Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File No. 000-26770

NOVAVAX, INC.

(Exact name of registrant as specified in its charter)


Delaware			22-2816046
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

700 Quince Orchard Road,	Gaithersburg,	MD	20878
(Address of principal executive offices)			(Zip code)

(240) 268-2000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $0.01 per share	NVAX	The Nasdaq Global Select Market

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated Filer	o

Non-accelerated filer	o	Smaller reporting company	o

Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of shares outstanding of the Registrant's Common Stock, $0.01 par value, was 161,970,338 as of April 30, 2025.

Table of Contents

NOVAVAX, INC.

TABLE OF CONTENTS


		Page No.
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 months ended March 3 1 , 202 5 and 202 4	2
	Consolidated Balance Sheets as of March 3 1 , 202 5 (unaudited) and December 31, 202 4	3
	Unaudited Consolidated Statements of Changes in Stockholders’ Deficit for the three months ended March 3 1 , 202 5 and 202 4	4
	Unaudited Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 5 and 202 4	5
	Notes to the Consolidated Financial Statements (unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	38
Item 4.	Controls and Procedures	39
PART II. OTHER INFORMATION		39
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	41
Item 5	Other Information	44
Item 6.	Exhibits	45
SIGNATURES		46

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Table of Contents

NOVAVAX, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share information)

(unaudited)


	For the Three Months Ended March 31,
	2025		2024
Revenue:
Product sales	$	621,678	$	89,836
Licensing, royalties, and other	44,977		4,019
Total revenue	666,655		93,855

Expenses:
Cost of sales	14,115		59,209
Research and development	88,937		92,679
Selling, general, and administrative	48,090		86,798
Total expenses	151,142		238,686
Income (loss) from operations	515,513		(144,831)
Other income (expense):

Interest expense	(5,723)		(4,111)
Other income, net	10,056		3,654
Income (loss) before income tax expense	519,846		(145,288)
Income tax expense	1,200		2,262
Net income (loss)	$	518,646	$	(147,550)

Net income (loss) per share:
Basic	$	3.22	$	(1.05)
Diluted	$	2.93	$	(1.05)
Weighted average number of common shares outstanding:
Basic	161,049		139,916
Diluted	177,625		139,916

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)


	For the Three Months Ended March 31,
	2025		2024
Net income (loss)	$	518,646	$	(147,550)
Other comprehensive income (loss):
Net unrealized gain on available-for-sale marketable securities	589		—
Foreign currency translation adjustment	23,578		(13,547)
Other comprehensive income (loss)	24,167		(13,547)
Comprehensive income (loss)	$	542,813	$	(161,097)

The accompanying notes are an integral part of these financial statements.

Table of Contents

NOVAVAX, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share information)


	March 31, 2025		December 31, 2024
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	263,338	$	530,230
Marketable securities	468,141		392,888
Restricted cash	10,681		10,626
Accounts receivable	44,510		108,285
Inventory	10,263		8,749
Prepaid expenses and other current assets	71,095		78,164
Total current assets	868,028		1,128,942
Property and equipment, net	133,538		138,413
Right of use asset, net	157,495		161,585

Goodwill	112,027		107,478
Other non-current assets	21,904		24,000
Total assets	$	1,292,992	$	1,560,418
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	34,162	$	41,579
Accrued expenses	132,165		211,165
Deferred revenue	108,334		675,067
Current portion of finance lease liabilities	5,478		7,009
Other current liabilities	142,031		219,596
Total current liabilities	422,170		1,154,416
Deferred revenue	409,557		446,819
Convertible notes payable	170,126		169,684
Non-current finance lease liabilities	53,055		53,726
Other non-current liabilities	313,727		359,614
Total liabilities	1,368,635		2,184,259

Commitments and contingencies (Note 15)

Preferred stock, $0.01 par value, 2,000,000 shares authorized at March 31, 2025 and December 31, 2024; no shares issued and outstanding at March 31, 2025 and December 31, 2024	—		—

Stockholders' deficit:
Common stock, $0.01 par value, 600,000,000 shares authorized at March 31, 2025 and December 31, 2024; 164,206,386 shares issued and 161,957,868 shares outstanding at March 31, 2025 and 161,942,677 shares issued and 160,421,136 shares outstanding at December 31, 2024	1,642		1,619
Additional paid-in capital	4,512,849		4,501,403
Accumulated deficit	(4,489,804)		(5,008,450)
Treasury stock, cost basis, 2,248,518 shares at March 31, 2025 and 1,521,541 shares at December 31, 2024	(101,938)		(95,854)
Accumulated other comprehensive income	1,608		(22,559)
Total stockholders’ deficit	(75,643)		(623,841)
Total liabilities and stockholders’ deficit	$	1,292,992	$	1,560,418

The accompanying notes are an integral part of these financial statements.

NOVAVAX, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT

Three Months Ended March 31, 2025 and 2024

(in thousands, except share information)

(unaudited)


	Common Stock			Additional Paid-in Capital		Accumulated Deficit		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Deficit
	Shares	Amount
Balance at December 31, 2024	161,942,677	$	1,619	$	4,501,403	$	(5,008,450)	$	(95,854)	$	(22,559)	$	(623,841)
Stock-based compensation	—	—		10,285		—		—		—		10,285
Stock issued under incentive programs	2,263,709	23		1,161		—		(6,084)		—		(4,900)

Unrealized gain on available-for-sale marketable securities	—	—		—		—		—		589		589
Foreign currency translation adjustment	—	—		—		—		—		23,578		23,578
Net income	—	—		—		518,646		—		—		518,646
Balance at March 31, 2025	164,206,386	$	1,642	$	4,512,849	$	(4,489,804)	$	(101,938)	$	1,608	$	(75,643)

Balance at December 31, 2023	140,506,093	$	1,405	$	4,192,164	$	(4,820,951)	$	(92,267)	$	2,722	$	(716,927)
Stock-based compensation	—	—		11,556		—		—		—		11,556
Stock issued under incentive programs	1,194,879	12		1,055		—		(1,683)		—		(616)


Foreign currency translation adjustment	—	—		—		—		—		(13,547)		(13,547)
Net loss	—	—		—		(147,550)		—		—		(147,550)
Balance at March 31, 2024	141,700,972	$	1,417	$	4,204,775	$	(4,968,501)	$	(93,950)	$	(10,825)	$	(867,084)

The accompanying notes are an integral part of these financial statements.

NOVAVAX, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Three Months Ended March 31,
	2025		2024
Operating Activities:
Net income (loss)	$	518,646	$	(147,550)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization	8,340		12,147

Non-cash stock-based compensation	10,285		11,556
Provision for excess and obsolete inventory	276		8,807
Impairment of long-lived assets	—		1,669

Other items, net	16,550		(4,449)
Changes in operating assets and liabilities:
Inventory	2,375		16,819
Accounts receivable, prepaid expenses, and other assets	73,867		296,054
Accounts payable, accrued expenses, and other liabilities	(211,846)		(272,461)
Deferred revenue	(603,995)		(6,147)
Net cash used in operating activities	(185,502)		(83,555)

Investing Activities:
Capital expenditures	(1,220)		(6,878)
Purchases of available-for-sale marketable securities	(114,724)		—
Proceeds from maturities of available-for-sale marketable securities	43,000		—
Internal-use software	(375)		(372)
Net cash used in investing activities	(73,319)		(7,250)

Financing Activities:
Net proceeds from sales of common stock	—		6,862
Net proceeds from the exercise of stock-based awards	(4,860)		(616)
Finance lease payments	(2,201)		(360)


Net cash provided by (used in) financing activities	(7,061)		5,886
Effect of exchange rate on cash, cash equivalents, and restricted cash	(930)		(2,955)
Net decrease in cash, cash equivalents, and restricted cash	(266,812)		(87,874)
Cash, cash equivalents, and restricted cash at beginning of period	545,292		583,810
Cash, cash equivalents, and restricted cash at end of period	$	278,480	$	495,936

Supplemental disclosure of non-cash activities:





Capital expenditures included in accounts payable and accrued expenses	$	—	$	1,208
Internal-use software included in accounts payable and accrued expenses	$	—	$	250

Supplemental disclosure of cash flow information:
Cash interest payments, net of amounts capitalized	$	2,799	$	1,206
Cash paid for income taxes, net of refunds	$	1,499	$	(71)

The accompanying notes are an integral part of these financial statements.

NOVAVAX, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2025

(unaudited)

Note 1 – Organization and Business

Novavax, Inc. (“Novavax,” and together with its wholly owned subsidiaries, the “Company”) is tackling global health challenges through scientific innovation that seeks to maximize its deep scientific expertise in vaccines and cutting-edge technology platform. The differentiated platform features the Company’s recombinant protein-based nanoparticle technology and its unique Matrix-M® adjuvant.

The Company’s corporate growth strategy seeks to optimize its existing partnerships and expand access to its proven technology platform via research and development (“R&D”) innovation, organic portfolio expansion in infectious disease and beyond, and forging new partnerships and collaborations. The Company’s three strategic priorities are: focusing on its partnership with Sanofi Pasteur Inc. ("Sanofi”) announced in May 2024, leveraging its technology platform and pipeline to forge additional partnerships, and advancing its proven technology platform and early-stage pipeline. The Company’s corporate growth strategy is supported by a lean and focused operating model.

Novavax’s prototype COVID-19 vaccine (“NVX-CoV2373,” or “prototype vaccine”), the Company’s XBB COVID-19 vaccine (“NVX-CoV2601”), and the Company’s Nuvaxovid™ JN.1 COVID-19 vaccine (“NVX-CoV2705” or “updated vaccine”) are collectively referred to as the Company’s “COVID-19 vaccine.” Local regulatory authorities have also specified nomenclature for the labeling of NVX-CoV2373, NVX-CoV2601 and NVX-CoV2705 within their territories (e.g., “Novavax COVID-19 Vaccine, Adjuvanted”, “Novavax COVID-19, Adjuvanted (2023-2024 or 2024-2025 Formula),” respectively, for the U.S., and “Nuvaxovid™” for ex-U.S. territories). The Company’s partner, Serum Institute of India Pvt. Ltd. (“SII”), markets Novavax’s COVID-19 vaccine as “Covovax™.”

Currently, the Company significantly depends on its supply agreement with SII and its subsidiary, Serum Life Sciences Limited (“SLS” and together with SII, “Serum”), for co-formulation, filling, and finishing.

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring adjustments) that the Company considers necessary for a fair presentation of the financial position, operating results, comprehensive income (loss), changes in stockholders’ deficit, and cash flows for the periods presented. Although the Company believes that the disclosures in these unaudited consolidated financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted under the rules and regulations of the United States Securities and Exchange Commission (“SEC”).

The accompanying unaudited consolidated financial statements include the accounts of Novavax, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The aggregate foreign currency transaction losses resulting from the conversion of the transaction currency to functional currency were $12.6 million and $5.1 million for the three months ended March 31, 2025 and 2024, respectively, which are reflected in Other income (expense), net.

The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Results for this or any interim period are not necessarily indicative of results for any future interim period or for the entire year. The Company operates in one business segment.

Reclassifications

Certain amounts reported in prior periods have been reclassified to conform to current period financial statement presentation. These reclassifications have no material effect on previously reported financial position and cash flows.

The Company reclassified $7.5 million of revenue previously reported as License, royalties, and other revenue to Product sales revenue for the three months ended March 31, 2024 related to adjuvant supply sales and other supply sales. This presentation aligns with the Company’s enhanced focus on supply sales to partners.

Liquidity and Going Concern

The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued and contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The accompanying unaudited consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainty described below.

As of March 31, 2025, the Company had $263.3 million in cash and cash equivalents, $468.1 million in marketable securities, and working capital of $445.9 million. During the three months ended March 31, 2025, the Company recognized net income of $518.6 million, and had net cash flows used in operating activities of $185.5 million.

In accordance with Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements - Going Concern, the Company evaluated its ability to continue as a going concern within one year after the date that the accompanying unaudited consolidated financial statements are issued. Based on the Company’s current cash, cash equivalents and marketable securities balances and the Company's current cash flow forecast for the one-year going concern look forward period, the Company has concluded that it expects to have sufficient capital available to fund its operations for the one-year period from the date that these financial statements are issued.

Use of Estimates

The preparation of the accompanying unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the accompanying unaudited consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.

Restructuring

The Company recognizes restructuring charges when such costs are incurred. The Company’s restructuring charges consist of employee severance and other termination benefits related to the reduction of its workforce, the consolidation of facilities, and infrastructure and other costs. Termination benefits are expensed on the date the Company notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are probable and the benefit is estimable.

See Note 16 for additional information on the severance and employee benefit costs for terminated employees and impairment of assets in connection with the Company’s Restructuring Plan as defined in Note 16.

Recent Accounting Pronouncements

Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The ASU includes enhanced disclosure requirements, which mandate transparency in financial statements by requiring detailed disclosures of specific expenses like inventory purchases, employee compensation, depreciation, and intangible asset amortization. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) An Amendment of the FASB Accounting Standards Codification, Clarifying the Effective Date, which clarifies that public business entities are required to adopt the ASU 2024-03 guidance in annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this pronouncement on the Company’s consolidated financial statements and disclosures.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements (“ASU 2023-06”), to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB ASC with the SEC's

regulations. The effective date for each amendment in the ASU is the effective date that the SEC removes the disclosure requirement from its regulations. The Company is currently evaluating ASU 2023-06, however, as the ASU codifies SEC regulations, the Company does not anticipate that its implementation will have a material effect on the Company's consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). The standard enhances transparency in income tax disclosures by requiring, on an annual basis, certain disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU also requires disaggregated disclosure related to pre-tax income (or loss) and income tax expense (or benefit) and eliminates certain disclosures related to the balance of an entity’s unrecognized tax benefit and the cumulative amount of certain temporary differences. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. The Company is completing its evaluation of the impact of ASU 2023-09 on its disclosures.

Note 3 – Marketable Securities

Marketable securities were classified as available-for-sale as of March 31, 2025 and December 31, 2024, comprised of (in thousands):


	March 31, 2025			December 31, 2024
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Treasury securities		$	184,544	$	581	$	—	$	185,125	$	184,438	$	116	$	—	$	184,554
Corporate debt securities		282,968		48		—		283,016		208,410		—		(76)		208,334
Total marketable securities		$	467,512	$	629	$	—	$	468,141	$	392,848	$	116	$	(76)	$	392,888

As of March 31, 2025, investments in marketable securities were comprised of $185.1 million of treasury securities, of which $64.0 million mature in 2025 and $121.1 million mature in 2026, and $283.0 million of corporate debt securities, of which $273.6 million mature in 2025 and $9.4 million mature in 2026. As of December 31, 2024, investments in marketable securities comprised of $184.6 million of treasury securities, of which $23.0 million mature in 2025 and $161.5 million mature in 2026, and $208.3 million of corporate debt securities, of which $195.2 million mature in 2025 and $13.1 million mature in 2026. Marketable securities are classified as Current assets in the Consolidated balance sheet of the Company as of March 31, 2025, and December 31, 2024. Based on the Company’s policy under the expected credit loss model, including an assessment of the investment portfolio as of March 31, 2025 and December 31, 2024, the Company concluded that any unrealized losses for its marketable securities were not attributable to credit and therefore an allowance for credit losses has not been recorded. As of March 31, 2025 and December 31, 2024, the Company held no securities that were in an unrealized loss position for more than 12 months.

Note 4– Fair Value Measurements

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities (in thousands):


	Fair Value at March 31, 2025						Fair Value at December 31, 2024
Assets	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Money market funds(1)	$	80,373	$	—	$	—	$	287,393	$	—	$	—
Government-backed securities(1)	—		130,000		—		—		130,000		—
Treasury securities	—		185,125		—		—		184,554		—
Corporate debt securities(2)	—		283,017		—		—		243,158		—
Total cash equivalents and marketable securities	$	80,373	$	598,142	$	—	$	287,393	$	557,712	$	—
Liabilities
5.00% Convertible notes due 2027	$	—	$	163,918	$	—	$	—	$	174,386	$	—

(1)Classified as cash and cash equivalents as of March 31, 2025 and December 31, 2024, respectively, on the consolidated balance sheets.

(2)Includes $34.8 million classified as Cash and cash equivalents as of December 31, 2024, on the consolidated balance sheets.

Fixed-income investments categorized as Level 2 are valued at the custodian bank by a third-party pricing vendor’s valuation models that use verifiable observable market data, such as interest rates and yield curves observable at commonly quoted intervals and credit spreads, bids provided by brokers or dealers, or quoted prices of securities with similar characteristics. Pricing of the Company’s convertible notes has been estimated using observable inputs, including the price of the Company’s common stock, implied volatility, interest rates, and credit spreads.

During the three months ended March 31, 2025 and 2024, the Company did not have any transfers between levels.

The amount in the Company’s consolidated balance sheets for accounts payable and accrued expenses approximates its fair value due to its short-term nature.

Note 5 – Revenue

The Company's accounts receivable included $38.4 million and $102.9 million related to amounts that were billed to customers and $6.1 million and $5.4 million related to amounts which had not yet been billed to customers as of March 31, 2025 and December 31, 2024, respectively. During the three months ended March 31, 2025 and 2024, changes in the Company’s accounts receivables, allowance for credit losses, and deferred revenue balances were as follows (in thousands):


	Balance, Beginning of Period		Additions		Deductions		Balance, End of Period
Accounts receivable:
Three Months Ended March 31, 2025	$	115,960	$	123,785	$	(187,560)	$	52,185
Three Months Ended March 31, 2024	304,916		136,510		(412,370)		29,056
Allowance for credit losses(1):
Three Months Ended March 31, 2025	(7,675)		—		—		(7,675)
Three Months Ended March 31, 2024	(7,675)		—		—		(7,675)
Deferred revenue:(2)
Three Months Ended March 31, 2025	1,121,886		—		(603,995)		517,891
Three Months Ended March 31, 2024	863,521		225,000		(6,148)		1,082,373

(1) There was no allowance for credit losses recorded during the three months ended March 31, 2025 or 2024. To estimate the allowance for credit losses, the Company evaluates the credit risk related to its customers based on historical loss experience, economic conditions, the aging of receivables, and customer-specific risks.

(2) Deductions from Deferred revenue generally related to the recognition of revenue once performance obligations on a contract with a customer are met. During the three months ended March 31, 2025, deductions include $555.7 million related to the Canada APA termination, discussed below. During the three months ended March 31, 2024, additions included a $225.0 million reclassification of an upfront payment from Other current liabilities to Deferred revenue related to the settlement with Gavi as discussed below.

As of March 31, 2025, the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied (or partially unsatisfied), excluding amounts related to sales-based royalties and constrained variable consideration, was $0.6 billion, of which $0.5 billion was included in Deferred revenue. Failure to meet regulatory milestones, obtain timely supportive recommendations from governmental advisory committees, or achieve product volume or delivery timing obligations under the Company’s advance purchase agreements (“APAs”) may require the Company to refund portions of upfront and other payments or result in reduced future payments, which could adversely impact the Company’s ability to realize revenue from its unsatisfied performance obligations. The timing to fulfill performance obligations related to APAs will depend on the timing of product manufacturing, receipt of marketing authorizations for additional indications, delivery of doses based on customer demand, and the ability of the customer to request the Company’s updated vaccine under certain of the Company’s APAs. In the first quarter of 2025, the Company received written notice of a $23.0 million claim related to certain performance obligations under an APA agreement with a customer. The Company believes it has fulfilled the requirements related to this matter and is evaluating the merits of the claim. The timing to fulfill performance obligations related to the Sanofi CLA will depend on the timing of delivery of Sanofi Transition Services and Sanofi Technology Transfer services and delivery of doses and other materials based on Sanofi demand.

Under an APA with Gavi, the Vaccine Alliance (“Gavi”), entered into in May 2021 (the “Gavi APA”), and a Termination and Settlement Agreement with Gavi, entered into in February 2024, (the “Gavi Settlement Agreement”) terminating the Gavi APA, the Company is responsible for deferred payments, in equal annual amounts of $80 million payable each calendar year through a deferred payment term ending December 31, 2028. The deferred payments are due in variable quarterly installments and total $400 million during the deferred payment term. Such deferred payments may be reduced through Gavi’s use of an annual vaccine credit equivalent to the unpaid balance of such deferred payments each year, which may be applied to qualifying sales of any of the Company’s vaccines for supply to certain low-income and lower-middle income countries. The Company has the right to price the vaccines offered to such low-income and lower-middle income countries in its discretion, and, when utilized by Gavi, the Company will credit the actual price per vaccine paid against the applicable credit. The Company intends to price vaccines offered via the tender process, consistent with its shared goal with Gavi to provide equitable access to those countries. Also, pursuant to the Gavi Settlement Agreement, the Company granted Gavi an additional credit of up to $225 million that may be applied against qualifying sales of any of the Company’s vaccines for supply to such low-income and lower-middle income countries that exceed the $80 million deferred payment amount in any calendar year during the deferred payment term. In total, the Gavi settlement agreement is comprised of $700 million of potential consideration, consisting of the $75 million initial settlement payment, deferred payments of up to $400 million that may be reduced through annual vaccine credits, and the additional credit of up to $225 million that may be applied for certain qualifying sales.

As of March 31, 2025, the remaining amounts included on the Company’s consolidated balance sheet were $225 million in non-current Deferred revenue for the additional credit that may be applied against future qualifying sales, $80.0 million in Other current liabilities, and $240.0 million in Other non-current liabilities. In addition, the Company and Gavi entered into a security agreement pursuant to which Novavax granted Gavi a security interest in accounts receivable from SII under the SII R21 Agreement (see Note 6), which will continue for the deferred payment term of the Gavi Settlement Agreement.

Product Sales

During the three months ended March 31, 2025 and 2024, the categories of product sales were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Product sales
Nuvaxovid™ sales(1)	$	608,025	$	82,324
Supply sales(2)	13,653		7,512
Total product sales	$	621,678	$	89,836

(1)Nuvaxovid™ sales are sales of our COVID-19 vaccine associated with APAs with governments and commercial markets, where we are the commercial lead for sales and distribution, made through pharmaceutical wholesale distributors.

(2)Supply sales include commercial sales of COVID-19 Vaccine, adjuvant sales, and other material sales to the Company’s partners.

As of March 31, 2025 and 2024, changes in the Company’s gross-to-net deductions balances were as follows (in thousands):


	Wholesale Distributor Fees, Discounts, and Chargebacks		Product Returns		Total
Balance as of December 31, 2024	$	21,136	$	116,697	$	137,833
Amounts charged against product sales(1)	16,572		38,999		55,571
Credits/deductions	(30,131)		(84,783)		(114,914)
Balance as of March 31, 2025	$	7,577	$	70,913	$	78,490


	Wholesale Distributor Fees, Discounts, and Chargebacks		Product Returns		Total
Balance as of December 31, 2023	$	21,072	$	84,616	$	105,688
Amounts charged against product sales(1)	16,076		19,296		35,372
Credits/deductions	(26,979)		(10,999)		(37,978)
Balance as of March 31, 2024	$	10,169	$	92,913	$	103,082

(1) For the three months ended March 31, 2025 and 2024, amounts charged against product sales include $1.5 million and $3.4 million of adjustments made to prior period product sales due primarily to changes in the estimate of product returns.

As of March 31, 2025, $50.4 million of gross-to-net deductions were included in Accrued expenses, $4.9 million were included in Accounts payable, and $23.2 million were included in and reduced Accounts receivable on the consolidated balance sheet. As of December 31, 2024, $77.1 million of gross-to-net deductions were included in Accrued expenses, $10.1 million were included Accounts payable, and $50.6 million were included in and reduced Accounts receivable on the consolidated balance sheet.

The Company has an APA with the Commonwealth of Australia (“Australia”) for the purchase of doses of COVID-19 Vaccine (the “Australia APA”). As of March 31, 2025, $31.2 million was classified as current Deferred revenue and $102.6 million was classified as non-current Deferred revenue with respect to the Australia APA in the Company’s consolidated

balance sheet, which will be recognized in product revenue as doses are delivered to Australia. In the event that the Company does not, on or before the relevant contractual deadlines, receive regulatory approval for, and deliver, the seasonally updated COVID-19 vaccine, up to $92.5 million of deferred revenue may become refundable. Specifically, Australia may cancel doses that are due to be delivered in 2025 if the Company does not receive regulatory approval for, and deliver, the updated COVID-19 vaccine on or before December 31, 2025, and may terminate the Australian APA, as amended, if the Company does not receive regulatory approval for, and deliver, the updated COVID-19 vaccine on or before March 31, 2026.

The Company had an APA with His Majesty the King in Right of Canada as represented by the Minister of Public Works and Government Services, as successor in interest to Her Majesty the Queen in Right of Canada, as represented by the Minister of Public Works and Government Services (the “Canadian government”), for the purchase of doses of COVID-19 Vaccine (the “Canada APA”). In March 2025, the Company received a communication (the “Notice”) terminating, with immediate effect, the Canada APA on the basis of the Company not receiving regulatory approval for its COVID-19 Vaccine using bulk antigen produced at Biologics Manufacturing Centre Inc. on or before December 31, 2024, pursuant to the terms of the Canada APA. As a result of the Notice, the Company has no remaining obligations to the Canadian government under the Canada APA. Therefore, during the three months ended March 31, 2025, the Company recognized $575.7 million, previously recorded in deferred revenue and other current liabilities, as product sales. As of December 31, 2024, the Company had $555.7 million of current deferred revenue and $48.0 million of other current liabilities related to advanced payments, and other commitments previously made under the Canada APA. Under the terms of the Canada APA, $28.0 million in advanced purchase payments previously received by the Company were refundable to the Canadian government within 30 days of receipt of the Notice. The Company repaid the $28.0 million in March 2025. The APA, as amended in 2023, also contemplated the Company and the Canadian government would endeavor to enter into a memorandum of understanding (the “MOU”) related to certain in-country commitments, including a $20.0 million escrow funding. The Notice also acknowledged that such MOU is no longer feasible and that the related funds may be released to the Company.

