2018 Q1 Form 10-Q Financial Statement
#000114420418026676 Filed on May 09, 2018
Income Statement
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| Revenue | $9.653M | $5.680M |
| YoY Change | 69.95% | 34.66% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $8.700M | $8.900M |
| YoY Change | -2.25% | -15.24% |
| % of Gross Profit | ||
| Research & Development | $44.51M | $37.65M |
| YoY Change | 18.22% | -45.39% |
| % of Gross Profit | ||
| Depreciation & Amortization | $2.100M | $2.100M |
| YoY Change | 0.0% | 5.0% |
| % of Gross Profit | ||
| Operating Expenses | $44.51M | $37.65M |
| YoY Change | 18.22% | -45.39% |
| Operating Profit | -$43.51M | -$40.83M |
| YoY Change | 6.58% | -45.75% |
| Interest Expense | $3.403M | $3.513M |
| YoY Change | -3.13% | 44.57% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $33.00K | $11.00K |
| YoY Change | 200.0% | -133.33% |
| Pretax Income | -$46.40M | -$43.90M |
| YoY Change | 5.69% | -43.21% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$46.35M | -$43.85M |
| YoY Change | 5.7% | -43.23% |
| Net Earnings / Revenue | -480.18% | -772.08% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$2.762M | -$3.204M |
| COMMON SHARES | ||
| Basic Shares Outstanding | 271.9M shares | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $143.8M | $211.2M |
| YoY Change | -31.91% | -51.33% |
| Cash & Equivalents | $133.8M | $124.9M |
| Short-Term Investments | $30.40M | $115.3M |
| Other Short-Term Assets | $37.20M | $47.30M |
| YoY Change | -21.35% | -5.96% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $181.0M | $258.4M |
| YoY Change | -29.97% | -46.67% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $32.40M | $39.44M |
| YoY Change | -17.85% | 7.88% |
| Goodwill | $51.94M | |
| YoY Change | -3.39% | |
| Intangibles | $9.161M | |
| YoY Change | -16.43% | |
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $1.800M | $2.500M |
| YoY Change | -28.0% | 1724.82% |
| Total Long-Term Assets | $95.10M | $103.1M |
| YoY Change | -7.72% | -4.5% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $181.0M | $258.4M |
| Total Long-Term Assets | $95.10M | $103.1M |
| Total Assets | $276.1M | $361.5M |
| YoY Change | -23.62% | -38.99% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $5.800M | $3.790M |
| YoY Change | 53.03% | -66.27% |
| Accrued Expenses | $21.30M | $26.70M |
| YoY Change | -20.22% | -1.65% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $44.90M | $56.50M |
| YoY Change | -20.53% | -20.48% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $318.1M | $316.7M |
| YoY Change | 0.44% | 0.44% |
| Other Long-Term Liabilities | $12.40M | $17.40M |
| YoY Change | -28.74% | 435.71% |
| Total Long-Term Liabilities | $330.5M | $334.1M |
| YoY Change | -1.08% | 10186.33% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $44.90M | $56.50M |
| Total Long-Term Liabilities | $330.5M | $334.1M |
| Total Liabilities | $375.4M | $390.6M |
| YoY Change | -3.89% | -4.05% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | 455.4K shares | 455.4K shares |
| Shareholders Equity | -$99.37M | -$29.10M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $276.1M | $361.5M |
| YoY Change | -23.62% | -38.99% |
Cashflow Statement
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$46.35M | -$43.85M |
| YoY Change | 5.7% | -43.23% |
| Depreciation, Depletion And Amortization | $2.100M | $2.100M |
| YoY Change | 0.0% | 5.0% |
| Cash From Operating Activities | -$66.08M | -$44.50M |
| YoY Change | 48.49% | -36.25% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$200.0K | -$1.100M |
| YoY Change | -81.82% | -80.0% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $20.70M | -$24.20M |
| YoY Change | -185.54% | -85.23% |
| Cash From Investing Activities | $20.59M | -$25.28M |
| YoY Change | -181.42% | -85.07% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $42.60M | $14.59M |
| YoY Change | 192.07% | |
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 43.92M | $15.36M |
| YoY Change | 185.89% | -94.48% |
| NET CHANGE | ||
| Cash From Operating Activities | -66.08M | -$44.50M |
| Cash From Investing Activities | 20.59M | -$25.28M |
| Cash From Financing Activities | 43.92M | $15.36M |
| Net Change In Cash | -1.590M | -$54.39M |
| YoY Change | -97.08% | -238.74% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$66.08M | -$44.50M |
| Capital Expenditures | -$200.0K | -$1.100M |
| Free Cash Flow | -$65.88M | -$43.40M |
| YoY Change | 51.8% | -32.51% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2018Q1 | us-gaap |
Revenues
Revenues
|
9653000 | USD |
| CY2017Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
110330000 | USD |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
20587000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-25284000 | USD |
| CY2018Q1 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
356000 | USD |
| CY2017Q1 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
356000 | USD |
| CY2018Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-43513000 | USD |
| CY2018Q1 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
531000 | USD |
| CY2018Q1 | us-gaap |
Interest Expense
InterestExpense
|
3403000 | USD |
| CY2018Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
33000 | USD |
| CY2018Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.14 | |
| CY2017Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
8852000 | USD |
| CY2017Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
11000 | USD |
| CY2017Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.16 | |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-1000 | USD |
| CY2018Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-462000 | USD |
| CY2018Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-454000 | USD |
| CY2018Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-46806000 | USD |
| CY2018Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
2079000 | USD |
| CY2017Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
2111000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-1093000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-13293000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-4867000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-9247000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-5399000 | USD |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-66075000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-44497000 | USD |
| CY2018Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
150000 | USD |
| CY2017Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
1084000 | USD |
| CY2017Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
18000 | USD |
| CY2018Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
42599000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
14585000 | USD |
| CY2018Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1325000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
797000 | USD |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
43924000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
15364000 | USD |
| CY2018Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-26000 | USD |
