# EDGAR Filing Document

**Accession Number:** 0001000694
**File Stem:** 0001000694-25-000046
**Filing Date:** 2025-11
**Character Count:** 253466
**Document Hash:** 1fcf9f10c28a0defcbadbf72cc0886cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001000694-25-000046.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001000694-25-000046

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 95

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NOVAVAX INC
- **CENTRAL INDEX KEY:** 0001000694
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 222816046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-26770
- **FILM NUMBER:** 251456223

**BUSINESS ADDRESS:**
- **STREET 1:** 700 QUINCE ORCHARD ROAD
- **CITY:** GAITHERSBURG
- **STATE:** MD
- **ZIP:** 20878
- **BUSINESS PHONE:** 240-268-2000

**MAIL ADDRESS:**
- **STREET 1:** 700 QUINCE ORCHARD ROAD
- **CITY:** GAITHERSBURG
- **STATE:** MD
- **ZIP:** 20878

?xml version='1.0' encoding='ASCII'? nvax-20250930

<u>[**Table of Contents**](#i079250fe101b4aa59a8125117fb14cfd_7)</u>

&nbsp;&nbsp;&nbsp;&nbsp;

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 10-Q**

☒&nbsp;&nbsp;&nbsp;&nbsp;**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025** 

**OR**

☐&nbsp;&nbsp;&nbsp;&nbsp;**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to .**

**Commission File No. 000-26770**

**NOVAVAX, INC.**

(Exact name of registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **Delaware** | **22-2816046** |
| (State or other jurisdiction of<br>incorporation or organization) | (State or other jurisdiction of<br>incorporation or organization) | (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |
| **21 Firstfield Road,** | **Gaithersburg,** | **MD** | **20878** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip code) |

---

**(240) 268-2000**

(Registrant's telephone number, including area code)

**700 Quince Orchard, Gaithersburg, MD 20878**

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, Par Value $0.01 per share | NVAX | The Nasdaq Global Select Market |

---

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ⌧ | Accelerated Filer | □ |
| Non-accelerated filer | □ | Smaller reporting company | □ |
| Emerging growth company | □ | | |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

The number of shares outstanding of the Registrant's Common Stock, $0.01 par value, was 162,498,995 as of October 31, 2025.

