2024 Q2 Form 10-Q Financial Statement

#000100069424000031 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $415.5M $93.86M
YoY Change -2.11% 15.94%
Cost Of Revenue $46.24M $59.21M
YoY Change -17.09% 73.7%
Gross Profit $369.2M $34.65M
YoY Change 0.16% -26.07%
Gross Profit Margin 88.87% 36.91%
Selling, General & Admin $101.0M $86.80M
YoY Change 22.84% -22.87%
% of Gross Profit 27.35% 250.53%
Research & Development $106.9M $92.68M
YoY Change -51.27% -62.49%
% of Gross Profit 28.96% 267.5%
Depreciation & Amortization $11.13M $12.15M
YoY Change 10.58% 34.32%
% of Gross Profit 3.01% 35.06%
Operating Expenses $106.9M $92.68M
YoY Change -51.27% -62.49%
Operating Profit $161.0M -$144.8M
YoY Change 190.31% -53.69%
Interest Expense -$4.143M $4.111M
YoY Change -232.62% -4.75%
% of Operating Profit -2.57%
Other Income/Expense, Net $7.731M $3.654M
YoY Change 39.75% -85.0%
Pretax Income $164.6M -$145.3M
YoY Change 184.43% -50.37%
Income Tax $2.205M $2.262M
% Of Pretax Income 1.34%
Net Earnings $162.4M -$147.6M
YoY Change 179.93% -49.8%
Net Earnings / Revenue 39.08% -157.21%
Basic Earnings Per Share $1.09 -$1.05
Diluted Earnings Per Share $0.99 -$1.05
COMMON SHARES
Basic Shares Outstanding 140.4M shares 140.0M shares
Diluted Shares Outstanding 165.9M shares 139.9M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.050B $480.6M
YoY Change 107.47% -23.1%
Cash & Equivalents $680.2M $480.6M
Short-Term Investments $369.4M
Other Short-Term Assets $112.5M $209.4M
YoY Change -44.65% 5.19%
Inventory $9.172M $15.78M
Prepaid Expenses
Receivables $32.10M $21.38M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.203B $727.1M
YoY Change 6.72% -25.12%
LONG-TERM ASSETS
Property, Plant & Equipment $288.6M $291.1M
YoY Change -3.8% -5.31%
Goodwill $123.4M $123.2M
YoY Change -3.89% -5.12%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.83M $30.97M
YoY Change 1.19% 1.51%
Total Long-Term Assets $615.3M $626.4M
YoY Change 10.36% 9.58%
TOTAL ASSETS
Total Short-Term Assets $1.203B $727.1M
Total Long-Term Assets $615.3M $626.4M
Total Assets $1.819B $1.354B
YoY Change 7.93% -12.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.96M $57.72M
YoY Change -8.35% -53.75%
Accrued Expenses $159.2M $257.4M
YoY Change -65.27% -50.38%
Deferred Revenue $666.4M $240.9M
YoY Change 121.78% -42.06%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.427M $6.291M
YoY Change 889.19% 422.07%
Total Short-Term Liabilities $1.158B $804.4M
YoY Change -27.47% -58.08%
LONG-TERM LIABILITIES
Long-Term Debt $223.8M $223.0M
YoY Change 13.04% 12.73%
Other Long-Term Liabilities $335.3M $351.7M
YoY Change 773.54% 640.3%
Total Long-Term Liabilities $335.3M $351.7M
YoY Change 773.54% 640.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.158B $804.4M
Total Long-Term Liabilities $335.3M $351.7M
Total Liabilities $2.250B $2.221B
YoY Change -7.76% -8.93%
SHAREHOLDERS EQUITY
Retained Earnings -$4.806B -$4.969B
YoY Change 6.52% 8.72%
Common Stock $1.613M $1.417M
YoY Change 69.43% 62.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$431.7M -$867.1M
YoY Change
Total Liabilities & Shareholders Equity $1.819B $1.354B
YoY Change 7.93% -12.26%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $162.4M -$147.6M
YoY Change 179.93% -49.8%
Depreciation, Depletion And Amortization $11.13M $12.15M
YoY Change 10.58% 34.32%
Cash From Operating Activities $314.3M -$83.60M
YoY Change -282.78% -74.32%
INVESTING ACTIVITIES
Capital Expenditures $2.875M $6.878M
YoY Change -58.77% -65.26%
Acquisitions
YoY Change
Other Investing Activities -$369.8M -$372.0K
YoY Change 45784.86% -90.1%
Cash From Investing Activities -$372.7M -$7.250M
YoY Change 4691.19% -69.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 258.2M $5.886M
YoY Change 320.99% -101.66%
NET CHANGE
Cash From Operating Activities 314.3M -$83.60M
Cash From Investing Activities -372.7M -$7.250M
Cash From Financing Activities 258.2M $5.886M
Net Change In Cash 199.8M -$87.87M
YoY Change -268.76% -87.66%
FREE CASH FLOW
Cash From Operating Activities $314.3M -$83.60M
Capital Expenditures $2.875M $6.878M
Free Cash Flow $311.4M -$90.48M
YoY Change -274.05% -73.8%

Facts In Submission

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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2024Q1 nvax Internal Use Software Included In Accounts Payable And Accrued Expenses
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CY2023Q1 nvax Internal Use Software Included In Accounts Payable And Accrued Expenses
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CY2024Q1 us-gaap Interest Paid Net
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CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2024Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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CY2024Q1 us-gaap Nature Of Operations