| CY2017Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
31000 | USD |
| CY2018Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
6094000 | USD |
| CY2017Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
6094000 | USD |
| CY2018Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
435000 | USD |
| CY2017Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
6000 | USD |
| CY2018Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
1984000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
543000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
1248000 | USD |
| CY2018Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
47000 | USD |
| CY2017Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-65000 | USD |
| CY2018Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
22721000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
86130000 | USD |
| CY2018Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
62000 | USD |
| CY2017Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
823000 | USD |
| CY2018Q1 | nvax |
Proceeds From Issuance Or Sale Of Equity Not Settled
ProceedsFromIssuanceOrSaleOfEquityNotSettled
|
0 | USD |
| CY2017Q1 | nvax |
Proceeds From Issuance Or Sale Of Equity Not Settled
ProceedsFromIssuanceOrSaleOfEquityNotSettled
|
225000 | USD |
| CY2018Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
|
9100000 | USD |
| CY2017Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
|
8600000 | USD |
| CY2018Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
45126499 | shares |
| CY2017Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
38202248 | shares |
| CY2018Q1 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
30367000 | USD |
| CY2018Q1 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
30358000 | USD |
| CY2018Q1 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
0 | USD |
| CY2018Q1 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
9000 | USD |
| CY2017Q4 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
51013000 | USD |
| CY2017Q4 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
0 | USD |
| CY2017Q4 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
17000 | USD |
| CY2018Q1 | nvax |
Available For Sale Securities Number Of Securities Owned
AvailableForSaleSecuritiesNumberOfSecuritiesOwned
|
11 | Number |
| CY2018Q1 | nvax |
Available For Sale Securities Number Of Securities Owned Unrealized Losses
AvailableForSaleSecuritiesNumberOfSecuritiesOwnedUnrealizedLosses
|
10 | Number |
| CY2018Q1 | us-gaap |
Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
|
-277000 | USD |
| CY2018Q1 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
13004000 | USD |
| CY2018Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
5429000 | USD |
| CY2017Q4 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
5316000 | USD |
| CY2018Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
7575000 | USD |
| CY2017Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
7873000 | USD |
| CY2017Q4 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
13189000 | USD |
| CY2018Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
200000 | USD |
| CY2018Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
751000 | USD |
| CY2018Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
625000 | USD |
| CY2018Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
448000 | USD |
| CY2018Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
448000 | USD |
| CY2018Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
|
563000 | USD |
| CY2018Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
|
448000 | USD |
| CY2016Q1 | us-gaap |
Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
|
10000000 | USD |
| CY2018Q1 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
325000000 | USD |
| CY2017Q4 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
325000000 | USD |
| CY2018Q1 | us-gaap |
Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
|
6881000 | USD |
| CY2017Q4 | us-gaap |
Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
|
7237000 | USD |
| CY2018Q1 | us-gaap |
Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
|
3047000 | USD |
| CY2017Q1 | us-gaap |
Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
|
3047000 | USD |
| CY2018Q1 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
3403000 | USD |
| CY2017Q1 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
3403000 | USD |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
300000 | USD |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
100000 | USD |
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
18750 | shares |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
0 | shares |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
|
0 | shares |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
|
0 | shares |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
|
18750 | shares |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
0 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
|
0 | |
| CY2018Q1 | us-gaap |
Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
|
-4381000 | USD |
| CY2017Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
135431000 | USD |
| CY2016Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
179257000 | USD |
| CY2018Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
133841000 | USD |
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
|
4.99 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
|
0 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
|
4.99 | |
| CY2018Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
5245000 | USD |
| CY2017Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
4213000 | USD |
| CY2018Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
31000000 | USD |
| CY2018Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P1Y7M6D | |
| CY2018Q1 | us-gaap |
Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
|
100000 | USD |
| CY2018Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2018Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
2000000 | shares |
| CY2017Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2017Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
2000000 | shares |
| CY2018Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2017Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2018Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2017Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2018Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2018Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
600000000 | shares |
| CY2017Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2017Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
600000000 | shares |
| CY2018Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
347204416 | shares |
| CY2018Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
346748986 | shares |
| CY2017Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
323684820 | shares |
| CY2017Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
323229390 | shares |
| CY2018Q1 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
455430 | shares |
| CY2017Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
455430 | shares |
