$NVAX
NOVAVAX INC

2020 Q2 Form 10-Q Financial Statement

#000110465920092782 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $35.54M $3.357M $3.982M
YoY Change 958.62% -68.84% -58.75%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $17.70M $9.600M $8.700M
YoY Change 84.38% 17.07% 0.0%
% of Gross Profit
Research & Development $34.85M $30.42M $35.47M
YoY Change 14.56% -31.71% -20.31%
% of Gross Profit
Depreciation & Amortization $1.000M $2.000M $1.900M
YoY Change -50.0% 0.0% -9.52%
% of Gross Profit
Operating Expenses $34.85M $30.42M $35.47M
YoY Change 14.56% -31.71% -20.31%
Operating Profit -$17.03M -$36.67M -$40.22M
YoY Change -53.56% -12.69% -7.56%
Interest Expense $3.403M $3.403M $3.403M
YoY Change 0.0% 0.0% 0.0%
% of Operating Profit
Other Income/Expense, Net $2.612M -$8.000K -$12.00K
YoY Change -32750.0% -108.25% -136.36%
Pretax Income -$17.52M -$39.60M -$43.20M
YoY Change -55.76% -11.01% -6.9%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$17.52M -$39.60M -$43.22M
YoY Change -55.76% -10.99% -6.76%
Net Earnings / Revenue -49.3% -1179.71% -1085.33%
Basic Earnings Per Share -$0.30
Diluted Earnings Per Share -$0.30 -$1.685M -$2.118M
COMMON SHARES
Basic Shares Outstanding 58.62M shares 469.5M 441.3M
Diluted Shares Outstanding 58.62M shares

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $502.3M $72.00M $100.2M
YoY Change 597.64% -56.91% -30.32%
Cash & Equivalents $424.4M $78.24M $97.71M
Short-Term Investments $152.1M $0.00 $2.500M
Other Short-Term Assets $134.1M $38.20M $23.20M
YoY Change 251.05% 40.44% -37.63%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $636.4M $110.2M $123.4M
YoY Change 477.48% -43.29% -31.83%
LONG-TERM ASSETS
Property, Plant & Equipment $115.4M $19.90M $26.97M
YoY Change 479.77% -35.45% -16.75%
Goodwill $118.8M $51.25M
YoY Change
Intangibles $5.250M $6.114M
YoY Change
Long-Term Investments
YoY Change
Other Assets $55.96M $2.000M $11.73M
YoY Change 2698.05% 146.61% 551.89%
Total Long-Term Assets $295.8M $79.20M $97.93M
YoY Change 273.54% -13.42% 2.97%
TOTAL ASSETS
Total Short-Term Assets $636.4M $110.2M $123.4M
Total Long-Term Assets $295.8M $79.20M $97.93M
Total Assets $932.2M $189.4M $221.3M
YoY Change 392.2% -33.73% -19.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.242M $4.300M $6.150M
YoY Change 114.93% -35.69% 6.03%
Accrued Expenses $38.69M $20.10M $13.88M
YoY Change 92.49% -8.81% -34.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $213.3M $41.50M $31.50M
YoY Change 414.05% -3.53% -29.85%
LONG-TERM LIABILITIES
Long-Term Debt $321.3M $319.9M $319.5M
YoY Change 0.44% 0.44% 0.44%
Other Long-Term Liabilities $10.73M $13.50M $17.46M
YoY Change -20.56% 41.81% 40.84%
Total Long-Term Liabilities $10.73M $333.4M $17.46M
YoY Change -96.78% 3402.1% -94.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $213.3M $41.50M $31.50M
Total Long-Term Liabilities $10.73M $333.4M $17.46M
Total Liabilities $547.9M $374.9M $371.9M
YoY Change 46.14% 0.37% -0.93%
SHAREHOLDERS EQUITY
Retained Earnings -$1.499B -$1.342B
YoY Change
Common Stock $612.0K $4.699M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.638M $2.450M
YoY Change
Treasury Stock Shares $51.41K $455.4K
Shareholders Equity $184.5M -$185.5M -$150.6M
YoY Change
Total Liabilities & Shareholders Equity $932.2M $189.4M $221.3M
YoY Change 392.2% -33.73% -19.84%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$17.52M -$39.60M -$43.22M
YoY Change -55.76% -10.99% -6.76%
Depreciation, Depletion And Amortization $1.000M $2.000M $1.900M
YoY Change -50.0% 0.0% -9.52%
Cash From Operating Activities $115.6M -$30.00M -$50.61M
YoY Change -485.33% -24.81% -23.41%
INVESTING ACTIVITIES
Capital Expenditures -$3.800M -$500.0K -$800.0K
YoY Change 660.0% 66.67% 300.0%
Acquisitions
YoY Change
Other Investing Activities -$184.5M $2.500M $19.50M
YoY Change -7480.0% -105.21% -5.8%
Cash From Investing Activities -$188.2M $2.000M $18.71M
YoY Change -9510.0% -104.14% -9.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $55.24M
YoY Change 29.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 416.6M 0.000 56.18M
YoY Change -100.0% 27.91%
NET CHANGE
Cash From Operating Activities 115.6M -30.00M -50.61M
Cash From Investing Activities -188.2M 2.000M 18.71M
Cash From Financing Activities 416.6M 0.000 56.18M
Net Change In Cash 344.0M -28.00M 24.24M
YoY Change -1328.57% -18.13% -1624.53%
FREE CASH FLOW
Cash From Operating Activities $115.6M -$30.00M -$50.61M
Capital Expenditures -$3.800M -$500.0K -$800.0K
Free Cash Flow $119.4M -$29.50M -$49.81M
YoY Change -504.75% -25.51% -24.39%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1 – Organization</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Novavax, Inc. (“Novavax,” and together with its wholly owned subsidiaries, Novavax AB and Praha Vaccines a.s., the “Company”) is a late-stage biotechnology company that promotes improved global health through the discovery, development and commercialization of innovative vaccines to prevent serious infectious diseases and address urgent, global health needs. The Company’s vaccine candidates, including both its recently announced coronavirus vaccine candidate, NVX-CoV2373, as well as its other lead candidate, NanoFlu<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup>, are genetically engineered, three-dimensional nanostructures of recombinant proteins critical to disease pathogenesis and may elicit differentiated immune responses, which may be more efficacious than naturally occurring immunity or traditional vaccines. The Company’s technology targets a variety of infectious diseases. The Company is also developing proprietary immune stimulating saponin-based adjuvants at Novavax AB, its wholly owned Swedish subsidiary. The Company’s lead adjuvant, Matrix-M™, has been shown to enhance immune responses and has been well-tolerated in multiple clinical trials.</p>
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