$NVAX
NOVAVAX INC

2024 Q3 Form 10-Q Financial Statement

#000100069424000035 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $84.51M $415.5M
YoY Change -54.8% -2.11%
Cost Of Revenue $60.62M $46.24M
YoY Change -38.72% -17.09%
Gross Profit $23.89M $369.2M
YoY Change -72.87% 0.16%
Gross Profit Margin 28.27% 88.87%
Selling, General & Admin $66.95M $101.0M
YoY Change -37.72% 22.84%
% of Gross Profit 280.2% 27.35%
Research & Development $87.16M $106.9M
YoY Change -17.95% -51.27%
% of Gross Profit 364.81% 28.96%
Depreciation & Amortization $12.70M $11.13M
YoY Change 12.39% 10.58%
% of Gross Profit 53.15% 3.01%
Operating Expenses $87.16M $106.9M
YoY Change -17.95% -51.27%
Operating Profit -$134.0M $161.0M
YoY Change 6.68% 190.31%
Interest Expense -$4.236M -$4.143M
YoY Change -248.16% -232.62%
% of Operating Profit -2.57%
Other Income/Expense, Net $15.92M $7.731M
YoY Change -633.94% 39.75%
Pretax Income -$122.3M $164.6M
YoY Change -6.95% 184.43%
Income Tax -$1.032M $2.205M
% Of Pretax Income 1.34%
Net Earnings -$121.3M $162.4M
YoY Change -7.25% 179.93%
Net Earnings / Revenue -143.53% 39.08%
Basic Earnings Per Share -$0.76 $1.09
Diluted Earnings Per Share -$0.76 $0.99
COMMON SHARES
Basic Shares Outstanding 160.1M shares 140.4M shares
Diluted Shares Outstanding 160.0M shares 165.9M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $909.5M $1.050B
YoY Change 39.69% 107.47%
Cash & Equivalents $573.6M $680.2M
Short-Term Investments $335.9M $369.4M
Other Short-Term Assets $90.55M $112.5M
YoY Change -44.24% -44.65%
Inventory $8.638M $9.172M
Prepaid Expenses
Receivables $94.96M $32.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.104B $1.203B
YoY Change 9.63% 6.72%
LONG-TERM ASSETS
Property, Plant & Equipment $285.7M $288.6M
YoY Change -5.07% -3.8%
Goodwill $126.8M $123.4M
YoY Change 2.41% -3.89%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.55M $33.83M
YoY Change -12.45% 1.19%
Total Long-Term Assets $608.8M $615.3M
YoY Change -6.39% 10.36%
TOTAL ASSETS
Total Short-Term Assets $1.104B $1.203B
Total Long-Term Assets $608.8M $615.3M
Total Assets $1.712B $1.819B
YoY Change 3.34% 7.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.52M $79.96M
YoY Change -43.56% -8.35%
Accrued Expenses $218.7M $159.2M
YoY Change -29.73% -65.27%
Deferred Revenue $613.4M $666.4M
YoY Change 219.18% 121.78%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.675M $9.427M
YoY Change 644.23% 889.19%
Total Short-Term Liabilities $1.181B $1.158B
YoY Change -19.58% -27.47%
LONG-TERM LIABILITIES
Long-Term Debt $223.6M $223.8M
YoY Change 1.28% 13.04%
Other Long-Term Liabilities $318.9M $335.3M
YoY Change 755.1% 773.54%
Total Long-Term Liabilities $318.9M $335.3M
YoY Change 755.1% 773.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.181B $1.158B
Total Long-Term Liabilities $318.9M $335.3M
Total Liabilities $2.239B $2.250B
YoY Change -4.14% -7.76%
SHAREHOLDERS EQUITY
Retained Earnings -$4.927B -$4.806B
YoY Change 6.14% 6.52%
Common Stock $1.616M $1.613M
YoY Change 35.12% 69.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$526.4M -$431.7M
YoY Change
Total Liabilities & Shareholders Equity $1.712B $1.819B
YoY Change 3.34% 7.93%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$121.3M $162.4M
YoY Change -7.25% 179.93%
Depreciation, Depletion And Amortization $12.70M $11.13M
YoY Change 12.39% 10.58%
Cash From Operating Activities -$144.8M $314.3M
YoY Change 264.77% -282.78%
INVESTING ACTIVITIES
Capital Expenditures $1.372M $2.875M
YoY Change -92.42% -58.77%
Acquisitions
YoY Change
Other Investing Activities $33.28M -$369.8M
YoY Change -16742.0% 45784.86%
Cash From Investing Activities $31.91M -$372.7M
YoY Change -273.43% 4691.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -97.00K 258.2M
YoY Change -100.05% 320.99%
NET CHANGE
Cash From Operating Activities -144.8M 314.3M
Cash From Investing Activities 31.91M -372.7M
Cash From Financing Activities -97.00K 258.2M
Net Change In Cash -113.0M 199.8M
YoY Change -181.29% -268.76%
FREE CASH FLOW
Cash From Operating Activities -$144.8M $314.3M
Capital Expenditures $1.372M $2.875M
Free Cash Flow -$146.2M $311.4M
YoY Change 152.92% -274.05%

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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:112%">Novavax, Inc. (“Novavax,” and together with its wholly owned subsidiaries, the “Company”) is a global company that is advancing protein-based vaccines with its Matrix-M</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> adjuvant. 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. In May 2024, Novavax entered into a collaboration and licensing agreement (the “Collaboration and License Agreement” or “ Sanofi CLA”) with Sanofi Pasteur Inc. (“Sanofi”) to co-commercialize Novavax’s current standalone COVID-19 vaccines (“COVID-19 Vaccine”), including Novavax’s Nuvaxovid</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">, prototype COVID-19 vaccine (“NVX-CoV2373,” or “prototype vaccine”) and XBB COVID-19 vaccine (“NVX-CoV2601”), and the Company’s updated vaccine for the 2024-2025 vaccination season (“NVX-CoV2705,” or “updated vaccine” and, collectively with NVX-CoV2373 and NVX-CoV2601, the Company’s “COVID-19 Vaccine” or “COVID-19 Program”). This agreement is discussed in greater detail in Note 6 of Novavax’s consolidated financial statements. The partnership with Sanofi allows Novavax to broaden access to its vaccine and adjuvant and refocus on clinical-stage research and development and pipeline expansion beginning in 2025.