secwatch.observer — SEC 8-K summary
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Issuer:     NOVAVAX INC (NVAX)
CIK:        0001000694
Form:       8-K
Filed at:   2026-02-26T23:59:59+00:00
Accession:  0001000694-26-000011
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Novavax Q4 net income $18M, full-year profit $440M; Pfizer Matrix-M license deal
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- Q4 2025 revenue $147M (+67% YoY); net income $18M vs $81M loss in Q4 2024.
- Full year 2025 revenue $1.12B (+65% YoY); net income $440M vs $187M loss in 2024.
- Jan 2026: non-exclusive Pfizer license for Matrix-M in two areas; $30M upfront, up to $500M milestones plus royalties.
- Cash $751M at Dec 2025 (down from $938M); Feb 2026 $330M credit facility from MidCap Financial, initial $50M draw.
- Cost reductions exceed goals; 2026 Non-GAAP R&D+SG&A target $310-340M, falling to ≤$200M by 2028.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1000694/000100069426000011/0001000694-26-000011-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1000694/000100069426000011/nvax-20260226.htm
  HTML page:      https://secwatch.observer/filing/0001000694-26-000011

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer