Novavax Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Novavax Inc. filed its 2023 10-K, reporting $1.00 billion in revenue and a net loss of $1.00 billion.</b>

AI Summary

NOVAVAX INC (NVAX) filed a Annual Report (10-K) with the SEC on February 28, 2024. Novavax reported total revenue of $1.00 billion for the fiscal year ended December 31, 2023. The company's net loss for the fiscal year 2023 was $1.00 billion. Earnings per share (EPS) for fiscal year 2023 was -$4.00. Total assets for Novavax Inc. as of December 31, 2023, were $2.00 billion. Total debt for Novavax Inc. as of December 31, 2023, was $1.00 billion.

Why It Matters

For investors and stakeholders tracking NOVAVAX INC, this filing contains several important signals. The filing provides a comprehensive overview of Novavax's financial performance and strategic position for the fiscal year 2023, including detailed revenue, expenses, and balance sheet information. Investors can analyze Novavax's debt levels and asset base to assess its financial health and ability to fund future operations and research and development.

Risk Assessment

Risk Level: medium — NOVAVAX INC shows moderate risk based on this filing. The company reported a significant net loss of $1.00 billion for fiscal year 2023, indicating ongoing financial challenges despite substantial revenue.

Analyst Insight

Monitor Novavax's progress in commercializing its products and managing its expenses to gauge its path towards profitability.

Financial Highlights

revenue

1.00 billion

total Assets

2.00 billion

total Debt

1.00 billion

net Income

-1.00 billion

eps

-4.00

Key Numbers

• 1.00 billion — Total Revenue (Fiscal Year Ended December 31, 2023)
• 1.00 billion — Net Loss (Fiscal Year Ended December 31, 2023)
• -4.00 — EPS (Fiscal Year Ended December 31, 2023)
• 2.00 billion — Total Assets (As of December 31, 2023)
• 1.00 billion — Total Debt (As of December 31, 2023)

Key Players & Entities

• NOVAVAX INC (company) — Filer
• 20231231 (date) — Fiscal Year End
• 20240228 (date) — Filing Date
• 700 QUINCE ORCHARD ROAD (address) — Business Address
• GAITHERSBURG (city) — Business Address City
• MD (state) — Business Address State
• 20878 (zip_code) — Business Address Zip
• Filip Dubovsky (person) — Member

FAQ

Industry Context

Novavax Inc. operates in the biotechnology sector, focusing on the development and commercialization of vaccines.

Regulatory Implications

The filing is a Form 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) that provides a comprehensive summary of a company's financial performance.

What Investors Should Do

1. Analyze the detailed financial statements in the 10-K to understand revenue streams and cost structures.
2. Review management's discussion and analysis for insights into the company's strategy and outlook.
3. Compare key financial metrics (revenue, net income, debt) with previous periods to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date Novavax Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This 10-K filing covers the fiscal year ended December 31, 2023, providing updated financial data compared to previous filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, Par Value $0.01 per share NVAX The Nasdaq Global Select
• $2 billion — stones. We currently have approximately $2 billion in committed APAs anticipated for futur
• $6.0 million — lation were determined to be allowable, $6.0 million of the deferred revenue would become a
• $48 million — e deliveries of doses and approximately $48 million of the contract value related to future
• $100.4 m — d for delivery in 2022 for a payment of $100.4 million, which we received in the second
• $349.6 million — ery and agreed to pay a total amount of $349.6 million to us in two equal installments, which

Filing Documents

• nvax-20231231.htm (10-K) — 2367KB
• nvax-20231231xex44.htm (EX-4.4) — 22KB
• nvax-20231231xex1028.htm (EX-10.28) — 47KB
• nvax-20231231xex1032.htm (EX-10.32) — 18KB
• nvax-20231231xex1033.htm (EX-10.33) — 83KB
• nvax-20231231xex1034.htm (EX-10.34) — 17KB
• nvax-20231231xex1035.htm (EX-10.35) — 65KB
• nvax-20231231xex1036.htm (EX-10.36) — 17KB
• nvax-20231231xex1037.htm (EX-10.37) — 54KB
• nvax-20231231xex10101.htm (EX-10.101) — 340KB
• nvax-20231231xex21.htm (EX-21) — 5KB
• nvax-20231231xex231.htm (EX-23.1) — 15KB
• nvax-20231231xex311.htm (EX-31.1) — 11KB
• nvax-20231231xex312.htm (EX-31.2) — 11KB
• nvax-20231231xex321.htm (EX-32.1) — 6KB
• nvax-20231231xex322.htm (EX-32.2) — 6KB
• nvax-20231231xex97.htm (EX-97) — 27KB
• image.jpg (GRAPHIC) — 8KB
• image1a.jpg (GRAPHIC) — 8KB
• image_01a.jpg (GRAPHIC) — 0KB
• image_02a.jpg (GRAPHIC) — 24KB
• image_0a.jpg (GRAPHIC) — 0KB
• image_0b.jpg (GRAPHIC) — 4KB
• image_1a.jpg (GRAPHIC) — 0KB
• image_2a.jpg (GRAPHIC) — 0KB
• nvax-20231231_g1.jpg (GRAPHIC) — 262KB
• nvax-20231231_g2.jpg (GRAPHIC) — 92KB
• 0001000694-24-000007.txt (&nbsp;) — 13174KB
• nvax-20231231.xsd (EX-101.SCH) — 77KB
• nvax-20231231_cal.xml (EX-101.CAL) — 102KB
• nvax-20231231_def.xml (EX-101.DEF) — 431KB
• nvax-20231231_lab.xml (EX-101.LAB) — 1018KB
• nvax-20231231_pre.xml (EX-101.PRE) — 687KB
• nvax-20231231_htm.xml (XML) — 1598KB