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Organization and Business<div style="margin-bottom: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%">Novavax, Inc. (“Novavax,” and together with its wholly owned subsidiaries, the “Company”) is a biotechnology company that promotes improved health by discovering, developing, and commercializing innovative vaccines to prevent serious infectious diseases. Novavax offers a differentiated vaccine platform that combines a recombinant protein approach, innovative nanoparticle technology and patented Matrix-M™ adjuvant to enhance the immune response. Novavax currently has one commercial program, for vaccines to prevent COVID-19, which includes Nuvaxovid™ prototype COVID-19 vaccine ("NVX-CoV2373,” or “prototype vaccine”) and Nuvaxovid™ updated COVID-19 vaccine (“NVX-CoV2601,” or “updated vaccine”) (collectively, “COVID-19 Vaccine”). Local regulatory authorities have also specified nomenclature for the labeling of the prototype and updated vaccines within their territories (e.g., “Novavax COVID-19 Vaccine, Adjuvanted” and “Novavax COVID-19, Adjuvanted (2023-2024 Formula),” respectively, for the U.S.). The Company’s partner, Serum Institute of India Pvt. Ltd. (“SIIPL”), markets NVX-CoV2373 as “Covovax™.” </span></div><div style="margin-bottom: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%">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 its prototype vaccine for both adult and adolescent populations as a primary series and for both homologous and heterologous booster indications in select territories. In October 2023, the U.S. Food and Drug Administration amended the EUA for its prototype vaccine to include its updated vaccine. The amended EUA authorizes use of the Company’s updated vaccine in individuals 12 years and older. In October 2023, the European Commission (“EC”) granted approval for the Company’s updated vaccine for active immunization to prevent COVID-19 caused by SARS-CoV-2 in individuals aged 12 and older. Currently, the Company significantly 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 for finishing in Europe. </span></div><div style="margin-bottom: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%">Novavax is advancing development of other vaccine candidates, including its COVID-19-Influenza Combination (“CIC”) vaccine candidate and additional vaccine candidates. The Company’s COVID-19 Vaccine 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>
CY2024Q1 us-gaap Translation Adjustment Functional To Reporting Currency Gain Loss Reclassified To Earnings Net Of Tax
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CY2023Q1 us-gaap Translation Adjustment Functional To Reporting Currency Gain Loss Reclassified To Earnings Net Of Tax
TranslationAdjustmentFunctionalToReportingCurrencyGainLossReclassifiedToEarningsNetOfTax
16300000 usd
CY2024Q1 us-gaap Number Of Operating Segments
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CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
480600000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2024Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Inception To Date Percent
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0.85
CY2024Q1 us-gaap Severance Costs1
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4400000 usd
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AssetImpairmentCharges
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CY2024Q1 us-gaap Use Of Estimates
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<div style="margin-bottom:12pt;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-bottom: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>
CY2024Q1 us-gaap Billed Contract Receivables
BilledContractReceivables
21200000 usd
CY2023Q4 us-gaap Billed Contract Receivables
BilledContractReceivables
286400000 usd
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UnbilledContractsReceivable
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UnbilledContractsReceivable
10800000 usd
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AccountsReceivableGross
304916000 usd
CY2024Q1 nvax Accounts Receivable Before Allowance For Credit Loss Additions
AccountsReceivableBeforeAllowanceForCreditLossAdditions
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AccountsReceivableGross
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CY2023Q1 nvax Accounts Receivable Before Allowance For Credit Loss Additions
AccountsReceivableBeforeAllowanceForCreditLossAdditions
146424000 usd
CY2023Q1 nvax Accounts Receivable Before Allowance For Credit Loss Deductions
AccountsReceivableBeforeAllowanceForCreditLossDeductions
115950000 usd
CY2023Q1 us-gaap Accounts Receivable Gross
AccountsReceivableGross
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
7676000 usd
CY2024Q1 nvax Accounts Receivable Allowance For Credit Loss Additions
AccountsReceivableAllowanceForCreditLossAdditions
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AccountsReceivableAllowanceForCreditLossDeductions
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AllowanceForDoubtfulAccountsReceivable
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CY2023Q1 nvax Accounts Receivable Allowance For Credit Loss Additions
AccountsReceivableAllowanceForCreditLossAdditions
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CY2023Q1 nvax Accounts Receivable Allowance For Credit Loss Deductions
AccountsReceivableAllowanceForCreditLossDeductions
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
863521000 usd
CY2024Q1 nvax Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
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CY2024Q1 nvax Contract With Customer Liability Deductions
