Novavax Inc. filings document formal disclosures for a Nasdaq-listed biotechnology company focused on vaccine products, Matrix-M adjuvant technology and partnership-driven development. Recent 8-K reports record operating results, preliminary financial information, licensing arrangements for Matrix-M, Nuvaxovid marketing-authorization transfers, and facility-related agreements.
Proxy materials describe board matters, executive compensation, equity awards, shareholder voting items and governance procedures. The filings also identify Novavax common stock, par value $0.01 per share, as listed on The Nasdaq Global Select Market under NVAX.
Novavax EVP, CFO and Treasurer James Patrick Kelly reported equity award activity. On March 3, 2026, he acquired 43,167 shares of common stock through the exercise and vesting of restricted stock units at no cost. On the same date, 20,850 shares of common stock were withheld by the company at $9.49 per share to cover tax obligations, leaving him with 124,280 directly held common shares.
Novavax Inc. President and CEO John C. Jacobs reported equity award activity. He exercised 150,167 Restricted Stock Units into an equal number of common shares at $0.0000 per share through a derivative conversion, then 69,288 common shares were withheld at $9.49 per share to cover tax obligations, leaving him with 225,680 common shares held directly.
Novavax executive Elaine O'Hara reported equity compensation activity involving restricted stock units and common shares. On March 3, 2026, she exercised or converted 56,334 restricted stock units, resulting in the acquisition of 56,334 shares of Novavax common stock at a stated price of $0.00 per share.
To cover tax withholding on this RSU vesting, 22,429 shares of common stock were withheld by the company at $9.49 per share, described as a tax-withholding disposition rather than an open-market sale. Following these transactions, O'Hara directly owned 134,642 shares of Novavax common stock. Footnotes state that one-third of the RSUs from this grant vest on each of the first three anniversaries of March 3, 2025, subject to continued employment.
Novavax EVP and Chief Legal Officer Mark J. Casey reported equity compensation activity involving restricted stock units and common stock. On March 3, 2026, 4,000 restricted stock units were converted and 37,500 shares of common stock were acquired through an exercise or conversion of derivative securities at a stated price of $0.00 per share.
In a related move, 11,378 shares of common stock were withheld at $9.49 per share to satisfy tax withholding obligations tied to the RSU vesting, leaving 90,067 shares of common stock held directly after these transactions. A footnote explains that one-third of the RSUs under the company’s 2015 Stock Incentive Plan vest on each of the first three anniversaries of March 3, 2025, subject to continued employment.
Novavax EVP of R&D Ruxandra Draghia-Akli reported new equity awards and related share movements. On March 2, 2026, she received 93,000 Restricted Stock Units and a non-statutory stock option for 139,500 shares at $9.09 per share, each vesting over several years subject to continued employment.
On March 3, 2026, 26,667 RSUs were converted into common stock, with the same number of RSUs disposed back to the company. To cover tax withholding on RSU vesting, 11,313 shares of common stock at $9.49 per share were withheld, leaving her with 23,563 common shares held directly.
Novavax, Inc. President and CEO John C. Jacobs reported multiple equity transactions. On March 2, 2026, he received a grant of 367,500 Restricted Stock Units and a grant of 551,500 Non-Statutory Stock Options with an exercise price of $9.09 per share, each subject to multi‑year vesting conditions.
On March 1, 2026, 83,333 Restricted Stock Units were exercised into 83,333 shares of common stock at $0.00 per share, and 38,450 shares of common stock at $10.14 per share were disposed of to satisfy tax withholding obligations related to RSU vesting. After these transactions, he directly owned 225,680 shares of Novavax common stock.
Novavax Inc. executive Kelly James Patrick, EVP, CFO and Treasurer, reported multiple equity compensation transactions. On March 2, 2026, he acquired 129,500 Restricted Stock Units (RSUs) and a non-statutory stock option for 194,000 shares at an exercise price of $9.09 per share.
