NOVAVAX INC Fair Value Disclosure
| Fair Value at December 31, 2025 | Fair Value at December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||
Money market funds (1) | $ | 128,152 | $ | — | $ | — | $ | 287,393 | $ | — | $ | — | |||||||||||||||||||||||
Government-backed securities (1) | — | 90,000 | — | — | 130,000 | — | |||||||||||||||||||||||||||||
Treasury securities | — | 220,299 | — | — | 184,554 | — | |||||||||||||||||||||||||||||
Corporate debt securities (2) | — | 260,154 | — | — | 243,158 | — | |||||||||||||||||||||||||||||
Agency securities | — | 13,997 | — | — | — | — | |||||||||||||||||||||||||||||
Total | $ | 128,152 | $ | 584,450 | $ | — | $ | 287,393 | $ | 557,712 | $ | — | |||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||
5.00% Convertible notes due 2027 | $ | — | $ | 28,313 | $ | — | $ | — | $ | 174,386 | $ | — | |||||||||||||||||||||||
4.625% Convertible notes due 2031 | — | 221,967 | — | — | — | — | |||||||||||||||||||||||||||||
Total Convertible notes payable | $ | — | $ | 250,280 | $ | — | $ | — | $ | 174,386 | $ | — | |||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 11, 2020 | |
| 2018 | Mar 18, 2019 | |
| 2017 | Mar 14, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 29, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.