---
schema_version: "secwatch.filing_event.v1"
accession: "0001000694-25-000048"
form_type: "8-K"
ticker: "NVAX"
cik: "0001000694"
company_name: "NOVAVAX INC"
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-16T23:17:07.301669+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Novavax Q3 net loss $202M, revenue down to $70M; raises FY2025 revenue guidance

## Summary
- Total revenue $70M, down 18% YoY from $85M; product sales (Nuvaxovid) $0 vs $38M.
- Net loss $202M vs $121M YoY; includes $97M asset impairment from Maryland site consolidation.
- Cash $778M as of Sep 30, 2025; completed convertible debt refinancing extending maturities to 2031.
- Sanofi milestones $225M YTD; $50M earned on marketing authorization transfers in Q4 2025.
- Maryland site consolidation yields $60M cash proceeds, ~$230M cost savings over 11 years.

## SEC filing metadata
- accession: 0001000694-25-000048
- form_type: 8-K
- ticker: NVAX
- cik: 0001000694
- company_name: NOVAVAX INC
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1000694/000100069425000048/0001000694-25-000048-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1000694/000100069425000048/nvax-20251106.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001000694-25-000048
- JSON: https://secwatch.observer/filing/0001000694-25-000048.json
- Plain text: https://secwatch.observer/filing/0001000694-25-000048.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.