$NVAX
NOVAVAX INC

2022 Q3 Form 10-Q Financial Statement

#000100069422000016 Filed on August 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $734.6M $185.9M $704.0M
YoY Change 310.74% -37.61% 57.41%
Cost Of Revenue $434.6M $271.1M $15.20M
YoY Change
Gross Profit $300.0M -$85.15M $688.8M
YoY Change 67.74% -128.57% 54.01%
Gross Profit Margin 40.84% -45.8% 97.84%
Selling, General & Admin $122.9M $108.2M $95.99M
YoY Change 57.95% 47.84% 51.89%
% of Gross Profit 40.96% 13.94%
Research & Development $304.3M $289.6M $383.5M
YoY Change -25.45% -49.25% -35.3%
% of Gross Profit 101.44% 55.68%
Depreciation & Amortization $8.347M $6.720M $6.765M
YoY Change 95.85% 176.89% 194.13%
% of Gross Profit 2.78% 0.98%
Operating Expenses $304.3M $289.6M $383.5M
YoY Change -25.45% -49.25% -35.3%
Operating Profit -$127.2M -$483.0M $209.3M
YoY Change -58.59% 39.65% -200.32%
Interest Expense $4.169M $6.234M $4.876M
YoY Change -19.55% 4.46% 0.76%
% of Operating Profit 2.33%
Other Income/Expense, Net -$34.78M -$19.87M $1.654M
YoY Change 691.6% -756.31% -126.54%
Pretax Income -$166.1M -$509.1M $206.1M
YoY Change -47.49% 45.96% -193.8%
Income Tax $2.472M $1.418M $2.662M
% Of Pretax Income 1.29%
Net Earnings -$168.6M -$510.5M $203.4M
YoY Change -47.71% 44.89% -191.33%
Net Earnings / Revenue -22.95% -274.57% 28.89%
Basic Earnings Per Share -$2.15 -$6.53 $2.66
Diluted Earnings Per Share -$2.154M -$6.533M $2.56
COMMON SHARES
Basic Shares Outstanding 78.22M shares 78.14M shares 76.46M shares
Diluted Shares Outstanding 78.27M shares 78.14M shares 80.71M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.281B $1.376B $1.571B
YoY Change -33.89% -33.7% -21.36%
Cash & Equivalents $1.281B $1.376B $1.571B
Short-Term Investments
Other Short-Term Assets $285.3M $309.6M $191.6M
YoY Change 124.26% 48.3% 30.55%
Inventory $82.43M $256.3M $106.6M
Prepaid Expenses
Receivables $111.6M $194.5M $478.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.760B $2.136B $2.347B
YoY Change -19.05% -9.3% 4.48%
LONG-TERM ASSETS
Property, Plant & Equipment $255.5M $254.5M $247.2M
YoY Change 18.99% 19.39% 28.73%
Goodwill $117.5M $123.5M $130.8M
YoY Change -10.95% -8.06% -0.09%
Intangibles $8.456M $4.033M $4.535M
YoY Change 68.21% -23.63% -13.95%
Long-Term Investments
YoY Change
Other Assets $17.41M $19.20M $18.61M
YoY Change -54.6% -52.46% -41.7%
Total Long-Term Assets $507.5M $487.0M $487.5M
YoY Change 29.54% 23.42% 34.82%
TOTAL ASSETS
Total Short-Term Assets $1.760B $2.136B $2.347B
Total Long-Term Assets $507.5M $487.0M $487.5M
Total Assets $2.267B $2.623B $2.835B
YoY Change -11.63% -4.6% 8.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $145.0M $386.5M $135.1M
YoY Change 143.43% 422.32% 18.95%
Accrued Expenses $551.1M $585.6M $559.9M
YoY Change 70.15% 135.03% 276.74%
Deferred Revenue $404.8M $701.5M $1.100B
YoY Change
Short-Term Debt $324.5M $324.2M $323.8M
YoY Change
Long-Term Debt Due $82.10M $124.3M $116.7M
YoY Change -21.05% 26.3% -3.65%
Total Short-Term Liabilities $1.668B $2.156B $2.261B
YoY Change -4.87% 30.56% 87.08%
LONG-TERM LIABILITIES
Long-Term Debt $31.47M $0.00 $0.00
YoY Change -90.26% -100.0% -100.0%
Other Long-Term Liabilities $98.57M $69.08M $66.80M
YoY Change 250.93% 235.8% 209.28%
Total Long-Term Liabilities $98.57M $69.08M $66.80M
YoY Change 250.93% 235.8% 209.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.668B $2.156B $2.261B
Total Long-Term Liabilities $98.57M $69.08M $66.80M
Total Liabilities $2.833B $3.040B $2.770B
YoY Change 34.63% 51.69% 76.49%
SHAREHOLDERS EQUITY
Retained Earnings -$4.094B -$3.925B -$3.415B
YoY Change 47.7% 60.26% 62.84%
Common Stock $792.0K $788.0K $787.0K
YoY Change 4.21% 5.49% 5.64%
Preferred Stock
YoY Change
Treasury Stock (at cost) $89.94M $86.46M $85.90M
YoY Change 13.66% 83.15% 93.22%
Treasury Stock Shares 727.7K shares 609.3K shares 599.4K shares
Shareholders Equity -$566.0M -$417.0M $65.32M
YoY Change
Total Liabilities & Shareholders Equity $2.267B $2.623B $2.835B
YoY Change -11.63% -4.6% 8.68%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$168.6M -$510.5M $203.4M
YoY Change -47.71% 44.89% -191.33%
Depreciation, Depletion And Amortization $8.347M $6.720M $6.765M
YoY Change 95.85% 176.89% 194.13%
Cash From Operating Activities -$38.71M -$170.9M -$88.51M
YoY Change -72.77% -218.36% -113.35%
INVESTING ACTIVITIES
Capital Expenditures -$29.52M -$24.58M -$16.83M
YoY Change 142.16% 62.41% 21.93%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$29.52M -$24.58M -$16.83M
YoY Change 142.16% 90.63% -111.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $179.4M
YoY Change -68.24%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.98M 4.659M $159.9M
YoY Change 97.05% -111.99% -72.29%
NET CHANGE
Cash From Operating Activities -38.71M -170.9M -$88.51M
Cash From Investing Activities -29.52M -24.58M -$16.83M
Cash From Financing Activities -30.98M 4.659M $159.9M
Net Change In Cash -99.20M -190.8M $55.84M
YoY Change -41.66% -305.96% -95.95%
FREE CASH FLOW
Cash From Operating Activities -$38.71M -$170.9M -$88.51M
Capital Expenditures -$29.52M -$24.58M -$16.83M
Free Cash Flow -$9.189M -$146.3M -$71.68M
YoY Change -92.93% -191.72% -110.59%

