2019 Q4 Form 10-K Financial Statement

#000100069421000004 Filed on March 01, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018
Revenue $8.800M $6.127M $34.29M
YoY Change 43.63% -41.15% 9.98%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.200M $9.200M $34.40M
YoY Change -10.87% 8.24% -0.29%
% of Gross Profit
Research & Development $29.30M $43.40M $173.8M
YoY Change -32.49% -12.68% 3.18%
% of Gross Profit
Depreciation & Amortization $1.000M $2.000M $7.400M
YoY Change -50.0% -4.76% -2.63%
% of Gross Profit
Operating Expenses $37.50M $52.60M $173.8M
YoY Change -28.71% -9.62% 3.18%
Operating Profit -$173.9M
YoY Change 1.29%
Interest Expense -$3.100M -$2.800M $13.61M
YoY Change 10.71% -9.68% -3.27%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $108.0K
YoY Change 61.19%
Pretax Income -$31.80M -$49.30M -$184.7M
YoY Change -35.5% -2.95% 0.49%
Income Tax
% Of Pretax Income
Net Earnings -$31.80M -$49.33M -$184.7M
YoY Change -35.54% -2.97% 0.53%
Net Earnings / Revenue -361.36% -805.19% -538.81%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.132M -$2.568M -$9.984M
COMMON SHARES
Basic Shares Outstanding 382.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.80M $92.10M $92.10M
YoY Change -14.44% -41.45% -41.45%
Cash & Equivalents $78.82M $70.15M $70.20M
Short-Term Investments $0.00 $22.00M $22.00M
Other Short-Term Assets $4.376M $4.321M $27.20M
YoY Change 1.27% -7.85% -40.87%
Inventory
Prepaid Expenses
Receivables $7.500M
Other Receivables $0.00
Total Short-Term Assets $97.25M $119.3M $119.3M
YoY Change -18.47% -41.33% -41.32%
LONG-TERM ASSETS
Property, Plant & Equipment $11.45M $28.43M $28.40M
YoY Change -59.74% -21.01% -21.11%
Goodwill $51.15M $51.97M
YoY Change -1.56% -2.98%
Intangibles $5.581M $6.541M
YoY Change -14.68% -16.92%
Long-Term Investments
YoY Change
Other Assets $7.120M $810.0K $1.800M
YoY Change 779.01% -6.79% 0.0%
Total Long-Term Assets $75.71M $88.70M $88.70M
YoY Change -14.65% -10.57% -10.58%
TOTAL ASSETS
Total Short-Term Assets $97.25M $119.3M $119.3M
Total Long-Term Assets $75.71M $88.70M $88.70M
Total Assets $173.0M $208.0M $208.0M
YoY Change -16.84% -31.25% -31.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.910M $9.301M $9.300M
YoY Change -68.71% 65.7% 66.07%
Accrued Expenses $14.87M $19.55M $24.60M
YoY Change -23.95% -33.98% -29.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.80M $45.54M $45.50M
YoY Change -43.36% -38.19% -38.26%
LONG-TERM LIABILITIES
Long-Term Debt $320.6M $319.2M $319.2M
YoY Change 0.44% 0.44% 0.44%
Other Long-Term Liabilities $12.57M $8.687M $11.20M
YoY Change 44.68% -15.55% -12.5%
Total Long-Term Liabilities $12.57M $8.687M $330.4M
YoY Change 44.68% -15.55% -0.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.80M $45.54M $45.50M
Total Long-Term Liabilities $12.57M $8.687M $330.4M
Total Liabilities $359.0M $375.9M $375.9M
YoY Change -4.51% -7.0% -7.0%
SHAREHOLDERS EQUITY
Retained Earnings -$1.432B -$1.299B
YoY Change 10.21% 16.58%
Common Stock $324.0K $3.849M
YoY Change -91.58% 18.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.583M $2.450M
YoY Change 5.43% 0.0%
Treasury Stock Shares 46.94K shares $455.4K
Shareholders Equity -$186.0M -$167.9M -$167.9M
YoY Change
Total Liabilities & Shareholders Equity $173.0M $208.0M $208.0M
YoY Change -16.84% -31.25% -31.24%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$31.80M -$49.33M -$184.7M
YoY Change -35.54% -2.97% 0.53%
Depreciation, Depletion And Amortization $1.000M $2.000M $7.400M
YoY Change -50.0% -4.76% -2.63%
Cash From Operating Activities -$23.70M -$45.20M -$184.8M
YoY Change -47.57% 4.15% 27.93%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K -$500.0K -$1.370M
YoY Change -40.0% -28.57% -67.3%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 $48.90M $29.97M
YoY Change -100.0% 179.43% -25.37%
Cash From Investing Activities -$200.0K $48.30M $28.60M
YoY Change -100.41% 187.5% -20.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.1M
YoY Change 57.76%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.20M 3.900M $102.8M
YoY Change 674.36% -77.59% 59.29%
NET CHANGE
Cash From Operating Activities -23.70M -45.20M -$184.8M
Cash From Investing Activities -200.0K 48.30M $28.60M
Cash From Financing Activities 30.20M 3.900M $102.8M
Net Change In Cash 6.300M 7.000M -$53.47M
YoY Change -10.0% -176.09% 22.01%
FREE CASH FLOW
Cash From Operating Activities -$23.70M -$45.20M -$184.8M
Capital Expenditures -$300.0K -$500.0K -$1.370M
Free Cash Flow -$23.40M -$44.70M -$183.5M
YoY Change -47.65% 4.68% 30.77%

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CY2019 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
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9016000 USD
CY2018 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
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1424000 USD
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1424000 USD
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1424000 USD
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1857000 USD
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1372000 USD
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2115000 USD
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566558000 USD
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221000 USD
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82180000 USD
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135431000 USD
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648738000 USD
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82180000 USD
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81959000 USD
CY2020 nvax Proceeds From Issuance Or Sale Of Equity Not Settled
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3227000 USD
CY2019 nvax Proceeds From Issuance Or Sale Of Equity Not Settled
ProceedsFromIssuanceOrSaleOfEquityNotSettled
497000 USD
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CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
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519000 USD
CY2020 nvax Non Cash Related Transactions For Finance Lease Right Of Use Asset
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247599000 USD
CY2019 nvax Non Cash Related Transactions For Finance Lease Right Of Use Asset
NonCashRelatedTransactionsForFinanceLeaseRightOfUseAsset