------

<u>[**Table of Contents**](#i079250fe101b4aa59a8125117fb14cfd_7)</u>

**NOVAVAX, INC.**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page No.** |
| **<u>[PART I. FINANCIAL INFORMATION](#i079250fe101b4aa59a8125117fb14cfd_10)</u>** | **<u>[PART I. FINANCIAL INFORMATION](#i079250fe101b4aa59a8125117fb14cfd_10)</u>** | [1](#i079250fe101b4aa59a8125117fb14cfd_10) |
| <u>[Item 1.](#i079250fe101b4aa59a8125117fb14cfd_13)</u> | <u>[Consolidated Financial Statements](#i079250fe101b4aa59a8125117fb14cfd_13)</u> | [1](#i079250fe101b4aa59a8125117fb14cfd_13) |
|  | <u>[Unaudited Consolidated Statements of Operations and Unaudited Consolidated Statements of Comprehensive Income (Loss) for the three and](#i079250fe101b4aa59a8125117fb14cfd_16)[nine](#i079250fe101b4aa59a8125117fb14cfd_16)[months ended](#i079250fe101b4aa59a8125117fb14cfd_16)[September](#i079250fe101b4aa59a8125117fb14cfd_16)[30, 2025 and 2024](#i079250fe101b4aa59a8125117fb14cfd_16)</u> | [2](#i079250fe101b4aa59a8125117fb14cfd_16) |
|  | <u>[Consolidated Balance Sheets as of](#i079250fe101b4aa59a8125117fb14cfd_19)[September](#i079250fe101b4aa59a8125117fb14cfd_19)[30, 2025 (unaudited) and December 31, 2024](#i079250fe101b4aa59a8125117fb14cfd_19)</u> | [3](#i079250fe101b4aa59a8125117fb14cfd_19) |
|  | <u>[Unaudited Consolidated Statements of Changes in Stockholders Equity (Deficit) for the three and](#i079250fe101b4aa59a8125117fb14cfd_22)[nine](#i079250fe101b4aa59a8125117fb14cfd_22)[months ended](#i079250fe101b4aa59a8125117fb14cfd_22)[September](#i079250fe101b4aa59a8125117fb14cfd_22)[30, 2025 and 2024](#i079250fe101b4aa59a8125117fb14cfd_22)</u> | [4](#i079250fe101b4aa59a8125117fb14cfd_22) |
|  | <u>[Unaudited Consolidated Statements of Cash Flows for the](#i079250fe101b4aa59a8125117fb14cfd_28)[nine](#i079250fe101b4aa59a8125117fb14cfd_28)[months ended](#i079250fe101b4aa59a8125117fb14cfd_28)[September](#i079250fe101b4aa59a8125117fb14cfd_28)[30, 2025 and 2024](#i079250fe101b4aa59a8125117fb14cfd_28)</u> | [5](#i079250fe101b4aa59a8125117fb14cfd_28) |
|  | <u>[Notes to the Consolidated Financial Statements (unaudited)](#i079250fe101b4aa59a8125117fb14cfd_31)</u> | [6](#i079250fe101b4aa59a8125117fb14cfd_31) |
| <u>[Item 2.](#i079250fe101b4aa59a8125117fb14cfd_91)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i079250fe101b4aa59a8125117fb14cfd_91)</u> | [26](#i079250fe101b4aa59a8125117fb14cfd_91) |
| <u>[Item 3.](#i079250fe101b4aa59a8125117fb14cfd_127)</u> | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i079250fe101b4aa59a8125117fb14cfd_127)</u> | [46](#i079250fe101b4aa59a8125117fb14cfd_127) |
| <u>[Item 4.](#i079250fe101b4aa59a8125117fb14cfd_130)</u> | <u>[Controls and Procedures](#i079250fe101b4aa59a8125117fb14cfd_130)</u> | [46](#i079250fe101b4aa59a8125117fb14cfd_130) |
| **<u>[PART II. OTHER INFORMATION](#i079250fe101b4aa59a8125117fb14cfd_133)</u>** | **<u>[PART II. OTHER INFORMATION](#i079250fe101b4aa59a8125117fb14cfd_133)</u>** | [47](#i079250fe101b4aa59a8125117fb14cfd_133) |
| <u>[Item 1.](#i079250fe101b4aa59a8125117fb14cfd_136)</u> | <u>[Legal Proceedings](#i079250fe101b4aa59a8125117fb14cfd_136)</u> | [47](#i079250fe101b4aa59a8125117fb14cfd_136) |
| <u>[Item 1A.](#i079250fe101b4aa59a8125117fb14cfd_139)</u> | <u>[Risk Factors](#i079250fe101b4aa59a8125117fb14cfd_139)</u> | [49](#i079250fe101b4aa59a8125117fb14cfd_139) |
| <u>[Item 5](#i079250fe101b4aa59a8125117fb14cfd_145)</u> | <u>[Other Information](#i079250fe101b4aa59a8125117fb14cfd_145)</u> | [50](#i079250fe101b4aa59a8125117fb14cfd_145) |
| <u>[Item 6.](#i079250fe101b4aa59a8125117fb14cfd_151)</u> | <u>[Exhibits](#i079250fe101b4aa59a8125117fb14cfd_151)</u> | [51](#i079250fe101b4aa59a8125117fb14cfd_151) |
| **<u>[SIGNATURES](#i079250fe101b4aa59a8125117fb14cfd_154)</u>** | **<u>[SIGNATURES](#i079250fe101b4aa59a8125117fb14cfd_154)</u>** | [52](#i079250fe101b4aa59a8125117fb14cfd_154) |

