$NVAX
NOVAVAX INC

2024 Q4 Form 10-Q Financial Statement

#000100069424000043 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $84.51M
YoY Change -54.8%
Cost Of Revenue $60.62M
YoY Change -38.72%
Gross Profit $23.89M
YoY Change -72.87%
Gross Profit Margin 28.27%
Selling, General & Admin $66.95M
YoY Change -37.72%
% of Gross Profit 280.2%
Research & Development $87.16M
YoY Change -17.95%
% of Gross Profit 364.81%
Depreciation & Amortization $12.70M
YoY Change 12.39%
% of Gross Profit 53.15%
Operating Expenses $87.16M
YoY Change -17.95%
Operating Profit -$134.0M
YoY Change 6.68%
Interest Expense -$4.236M
YoY Change -248.16%
% of Operating Profit
Other Income/Expense, Net $15.92M
YoY Change -633.94%
Pretax Income -$122.3M
YoY Change -6.95%
Income Tax -$1.032M
% Of Pretax Income
Net Earnings -$121.3M
YoY Change -7.25%
Net Earnings / Revenue -143.53%
Basic Earnings Per Share -$0.76
Diluted Earnings Per Share -$0.76
COMMON SHARES
Basic Shares Outstanding 160.2M shares 160.1M shares
Diluted Shares Outstanding 160.0M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $909.5M
YoY Change 39.69%
Cash & Equivalents $573.6M
Short-Term Investments $335.9M
Other Short-Term Assets $90.55M
YoY Change -44.24%
Inventory $8.638M
Prepaid Expenses
Receivables $94.96M
Other Receivables $0.00
Total Short-Term Assets $1.104B
YoY Change 9.63%
LONG-TERM ASSETS
Property, Plant & Equipment $285.7M
YoY Change -5.07%
Goodwill $126.8M
YoY Change 2.41%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.55M
YoY Change -12.45%
Total Long-Term Assets $608.8M
YoY Change -6.39%
TOTAL ASSETS
Total Short-Term Assets $1.104B
Total Long-Term Assets $608.8M
Total Assets $1.712B
YoY Change 3.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.52M
YoY Change -43.56%
Accrued Expenses $218.7M
YoY Change -29.73%
Deferred Revenue $613.4M
YoY Change 219.18%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $9.675M
YoY Change 644.23%
Total Short-Term Liabilities $1.181B
YoY Change -19.58%
LONG-TERM LIABILITIES
Long-Term Debt $223.6M
YoY Change 1.28%
Other Long-Term Liabilities $318.9M
YoY Change 755.1%
Total Long-Term Liabilities $318.9M
YoY Change 755.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.181B
Total Long-Term Liabilities $318.9M
Total Liabilities $2.239B
YoY Change -4.14%
SHAREHOLDERS EQUITY
Retained Earnings -$4.927B
YoY Change 6.14%
Common Stock $1.616M
YoY Change 35.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$526.4M
YoY Change
Total Liabilities & Shareholders Equity $1.712B
YoY Change 3.34%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$121.3M
YoY Change -7.25%
Depreciation, Depletion And Amortization $12.70M
YoY Change 12.39%
Cash From Operating Activities -$144.8M
YoY Change 264.77%
INVESTING ACTIVITIES
Capital Expenditures $1.372M
YoY Change -92.42%
Acquisitions
YoY Change
Other Investing Activities $33.28M
YoY Change -16742.0%
Cash From Investing Activities $31.91M
YoY Change -273.43%
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
YoY Change -100.05%
NET CHANGE
Cash From Operating Activities -144.8M
Cash From Investing Activities 31.91M
Cash From Financing Activities -97.00K
Net Change In Cash -113.0M
YoY Change -181.29%
FREE CASH FLOW
Cash From Operating Activities -$144.8M
Capital Expenditures $1.372M
Free Cash Flow -$146.2M
YoY Change 152.92%

Facts In Submission

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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 global company focused on driving value via its proven technology platform, which includes a combination of a recombinant protein approach, innovative nanoparticle technology, and patented Matrix-M™ adjuvant, through partnerships and research and development. The Company continues to evolve its operating model to leverage four key drivers of value: a partnership with Sanofi Pasteur Inc. (“Sanofi”) announced in May 2024, a late-stage pipeline focuses on its COVID-19-Influenza Combination (“CIC”) and stand-alone influenza vaccine candidates, leveraging its proven technology platform to drive additional partnerships and deals, and its emerging early-stage pipeline. </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%">In May 2024, Novavax entered into a collaboration and licensing agreement (the “Sanofi CLA”) with Sanofi. The agreement includes a co-exclusive license to co-commercialize Novavax’s COVID-19 vaccine following the end of the 2024-2025 vaccination season, a sole license to Novavax’s COVID-19 vaccine for use in combination with Sanofi’s influenza vaccines, a non-exclusive license to develop and commercialize other vaccine products selected by Sanofi that include the Company's 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%"> adjuvant in vaccine products (See Note 6). </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’s program includes the Company’s prototype COVID-19 vaccine (“NVX-CoV2373,” or “prototype vaccine”), the Company’s 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”). 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). </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%">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.</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 accompanying unaudited 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 accompanying unaudited 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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AmortizationOfFinancingCostsAndDiscounts
1248000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1295000 usd
CY2024Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
2608000 usd
CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
2586000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
7824000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
8883000 usd
CY2024Q3 us-gaap Federal State And Local Income Tax Expense Benefit Continuing Operations
FederalStateAndLocalIncomeTaxExpenseBenefitContinuingOperations
-1300000 usd
CY2023Q3 us-gaap Federal State And Local Income Tax Expense Benefit Continuing Operations
FederalStateAndLocalIncomeTaxExpenseBenefitContinuingOperations
-700000 usd
us-gaap Federal State And Local Income Tax Expense Benefit Continuing Operations
FederalStateAndLocalIncomeTaxExpenseBenefitContinuingOperations
3100000 usd
us-gaap Federal State And Local Income Tax Expense Benefit Continuing Operations
FederalStateAndLocalIncomeTaxExpenseBenefitContinuingOperations
300000 usd
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
300000 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12049000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20760000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
37704000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
69699000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
500000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
500000 usd
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
55000000 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
10000000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
10000000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3000000 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3000000 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11600000 usd

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0001000694-24-000043.txt Edgar Link pending
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nvax-20240930.htm Edgar Link pending
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