| CY2018Q1 | us-gaap |
Revenue From Grants
RevenueFromGrants
|
9653000 | USD |
| CY2017Q1 | us-gaap |
Revenue From Grants
RevenueFromGrants
|
5680000 | USD |
| CY2017Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
124871000 | USD |
| CY2018Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> Note 1 – Organization</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0px; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Novavax, Inc. (“Novavax,” and together with its wholly owned subsidiary, Novavax AB, the “Company”) is a clinical-stage biotechnology company focused on the discovery, development and commercialization of recombinant nanoparticle vaccines and adjuvants. Using innovative proprietary recombinant nanoparticle vaccine technology, and its proprietary saponin-based adjuvant technology, the Company produces vaccine candidates to efficiently and effectively respond to both known and emerging disease threats. The Company’s vaccine candidates are genetically engineered three-dimensional nanostructures that incorporate 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 product pipeline targets a variety of infectious diseases, with lead clinical vaccine candidates against respiratory syncytial virus (“RSV”) and influenza, along with other clinical and preclinical infectious disease vaccine candidates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2018Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.25in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><strong><i>Use of Estimates</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States, 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.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
1.0950 | pure |
| CY2018Q1 | nvax |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Forfeiture Rate
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
|
0 | pure |
| CY2017Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
200000 | USD |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.13 | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
1.1398 | pure |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
1.1412 | pure |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.8891 | pure |
| CY2017Q1 | nvax |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Forfeiture Rate
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
|
0 | pure |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0226 | pure |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0254 | pure |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0173 | pure |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0234 | pure |
| CY2017Q1 | us-gaap |
Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
|
0 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
0 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
0 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
0 | USD |
| CY2018Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
0 | USD |
| CY2018Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-1590000 | USD |
| CY2017Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-54386000 | USD |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.50 | |
| CY2016Q1 | us-gaap |
Debt Instrument Face Amount
DebtInstrumentFaceAmount
|
325000000 | USD |
| CY2018Q1 | us-gaap |
Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
|
0.0375 | pure |
| CY2018Q1 | us-gaap |
Revenue Recognition Revenue Reductions
RevenueRecognitionRevenueReductions
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.25in; FONT: bold italic 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.25in; FONT: bold italic 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Revenue Recognition</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px 0px 0px 0.25in; FONT: bold italic 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In May 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) 2014-09, <i>Revenue from Contracts with Customers (Topic 606)</i> (“ASU 2014-09”), and subsequently issued amendments to ASU 2014-09, to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The new revenue standard became effective for the Company on January 1, 2018, and was adopted using the modified retrospective method. The adoption of the new revenue standard as of January 1, 2018 did not materially change the Company’s revenue recognition policies as the majority of its revenue continues to be recognized under the Grant Agreement (see discussion below). Since the Company did not identify any accounting changes that impacts its revenue recognition policies, no adjustment to accumulated deficit was required upon adoption.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Under the new revenue standard for arrangements that are determined within the scope of Topic 606, the Company recognizes revenue following the five-step model: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.  The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.  At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract and determines the performance obligations, and assesses whether each promised good or service is distinct.  The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company performs research and development under grant, license and clinical development agreements. Payments received in advance of work performed are recorded as deferred revenue.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company’s current revenue primarily consists of revenue under its Grant Agreement with BMGF (see Note 10). The Company is reimbursed for certain costs that support development activities, including the Company’s global Phase 3 clinical trial in pregnant women in their third trimester, product licensing efforts and efforts to obtain World Health Organization (“WHO”) prequalification of its RSV F Vaccine. The Company’s Grant Agreement does not provide a direct economic benefit to BMGF. Rather, the Company entered into an agreement with BMGF to make a certain amount of the RSV F Vaccine available and accessible at affordable pricing to people in certain low and middle income countries. Based on these circumstances, the Company does not consider BMGF to be a customer and concluded the Grant Agreement is outside the scope of Topic 606. Payments received under the Grant Agreement are considered conditional contributions under the scope of ASC 958-605, <i> Not-for-Profit Entities – Revenue Recognition,</i> and are recorded as deferred revenue until the period in which such research and development activities are performed and revenue can be recognized.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company analyzed the Grant Agreement to determine whether the payments received should be recorded as revenue or as a reduction to research and development expenses. In reaching this determination, management considered a number of factors, including whether the Company is principal under the arrangement, and whether the arrangement is significant to, and part of, the Company’s core operations. Further, management has consistently applied its policy of presenting such amounts as revenue.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> |
