$NVAX
NOVAVAX INC

2022 Q4 Form 10-Q Financial Statement

#000100069422000024 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $357.4M $734.6M $178.8M
YoY Change 60.85% 310.74% 13.9%
Cost Of Revenue $181.8M $434.6M $0.00
YoY Change
Gross Profit $175.6M $300.0M $178.8M
YoY Change 67.74%
Gross Profit Margin 49.14% 40.84% 100.0%
Selling, General & Admin $161.7M $122.9M $77.79M
YoY Change 91.97% 57.95% 36.72%
% of Gross Profit 92.05% 40.96% 43.5%
Research & Development $257.9M $304.3M $408.2M
YoY Change -73.22% -25.45% 38.8%
% of Gross Profit 146.81% 101.44% 228.24%
Depreciation & Amortization $7.222M $8.347M $4.262M
YoY Change 96.68% 95.85% 255.17%
% of Gross Profit 4.11% 2.78% 2.38%
Operating Expenses $419.5M $304.3M $408.2M
YoY Change -59.94% -25.45% 38.8%
Operating Profit -$243.9M -$127.2M -$307.1M
YoY Change -58.59% 58.37%
Interest Expense -$4.601M $4.169M $5.182M
YoY Change -8.62% -19.55% 16.19%
% of Operating Profit
Other Income/Expense, Net $63.97M -$34.78M -$4.394M
YoY Change 19226.59% 691.6% -561.55%
Pretax Income -$184.5M -$166.1M -$316.4M
YoY Change -77.76% -47.49% 60.35%
Income Tax -$2.260M $2.472M $6.041M
% Of Pretax Income
Net Earnings -$182.2M -$168.6M -$322.4M
YoY Change -78.46% -47.71% 63.41%
Net Earnings / Revenue -50.99% -22.95% -180.29%
Basic Earnings Per Share -$2.15 -$4.31
Diluted Earnings Per Share -$2.28 -$2.154M -$4.31
COMMON SHARES
Basic Shares Outstanding 78.50M shares 78.22M shares 74.75M shares
Diluted Shares Outstanding 78.27M shares 74.75M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.337B $1.281B $1.937B
YoY Change -11.76% -33.89% 284.33%
Cash & Equivalents $1.337B $1.281B $1.937B
Short-Term Investments $1.457B
Other Short-Term Assets $76.37M $285.3M $127.2M
YoY Change 42.78% 124.26% -15.8%
Inventory $36.68M $82.43M
Prepaid Expenses
Receivables $82.38M $111.6M $110.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.703B $1.760B $2.174B
YoY Change -20.96% -19.05% 223.92%
LONG-TERM ASSETS
Property, Plant & Equipment $294.2M $255.5M $214.8M
YoY Change 28.66% 18.99% 62.9%
Goodwill $126.3M $117.5M $132.0M
YoY Change -3.92% -10.95% 3.98%
Intangibles $8.456M $5.027M
YoY Change 68.21% -5.72%
Long-Term Investments
YoY Change
Other Assets $28.47M $17.41M $38.34M
YoY Change 71.85% -54.6% 362.26%
Total Long-Term Assets $555.3M $507.5M $391.8M
YoY Change 31.7% 29.54% 43.61%
TOTAL ASSETS
Total Short-Term Assets $1.703B $1.760B $2.174B
Total Long-Term Assets $555.3M $507.5M $391.8M
Total Assets $2.259B $2.267B $2.566B
YoY Change -12.34% -11.63% 171.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $216.5M $145.0M $59.56M
YoY Change 70.42% 143.43% 294.54%
Accrued Expenses $591.2M $551.1M $323.9M
YoY Change -12.26% 70.15% 310.94%
Deferred Revenue $400.0M $404.8M
YoY Change -71.43%
Short-Term Debt $0.00 $324.5M $0.00
YoY Change
Long-Term Debt Due $352.1M $82.10M $104.0M
YoY Change 169.72% -21.05% 86.02%
Total Short-Term Liabilities $2.460B $1.668B $1.753B
YoY Change 2.91% -4.87% 632.98%
LONG-TERM LIABILITIES
Long-Term Debt $197.7M $31.47M $323.1M
YoY Change -38.88% -90.26% -16.03%
Other Long-Term Liabilities $55.70M $98.57M $28.09M
YoY Change 32.23% 250.93% 149.41%
Total Long-Term Liabilities $55.70M $98.57M $28.09M
YoY Change 32.23% 250.93% 149.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.460B $1.668B $1.753B
Total Long-Term Liabilities $55.70M $98.57M $28.09M
Total Liabilities $2.893B $2.833B $2.105B
YoY Change -1.22% 34.63% 230.0%
SHAREHOLDERS EQUITY
Retained Earnings -$4.276B -$4.094B -$2.772B
YoY Change 18.19% 47.7% 63.36%
Common Stock $868.0K $792.0K $760.0K
YoY Change 13.61% 4.21% 20.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $90.66M $89.94M $79.13M
YoY Change 6.53% 13.66% 92.04%
Treasury Stock Shares 766.6K shares 727.7K shares 557.7K shares
Shareholders Equity -$634.1M -$566.0M $461.3M
YoY Change
Total Liabilities & Shareholders Equity $2.259B $2.267B $2.566B
YoY Change -12.34% -11.63% 171.81%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$182.2M -$168.6M -$322.4M
YoY Change -78.46% -47.71% 63.41%
Depreciation, Depletion And Amortization $7.222M $8.347M $4.262M
YoY Change 96.68% 95.85% 255.17%
Cash From Operating Activities -$117.8M -$38.71M -$142.1M
YoY Change -65.59% -72.77% 2086.82%
INVESTING ACTIVITIES
Capital Expenditures $22.06M -$29.52M -$12.19M
YoY Change -234.83% 142.16% 40.11%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$22.06M -$29.52M -$12.19M
YoY Change 34.83% 142.16% -87.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 191.4M -30.98M -15.72M
YoY Change -415.33% 97.05% -29.51%
NET CHANGE
Cash From Operating Activities -117.8M -38.71M -142.1M
Cash From Investing Activities -22.06M -29.52M -12.19M
Cash From Financing Activities 191.4M -30.98M -15.72M
Net Change In Cash 51.56M -99.20M -170.1M
YoY Change -112.29% -41.66% 31.21%
FREE CASH FLOW
Cash From Operating Activities -$117.8M -$38.71M -$142.1M
Capital Expenditures $22.06M -$29.52M -$12.19M
Free Cash Flow -$139.9M -$9.189M -$130.0M
YoY Change -57.1% -92.93% -6006.95%