ContractWithCustomerLiabilityDeductions
6148000 usd
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1082373000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
549551000 usd
CY2023Q1 nvax Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
140324000 usd
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ContractWithCustomerLiabilityDeductions
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CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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AccountsReceivableAllowanceForCreditLossAdditions
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CY2024Q1 nvax Accounts Receivable Allowance For Credit Loss Additions
AccountsReceivableAllowanceForCreditLossAdditions
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CY2024Q1 nvax Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
225000000 usd
CY2024Q1 nvax Remaining Performance Obligation Amount
RemainingPerformanceObligationAmount
2000000000 usd
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1100000000 usd
CY2024Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-3600000 usd
CY2024Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-3600000 usd
CY2024Q1 nvax Amounts Charged Against Product Sales
AmountsChargedAgainstProductSales
3400000 usd
CY2024Q1 nvax Royalty Period
RoyaltyPeriod
P15Y
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
480586000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
568505000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
10455000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
10424000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
4895000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
495936000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
583810000 usd
CY2024Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
5295000 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
6614000 usd
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
8984000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
7392000 usd
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1499000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
27690000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
15778000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
41696000 usd
CY2024Q1 us-gaap Inventory Write Down
InventoryWriteDown
8800000 usd
CY2023Q1 us-gaap Inventory Write Down
InventoryWriteDown
-12500000 usd
CY2023Q1 us-gaap Inventory Firm Purchase Commitment Loss
InventoryFirmPurchaseCommitmentLoss
-7700000 usd
CY2023Q1 nvax Inventory Firm Purchase Commitment Recoveries
InventoryFirmPurchaseCommitmentRecoveries
800000 usd
CY2024Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 reporting_unit
CY2023 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 reporting_unit
CY2023Q4 us-gaap Goodwill
Goodwill
127454000 usd
CY2024Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-4275000 usd
CY2024Q1 us-gaap Goodwill
Goodwill
123179000 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
6818000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
7234000 usd
CY2024Q1 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
168432000 usd
CY2023Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
168016000 usd
CY2024Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2192000 usd
CY2023Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
3206000 usd
CY2024Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
416000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
510000 usd
CY2024Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
2608000 usd
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
3716000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11556000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28647000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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0 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
87000000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4500000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1500000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
100000 usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M6D
CY2024Q1 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
2300000 usd
CY2023Q1 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
1200000 usd
CY2022Q4 us-gaap Loss Contingency Number Of Defendants
LossContingencyNumberOfDefendants
2 defendant
CY2022Q4 nvax Loss Contingency Period To Answer
LossContingencyPeriodToAnswer
P14D
CY2023Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
47000000 usd
CY2024Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
47000000 usd
CY2022Q4 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
8 lawsuit
CY2024Q1 us-gaap Severance Costs1
SeveranceCosts1
4401000 usd
CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1669000 usd
CY2024Q1 us-gaap Restructuring Charges
RestructuringCharges
6070000 usd
CY2024Q1 nvax Payments For Severance And Employee Benefit Costs
PaymentsForSeveranceAndEmployeeBenefitCosts
3900000 usd
CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1700000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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