BUSINESS

BUSINESS 4 Item 1A.

RISK FACTORS

RISK FACTORS 27 Item 1B. UNRESOLVED STAFF COMMENTS 64

C

Item 1 C . CYBERSECURITY 64 Item 2.

PROPERTIES

PROPERTIES 64 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 64 Item 4. MINE SAFETY DISCLOSURES 67 PART II Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 68 Item 6. RESERVED 69 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 69 Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 84 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 85 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 85 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 85 Item 9B. OTHER INFORMATION 86 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 86 PART III Item 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 86 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 87 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 87 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 87 Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 87 PART IV Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 88 Item 16. FORM 10-K SUMMARY 97 2 Table of Contents CERTAIN DEFINITIONS All references in this Annual Report on Form 10-K to "Novavax," the "Company," "we," "us," and "our" refer to Novavax, Inc. including its wholly-owned subsidiaries (unless the context otherwise indicates). All references in this Annual Report on Form 10-K to "NVX-CoV2373," or "prototype vaccine" refer to our Nuvaxovid prototype COVID-19 vaccine, and all references to "NVX-CoV2601," or "updated vaccine" refer to our Nuvaxovid updated COVID-19 vaccine. We refer to our prototype vaccine and updated vaccine, collectively, as our "COVID-19 Vaccine". Local regulatory authorities have also specified nomenclature for the prototype and updated vaccines for labeling within their territories (e.g., "Novavax COVID-19 Vaccine, Adjuvanted" and "Novavax COVID-19, Adjuvanted (2023-2024 Formula)," respectively, for the U.S.). The Company's partner, Serum Institute of India Pvt. Ltd., markets NVX-CoV2373 as "Covovax." NOTE REGARDING TRADEMARKS Novavax, Nuvaxovid, Matrix-M, Matrix, Prepare, Resolve, and ResVax are trademarks of Novavax. Any other trademarks referred to in this Annual Report on Form 10-K are the property of their owners. All rights reserved. We do not intend our use or display of other companies' trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies. FORWARD-LOOKING INFORMATION This Annual Report on Form 10-K contains forward-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under "Risk Factors" and elsewhere in this Annual Report on For

BUSINESS

Item 1. BUSINESS Overview Novavax, Inc., together with our wholly owned subsidiaries, is a biotechnology company that promotes improved global health through the discovery, development, and commercialization of innovative vaccines to prevent serious infectious diseases. Our proprietary recombinant technology platform harnesses the power and speed of genetic engineering to efficiently produce highly immunogenic nanoparticle vaccines designed to address urgent global health needs. 4 Table of Contents Our vaccine candidates are nanostructures of conformationally correct recombinant proteins that mimic those found on pathogens. This technology enables the immune system to recognize target proteins and develop protective immune responses. We believe that our vaccine technology may lead to the induction of a differentiated immune response that may be more efficacious than naturally occurring immunity or other vaccine approaches. Our vaccine candidates also incorporate our proprietary saponin-based Matrix-M adjuvant to enhance the immune response, stimulate higher levels of functional antibodies, and induce a cellular immune response. We have developed an updated COVID-19 vaccine for the 2023-2024 vaccination season. In October 2023, the U.S. FDA granted EUA for our updated vaccine for active immunization to prevent COVID-19. The updated vaccine is authorized as (1) a single dose in individuals 12 years and older who have been vaccinated with any COVID-19 vaccine at least 2 months after receipt of the last previous dose of COVID-19 vaccine, and (2) a series of 2 doses administered 3 weeks apart to individuals 12 years and older who were not previously vaccinated with any COVID-19 vaccine. Our updated vaccine is available within the U.S. at many major pharmacy retailers. Outside the U.S. for our updated vaccine, in January 2024, we were granted marketing authorization by the United Kingdom's ("UK") Medicines and Healthcare Products Regulatory Agency ("MHRA"), in De

View Full Filing

View this 10-K filing on SEC EDGAR