In March 2025, the Pharmaceutical Management Agency (“Pharmac”), a New Zealand Crown entity, and the Company executed a Deed of Settlement and Release (“New Zealand Settlement Agreement”) of its APA (the “New Zealand APA”). As part of the New Zealand Settlement Agreement, the Company agreed to pay Pharmac a refund of previously received upfront payments of $4.0 million. Under the New Zealand Settlement Agreement, the Company has no remaining obligation to Pharmac under the New Zealand APA. Therefore, in the three months ended March 31, 2025, the Company recognized $27.3 million, previously in other current liabilities, as product sales. As of December 31, 2024, the Company had $31.3 million included in Other current liabilities in the Company’s consolidated balance sheet related to the New Zealand APA.

Licensing, Royalties, and Other

Licensing, royalties, and other includes licensing payments, transition services revenue, and technology transfer revenue from the Sanofi CLA; royalty milestone payments; and sales-based royalties.

Licensing, royalties, and other by license partner for the three months ended March 31, 2025 and 2024 were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Licensing, royalties, and other
Sanofi	$	40,321	$	—
Other partners(1)	4,656		4,019
Total licensing, royalties, and other revenue	$	44,977	$	4,019

(1)Other partners revenue includes royalties and license fees associated with agreements with other partners such as Serum, Takeda Pharmaceutical Company Limited (“Takeda”), and SK bioscience, Co., Ltd.

Sanofi licensing, royalties, and other revenue were comprised of the following (in thousands):


	Three Months Ended March 31,
	2025		2024
Sanofi licensing, royalties, and other revenue
Transition services and technology transfer:
Upfront fee amortization(1)	$	19,912	$	—
Milestones amortization(1)	9,143		—
Cost reimbursements	11,266		—
Total Sanofi licensing, royalties, and other revenue	$	40,321	$	—

(1)Upfront fee amortization and Milestones amortization represent revenue recognized during the period related to the $500 million upfront payment and the $50 million milestone for database lock of an existing Phase 2/3 clinical trial in 2024 that were deferred upon achievement and are recognized in revenue over time.

Note 6 – Collaboration, License, and Supply Agreements

As of March 31, 2025, the Company’s material collaborations, license and supply agreements were as follows:

Serum

The Company previously granted SII exclusive and non-exclusive licenses for the development, co-formulation, filling and finishing, registration, and commercialization of its prototype vaccine, NVX-CoV2601, its updated vaccine, and its COVID-19-Influenza (“CIC”) vaccine candidate. SII agreed to purchase the Company's Matrix-M® adjuvant and the Company granted SII a non-exclusive license to manufacture the antigen drug substance component of the Company’s COVID-19 Vaccine in SII’s licensed territory solely for use in the manufacture of COVID-19 Vaccine. The Company and SII equally split the revenue from SII’s sale of COVID-19 Vaccine in its licensed territory, net of agreed costs. In May 2024, the Company and SLS entered into a supply agreement (the “SLS Supply Agreement”) under which SLS agreed to supply the Company with antigen drug substance and finished COVID-19 Vaccine doses. The SLS Supply Agreement includes the general terms and conditions of supply orders between the Company and SLS. The Company and SLS execute firm purchase orders, which include specific quantities to be delivered under the SLS Supply Agreement. The Company agreed to supply SLS with all Matrix-M® adjuvant needed to manufacture finished COVID-19 Vaccine doses. In August 2022, the Company and SII entered into an influenza license agreement under which the Company granted SII licenses to develop, manufacture, and commercialize certain vaccine products including influenza vaccine products and influenza and coronavirus combination vaccine products (“Flu/CIC”) and is obligated for the purchase of certain raw materials under related agreements with SII. As of March 31, 2025, the Company is conducting a clinical study for its Flu/CIC vaccine candidates with the intent of partnering these programs. In March 2020, the Company entered into an agreement with SII that granted SII a non-exclusive license for the use of Matrix-M® adjuvant supplied by the Company to develop, manufacture, and commercialize R21/Matrix-M® adjuvant (“SII R21 Agreement”), a malaria vaccine created by the Jenner Institute, University of Oxford (“R21/Matrix-M®”). In December 2023, R21/Matrix-M® received prequalification by the World Health Organization (“WHO”). Under the SII R21 Agreement, SII purchases the Company's Matrix-M®adjuvant for use in development activities at cost and for commercial purposes at a tiered commercial supply price, and pays a royalty in the single-to low- double-digit range based on vaccine sales for a period of 15 years after the first commercial sale of the vaccine in each country.

Takeda

The Company has a collaboration and license agreement with Takeda under which the Company granted Takeda an exclusive license to develop, manufacture, and commercialize the Company’s COVID-19 Vaccine in Japan. Under the agreement, Takeda purchases Matrix-M® adjuvant from the Company to manufacture doses of COVID-19 Vaccine, and the Company is entitled to receive milestone and sales-based royalty payments from Takeda based on the achievement of certain development and commercial milestones, as well as a portion of net profits from the sale of COVID-19 Vaccine.

Sanofi

In May 2024, Novavax entered into a Collaboration and License Agreement with Sanofi (the “Sanofi CLA”), to co-commercialize the Company’s COVID-19 vaccine, including future updated versions that address seasonal COVID-19 variants. Under the terms of the agreement, the Company will continue to commercialize its updated COVID-19 vaccine through the end

of the 2024-2025 vaccination season. Beginning in 2025 and continuing during the term of the Sanofi CLA, the Company and Sanofi will commercialize the COVID-19 vaccine worldwide in accordance with a commercialization plan agreed by the parties, under which Novavax will continue to supply certain of its existing APA customers and strategic partners, including Takeda and SII. Upon completion of the existing APAs, the Company and Sanofi will jointly agree on commercialization activities of each party in each jurisdiction. Additionally, Sanofi has the right to develop novel influenza-COVID-19 combination vaccines utilizing Novavax’s COVID-19 vaccine and Sanofi’s seasonal influenza vaccine, combination products containing Novavax’s COVID-19 vaccine and one or more non-influenza vaccines, and multiple new vaccines utilizing Novavax’s Matrix-M® adjuvant. The Company is also responsible for performing services related to the technology transfer of its manufacturing process for the COVID-19 Vaccine Products and Matrix-M® components to Sanofi. Until the successful completion of such transfer, the Company will supply Sanofi with both COVID-19 Vaccine Products and Matrix-M® intermediary components for Sanofi’s use and is eligible for reimbursement of such costs from Sanofi. In addition, the Company is responsible for certain research and development and medical affairs services related to the COVID-19 Vaccine.

Pursuant to the Sanofi CLA, the Company is eligible to receive development, technology transfer, launch, and sales milestone payments totaling up to $700 million in the aggregate with respect to the COVID-19 Vaccine Products, of which $650 million remains outstanding, and royalty payments on Sanofi’s sales of such licensed products. The remaining milestone payments are comprised of $175 million upon the approval of the marketing authorization for a COVID-19 Vaccine Product in a pre-filled syringe from the U.S. Food and Drug Administration (“U.S. FDA”), $25 million upon the transfer of such approval to Sanofi, $25 million upon the transfer of European Medicines Agency (“EMA”), approval of a COVID-19 Vaccine Product in a pre-filled syringe to Sanofi, $75 million upon the completion of the technology transfer of the Company’s manufacturing process for the COVID-19 Vaccine Products to Sanofi, $125.0 million upon achievement of certain CIC Product-related development milestones, and $225.0 million in CIC Product-related launch milestones. The Company achieved the $50.0 million milestone for database lock of an existing Phase 2/3 clinical trial in 2024, which was received from Sanofi during the three months ended March 31, 2025.

The Company is also eligible to receive development, launch, and sales milestone payments of up to $200 million for each of the first four Adjuvant Products and $210 million for each Adjuvant Product thereafter, and royalty payments on Sanofi’s sales of all such licensed products. In addition, a portion of the technology transfer costs and research and development costs incurred by the Company will be reimbursed by Sanofi in accordance with agreed upon plans and budgets.

The Sanofi Transition Services and Sanofi Technology Transfer are recognized in revenue over time using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. Revenue recognized related to Sanofi Transition Services and Sanofi Technology Transfer for three month period ended March 31, 2025 was $40.3 million. The Company’s consolidated balance sheet as of March 31, 2025 includes a deferred revenue balance of $49.4 million ($28.4 million included in Deferred revenue, current portion and $21.0 million included in Deferred revenue, non-current portion) related to Sanofi Transition Services and Sanofi Technology Transfer. During three months ended March 31, 2025, the Company recognized a cumulative catch-up adjustment, which resulted in an increase of $9.5 million during the period. This adjustment resulted from a change in total expected costs, partially offset by changes to estimates of variable consideration for Sanofi Transition Services and Sanofi Technology Transfer. Lower expected costs and therefore lower estimates of reimbursements for costs included in estimates of variable consideration were driven by cost reduction efforts described in Note 16.

The Company recognized an asset for $35.0 million of direct costs incurred to obtain the Sanofi CLA. These costs are amortized to expense over the expected period of the benefit in a manner that is consistent with the transfer of the related goods and services in the Sanofi CLA. The Company recognized $0.9 million of amortization expense related to the asset in Selling, general, and administrative expense for the three ended March 31, 2025, respectively.

Note 7 – Earnings (Loss) per Share

Basic and diluted net loss per share were calculated as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2025		2024
Numerator:
Net income (loss), basic	$	518,646	$	(147,550)
Interest on convertible notes	2,634		—
Net income (loss), dilutive	521,280		(147,550)
Denominator:
Weighted average number of common shares outstanding, basic	161,049		139,916
Effect of dilutive securities	16,576		—
Weighted average number of common shares outstanding, dilutive	177,625		139,916
Net income (loss) per share:
Basic	$	3.22	$	(1.05)
Diluted	$	2.93	$	(1.05)

Anti-dilutive securities excluded from calculations of diluted net income (loss) per share	5,349		24,269

Note 8 – Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets that sums to the total of such amounts shown in the consolidated statements of cash flows (in thousands):


	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	263,338	$	530,230
Restricted cash, current	10,681		10,626
Restricted cash, non-current(1)	4,461		4,436
Cash, cash equivalents, and restricted cash	$	278,480	$	545,292

(1)Classified as Other non-current assets as of March 31, 2025 and December 31, 2024, on the consolidated balance sheets.

Note 9 – Inventory

Inventory consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Raw materials	$	2,600	$	2,087
Semi-finished goods	7,558		4,899
Finished goods	105		1,763
Total inventory	$	10,263	$	8,749

Inventory write-downs as a result of excess, obsolescence, expiry, or other reasons, and losses on firm purchase commitments, offset by recoveries of such commitments, are recorded as a component of cost of sales in the Company’s consolidated statements of operations. For the three months ended March 31, 2025, inventory write-downs were $0.3 million

and there were no losses or recoveries on firm purchase commitments. For the three months ended March 31, 2024, inventory write-downs were $8.8 million and there were no losses or recoveries on firm purchase commitments.

Note 10 – Goodwill

The Company has one reporting unit, which has a negative carrying amount as of March 31, 2025 and December 31, 2024. The change in the carrying amounts of goodwill for the three months ended March 31, 2025 was as follows (in thousands):


	Amount
Balance at December 31, 2024	$	107,478
Currency translation adjustments	4,549
Balance at March 31, 2025	$	112,027

Note 11 – Long-Term Debt

Total convertible notes payable consisted of the following (in thousands):


	March 31, 2025		December 31, 2024





5.00% Convertible notes due 2027	$	175,250	$	175,250

Unamortized debt issuance costs	(5,124)		(5,566)
Total convertible notes payable	$	170,126	$	169,684

The effective interest rate of the 2027 Convertible notes is 6.2%.

The interest expense incurred in connection with the convertible notes payable consisted of the following (in thousands):


	Three Months Ended March 31,
	2025		2024
Coupon interest	$	2,192	$	2,192
Amortization of debt issuance costs	442		416
Total interest expense on convertible notes payable	$	2,634	$	2,608

Note 12 – Stockholders’ Deficit

In August 2023, the Company entered into an At Market Issuance Sales Agreement (the “August 2023 Sales Agreement”), which allows it to issue and sell up to $500 million in gross proceeds of shares of its common stock, and terminated its then-existing At Market Issuance Sales agreement entered in June 2021. During the three months ended March 31, 2025, and 2024, no sales were recorded under the August 2023 Sales Agreement. As of March 31, 2025, the remaining balance available under the August 2023 Sales Agreement was approximately $51 million.

Note 13 – Stock-Based Compensation

Equity Plans

In January 2023, the Company established the 2023 Inducement Plan (the “2023 Inducement Plan”), which provides for the grant of share-based awards to individuals who were not previously employees, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with the Company. The Company reserved 1.0 million shares of common stock for grants under the 2023 Inducement Plan. As of March 31, 2025, there were 0.1 million shares available for issuance under the 2023 Inducement Plan.

The Amended and Restated 2015 Stock Incentive Plan, as amended (“2015 Plan”), was approved at the Company’s annual meeting of stockholders in June 2015. Under the 2015 Plan, equity awards may be granted to officers, directors, employees, and consultants of and advisors to the Company and any present or future subsidiary.

The 2015 Plan authorizes the issuance of up to 27.5 million shares of common stock under equity awards granted under the 2015 Plan. All such shares authorized for issuance under the 2015 Plan have been reserved. The 2015 Plan will expire on April 19, 2034. As of March 31, 2025, there were 0.4 million shares available for issuance under the 2015 Plan.

The 2023 Inducement Plan and the 2015 Plan permit, the grant of stock options (including incentive stock options), restricted stock, stock appreciation rights (“SARs”), and restricted stock units (“RSUs”). In addition, under the 2023 Inducement Plan and the 2015 Plan, unrestricted stock, stock units, and performance awards may be granted. Stock options and SARs generally have a maximum term of ten years and may be or were granted with an exercise price that is no less than 100% of the fair market value of the Company’s common stock at the time of grant. Grants of share-based awards are generally subject to vesting over periods ranging from one to four years.

The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Cost of sales	$	525	$	594
Research and development	4,289		5,505
Selling, general, and administrative	5,471		5,457
Total stock-based compensation expense	$	10,285	$	11,556

During the three months ended March 31, 2025 and 2024 there were no stock-based compensation expense capitalized into inventory.

As of March 31, 2025, there was approximately $73 million of total unrecognized compensation expense related to unvested stock options, SARs, RSUs, and the Company’s Employee Stock Purchase Plan (“ESPP”). This unrecognized non-cash compensation expense is expected to be recognized over a weighted-average period of approximately one year and will be allocated between cost of sales, research and development, and general and administrative expenses accordingly. This estimate does not include the impact of other possible stock-based awards that may be made during future periods.

The aggregate intrinsic value represents the total intrinsic value (the difference between the Company’s closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money stock options and SARs) that would have been received by the holders had all stock option and SAR holders exercised their stock options and SARs on March 31, 2025. This amount is subject to change based on changes to the closing price of the Company's common stock. The aggregate intrinsic value of stock options and SARs exercises and vesting of RSUs for the three months ended March 31, 2025 and 2024 was $16.2 million and $4.5 million, respectively.

Stock Options and Stock Appreciation Rights

The following is a summary of stock options and SARs activity under the 2023 Inducement Plan and 2015 Plan for the three months ended March 31, 2025:


	2023 Inducement Plan			2015 Plan
	Stock Options	Weighted-Average Exercise Price		Stock Options	Weighted-Average Exercise Price
Outstanding at December 31, 2024	486,950	$	10.45	3,496,052	$	32.75
Granted	—	—		2,224,293	7.88
Exercised	—	—		(5,386)	6.02
Canceled	—	—		(419,113)	58.31
Outstanding at March 31, 2025	486,950	$	10.45	5,295,846	$	20.31
Shares exercisable at March 31, 2025	215,485	$	10.80	2,055,818	$	37.53

The fair value of stock options granted under the 2023 Inducement Plan and the 2015 Plan was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:


	Three Months Ended March 31,
	2025	2024
Weighted average Black-Scholes fair value of stock options granted	$5.59	$4.34
Risk-free interest rate	4.0%-4.1%	4.3%
Dividend yield	—%	—%
Volatility	99.7%-121.6%	114.3%-121.1%
Expected term (in years)	3.9-6.5	3.9-4.4

The total aggregate intrinsic value and weighted-average remaining contractual term of stock options and SARs outstanding under the 2023 Inducement Plan and 2015 Plan as of March 31, 2025 was $0.9 million and 8.1 years, respectively. The total aggregate intrinsic value and weighted-average remaining contractual term of stock options and SARs exercisable under the 2023 Inducement Plan and 2015 Plan as of March 31, 2025 was $0.4 million and 6.2 years, respectively.

Restricted Stock Units

The following is a summary of RSU activity for the three months ended March 31, 2025:


	2023 Inducement Plan			2015 Plan
	Number of Shares	Per Share Weighted- Average Fair Value		Number of Shares	Per Share Weighted- Average Fair Value
Outstanding and unvested at December 31, 2024	285,429	$	10.42	5,558,642	$	8.27
Granted	—	—		3,531,690	7.87
Vested	(102,796)	10.96		(1,832,799)	10.21
Forfeited	—	—		(187,046)	9.00
Outstanding and unvested at March 31, 2025	182,633	$	10.11	7,070,487	$	8.27

Employee Stock Purchase Plan

The ESPP was approved at the Company’s annual meeting of stockholders in June 2013. The ESPP currently authorizes an aggregate of 2.2 million shares of common stock to be purchased, and the aggregate number of shares will continue to increase 5% on January 1 of each year up to a maximum of 3.5 million shares. The ESPP allows employees to purchase shares of common stock of the Company at each purchase date through payroll deductions of up to a maximum of 15% of their compensation, at 85% of the lesser of the market price of the shares at the time of purchase or the market price on the beginning date of an option period (or, if later, the date during the option period when the employee was first eligible to participate). As of March 31, 2025, there were 0.7 million shares available for issuance under the ESPP.

Note 14 – Income Taxes

The Company evaluates the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. Significant pieces of objective evidence evaluated by the Company were the cumulative loss incurred over the three-year period ended March 31, 2025 and that the Company has historically generated pretax losses. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. On the basis of this evaluation, as of March 31, 2025, the Company continued to maintain a full valuation allowance against its deferred tax assets, except to the extent Net Operating Losses (“NOLs”) have been used to reduce taxable income.

During the three months ended March 31, 2025 and 2024, the Company recognized $0.7 million and $2.3 million of federal, state, and foreign income tax expense, respectively. During the three months ended March 31, 2025, the company recognized $0.5 million of foreign withholding tax expense. During the three months ended March 31, 2024, the company did not recognize any foreign withholding tax expense.

Note 15 – Commitments and Contingencies

Legal Matters

Stockholder Litigation

On November 12, 2021, Sothinathan Sinnathurai filed a purported securities class action in the U.S. District Court for the District of Maryland (the “Maryland Court”) against the Company and certain members of senior management, captioned Sothinathan Sinnathurai v. Novavax, Inc., et al., No. 8:21-cv-02910-TDC (the “Sinnathurai Action”). The parties ultimately negotiated a settlement, which the Maryland Court approved on May 23, 2024. The Maryland Court closed the Sinnathurai Action on May 24, 2024.

After the Sinnathurai Action was filed, eight derivative lawsuits were filed: (i) Robert E. Meyer v. Stanley C. Erck, et al., No. 8:21-cv-02996-TDC (the “Meyer Action”), (ii) Shui Shing Yung v. Stanley C. Erck, et al., No. 8:21-cv-03248-TDC (the “Yung Action”), (iii) William Kirst, et al. v. Stanley C. Erck, et al., No. C-15-CV-21-000618 (the “Kirst Action”), (iv) Amy Snyder v. Stanley C. Erck, et al., No. 8:22-cv-01415-TDC (the “Snyder Action”), (v) Charles R. Blackburn, et al. v. Stanley C. Erck, et al., No. 1:22-cv-01417-TDC (the “Blackburn Action”), (vi) Diego J. Mesa v. Stanley C. Erck, et al., No. 2022-0770-NAC (the “Mesa Action”), (vii) Sean Acosta v. Stanley C. Erck, et al., No. 2022-1133-NAC (the “Acosta Action”), and (viii) Jared Needelman v. Stanley C. Erck, et al., No. C-15-CV-23-001550 (the “Needelman Action”). The Meyer, Yung, Snyder, and Blackburn Actions were filed in the Maryland Court. The Kirst Action was filed in the Circuit Court for Montgomery County, Maryland, and shortly thereafter removed to the Maryland Court by the defendants. The Needelman Action was also filed in the Circuit Court for Montgomery County, Maryland. The Mesa and Acosta Actions were filed in the Delaware Court of Chancery (the “Delaware Court”). The derivative lawsuits name members of the Company’s board of directors and certain members of senior management as defendants. The Company is deemed a nominal defendant. The plaintiffs assert derivative claims arising out of substantially the same alleged facts and circumstances as the Sinnathurai Action. Collectively, the derivative complaints assert claims for breach of fiduciary duty, insider selling, unjust enrichment, violation of federal securities law, abuse of control, waste, and mismanagement. Plaintiffs seek declaratory and injunctive relief, as well as an award of monetary damages and attorneys’ fees.

On February 7, 2022, the Maryland Court entered an order consolidating the Meyer and Yung Actions (the “First Consolidated Derivative Action”). The plaintiffs in the First Consolidated Derivative Action filed their consolidated derivative complaint on April 25, 2022. On May 10, 2022, the Maryland Court entered an order granting the parties’ request to stay all proceedings and deadlines pending the earlier of dismissal or the filing of an answer in the Sinnathurai Action. On June 10, 2022, the Snyder and Blackburn Actions were filed. On October 5, 2022, the Maryland Court entered an order granting a request by the plaintiffs in the First Consolidated Derivative Action and the Snyder and Blackburn Actions to consolidate all three actions and appoint co-lead plaintiffs and co-lead and liaison counsel (the “Second Consolidated Derivative Action”). The co-lead plaintiffs in the Second Consolidated Derivative Action filed a consolidated amended complaint on November 21, 2022. On February 10, 2023, defendants filed a motion to dismiss the Second Consolidated Derivative Action. The plaintiffs filed their opposition to the motion to dismiss on April 11, 2023. Defendants filed their reply brief in further support of their motion to dismiss on May 11, 2023. On August 21, 2023, the court entered an order granting in part and denying in part the motion to dismiss. On September 5, 2023, the Company filed an Answer to the consolidated amended complaint. On September 6, 2023, the court entered an order granting the individual defendants an extension of time to file their answer until November 6, 2023. On October 6, 2023, the Board of Directors of the Company formed a Special Litigation Committee (“SLC”) with full and exclusive power and authority of the Board to, among other things, investigate, review, and analyze the facts and circumstances surrounding the claims asserted in the pending derivative actions, including the claims that remain following the court’s order on the motion to dismiss in the Second Consolidated Derivative Action. On November 7, 2023, the court entered an order granting the parties’ request to stay the Second Consolidated Derivative Action for up to six months from the date of entry of the order, and, on April 15, 2024, the court entered a further order extending the stay until June 6, 2024. On June 7, 2024, the court entered another order extending the stay until August 5, 2024. On August 19, 2024, the court entered another order extending the stay until November 4, 2024, to allow the SLC and the parties to continue then-ongoing mediation efforts. On November 1, 2024, the parties notified the court that a settlement in principle had been reached and requested the stay to be extended until the definitive settlement agreement was filed. On November 22, 2024, the SLC filed its Unopposed Motion for Preliminary Approval of Derivative Settlement, Approval of Form and Manner of Notice, and Setting Hearing Date on Final Approval of Settlement and supporting documents. Under the terms of the proposed settlement, individual defendants Erck and Herrmann agreed to pay or cause their insurers to pay $6.8 million to Novavax in exchange for a release of claims. In addition, Novavax and its Board of Directors agreed to adopt and implement certain governance provisions identified in the settlement stipulation. On December 12, 2024, the court entered an order granting preliminary approval of the derivative settlement and setting a date for a hearing on the final approval of the settlement. On March 7, 2025, the court held a hearing and entered a Final Judgment and Order Approving Derivative Settlement (the “Final Judgment and Order”). As part of the Final Judgment and Order, the court granted the motion for attorneys’ fees and awarded plaintiffs’ counsel fees and expenses in the amount of $2.0 million to be paid by the Company following its receipt of the $6.8 million settlement funds. During the three months ended, March 31, 2025, the Company recorded a net gain on the settlement of $4.8 million in Other income (expense), net.

The Kirst Action was filed on December 28, 2021, and the defendants immediately removed the case to the Maryland Court. On July 21, 2022, the Maryland Court issued a memorandum opinion and order remanding the Kirst Action to state court. The plaintiffs filed an amended complaint on December 30, 2022. On January 23, 2023, defendants filed a motion to stay the Kirst action. On February 22, 2023, the parties in the Kirst Action filed for the Court’s approval of a stipulation staying the Kirst Action pending the resolution of defendants’ motion to dismiss in the Second Consolidated Derivative Action. On March 22, 2023, the Court entered the parties’ stipulated stay of the Kirst Action pending resolution of the motion to dismiss in the Second Consolidated Derivative Action.

