$NVAX
NOVAVAX INC

2023 Q3 Form 10-Q Financial Statement

#000100069423000047 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $187.0M $424.4M $185.9M
YoY Change -74.55% 128.28% -37.61%
Cost Of Revenue $98.93M $55.78M $271.1M
YoY Change -77.24% -79.42%
Gross Profit $88.06M $368.6M -$85.15M
YoY Change -70.65% -532.93% -128.57%
Gross Profit Margin 47.09% 86.86% -45.8%
Selling, General & Admin $107.5M $82.22M $108.2M
YoY Change -12.51% -23.99% 47.84%
% of Gross Profit 122.08% 22.3%
Research & Development $106.2M $219.5M $289.6M
YoY Change -65.09% -24.23% -49.25%
% of Gross Profit 120.64% 59.53%
Depreciation & Amortization $11.30M $10.07M $6.720M
YoY Change 35.38% 49.81% 176.89%
% of Gross Profit 12.83% 2.73%
Operating Expenses $106.2M $219.5M $289.6M
YoY Change -65.09% -24.23% -49.25%
Operating Profit -$125.6M $55.46M -$483.0M
YoY Change -1.22% -111.48% 39.65%
Interest Expense $2.859M $3.124M $6.234M
YoY Change -31.42% -49.89% 4.46%
% of Operating Profit 5.63%
Other Income/Expense, Net -$2.982M $5.532M -$19.87M
YoY Change -91.43% -127.84% -756.31%
Pretax Income -$131.5M $57.87M -$509.1M
YoY Change -20.87% -111.37% 45.96%
Income Tax -$697.0K -$143.0K $1.418M
% Of Pretax Income -0.25%
Net Earnings -$130.8M $58.01M -$510.5M
YoY Change -22.44% -111.36% 44.89%
Net Earnings / Revenue -69.94% 13.67% -274.57%
Basic Earnings Per Share -$1.26 $0.65 -$6.53
Diluted Earnings Per Share -$1.26 $0.58 -$6.533M
COMMON SHARES
Basic Shares Outstanding 94.40M shares 86.31M shares 78.14M shares
Diluted Shares Outstanding 103.4M shares 104.1M shares 78.14M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $651.1M $505.9M $1.376B
YoY Change -49.16% -63.22% -33.7%
Cash & Equivalents $651.1M $505.9M $1.376B
Short-Term Investments
Other Short-Term Assets $162.4M $203.3M $309.6M
YoY Change -43.08% -34.34% 48.3%
Inventory $69.59M $23.49M $256.3M
Prepaid Expenses
Receivables $123.7M $394.9M $194.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.007B $1.128B $2.136B
YoY Change -42.8% -47.21% -9.3%
LONG-TERM ASSETS
Property, Plant & Equipment $301.0M $300.0M $254.5M
YoY Change 17.79% 17.85% 19.39%
Goodwill $123.8M $128.4M $123.5M
YoY Change 5.31% 3.97% -8.06%
Intangibles $4.033M
YoY Change -23.63%
Long-Term Investments
YoY Change
Other Assets $34.89M $33.43M $19.20M
YoY Change 100.45% 74.18% -52.46%
Total Long-Term Assets $650.4M $557.5M $487.0M
YoY Change 28.16% 14.48% 23.42%
TOTAL ASSETS
Total Short-Term Assets $1.007B $1.128B $2.136B
Total Long-Term Assets $650.4M $557.5M $487.0M
Total Assets $1.657B $1.685B $2.623B
YoY Change -26.91% -35.76% -4.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $101.9M $87.25M $386.5M
YoY Change -29.71% -77.43% 422.32%
Accrued Expenses $311.2M $458.4M $585.6M
YoY Change -43.53% -21.73% 135.03%
Deferred Revenue $192.2M $300.5M $701.5M
YoY Change -52.52% -57.17%
Short-Term Debt $0.00 $0.00 $324.2M
YoY Change -100.0% -100.0%
Long-Term Debt Due $1.300M $953.0K $124.3M
YoY Change -98.42% -99.23% 26.3%
Total Short-Term Liabilities $1.469B $1.596B $2.156B
YoY Change -11.95% -25.97% 30.56%
LONG-TERM LIABILITIES
Long-Term Debt $220.8M $198.0M $0.00
YoY Change 601.53% -100.0%
Other Long-Term Liabilities $37.30M $38.38M $69.08M
YoY Change -62.16% -44.43% 235.8%
Total Long-Term Liabilities $37.30M $38.38M $69.08M
YoY Change -62.16% -44.43% 235.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.469B $1.596B $2.156B
Total Long-Term Liabilities $37.30M $38.38M $69.08M
Total Liabilities $2.336B $2.440B $3.040B
YoY Change -17.57% -19.75% 51.69%
SHAREHOLDERS EQUITY
Retained Earnings -$4.643B -$4.512B -$3.925B
YoY Change 13.41% 14.95% 60.26%
Common Stock $1.196M $952.0K $788.0K
YoY Change 51.01% 20.81% 5.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $86.46M
YoY Change 83.15%
Treasury Stock Shares 609.3K shares
Shareholders Equity -$678.4M -$754.5M -$417.0M
YoY Change
Total Liabilities & Shareholders Equity $1.657B $1.685B $2.623B
YoY Change -26.91% -35.76% -4.6%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$130.8M $58.01M -$510.5M
YoY Change -22.44% -111.36% 44.89%
Depreciation, Depletion And Amortization $11.30M $10.07M $6.720M
YoY Change 35.38% 49.81% 176.89%
Cash From Operating Activities -$39.70M -$171.9M -$170.9M
YoY Change 2.56% 0.61% -218.36%
INVESTING ACTIVITIES
Capital Expenditures $18.10M $6.973M -$24.58M
YoY Change -161.32% -128.37% 62.41%
Acquisitions
YoY Change
Other Investing Activities -$200.0K -$806.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$18.40M -$7.779M -$24.58M
YoY Change -37.67% -68.35% 90.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 197.1M 61.34M 4.659M
YoY Change -736.3% 1216.48% -111.99%
NET CHANGE
Cash From Operating Activities -39.70M -171.9M -170.9M
Cash From Investing Activities -18.40M -7.779M -24.58M
Cash From Financing Activities 197.1M 61.34M 4.659M
Net Change In Cash 139.0M -118.4M -190.8M
YoY Change -240.12% -37.96% -305.96%
FREE CASH FLOW
Cash From Operating Activities -$39.70M -$171.9M -$170.9M
Capital Expenditures $18.10M $6.973M -$24.58M
Free Cash Flow -$57.80M -$178.9M -$146.3M
YoY Change 529.01% 22.27% -191.72%

