NOVAVAX INC

Listed Company

NVAXCIK 0001000694NasdaqLarge AcceleratedBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.12B

Net Income

$440.30M

Total Assets

$1.18B

Equity

$-127.75M

Shares Out

164.44M

Op. Cash Flow

$-244.60M

NVAX$8.21+17.79% · past yearDBEQ Basic

Daily closing prices

Business

Novavax, Inc. is a vaccine company that develops and commercializes vaccines using its proprietary recombinant nanoparticle technology platform and Matrix-M™ adjuvant to boost immune response. The company's authorized COVID-19 vaccine (Nuvaxovid) is now co-commercialized with Sanofi, and its Matrix-M™ adjuvant is used in the R21 malaria vaccine developed by the Jenner Institute and manufactured by Serum Institute of India. Novavax is advancing a pipeline of vaccine candidates in infectious diseases and exploring expansion beyond infectious diseases through partnerships and internal R&D.

Summary from 10-K filed 2026-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	1,123	682	984	1,982	1,146
Cost of sales	73	203	344	903	0
Research and development	342	391	738	1,235	2,535
Selling, general, and administrative	157	337	469	489	—
Impairment of assets held for sale	98	0	0	—	—
Total expenses	671	931	1,550	2,627	2,833
Income (loss) from operations	453	−249	−567	−645	−1,687
Interest expense	−23	−20	−14	−20	—
Loss on debt extinguishment	−29	0	0	—	—
Gain on disposition of Novavax CZ assets	0	52	0	0	—
Other income, net	41	40	38	11	−7
Income (loss) before income tax expense	442	−177	−543	−654	−1,715
Income tax expense	−2	−11	−2	−4	−29
Net income (loss)	440	−187	−545	−658	−1,744
Basic (in usd per share)	2.72	−1.23	−5.41	−8.42	−23.44
Diluted (in usd per share)	2.58	−1.23	−5.41	−8.42	−23.44
Basic (in shares)	162	152	101	78	74
Diluted (in shares)	173	152	101	78	74

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	241	530	569	1,337	1,515
Marketable securities	495	393	0	—	0
Restricted cash	11	11	10	10	11
Accounts receivable	106	108	297	82	455
Inventory	12	9	42	37	9
Prepaid expenses and other current assets	27	78	226	237	165
Assets held for sale	88	0	—	—	—
Total current assets	978	1,129	1,144	1,703	2,155
Property and equipment, net	45	138	306	294	226
Right-of-use asset, net	23	162	185	106	40
Goodwill	113	107	127	126	131
Other non-current assets	17	24	35	28	24
Total assets	1,177	1,560	1,797	2,259	2,577
Accounts payable	25	42	133	217	127
Accrued expenses	107	211	395	591	674
Deferred revenue	140	675	241	400	1,400
Current portion of finance lease liabilities	3	7	5	27	131
Other current liabilities	138	220	861	930	36
Liabilities held for sale	48	0	—	—	—
Total current liabilities	460	1,154	1,635	2,460	2,390
Deferred revenue	359	447	622	179	173
Convertible notes payable	244	170	168	166	323
Non-current finance lease liabilities	2	54	56	31	0
Other non-current liabilities	239	360	33	56	42
Total liabilities	1,304	2,184	2,514	2,893	2,928
Commitments and contingencies (Note 18)	—	—	—	—	—
Preferred stock, $0.01 par value, 2,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.01 par value, 600,000,000 shares authorized at December 31, 2025 and 2024; and 164,969,773 shares issued and 162,575,937 shares outstanding at December 31, 2025 and 161,942,677 shares issued and 160,421,136 shares outstanding at December 31, 2024	2	2	1	868,000	764,000
Additional paid-in capital	4,540	4,501	4,192	3,738	3,352
Accumulated deficit	−4,568	−5,008	−4,821	−4,276	−3,618
Treasury stock, 2,393,836 shares, cost basis at December 31, 2025 and 1,521,541 shares, cost basis at December 31, 2024	−103	−96	−92	−91	—
Accumulated other comprehensive income (loss)	2	−23	3	−6	−1
Total stockholders deficit	−128	−624	−717	−634	−352
Total liabilities and stockholders deficit	1,177	1,560	1,797	2,259	2,577

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	28	48	41	29	13
Right-of-use assets expensed, net of credits received	0	4	6	18	144
Stock-based compensation	36	48	85	130	184
Provision for excess and obsolete inventory	2	21	72	448	0
Impairment of other long-lived assets	5	4	10	—	—
Other items, net	6	−22	−7	−22	−8
Inventory	−3	13	−74	−478	−9
Accounts receivable, prepaid expenses, and other assets	61	354	−274	249	−183
Accounts payable, accrued expenses, and other liabilities	−323	−386	−379	913	600
Deferred revenue	−623	67	351	−1,046	1,326
Net cash used in operating activities	−245	−87	−714	−416	323
Capital expenditures	−6	−13	−54	−89	−55
Internal-use software	−828,000	−2	−5	−4	−3
Proceeds from Assets held for sale	20	0	0	—	—
Proceeds from disposition of Novavax CZ assets	0	193	0	—	—
Purchases of marketable securities	−445	−826	0	0	−2
Proceeds from maturities of marketable securities	354	444	0	0	—
Net cash used in investing activities	−78	−204	−59	−93	100
Net proceeds from sales of common stock	0	263	360	249	565
Proceeds on the issuance of Convertible Senior Notes due 2031, net of issuance costs	43	0	0	175	0
Payments of costs related to issuance of 2027 Convertible notes	0	0	−4	−5	0
Proceeds from the exercise of stock-based awards, net of tax withholding	−5	1	159,000	—	—
Repayment of 2023 Convertible notes	0	0	−325	0	0
Finance lease payments	−10	−4	−27	−94	−128
Net cash provided by financing activities	28	261	4	325	462
Effect of exchange rate on cash, cash equivalents, and restricted cash	6	−8	3	5	−5
Net decrease in cash, cash equivalents, and restricted cash	−289	−39	−765	−179	880
Issuance of Convertible Senior Notes due 2031 in exchange for Convertible Senior Notes due 2027	175	0	0	—	—
Sale of common stock under the Sales Agreement not settled at year-end	0	0	7	0	0
Capital expenditures included in accounts payable and accrued expenses	0	1	8	18	10
Right-of-use assets from new lease agreements, net of tenant improvement allowance on facility leases	3	−4	103	92	179
Cash interest payments, net of amounts capitalized	15	18	17	18	19
Cash paid for income taxes, net of refunds received	9	949,000	190,000	18	—

Filings

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Frequently asked questions

What is NOVAVAX INC's CIK number?

NOVAVAX INC's SEC CIK number is 0001000694 (1000694). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find NOVAVAX INC's SEC filings?

All of NOVAVAX INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did NOVAVAX INC last report earnings?

NOVAVAX INC (NVAX) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-030924). This is NOVAVAX INC's most recent earnings filing of record — not a forecast of its next earnings date.

What is NOVAVAX INC's most recent earnings 8-K?

NOVAVAX INC's latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0001628280-26-030924. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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