On August 30, 2022, the Mesa Action was filed. On October 3, 2022, the Delaware Court entered an order granting the parties’ request to stay all proceedings and deadlines in the Mesa Action pending the earlier of dismissal of the Sinnathurai Action or the filing of an answer to the operative complaint in the Sinnathurai Action. On January 9, 2023, following the ruling on the motion to dismiss the Sinnathurai Action, the Delaware Court entered an order granting the Mesa Action parties’ request to set a briefing schedule in connection with a motion to stay by defendants. On February 28, 2023, the court granted the defendants’ motion and stayed the Mesa Action pending the entry of a final, non-appealable judgment in the Second Consolidated Derivative Action. On August 31, 2023, the Mesa plaintiffs filed a motion to lift the stay in the Mesa Action. On October 6, 2023, the Company filed an opposition to plaintiff’s motion to lift the stay. Plaintiff filed his reply on October 17, 2023. On December 27, 2023, the parties filed a letter informing the Court that the Second Consolidated Derivative Action had been stayed for a period of six months and asked the Court to stay further proceedings in the Mesa Action until expiration of that stay.

On December 7, 2022, the Acosta Action was filed. On February 6, 2023, defendants accepted service of the complaint and summons in the Acosta Action. On March 9, 2023, the court entered an order granting the parties’ request to stay the Acosta Action pending the entry of a final, non-appealable judgment in the Second Consolidated Derivative Action. On October 13, 2023, the parties filed, and the Delaware Court entered, a stipulated order providing that (i) if the Delaware Court declines to lift the stay in the Mesa Action, the Acosta Action will also remain stayed, and (ii) if the Delaware Court lifts the stay in the Mesa Action, the stay in the Acosta Action will also be lifted. On April 28, 2025, the parties filed a joint status report with the Delaware Court in which they indicated that plaintiffs intend to dismiss the Mesa Action and Acosta Action in light of the Derivative Settlement. On May 2, 2025, the Delaware Court granted the stipulated order of voluntary dismissal, and the Mesa Action was dismissed with prejudice.

On April 17, 2023, the Needelman Action was filed. On July 12, 2023, the parties filed a stipulation and proposed order to stay the Needelman Action pending the Maryland Court’s decision on the motion to dismiss in the Second Consolidated Derivative Action. The court entered that order on July 17, 2023.

On November 30, 2023, the court entered an order consolidating the Kirst and Needelman Actions. On December 14, 2023, the parties filed a stipulation (i) extending the plaintiffs’ deadline to file a consolidated complaint until January 29, 2024, and (ii) otherwise staying all other proceedings in the case (including the defendants’ deadline to respond to the consolidated complaint) until February 12, 2024. On May 3, 2024, the plaintiffs filed a consolidated complaint. On May 14, 2024, the parties filed a stipulation staying the action until June 6, 2024. On July 12, 2024, the court entered an order staying the action until August 5, 2024. On September 24, 2024, the court entered another order staying the action until November 4, 2024. On November 4, 2024, the parties filed a stipulation requesting a status conference with the court and further requesting that the action remain stayed until such status conference takes place. On April 15, 2025, the parties filed a Stipulated Notice of Dismissal dismissing the Kirst and Needelman Actions in light of the Derivative Action.

The Company is also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, the Company does not expect the resolution of these other legal proceedings to have a material adverse effect on its financial position, results of operations, or cash flows.

Note 16 – Restructuring

During the three months ended March 31, 2025, the Company continued its global restructuring and cost reduction efforts that were initially announced in May 2023 (the 2023 plan combined with subsequent period efforts is referred to as the “Restructuring Plan.”). As of March 31, 2025, the Company is in the process of reviewing its real estate portfolio, including its leased headquarters in Gaithersburg, Maryland, to optimize its footprint, reduce costs, and align its physical spaces with business needs as part of an effort to improve operational efficiency and enhance long-term financial performance. Changes in the planned usage of the Company’s facilities could potentially impact the recoverability of the underlying right of use assets and leasehold improvements. While no triggering events have occurred as of March 31, 2025, the Company continues to evaluate options and will perform impairment tests if such indicators arise in future periods. As of March 31, 2025, the Company’s net investment in assets related to its corporate headquarter leased laboratory and office space located in Gaithersburg, Maryland was approximately $119 million, comprised of approximately $134 million of right of use assets, approximately $37 million of leasehold improvements net of a finance lease obligation of approximately $52 million.

The restructuring charge recorded by the Company consisted of the following (in thousands):


	Three Months Ended March 31,
	2025		2024
Severance and employee benefit costs	$	505	$	4,401


Impairment of assets	—		1,669


Total Restructuring charge (1)	$	505	$	6,070

(1) Restructuring charges of $0.5 million is included in Selling, general, and administrative expenses in the Consolidated Statements of Operations for the three months ended March 31, 2025. Restructuring charges of $1.6 million and $4.5 million are included in Research and development and Selling, general, and administrative expenses, respectively, in the Consolidated Statements of Operations for the three months ended March 31, 2024.

Severance and employee benefit costs

Employees affected by reductions in force under the Restructuring Plan are entitled to receive severance payments and certain termination benefits. The Company recorded a severance and termination benefit cost in full for employees who were notified of their termination during the reporting period and had no requirements for future service. The Company paid a total of $2.7 million for the severance and employee benefit costs during the three months ended March 31, 2025 and the remaining liability of $0.9 million is included in Accrued expenses in the Company’s consolidated balance sheet as of March 31, 2025. The Company had $3.1 million of remaining liability for the severance and employee benefit costs included in Accrued expenses in its consolidated balance sheet as of December 31, 2024.

Impairment of assets

In connection with the Restructuring Plan, the Company evaluated its long-lived assets for impairment including certain leased laboratory and office spaces located in Gaithersburg, Maryland. The Company performed an impairment evaluation for the applicable long-lived assets, which is subject to judgment and actual results may vary from the estimates, resulting in potential future adjustments to amounts recorded. During the three months ended March 31, 2024, the Company recorded an impairment charge of $1.7 million related to the impairment of capitalized internal-use software. The Company did not recognize any impairment charge during the three months ended March 31, 2025.

Note 17 – Segment Reporting

The Company manages its business as one reportable operating segment, in-house early-stage R&D to build a pipeline of high-value assets using its proven technology along with seeking to enter into partnerships to drive value creation for its assets. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company’s chief operating decision-maker (“CODM”) to make decisions about allocating resources and assessing the Company’s performance. The Company’s CODM uses consolidated single-segment net income (loss) as reported in the Consolidated Statements of Operations to evaluate performance, forecast future period financial results, allocate resources, and set incentive targets.

The table below summarizes the significant expense categories regularly reviewed by the CODM (in thousands):


	Three Months Ended March 31,
	2025		2024
Revenue	$	666,655	$	93,855
Cost of sales	14,115		59,209
Research and development expenses:
Direct coronavirus vaccines(1)	18,059		26,061
Direct other vaccine development programs(1)	1,879		336
Employee and benefit expenses	39,910		43,458
Facility and other research and development expenses(2)	29,089		22,824
Selling, general, and administrative expense	48,090		86,798
Other segment income (expense)(3)	3,133		(2,719)
Net income (loss)	$	518,646	$	(147,550)

(1) Direct research and development expenses are comprised primarily of costs paid to third parties for clinical and product development activities. Direct coronavirus vaccines expenses include costs associated with the Phase 3 trial for our CIC and influenza vaccine candidates.

(2) Facility and other research and development expenses consist of indirect costs incurred in support of overall research and development activities and non-specific programs, such as overhead costs, information technology and facility-based expenses not allocated to a specific program.

(3) Other segment income (expense) includes interest expense, income tax expense, and other income.

Total revenue by the Company’s customer’s or collaboration partner’s geographic location was as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
United States	$	39,410	$	(6,431)
Canada	575,670		—
Europe	8,086		90,416
Rest of the world	43,289		9,870
Total revenue	$	666,455	$	93,855

Total long-lived assets of the Company by geographic location were as follows (in thousands):


	March 31, 2025		December 31, 2024
United States	$	287,059	$	295,879
Europe	3,974		4,119
Total long-lived assets	$	291,033	$	299,998

Note 18 – Subsequent Events

In April 2025, the Company received a formal communication from the U.S. FDA in the form of an information request for a post marketing commitment (“PMC”) to generate additional clinical data. The Company has responded to the U.S. FDA’s information request with a proposed study design and continues to engage with the U.S. FDA to address the PMC request and move to approval as soon as possible.

On April 29, 2025, the Company entered into a collaboration and exclusive license agreement, as amended (“Amended Takeda APA”), with Takeda which amends and supersedes its collaboration and exclusive license agreement with Takeda, dated February 24, 2021. The Amended Takeda APA improves financial terms for the Company.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in the discussion below and elsewhere in this Quarterly Report about expectations, beliefs, plans, objectives, assumptions, or future events or performance of Novavax, Inc. (“Novavax,” together with its wholly owned subsidiaries, the “Company,” “we,” or “us”) are not historical facts and are forward-looking statements. Such forward-looking statements include, without limitation, statements about our capabilities, goals, expectations regarding future revenue and expense levels, and capital raising activities; our corporate growth strategy, including our early-stage pipeline and research and development (“R&D”) investment strategy and key value drivers; our technology platform; our COVID-19 program (our “COVID-19 Program”) (which currently includes our Nuvaxovid™ prototype COVID-19 vaccine ("NVX-CoV2373” or “prototype COVID-19 vaccine”), our Nuvaxovid™ COVID-19 vaccine for the 2023-2024 vaccination season (“XBB COVID-19 Vaccine”) and our Nuvaxovid™ updated COVID-19 vaccine for the 2024-2025 vaccination season (“NVX-CoV2705” or “updated COVID-19 vaccine”) collectively, referred to as our (“COVID-19 Vaccine”)); our operating plans and prospects, including our ability to continue as a going concern through one year from the date of our unaudited financial statements for the period ended March 31, 2025 are issued; the implementation and anticipated impact of our global restructuring and cost reduction plan (“Restructuring Plan”), which includes a more focused investment in our COVID-19 Program; our cash flow forecast and projected revenue, including potential royalties and milestones pursuant to our collaboration and license agreement (the “Sanofi CLA”) with Sanofi Pasteur Inc. (“Sanofi”) and our other license agreements; potential market sizes and demand for our products and product candidates; the efficacy, safety, and intended utilization of our products and product candidates; the development of our clinical-stage product candidates and our recombinant vaccine and adjuvant technologies; the development of our preclinical product candidates; our expectations related to enrollment in our clinical trials; the conduct, timing, and potential results from clinical trials and other preclinical studies; plans for and potential timing of future and pending regulatory filings and actions, including the U.S. Food and Drug Administration (“U.S. FDA”) approval of the BLA for our COVID-19 Vaccine and alignment with the U.S. FDA on the post marketing commitment; our expectation of manufacturing capacity, timing, production, distribution, and delivery for our COVID-19 Vaccine by us and our partners; our expectations with respect to the anticipated ongoing development and commercialization or licensure of the COVID-19 Vaccine; our expectations with respect to the anticipated ongoing development of COVID-19 variant strain-containing monovalent or bivalent formulations, including the Phase 2b/3 Hummingbird™ trial, and our CIC vaccine candidate and our stand-alone influenza vaccine candidate including partnership efforts for our COVID-19-Influenza (“CIC”) vaccine candidate and stand-alone influenza vaccine candidate to advance towards a Biologics License Application ("BLA") filing and commercialization; efforts to expand the COVID-19 Vaccine label worldwide as a booster, and to various age groups and geographic locations; the expected timing, content, and outcomes of regulatory actions; funding under our advance purchase agreements (“APAs”) and supply agreements and amendments to, termination of, discussion regarding, or legal disputes relating to any such agreement; our available cash resources and usage and the availability of financing generally; plans regarding partnering activities and business development initiatives; our plans regarding APA amendments; and other matters referenced herein. Generally, forward-looking statements can be identified through the use of words or phrases such as “believe,” “may,” “could,” “will,” “would,” “possible,” “can,” “estimate,” “continue,” “ongoing,” “consider,” “anticipate,” “intend,” “seek,” “plan,” “project,” “expect,” “should,” “would,” “aim,” or “assume,” the negative of these terms, or other comparable terminology, although not all forward-looking statements contain these words.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs and expectations about the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking statements involve estimates, assumptions, risks, and uncertainties that could cause actual results or outcomes to differ materially from those expressed or implied in any forward-looking statements, and, therefore, you should not place considerable reliance on any such forward-looking statements. Such risks and uncertainties include, without limitation, our ability to successfully and timely manufacture, market, distribute, or deliver our COVID-19 Vaccine and the impact of our not having received a BLA from the U.S. FDA; our ability to obtain adequate additional funding to maintain our current level of operations and fund the further development of our vaccine candidates challenges related to our partnership with Sanofi and in pursuing additional partnership opportunities; challenges satisfying, alone or together with partners, various safety, efficacy, and product characterization requirements, including those related to process qualification, assay validation, and stability testing, necessary to satisfy applicable regulatory authorities; challenges or delays in conducting clinical trials or studies for our product candidates; challenges or delays in obtaining regulatory authorization for our product candidates, including for future COVID-19 variant strain changes, our CIC vaccine candidate, our stand-alone influenza vaccine candidate or other product candidates; manufacturing, distribution or export delays

or challenges; our substantial dependence on Serum Institute of India Pvt. Ltd. (“SII”) and Serum Life Sciences Limited (“SLS” and together with SII, “Serum”) for co-formulation and filling our COVID-19 Vaccine and the impact of any delays or disruptions in their operations; the impact of potential legislative, regulatory, or policy changes under the current presidential administration; the impact of any new or changes in interpretations of existing trade measures, including tariffs, embargoes, sanctions, import restrictions, and export licensing requirements; difficulty obtaining scarce raw materials and supplies, including for our proprietary adjuvant; resource constraints, including human capital and manufacturing capacity, constraints on our ability to pursue planned regulatory pathways, alone or with partners, in multiple jurisdictions simultaneously, leading to staggering of regulatory filings, and potential regulatory actions; our ability to timely deliver doses; challenges in obtaining commercial adoption and market acceptance of our COVID-19 Vaccine or any COVID-19 variant strain containing formulation, or our CIC vaccine candidates, stand-alone influenza vaccine candidates or other candidates; challenges meeting contractual requirements under agreements with multiple commercial, governmental, and other entities including requirements to deliver doses that may require us to refund portions of upfront and other payments previously received or result in reduced future payments pursuant to such agreements; challenges related to the seasonality of vaccinations against COVID-19; challenges related to the demand for vaccinations against COVID-19 or influenza; challenges in identifying and successfully pursuing innovation expansion opportunities; our expectation as to expenses and cash needs may prove not to be correct for reasons such as changes in plans or actual events being different than our assumptions, and other risks and uncertainties identified in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024, and this Quarterly Report on Form 10-Q, which may be detailed and modified or updated in other documents filed with the SEC from time to time, and are available at www.sec.gov and at www.novavax.com. You are encouraged to read these filings as they are made.

We cannot guarantee future results, events, level of activity, performance, or achievement. Any or all of our forward-looking statements in this Quarterly Report may turn out to be inaccurate or materially different from actual results. Further, any forward-looking statement speaks only as of the date when it is made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Overview

We are a company tackling global health challenges through scientific innovation that seeks to maximize our deep scientific expertise in vaccines and our cutting-edge technology platform. The differentiated platform features our recombinant protein-based nanoparticle technology and unique Matrix-M® adjuvant. Our three strategic priorities are: focusing on our partnership with Sanofi announced in May 2024, leveraging our technology platform and pipeline to forge additional partnerships, and advancing our proven technology platform and early-stage pipeline. Our corporate growth strategy is supported by a lean and focused operating model.

Our technology platform combined with our deep vaccine expertise, is the fuel for innovation and partnerships and we believe it has the potential to create significant value. Our proprietary Matrix-M® adjuvant when added to vaccines, has been shown to help induce a stronger and longer-lasting immune response. Our recombinant protein-based nanoparticle technology has been shown to be highly immunogenetic. Together, we believe that our technology platform can induce potent, durable and broad immune responses, with the potential to be antigen-sparing. Our Matrix-M® adjuvant can increase both antibody and cell-mediated immune responses to the vaccine and it has demonstrated a favorable tolerability profile in clinical trials. Our technology platform is used in our authorized COVID-19 vaccine and the R21/Matrix-M® adjuvant malaria vaccine.

In May 2024, we entered into a Collaboration and License Agreement with Sanofi, to co-commercialize our COVID-19 vaccine, including future updated versions that address seasonal COVID-19 variants. Sanofi has the right to develop novel influenza-COVID-19 combination vaccines utilizing our COVID-19 vaccine and Sanofi’s seasonal influenza vaccine, combination products containing our COVID-19 vaccine and one or more non-influenza vaccines, and multiple new vaccines utilizing our Matrix-M® adjuvant. In December 2024, Sanofi announced that the U.S. FDA granted Fast Track designation to two Sanofi combination vaccine candidates: the first combination consists of Fluzone High-DoseTM combined with our COVID-19 vaccine, and the second combination consists of FlublokTM with our COVID-19 vaccine. Sanofi is evaluating the safety and immunogenicity of both combination vaccine candidates in two separate Phase 1/2 trials. We are eligible to receive royalties and milestones associated with the ongoing sales of our COVID-19 vaccine and Sanofi’s influenza-COVID-19 combination vaccines and any other combination vaccines Sanofi may develop, as well as ongoing product royalties for

vaccines developed with our Matrix-M® adjuvant. We discuss this agreement in further detail in Note 6 to our accompanying consolidated financial statements.

Additionally, we are advancing our pipeline of both late- and early-stage programs with a focus on potentially high-value assets in areas with unmet medical need, compelling scientific rationale and strong commercial opportunity.

Our late-stage programs include a CIC vaccine candidate, as well as a stand-alone influenza vaccine candidate. In December 2024, we initiated the initial cohort of a Phase 3 trial comparing our CIC vaccine and stand-alone influenza vaccine to our updated COVID-19 vaccine and a licensed seasonal influenza vaccine comparator in adults aged 65 and older. We intend to partner these vaccine candidates in order to advance to BLA filing and commercialization.

Furthermore, we provide our Matrix-M® adjuvant for use in collaborations. These include the R21/Matrix-M® adjuvant malaria vaccine, a malaria vaccine developed by our partner, the Jenner Institute, University of Oxford (“R21/Matrix-M® adjuvant malaria vaccine”) and manufactured by SII. R21/Matrix-M® adjuvant malaria vaccine is authorized in several countries. Additionally, we provide Matrix-M® adjuvant for use in various programs in preclinical and clinical stage, as well as preclinical investigations. Examples include, an agreement with the Gates Foundation, and in a related master transfer agreement with a leading pharmaceutical company for exploration of Matrix-M® adjuvant used as a potential advancement in their pipeline.

We continue to advance our strategic assessment of our emerging, early-stage pipeline. We intend to develop our early-stage pipeline using a disciplined and capital-efficient approach. Our R&D investment strategy seeks to place smart, lower-cost investments on the programs with the highest potential value, both within infectious disease and beyond, with the intent of partnering these programs at proof of concept. We would consider advancing a program ourselves where data and commercial landscape indicate a unique high-value opportunity. We are pursuing early-stage research in diseases such as, respiratory syncytial virus (“RSV”) combinations, varicella-zoster virus (shingles) and Clostridioides difficile (C. Diff.) colitis. We are actively working to evaluate several RSV combination candidates to progress forward toward an Investigational New Drug (“IND”). We are actively developing an H5N1 avian pandemic influenza vaccine candidate and the toxicology study is underway. We are actively monitoring the emerging public health situation and are pursuing funding opportunities to join preparedness options. Additionally, we are evaluating potential expansion beyond infectious diseases, where we believe our technology could augment and improve upon current therapies.

Technology Overview

We believe our recombinant nanoparticle vaccine technology and our proprietary Matrix-M® adjuvant are well suited for the development and commercialization of vaccine candidates targeting areas both within and beyond the infectious disease space.

Recombinant Nanoparticle Vaccine Technology

Once a target of interest has been identified, the genetic sequence encoding an antigen is selected for developing the vaccine construct. The genetic sequence may be optimized to enhance protein stability or confer resistance to degradation. This genetic construct is inserted into the baculovirus Spodoptera frugiperda (“Sf-/BV”) insect cell-expression system, which enables efficient, large-scale expression of the optimized protein. The Sf-/BV system produces protein-based antigens that are properly folded and modified, which can be critical for functional, protective immunity. Our testing shows this results in a highly immunogenic nanoparticle that is ready to be formulated with Matrix-M® adjuvant.

Matrix-M® Adjuvant

Our proprietary Matrix-M® adjuvant is a key differentiator within our platform. This adjuvant has enabled potent, well tolerated, and durable efficacy by stimulating the entry of antigen presenting cells (“APCs”) into the injection site and enhancing antigen presentation in local lymph nodes. This in turn activates APCs, T-cell and B-cell populations, and plasma cells, which promote the production of high affinity antibodies, an immune boosting response. This potent mechanism of action enables a lower dose of antigen to achieve the desired immune response, thereby contributing to increased vaccine supply and manufacturing capacity. These immune-boosting and dose-sparing capabilities contribute to the adjuvant’s highly unique profile.

We continue to evaluate commercial opportunities for the use of our Matrix-M® adjuvant alongside vaccine antigens produced by other manufacturers. Matrix-M® adjuvant is being evaluated in combination with several partner-led malaria vaccine candidates, including for R21/Matrix-M® adjuvant malaria vaccine. The R21/Matrix-M® adjuvant malaria vaccine has been licensed to SII for commercialization. In May 2024, pursuant to the Sanofi CLA, Sanofi received a non-exclusive license to develop and commercialize other vaccine products that include our Matrix-M® adjuvant. In September 2024, we signed a Matrix-M® adjuvant related agreement with a leading pharmaceutical company to enable exploration of our technology for the potential advancement of their pipeline candidates.

COVID-19 Vaccine Regulatory and Licensure

Our COVID-19 BLA is currently under review with the U.S. FDA and had originally been assigned a Prescription Drug User Fee Act (“PDUFA”) date of April 1, 2025. During April 2025, we received formal communication from the U.S. FDA in the form of an information request for a post marketing commitment (“PMC”) to generate additional clinical data. We have responded to the U.S. FDA’s information request with a proposed study design and continue to engage with the U.S. FDA to address the PMC request and move to approval as soon as possible..

Product Pipeline

We are advancing our pipeline of late- and early-stage programs with a focus on potentially high-value assets in areas with unmet medical need, compelling scientific rationale and strong commercial opportunity. Development and advancement of our in-house pipeline leverages our core expertise and our experience in respiratory and infectious diseases and vaccines, and we intend to explore new opportunities with the potential to expand beyond infectious diseases. Our partnered pipeline includes our COVID-19 vaccine and our Matrix-M® adjuvant used in collaboration for development of new and existing vaccines.

Pipeline Overview

Our pipeline encompasses vaccine candidates for infectious diseases. Our COVID-19 vaccine, partnered with Sanofi, is our most advanced product. We will continue to commercialize our updated COVID-19 vaccine through the end of the 2024-2025 vaccination season, and beginning in 2025 and continuing during the term of the Sanofi CLA, we and Sanofi will commercialize our COVID-19 vaccine worldwide in accordance with a commercialization plan agreed by us and Sanofi. Our COVID-19 vaccine has received authorizations from the U.S. FDA, the European Commission (“EC”), the WHO and several other countries for both adult and adolescent populations. We advanced our COVID-19 vaccine to a post-authorization Phase 3 safety and immunogenicity trial. Beyond our COVID-19 vaccine, our late-stage pipeline includes a CIC vaccine candidate, and our stand-alone influenza vaccine candidate.

Additionally, we intend to develop our early-stage pipeline using a disciplined and capital-efficient approach. Our R&D investment strategy seeks to place smart, lower-cost investments on the programs with the highest potential value, both within infectious disease and beyond, with the intent of partnering these programs at proof of concept. We would consider advancing a program ourselves where data and commercial landscape indicate a unique high-value opportunity. We are actively developing an H5N1 avian pandemic influenza vaccine candidate and monitoring the emerging public health situation while pursuing funding opportunities to join preparedness options. We are conducting early-stage research in diseases such as, RSV combinations, varicella-zoster virus (shingles) and Clostridium difficile (C. Diff.) colitis. Lastly, we are evaluating potential expansion beyond infectious diseases, where we believe our technology has the potential to augment and improve upon current therapies.

In addition to our own pipeline, we have several partnership opportunities. For example, our Matrix-M® adjuvant is being used for collaboration in R21/Matrix-M® adjuvant malaria vaccine. We believe our partner-led R21/Matrix™ adjuvant malaria vaccine presents significant potential. Based on preliminary results from an ongoing Phase 3 trial in infants and toddlers in Africa, showing 72-79% efficacy, the R21/Matrix-M® adjuvant malaria vaccine has been authorized in Ghana, Nigeria, and Burkina Faso, and in December 2023, was granted prequalification by the WHO.

Under our agreement, we have also provided a sole license to Sanofi for the independent development of a COVID-19 and influenza combination product using our COVID-19 vaccine in combination with two of Sanofi’s separately marketed influenza vaccines, Fluzone High-DoseTM and FlublokTM to evaluate immunogenicity and safety in Phase 1/2 combination vaccine trials. These two combination vaccine candidates were granted Fast Track designation by the U.S. FDA in December 2024 to prevent influenza and COVID-19 infections in individuals aged 50 and older. Sanofi also has a non-exclusive license to develop and commercialize combination products containing both our COVID-19 vaccine and one or more non-influenza vaccines, and a non-exclusive license to develop and commercialize other vaccine products selected by Sanofi that include our Matrix-M® adjuvant.

Coronavirus Vaccine Clinical Development

We continue to evaluate vaccine safety, immunogenicity, and effectiveness through ongoing clinical trials and collaborative evidence-generating real-world studies.

Phase 3 Strain-Change and Re-vaccination Studies

In October 2024, we initiated and fully enrolled Study 315 to evaluate safety and immunogenicity of a single dose of the JN.1 subvariant vaccine NVX-CoV2705 in previously vaccinated adults. Topline data from this study was submitted to the U.S. FDA in February 2025 and showed that our JN.1 vaccine induced robust cross-reactive neutralizing activity to the JN.1 variant and to a panel of JN.1 lineage strains representing virtually all of those that circulated in the U.S. during the 2024-2025 respiratory virus season. Serum samples from this study will continue to be tested against newly emerging strains as we prepare for the 2025-2026 season, and these results are expected to support regulatory submissions in the U.S. and other jurisdictions for future variant strain formulations.