Facts In Submission

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dei Amendment Flag
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Fiscal Period Focus
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dei Entity Central Index Key
EntityCentralIndexKey
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dei Current Fiscal Year End Date
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--12-31
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
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dei Document Period End Date
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2022-06-30
dei Document Transition Report
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
EntityRegistrantName
NOVAVAX, INC.
dei Entity Incorporation State Country Code
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DE
dei Entity Tax Identification Number
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dei Entity Address Address Line1
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dei Entity Address City Or Town
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dei Entity Address Country
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dei Security12b Title
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dei Trading Symbol
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dei Security Exchange Name
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Organization and Business<div style="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:115%">Novavax, Inc. (“Novavax,” and together with its wholly owned subsidiaries, the “Company”) is a biotechnology company that promotes improved health globally through the discovery, development, and commercialization of innovative vaccines to prevent serious infectious diseases. The Company’s coronavirus vaccine, NVX-CoV2373, and its lead influenza vaccine candidate, a quadrivalent influenza vaccine, previously known as NanoFlu, 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. NVX-CoV2373 and the Company’s influenza vaccine include the use of the Company's proprietary Matrix-M</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:115%;position:relative;top:-3.5pt;vertical-align:baseline">™</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> adjuvant. The Company is developing various variant vaccines, including for Omicron subvariants, and bivalent formulations with prototype vaccine (NVX-CoV2373). The Company has announced preclinical boosting data for NVX-CoV2373, NVX-CoV2515, and bivalent formulations which demonstrated strong antibody levels. The Company is also participating in an ongoing Phase 3 strain change trial to assess safety and antibody responses following primary vaccination with mRNA vaccines.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="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:115%">As of June 30, 2022, the Company had received approval, interim authorization, provisional approval, conditional marketing authorization, and emergency use authorization (“EUA”) from multiple regulatory authorities globally for NVX-CoV2373, including by the World Health Organization (“WHO”), as well as the European Medicines Agency's (“EMA”) and the United Kingdom's Medicines and Healthcare products Regulatory Agency (“MHRA”), both of which are considered regulatory authorities that apply stringent standards and meet the WHO standards for quality, safety, and efficacy in their regulatory review process. In July 2022, the Company received emergency use authorization for NVX-CoV2373 from the U.S. Food and Drug Administration (“FDA”).</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="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:115%">The Company commenced commercial shipments of NVX-CoV2373 doses under the brand name Nuvaxovid™ in 2022.</span></div>
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<div style="margin-top:12pt;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%">Reclassifications</span></div><div style="margin-top:12pt;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%">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, cash flows, or results of operations.</span></div>
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<div style="margin-top:12pt;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:12pt;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 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>
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CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
212000000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8000000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
115000000 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
91000000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
30000000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M
CY2022Q2 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
1400000 usd
us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
1900000 usd
CY2021Q2 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
0 usd
us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
0 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
2200000 usd
CY2021Q2 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
3500000 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
6600000 usd

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