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, 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, Inc. filed its annual report describing a vaccine-focused business built on its protein-based nanoparticle platform and Matrix-M™ adjuvant, used in its Nuvaxovid COVID‑19 vaccine and the R21/Matrix‑M malaria vaccine. The company emphasizes partnerships and a lean operating model to fund ongoing R&D.
Key commercial moves include a global collaboration with Sanofi, which triggered a $175 million milestone upon FDA approval of Nuvaxovid’s BLA and will eventually shift COVID‑19 commercialization to Sanofi, plus future milestone and royalty potential on COVID‑19, COVID‑influenza combination, and other adjuvanted products. Novavax also signed a non‑exclusive Matrix‑M license with Pfizer including a $30 million upfront payment and up to $500 million in milestones, and amended its agreement with Takeda in Japan to a royalty-based structure.
The company continues to unwind legacy COVID‑19 supply contracts. It recognized $575.7 million of product sales after Canada terminated its APA, while refunding $28.0 million, and recorded $27.3 million of product sales following a settlement with New Zealand. Remaining advance purchase obligations total about $0.4 billion, including $133.9 million with Australia and $225.0 million with Gavi, with portions potentially refundable if regulatory or supply conditions are not met. As of June 30, 2025, non‑affiliate equity market value was approximately $1.018 billion, and there were 162,935,945 shares outstanding as of February 16, 2026.
Bank of America Corporation has disclosed beneficial ownership of 8,315,530 shares of Novavax, Inc. common stock, representing 5.1% of the outstanding class as of the date used in the calculation. Most shares carry shared voting and dispositive power, with no sole authority reported.
The filing states these securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Novavax. The position is held across Bank of America and wholly owned subsidiaries, including broker-dealer and banking entities.
State Street Corporation reports beneficial ownership of 9,523,646 shares of Novavax, Inc. common stock, representing 5.9% of the class as of 12/31/2025. All voting and dispositive authority is described as shared, with no sole power reported.
The filing lists several affiliated asset management subsidiaries, including SSGA Funds Management and State Street Global Advisors entities, as the investment managers involved. State Street certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Novavax.
Jacobs John C reported disposition transactions in this Form 4 filing.
Novavax Inc. President and CEO John C. Jacobs exercised 83,197 Restricted Stock Units into an equal number of common shares on January 23, 2026. On the same date, 39,132 common shares were delivered to satisfy tax obligations. Following these transactions, he holds 180,797 common shares directly.
Novavax entered a worldwide, non-exclusive license and option agreement with Pfizer covering its Matrix-MTM adjuvant technology for vaccine products in at least one and up to two infectious disease areas. Pfizer will lead development, manufacturing, and commercialization of any licensed products, while Novavax will handle adjuvant supply under separate agreements.
Novavax will receive an upfront payment of $30 million in the first quarter of 2026 and is eligible for up to $500 million in additional milestones. These include up to $70 million in development milestones and up to $180 million in sales milestones for each of the First and potential Second Fields. Novavax is also eligible for tiered high mid-single digit percentage royalties on Pfizer’s quarterly net sales, with royalties lasting at least twenty years from first commercial sale or while valid patents remain. The company states that, assuming Pfizer commercializes a product in the First Field, the arrangement has the potential to generate billions of dollars of revenue over the life of the agreement.