</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:112%">Through the end of the 2024-2025 vaccination season, Novavax will continue commercialization of its COVID-19 Vaccine. Local regulatory authorities have also specified nomenclature for the labeling of NVX-CoV2373 and NVX-CoV2601 within their territories (e.g., “Novavax COVID-19 Vaccine, Adjuvanted”, “Novavax COVID-19, Adjuvanted (2023-2024 Formula),” respectively, for the U.S., and “Nuvaxovid™” for ex-US territories) collectively referred to as the Company’s “COVID-19 Program,” or “COVID-19 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:112%">In 2024, the Company has submitted an amendment to the previously granted October 2023 Emergency Use Authorization (“EUA”) to the U.S. Food and Drug Administration (“U.S. FDA”), filed for a type II variation of the existing Marketing Authorization (“MA”) with the European Medicines Agency (“EMA”) and the United Kingdom's (“U.K.”) Medicines and Healthcare products Regulatory Agency (“MHRA”), and filed for authorization with Health Canada for the Company’s updated vaccine. Currently, the Company significantly depends on its supply agreement with Serum Institute of India Pvt. Ltd. (“SII”) and its subsidiary, Serum Life Sciences Limited (“SLS” and together with SII, “Serum”), 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="text-indent:36pt"><span><br/></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”) and stand-alone influenza vaccine candidates. In addition, Novavax’s adjuvant is included in the University of Oxford and SII’s R21/Matrix-M</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">TM </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">malaria vaccine which has received authorizations in a number of countries with doses administered in 2024.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;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:120%">Novavax’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>
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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>
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CY2023Q4 us-gaap Billed Contract Receivables
BilledContractReceivables
286400000 usd
CY2024Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
2300000 usd
CY2023Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
10800000 usd
CY2022Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
96210000 usd
nvax Accounts Receivable Before Allowance For Credit Loss Additions
AccountsReceivableBeforeAllowanceForCreditLossAdditions
793039000 usd
nvax Accounts Receivable Before Allowance For Credit Loss Deductions
AccountsReceivableBeforeAllowanceForCreditLossDeductions
486684000 usd
CY2023Q2 us-gaap Accounts Receivable Gross
AccountsReceivableGross
402565000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
13835000 usd
nvax Accounts Receivable Allowance For Credit Loss Additions
AccountsReceivableAllowanceForCreditLossAdditions
0 usd
nvax Accounts Receivable Allowance For Credit Loss Deductions
AccountsReceivableAllowanceForCreditLossDeductions
-6160000 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
7675000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
549551000 usd
nvax Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
414816000 usd
nvax Contract With Customer Liability Deductions
ContractWithCustomerLiabilityDeductions
56957000 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
907410000 usd
nvax Accounts Receivable Allowance For Credit Loss Additions
AccountsReceivableAllowanceForCreditLossAdditions
0 usd
CY2023Q2 nvax Accounts Receivable Allowance For Credit Loss Additions
AccountsReceivableAllowanceForCreditLossAdditions
0 usd
CY2024Q2 nvax Accounts Receivable Allowance For Credit Loss Additions
AccountsReceivableAllowanceForCreditLossAdditions
0 usd
nvax Accounts Receivable Allowance For Credit Loss Additions
AccountsReceivableAllowanceForCreditLossAdditions
0 usd
nvax Accounts Receivable Allowance For Credit Loss Deductions
AccountsReceivableAllowanceForCreditLossDeductions
-6200000 usd
CY2024Q2 nvax Remaining Performance Obligation Amount
RemainingPerformanceObligationAmount
2000000000 usd
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1200000000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-3600000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-3600000 usd
CY2024Q2 nvax Amounts Charged Against Product Sales
AmountsChargedAgainstProductSales
4000000 usd
CY2024Q2 nvax Royalty Period
RoyaltyPeriod
P15Y
CY2024Q2 us-gaap Deferred Revenue
DeferredRevenue
109200000 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
162381000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
58008000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
14831000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-235897000 usd
CY2024Q2 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
2608000 usd
CY2023Q2 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
2582000 usd
CY2024Q2 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
164989000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
60590000 usd
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
14831000 usd
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-235897000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
148379000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89362000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
144147000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87769000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
17476000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
14703000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
974000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
165855000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104065000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
145121000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
87769000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.09
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.69
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.99
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.69
