secwatch.observer — SEC 8-K summary
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Issuer:     NOVAVAX INC (NVAX)
CIK:        0001000694
Form:       8-K
Filed at:   2023-05-09T23:59:59+00:00
Accession:  0001000694-23-000039
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 2.05, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Novavax Q1 revenue $81M, net loss $294M; cuts 25% workforce, positive Phase 2 combo vaccine data
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- Q1 revenue $81M vs $704M YoY, net loss $294M vs net income $203M; includes $65M revenue reversal.
- Announced 25% global workforce reduction (20% FTEs) to cut 2024 R&D+SG&A by 40-50% vs 2022; one-time charges $10-15M.
- Positive Phase 2 data for COVID-Influenza Combination, standalone influenza, and high-dose COVID vaccines; all well-tolerated with robust immune responses.
- FY2023 revenue guidance $1.4-1.6B; combined R&D+SG&A $1.3-1.4B (excl. restructuring).
- Cash $637M at Mar 31, down from $1.3B at Dec 31; reduced current liabilities by $541M including $325M convertible debt maturity.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1000694/000100069423000039/0001000694-23-000039-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1000694/000100069423000039/nvax-20230509.htm
  HTML page:      https://secwatch.observer/filing/0001000694-23-000039

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