| Line Item | FY 2023 (%) | FY 2024 (%) | Change (pp) | Direction |
|---|---|---|---|---|
| Cash & Equivalents | 42.3% | 38.1% | -4.2 | ▼ |
| Short-Term Investments | 18.7% | 21.4% | +2.7 | ▲ |
| Accounts Receivable | 3.2% | 5.8% | +2.6 | ▲ |
| Prepaid & Other Current | 4.1% | 3.9% | -0.2 | — |
| Property & Equipment, net | 8.4% | 7.6% | -0.8 | ▼ |
| Operating Lease ROU | 6.2% | 5.9% | -0.3 | — |
| Intangible Assets | 2.8% | 3.1% | +0.3 | — |
| Other Non-Current Assets | 5.1% | 4.7% | -0.4 | ▼ |
| Goodwill | 7.8% | 7.8% | 0.0 | — |
| Accrued Liabilities | 1.4% | 1.7% | +0.3 | — |
The Vector Variation Score of 0.14 indicates that Vaxart's financial statement composition is largely stable between FY 2023 and FY 2024. The VVS treats each period's financial statements as a multi-dimensional vector (where each line item's proportion is one dimension) and measures the relative magnitude of the change vector against the sum of the two period vectors.
The most notable shift is a 4.2 percentage-point decline in cash and equivalents as a proportion of total assets, offset by a 2.7 percentage-point increase in short-term investments and a 2.6 percentage-point increase in accounts receivable. The cash-to-investments shift is consistent with treasury management optimization and is not inherently concerning. However, the receivables increase aligns with the elevated DSRI observed in the M-Score analysis, reinforcing the recommendation for closer examination of revenue recognition timing.
All other line items show changes of less than one percentage point, indicating structural stability. The vector angle theta of 8.1 degrees confirms that the overall financial profile is pointing in approximately the same direction as the prior year. This is a reassuring signal that the areas of concern identified by other forensic tests are concentrated and specific rather than reflecting broad-based restructuring of reported financials.