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4544000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6791000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21654000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23447000 shares
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
680162000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
568505000 usd
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
10486000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
10424000 usd
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
4910000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
4881000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
695558000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
583810000 usd
CY2024Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
1406000 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
6614000 usd
CY2024Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
7587000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
7392000 usd
CY2024Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
179000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
27690000 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
9172000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
41696000 usd
CY2024Q2 us-gaap Inventory Write Down
InventoryWriteDown
9700000 usd
us-gaap Inventory Write Down
InventoryWriteDown
18500000 usd
us-gaap Inventory Firm Purchase Commitment Loss
InventoryFirmPurchaseCommitmentLoss
1700000 usd
CY2024Q2 us-gaap Inventory Firm Purchase Commitment Loss
InventoryFirmPurchaseCommitmentLoss
1700000 usd
CY2023Q2 us-gaap Inventory Write Down
InventoryWriteDown
19100000 usd
us-gaap Inventory Write Down
InventoryWriteDown
31500000 usd
CY2023Q2 us-gaap Inventory Firm Purchase Commitment Loss
InventoryFirmPurchaseCommitmentLoss
700000 usd
us-gaap Inventory Firm Purchase Commitment Loss
InventoryFirmPurchaseCommitmentLoss
8500000 usd
CY2023Q2 nvax Inventory Firm Purchase Commitment Recoveries
InventoryFirmPurchaseCommitmentRecoveries
17900000 usd
nvax Inventory Firm Purchase Commitment Recoveries
InventoryFirmPurchaseCommitmentRecoveries
18800000 usd
CY2023 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 reporting_unit
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1 reporting_unit
CY2023Q4 us-gaap Goodwill
Goodwill
127454000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-4077000 usd
CY2024Q2 us-gaap Goodwill
Goodwill
123377000 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
6402000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
7234000 usd
CY2024Q2 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
168848000 usd
CY2023Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
168016000 usd
CY2024Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2192000 usd
CY2023Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2191000 usd
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
4384000 usd
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
5397000 usd
CY2024Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
416000 usd
CY2023Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
391000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
832000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
900000 usd
CY2024Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
2608000 usd
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
2582000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
5216000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
6297000 usd
us-gaap Stock Issued1
StockIssued1
6000000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14099000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20292000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25655000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
48939000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
73000000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y
CY2024Q2 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
8000000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2000000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2000000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
12300000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y
CY2024Q2 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
2200000 usd
CY2023Q2 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
-100000 usd
us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
4500000 usd
us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
1000000 usd
CY2022Q4 us-gaap Loss Contingency Number Of Defendants
LossContingencyNumberOfDefendants
2 defendant
CY2022Q4 nvax Loss Contingency Period To Answer
LossContingencyPeriodToAnswer
P14D
CY2024Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
47000000 usd
CY2022Q4 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
8 lawsuit
CY2024Q2 us-gaap Severance Costs1
SeveranceCosts1
1119000 usd
CY2023Q2 us-gaap Severance Costs1
SeveranceCosts1
4643000 usd
us-gaap Severance Costs1
SeveranceCosts1
5520000 usd
us-gaap Severance Costs1
SeveranceCosts1
4643000 usd
CY2024Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
10081000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
1669000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
10081000 usd
CY2024Q2 us-gaap Restructuring Charges
RestructuringCharges
1119000 usd
CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
14724000 usd
us-gaap Restructuring Charges
RestructuringCharges
7189000 usd
us-gaap Restructuring Charges
RestructuringCharges
14724000 usd
nvax Payments For Severance And Employee Benefit Costs
PaymentsForSeveranceAndEmployeeBenefitCosts
5500000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
1700000 usd
CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
10100000 usd
CY2023Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
5900000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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