Every 10-Q that Novavax Inc (NVAX) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow NVAX and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NVAX filings page.
Novavax, Inc. reported sharply lower revenue and a return to losses for the quarter ended June 30, 2026. Total revenue was $56.7 million (56,698 in thousands), down from $239.2 million a year earlier, as licensing and milestone revenue declined, partly offset by higher product and supply sales.
The company posted a net loss of $53.4 million (53,387 in thousands) versus net income of $106.5 million in the prior-year quarter, and a six‑month net loss of $62.9 million. Net cash used in operating activities for the first half was $105.2 million. Long‑term debt increased to 291,490 (in thousands) after a $50.0 million initial draw under a new senior secured Credit Agreement maturing in 2031.
As of June 30, 2026, Novavax held $191.5 million in cash and cash equivalents and $527.9 million in marketable securities, for total cash, restricted cash, and securities of $723.9 million and working capital of $440.5 million. Management concluded these resources are sufficient to fund operations for at least one year. Results continue to depend heavily on COVID‑19 vaccine collaborations and licensing arrangements with partners including Sanofi, Pfizer, Takeda, Serum, and on the Gavi settlement structure and ongoing restructuring and cost‑reduction efforts.
Novavax reported a sharp downturn in quarterly results as legacy COVID-19 product sales wound down and the model shifted toward partnerships. For the three months ended March 31, 2026, total revenue fell to $139.5 million from $666.7 million a year earlier, driven by a drop in product sales to $42.2 million from $621.7 million, while licensing, royalties, and other revenue grew to $97.3 million, including $48.9 million from Sanofi and a $30 million Pfizer upfront payment. The company swung to a net loss of $9.5 million versus prior net income of $518.6 million, with operating expenses roughly flat and restructuring charges of $5.4 million. Novavax ended the quarter with $794.9 million in cash, restricted cash, and marketable securities and a stockholders’ deficit of $144.8 million, and now expects existing liquidity to fund operations for at least 12 months, supported by a new credit facility under which $50 million has been drawn and by sizeable deferred revenue obligations tied to APAs and the Gavi settlement.
Novavax (NVAX) filed its Q3 2025 10‑Q, reporting total revenue of $70.4 million driven by licensing and services to partners, while recording a net loss of $202.4 million. Product sales were $13.4 million and licensing, royalties, and other revenue was $57.0 million.
Operating results reflected an $97.0 million impairment on assets held for sale and a loss on debt extinguishment of $28.7 million tied to exchanging 2027 notes for new 2031 notes. For the first nine months of 2025, revenue reached $976.3 million and net income was $422.8 million, aided by recognition of amounts previously in deferred revenue following the Canada APA termination.
Cash and cash equivalents were $268.0 million with marketable securities of $494.9 million as of September 30, 2025, and the company concluded it has sufficient capital for the one‑year look‑forward period. Collaboration activity remained significant: Sanofi-related revenue included $4.2 million royalties in Q3 and previously achieved milestones of $175 million (U.S. BLA approval). The Australia APA includes potential refundable amounts of up to $92.5 million if regulatory approvals and deliveries are not met by specified dates.
Novavax (NVAX) Q2-25 10-Q highlights:
- Q2 revenue fell 42% YoY to $239.2 m as product sales dropped to $10.7 m; licensing/royalty income of $228.5 m (mainly Sanofi milestone).
- Expenses cut 46% YoY to $138.2 m, producing operating income $101.1 m and net income $106.5 m (vs $162.4 m LY).
- 1H-25 revenue surged 78% to $905.9 m, driven by recognition of $575.7 m Canada APA termination and $175 m FDA BLA milestone from Sanofi; 1H net income +$625.2 m vs $14.8 m LY.
- Cash & marketable securities $612.3 m (down $311 m YTD) after $313 m operating cash burn and $28 m Canada refund; working capital $530 m.
- Deferred revenue down to $513 m (-$609 m YTD) as APAs unwind; shareholders’ equity turned positive at $37.6 m from a $623.8 m deficit.
- Key events: FDA BLA approval for pre-filled syringe COVID-19 vaccine; $175 m milestone from Sanofi; amended Takeda license ($27 m recognized); Gavi settlement structure unchanged.
- Company asserts no going-concern risk for the next 12 months.
Outlook: Profitability presently supported by one-off licensing and settlement items; core product sales remain low and cash burn continues. Monitoring demand for updated COVID-19 vaccine, completion of Sanofi tech transfer, and utilization of remaining $0.6 b deferred revenue is critical.