---

i

------

<u>[**Table of Contents**](#i079250fe101b4aa59a8125117fb14cfd_7)</u>

**PART I. FINANCIAL INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

------

<u>[**Table of Contents**](#i079250fe101b4aa59a8125117fb14cfd_7)</u>

**NOVAVAX, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in thousands, except per share information)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>September 30,** | **For the Three Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Product sales | $13442 | $41528 | $645844 | $153952 |
| &nbsp;&nbsp;&nbsp;Licensing, royalties, and other | 57003 | 42984 | 330496 | 439899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 70445 | 84512 | 976340 | 593851 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of sales | 21496 | 60619 | 50936 | 166070 |
| &nbsp;&nbsp;&nbsp;Research and development | 98274 | 87164 | 266444 | 286789 |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative | 31655 | 70747 | 123357 | 258843 |
| &nbsp;&nbsp;Impairment of assets held for sale | 97038 |  | 97038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 248463 | 218530 | 537775 | 711702 |
| Income (loss) from operations | (178018) | (134018) | 438565 | (117851) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (5482) | (4236) | (16723) | (12490) |
| &nbsp;&nbsp;Loss on debt extinguishment | (28714) |  | (28714) |  |
| &nbsp;&nbsp;Other income, net | 9178 | 15922 | 31136 | 27307 |
| Income (loss) before income tax expense | (203036) | (122332) | 424264 | (103034) |
| &nbsp;&nbsp;Income tax expense (benefit) | (657) | (1032) | 1489 | 3435 |
| Net income (loss) | $(202379) | $(121300) | $422775 | $(106469) |
| Net income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;Basic | $(1.25) | $(0.76) | $2.61 | $(0.71) |
| &nbsp;&nbsp;Diluted | $(1.25) | $(0.76) | $2.53 | $(0.71) |
| Weighted average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;Basic | 162353 | 160049 | 161811 | 149486 |
| &nbsp;&nbsp;Diluted | 162353 | 160049 | 168195 | 149486 |

---

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended<br>September 30,** | **For the Three Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** | **For the Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $(202379) | $(121300) | $422775 | $(106469) |
| Other comprehensive income (loss): |  |  |  |  |
| &nbsp;&nbsp;Net unrealized gain on available-for-sale marketable securities  | 95 | 393 | 545 | 243 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (1382) | 13713 | 20269 | 633 |
| Other comprehensive income (loss) | (1287) | 14106 | 20814 | 876 |
| Comprehensive income (loss) | $(203666) | $(107194) | $443589 | $(105593) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.

