | $89.2M | -20.9% | WATCH |
| Total Assets | $198.4M | $172.1M | $153.8M | -11.9% |