$NVAX
NOVAVAX INC

2014 Q4 Form 10-Q Financial Statement

#000114420414065719 Filed on November 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $6.724M $8.214M $8.748M
YoY Change -23.14% 71.05% 91.55%
Cost Of Revenue $2.800M $4.027M $2.600M
YoY Change 7.69% 76.93% 30.0%
Gross Profit $3.900M $4.187M $6.100M
YoY Change -36.07% 65.76% 134.62%
Gross Profit Margin 58.0% 50.97% 69.73%
Selling, General & Admin $5.100M $4.800M $4.100M
YoY Change 24.39% 23.08% 64.0%
% of Gross Profit 130.77% 114.64% 67.21%
Research & Development $30.50M $19.22M $16.30M
YoY Change 87.12% 37.79% 69.79%
% of Gross Profit 782.05% 459.02% 267.21%
Depreciation & Amortization $1.400M $1.000M $1.000M
YoY Change 40.0% 66.67% 100.0%
% of Gross Profit 35.9% 23.88% 16.39%
Operating Expenses $35.60M $19.22M $20.40M
YoY Change 74.51% 37.79% 68.6%
Operating Profit -$31.70M -$19.79M -$14.30M
YoY Change 121.68% 29.52% 50.53%
Interest Expense $100.0K $47.00K $0.00
YoY Change -26.56% -100.0%
% of Operating Profit
Other Income/Expense, Net $0.00 -$19.00K $200.0K
YoY Change -100.0% 90.0%
Pretax Income -$31.50M -$19.73M -$14.10M
YoY Change 123.4% 28.93% 76.25%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$31.55M -$19.73M -$14.05M
YoY Change 124.46% 28.93% 75.68%
Net Earnings / Revenue -469.16% -240.16% -160.65%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.647M -$1.655M -$1.410M
COMMON SHARES
Basic Shares Outstanding 238.5M shares 238.4M shares 208.5M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $168.1M $178.1M $133.1M
YoY Change 26.3% 21.65% 201.81%
Cash & Equivalents $32.34M $34.47M $119.5M
Short-Term Investments $135.7M $143.6M $13.60M
Other Short-Term Assets $1.631M $402.0K $1.863M
YoY Change -12.45% 10.14% 989.47%
Inventory
Prepaid Expenses $6.395M $3.044M
Receivables $7.510M $2.859M $1.911M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $188.2M $192.0M $145.0M
YoY Change 29.76% 23.84% 187.65%
LONG-TERM ASSETS
Property, Plant & Equipment $19.74M $17.49M $14.25M
YoY Change 38.5% 25.22% 24.4%
Goodwill $54.61M $56.17M $58.71M
YoY Change -6.98% -4.4% 77.14%
Intangibles $12.58M $13.76M $16.25M
YoY Change -22.6% -16.1%
Long-Term Investments $12.20M
YoY Change
Other Assets $918.0K $159.0K $916.0K
YoY Change 0.22% -3.05% 160.97%
Total Long-Term Assets $87.84M $100.5M $90.12M
YoY Change -2.53% 11.64% 73.53%
TOTAL ASSETS
Total Short-Term Assets $188.2M $192.0M $145.0M
Total Long-Term Assets $87.84M $100.5M $90.12M
Total Assets $276.0M $292.5M $235.1M
YoY Change 17.39% 19.36% 129.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.91M $2.975M $5.985M
YoY Change 115.67% -10.9% 85.41%
Accrued Expenses $19.40M $13.71M $10.41M
YoY Change 86.31% 43.54% 43.11%
Deferred Revenue
YoY Change
Short-Term Debt $603.0K $0.00 $877.0K
YoY Change -31.24% -658.6%
Long-Term Debt Due $600.0K $900.0K $1.000M
YoY Change -40.0% 28.57% 400.0%
Total Short-Term Liabilities $34.12M $18.64M $18.12M
YoY Change 88.26% 30.68% 55.22%
LONG-TERM LIABILITIES
Long-Term Debt $400.0K $700.0K $1.200M
YoY Change -66.67% -63.16% 20.0%
Other Long-Term Liabilities $1.639M $1.399M $1.763M
YoY Change -7.03% -11.34%
Total Long-Term Liabilities $1.639M $1.399M $1.763M
YoY Change -7.03% -11.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.12M $18.64M $18.12M
Total Long-Term Liabilities $1.639M $1.399M $1.763M
Total Liabilities $46.38M $30.86M $31.89M
YoY Change 45.45% 8.29% 44.27%
SHAREHOLDERS EQUITY
Retained Earnings -$493.1M -$461.5M -$410.1M
YoY Change 20.22% 16.53% 14.51%
Common Stock $2.393M $2.389M $2.091M
YoY Change 14.44% 14.31% 40.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.450M $2.450M $2.450M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 455.4K shares 455.4K shares 455.4K shares
Shareholders Equity $229.6M $261.7M $203.2M
YoY Change
Total Liabilities & Shareholders Equity $276.0M $292.5M $235.1M
YoY Change 17.39% 19.36% 129.74%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$31.55M -$19.73M -$14.05M
YoY Change 124.46% 28.93% 75.68%
Depreciation, Depletion And Amortization $1.400M $1.000M $1.000M
YoY Change 40.0% 66.67% 100.0%
Cash From Operating Activities -$19.80M -$15.80M -$12.30M
YoY Change 60.98% 6.04% 284.37%
INVESTING ACTIVITIES
Capital Expenditures -$2.400M -$3.100M -$1.000M
YoY Change 140.0% 93.75% -52.38%
Acquisitions
YoY Change
Other Investing Activities $19.70M -$51.10M $10.20M
YoY Change 93.14% -400.59% -168.0%
Cash From Investing Activities $17.40M -$54.10M $9.200M
YoY Change 89.13% -451.3% -153.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K 500.0K 100.0K
YoY Change 200.0% -99.58% -99.63%
NET CHANGE
Cash From Operating Activities -19.80M -15.80M -12.30M
Cash From Investing Activities 17.40M -54.10M 9.200M
Cash From Financing Activities 300.0K 500.0K 100.0K
Net Change In Cash -2.100M -69.40M -3.000M
YoY Change -30.0% -157.93% -145.45%
FREE CASH FLOW
Cash From Operating Activities -$19.80M -$15.80M -$12.30M
Capital Expenditures -$2.400M -$3.100M -$1.000M
Free Cash Flow -$17.40M -$12.70M -$11.30M
YoY Change 53.98% -4.51% 927.27%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style=" font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in;">Note 1 &#150; Organization</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;">&#160;</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;">Novavax, Inc. (&#147;Novavax,&#148; and together with its wholly owned subsidiary, &#147;Novavax AB&#148; (formerly known as Isconova AB), the &#147;Company&#148;) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants. The Company's product pipeline targets a variety of infectious diseases with vaccine candidates currently in clinical development for respiratory syncytial virus (&#147;RSV&#148;), seasonal influenza and pandemic influenza. The Company has additional pre-clinical stage programs in a variety of infectious diseases, including Middle East Respiratory Syndrome (&#147;MERS&#148;) and the Ebola virus disease (&#147;EVD&#148;).&#160;</p> </div>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify;"><strong><em>Use of Estimates</em></strong></p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;">&#160;</p> <p style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in;">The preparation of 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 these estimates.</p> </div>
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dei Entity Registrant Name
EntityRegistrantName
NOVAVAX INC
dei Entity Central Index Key
EntityCentralIndexKey
0001000694
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q4 dei Entity Common Stock Shares Outstanding
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238477974 shares
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3

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