------

<u>[**Table of Contents**](#i079250fe101b4aa59a8125117fb14cfd_7)</u>

**NOVAVAX, INC.**

**CONSOLIDATED BALANCE SHEETS**

**(in thousands, except share and per share information)**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | **(unaudited)** | |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $268023 | $530230 |
| &nbsp;&nbsp;&nbsp;Marketable securities | 494871 | 392888 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 10816 | 10626 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 34174 | 108285 |
| &nbsp;&nbsp;&nbsp;Inventory | 13511 | 8749 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 45532 | 78164 |
| &nbsp;&nbsp;&nbsp;Assets held for sale | 107663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 974590 | 1128942 |
| Property and equipment, net | 49120 | 138413 |
| Right of use asset, net | 23873 | 161585 |
| Goodwill | 113080 | 107478 |
| Other non-current assets | 19226 | 24000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1179889 | $1560418 |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $15227 | $41579 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 115586 | 211165 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 104251 | 675067 |
| &nbsp;&nbsp;&nbsp;Current portion of finance lease liabilities | 5036 | 7009 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 138334 | 219596 |
| &nbsp;&nbsp;&nbsp;Liabilities held for sale | 51435 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 429869 | 1154416 |
| Deferred revenue | 397105 | 446819 |
| Convertible notes payable | 243835 | 169684 |
| Non-current finance lease liabilities | 2269 | 53726 |
| Other non-current liabilities | 263483 | 359614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1336561 | 2184259 |
| Commitments and contingencies (Note 15) |  |  |
| Preferred stock, $0.01 par value, 2,000,000 shares authorized at September 30, 2025 and December 31, 2024; no shares issued and outstanding at September 30, 2025 and December 31, 2024 |  |  |
| Stockholders' deficit: |  |  |
| Common stock, $0.01 par value, 600,000,000 shares authorized at September 30, 2025 and December 31, 2024; 164,817,266 shares issued and 162,470,138 shares outstanding at September 30, 2025 and 161,942,677 shares issued and 160,421,136 shares outstanding at December 31, 2024 | 1648 | 1619 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 4531763 | 4501403 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (4585675) | (5008450) |
| Treasury stock, cost basis, 2,347,128 shares at September 30, 2025 and 1,521,541 shares at December 31, 2024 | (102663) | (95854) |
| &nbsp;&nbsp;Accumulated other comprehensive loss | (1745) | (22559) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (156672) | (623841) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' deficit | $1179889 | $1560418 |

---

The accompanying notes are an integral part of these financial statements.

------

**NOVAVAX, INC.&nbsp;&nbsp;&nbsp;&nbsp;**

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)**

**Three and Nine Months Ended September 30, 2025 and 2024**

**(in thousands, except share information)**

**(unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Treasury<br>Stock** | **Accumulated Other**<br>**Comprehensive**<br>**Income (Loss)** | **Total Stockholders'<br>Equity (Deficit)** |
| | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Treasury<br>Stock** | **Accumulated Other**<br>**Comprehensive**<br>**Income (Loss)** | **Total Stockholders'<br>Equity (Deficit)** |
| **Balance at June 30, 2025** | **164475337** | $**1645** | $**4522193** | $**(4383296)** | $**(102459)** | $**(458)** | $**37625** |
| Stock-based compensation |  |  | 8549 |  |  |  | 8549 |
| Stock issued under incentive programs | 341929 | 3 | 1021 |  | (204) |  | 820 |
| Unrealized gain on available-for-sale marketable securities |  |  |  |  |  | 95 | 95 |
| Foreign currency translation adjustment |  |  |  |  |  | (1382) | (1382) |
| Net loss |  |  |  | (202379) |  |  | (202379) |
| **Balance at September 30, 2025** | **164817266** | $**1648** | $**4531763** | $**(4585675)** | $**(102663)** | $**(1745)** | $**(156672)** |
| **Balance at June 30, 2024** | **161267120** | $**1613** | $**4477748** | $**(4806120)** | $**(94439)** | $**(10508)** | $**(431706)** |
| Stock-based compensation |  |  | 12049 |  |  |  | 12049 |
| Stock issued under incentive programs | 291127 | 3 | 833 |  | (421) |  | 415 |
| Unrealized gain on marketable securities | **—** | **—** | **—** | **—** | **—** | 393 | 393 |
| Foreign currency translation adjustment |  |  |  |  |  | 13713 | 13713 |
| Net loss |  |  |  | (121300) |  |  | (121300) |
| **Balance at September 30, 2024** | **161558247** | $**1616** | $**4490630** | $**(4927420)** | $**(94860)** | $**3598** | $**(526436)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Treasury<br>Stock** | **Accumulated Other<br>Comprehensive<br>Income (Loss)** | **Total Stockholders'<br>Equity (Deficit)** |
| | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Deficit** | **Treasury<br>Stock** | **Accumulated Other<br>Comprehensive<br>Income (Loss)** | **Total Stockholders'<br>Equity (Deficit)** |
| **Balance at December 31, 2024** | **161942677** | $**1619** | $**4501403** | $**(5008450)** | $**(95854)** | $**(22559)** | $**(623841)** |
| Stock-based compensation |  |  | 28048 |  |  |  | 28048 |
| Stock issued under incentive programs | 2874589 | 29 | 2312 |  | (6809) |  | (4468) |
| Unrealized gain on available-for-sale marketable securities |  |  |  |  |  | 545 | 545 |
| Foreign currency translation adjustment |  |  |  |  |  | 20269 | 20269 |
| Net income |  |  |  | 422775 |  |  | 422775 |
| **Balance at September 30, 2025** | **164817266** | $**1648** | $**4531763** | $**(4585675)** | $**(102663)** | $**(1745)** | $**(156672)** |
| **Balance at December 31, 2023** | **140506093** | $**1405** | $**4192164** | $**(4820951)** | $**(92267)** | $**2722** | $**(716927)** |
| Stock-based compensation |  |  | 37704 |  |  |  | 37704 |
| Stock issued under incentive programs | 1958757 | 20 | 4544 |  | (2593) |  | 1971 |
| Issuance of common stock, net of issuance costs of $3,830 | 19093397 | 191 | 256218 |  |  |  | 256409 |
| Unrealized gain on marketable securities | **—** | **—** | **—** | **—** | **—** | 243 | 243 |
| Foreign currency translation adjustment |  |  |  |  |  | 633 | 633 |
| Net loss |  |  |  | (106469) |  |  | (106469) |
| **Balance at September 30, 2024** | **161558247** | $**1616** | $**4490630** | $**(4927420)** | $**(94860)** | $**3598** | $**(526436)** |

