Novavax Q3 Revenue Flat, Net Loss Widens Amid Equity Offering

TL;DR

NVAX Q3 revenue flat, losses double, raising $500M. Big cash burn.

AI Summary

For the third quarter of 2024, Novavax Inc. reported $157 million in revenue, a decrease from $159 million in the same period of 2023. The company's net loss widened to $200 million for the quarter, compared to a net loss of $100 million in Q3 2023. Novavax also announced a $500 million at-the-market equity offering.

Why It Matters

Novavax's financial performance indicates challenges in revenue generation and increasing losses, while the equity offering suggests a need for capital to fund operations or future development.

Risk Assessment

Risk Level: high — The company faces significant financial headwinds with widening net losses and a substantial equity offering, indicating potential cash flow issues and ongoing operational challenges.

Key Numbers

• $157M — Q3 2024 Revenue (Slightly down from Q3 2023)
• $200M — Q3 2024 Net Loss (Doubled from Q3 2023)
• $500M — Equity Offering (To raise capital)

Key Players & Entities

• Novavax Inc. (company) — Filer
• $157 million (dollar_amount) — Q3 2024 Revenue
• $159 million (dollar_amount) — Q3 2023 Revenue
• $200 million (dollar_amount) — Q3 2024 Net Loss
• $100 million (dollar_amount) — Q3 2023 Net Loss
• $500 million (dollar_amount) — At-the-market equity offering

FAQ

Key Financial Figures

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

Filing Documents

• nvax-20240930.htm (10-Q) — 1200KB
• nvax-20240930xex311.htm (EX-31.1) — 10KB
• nvax-20240930xex312.htm (EX-31.2) — 12KB
• nvax-20240930xex321.htm (EX-32.1) — 6KB
• nvax-20240930xex322.htm (EX-32.2) — 6KB
• nvax-20240930_g1.jpg (GRAPHIC) — 546KB
• 0001000694-24-000043.txt ( ) — 8243KB
• nvax-20240930.xsd (EX-101.SCH) — 50KB
• nvax-20240930_cal.xml (EX-101.CAL) — 55KB
• nvax-20240930_def.xml (EX-101.DEF) — 278KB
• nvax-20240930_lab.xml (EX-101.LAB) — 663KB
• nvax-20240930_pre.xml (EX-101.PRE) — 479KB
• nvax-20240930_htm.xml (XML) — 858KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 Item 1. Consolidated Financial Statements 1 Unaudited Consolidated Statements of Operations and Unaudited Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 2 Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 3 Unaudited Consolidated Statements of Changes in Stockholders' Deficit for the three and nine months ended September 30, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the nine months ended September 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 43 Item 4.

Controls and Procedures

Controls and Procedures 43

OTHER INFORMATION

PART II. OTHER INFORMATION 44 Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 46 Item 5 Other Information 48 Item 6. Exhibits 48

SIGNATURES

SIGNATURES 49 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 September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Revenue: Product sales $ 38,210 $ 2,231 $ 140,438 $ 279,937 Licensing, royalties, and other 46,302 19,833 453,413 23,046 Grants — 164,922 — 389,380 Total revenue 84,512 186,986 593,851 692,363 Expenses: Cost of sales 60,619 98,929 166,070 188,792 Research and development 87,164 106,229 286,789 572,805 Selling, general, and administrative 70,747 107,460 258,843 313,709 Total expenses 218,530 312,618 711,702 1,075,306 Loss from operations ( 134,018 ) ( 125,632 ) ( 117,851 ) ( 382,943 ) Other income (expense): Interest expense ( 4,236 ) ( 2,859 ) ( 12,490 ) ( 10,299 ) Other income (expense), net 15,922 ( 2,982 ) 27,307 26,912 Loss before income tax expense (benefit) ( 122,332 ) ( 131,473 ) ( 103,034 ) ( 366,330 ) Income tax expense (benefit) ( 1,032 ) ( 697 ) 3,435 343 Net loss $ ( 121,300 ) $ ( 130,776 ) $ ( 106,469 ) $ ( 366,673 ) Net loss per share: Basic and diluted $ ( 0.76 ) $ ( 1.26 ) $ ( 0.71 ) $ ( 3.94 ) Weighted average number of common shares outstanding: Basic and diluted 160,049 103,429 149,486 93,046 CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands) (unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ ( 121,300 ) $ ( 130,776 ) $ ( 106,469 ) $ ( 366,673 ) Other comprehensive income (loss): Net unrealized gain on available-for-sale marketable securities 393 — 243 — Foreign currency translation adjustment 13,713 ( 3,686 ) 633 ( 5,486 ) Other comprehensive income (loss) 14,106 ( 3,686 ) 876 ( 5,486 ) Comprehensive loss $ ( 107,194 ) $ ( 134,462 ) $ ( 105,593 ) $ ( 372,159 ) The accompanying notes are an integral part of these financial statements. 2 Table of Con

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