0 USD
CY2018 nvax Non Cash Related Transactions For Finance Lease Right Of Use Asset
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0 USD
CY2020 us-gaap Interest Paid Net
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13705000 USD
CY2019 us-gaap Interest Paid Net
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12188000 USD
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12188000 USD
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Organization<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Novavax, Inc. (“Novavax,” and together with its wholly owned subsidiaries, Novavax AB and Novavax CZ (formerly, Praha Vaccines a.s.), the “Company”) is a late-stage biotechnology company that promotes improved global health through the discovery, development and commercialization of innovative vaccines to prevent serious infectious diseases and address urgent, global health needs. The Company’s vaccine candidates, including both its coronavirus vaccine candidate, NVX-CoV2373, and its lead influenza vaccine candidate, NanoFlu</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:115%;position:relative;top:-4.2pt;vertical-align:baseline">TM</span>, are genetically engineered, three-dimensional nanostructures of recombinant proteins critical to disease pathogenesis and may elicit differentiated immune responses, which may be more efficacious than naturally occurring immunity or traditional vaccines.
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648738000 USD
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82180000 USD
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<div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements in conformity with generally accepted accounting principles in the United States (“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 consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.</span></div>
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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553398000 USD
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CY2020 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:10pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments expose the Company to concentration of credit risk and consist primarily of cash and cash equivalents and marketable securities. The Company’s investment policy limits investments to certain types of instruments, including asset-backed securities, high-grade corporate debt securities and money market funds, places restrictions on maturities and concentrations in certain industries and requires the Company to maintain a certain level of liquidity. At times, the Company maintains cash balances in financial institutions, which may exceed federally insured limits. The Company has not experienced any losses relating to such accounts and believes it is not exposed to a significant credit risk on its cash and cash equivalents.</span></div>
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1800000000 USD
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CY2019Q4 us-gaap Goodwill Impairment Loss
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CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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7000000.0 USD
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14000 USD
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5000 USD
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CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2019Q4 us-gaap Goodwill
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CY2020 us-gaap Goodwill Foreign Currency Translation Gain Loss
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13563000 USD
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CY2020Q4 us-gaap Goodwill
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CY2019Q4 us-gaap Goodwill
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7483000 USD
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5725000 USD
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11591000 USD
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6010000 USD
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5581000 USD
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455000 USD
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455000 USD
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455000 USD
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600000 USD
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700000 USD
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CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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455000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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455000 USD
CY2020 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
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18662000 USD
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CY2020 nvax Operating And Financing Lease Liability Current
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109644000 USD
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CY2020 nvax Operating And Financing Lease Liability Noncurrent
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50205000 USD
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P4Y6M
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P4Y8M12D
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0.138
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2462000 USD
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66805000 USD
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242009000 USD
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3097000 USD
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245106000 USD
CY2020 nvax Operating Lease Payments Related To Financing Activities
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3097000 USD
CY2020 us-gaap Operating Lease Payments
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96065000 USD
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5590000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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242009000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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