Facts In Submission

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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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dei Document Type
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10-Q
dei Document Quarterly Report
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dei Document Period End Date
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2022-09-30
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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21 Firstfield Road
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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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 COVID-19 vaccine (“NVX-CoV2373,” “Nuvaxovid™,” “Covovax™,” “Novavax COVID-19 Vaccine, Adjuvanted”); influenza vaccine candidate; COVID-19-Influenza Combination (“CIC”) vaccine candidate; and additional vaccine candidates, including for Omicron subvariants and bivalent formulations with prototype vaccine (“NVX-CoV2373”), are genetically engineered nanostructures of conformationally correct recombinant proteins critical to disease pathogenesis and may elicit differentiated immune responses, which may be more efficacious than naturally occurring immunity or other vaccine approaches. NVX-CoV2373 and the Company’s other vaccine candidates incorporate 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 to enhance the immune response and stimulate higher levels of functional antibodies and induce a cellular immune response. The Company has announced data from its ongoing PREVENT-19 study supporting the use of NVX-CoV2373 for homologous boosting in adults and adolescents aged 12 through 17. Additional findings in Phase 3 COVID-19 Omicron (study 311) trial showed utility of the prototype vaccine as a heterologous booster, inducing broad immune responses against contemporary Omicron variants.</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 September 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 for both adult and adolescent populations as a primary series and for both homologous and heterologous booster indications.</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 name “Novavax COVID-19 Vaccine, Adjuvanted” and 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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CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31547000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
45274000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
102525000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
151457000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1800000 usd
CY2021 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
189000000 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
19000000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
381000000 usd
us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
4300000 usd
CY2021Q3 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
0 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
9000000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y4M24D
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
5000000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y
CY2022Q3 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
2400000 usd
us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
0 usd
CY2022Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
100000 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
2300000 usd
CY2021Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
6000000 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
12600000 usd

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