Facts In Submission

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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:120%">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 vaccines and vaccine candidates 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. Novavax currently has one commercial program, for vaccines to prevent COVID (“Novavax COVID Vaccine, Adjuvanted”), which it markets in various territories where it is allowed to do so, under the brand name “Nuvaxovid™”. Novavax’s prototype COVID vaccine was derived from the prototype strain of COVID and is variously referred to here and in prior financial statements without branding as “NVX-CoV2373”. Our partners, Serum Institute of India Pvt. Ltd. (“SIIPL”) markets NVX-CoV2373 as “Covovax™.” Novavax is currently developing an updated vaccine which it refers to as its “XBB COVID vaccine.”</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:120%">Beginning in 2022, the Company 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. Novavax is currently seeking similar approvals from multiple regulatory authorities globally for its XBB COVID vaccine as a single dose booster for the fall 2023 and subsequently. The Company exclusively depends on its supply agreement with SIIPL and its subsidiary, Serum Life Sciences Limited (“SLS”), for co-formulation, filling and finishing (other than in Europe) and on its service agreement with PCI Pharma Services (“PCI”) for finishing in Europe. The Company plans to rely on these arrangements to supply the XBB COVID vaccine, if authorized, during the 2023 fall vaccination campaign and subsequently (see Note 4).</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:120%">Novavax is advancing development of other vaccine candidates, including its influenza vaccine candidate, its COVID-Influenza Combination (“CIC”) vaccine candidate and additional vaccine candidates. Novavax COVID Vaccine, Adjuvanted and its other vaccine candidates incorporate the Company’s proprietary Matrix-M™ adjuvant to enhance the immune response and stimulate higher levels of functional antibodies and induce a cellular immune response.</span></div>
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