On March 1, 2026, 58,666 RSUs were converted into an equal number of common shares, and 28,366 common shares at $10.14 per share were disposed of to cover tax withholding obligations. Footnotes state that prior RSUs vest in three equal annual installments from March 1, 2024, the new RSUs vest in three equal annual installments from March 2, 2026, and the stock options vest over four years starting on the first anniversary of March 2, 2026, all subject to continued employment.
Novavax EVP and Chief Strategy Officer Elaine O'Hara reported a series of equity-related transactions. She received a grant of 118,000 Restricted Stock Units (RSUs) and a stock option for 177,500 shares at an exercise price of $9.09 per share, both vesting over multi‑year periods subject to continued employment under the company’s stock incentive plan.
On the same dates, previously granted RSUs for 19,600 and 40,000 units were exercised into common stock. To satisfy tax withholding obligations tied to these vestings, 5,375 and 10,969 shares of common stock were disposed of at $10.14 per share, with the remaining shares held directly by O'Hara.
Novavax EVP and Chief Legal Officer Mark J. Casey reported several equity transactions. On March 2, 2026, he received a grant of 101,000 restricted stock units and a non-statutory stock option for 152,000 shares at $9.09 per share, both vesting over multiple years subject to continued employment.
On March 1, 2026, 4,000 restricted stock units were exercised into 4,000 shares of common stock, and 1,214 shares were withheld at $10.14 per share to cover tax obligations. Following these transactions, he continued to hold directly owned common stock and derivative awards tied to Novavax shares.
Novavax reported a sharp turnaround in 2025, moving to net income of $440 million from a $187 million loss in 2024, driven by partnerships and cost cuts. Total revenue rose to $1.12 billion, up 65% from $682 million, with $625 million from Nuvaxovid product sales, largely tied to prior Advance Purchase Agreement settlements.
Fourth quarter 2025 revenue was $147 million, up 67% from $88 million, and net income was $18 million versus a loss of $81 million a year earlier. Licensing, royalties and other revenue reached $438 million in 2025, including $386 million from Sanofi, where Novavax earned $225 million in milestones for the year.
The company highlighted a new Matrix-M license agreement with Pfizer, including a $30 million upfront payment and up to $500 million in milestones plus high-mid-single digit royalties, and continued progress under its Sanofi collaboration. Cash and marketable securities totaled $751 million at year end, and Novavax added a $330 million credit facility with an initial $50 million draw.
Novavax exceeded its 2025 R&D and SG&A reduction goals, cutting full-year SG&A to $157 million from $337 million and R&D to $342 million from $391 million. For 2026, it guides to Adjusted Total Revenue of $230–$270 million and Non-GAAP combined R&D and SG&A expenses of $310–$340 million as it shifts to a partnership-led model.
Novavax reported a sharp turnaround in 2025, moving to net income of $440 million from a $187 million loss in 2024, driven by partnerships and cost cuts. Total revenue rose to $1.12 billion, up 65% from $682 million, with $625 million from Nuvaxovid product sales, largely tied to prior Advance Purchase Agreement settlements.
Fourth quarter 2025 revenue was $147 million, up 67% from $88 million, and net income was $18 million versus a loss of $81 million a year earlier. Licensing, royalties and other revenue reached $438 million in 2025, including $386 million from Sanofi, where Novavax earned $225 million in milestones for the year.
The company highlighted a new Matrix-M license agreement with Pfizer, including a $30 million upfront payment and up to $500 million in milestones plus high-mid-single digit royalties, and continued progress under its Sanofi collaboration. Cash and marketable securities totaled $751 million at year end, and Novavax added a $330 million credit facility with an initial $50 million draw.
Novavax exceeded its 2025 R&D and SG&A reduction goals, cutting full-year SG&A to $157 million from $337 million and R&D to $342 million from $391 million. For 2026, it guides to Adjusted Total Revenue of $230–$270 million and Non-GAAP combined R&D and SG&A expenses of $310–$340 million as it shifts to a partnership-led model.