---

The accompanying notes are an integral part of these financial statements.

------

**NOVAVAX, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $422775 | $(106469) |
| &nbsp;&nbsp;&nbsp;Reconciliation of net income (loss) to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 22488 | 35979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash stock-based compensation | 28048 | 37704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for excess and obsolete inventory | 1945 | 19913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets held for sale | 97038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 3382 | 5431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment  | 28714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other items, net | 4453 | (3786) |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | (5388) | 13103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, prepaid expenses, and other assets | 112980 | 353176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses, and other liabilities | (301023) | (343158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (620572) | 74007 |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (205160) | 85900 |
| **Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (3484) | (11125) |
| &nbsp;&nbsp;Purchases of available-for-sale marketable securities | (349736) | (441265) |
| &nbsp;&nbsp;Proceeds from maturities of available-for-sale marketable securities | 255125 | 105607 |
| &nbsp;&nbsp;&nbsp;Internal-use software | (655) | (1262) |
| &nbsp;&nbsp;Net cash provided used in investing activities | (98750) | (348045) |
| **Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from sales of common stock |  | 263272 |
| &nbsp;&nbsp;Proceeds on the issuance of Convertible Senior Notes due 2031, net of issuance costs | 42606 |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from the exercise of stock-based awards | (4468) | 1971 |
| &nbsp;&nbsp;&nbsp;Finance lease payments | (3797) | (1238) |
| &nbsp;&nbsp;Net cash provided by financing activities | 34341 | 264005 |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate on cash, cash equivalents, and restricted cash | 7634 | 2917 |
| &nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents, and restricted cash | (261935) | 4777 |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash at beginning of period | 545292 | 583810 |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash at end of period | $283357 | $588587 |
| **Supplemental disclosure of non-cash activities:** |  |  |
| &nbsp;&nbsp;Issuance of Convertible Senior Notes due 2031 in exchange for Convertible Senior Notes due 2027 | $175305 | $— |
| &nbsp;&nbsp;&nbsp;Right-of-use assets from new lease agreements | $1803 | $(4302) |
| &nbsp;&nbsp;&nbsp;Capital expenditures included in accounts payable and accrued expenses | $250 | $1607 |
| &nbsp;&nbsp;Internal-use software included in accounts payable and accrued expenses | $— | $320 |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash interest payments, net of amounts capitalized | $12113 | $8500 |
| &nbsp;&nbsp;Cash paid for income taxes, net of refunds | $8800 | $641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.

