$NVAX

NOVAVAX INC

CIK:0001000694|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 56,698	$ 239,240	$ 196,212	$ 905,895
Expenses:
Cost of sales	14,246	15,325	44,941	29,439
Research and development	70,693	79,233	166,165	168,170
Selling, general, and administrative	26,665	43,612	55,442	91,702
Total expenses	111,604	138,170	266,548	289,311
Income (loss) from operations	(54,906)	101,070	(70,336)	616,584
Other income (expense):
Interest expense	(5,689)	(5,518)	(10,590)	(11,241)
Other income, net	8,919	11,902	20,744	21,957
Income (loss) before income tax expense	(51,676)	107,454	(60,182)	627,300
Income tax expense	1,711	946	2,696	2,146
Net income (loss)	$ (53,387)	$ 106,508	$ (62,878)	$ 625,154
Net income (loss) per share:
Basic (in usd per share)	$ (0.32)	$ 0.66	$ (0.38)	$ 3.87
Diluted (in usd per share)	$ (0.32)	$ 0.62	$ (0.38)	$ 3.55
Weighted average number of common shares outstanding:
Basic (in shares)	164,574	162,019	163,929	161,536
Diluted (in shares)	164,574	177,215	163,929	177,410
Product sales
Revenue:
Total revenue	$ 18,854	$ 10,724	$ 61,054	$ 632,402
Licensing, royalties, and other
Revenue:
Total revenue	$ 37,844	$ 228,516	$ 135,158	$ 273,493

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net income (loss)	$ (62,878)	$ 625,154
Reconciliation of net income (loss) to net cash used in operating activities:
Depreciation and amortization	6,118	15,903
Non-cash stock-based compensation	15,813	19,499
Provision for excess and obsolete inventory	1,597	1,379
Other items, net	(7,618)	5,031
Changes in operating assets and liabilities:
Inventory	(544)	(1,635)
Accounts receivable, prepaid expenses, and other assets	95,116	(94,947)
Accounts payable, accrued expenses, and other liabilities	(97,170)	(274,488)
Deferred revenue	(55,664)	(608,860)
Net cash used in operating activities	(105,230)	(312,964)
Investing Activities:
Capital expenditures, including internal-use software	(1,858)	(2,122)
Proceeds from assets held for sale	39,750	0
Purchases of marketable securities	(295,820)	(114,724)
Proceeds from maturities of marketable securities	264,464	154,625
Net cash provided by investing activities	6,536	37,779
Financing Activities:
Proceeds from credit facility, net of issuance costs	46,411	0
Net proceeds from the exercise of stock-based awards, net of tax withholding	(6,431)	(5,288)
Finance lease payments	(1,104)	(2,813)
Net cash provided by (used in) financing activities	38,876	(8,101)
Effect of exchange rate on cash, cash equivalents, and restricted cash	(194)	6,976
Net decrease in cash, cash equivalents, and restricted cash	(60,012)	(276,310)
Cash, cash equivalents, and restricted cash at beginning of period	256,052	545,292
Cash, cash equivalents, and restricted cash at end of period	196,040	268,982
Supplemental disclosure of non-cash activities:
Right-of-use assets from new lease agreements	2,335	0
Capital expenditures included in accounts payable and accrued expenses	0	81
Supplemental disclosure of cash flow information:
Cash interest payments, net of amounts capitalized	9,299	9,806
Cash paid for income taxes, net of refunds received	$ 2,832	$ 4,922

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 191,458	$ 240,634
Marketable securities	527,882	494,450
Restricted cash	0	10,876
Accounts receivable	18,739	106,446
Inventory	10,006	11,545
Prepaid expenses and other current assets	23,013	26,815
Assets held for sale	0	87,510
Total current assets	771,098	978,276
Property and equipment, net	38,133	44,800
Right-of-use asset, net	19,842	22,897
Goodwill	112,542	113,462
Other non-current assets	13,960	17,077
Total assets	955,575	1,176,512
Current liabilities:
Accounts payable	22,936	24,578
Accrued expenses	81,424	107,165
Deferred revenue	86,577	140,053
Current portion of finance lease liabilities	4,110	2,507
Other current liabilities	135,527	137,778
Liabilities held for sale	0	47,869
Total current liabilities	330,574	459,950
Deferred revenue	356,755	358,943
Long-term debt	291,490	244,213
Non-current finance lease liabilities	1,719	2,091
Other non-current liabilities	165,744	239,068
Total liabilities	1,146,282	1,304,265
Commitments and contingencies (Note 15)
Preferred stock, $0.01 par value, 2,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Stockholders' deficit:
Common stock, $0.01 par value, 600,000,000 shares authorized at June 30, 2026 and December 31, 2025; 168,165,416 shares issued and 164,815,529 shares outstanding at June 30, 2026 and 164,969,773 shares issued and 162,575,937 shares outstanding at December 31, 2025	1,682	1,650
Additional paid-in capital	4,558,457	4,539,756
Accumulated deficit	(4,631,026)	(4,568,148)
Treasury stock, cost basis, 3,349,887 shares at June 30, 2026 and 2,393,836 shares at December 31, 2025	(112,372)	(103,021)
Accumulated other comprehensive income (loss)	(7,448)	2,010
Total stockholders’ deficit	(190,707)	(127,753)
Total liabilities and stockholders’ deficit	$ 955,575	$ 1,176,512