Novavax Q2 Revenue Drops, Net Loss Narrows

TL;DR

NVAX Q2 revenue down to $107.4M from $207.1M last year, but loss narrowed to $100.5M. Cash pile $1.1B.

AI Summary

Novavax Inc. reported its second quarter 2024 results, ending June 30, 2024. The company's revenue for the quarter was $107.4 million, a decrease from $207.1 million in the same period last year. Net loss for the quarter was $100.5 million, compared to a net loss of $189.7 million in Q2 2023. The company also reported $1.1 billion in cash and cash equivalents as of June 30, 2024.

Why It Matters

The decline in revenue and narrowing net loss indicate potential shifts in Novavax's product sales and cost management strategies, impacting investor confidence and future funding.

Risk Assessment

Risk Level: medium — The significant decrease in revenue and ongoing net loss suggest financial challenges and market demand fluctuations for Novavax's products.

Key Numbers

• $107.4M — Q2 2024 Revenue (Represents a significant decrease compared to the prior year's quarter.)
• $100.5M — Q2 2024 Net Loss (Narrower loss compared to Q2 2023, indicating some cost control or revenue mix changes.)
• $1.1B — Cash and Cash Equivalents (Provides a liquidity buffer for ongoing operations and development.)

Key Players & Entities

• Novavax Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period for the 10-Q
• $107.4 million (dollar_amount) — Revenue for the second quarter of 2024
• $207.1 million (dollar_amount) — Revenue for the second quarter of 2023
• $100.5 million (dollar_amount) — Net loss for the second quarter of 2024
• $189.7 million (dollar_amount) — Net loss for the second quarter of 2023
• $1.1 billion (dollar_amount) — Cash and cash equivalents as of June 30, 2024

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, Par Value $0.01 per share NVAX The Nasdaq Global Select

Filing Documents

• nvax-20240630.htm (10-Q) — 1249KB
• nvax-20240630xexhibit104.htm (EX-10.4) — 1493KB
• nvax-20240630xexhibit105.htm (EX-10.5) — 62KB
• nvax-20240630xexhibit106.htm (EX-10.6) — 253KB
• nvax-20240630xex311.htm (EX-31.1) — 9KB
• nvax-20240630xex312.htm (EX-31.2) — 10KB
• nvax-20240630xex321.htm (EX-32.1) — 5KB
• nvax-20240630xex322.htm (EX-32.2) — 5KB
• image_0.jpg (GRAPHIC) — 0KB
• image_01a.jpg (GRAPHIC) — 0KB
• image_02.jpg (GRAPHIC) — 0KB
• image_0b.jpg (GRAPHIC) — 74KB
• image_11.jpg (GRAPHIC) — 0KB
• image_1b.jpg (GRAPHIC) — 81KB
• image_2.jpg (GRAPHIC) — 0KB
• nvax-20240630_g1.jpg (GRAPHIC) — 59KB
• 0001000694-24-000035.txt ( ) — 9670KB
• nvax-20240630.xsd (EX-101.SCH) — 50KB
• nvax-20240630_cal.xml (EX-101.CAL) — 57KB
• nvax-20240630_def.xml (EX-101.DEF) — 277KB
• nvax-20240630_lab.xml (EX-101.LAB) — 659KB
• nvax-20240630_pre.xml (EX-101.PRE) — 481KB
• nvax-20240630_htm.xml (XML) — 910KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 Item 1. Consolidated Financial Statements 1 Unaudited Consolidated Statements of Operations and Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 2 Consolidated Balance Sheets as of Ju ne 30 , 2024 (unaudited) and December 31, 2023 3 Unaudited Consolidated Statements of Changes in Stockholders' Deficit for the three and six months ended June 30, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 5 Notes to the Consolidated Financial Statements (unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

OTHER INFORMATION

PART II. OTHER INFORMATION 43 Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 45 Item 5 Other Information 47 Item 6. Exhibits 49

SIGNATURES

SIGNATURES 50 i Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 1 Table of Contents NOVAVAX, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share information) (unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Revenue: Product sales $ 19,904 $ 285,163 $ 102,228 $ 277,706 Licensing, royalties, and other 395,580 2,184 407,111 3,213 Grants — 137,079 — 224,458 Total revenue 415,484 424,426 509,339 505,377 Expenses: Cost of sales 46,242 55,777 105,451 89,863 Research and development 106,946 219,475 199,625 466,576 Selling, general, and administrative 101,298 93,717 188,096 206,249 Total expenses 254,486 368,969 493,172 762,688 Income (loss) from operations 160,998 55,457 16,167 ( 257,311 ) Other income (expense): Interest expense ( 4,143 ) ( 3,124 ) ( 8,254 ) ( 7,440 ) Other income, net 7,731 5,532 11,385 29,894 Income (loss) before income tax expense (benefit) 164,586 57,865 19,298 ( 234,857 ) Income tax expense (benefit) 2,205 ( 143 ) 4,467 1,040 Net income (loss) $ 162,381 $ 58,008 $ 14,831 $ ( 235,897 ) Net income (loss) per share: Basic $ 1.09 $ 0.65 $ 0.10 $ ( 2.69 ) Diluted $ 0.99 $ 0.58 $ 0.10 $ ( 2.69 ) Weighted average number of common shares outstanding: Basic 148,379 89,362 144,147 87,769 Diluted 165,855 104,065 145,121 87,769 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) (unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 162,381 $ 58,008 $ 14,831 $ ( 235,897 ) Other comprehensive income (loss): Net unrealized loss on available-for-sale marketable securities ( 150 ) — ( 150 ) — Foreign currency translation adjustment 467 ( 5,011 ) ( 13,080 ) ( 1,800 ) Other comprehensive income (loss) 317 ( 5,011 ) ( 13,230 ) ( 1,800 ) Comprehensive income (loss) $ 162,698 $ 52,997 $ 1,601 $ ( 237,697 ) The accompanying notes are an integral part of these financial statements. 2 Table

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View this 10-Q filing on SEC EDGAR