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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Novavax Inc | NASDAQ:NVAX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.19 | 4.03% | 4.90 | 4.77 | 5.00 | 4.94 | 4.6895 | 4.84 | 4,668,267 | 05:00:08 |
GAITHERSBURG, Md., Aug. 08, 2017 (GLOBE NEWSWIRE) -- Novavax, Inc. (Nasdaq:NVAX) today announced its financial results for the second quarter and six months ended June 30, 2017.
Second Quarter and Subsequent Achievements:
Anticipated 2017 Event:
Summary
"Novavax has demonstrated considerable progress in our RSV F Vaccine program, highlighted by the continued strong execution of the Prepare trial, and the data from our recent trial in older adults, which confirmed the ability of the vaccine to generate robust immune responses and provided us with a development path forward," said Stanley C. Erck, President and CEO. "We are also excited by the recent preclinical results of our nanoparticle influenza vaccine and look forward to Phase 1/2 clinical data in the fourth quarter of this year."
Financial Results for the Three and Six Months Ended June 30, 2017
Novavax reported a net loss of $44.5 million, or $0.16 per share, for the second quarter of 2017, compared to a net loss of $79.4 million, or $0.29 per share, for the second quarter of 2016. For the six months ended June 30, 2017, the net loss was $88.3 million, or $0.32 per share, compared to a net loss of $156.6 million, or $0.58 per share, for the same period in 2016.
Novavax revenue in the second quarter of 2017 increased 169% to $6.7 million, compared to $2.5 million for the same period in 2016, primarily due to increased revenue recorded under the BMGF grant relating to our ongoing Prepare clinical trial.
Research and development expenses decreased 40% to $39.3 million in the second quarter of 2017, compared to $64.9 million for the same period in 2016. The decrease was primarily due to reduced costs associated with the clinical trials and development activities of our RSV F Vaccine and lower employee-related costs.
General and administrative expenses decreased 37% to $8.9 million in the second quarter of 2017, compared to $14.1 million for the same period in 2016. The decrease was primarily due to lower professional fees for pre-commercialization activities and lower employee-related costs.
Interest income (expense), net for the second quarter of 2017 was ($3.0) million, compared to ($2.8) million for the same period in 2016.
As of June 30, 2017, the company had $187.3 million in cash and cash equivalents and marketable securities compared to $235.5 million as of December 31, 2016. Net cash used in operating activities for the first six months of 2017 was $69.4 million, compared to $131.9 million for same period in 2016. The decrease in cash usage was primarily due to decreased costs relating to our RSV F Vaccine and lower overall employee-related costs.
Conference Call
Novavax management will host its quarterly conference call today at 4:30 p.m. ET. The dial-in number for the conference call is (877) 212-6076 (Domestic) or (707) 287-9331 (International), passcode 15614203. A replay of the conference call will be available starting at 7:30 p.m. ET on August 8, 2017 until 7:30 pm ET on August 15, 2017. To access the replay by telephone, dial (855) 859-2056 (Domestic) or (404) 537-3406 (International) and use passcode 15614203.
A webcast of the conference call can also be accessed via a link on the home page of the Novavax website (novavax.com) or through the "Investor Info"/"Events" tab on the Novavax website. A replay of the webcast will be available through the "Investor Info"/"Events" tab on the Novavax website until November 8, 2017.
About Novavax
Novavax, Inc. (Nasdaq:NVAX) is a clinical-stage biotechnology company committed to delivering novel products to prevent a broad range of infectious diseases. Our recombinant nanoparticles and Matrix-M(TM) adjuvant technology are the foundation for groundbreaking innovation that improves global health through safe and effective vaccines. Additional information about Novavax is available on the Company's website, novavax.com.
Forward-Looking Statements
Statements herein relating to the future of Novavax and the ongoing development of its vaccine and adjuvant products are forward-looking statements. Novavax cautions that these forward looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include those identified under the heading "Risk Factors" in the Novavax Annual Report on Form 10-K for the year ended December 31, 2016 and the Quarterly Report on Form 10-Q for the period ended June 30, 2017, both as filed with the Securities and Exchange Commission (SEC). We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
NOVAVAX, INC. | ||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
(in thousands, except per share information) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||
Revenue | $ | 6,732 | $ | 2,505 | $ | 12,412 | $ | 6,723 | ||||||||||
Expenses: | ||||||||||||||||||
Research and development | 39,263 | 64,904 | 76,916 | 133,856 | ||||||||||||||
General and administrative | 8,940 | 14,099 | 17,793 | 24,627 | ||||||||||||||
Total expenses | 48,203 | 79,003 | 94,709 | 158,483 | ||||||||||||||
Loss from operations | (41,471 | ) | (76,498 | ) | (82,297 | ) | (151,760 | ) | ||||||||||
Interest income (expense), net | (2,993 | ) | (2,842 | ) | (6,032 | ) | (4,799 | ) | ||||||||||
Other income (expense) | (1 | ) | (11 | ) | 10 | (44 | ) | |||||||||||
Net loss | $ | (44,465 | ) | $ | (79,351 | ) | $ | (88,319 | ) | $ | (156,603 | ) | ||||||
Basic and diluted net loss per share | $ | (0.16 | ) | $ | (0.29 | ) | $ | (0.32 | ) | $ | (0.58 | ) | ||||||
Basic and diluted weighted average | ||||||||||||||||||
number of common shares outstanding | 283,444 | 270,760 | 278,836 | 270,469 | ||||||||||||||
SELECTED CONSOLIDATED BALANCE SHEET DATA (in thousands) | |||||||
June 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
Cash and cash equivalents | $ | 75,793 | $ | 144,353 | |||
Marketable securities | 111,515 | 91,126 | |||||
Total current assets | 236,683 | 287,830 | |||||
Working capital | 169,892 | 221,424 | |||||
Total assets | 355,706 | 394,301 | |||||
Total notes payable and capital lease obligation | 317,051 | 316,376 | |||||
Total stockholders' deficit | (59,062 | ) | (5,546 | ) |
Contact:
Investor Relations
Novavax, Inc.
Andrea N. Flynn, Ph.D.
Director, Investor Relations
ir@novavax.com
240-268-2000
Westwicke Partners
John Woolford
john.woolford@westwicke.com
443-213-0506
Media
Russo Partners, LLC
David Schull
Maggie Beller
david.schull@russopartnersllc.com
maggie.beller@russopartnersllc.com
212-845-4271
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