In July 2024, we locked the database for 338 participants aged 18 and older in Part 2 of the Study 313, which evaluated the immunogenicity of a single dose of the XBB.1.5 subvariant vaccine NVX-CoV2601 in previously unvaccinated individuals. Data from Study 313 are intended to support the BLA and regulatory submissions in other territories for future variant strain formulations.

Phase 2b/3 Pediatric Hummingbird™ Study

In December 2024, we achieved the $50 million milestone under our agreement with Sanofi, associated with the database lock for one of the three cohorts in this study.

In August 2023, we announced topline results from our Phase 2b/3 Hummingbird™ trial that met its primary endpoints in children aged 6 through 11 years demonstrating both tolerability and immunologic responses. This ongoing trial is evaluating the safety, effectiveness (immunogenicity), and efficacy of two doses of our prototype COVID-19 vaccine (NVX-CoV2373), followed by a booster 6 months after the primary vaccination series. The trial completed enrollment in September 2023 and includes three age de-escalation cohorts of 1,200 children each. The U.S. FDA has informed us that, due to changes in pediatric sero-epidemiology that have occurred since this study was initiated, an additional immunogenicity study will be needed to support a supplemental BLA to expand the pediatric indication.

COVID-Influenza Combination and Stand-alone Influenza Program

Phase 3 Clinical Trial of CIC and Stand-alone Influenza Vaccine Candidates

In December 2024, we initiated a Phase 3 immunogenicity and safety trial for our CIC and stand-alone influenza vaccine candidates to evaluate the immunogenicity and safety compared to our updated COVID-19 vaccine and a licensed seasonal influenza vaccine comparator in adults aged 65 and older. Our Phase 3 immunogenicity and safety trial completed enrollment with an initial cohort of approximately 2,000 participants. We anticipate topline data for this initial patient cohort by mid-2025. After consultation with the U.S. FDA, we determined that seeking an accelerated approval pathway for either of our CIC or stand-alone influenza candidates would not be feasible. While not a pivotal study, the data from the Phase 3 immunogenicity and safety trial will be essential to inform the design of a subsequent pivotal trial in older adults for both programs. We do not intend to advance these vaccine candidates without a partner and we therefore do not intend to make additional investments in these programs and are seeking to partner both vaccine candidates.

The Phase 3 immunogenicity and safety trial builds on Phase 2 data that was previously shared in May 2023, where the vaccine candidates showed preliminary robust immune responses, reassuring safety profiles, and reactogenicity that was comparable to the licensed influenza vaccine comparator arms. The Phase 2 dose-confirming randomized, observer-blinded trial evaluated the safety and effectiveness (immunogenicity) of different formulations of the CIC and influenza vaccine candidates, and higher doses of Novavax's COVID-19 vaccine in 1,575 adults aged 50 through 80 years. The CIC vaccine candidate achieved both anti-SARS-CoV-2 immunoglobulin G (IgG) and neutralizing levels comparable to our prototype COVID-19 vaccine. In addition, several of the combination formulations achieved responses to both SARS-CoV-2 and to the four homologous influenza strains that were comparable to the reference comparators, supporting their prioritization for advanced development.

We continue to invest in development of our pipeline that uses our recombinant nanoparticle technology platform and Matrix-M® adjuvant. We continue to believe these assets are key value drivers and intend to partner these assets towards a BLA filing.

R21/Matrix-M® Adjuvant Malaria Vaccine

R21/Matrix-M® adjuvant malaria vaccine, formulated with our Matrix-M® adjuvant is developed by our partner, the Jenner Institute, University of Oxford, and manufactured by SII. We have an agreement with SII related to its manufacture of R21/Matrix-M® adjuvant malaria vaccine under which SII purchases our Matrix-M® adjuvant for use in development activities at cost and for commercial purposes at a tiered commercial supply price, and pays a royalty in the single- to low-double digit range based on vaccine sales for a period of 15 years after the first commercial sale of the vaccine in each country.

In July 2024, first commercial doses of R21/Matrix-M® adjuvant malaria vaccine have been administered to children in Cote d’Ivoire and South Sudan. As part of the WHO malaria program, at their discretion, the vaccine is expected to be included in countries such as Central African Republic, Chad, Democratic Republic of Congo, Mozambique, Nigeria and Uganda.

In December 2023, the WHO announced it prequalified the R21/Matrix-M® adjuvant malaria vaccine to prevent malaria disease in children caused by the P. falciparum parasite in endemic areas. Prequalification status enables United Nations agencies to procure the vaccine for eligible countries and enabled rollout of the vaccine in mid-2024. The WHO recommended that the R21/Matrix-M® adjuvant malaria vaccine be administered in a four-dose schedule beginning at five months of age.

Business Highlights

First Quarter 2025 and Recent Highlights

Strategic Priority #1: Sanofi Partnership

•COVID-19 BLA under review by the U.S. FDA. In April 2025, we received an information request for a PMC for a clinical trial. Discussions with the U.S. FDA regarding our proposed study design are ongoing and we believe our BLA is approvable upon alignment on the details of the PMC.

◦Achievement of BLA approval triggers a $175 million milestone payment from Sanofi.

•Transfers of marketing authorization to Sanofi for U.S. and European Union markets, assuming approvals in each jurisdiction, are expected in Q4 2025, and trigger an additional $50 million in combined milestones from Sanofi.

Strategic Priority #2: Leverage our technology platform and pipeline to forge additional partnerships

•In April 2025, Novavax and Takeda Pharmaceutical Company Limited (“Takeda”) announced significantly improved terms for their partnership to support ongoing commercialization of Nuvaxovid® in Japan. As part of this agreement, we will receive a $20 million upfront payment, a payment related to the 2024-2025 season and are eligible to receive annual milestone payments plus royalties on net sales.

•In March 2025, we signed an additional Material Transfer Agreement (“MTA") for Matrix-M® with a top tier pharmaceutical company, expanded the scope of the MTA signed in the fall to now include viral pathogens, and entered a preclinical collaboration with a new partner to explore the application and utility of Matrix-M® with their cancer vaccine candidate.

•Completed enrollment and expect initial cohort data by mid-year for the Phase 3 trial for our COVID-19-Influenza Combination and stand-alone seasonal influenza vaccine candidates to evaluate immunogenicity and safety in adults aged 65 and older. We intend to partner these programs, and this trial reflects the material completion of our investment.

•Presented data at the April 2025 World Vaccine Congress on the potential of our technology platform and Matrix-M® adjuvant, which showcases attributes related to efficacy and tolerability. Highlights included utility of Matrix-M® across multiple vaccine platforms and disease areas, underscoring breadth of potential partnership opportunities.

Strategic Priority #3: Advance our technology platform and early-stage pipeline

•In April 2025, announced preliminary results from the SHIELD-Utah study that showed Novavax’s COVID-19 Vaccine, Adjuvanted (2024-2025 Formula) targeting the JN.1 strain resulted in fewer and less severe reactogenicity symptoms, when compared with the Pfizer-BioNTech mRNA 2024-2025 vaccine.

•Continued advancement of early-stage preclinical research for H5N1 avian pandemic influenza, respiratory syncytial virus combinations, varicella-zoster virus (shingles) and Clostridioides difficile colitis vaccine candidates.

•Continued work on new potential Matrix formulations intended to improve upon and expand the utility of Matrix-M® .

Other Corporate Highlights

•We continued to evolve and strengthen our Board of Directors with the appointment of Margaret McGlynn, RPh, as Chair of the Board and the appointment of John Shiver, PhD, and Charles Newton as directors.

Sales of Common Stock

In August 2023, we entered into an At Market Issuance Sales Agreement (the “August 2023 Sales Agreement”), which allows us to issue and sell up to $500 million in gross proceeds of shares of our common stock, and terminated our then-existing At Market Issuance Sales agreement entered in June 2021. During the three months ended March 31, 2025 and 2024, no sales were recorded under the August 2023 Sales Agreement. As of March 31, 2025, the remaining balance available under the August 2023 Sales Agreement was approximately $51 million.

Critical Accounting Policies and Use of Estimates

The discussion and analysis of our financial condition and results of operations are based upon our accompanying unaudited financial statements and the unaudited accompanying notes, which have been prepared in accordance with generally accepted accounting principles in the United States.

The preparation of our consolidated financial statements requires us to make estimates, assumptions, and judgments that affect the reported amounts of assets, liabilities, and equity and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Our critical accounting policies and estimates are included under Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC.

Recent Accounting Pronouncements Not Yet Adopted

See “Note 2―Summary of Significant Accounting Policies” included in our Notes to Consolidated Financial Statements (Unaudited) (under the caption “Recent Accounting Pronouncements”).

Results of Operations

The following is a discussion of the historical financial condition and results of our operations that should be read in conjunction with the unaudited consolidated financial statements and notes set forth in this Quarterly Report. Our historical results are not necessarily indicative of the results for any periods in the future.

Three Months Ended March 31, 2025 and 2024

Revenue


	Three Months Ended March 31,
	2025		2024		Change
Revenue (in thousands):
Product sales	$	621,678	$	89,836	$	531,842
Licensing, royalties, and other	44,977		4,019		40,958
Total revenue	$	666,655	$	93,855	$	572,800

Revenue for the three months ended March 31, 2025 was $666.7 million as compared to $93.9 million for the same period in 2024, an increase of $572.8 million. Revenue for the three months ended March 31, 2025 was primarily comprised of revenue from the termination of our APAs with Canada (“Canada APA”) and New Zealand (“New Zealand APA”) of $575.7 million and $27.3 million, respectively, and the recognition of previously deferred upfront payments and revenue from transition services and technology transfer under the Sanofi CLA. Revenue for the three months ended March 31, 2024 was primarily comprised of revenue from product sales of COVID-19 Vaccine. The increase in revenue is primarily due to an increase in product sales from recognition of amounts previously deferred under the Canada and New Zealand APAs and an increase in licensing, royalties, and other revenue from transition services and technology transfer revenue under the Sanofi CLA.

Product sales

Product sales for the three months ended March 31, 2025, were $621.7 million as compared to $89.8 million during the three months ended March 31, 2024. Our product sales related to revenue from Nuvavovid™ sales, which commenced in 2022, commercial supply sales of COVID-19 Vaccine, revenue from supply of Adjuvant and other products, and recognition of amounts previously deferred under the Canada and New Zealand APAs.

The categories of product sales were as follows:


	Three Months Ended March 31,
	2025		2024		Change
Product sales (in thousands)
Nuvaxovid™ sales(1)	$	608,025	$	82,324	$	525,701
Supply sales(2)	13,653		7,512		6,141
Total product sales	$	621,678	$	89,836	$	531,842

(1)Nuvaxovid™ sales are sales of our COVID-19 vaccine associated with APAs with various governments globally and commercial markets, where we are the commercial lead for sales and distribution, made through pharmaceutical wholesale distributors.

(2)Supply sales include commercial sales of COVID-19 Vaccine, adjuvant sales, and sale of other materials to our partners. We reclassified $7.5 million of revenue previously reported as License, royalties, and other revenue to product sales revenue for the three months ended March 31, 2024 related to adjuvant supply sales and other supply sales.

Licensing, royalties, and other

Licensing, royalties, and other revenue during the three months ended March 31, 2025 was $45.0 million as compared to $4.0 million during the same period in 2024, an increase of $41.0 million. The increase was primarily due to $40.3 million of revenue from transition services and technology transfer under the Sanofi CLA.

Licensing, royalties, and other revenue were comprised of the following:


	Three Months Ended March 31,
	2025		2024		Change
Licensing, royalties, and other (in thousands)
Sanofi	$	40,321	$	—	$	40,321
Other partners(1)	4,656		4,019		637
Total licensing, royalties, and other revenue	$	44,977	$	4,019	$	40,958

(1)Other partners revenue includes royalties and license fees associated with agreements with other partners such as Serum, Takeda, and SK bioscience, Co., Ltd.

Sanofi licensing, royalties, and other revenue were comprised of the following:


	Three Months Ended March 31,
	2025		2024		Change
Sanofi licensing, royalties, and other revenue (in thousands)
Transition services and technology transfer:
Upfront fee amortization(1)	$	19,912	$	—	$	19,912
Milestones amortization(1)	9,143		—		9,143
Cost reimbursements	11,266		—		11,266
Total Sanofi licensing, royalties, and other revenue	$	40,321	$	—	$	40,321

Expenses


	Three Months Ended March 31,
	2025		2024		Change
Expenses (in thousands):
Cost of sales	$	14,115	$	59,209	$	(45,094)
Research and development	88,937		92,679		(3,742)
Selling, general, and administrative	48,090		86,798		(38,708)
Total expenses	$	151,142	$	238,686	$	(87,544)

Cost of Sales

Cost of sales was $14.1 million for the three months ended March 31, 2025, including expenses of $0.3 million related to excess, obsolete, or expired inventory and losses on certain firm purchase commitments and $1.8 million related to unutilized manufacturing capacity. Cost of sales was $59.2 million for the three months ended March 31, 2024, including expense of $8.8 million related to excess, obsolete, or expired inventory and losses on firm purchase commitments and $6.0 million related to unutilized manufacturing capacity. The decrease in cost of sales of $45.1 million was mainly driven by a decrease in the number of COVID-19 Vaccine doses sold, a decrease in excess, obsolete, and expired inventory charges, and a decrease in unutilized manufacturing capacity charges. The cost of sales as a percentage of product sales may fluctuate in the future as a result of changes to our customer pricing mix or standard costs.

Research and Development Expenses

Research and development expenses were $88.9 million for the three months ended March 31, 2025 as compared to $92.7 million for the three months ended March 31, 2024, a decrease of $3.7 million. The decrease was primarily due to a

reduction in overall expenditures relating to development activities on coronavirus vaccines, including our COVID-19 Program, and CIC, as summarized in the table below (in thousands):


	Three Months Ended March 31,
	2025		2024
Coronavirus vaccines	$	18,059	$	26,061
Other vaccine development programs	1,879		336
Total direct external research and development expense	19,938		26,397
Employee expenses	35,621		37,953
Stock-based compensation expense	4,289		5,505
Facility expenses	13,147		11,797
Other expenses	15,942		11,027
Total research and development expenses	$	88,937	$	92,679

Research and development expenses for coronavirus vaccines for the three months ended March 31, 2025 and 2024 decreased from $26.1 million to $18.1 million primarily as a result of our global restructuring and cost reduction efforts and a reduction in manufacturing and support costs due, in part, to a reduction in our global manufacturing footprint consistent with our contractual obligations to supply, and anticipated demand for, COVID-19 Vaccine, including embedded lease costs, under manufacturing supply agreements with CMOs and contract manufacturing and development organizations (“CDMOs”).

Selling, General, and Administrative Expenses

Selling, general, and administrative expenses were $48.1 million for the three months ended March 31, 2025 as compared to $86.8 million for the same period in 2024, a decrease of $38.7 million. The decrease in selling, general, and administrative expenses is primarily due to certain cost containment measures to reduce our operating spend, including reduction in costs as a result of the sale of Novavax CZ in December 2024.

For the remainder of 2025, we expect a reduction in our annual combined research and development, and selling, general, and administrative spend as a result of our Restructuring Plan as discussed in Note 16 to our accompanying unaudited consolidated financial statements.

Other Income (Expense)


	Three Months Ended March 31,
	2025		2024		Change
Other income (expense), net (in thousands):
Interest expense	$	(5,723)	$	(4,111)	$	(1,612)
Other income, net	10,056		3,654		6,402
Total other income (expense), net	$	4,333	$	(457)	$	4,790

Total other income (expense), net was $4.3 million of income for the three months ended March 31, 2025 as compared to a total other income (expense), net of $0.5 million of expense for the same period in 2024. The increase in other income (expense), net is primarily due to 2025 other income items of $4.8 million from the derivative action settlement proceeds and $3.6 million of state incentives, partially offset by the unfavorable impact in 2025 as compared to 2024 of exchange rates on foreign currency denominated balances.

Income Tax Expense

During the three months ended March 31, 2025, we recognized income tax expense of $0.7 million related to federal, state, and foreign income taxes, and foreign withholding tax expense of $0.5 million. During the three months ended March 31, 2024, we recognized an income tax expense of $2.3 million related to federal, state, and foreign income taxes.

Net Income (Loss)


	Three Months Ended March 31,
	2025		2024		Change
Net Income (Loss) (in thousands, except per share information):
Net income (loss)	$	518,646	$	(147,550)	$	666,196
Net income (loss) per share, basic	$	3.22	$	(1.05)	$	4.27
Net income (loss) per share, diluted	$	2.93	$	(1.05)	$	3.98
Weighted average shares outstanding, basic	161,049		139,916		21,133
Weighted average shares outstanding, dilutive	177,625		139,916		37,709

Net loss for the three months ended March 31, 2025 was $518.6 million, or $3.22 per share, basic and $2.93 per share, dilutive, as compared to net loss of $147.6 million, or $1.05 per share, basic and dilutive, for the same period in 2024. The increase in net income during the three months ended March 31, 2025, was primarily due to an increase in total revenue and a decrease in total expenses.

The increase in weighted average shares outstanding for the three months ended March 31, 2025, was primarily a result of sales of our common stock.

Liquidity Matters and Capital Resources

Our future capital requirements depend on numerous factors including, but not limited to, revenue from our product sales, milestone payments, royalties and reimbursements under licensing arrangements with our strategic partners; our projected activities related to the development and commercial support of our COVID-19 Vaccine and our CIC and stand-alone influenza vaccine candidates, including significant commitments under various clinical research organizations, CMO, and CDMO agreements; the progress of preclinical studies and clinical trials; the time and costs involved in obtaining regulatory approvals; the costs of filing, prosecuting, defending, and enforcing patent claims and other intellectual property rights; and other manufacturing, sales, and distribution costs. We plan to continue developing other vaccines and product candidates, such as our potential combination vaccine candidates, which are in various stages of development. Our ability to generate revenue from product sales is subject to uncertainty specifically as it relates to our ability to successfully develop, manufacture, distribute, and market our updated vaccine and to successfully execute on our licensing arrangements with our strategic partners and our APAs, as discussed below. Additionally, our plans include our ongoing restructuring and cost reduction measures as a part of our Restructuring Plan (see Note 16 to our accompanying unaudited consolidated financial statements), and may also include raising additional capital through a combination of additional equity and debt financing, collaborations, strategic alliances, asset sales, and marketing, distribution, or licensing arrangements. New financings may not be available to us on commercially acceptable terms, or at all. If we are unable to obtain additional capital, we will assess our capital resources and may be required to delay, reduce the scope of, or eliminate some or all of our operations, or further downsize our organization, any of which may have a material adverse effect on our business, financial condition, results of operations.

Sanofi Collaboration and License Agreement

In May 2024, we entered into the Sanofi CLA pursuant to which we received a non-refundable upfront payment of $500 million. During the quarter ended March 31, 2025, we received a milestone payment of $50 million for database lock of an existing Phase 2/3 clinical trial in 2024 and are eligible to receive additional development, technology transfer, launch, and sales milestone payments totaling up to $650 million in the aggregate with respect to the Licensed COVID-19 Products and royalty payments on Sanofi’s sales of such licensed products. In addition, we are eligible to receive development, launch, and sales milestone payments of up to $200 million for each of the first four Adjuvant Products and $210 million for each Adjuvant Product thereafter, and royalty payments on Sanofi’s sales of all such licensed products,

Remaining Sanofi sales milestone payments of $650 million include $300 million related to COVID-19 Vaccine Products and $350 million related to influenza-COVID-19 combination products. The COVID-19 Vaccine Products milestones remaining include a $175 million milestone upon the approval of the BLA marketing authorization for our COVID-19 Vaccine Product in a pre-filled syringe from the U.S. FDA, $25 million upon the transfer of the U.S. MAH to Sanofi, $25 million upon the transfer of EMA MAH in a pre-filled syringe to Sanofi, and $75 million upon the completion of the technology transfer of our manufacturing process for the COVID-19 Vaccine Products to Sanofi. The influenza-COVID-19 combination product milestones include a $125.0 million milestone upon achievement of certain influenza-COVID-19 combination products-related

development milestones, and a $225.0 million in influenza-COVID-19 combination products-related launch milestones. We believe our BLA is approvable based on conversations with U.S. FDA, as of our PDUFA date on April 1 and through the date of this Quarterly Report on Form 10-Q. We recently received formal communication from the U.S. FDA in the form of an information request for a post marketing commitment (“PMC”) to generate additional clinical data. We have responded to the FDA’s information request with a proposed study design and continue to engage with the U.S. FDA to address the PMC request and move to approval as soon as possible.

Beginning in 2025 and continuing during the term of the Sanofi CLA, we and Sanofi expect to commercialize the COVID-19 Vaccine Products worldwide in accordance with a commercialization plan agreed by us and Sanofi, under which we will continue to supply our existing APA customers and strategic partners, including Takeda and SII. Upon completion of the existing APAs, we and Sanofi will jointly agree on commercialization activities of each party in each jurisdiction.

Takeda Amended and Restated Collaboration and License Agreement

On April 29, 2025, we entered into a collaboration and exclusive license agreement, as amended, (the “Amended Takeda CLA”) with Takeda which amends and supersedes the collaboration and exclusive license agreement, dated February 24, 2021, (the “Original Takeda CLA,” together with the Amended Takeda CLA, the “ Takeda CLA”).

Under the Amended Takeda CLA, we will receive a non-refundable upfront payment of approximately $20 million of which $5.0 million is creditable against royalties owed by Takeda for its fiscal year 2024. In addition, on an annual basis, (i) we will receive $2.0 million to compensate us for services provided by us under the Takeda CLA, and (ii) we will receive an additional $8.0 million annual milestone payment, of which $5.0 million is creditable against royalties owed by Takeda in its fiscal year 2025 or thereafter, if Takeda receives marketing approval of the COVID-19 Vaccine in that year or such approval is not necessary for such year. The parties have also updated the financial terms to replace the share of operating profits and, instead, provide us with a tiered royalty as a percentage of Takeda’s, its affiliates’ and sublicensees’ total net sales in the mid to high-teen percentages (subject to certain capped royalty reductions), commencing on April 1, 2024 and will continue until the latest of (a) twenty years after April 29, 2025, (b) all our know-how licensed under the Amended Takeda CLA has become publicly available through no fault of Takeda, and (c) the expiration of the last valid claim in the intellectual property rights licensed by us to Takeda under the Amended Takeda CLA covering COVID-19 Vaccine in Japan.

In connection with the Amended Takeda CLA, on April 29, 2025, we entered into a release agreement with Takeda under which we released Takeda and Takeda released us from all claims that were asserted or could have been asserted by either party against the other party that related to the Original Takeda CLA and the activities thereunder.

Supply Agreements

As of March 31, 2025, we have remaining obligations under APAs with certain countries globally, excluding the Vaccine Alliance (“Gavi”), of $248.4 million. These obligation include $133.8 million related to an APA with the Commonwealth of Australia for the purchase of doses of COVID-19 Vaccine (the “Australia APA”) and $114.6 million related to various other countries. With respect to the Australia APA, as of March 31, 2025, $31.2 million was classified as current Deferred revenue and $102.6 million was classified as non-current Deferred revenue in our consolidated balance sheet. In the event that we do not, on or before the relevant contractual deadlines, receive regulatory approval for, and deliver, the seasonally updated COVID-19 vaccine, up to $92.5 million of deferred revenue may become refundable. Specifically, Australia may cancel doses that are due to be delivered in 2025 if we do not receive regulatory approval for, and deliver, the updated COVID-19 vaccine on or before December 31, 2025, and may terminate the Australia APA, as amended, if we do not receive regulatory approval for, and deliver, the updated COVID-19 vaccine on or before March 31, 2026. With respect to other obligations under APAs of $114.6 million, as of March 31, 2025, $38.4 million was classified as current Deferred revenue, $49.8 million was classified as non-current Deferred revenue in our consolidated balance sheet and $26.4 million remains to be billed upon delivery of doses of COVID-19 Vaccine. Recognition of these amounts is dependent on delivery of doses or expiry of optional dose order quantities.

In March 2025, we received a communication (the “Notice”) terminating, with immediate effect, our APA with His Majesty the King in Right of Canada as represented by the Minister of Public Works and Government Services, as successor in interest to Her Majesty the Queen in Right of Canada, as represented by the Minister of Public Works and Government Services (the “Canadian government”), for the purchase of doses of COVID-19 Vaccine (the “Canada APA”). As a result of the termination, we were required under the terms of the Canada APA, to repay $28.0 million in advanced purchase payments

previously received within 30 days of the Notice, which we repaid in March 2025. We recognized $575.7 million, previously in deferred revenue and other liabilities, as product revenue in the first quarter of 2025.

In March 2025, we and the Pharmaceutical Management Agency (“Pharmac”), a New Zealand Crown entity, executed a Deed of Settlement and Release (“New Zealand Settlement Agreement”) of its APA (the “New Zealand APA”). As part of the New Zealand Settlement Agreement, we agreed to pay Pharmac a refund of previously received upfront payments of $4.0 million, which was paid in March 2025. Under the New Zealand Settlement Agreement, we have no remaining obligation to Pharmac under the New Zealand APA. We recognized $27.3 million as product revenue in the first quarter of 2025.

In November 2024, we entered into a settlement agreement with the Secretary of State for Business, Energy and Industrial Strategy (as assigned to the UK Health Security Agency), acting on behalf of the government of the United Kingdom of Great Britain and Northern Ireland (the “Authority”), pursuant to which we and the Authority agreed to terminate the Amended and Restated Supply Agreement with the Authority and to fully settle the outstanding amount under dispute related to upfront payments of $112.5 million. We agreed to pay a refund of $123.8 million including interest of $11.3 million to the Authority in equal quarterly installments of $10.3 million over a three year period, ending in June 2027. As of March 31, 2025, pursuant to our settlement agreement with the UK, the remaining upfront payment previously received from the authority is classified as $36.9 million of other current liabilities and $49.3 million of Other non-current liabilities on our consolidated balance sheet.

In February 2024, we and Gavi entered into a Termination and Settlement Agreement (the “Gavi Settlement Agreement”) terminating our APA with Gavi (the “Gavi APA”). In total, the Gavi settlement agreement is comprised of $700 million of potential consideration, consisting of the $75 million initial settlement payment, deferred payments of up to $400 million that may be reduced through annual vaccine credits, and an additional credit of up to $225 million that may be applied against certain qualifying sales. As of March 31, 2025, the remaining amounts included on our consolidated balance sheet are classified as $225.0 million in non-current Deferred revenue for the additional credit that may be applied against future qualifying sales, $80.0 million in Other current liabilities, and $240.0 million in Other non-current liabilities. In addition, we and Gavi entered into a security agreement pursuant to which we granted Gavi a security interest in accounts receivable from SII under the SII R21 Agreement (see Note 6 to our accompanying unaudited consolidated financial statements), which will continue for the deferred payment term of the Gavi Settlement Agreement. On February 22, 2024, the claims and counterclaims were dismissed with prejudice.

As of March 31, 2025, we had $746.6 million in cash and cash equivalents, restricted cash and marketable securities as compared to $938.2 million as of December 31, 2024.

We funded our operations for the three months ended March 31, 2025 primarily with cash and cash equivalents, milestone payments under the Sanofi CLA and revenue from product sales. In accordance with our ongoing Restructuring Plan, we continue to restructure our global footprint including further reductions in our global workforce and exploring the use of our real estate portfolio in Gaithersburg, Maryland. We anticipate our future operations to be funded primarily by milestone payments, royalties, transition services and technology transfer under our Sanofi CLA, revenue from product sales, our cash and cash equivalents and investments in marketable securities, and other potential funding sources including equity financings, which may include at the market offerings, debt financings, collaborations, strategic alliances, asset sales, and marketing, distribution or licensing arrangements.

The following table summarizes cash flows for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025		2024		Change
Net cash provided by (used in):
Operating activities	$	(185,502)	$	(83,555)	$	(101,947)
Investing activities	(73,319)		(7,250)		(66,069)
Financing activities	(7,061)		5,886		(12,947)
Effect on exchange rate on cash, cash equivalents, and restricted cash	(930)		(2,955)		2,025
Net decrease in cash, cash equivalents, and restricted cash	(266,812)		(87,874)		(178,938)
Cash, cash equivalents, and restricted cash at beginning of period	545,292		583,810		(38,518)
Cash, cash equivalents, and restricted cash at end of period	$	278,480	$	495,936	$	(217,456)

Net cash used in operating activities was $185.5 million for the three months ended March 31, 2025, as compared to $83.6 million for the same period in 2024. The increase in cash used in operating activities is primarily due to a reduction in cash received from receivables on APA agreements in 2025 as compared to the same period in 2024.

Net cash used in investing activities was $73.3 million for the three months ended March 31, 2025, as compared to $7.3 million for the same period in 2024. The increase in cash used in investing activities is primarily due to our investment in marketable securities, partially offset by lower expenditures on equipment and leasehold improvements.

Net cash used in financing activities was $7.1 million for the three months ended March 31, 2025, as compared to net cash provided by financing activities of $5.9 million for the same period in 2024. The increase in cash used in financing activities is primarily due to a decrease in net proceeds from sales of common stock, the exercise of stock-based awards, and payment of finance lease liabilities.

Going Concern

As described in Note 2 to our accompanying unaudited consolidated financial statements, we evaluated our ability to continue as a going concern and concluded that we will have sufficient capital available to fund our operations for at least one-year from the date that the financial statements were issued.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are subject to certain risks that may affect our results of operations, cash flows, and fair values of assets and liabilities, including volatility in foreign currency exchange rates and interest rate movements.

Foreign Currency Exchange Risk

Although we are headquartered in the U.S. our results of operations, including our foreign subsidiaries’ operations, are subject to foreign currency exchange rate fluctuations, primarily the U.S. dollar against the Euro, Pound Sterling, and Swedish Krona. This exchange exposure may have a material effect on our cash and cash equivalents, cash flows, and results of operations, particularly in cases of revenue generated under APAs that include provisions that impact our and our counterparty’s currency exchange exposure. To date, we have not entered into any foreign currency hedging contracts, although we may do so in the future.

We also face foreign currency exchange exposure that arises from translating the results of our global operations to the U.S. dollar at exchange rates that have fluctuated from the beginning of the period. While the financial results of our global activities are reported in U.S. dollars, the functional currency for our foreign subsidiaries is generally their respective local currency. Fluctuations in the foreign currency exchange rates of the countries in which we do business will affect our operating results, often in ways that are difficult to predict. A 10% decline in the foreign exchange rates (primarily against the U.S. dollar) relating to our foreign subsidiaries would result in a decline of stockholders’ equity (deficit) of approximately $25 million as of March 31, 2025.

Market and Interest Rate Risk

The primary objective of our investment activities is preservation of capital, with the secondary objective of maximizing income.

Our exposure to interest rate risk is primarily confined to our investment portfolio. We do not believe that a change in the market rates of interest would have any significant impact on the realizable value of our investment portfolio. Changes in interest rates may affect the investment income we earn on our marketable securities when they mature and the proceeds are reinvested into new marketable securities and, therefore, could impact our cash flows and results of operations.

Interest and dividend income is recorded when earned and included in investment income. Premiums and discounts, if any, on marketable securities are amortized or accreted to maturity and included in investment income. The specific identification method is used in computing realized gains and losses on the sale of our securities.

Our convertible senior unsecured notes have a fixed interest rate, and we have no additional material debt. As such, we do not believe that we are exposed to any material interest rate risk as a result of our borrowing activities.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the assistance of our chief executive officer and chief financial officer, has reviewed and evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of March 31, 2025. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving such control objectives. Based on the evaluation of our disclosure controls and procedures as of March 31, 2025, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Management’s Remediation of Previously Identified Material Weakness

As previously disclosed in Part II. Item 9A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, management identified a material weakness in internal control over financial reporting related to ineffective change management review and periodic access review controls, with respect to the Company’s human resources information system (“HRIS”). As a result of the identified deficiencies, certain change management and user access controls, as well as the related process-level IT dependent manual controls and automated application controls across various processes impacted by the HRIS deficiencies were also determined to be ineffective.

The material weakness identified above did not result in any material misstatements in our financial statements or disclosures, and there were no changes to previously released financial results.

The Company is committed to maintaining a strong internal control environment. In response to the identified material weakness above, management implemented measures designed to improve internal control over financial reporting to remediate the control deficiencies that led to the material weakness.

Remediation actions included: (i) enhancing the assignment of control responsibility and accountability to responsible operational and IT personnel, (ii) developing and implementing additional training and awareness, including educating control owners concerning the principles and requirements of each control, (ii) increasing the extent of senior management oversight, and (iv) redesigned and enhanced HRIS review controls.

Management completed testing of the impacted controls during the quarter ended March 31, 2025, and found them to be operating effectively for a sufficient period of time. As a result, Management has concluded that the material weakness in internal control over financial reporting has been remediated.

Changes in Internal Control over Financial Reporting

Our management, including our chief executive officer and chief financial officer, have evaluated changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2025. Other than in connection with steps taken to remediate the material weakness described above, our management has concluded that there have been no changes in our internal control over financial reporting during the three months ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Stockholder Litigation

We are also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, we do not expect the resolution of these other legal proceedings to have a material adverse effect on our financial position, results of operations, or cash flows.

Item 1A. Risk Factors

Information regarding risk and uncertainties related to our business appears in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 27, 2025. There have been no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, other than as described below.

Risks Related to Our Financial Condition and Capital Requirements

Our existing funding and supply agreements, including the Sanofi CLA, or our advance purchase agreements do not assure success of our vaccine candidates or vaccines or that we will be able to fully fund our vaccine candidates or vaccines or our company operations, and if we are unable to satisfy the performance obligations under such agreements, we may not be eligible to receive milestone payments under such agreements, the agreements may be terminated, the purchase commitments may be reduced or we may be required to refund advance payments, which may have a material adverse effect on our liquidity and financial condition.

We have entered into, and may in the future enter into, collaboration, funding, supply and other agreements for our vaccines or vaccine candidates that include prepayments from the purchasers to help fund our development, manufacture and/or commercialization of the vaccine. Certain of these agreements may contain development, technology transfer, launch, sales and other milestones related to our vaccines or vaccine candidates pursuant to which we may be eligible to receive milestone payments upon the achievement of the requisite milestone. For example, we are eligible to receive future milestone payments under the Sanofi CLA totaling up to $650 million consisting of $300 million related to COVID-19 Vaccine Products and $350 million related to influenza-COVID-19 combination products. Such future milestones include a payment of $175 million upon the approval of the BLA marketing authorization for a COVID-19 Vaccine Product in a pre-filled syringe from the U.S. FDA, $25 million upon the transfer of such approval to Sanofi, $25 million upon the transfer of EMA approval of a COVID-19 Vaccine Product in a pre-filled syringe to Sanofi, $75 million upon the completion of the technology transfer of our manufacturing process for the COVID-19 Vaccine Products to Sanofi, and up to $350 million in CIC Product-related development and launch milestones. In addition, we are eligible to receive development, launch, and sales milestone payments of up to $200 million for each of the first four Adjuvant Products and $210 million for each Adjuvant Product thereafter, and royalty payments on Sanofi’s sales of all such licensed products. We may experience challenges in satisfying our obligations under these agreements, including as a result of delays in, or failure to receive, regulatory approval, delayed performance of our third-party contractors and suppliers, which may impact our ability to achieve such milestones, and receive related milestone payments, may potentially expose us to damages or other liability pursuant to these agreements, including the Sanofi CLA, and may have a material and adverse effect on our liquidity and financial condition.

Under certain APAs, if we do not timely achieve requisite regulatory milestones for our COVID-19 Vaccine in the relevant jurisdictions, obtain supportive recommendations from governmental advisory committees, and/or achieve product volume or delivery timing obligations, purchasers may seek to terminate such agreements, reduce their purchase commitments, require us to refund all or some prepayments we have received, or renegotiate such agreements, each of which could have a material and adverse effect on our liquidity and financial condition. The timing to fulfill performance obligations related to supply agreements will depend on timing of product manufacturing, receipt of marketing authorizations for additional indications, delivery of doses based on customer demand, and the ability of the customer to request variant vaccine in place of prototype COVID-19 vaccine under certain of our supply agreements. The supply agreements typically contain terms that include upfront payments intended to assist us in funding investments related to building out and operating our manufacturing and distribution network, among other expenses, in support of our global supply commitment, and are applied to billings upon delivery of COVID-19 Vaccine. Such upfront payments generally become non-refundable upon our achievement of certain development, regulatory and commercial milestones. We may not achieve such milestones, which could have a material and adverse effect on our financial condition.

For example, in December 2024, we entered into an amendment to the Australia APA pursuant to which, among other things, we acknowledged the cancellation by Australia of the delivery of certain doses of our COVID-19 Vaccine scheduled for delivery between the fourth quarter of 2023 and the fourth quarter of 2025 and we agreed to credit approximately $31 million of the advanced payment paid by Australia to us against outstanding invoices and invoices for the future delivery of approximately 3 million doses of COVID-19 Vaccine without requiring additional cash payments. In addition, the amendment provides for certain remedies for Australia, including return of unused credit, cancellation of doses, or termination of the Australia APA, in the event we miss or under deliver doses to Australia or fail to receive regulatory approval of a variant COVID-19 vaccine. Specifically, Australia may cancel doses that are due to be delivered in 2025 if we do not receive regulatory approval for, and deliver, the updated COVID-19 vaccine on or before December 31, 2025, and may terminate the Australia APA, as amended, if we do not receive regulatory approval for, and deliver, the updated COVID-19 vaccine on or before March 31, 2026. The amendment also provides Australia with the right to cancel doses if we fail to timely notify Australia of changes to our commercialization plans. In the event that we do not, on or before the relevant contractual deadlines, receive regulatory approval for, and deliver, the seasonally updated COVID-19 vaccine, up to $92.5 million of deferred revenue may become refundable. As of March 31, 2025, $31.2 million was classified as current Deferred revenue and $102.6 million was classified as non-current Deferred revenue with respect to the Australia APA on our consolidated balance sheet, which will be recognized in product revenue as doses are delivered to Australia. For additional information on the terms of our existing APAs and termination of our prior APAs, see Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity Matters and Capital Resources — Supply Agreements.”

We may fail to obtain regulatory approval for our prototype vaccine and for NVX-CoV2601 or for our other current or future product candidates on a timely basis or to comply with our continuing regulatory obligations if approval is obtained.

In the U.S., we submitted a BLA for our prototype vaccine and NVX-CoV2601, and the U.S. FDA notified us that our BLA was accepted for review with a PDUFA date of April 1, 2025. Subsequent to the PDUFA date, we received formal communication from the U.S. FDA in the form of an information request for a post marketing commitment (“PMC”) to generate additional clinical data which has altered our anticipated approval timeline and may materially alter our anticipated timeline for achievement of development and commercialization milestones. While we have responded to the FDA’s most recent information request with a proposed study design, there is no guarantee that we will not receive further information requests or that there will not be further delay in the U.S. FDA’s approval, which may, among other impacts, jeopardize our ability to file a supplemental application with the U.S. FDA for an updated strain in time for the upcoming 2025-2026 vaccination season. Further, the U.S. FDA may not agree with our proposed study design, or may require that the PMC be designed in a manner that makes the performance of the PMC difficult or costly, and we may never receive approval for prototype vaccine and NVX-CoV2601. Fluctuations in U.S. FDA funding, staffing, resources, priorities, and practices under the current administration, which are outside of our control, may lead to variations and challenges in the review process, timeline and outcomes.

Delays in obtaining regulatory approval, including regulatory decisions impacting labeling, approval or authorization, including the scope of the indicated population, product dosage, manufacturing processes, shelf life, safety and/or other matters, can be extremely costly in terms of lost sales opportunities, loss of any potential marketing advantage of being early to market and increased clinical trial costs. For example, we did not receive emergency use authorization from the U.S. FDA for our XBB Vaccine for the 2023-2024 vaccination season until several weeks after our competitors, and we were unable to accomplish the timely validation of the single-dose vial or pre-filled syringe presentation we had intended to use with our XBB Vaccine in the U.S. for the 2023-2024 vaccination season, which resulted in our use of a five dose vial presentation for 2023-2024 vaccination season, which we believe harmed our financial condition and results of operations.

Further, even after a product is approved and launched, we may remain subject to significant restrictions on the indicated uses or marketing of our product and ongoing requirements for potentially costly post-approval studies. For example, the holder of an approved BLA must monitor and report adverse events and monitor and report any failure of a product to meet the specifications in the BLA, and obtain FDA approval for certain changes to the approved product, product labeling, or manufacturing process. General usage or post-marketing clinical trials may identify safety, efficacy, or other previously unknown problems with the product, or manufacturing issues may emerge. Any of the foregoing may result in regulatory approvals being suspended, limited to narrow the scope of the approval, or revoked, which may otherwise prevent intended commercialization which in turn, would harm our financial condition and results of operations.

In addition, certain of our APAs and supply agreements may be terminated by the counterparty if we do not timely achieve requisite regulatory approval for our COVID-19 Vaccine in the relevant jurisdictions under such agreements, which may harm our financial condition and results of operations. See Risk Factor entitled “—Our existing collaboration, funding and supply agreements or our advance purchase agreements do not assure success of our vaccine candidates or vaccines or that we will be able to fully fund our vaccine candidates or vaccines or our company operations, and if we are unable to satisfy the performance obligations under such agreements, we may not be eligible to receive milestone payments under such agreements, the agreements may be terminated, the purchase commitments may be reduced or we may be required to refund advanced payments, which may have a material adverse effect on our liquidity and financial condition.” The speed with which we begin and complete the preclinical studies necessary to begin clinical trials, the clinical trials themselves and our applications for marketing approval will depend on several factors, including the following:

•our ability to scale-up and maintain manufacturing capability that reproducibly generates consistent yields of product with required purity, potency and quality; that such scale-up occurs on a timely basis; and that we have access to sufficient quantities of materials for use in necessary preclinical studies and clinical trials;

•regulatory authority review and approval of proposed clinical trial protocols;

•approval of clinical trials protocols and informed consent forms by institutional review boards responsible for overseeing the ethical conduct of the trial;

•the rate of participant enrollment and retention, which is a function of many factors, including the size of the participant population, the proximity of participants to clinical sites, the eligibility criteria for the clinical trial and the nature of the protocol;

•unfavorable test results or side effects experienced by clinical trial participants;

•analysis of data obtained from preclinical and clinical activities, which are susceptible to varying interpretations and which interpretations could delay, limit, result in the suspension or termination of, or prevent further conduct of clinical studies or regulatory approval;

•the availability of skilled and experienced staff to conduct and monitor clinical trials and to prepare the appropriate regulatory applications; and

•changes in the policies of regulatory authorities for drug or vaccine development and approval during the period of product development, including, but not limited to, as a result of the change in presidential administration and leadership of the Department of Health and Human Services in January 2025.

We have somewhat limited experience in conducting and managing the preclinical studies and clinical trials necessary to obtain regulatory marketing approvals. We may not be permitted to continue or commence additional clinical trials. We also face the risk that the results of our clinical trials may be inconsistent with the results obtained in preclinical studies or clinical trials of similar products or that the results obtained in later phases of clinical trials may be inconsistent with those obtained in earlier phases. A number of companies in the biotechnology and product development industry have suffered significant setbacks in advanced clinical trials, even after experiencing promising results in early animal and human testing.

Regulatory agencies may require us or our collaborators to delay, restrict or discontinue clinical trials on various grounds, including a finding that the participants are being exposed to an unacceptable health risk. In addition, we or our collaborators may be unable to submit applications to regulatory agencies within the time frame we currently expect. Once submitted, applications must be approved by various regulatory agencies before we or our collaborators can commercialize the product described in the application. All statutes and regulations governing the conduct of clinical trials are subject to change in the future, which could affect the cost of such clinical trials. Any unanticipated costs or delays in our clinical trials or regulatory submissions could delay our ability to generate revenue and harm our financial condition and results of operations.

Item 5. Other Information

During the three months ended March 31, 2025, no director or “officer” (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted or terminated a “Rule 10b5 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits


3.1						Second Amended and Restated Certificate of Incorporation of the Company (Incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed on August 10, 2015 (File No. 000-26770))

3.2						Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of the Company (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 9, 2019 (File No. 000-26770))

3.3						Amended and Restated By-Laws of the Company (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on April 22, 2024 (File No. 000-26770))

3.4						Certificate of Designation of Series A Convertible Preferred Stock of the Company (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed June 19, 2020 (File No. 000- 26770))

3.5*						Non-Employee Director Compensation Policy

31.1*						Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(e) of the Securities Exchange Act

31.2*						Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(e) of the Securities Exchange Act

32.1*						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2*						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101						The following financial information from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline Extensible Business Reporting Language (Inline XBRL): (i) the Consolidated Statements of Operations for the three-month periods ended March 31, 2025 and 2024, (ii) the Consolidated Statements of Comprehensive Loss for the three-month periods ended March 31, 2025 and 2024, (iii) the Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, (iv) the Consolidated Statements of Changes in Stockholders’ Deficit for the three-month periods ended March 31, 2025 and 2024, (v) the Consolidated Statements of Cash Flows for the three-month periods ended March 31, 2025 and 2024, and (vi) the Notes to the Consolidated Financial Statements.

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

___________________________________

*Filed or furnished herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	NOVAVAX, INC.

Date: May 8, 2025	By:	/s/ John C. Jacobs
		John C. Jacobs President and Chief Executive Officer (Principal Executive Officer)

Date: May 8, 2025	By:	/s/ James P. Kelly
		James P. Kelly Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

Exhibit 3.5

Novavax, Inc.

Non-Employee Director Compensation Policy

Effective as of December 12, 2023, each individual who provides services to Novavax, Inc. (the “Company”), as a director, other than a director who is employed by the Company or a subsidiary of the Company (a “Non-Employee Director”), shall be entitled to receive the following compensation, subject to the limitations on annual Non-Employee Director compensation set forth in the Company’s Amended and Restated 2015 Stock Incentive Plan (as it may be amended from time to time, the “2015 Stock Plan” or any successor thereto):


Type of Compensation			Amount and Form of Payment
Annual cash fee			$55,000 ($102,500 for the chairperson of the Board of Directors (the “Board”))
Additional annual cash fee for members of the Audit Committee			$12,000 ($25,000 for the Audit Committee chairperson)
Additional annual cash fee for members of the Compensation Committee			$10,000 ($20,000 for the Compensation Committee chairperson)
Additional annual cash fee for members of the Nominating and Corporate Governance Committee			$5,000 ($12,500 for the Nominating and Corporate Governance Committee chairperson)
Additional annual cash fee for members of the Research and Development Committee			$7,500 ($15,000 for the Research and Development Committee chairperson)
Initial equity grant			Each Non-Employee Director who is first elected or appointed to the Board shall, upon his or her initial election or appointment, be granted (i) an option to purchase shares of the Company’s common stock (the “Initial Option Grant”) and (ii) restricted stock units (the “Initial RSU Grant” and, together with the Initial Option Grant, the “Initial Equity Grants”). The Initial Option Grant and the Initial RSU Grant shall have an aggregate grant date fair value approximately equal to $525,000 (or, for the chairperson of the Board, such other amount to be determined by the Board or the Compensation Committee thereof) or such lesser grant date fair value as determined by the Board or the Compensation Committee thereof, with the grant date fair value of each type of award determined by the Board or the Compensation Committee thereof. The Initial Equity Grants shall vest in three equal annual installments on the first three anniversaries of the date of grant, subject to the Non-Employee Director’s continued service to the Board through each applicable vesting date.

Exhibit 3.5


Annual equity grant			On the date of each annual Q2 meeting of the Board, each Non-Employee Director who has then served as a member of the Board for at least a six-month period prior to such date will be granted (i) an option to purchase shares of the Company’s common stock (the “Annual Option Grant”) and (ii) restricted stock units (the “Annual RSU Grant” and, together with the Annual Option Grant, the “Annual Equity Grants”). The Annual Option Grant and the Annual RSU Grant shall have an aggregate grant date fair value approximately equal to $350,000 (or, for the chairperson of the Board, such other amount to be determined by the Board or the Compensation Committee thereof) or such lesser grant date fair value as determined by the Board or the Compensation Committee thereof, with the grant date fair value of each type of award determined by the Board or the Compensation Committee thereof. The Annual Equity Grants shall vest in full on the first anniversary of the date of grant, subject to the Non-Employee Director’s continued service to the Board through the vesting date.
Grant date fair value			The grant date fair value of the Initial Option Grant and the Annual Option Grant, as set by the Board or the Compensation Committee thereof consistent with this Non-Employee Director Compensation Policy, shall be determined by using the Black-Scholes factor applicable to the Company’s common stock as in effect on the grant date and the average closing price of a share of the Company’s common stock for the 30 trading days preceding the grant date, and the number of shares of common stock underlying each such option shall be determined based on such value. The number of shares underlying the Initial RSU Grant and the Annual RSU Grant shall be equal to (i) the grant date fair value of the award, as set by the Board or the Compensation Committee thereof consistent with this Non-Employee Director Compensation Policy, divided by (ii) the product of the average closing price of a share of the Company’s common stock for the 30 trading days preceding the grant date and the Black-Scholes factor applicable to the Company’s common stock as in effect on the grant date, divided by (iii) 1.5.
Accelerated vesting			All outstanding Initial Equity Grants and Annual Equity Grants shall vest in full upon the earlier of (i) a change in control (as defined the 2015 Stock Plan (or any successor plan) or an award agreement evidencing an Initial Equity Grant or an Annual Equity Grant), subject to the Non-Employee Director’s continued service to the Board through the change in control or (ii) the termination of the Non-Employee Director’s service by reason of his or her death or disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended, or any successor provision thereto).
Additional equity terms			Each option granted to a Non-Employee Director will have a per-share exercise price equal to the fair market value of a share of the Company’s common stock on the date of grant, as reported on the Nasdaq Global Market on the date of grant (or if no closing price is reported on that date, the closing price on the immediately preceding date on which a closing price was reported) and will have a term of no more than 10 years. Each equity award granted to a Non-Employee Director will be subject to the terms and conditions of the 2015 Stock Plan (or any successor plan).

Exhibit 3.5

All cash fees shall be payable in arrears on a quarterly basis or upon the earlier resignation or removal of the Non-Employee Director and shall be prorated for any calendar quarter of partial service, based on the number of calendar days the Non-Employee Director was a member of the Board. Non-Employee Directors may elect to defer their cash fees under the Company’s Director Deferred Fee Policy. By December 31 of each year, a Non-Employee Director may elect to receive common stock in lieu of 50% or 100% of his or her annual cash fee for the following year. If a Non-Employee Director elects to receive common stock in lieu of cash compensation, such shares of common stock will be granted quarterly in arrears on the last day of each calendar quarter of the applicable year, with (i) the number of shares of common stock determined based on the 10-day average closing price of the Company’s common stock as reported on the Nasdaq Global Market, determined as of the last day of the applicable quarter (i.e., the 10 trading days immediately preceding such last day of the applicable quarter), rounded down to the nearest whole share and (ii) any fractional share amount paid to the Non-Employee Director in cash. A Non-Employee Director may elect to waive his or her compensation and any such waiver shall not be treated as an amendment to this Non-Employee Director Compensation Policy.

