SOUTH SAN FRANCISCO - Vaxart, Inc. (NASDAQ:VXRT), a clinical-stage biotechnology company, announced the appointment of Steven Lo as its new President and Chief Executive Officer, effective March 18, 2024. The company's interim CEO, Michael J. Finney, Ph.D., will continue his role as Chairman of the Board of Directors.
Steven Lo brings over 25 years of experience in healthcare, biotechnology, and pharmaceutical industries, including more than a decade of executive leadership in publicly traded biotech companies. His previous role was CEO of Valitor, Inc., and prior to that, he held top positions at Zosano Pharma (OTC:ZSANQ) Corporation and Puma Biotechnology (NASDAQ:PBYI), Inc.
Dr. Finney expressed his confidence in Lo's ability to lead Vaxart, citing the company's "tremendous prospects for value creation." Lo himself expressed enthusiasm for advancing Vaxart's oral vaccine platform.
Vaxart is focused on developing oral recombinant vaccines that can be administered in pill form, a method that could offer advantages such as ease of distribution and administration compared to traditional vaccines. The company's pipeline includes vaccines for norovirus, coronavirus, influenza, and a therapeutic vaccine for HPV.
The announcement is based on a press release statement.
InvestingPro Insights
As Vaxart, Inc. (NASDAQ:VXRT) welcomes Steven Lo as its new President and CEO, the company is at a pivotal stage in its journey to innovate the vaccine industry with its oral vaccine platform. While the leadership change sparks hope for strategic growth, InvestingPro data and tips provide a more nuanced view of the company's financial health and market performance.
InvestingPro Tips indicate that analysts expect Vaxart to experience sales growth in the current year, which aligns with the company's optimistic outlook on its vaccine candidates. However, the company is also recognized for quickly burning through cash, which could be a point of concern for investors monitoring the company's capital management as it scales operations under new leadership.
In terms of financial metrics, Vaxart's Market Cap stands at 204.29M USD, reflecting the company's current valuation within the biotech industry. The Revenue Growth for the last twelve months as of Q3 2023 is an impressive 2513.84%, showcasing a significant increase that investors may find encouraging. Yet, the Gross Profit Margin during the same period is reported at -1678.06%, indicating that despite the revenue surge, profitability remains a challenge due to high costs or expenses related to research and development.
Moreover, the company's stock has seen a strong return over the last three months, with a 76.57% total price return, which could suggest growing investor confidence or speculative interest in Vaxart's market potential.
For those considering an investment in Vaxart, additional InvestingPro Tips are available to provide further insights into the company's performance and prospects. There are 11 more tips listed on InvestingPro for VXRT, which can be accessed at https://www.investing.com/pro/VXRT. To gain a comprehensive understanding of Vaxart's financial health and market position, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This offer could be particularly valuable for investors who want to stay informed about the evolving landscape of the biotechnology sector and Vaxart's role within it.
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