In addition, all directors will be reimbursed by the Company for reasonable travel and other expenses incurred in connection with the director’s attendance at Board and committee meetings, in accordance with the Company’s policies as in effect from time to time.

For the avoidance of doubt, directors who are employees of the Company or one of its subsidiaries will not receive compensation for their service as a director.

The Board (or the Compensation Committee thereof, to the extent provided in the Compensation Committee’s charter) may amend this Non-Employee Director Compensation Policy at any time.

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, John C. Jacobs, certify that:

1)I have reviewed this Quarterly Report on Form 10-Q of Novavax, Inc.;

2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 8, 2025			By: /s/ John C. Jacobs
			John C. Jacobs
			President and Chief Executive Officer

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, James P. Kelly, certify that:

1)I have reviewed this Quarterly Report on Form 10-Q of Novavax, Inc.;

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: May 8, 2025			By: /s/ James P. Kelly
			James P. Kelly
			Executive Vice President, Chief Financial Officer and Treasurer

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 UNITED STATES CODE §1350

(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

In connection with the Quarterly Report of Novavax, Inc. (the “Company”) on Form 10-Q for the fiscal period ended March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John C. Jacobs, President and Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and periods covered by this Report.


Date: May 8, 2025			By: /s/ John C. Jacobs
			John C. Jacobs
			President and Chief Executive Officer

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates it by reference.

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 UNITED STATES CODE §1350 (SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

In connection with the Quarterly Report of Novavax, Inc. (the “Company”) on Form 10-Q for the fiscal period ended March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James P. Kelly, Executive Vice President and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and periods covered by this Report.


Date: May 8, 2025			By: /s/ James P. Kelly
			James P. Kelly
			Executive Vice President, Chief Financial Officer, and Treasurer

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	Apr. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	000-26770
Entity Registrant Name	NOVAVAX, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2816046
Entity Address, Address Line One	700 Quince Orchard Road,
Entity Address, City or Town	Gaithersburg,
Entity Address, Country	MD
Entity Address, Postal Zip Code	20878
City Area Code	240
Local Phone Number	268-2000
Title of 12(b) Security	Common Stock, Par Value $0.01 per share
Trading Symbol	NVAX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		161,970,338
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001000694
Current Fiscal Year End Date	--12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue:
Total revenue	$ 666,655	$ 93,855
Expenses:
Cost of sales	14,115	59,209
Research and development	88,937	92,679
Selling, general, and administrative	48,090	86,798
Total expenses	151,142	238,686
Income (loss) from operations	515,513	(144,831)
Other income (expense):
Interest expense	(5,723)	(4,111)
Other income, net	10,056	3,654
Income (loss) before income tax expense	519,846	(145,288)
Income tax expense	1,200	2,262
Net income (loss)	$ 518,646	$ (147,550)
Net income (loss) per share:
Basic (in usd per share)	$ 3.22	$ (1.05)
Diluted (in usd per share)	$ 2.93	$ (1.05)
Weighted average number of common shares outstanding:
Basic (in shares)	161,049	139,916
Diluted (in shares)	177,625	139,916
Product sales
Revenue:
Total revenue	$ 621,678	$ 89,836
Licensing, royalties, and other
Revenue:
Total revenue	$ 44,977	$ 4,019

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 518,646	$ (147,550)
Other comprehensive income (loss):
Net unrealized gain on available-for-sale marketable securities	589	0
Foreign currency translation adjustment	23,578	(13,547)
Other comprehensive income (loss)	24,167	(13,547)
Comprehensive income (loss)	$ 542,813	$ (161,097)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 263,338	$ 530,230
Marketable securities	468,141	392,888
Restricted cash	10,681	10,626
Accounts receivable	44,510	108,285
Inventory	10,263	8,749
Prepaid expenses and other current assets	71,095	78,164
Total current assets	868,028	1,128,942
Property and equipment, net	133,538	138,413
Right of use asset, net	157,495	161,585
Goodwill	112,027	107,478
Other non-current assets	21,904	24,000
Total assets	1,292,992	1,560,418
Current liabilities:
Accounts payable	34,162	41,579
Accrued expenses	132,165	211,165
Deferred revenue	108,334	675,067
Current portion of finance lease liabilities	5,478	7,009
Other current liabilities	142,031	219,596
Total current liabilities	422,170	1,154,416
Deferred revenue	409,557	446,819
Convertible notes payable	170,126	169,684
Non-current finance lease liabilities	53,055	53,726
Other non-current liabilities	313,727	359,614
Total liabilities	1,368,635	2,184,259
Commitments and contingencies (Note 15)
Preferred stock, $0.01 par value, 2,000,000 shares authorized at March 31, 2025 and December 31, 2024; no shares issued and outstanding at March 31, 2025 and December 31, 2024	0	0
Stockholders' deficit:
Common stock, $0.01 par value, 600,000,000 shares authorized at March 31, 2025 and December 31, 2024; 164,206,386 shares issued and 161,957,868 shares outstanding at March 31, 2025 and 161,942,677 shares issued and 160,421,136 shares outstanding at December 31, 2024	1,642	1,619
Additional paid-in capital	4,512,849	4,501,403
Accumulated deficit	(4,489,804)	(5,008,450)
Treasury stock, cost basis, 2,248,518 shares at March 31, 2025 and 1,521,541 shares at December 31, 2024	(101,938)	(95,854)
Accumulated other comprehensive income	1,608	(22,559)
Total stockholders’ deficit	(75,643)	(623,841)
Total liabilities and stockholders’ deficit	$ 1,292,992	$ 1,560,418

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	164,206,386	161,942,677
Common stock, shares outstanding (in shares)	161,957,868	160,421,136
Treasury stock (in shares)	2,248,518	1,521,541

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Balance beginning (in shares) at Dec. 31, 2023		140,506,093
Balance beginning at Dec. 31, 2023	$ (716,927)	$ 1,405	$ 4,192,164	$ (4,820,951)	$ (92,267)	$ 2,722
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	11,556		11,556
Stock issued under incentive programs (in shares)		1,194,879
Stock issued under incentive programs	(616)	$ 12	1,055		(1,683)
Foreign currency translation adjustment	(13,547)					(13,547)
Net income (loss)	(147,550)			(147,550)
Balance ending (in shares) at Mar. 31, 2024		141,700,972
Balance ending at Mar. 31, 2024	$ (867,084)	$ 1,417	4,204,775	(4,968,501)	(93,950)	(10,825)
Balance beginning (in shares) at Dec. 31, 2024	160,421,136	161,942,677
Balance beginning at Dec. 31, 2024	$ (623,841)	$ 1,619	4,501,403	(5,008,450)	(95,854)	(22,559)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	10,285		10,285
Stock issued under incentive programs (in shares)		2,263,709
Stock issued under incentive programs	(4,900)	$ 23	1,161		(6,084)
Unrealized gain on available-for-sale marketable securities	589					589
Foreign currency translation adjustment	23,578					23,578
Net income (loss)	$ 518,646			518,646
Balance ending (in shares) at Mar. 31, 2025	161,957,868	164,206,386
Balance ending at Mar. 31, 2025	$ (75,643)	$ 1,642	$ 4,512,849	$ (4,489,804)	$ (101,938)	$ 1,608

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating Activities:
Net income (loss)	$ 518,646	$ (147,550)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization	8,340	12,147
Non-cash stock-based compensation	10,285	11,556
Provision for excess and obsolete inventory	276	8,807
Impairment of long-lived assets	0	1,669
Other items, net	16,550	(4,449)
Changes in operating assets and liabilities:
Inventory	2,375	16,819
Accounts receivable, prepaid expenses, and other assets	73,867	296,054
Accounts payable, accrued expenses, and other liabilities	(211,846)	(272,461)
Deferred revenue	(603,995)	(6,147)
Net cash used in operating activities	(185,502)	(83,555)
Investing Activities:
Capital expenditures	(1,220)	(6,878)
Purchases of available-for-sale marketable securities	(114,724)	0
Proceeds from maturities of available-for-sale marketable securities	43,000	0
Internal-use software	(375)	(372)
Net cash used in investing activities	(73,319)	(7,250)
Financing Activities:
Net proceeds from sales of common stock	0	6,862
Net proceeds from the exercise of stock-based awards	(4,860)	(616)
Finance lease payments	(2,201)	(360)
Net cash provided by (used in) financing activities	(7,061)	5,886
Effect of exchange rate on cash, cash equivalents, and restricted cash	(930)	(2,955)
Net decrease in cash, cash equivalents, and restricted cash	(266,812)	(87,874)
Cash, cash equivalents, and restricted cash at beginning of period	545,292	583,810
Cash, cash equivalents, and restricted cash at end of period	278,480	495,936
Supplemental disclosure of non-cash activities:
Capital expenditures included in accounts payable and accrued expenses	0	1,208
Internal-use software included in accounts payable and accrued expenses	0	250
Supplemental disclosure of cash flow information:
Cash interest payments, net of amounts capitalized	2,799	1,206
Cash paid for income taxes, net of refunds	$ 1,499	$ (71)

Organization and Business	3 Months Ended
Organization and Business	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Novavax, Inc. (“Novavax,” and together with its wholly owned subsidiaries, the “Company”) is tackling global health challenges through scientific innovation that seeks to maximize its deep scientific expertise in vaccines and cutting-edge technology platform. The differentiated platform features the Company’s recombinant protein-based nanoparticle technology and its unique Matrix-M® adjuvant. The Company’s corporate growth strategy seeks to optimize its existing partnerships and expand access to its proven technology platform via research and development (“R&D”) innovation, organic portfolio expansion in infectious disease and beyond, and forging new partnerships and collaborations. The Company’s three strategic priorities are: focusing on its partnership with Sanofi Pasteur Inc. ("Sanofi”) announced in May 2024, leveraging its technology platform and pipeline to forge additional partnerships, and advancing its proven technology platform and early-stage pipeline. The Company’s corporate growth strategy is supported by a lean and focused operating model. Novavax’s prototype COVID-19 vaccine (“NVX-CoV2373,” or “prototype vaccine”), the Company’s XBB COVID-19 vaccine (“NVX-CoV2601”), and the Company’s Nuvaxovid™ JN.1 COVID-19 vaccine (“NVX-CoV2705” or “updated vaccine”) are collectively referred to as the Company’s “COVID-19 vaccine.” Local regulatory authorities have also specified nomenclature for the labeling of NVX-CoV2373, NVX-CoV2601 and NVX-CoV2705 within their territories (e.g., “Novavax COVID-19 Vaccine, Adjuvanted”, “Novavax COVID-19, Adjuvanted (2023-2024 or 2024-2025 Formula),” respectively, for the U.S., and “Nuvaxovid™” for ex-U.S. territories). The Company’s partner, Serum Institute of India Pvt. Ltd. (“SII”), markets Novavax’s COVID-19 vaccine as “Covovax™.” Currently, the Company significantly depends on its supply agreement with SII and its subsidiary, Serum Life Sciences Limited (“SLS” and together with SII, “Serum”), for co-formulation, filling, and finishing.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring adjustments) that the Company considers necessary for a fair presentation of the financial position, operating results, comprehensive income (loss), changes in stockholders’ deficit, and cash flows for the periods presented. Although the Company believes that the disclosures in these unaudited consolidated financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted under the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The accompanying unaudited consolidated financial statements include the accounts of Novavax, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The aggregate foreign currency transaction losses resulting from the conversion of the transaction currency to functional currency were $12.6 million and $5.1 million for the three months ended March 31, 2025 and 2024, respectively, which are reflected in Other income (expense), net. The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Results for this or any interim period are not necessarily indicative of results for any future interim period or for the entire year. The Company operates in one business segment. Reclassifications Certain amounts reported in prior periods have been reclassified to conform to current period financial statement presentation. These reclassifications have no material effect on previously reported financial position and cash flows. The Company reclassified $7.5 million of revenue previously reported as License, royalties, and other revenue to Product sales revenue for the three months ended March 31, 2024 related to adjuvant supply sales and other supply sales. This presentation aligns with the Company’s enhanced focus on supply sales to partners. Liquidity and Going Concern The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued and contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The accompanying unaudited consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainty described below. As of March 31, 2025, the Company had $263.3 million in cash and cash equivalents, $468.1 million in marketable securities, and working capital of $445.9 million. During the three months ended March 31, 2025, the Company recognized net income of $518.6 million, and had net cash flows used in operating activities of $185.5 million. In accordance with Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements - Going Concern, the Company evaluated its ability to continue as a going concern within one year after the date that the accompanying unaudited consolidated financial statements are issued. Based on the Company’s current cash, cash equivalents and marketable securities balances and the Company's current cash flow forecast for the one-year going concern look forward period, the Company has concluded that it expects to have sufficient capital available to fund its operations for the one-year period from the date that these financial statements are issued. Use of Estimates The preparation of the accompanying unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the accompanying unaudited consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Restructuring The Company recognizes restructuring charges when such costs are incurred. The Company’s restructuring charges consist of employee severance and other termination benefits related to the reduction of its workforce, the consolidation of facilities, and infrastructure and other costs. Termination benefits are expensed on the date the Company notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are probable and the benefit is estimable. See Note 16 for additional information on the severance and employee benefit costs for terminated employees and impairment of assets in connection with the Company’s Restructuring Plan as defined in Note 16. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The ASU includes enhanced disclosure requirements, which mandate transparency in financial statements by requiring detailed disclosures of specific expenses like inventory purchases, employee compensation, depreciation, and intangible asset amortization. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) An Amendment of the FASB Accounting Standards Codification, Clarifying the Effective Date, which clarifies that public business entities are required to adopt the ASU 2024-03 guidance in annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this pronouncement on the Company’s consolidated financial statements and disclosures. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements (“ASU 2023-06”), to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB ASC with the SEC's regulations. The effective date for each amendment in the ASU is the effective date that the SEC removes the disclosure requirement from its regulations. The Company is currently evaluating ASU 2023-06, however, as the ASU codifies SEC regulations, the Company does not anticipate that its implementation will have a material effect on the Company's consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). The standard enhances transparency in income tax disclosures by requiring, on an annual basis, certain disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU also requires disaggregated disclosure related to pre-tax income (or loss) and income tax expense (or benefit) and eliminates certain disclosures related to the balance of an entity’s unrecognized tax benefit and the cumulative amount of certain temporary differences. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. The Company is completing its evaluation of the impact of ASU 2023-09 on its disclosures.

Marketable Securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable securities were classified as available-for-sale as of March 31, 2025 and December 31, 2024, comprised of (in thousands):


	March 31, 2025			December 31, 2024
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Treasury securities		$	184,544	$	581	$	—	$	185,125	$	184,438	$	116	$	—	$	184,554
Corporate debt securities		282,968		48		—		283,016		208,410		—		(76)		208,334
Total marketable securities		$	467,512	$	629	$	—	$	468,141	$	392,848	$	116	$	(76)	$	392,888

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities (in thousands):


	Fair Value at March 31, 2025						Fair Value at December 31, 2024
Assets	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Money market funds(1)	$	80,373	$	—	$	—	$	287,393	$	—	$	—
Government-backed securities(1)	—		130,000		—		—		130,000		—
Treasury securities	—		185,125		—		—		184,554		—
Corporate debt securities(2)	—		283,017		—		—		243,158		—
Total cash equivalents and marketable securities	$	80,373	$	598,142	$	—	$	287,393	$	557,712	$	—
Liabilities
5.00% Convertible notes due 2027	$	—	$	163,918	$	—	$	—	$	174,386	$	—

(1)Classified as cash and cash equivalents as of March 31, 2025 and December 31, 2024, respectively, on the consolidated balance sheets.

(2)Includes $34.8 million classified as Cash and cash equivalents as of December 31, 2024, on the consolidated balance sheets.

During the three months ended March 31, 2025 and 2024, the Company did not have any transfers between levels.

The amount in the Company’s consolidated balance sheets for accounts payable and accrued expenses approximates its fair value due to its short-term nature.

Revenue

3 Months Ended

Mar. 31, 2025

Grants, U.S. Government Contract and Joint Venture [Abstract]

Revenue


	Balance, Beginning of Period		Additions		Deductions		Balance, End of Period
Accounts receivable:
Three Months Ended March 31, 2025	$	115,960	$	123,785	$	(187,560)	$	52,185
Three Months Ended March 31, 2024	304,916		136,510		(412,370)		29,056
Allowance for credit losses(1):
Three Months Ended March 31, 2025	(7,675)		—		—		(7,675)
Three Months Ended March 31, 2024	(7,675)		—		—		(7,675)
Deferred revenue:(2)
Three Months Ended March 31, 2025	1,121,886		—		(603,995)		517,891
Three Months Ended March 31, 2024	863,521		225,000		(6,148)		1,082,373

Product Sales

During the three months ended March 31, 2025 and 2024, the categories of product sales were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Product sales
Nuvaxovid™ sales(1)	$	608,025	$	82,324
Supply sales(2)	13,653		7,512
Total product sales	$	621,678	$	89,836

(2)Supply sales include commercial sales of COVID-19 Vaccine, adjuvant sales, and other material sales to the Company’s partners.

As of March 31, 2025 and 2024, changes in the Company’s gross-to-net deductions balances were as follows (in thousands):


	Wholesale Distributor Fees, Discounts, and Chargebacks		Product Returns		Total
Balance as of December 31, 2024	$	21,136	$	116,697	$	137,833
Amounts charged against product sales(1)	16,572		38,999		55,571
Credits/deductions	(30,131)		(84,783)		(114,914)
Balance as of March 31, 2025	$	7,577	$	70,913	$	78,490


	Wholesale Distributor Fees, Discounts, and Chargebacks		Product Returns		Total
Balance as of December 31, 2023	$	21,072	$	84,616	$	105,688
Amounts charged against product sales(1)	16,076		19,296		35,372
Credits/deductions	(26,979)		(10,999)		(37,978)
Balance as of March 31, 2024	$	10,169	$	92,913	$	103,082

Licensing, Royalties, and Other

Licensing, royalties, and other includes licensing payments, transition services revenue, and technology transfer revenue from the Sanofi CLA; royalty milestone payments; and sales-based royalties.

Licensing, royalties, and other by license partner for the three months ended March 31, 2025 and 2024 were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Licensing, royalties, and other
Sanofi	$	40,321	$	—
Other partners(1)	4,656		4,019
Total licensing, royalties, and other revenue	$	44,977	$	4,019

Sanofi licensing, royalties, and other revenue were comprised of the following (in thousands):


	Three Months Ended March 31,
	2025		2024
Sanofi licensing, royalties, and other revenue
Transition services and technology transfer:
Upfront fee amortization(1)	$	19,912	$	—
Milestones amortization(1)	9,143		—
Cost reimbursements	11,266		—
Total Sanofi licensing, royalties, and other revenue	$	40,321	$	—

Collaboration, License, and Supply Agreements	3 Months Ended
Collaboration, License, and Supply Agreements	Mar. 31, 2025
Collaborative Arrangement [Abstract]
Collaboration, License, and Supply Agreements	Collaboration, License, and Supply Agreements As of March 31, 2025, the Company’s material collaborations, license and supply agreements were as follows: Serum The Company previously granted SII exclusive and non-exclusive licenses for the development, co-formulation, filling and finishing, registration, and commercialization of its prototype vaccine, NVX-CoV2601, its updated vaccine, and its COVID-19-Influenza (“CIC”) vaccine candidate. SII agreed to purchase the Company's Matrix-M® adjuvant and the Company granted SII a non-exclusive license to manufacture the antigen drug substance component of the Company’s COVID-19 Vaccine in SII’s licensed territory solely for use in the manufacture of COVID-19 Vaccine. The Company and SII equally split the revenue from SII’s sale of COVID-19 Vaccine in its licensed territory, net of agreed costs. In May 2024, the Company and SLS entered into a supply agreement (the “SLS Supply Agreement”) under which SLS agreed to supply the Company with antigen drug substance and finished COVID-19 Vaccine doses. The SLS Supply Agreement includes the general terms and conditions of supply orders between the Company and SLS. The Company and SLS execute firm purchase orders, which include specific quantities to be delivered under the SLS Supply Agreement. The Company agreed to supply SLS with all Matrix-M® adjuvant needed to manufacture finished COVID-19 Vaccine doses. In August 2022, the Company and SII entered into an influenza license agreement under which the Company granted SII licenses to develop, manufacture, and commercialize certain vaccine products including influenza vaccine products and influenza and coronavirus combination vaccine products (“Flu/CIC”) and is obligated for the purchase of certain raw materials under related agreements with SII. As of March 31, 2025, the Company is conducting a clinical study for its Flu/CIC vaccine candidates with the intent of partnering these programs. In March 2020, the Company entered into an agreement with SII that granted SII a non-exclusive license for the use of Matrix-M® adjuvant supplied by the Company to develop, manufacture, and commercialize R21/Matrix-M® adjuvant (“SII R21 Agreement”), a malaria vaccine created by the Jenner Institute, University of Oxford (“R21/Matrix-M®”). In December 2023, R21/Matrix-M® received prequalification by the World Health Organization (“WHO”). Under the SII R21 Agreement, SII purchases the Company's Matrix-M®adjuvant for use in development activities at cost and for commercial purposes at a tiered commercial supply price, and pays a royalty in the single-to low- double-digit range based on vaccine sales for a period of 15 years after the first commercial sale of the vaccine in each country. Takeda The Company has a collaboration and license agreement with Takeda under which the Company granted Takeda an exclusive license to develop, manufacture, and commercialize the Company’s COVID-19 Vaccine in Japan. Under the agreement, Takeda purchases Matrix-M® adjuvant from the Company to manufacture doses of COVID-19 Vaccine, and the Company is entitled to receive milestone and sales-based royalty payments from Takeda based on the achievement of certain development and commercial milestones, as well as a portion of net profits from the sale of COVID-19 Vaccine. Sanofi In May 2024, Novavax entered into a Collaboration and License Agreement with Sanofi (the “Sanofi CLA”), to co-commercialize the Company’s COVID-19 vaccine, including future updated versions that address seasonal COVID-19 variants. Under the terms of the agreement, the Company will continue to commercialize its updated COVID-19 vaccine through the end of the 2024-2025 vaccination season. Beginning in 2025 and continuing during the term of the Sanofi CLA, the Company and Sanofi will commercialize the COVID-19 vaccine worldwide in accordance with a commercialization plan agreed by the parties, under which Novavax will continue to supply certain of its existing APA customers and strategic partners, including Takeda and SII. Upon completion of the existing APAs, the Company and Sanofi will jointly agree on commercialization activities of each party in each jurisdiction. Additionally, Sanofi has the right to develop novel influenza-COVID-19 combination vaccines utilizing Novavax’s COVID-19 vaccine and Sanofi’s seasonal influenza vaccine, combination products containing Novavax’s COVID-19 vaccine and one or more non-influenza vaccines, and multiple new vaccines utilizing Novavax’s Matrix-M® adjuvant. The Company is also responsible for performing services related to the technology transfer of its manufacturing process for the COVID-19 Vaccine Products and Matrix-M® components to Sanofi. Until the successful completion of such transfer, the Company will supply Sanofi with both COVID-19 Vaccine Products and Matrix-M® intermediary components for Sanofi’s use and is eligible for reimbursement of such costs from Sanofi. In addition, the Company is responsible for certain research and development and medical affairs services related to the COVID-19 Vaccine. Pursuant to the Sanofi CLA, the Company is eligible to receive development, technology transfer, launch, and sales milestone payments totaling up to $700 million in the aggregate with respect to the COVID-19 Vaccine Products, of which $650 million remains outstanding, and royalty payments on Sanofi’s sales of such licensed products. The remaining milestone payments are comprised of $175 million upon the approval of the marketing authorization for a COVID-19 Vaccine Product in a pre-filled syringe from the U.S. Food and Drug Administration (“U.S. FDA”), $25 million upon the transfer of such approval to Sanofi, $25 million upon the transfer of European Medicines Agency (“EMA”), approval of a COVID-19 Vaccine Product in a pre-filled syringe to Sanofi, $75 million upon the completion of the technology transfer of the Company’s manufacturing process for the COVID-19 Vaccine Products to Sanofi, $125.0 million upon achievement of certain CIC Product-related development milestones, and $225.0 million in CIC Product-related launch milestones. The Company achieved the $50.0 million milestone for database lock of an existing Phase 2/3 clinical trial in 2024, which was received from Sanofi during the three months ended March 31, 2025. The Company is also eligible to receive development, launch, and sales milestone payments of up to $200 million for each of the first four Adjuvant Products and $210 million for each Adjuvant Product thereafter, and royalty payments on Sanofi’s sales of all such licensed products. In addition, a portion of the technology transfer costs and research and development costs incurred by the Company will be reimbursed by Sanofi in accordance with agreed upon plans and budgets. The Sanofi Transition Services and Sanofi Technology Transfer are recognized in revenue over time using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. Revenue recognized related to Sanofi Transition Services and Sanofi Technology Transfer for three month period ended March 31, 2025 was $40.3 million. The Company’s consolidated balance sheet as of March 31, 2025 includes a deferred revenue balance of $49.4 million ($28.4 million included in Deferred revenue, current portion and $21.0 million included in Deferred revenue, non-current portion) related to Sanofi Transition Services and Sanofi Technology Transfer. During three months ended March 31, 2025, the Company recognized a cumulative catch-up adjustment, which resulted in an increase of $9.5 million during the period. This adjustment resulted from a change in total expected costs, partially offset by changes to estimates of variable consideration for Sanofi Transition Services and Sanofi Technology Transfer. Lower expected costs and therefore lower estimates of reimbursements for costs included in estimates of variable consideration were driven by cost reduction efforts described in Note 16. The Company recognized an asset for $35.0 million of direct costs incurred to obtain the Sanofi CLA. These costs are amortized to expense over the expected period of the benefit in a manner that is consistent with the transfer of the related goods and services in the Sanofi CLA. The Company recognized $0.9 million of amortization expense related to the asset in Selling, general, and administrative expense for the three ended March 31, 2025, respectively.

Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings (Loss) per Share

Basic and diluted net loss per share were calculated as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2025		2024
Numerator:
Net income (loss), basic	$	518,646	$	(147,550)
Interest on convertible notes	2,634		—
Net income (loss), dilutive	521,280		(147,550)
Denominator:
Weighted average number of common shares outstanding, basic	161,049		139,916
Effect of dilutive securities	16,576		—
Weighted average number of common shares outstanding, dilutive	177,625		139,916
Net income (loss) per share:
Basic	$	3.22	$	(1.05)
Diluted	$	2.93	$	(1.05)

Anti-dilutive securities excluded from calculations of diluted net income (loss) per share	5,349		24,269

Cash, Cash Equivalents, and Restricted Cash

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Restricted Cash


	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	263,338	$	530,230
Restricted cash, current	10,681		10,626
Restricted cash, non-current(1)	4,461		4,436
Cash, cash equivalents, and restricted cash	$	278,480	$	545,292

(1)Classified as Other non-current assets as of March 31, 2025 and December 31, 2024, on the consolidated balance sheets.

Inventory

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Raw materials	$	2,600	$	2,087
Semi-finished goods	7,558		4,899
Finished goods	105		1,763
Total inventory	$	10,263	$	8,749

Goodwill

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill


	Amount
Balance at December 31, 2024	$	107,478
Currency translation adjustments	4,549
Balance at March 31, 2025	$	112,027

Long-Term Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt

Total convertible notes payable consisted of the following (in thousands):


	March 31, 2025		December 31, 2024





5.00% Convertible notes due 2027	$	175,250	$	175,250

Unamortized debt issuance costs	(5,124)		(5,566)
Total convertible notes payable	$	170,126	$	169,684

The effective interest rate of the 2027 Convertible notes is 6.2%.

The interest expense incurred in connection with the convertible notes payable consisted of the following (in thousands):


	Three Months Ended March 31,
	2025		2024
Coupon interest	$	2,192	$	2,192
Amortization of debt issuance costs	442		416
Total interest expense on convertible notes payable	$	2,634	$	2,608

Stockholders' Deficit	3 Months Ended
Stockholders' Deficit	Mar. 31, 2025
Stockholders' Equity Note [Abstract]
Stockholders' Deficit	Stockholders’ Deficit In August 2023, the Company entered into an At Market Issuance Sales Agreement (the “August 2023 Sales Agreement”), which allows it to issue and sell up to $500 million in gross proceeds of shares of its common stock, and terminated its then-existing At Market Issuance Sales agreement entered in June 2021. During the three months ended March 31, 2025, and 2024, no sales were recorded under the August 2023 Sales Agreement. As of March 31, 2025, the remaining balance available under the August 2023 Sales Agreement was approximately $51 million.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Plans

The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Cost of sales	$	525	$	594
Research and development	4,289		5,505
Selling, general, and administrative	5,471		5,457
Total stock-based compensation expense	$	10,285	$	11,556

During the three months ended March 31, 2025 and 2024 there were no stock-based compensation expense capitalized into inventory.

Stock Options and Stock Appreciation Rights

The following is a summary of stock options and SARs activity under the 2023 Inducement Plan and 2015 Plan for the three months ended March 31, 2025:


	2023 Inducement Plan			2015 Plan
	Stock Options	Weighted-Average Exercise Price		Stock Options	Weighted-Average Exercise Price
Outstanding at December 31, 2024	486,950	$	10.45	3,496,052	$	32.75
Granted	—	—		2,224,293	7.88
Exercised	—	—		(5,386)	6.02
Canceled	—	—		(419,113)	58.31
Outstanding at March 31, 2025	486,950	$	10.45	5,295,846	$	20.31
Shares exercisable at March 31, 2025	215,485	$	10.80	2,055,818	$	37.53


	Three Months Ended March 31,
	2025	2024
Weighted average Black-Scholes fair value of stock options granted	$5.59	$4.34
Risk-free interest rate	4.0%-4.1%	4.3%
Dividend yield	—%	—%
Volatility	99.7%-121.6%	114.3%-121.1%
Expected term (in years)	3.9-6.5	3.9-4.4

Restricted Stock Units

The following is a summary of RSU activity for the three months ended March 31, 2025:


	2023 Inducement Plan			2015 Plan
	Number of Shares	Per Share Weighted- Average Fair Value		Number of Shares	Per Share Weighted- Average Fair Value
Outstanding and unvested at December 31, 2024	285,429	$	10.42	5,558,642	$	8.27
Granted	—	—		3,531,690	7.87
Vested	(102,796)	10.96		(1,832,799)	10.21
Forfeited	—	—		(187,046)	9.00
Outstanding and unvested at March 31, 2025	182,633	$	10.11	7,070,487	$	8.27

Employee Stock Purchase Plan

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company evaluates the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. Significant pieces of objective evidence evaluated by the Company were the cumulative loss incurred over the three-year period ended March 31, 2025 and that the Company has historically generated pretax losses. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. On the basis of this evaluation, as of March 31, 2025, the Company continued to maintain a full valuation allowance against its deferred tax assets, except to the extent Net Operating Losses (“NOLs”) have been used to reduce taxable income. During the three months ended March 31, 2025 and 2024, the Company recognized $0.7 million and $2.3 million of federal, state, and foreign income tax expense, respectively. During the three months ended March 31, 2025, the company recognized $0.5 million of foreign withholding tax expense. During the three months ended March 31, 2024, the company did not recognize any foreign withholding tax expense.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters Stockholder Litigation On November 12, 2021, Sothinathan Sinnathurai filed a purported securities class action in the U.S. District Court for the District of Maryland (the “Maryland Court”) against the Company and certain members of senior management, captioned Sothinathan Sinnathurai v. Novavax, Inc., et al., No. 8:21-cv-02910-TDC (the “Sinnathurai Action”). The parties ultimately negotiated a settlement, which the Maryland Court approved on May 23, 2024. The Maryland Court closed the Sinnathurai Action on May 24, 2024. After the Sinnathurai Action was filed, eight derivative lawsuits were filed: (i) Robert E. Meyer v. Stanley C. Erck, et al., No. 8:21-cv-02996-TDC (the “Meyer Action”), (ii) Shui Shing Yung v. Stanley C. Erck, et al., No. 8:21-cv-03248-TDC (the “Yung Action”), (iii) William Kirst, et al. v. Stanley C. Erck, et al., No. C-15-CV-21-000618 (the “Kirst Action”), (iv) Amy Snyder v. Stanley C. Erck, et al., No. 8:22-cv-01415-TDC (the “Snyder Action”), (v) Charles R. Blackburn, et al. v. Stanley C. Erck, et al., No. 1:22-cv-01417-TDC (the “Blackburn Action”), (vi) Diego J. Mesa v. Stanley C. Erck, et al., No. 2022-0770-NAC (the “Mesa Action”), (vii) Sean Acosta v. Stanley C. Erck, et al., No. 2022-1133-NAC (the “Acosta Action”), and (viii) Jared Needelman v. Stanley C. Erck, et al., No. C-15-CV-23-001550 (the “Needelman Action”). The Meyer, Yung, Snyder, and Blackburn Actions were filed in the Maryland Court. The Kirst Action was filed in the Circuit Court for Montgomery County, Maryland, and shortly thereafter removed to the Maryland Court by the defendants. The Needelman Action was also filed in the Circuit Court for Montgomery County, Maryland. The Mesa and Acosta Actions were filed in the Delaware Court of Chancery (the “Delaware Court”). The derivative lawsuits name members of the Company’s board of directors and certain members of senior management as defendants. The Company is deemed a nominal defendant. The plaintiffs assert derivative claims arising out of substantially the same alleged facts and circumstances as the Sinnathurai Action. Collectively, the derivative complaints assert claims for breach of fiduciary duty, insider selling, unjust enrichment, violation of federal securities law, abuse of control, waste, and mismanagement. Plaintiffs seek declaratory and injunctive relief, as well as an award of monetary damages and attorneys’ fees. On February 7, 2022, the Maryland Court entered an order consolidating the Meyer and Yung Actions (the “First Consolidated Derivative Action”). The plaintiffs in the First Consolidated Derivative Action filed their consolidated derivative complaint on April 25, 2022. On May 10, 2022, the Maryland Court entered an order granting the parties’ request to stay all proceedings and deadlines pending the earlier of dismissal or the filing of an answer in the Sinnathurai Action. On June 10, 2022, the Snyder and Blackburn Actions were filed. On October 5, 2022, the Maryland Court entered an order granting a request by the plaintiffs in the First Consolidated Derivative Action and the Snyder and Blackburn Actions to consolidate all three actions and appoint co-lead plaintiffs and co-lead and liaison counsel (the “Second Consolidated Derivative Action”). The co-lead plaintiffs in the Second Consolidated Derivative Action filed a consolidated amended complaint on November 21, 2022. On February 10, 2023, defendants filed a motion to dismiss the Second Consolidated Derivative Action. The plaintiffs filed their opposition to the motion to dismiss on April 11, 2023. Defendants filed their reply brief in further support of their motion to dismiss on May 11, 2023. On August 21, 2023, the court entered an order granting in part and denying in part the motion to dismiss. On September 5, 2023, the Company filed an Answer to the consolidated amended complaint. On September 6, 2023, the court entered an order granting the individual defendants an extension of time to file their answer until November 6, 2023. On October 6, 2023, the Board of Directors of the Company formed a Special Litigation Committee (“SLC”) with full and exclusive power and authority of the Board to, among other things, investigate, review, and analyze the facts and circumstances surrounding the claims asserted in the pending derivative actions, including the claims that remain following the court’s order on the motion to dismiss in the Second Consolidated Derivative Action. On November 7, 2023, the court entered an order granting the parties’ request to stay the Second Consolidated Derivative Action for up to six months from the date of entry of the order, and, on April 15, 2024, the court entered a further order extending the stay until June 6, 2024. On June 7, 2024, the court entered another order extending the stay until August 5, 2024. On August 19, 2024, the court entered another order extending the stay until November 4, 2024, to allow the SLC and the parties to continue then-ongoing mediation efforts. On November 1, 2024, the parties notified the court that a settlement in principle had been reached and requested the stay to be extended until the definitive settlement agreement was filed. On November 22, 2024, the SLC filed its Unopposed Motion for Preliminary Approval of Derivative Settlement, Approval of Form and Manner of Notice, and Setting Hearing Date on Final Approval of Settlement and supporting documents. Under the terms of the proposed settlement, individual defendants Erck and Herrmann agreed to pay or cause their insurers to pay $6.8 million to Novavax in exchange for a release of claims. In addition, Novavax and its Board of Directors agreed to adopt and implement certain governance provisions identified in the settlement stipulation. On December 12, 2024, the court entered an order granting preliminary approval of the derivative settlement and setting a date for a hearing on the final approval of the settlement. On March 7, 2025, the court held a hearing and entered a Final Judgment and Order Approving Derivative Settlement (the “Final Judgment and Order”). As part of the Final Judgment and Order, the court granted the motion for attorneys’ fees and awarded plaintiffs’ counsel fees and expenses in the amount of $2.0 million to be paid by the Company following its receipt of the $6.8 million settlement funds. During the three months ended, March 31, 2025, the Company recorded a net gain on the settlement of $4.8 million in Other income (expense), net. The Kirst Action was filed on December 28, 2021, and the defendants immediately removed the case to the Maryland Court. On July 21, 2022, the Maryland Court issued a memorandum opinion and order remanding the Kirst Action to state court. The plaintiffs filed an amended complaint on December 30, 2022. On January 23, 2023, defendants filed a motion to stay the Kirst action. On February 22, 2023, the parties in the Kirst Action filed for the Court’s approval of a stipulation staying the Kirst Action pending the resolution of defendants’ motion to dismiss in the Second Consolidated Derivative Action. On March 22, 2023, the Court entered the parties’ stipulated stay of the Kirst Action pending resolution of the motion to dismiss in the Second Consolidated Derivative Action. On August 30, 2022, the Mesa Action was filed. On October 3, 2022, the Delaware Court entered an order granting the parties’ request to stay all proceedings and deadlines in the Mesa Action pending the earlier of dismissal of the Sinnathurai Action or the filing of an answer to the operative complaint in the Sinnathurai Action. On January 9, 2023, following the ruling on the motion to dismiss the Sinnathurai Action, the Delaware Court entered an order granting the Mesa Action parties’ request to set a briefing schedule in connection with a motion to stay by defendants. On February 28, 2023, the court granted the defendants’ motion and stayed the Mesa Action pending the entry of a final, non-appealable judgment in the Second Consolidated Derivative Action. On August 31, 2023, the Mesa plaintiffs filed a motion to lift the stay in the Mesa Action. On October 6, 2023, the Company filed an opposition to plaintiff’s motion to lift the stay. Plaintiff filed his reply on October 17, 2023. On December 27, 2023, the parties filed a letter informing the Court that the Second Consolidated Derivative Action had been stayed for a period of six months and asked the Court to stay further proceedings in the Mesa Action until expiration of that stay. On December 7, 2022, the Acosta Action was filed. On February 6, 2023, defendants accepted service of the complaint and summons in the Acosta Action. On March 9, 2023, the court entered an order granting the parties’ request to stay the Acosta Action pending the entry of a final, non-appealable judgment in the Second Consolidated Derivative Action. On October 13, 2023, the parties filed, and the Delaware Court entered, a stipulated order providing that (i) if the Delaware Court declines to lift the stay in the Mesa Action, the Acosta Action will also remain stayed, and (ii) if the Delaware Court lifts the stay in the Mesa Action, the stay in the Acosta Action will also be lifted. On April 28, 2025, the parties filed a joint status report with the Delaware Court in which they indicated that plaintiffs intend to dismiss the Mesa Action and Acosta Action in light of the Derivative Settlement. On May 2, 2025, the Delaware Court granted the stipulated order of voluntary dismissal, and the Mesa Action was dismissed with prejudice. On April 17, 2023, the Needelman Action was filed. On July 12, 2023, the parties filed a stipulation and proposed order to stay the Needelman Action pending the Maryland Court’s decision on the motion to dismiss in the Second Consolidated Derivative Action. The court entered that order on July 17, 2023. On November 30, 2023, the court entered an order consolidating the Kirst and Needelman Actions. On December 14, 2023, the parties filed a stipulation (i) extending the plaintiffs’ deadline to file a consolidated complaint until January 29, 2024, and (ii) otherwise staying all other proceedings in the case (including the defendants’ deadline to respond to the consolidated complaint) until February 12, 2024. On May 3, 2024, the plaintiffs filed a consolidated complaint. On May 14, 2024, the parties filed a stipulation staying the action until June 6, 2024. On July 12, 2024, the court entered an order staying the action until August 5, 2024. On September 24, 2024, the court entered another order staying the action until November 4, 2024. On November 4, 2024, the parties filed a stipulation requesting a status conference with the court and further requesting that the action remain stayed until such status conference takes place. On April 15, 2025, the parties filed a Stipulated Notice of Dismissal dismissing the Kirst and Needelman Actions in light of the Derivative Action. The Company is also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, the Company does not expect the resolution of these other legal proceedings to have a material adverse effect on its financial position, results of operations, or cash flows.

Restructuring

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring

The restructuring charge recorded by the Company consisted of the following (in thousands):


	Three Months Ended March 31,
	2025		2024
Severance and employee benefit costs	$	505	$	4,401


Impairment of assets	—		1,669


Total Restructuring charge (1)	$	505	$	6,070

Severance and employee benefit costs

Impairment of assets

Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

The table below summarizes the significant expense categories regularly reviewed by the CODM (in thousands):


	Three Months Ended March 31,
	2025		2024
Revenue	$	666,655	$	93,855
Cost of sales	14,115		59,209
Research and development expenses:
Direct coronavirus vaccines(1)	18,059		26,061
Direct other vaccine development programs(1)	1,879		336
Employee and benefit expenses	39,910		43,458
Facility and other research and development expenses(2)	29,089		22,824
Selling, general, and administrative expense	48,090		86,798
Other segment income (expense)(3)	3,133		(2,719)
Net income (loss)	$	518,646	$	(147,550)

(3) Other segment income (expense) includes interest expense, income tax expense, and other income.

Total revenue by the Company’s customer’s or collaboration partner’s geographic location was as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
United States	$	39,410	$	(6,431)
Canada	575,670		—
Europe	8,086		90,416
Rest of the world	43,289		9,870
Total revenue	$	666,455	$	93,855

Total long-lived assets of the Company by geographic location were as follows (in thousands):


	March 31, 2025		December 31, 2024
United States	$	287,059	$	295,879
Europe	3,974		4,119
Total long-lived assets	$	291,033	$	299,998

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2025, the Company received a formal communication from the U.S. FDA in the form of an information request for a post marketing commitment (“PMC”) to generate additional clinical data. The Company has responded to the U.S. FDA’s information request with a proposed study design and continues to engage with the U.S. FDA to address the PMC request and move to approval as soon as possible. On April 29, 2025, the Company entered into a collaboration and exclusive license agreement, as amended (“Amended Takeda APA”), with Takeda which amends and supersedes its collaboration and exclusive license agreement with Takeda, dated February 24, 2021. The Amended Takeda APA improves financial terms for the Company.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income (loss)	$ 518,646	$ (147,550)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring adjustments) that the Company considers necessary for a fair presentation of the financial position, operating results, comprehensive income (loss), changes in stockholders’ deficit, and cash flows for the periods presented. Although the Company believes that the disclosures in these unaudited consolidated financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted under the rules and regulations of the United States Securities and Exchange Commission (“SEC”). The accompanying unaudited consolidated financial statements include the accounts of Novavax, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The aggregate foreign currency transaction losses resulting from the conversion of the transaction currency to functional currency were $12.6 million and $5.1 million for the three months ended March 31, 2025 and 2024, respectively, which are reflected in Other income (expense), net. The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Results for this or any interim period are not necessarily indicative of results for any future interim period or for the entire year. The Company operates in one business segment.
Reclassifications	Reclassifications Certain amounts reported in prior periods have been reclassified to conform to current period financial statement presentation. These reclassifications have no material effect on previously reported financial position and cash flows. The Company reclassified $7.5 million of revenue previously reported as License, royalties, and other revenue to Product sales revenue for the three months ended March 31, 2024 related to adjuvant supply sales and other supply sales. This presentation aligns with the Company’s enhanced focus on supply sales to partners.
Liquidity and Going Concern	Liquidity and Going Concern The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued and contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The accompanying unaudited consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainty described below. As of March 31, 2025, the Company had $263.3 million in cash and cash equivalents, $468.1 million in marketable securities, and working capital of $445.9 million. During the three months ended March 31, 2025, the Company recognized net income of $518.6 million, and had net cash flows used in operating activities of $185.5 million. In accordance with Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements - Going Concern, the Company evaluated its ability to continue as a going concern within one year after the date that the accompanying unaudited consolidated financial statements are issued. Based on the Company’s current cash, cash equivalents and marketable securities balances and the Company's current cash flow forecast for the one-year going concern look forward period, the Company has concluded that it expects to have sufficient capital available to fund its operations for the one-year period from the date that these financial statements are issued.
Use of Estimates	Use of Estimates The preparation of the accompanying unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the accompanying unaudited consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.
Restructuring	Restructuring The Company recognizes restructuring charges when such costs are incurred. The Company’s restructuring charges consist of employee severance and other termination benefits related to the reduction of its workforce, the consolidation of facilities, and infrastructure and other costs. Termination benefits are expensed on the date the Company notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are probable and the benefit is estimable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The ASU includes enhanced disclosure requirements, which mandate transparency in financial statements by requiring detailed disclosures of specific expenses like inventory purchases, employee compensation, depreciation, and intangible asset amortization. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) An Amendment of the FASB Accounting Standards Codification, Clarifying the Effective Date, which clarifies that public business entities are required to adopt the ASU 2024-03 guidance in annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this pronouncement on the Company’s consolidated financial statements and disclosures. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements (“ASU 2023-06”), to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB ASC with the SEC's regulations. The effective date for each amendment in the ASU is the effective date that the SEC removes the disclosure requirement from its regulations. The Company is currently evaluating ASU 2023-06, however, as the ASU codifies SEC regulations, the Company does not anticipate that its implementation will have a material effect on the Company's consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). The standard enhances transparency in income tax disclosures by requiring, on an annual basis, certain disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. The ASU also requires disaggregated disclosure related to pre-tax income (or loss) and income tax expense (or benefit) and eliminates certain disclosures related to the balance of an entity’s unrecognized tax benefit and the cumulative amount of certain temporary differences. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. The Company is completing its evaluation of the impact of ASU 2023-09 on its disclosures.

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Classified as Available-for-sale

Marketable securities were classified as available-for-sale as of March 31, 2025 and December 31, 2024, comprised of (in thousands):


	March 31, 2025			December 31, 2024
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Treasury securities		$	184,544	$	581	$	—	$	185,125	$	184,438	$	116	$	—	$	184,554
Corporate debt securities		282,968		48		—		283,016		208,410		—		(76)		208,334
Total marketable securities		$	467,512	$	629	$	—	$	468,141	$	392,848	$	116	$	(76)	$	392,888

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities (in thousands):


	Fair Value at March 31, 2025						Fair Value at December 31, 2024
Assets	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Money market funds(1)	$	80,373	$	—	$	—	$	287,393	$	—	$	—
Government-backed securities(1)	—		130,000		—		—		130,000		—
Treasury securities	—		185,125		—		—		184,554		—
Corporate debt securities(2)	—		283,017		—		—		243,158		—
Total cash equivalents and marketable securities	$	80,373	$	598,142	$	—	$	287,393	$	557,712	$	—
Liabilities
5.00% Convertible notes due 2027	$	—	$	163,918	$	—	$	—	$	174,386	$	—

(1)Classified as cash and cash equivalents as of March 31, 2025 and December 31, 2024, respectively, on the consolidated balance sheets.

(2)Includes $34.8 million classified as Cash and cash equivalents as of December 31, 2024, on the consolidated balance sheets.

Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Grants, U.S. Government Contract and Joint Venture [Abstract]

Schedule of Accounts Receivable, Unbilled Services, and Deferred Revenue

During the three months ended March 31, 2025 and 2024, changes in the Company’s accounts receivables, allowance for credit losses, and deferred revenue balances were as follows (in thousands):


	Balance, Beginning of Period		Additions		Deductions		Balance, End of Period
Accounts receivable:
Three Months Ended March 31, 2025	$	115,960	$	123,785	$	(187,560)	$	52,185
Three Months Ended March 31, 2024	304,916		136,510		(412,370)		29,056
Allowance for credit losses(1):
Three Months Ended March 31, 2025	(7,675)		—		—		(7,675)
Three Months Ended March 31, 2024	(7,675)		—		—		(7,675)
Deferred revenue:(2)
Three Months Ended March 31, 2025	1,121,886		—		(603,995)		517,891
Three Months Ended March 31, 2024	863,521		225,000		(6,148)		1,082,373

Schedule of Product Sales

During the three months ended March 31, 2025 and 2024, the categories of product sales were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Product sales
Nuvaxovid™ sales(1)	$	608,025	$	82,324
Supply sales(2)	13,653		7,512
Total product sales	$	621,678	$	89,836

(2)Supply sales include commercial sales of COVID-19 Vaccine, adjuvant sales, and other material sales to the Company’s partners.

Licensing, royalties, and other by license partner for the three months ended March 31, 2025 and 2024 were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Licensing, royalties, and other
Sanofi	$	40,321	$	—
Other partners(1)	4,656		4,019
Total licensing, royalties, and other revenue	$	44,977	$	4,019

Sanofi licensing, royalties, and other revenue were comprised of the following (in thousands):


	Three Months Ended March 31,
	2025		2024
Sanofi licensing, royalties, and other revenue
Transition services and technology transfer:
Upfront fee amortization(1)	$	19,912	$	—
Milestones amortization(1)	9,143		—
Cost reimbursements	11,266		—
Total Sanofi licensing, royalties, and other revenue	$	40,321	$	—

Schedule of Revenue Gross to Net Deductions Balances

As of March 31, 2025 and 2024, changes in the Company’s gross-to-net deductions balances were as follows (in thousands):


	Wholesale Distributor Fees, Discounts, and Chargebacks		Product Returns		Total
Balance as of December 31, 2024	$	21,136	$	116,697	$	137,833
Amounts charged against product sales(1)	16,572		38,999		55,571
Credits/deductions	(30,131)		(84,783)		(114,914)
Balance as of March 31, 2025	$	7,577	$	70,913	$	78,490


	Wholesale Distributor Fees, Discounts, and Chargebacks		Product Returns		Total
Balance as of December 31, 2023	$	21,072	$	84,616	$	105,688
Amounts charged against product sales(1)	16,076		19,296		35,372
Credits/deductions	(26,979)		(10,999)		(37,978)
Balance as of March 31, 2024	$	10,169	$	92,913	$	103,082

Earnings (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

Basic and diluted net loss per share were calculated as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2025		2024
Numerator:
Net income (loss), basic	$	518,646	$	(147,550)
Interest on convertible notes	2,634		—
Net income (loss), dilutive	521,280		(147,550)
Denominator:
Weighted average number of common shares outstanding, basic	161,049		139,916
Effect of dilutive securities	16,576		—
Weighted average number of common shares outstanding, dilutive	177,625		139,916
Net income (loss) per share:
Basic	$	3.22	$	(1.05)
Diluted	$	2.93	$	(1.05)

Anti-dilutive securities excluded from calculations of diluted net income (loss) per share	5,349		24,269

Cash, Cash Equivalents, and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	263,338	$	530,230
Restricted cash, current	10,681		10,626
Restricted cash, non-current(1)	4,461		4,436
Cash, cash equivalents, and restricted cash	$	278,480	$	545,292

(1)Classified as Other non-current assets as of March 31, 2025 and December 31, 2024, on the consolidated balance sheets.

Inventory (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Raw materials	$	2,600	$	2,087
Semi-finished goods	7,558		4,899
Finished goods	105		1,763
Total inventory	$	10,263	$	8,749

Goodwill (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The change in the carrying amounts of goodwill for the three months ended March 31, 2025 was as follows (in thousands):


	Amount
Balance at December 31, 2024	$	107,478
Currency translation adjustments	4,549
Balance at March 31, 2025	$	112,027

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Convertible Notes Payable

Total convertible notes payable consisted of the following (in thousands):


	March 31, 2025		December 31, 2024





5.00% Convertible notes due 2027	$	175,250	$	175,250

Unamortized debt issuance costs	(5,124)		(5,566)
Total convertible notes payable	$	170,126	$	169,684

Schedule of Interest Expense

The interest expense incurred in connection with the convertible notes payable consisted of the following (in thousands):


	Three Months Ended March 31,
	2025		2024
Coupon interest	$	2,192	$	2,192
Amortization of debt issuance costs	442		416
Total interest expense on convertible notes payable	$	2,634	$	2,608

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Expense

The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Cost of sales	$	525	$	594
Research and development	4,289		5,505
Selling, general, and administrative	5,471		5,457
Total stock-based compensation expense	$	10,285	$	11,556

Schedule of Option and Appreciation Rights Activity

The following is a summary of stock options and SARs activity under the 2023 Inducement Plan and 2015 Plan for the three months ended March 31, 2025:


	2023 Inducement Plan			2015 Plan
	Stock Options	Weighted-Average Exercise Price		Stock Options	Weighted-Average Exercise Price
Outstanding at December 31, 2024	486,950	$	10.45	3,496,052	$	32.75
Granted	—	—		2,224,293	7.88
Exercised	—	—		(5,386)	6.02
Canceled	—	—		(419,113)	58.31
Outstanding at March 31, 2025	486,950	$	10.45	5,295,846	$	20.31
Shares exercisable at March 31, 2025	215,485	$	10.80	2,055,818	$	37.53

Schedule of Assumptions Used in Estimation of Fair Value of Stock


	Three Months Ended March 31,
	2025	2024
Weighted average Black-Scholes fair value of stock options granted	$5.59	$4.34
Risk-free interest rate	4.0%-4.1%	4.3%
Dividend yield	—%	—%
Volatility	99.7%-121.6%	114.3%-121.1%
Expected term (in years)	3.9-6.5	3.9-4.4

Schedule of Share Based Compensation Restricted Stock Awards Activity

The following is a summary of RSU activity for the three months ended March 31, 2025:


	2023 Inducement Plan			2015 Plan
	Number of Shares	Per Share Weighted- Average Fair Value		Number of Shares	Per Share Weighted- Average Fair Value
Outstanding and unvested at December 31, 2024	285,429	$	10.42	5,558,642	$	8.27
Granted	—	—		3,531,690	7.87
Vested	(102,796)	10.96		(1,832,799)	10.21
Forfeited	—	—		(187,046)	9.00
Outstanding and unvested at March 31, 2025	182,633	$	10.11	7,070,487	$	8.27

Restructuring (Tables)

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The restructuring charge recorded by the Company consisted of the following (in thousands):


	Three Months Ended March 31,
	2025		2024
Severance and employee benefit costs	$	505	$	4,401


Impairment of assets	—		1,669


Total Restructuring charge (1)	$	505	$	6,070

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The table below summarizes the significant expense categories regularly reviewed by the CODM (in thousands):


	Three Months Ended March 31,
	2025		2024
Revenue	$	666,655	$	93,855
Cost of sales	14,115		59,209
Research and development expenses:
Direct coronavirus vaccines(1)	18,059		26,061
Direct other vaccine development programs(1)	1,879		336
Employee and benefit expenses	39,910		43,458
Facility and other research and development expenses(2)	29,089		22,824
Selling, general, and administrative expense	48,090		86,798
Other segment income (expense)(3)	3,133		(2,719)
Net income (loss)	$	518,646	$	(147,550)

(3) Other segment income (expense) includes interest expense, income tax expense, and other income.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

Total revenue by the Company’s customer’s or collaboration partner’s geographic location was as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
United States	$	39,410	$	(6,431)
Canada	575,670		—
Europe	8,086		90,416
Rest of the world	43,289		9,870
Total revenue	$	666,455	$	93,855

Total long-lived assets of the Company by geographic location were as follows (in thousands):


	March 31, 2025		December 31, 2024
United States	$	287,059	$	295,879
Europe	3,974		4,119
Total long-lived assets	$	291,033	$	299,998

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Foreign currency transaction gain (loss)	$ (12,600)	$ (5,100)
Revenue reclassified		7,500
Number of business segments \| segment	1
Additions	$ 0	225,000
Cash and cash equivalents	263,338		$ 530,230
Marketable securities	468,141		$ 392,888
Working capital	445,900
Net income (loss)	518,646	(147,550)
Net cash provided by (used in) operating activities	(185,502)	(83,555)
Total revenue	$ 666,655	$ 93,855

Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Marketable Securities
Amortized Cost	$ 467,512	$ 392,848
Gross Unrealized Gains	629	116
Gross Unrealized Losses	0	(76)
Fair Value	468,141	392,888
Treasury securities
Marketable Securities
Amortized Cost	184,544	184,438
Gross Unrealized Gains	581	116
Gross Unrealized Losses	0	0
Fair Value	185,125	184,554
Corporate debt securities
Marketable Securities
Amortized Cost	282,968	208,410
Gross Unrealized Gains	48	0
Gross Unrealized Losses	0	(76)
Fair Value	$ 283,016	$ 208,334

Marketable Securities - Narrative (Details) $ in Thousands	Mar. 31, 2025 USD ($) security	Dec. 31, 2024 USD ($) security
Debt Securities, Available-for-Sale [Line Items]
Fair Value	$ 468,141	$ 392,888
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, number of positions \| security	0	0
Treasury securities
Debt Securities, Available-for-Sale [Line Items]
Fair Value	$ 185,125	$ 184,554
Debt securities due in 2025	64,000	23,000
Debt securities due in 2026	121,100	161,500
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Fair Value	283,016	208,334
Debt securities due in 2025	273,600	195,200
Debt securities due in 2026	$ 9,400	$ 13,100

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents
Assets
Total cash equivalents and marketable securities		$ 34,800
5.00% Convertible notes due 2027
Liabilities
Debt instrument, interest rate, stated percentage	5.00%
Level 1
Assets
Total cash equivalents and marketable securities	$ 80,373	287,393
Level 1 \| 5.00% Convertible notes due 2027
Liabilities
5.00% Convertible notes due 2027	0	0
Level 1 \| Money market funds
Assets
Total cash equivalents and marketable securities	80,373	287,393
Level 1 \| Government-backed securities
Assets
Total cash equivalents and marketable securities	0	0
Level 1 \| Treasury securities
Assets
Total cash equivalents and marketable securities	0	0
Level 1 \| Corporate debt securities
Assets
Total cash equivalents and marketable securities	0	0
Level 2
Assets
Total cash equivalents and marketable securities	598,142	557,712
Level 2 \| 5.00% Convertible notes due 2027
Liabilities
5.00% Convertible notes due 2027	163,918	174,386
Level 2 \| Money market funds
Assets
Total cash equivalents and marketable securities	0	0
Level 2 \| Government-backed securities
Assets
Total cash equivalents and marketable securities	130,000	130,000
Level 2 \| Treasury securities
Assets
Total cash equivalents and marketable securities	185,125	184,554
Level 2 \| Corporate debt securities
Assets
Total cash equivalents and marketable securities	283,017	243,158
Level 3
Assets
Total cash equivalents and marketable securities	0	0
Level 3 \| 5.00% Convertible notes due 2027
Liabilities
5.00% Convertible notes due 2027	0	0
Level 3 \| Money market funds
Assets
Total cash equivalents and marketable securities	0	0
Level 3 \| Government-backed securities
Assets
Total cash equivalents and marketable securities	0	0
Level 3 \| Treasury securities
Assets
Total cash equivalents and marketable securities	0	0
Level 3 \| Corporate debt securities
Assets
Total cash equivalents and marketable securities	$ 0	$ 0

Revenue - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 29, 2024	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition
Billed contracts receivable		$ 38,400		$ 102,900
Unbilled contracts receivable		6,100		5,400
Amount of transaction price not yet satisfied		600,000
Deferred revenue		517,891	$ 1,082,373	1,121,886	$ 863,521
Claim related to performance obligation		23,000
Other current liabilities		142,031		219,596
Other non-current liabilities		313,727		359,614
Revenues		666,655	93,855
Current deferred revenue		108,334		675,067
Noncurrent deferred revenue		409,557		446,819
Australia Revenue Agency Member
Revenue Recognition
Noncurrent deferred revenue		102,600
Deferred revenue refund		92,500
Product sales
Revenue Recognition
Deferred revenue		78,490	103,082	137,833	$ 105,688
Revenues		621,678	89,836
Product sales \| Accrued Liabilities
Revenue Recognition
Deferred revenue		50,400		77,100
Product sales \| Accounts Payable
Revenue Recognition
Deferred revenue		4,900		10,100
Product sales \| Accounts Receivable
Revenue Recognition
Deferred revenue		23,200		50,600
Settlement Agreement
Revenue Recognition
Litigation settlement, expense	$ 80,000	400,000
Grants receivable		225,000	$ 225,000
Litigation settlement, amount awarded to other party		75,000
Other current liabilities		80,000
Other non-current liabilities		240,000
Gavi Advance Purchase Agreement- COVAX Facility
Revenue Recognition
Collaborative agreement, upfront payment amount		700,000
Australian APA
Revenue Recognition
Current deferred revenue		31,200
Canada APA
Revenue Recognition
Current deferred revenue		575,700		555,700
Canada APA \| Canada Revenue Agency
Revenue Recognition
Current deferred revenue		28,000
Escrow funding		20,000
Canada APA \| Other Current Liabilities
Revenue Recognition
Current deferred revenue				48,000
New Zealand, termination of the agreement
Revenue Recognition
Current deferred revenue		27,300		$ 31,300
Upfront payments		$ 4,000

Revenue -Schedule of Accounts Receivable, Unbilled Services, and Deferred Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Accounts receivable:
Accounts receivable, beginning balance	$ 115,960,000	$ 304,916,000
Additions	123,785,000	136,510,000
Deductions	(187,560,000)	(412,370,000)
Accounts receivable, ending balance	52,185,000	29,056,000
Allowance for credit losses
Allowance for credit losses, beginning balance	(7,675,000)	(7,675,000)
Additions	0	0
Deductions	0	0
Allowance for credit losses, end balance	(7,675,000)	(7,675,000)
Deferred revenue
Deferred revenue, beginning balance	1,121,886,000	863,521,000
Additions	0	225,000,000
Deductions	(603,995,000)	(6,148,000)
Deferred revenue, ending balance	517,891,000	1,082,373,000
Revenue Recognition
Additions	0	0
Settlement Agreement
Revenue Recognition
Grants receivable	$ 225,000,000	$ 225,000,000

Revenue - Schedule of Product Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue Recognition
Total revenue	$ 666,655	$ 93,855
Product sales
Revenue Recognition
Total revenue	621,678	89,836
Nuvaxovid sales
Revenue Recognition
Total revenue	608,025	82,324
Supply sales
Revenue Recognition
Total revenue	$ 13,653	$ 7,512

Revenue - Schedule of Revenue Gross to Net Deductions Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning balance	$ 1,121,886	$ 863,521
Deferred revenue, ending balance	517,891	1,082,373
Product sales
Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning balance	137,833	105,688
Amounts charged against product sales	55,571	35,372
Credits/deductions	(114,914)	(37,978)
Deferred revenue, ending balance	78,490	103,082
Product sales \| Wholesale Distributor Fees, Discounts, and Chargebacks
Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning balance	21,136	21,072
Amounts charged against product sales	16,572	16,076
Credits/deductions	(30,131)	(26,979)
Deferred revenue, ending balance	7,577	10,169
Product sales \| Product Returns
Contract with Customer, Liability [Roll Forward]
Deferred revenue, beginning balance	116,697	84,616
Amounts charged against product sales	38,999	19,296
Credits/deductions	(84,783)	(10,999)
Deferred revenue, ending balance	70,913	92,913
Adjustments to amounts charged against product sales	$ 1,500	$ 3,400

Revenue - Licensing, Royalties, and Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue Recognition
Total revenue	$ 666,655	$ 93,855
Database lock of an Existing Phase 2/3 clinical trial
Revenue Recognition
Upfront fee and milestones	500,000
Milestone payments for database lock	50,000
Licensing, royalties, and other
Revenue Recognition
Total revenue	44,977	4,019
Licensing, royalties, and other \| Sanofi
Revenue Recognition
Total revenue	40,321	0
Licensing, royalties, and other \| Other partners
Revenue Recognition
Total revenue	4,656	4,019
Upfront Fee Amortization \| Sanofi
Revenue Recognition
Total revenue	19,912	0
Milestone Amortization \| Sanofi
Revenue Recognition
Total revenue	9,143	0
Cost reimbursements \| Sanofi
Revenue Recognition
Total revenue	$ 11,266	$ 0

Collaboration, License, and Supply Agreements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalty period	15 years
Transition services revenue	$ 666,455	$ 93,855
Deferred revenue	49,400
Current deferred revenue	108,334		$ 675,067
Noncurrent deferred revenue	409,557		$ 446,819
Sanofi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments	700,000
Total licensing, royalties, and other revenue	40,300
Sanofi \| Selling, general, and administrative
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Capitalized contract cost, amortization	900
Licensed COVID-19 products and royalty payments \| Sanofi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments	650,000
Approval of marketing authorization for the COVID-19 vaccine from the FDA \| Sanofi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments	175,000
Transfer of approval of marketing authorization for the COVID-19 vaccine from the FDA \| Sanofi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments	25,000
Transfer of EMA approval of the COVID-19 vaccine \| Sanofi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments	25,000
Completion of the technology transfer of the Company’s manufacturing process for the COVID-19 Vaccine \| Sanofi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments	75,000
CIC Product-Related Development Milestones \| Sanofi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments	125,000
CIC Product-Related Launch Milestones \| Sanofi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments	225,000
Database lock of an Existing Phase 2/3 clinical trial
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments	50,000
First Four Adjuvant Products \| Sanofi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments	200,000
Adjuvant Products Thereafter \| Sanofi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development, tech transfer, launch, and sales milestone payments	210,000
Transition Services \| Sanofi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Current deferred revenue	28,400
Noncurrent deferred revenue	21,000
Cumulative catch up adjustment	9,500
Product and Service, Other \| Sanofi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Capitalized contract cost, amortization	$ 35,000

Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net income (loss), basic	$ 518,646
Interest on convertible notes	2,634	$ 0
Net income (loss), dilutive	$ 521,280	$ (147,550)
Denominator:
Weighted average number of common shares outstanding, basic (in shares)	161,049	139,916
Effect of dilutive securities (in shares)	16,576	0
Weighted average number of common shares outstanding, dilutive (in shares)	177,625	139,916
Net income (loss) per share:
Basic (in usd per share)	$ 3.22	$ (1.05)
Diluted (in usd per share)	$ 2.93	$ (1.05)
Anti-dilutive securities excluded from calculations of diluted net income (loss) per share (in shares)	5,349	24,269

Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 263,338	$ 530,230
Restricted cash, current	10,681	10,626
Restricted cash, non-current	4,461	4,436
Cash, cash equivalents, and restricted cash	$ 278,480	$ 545,292	$ 495,936	$ 583,810

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 2,600	$ 2,087
Semi-finished goods	7,558	4,899
Finished goods	105	1,763
Total inventory	$ 10,263	$ 8,749

Inventory - Narrative (Details) - USD ($)	3 Months Ended
Inventory - Narrative (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Inventory Disclosure [Abstract]
Provision for excess and obsolete inventory	$ 300,000	$ 8,800,000
Firm purchase commitment loss	$ 0	$ 0

Goodwill - Narrative (Details) - reporting_unit	3 Months Ended	12 Months Ended
Goodwill - Narrative (Details) - reporting_unit	Mar. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting unit	1	1

Goodwill - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
Goodwill - Schedule of Goodwill (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 107,478
Currency translation adjustments	4,549
Ending balance	$ 112,027

Long-Term Debt -Schedule of Convertible Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (5,124)	$ (5,566)
Total convertible notes payable	$ 170,126	169,684
5.00% Convertible notes due 2027
Debt Instrument [Line Items]
Interest rate	5.00%
5.00% Convertible notes due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
5.00% Convertible notes due 2027	$ 175,250	$ 175,250

Long-Term Debt - Narrative (Details)	Mar. 31, 2025
5.00% Convertible notes due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	6.20%

Long-Term Debt -Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt Disclosure [Abstract]
Coupon interest	$ 2,192	$ 2,192
Amortization of debt issuance costs	442	416
Total interest expense on convertible notes payable	$ 2,634	$ 2,608

Stockholders' Deficit (Details) - Common Stock - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Aug. 31, 2023
Stockholders' Equity
Authorized amount			$ 500
August 2023 Sales Agreement
Stockholders' Equity
Sale of stock, number of shares issued in transaction (in shares)	0	0
Remaining unissued capital	$ 51

Stock-Based Compensation - Additional Information (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2025	Mar. 31, 2024	Jan. 31, 2023	Jun. 30, 2013
Stock-Based Compensation
Stock-based compensation capitalized		$ 0	$ 0
Unrecognized compensation expense		$ 73,000,000
Unrecognized compensation expense, recognition period		1 year
Aggregate intrinsic value, stock options and vesting RSA's		$ 16,200,000	$ 4,500,000
Aggregate intrinsic value, outstanding (less than)		$ 900,000
Remaining term, outstanding (in years)		8 years 1 month 6 days
ESPP
Stock-Based Compensation
Shares available for grant (in shares)		0.7
Authorized (in shares)		3.5			2.2
Percentage increase of shares each anniversary		5.00%
Subscription rate cap		15.00%
Maximum discount rate		85.00%
2023 Inducement Plan
Stock-Based Compensation
Shares available for grant (in shares)				1.0
Number of shares available for issuance (in shares)		0.1
2015 Plan
Stock-Based Compensation
Number of shares available for issuance (in shares)		0.4
Authorized (in shares)		27.5
Term (in years)	10 years
Minimum grant price, percent of common stock fair value	100.00%
Aggregate intrinsic value, exercisable		$ 400,000
Remaining term, exercisable (in years)		6 years 2 months 12 days
2015 Plan \| Minimum
Stock-Based Compensation
Vesting period	1 year
2015 Plan \| Maximum
Stock-Based Compensation
Vesting period	4 years

Stock-Based Compensation - Schedule of Stock-Based Compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Compensation expense:
Total stock-based compensation expense	$ 10,285	$ 11,556
Cost of sales
Compensation expense:
Total stock-based compensation expense	525	594
Research and development
Compensation expense:
Total stock-based compensation expense	4,289	5,505
Selling, general, and administrative
Compensation expense:
Total stock-based compensation expense	$ 5,471	$ 5,457

Stock-Based Compensation -Schedule of Assumptions Used in Estimation of Fair Value of Stock (Details)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
2023 Inducement Plan
Stock Options
Outstanding, beginning balance (in shares) \| shares	486,950
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Canceled (in shares) \| shares	0
Outstanding, ending balance (in shares) \| shares	486,950
Shares exercisable (in shares) \| shares	215,485
Weighted-Average Exercise Price
Outstanding, beginning balance (in usd per share) \| $ / shares	$ 10.45
Granted (in usd per share) \| $ / shares	0
Exercised (in usd per share) \| $ / shares	0
Canceled (in usd per share) \| $ / shares	0
Outstanding, ending balance (in usd per share) \| $ / shares	10.45
Shares exercisable (in usd per share) \| $ / shares	$ 10.80
2015 Plan
Stock Options
Outstanding, beginning balance (in shares) \| shares	3,496,052
Granted (in shares) \| shares	2,224,293
Exercised (in shares) \| shares	(5,386)
Canceled (in shares) \| shares	(419,113)
Outstanding, ending balance (in shares) \| shares	5,295,846
Shares exercisable (in shares) \| shares	2,055,818
Weighted-Average Exercise Price
Outstanding, beginning balance (in usd per share) \| $ / shares	$ 32.75
Granted (in usd per share) \| $ / shares	7.88
Exercised (in usd per share) \| $ / shares	6.02
Canceled (in usd per share) \| $ / shares	58.31
Outstanding, ending balance (in usd per share) \| $ / shares	20.31
Shares exercisable (in usd per share) \| $ / shares	$ 37.53

Stock-Based Compensation - Stock Options and Appreciation Rights, Assumptions (Details) - Stock options - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Fair Value
Weighted average Black-Scholes fair value of stop options and SARs granted (in usd per share)	$ 5.59	$ 4.34
Risk-free interest rate, minimum	4.00%
Risk-free interest rate, maximum	4.10%
Risk-free interest rate		4.30%
Dividend yield	0.00%	0.00%
Volatility, minimum	99.70%	114.30%
Volatility, maximum	121.60%	121.10%
Minimum
Fair Value
Expected term (in years)	3 years 10 months 24 days	3 years 10 months 24 days
Maximum
Fair Value
Expected term (in years)	6 years 6 months	4 years 4 months 24 days

Stock-Based Compensation - Schedule of Share Based Compensation Restricted Stock Awards Activity (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2025 $ / shares shares
2023 Inducement Plan
Number of Shares
Outstanding and Unvested, beginning balance (in shares) \| shares	285,429
Restricted stock units granted (in shares) \| shares	0
Restricted stock units vested (in shares) \| shares	(102,796)
Restricted stock units forfeited (in shares) \| shares	0
Outstanding and Unvested, ending balance (in shares) \| shares	182,633
Per Share Weighted- Average Fair Value
Outstanding and Unvested, beginning balance (in usd per share) \| $ / shares	$ 10.42
Restricted stock units granted (in usd per share) \| $ / shares	0
Restricted stock units vested (in usd per share) \| $ / shares	10.96
Restricted stock units forfeited (in usd per share) \| $ / shares	0
Outstanding and Unvested, ending balance (in usd per share) \| $ / shares	$ 10.11
2015 Plan
Number of Shares
Outstanding and Unvested, beginning balance (in shares) \| shares	5,558,642
Restricted stock units granted (in shares) \| shares	3,531,690
Restricted stock units vested (in shares) \| shares	(1,832,799)
Restricted stock units forfeited (in shares) \| shares	(187,046)
Outstanding and Unvested, ending balance (in shares) \| shares	7,070,487
Per Share Weighted- Average Fair Value
Outstanding and Unvested, beginning balance (in usd per share) \| $ / shares	$ 8.27
Restricted stock units granted (in usd per share) \| $ / shares	7.87
Restricted stock units vested (in usd per share) \| $ / shares	10.21
Restricted stock units forfeited (in usd per share) \| $ / shares	9.00
Outstanding and Unvested, ending balance (in usd per share) \| $ / shares	$ 8.27

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Federal, state, and local, income tax expense (benefit), continuing operations	$ 700,000	$ 2,300,000
Current foreign tax expense (benefit)	$ 500,000	$ 0

Commitments and Contingencies (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 07, 2025	Mar. 31, 2025	Nov. 22, 2024
Loss Contingencies [Line Items]
Loss contingency accrual			$ 6.8
Proposed settlement of insurers to pay	$ 6.8
Settlement Agreement
Loss Contingencies [Line Items]
Counsel fees and attorney fees	$ 2.0
Net gain on settlement		$ 4.8

Restructuring - Narrative (Details) - USD ($)	3 Months Ended
Restructuring - Narrative (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Net investment in assets	$ 119,000,000
ROU asset	134,000,000
Leasehold improvements	37,000,000
Finance lease obligations	52,000,000
Impairment of assets	0	$ 1,669,000
2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Impairment of assets	0	$ 1,669,000
Impairment of long-lived assets	0
Severance And Employee Benefits
Restructuring Cost and Reserve [Line Items]
Payments for severance and employee benefit costs	(2,700,000)
Remaining liability for severance employee benefit costs	$ (900,000)		$ 3,100,000

Restructuring -Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]
Impairment of assets	$ 0	$ 1,669
Total Restructuring charge	500
2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Severance and employee benefit costs	505	4,401
Impairment of assets	0	1,669
Total Restructuring charge	$ 505	6,070
Selling, general, and administrative
Restructuring Cost and Reserve [Line Items]
Total Restructuring charge		4,500
Research and development
Restructuring Cost and Reserve [Line Items]
Total Restructuring charge		$ 1,600

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of business segments	1

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Revenue	$ 666,655	$ 93,855
Cost of sales	14,115	59,209
Research and development expenses:	88,937	92,679
Net income (loss)	518,646	(147,550)
Reportable Segment
Segment Reporting Information [Line Items]
Revenue	666,655	93,855
Cost of sales	14,115	59,209
Selling, general, and administrative expense	48,090	86,798
Other segment income (expense)	3,133	(2,719)
Net income (loss)	518,646	(147,550)
Employee and benefit expenses \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development expenses:	39,910	43,458
Facility and other research and development expenses \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development expenses:	29,089	22,824
Direct coronavirus vaccines \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development expenses:	18,059	26,061
Direct other vaccine development programs \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development expenses:	$ 1,879	$ 336

Segment Reporting - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 666,455	$ 93,855
Total long-lived assets	291,033		$ 299,998
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	39,410	(6,431)
Total long-lived assets	287,059		295,879
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	575,670	0
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	8,086	90,416
Total long-lived assets	3,974		$ 4,119
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 43,289	$ 9,870

Novavax (NASDAQ:NVAX)
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Novavax (NASDAQ:NVAX)
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