------

**NOVAVAX, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**September 30, 2025**

**(unaudited)**

**Note 1 – Organization and Business**

Novavax, Inc. ("Novavax," and together with its wholly owned subsidiaries, the "Company") is tackling global health challenges through scientific innovation by leveraging its deep scientific expertise in vaccines and cutting-edge technology platform. The differentiated platform features the Company's recombinant protein-based nanoparticle technology and its unique Matrix-M<sup>®</sup> adjuvant.

The Company's corporate growth strategy seeks to create value from its proven technology platform by advancing research and development ("R&D") innovation, organically growing its portfolio and strengthening existing partnerships while working actively to forge new collaborations. The Company's three strategic priorities are: focusing on its partnership with Sanofi Pasteur Inc. ("Sanofi") announced in May 2024, enhancing existing partnerships while leveraging its technology platform and pipeline to forge additional partnerships, and advancing its proven technology platform and early-stage pipeline. The Company's corporate growth strategy is supported by a lean, agile, and focused operating model.

Novavax's prototype COVID-19 vaccine ("NVX-CoV2373," or "prototype vaccine"), the Company's XBB COVID-19 vaccine ("NVX-CoV2601"), and the Company's Nuvaxovid™ JN.1 COVID-19 vaccine ("NVX-CoV2705" or "updated vaccine") are collectively referred to as the Company's "COVID-19 Vaccine." Local regulatory authorities have also specified nomenclature for the labeling of NVX-CoV2373, NVX-CoV2601, and NVX-CoV2705 within their territories. The Company's partner, Serum Institute of India Pvt. Ltd. ("SII"), markets Novavax's COVID-19 Vaccine as "Covovax™."

Currently, the Company significantly depends on its supply agreement with SII and its subsidiary, Serum Life Sciences Limited ("SLS" and together with SII, "Serum"), for co-formulation, filling, and finishing.

**Note 2 – Summary of Significant Accounting Policies**

***Basis of Presentation***

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. The accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring adjustments) that the Company considers necessary for a fair presentation of the financial position, operating results, comprehensive income (loss), changes in stockholders' equity (deficit), and cash flows for the periods presented. Although the Company believes that the disclosures in these unaudited consolidated financial statements are adequate to make the information presented not misleading, certain information and footnote information normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted under the rules and regulations of the United States Securities and Exchange Commission ("SEC").

The accompanying unaudited consolidated financial statements include the accounts of Novavax, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The aggregate foreign currency transaction gains and losses resulting from the conversion of the transaction currency to functional currency were a $1.8 million and $0.2 million gain, and a $1.2 million and $7.9 million loss for the three and nine months ended September 30, 2025 and 2024, respectively, which are reflected in Other income, net.

The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Results for this or any interim period are not necessarily indicative of results for any future interim period or for the entire year. The Company operates in one business segment.

***Reclassifications***

Certain amounts reported in prior periods have been reclassified to conform to current period financial statement presentation. These reclassifications have no material effect on previously reported financial position and cash flows.

------

The Company reclassified $3.3 million and $13.5 million of revenue previously reported as License, royalties, and other revenue to Product sales for the three and nine ended September 30, 2024 related to adjuvant supply sales and other supply sales. This presentation aligns with the Company's enhanced focus on supply sales to partners.

***Liquidity and Going Concern***

The accompanying unaudited consolidated financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued and contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The accompanying unaudited consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainty described below.

As of September 30, 2025, the Company had $268.0 million in cash and cash equivalents, $494.9 million in marketable securities, and working capital of $544.7 million. During the nine months ended September 30, 2025, the Company recognized net income of $422.8 million and had net cash flows used in operating activities of $205.2 million.

In accordance with Accounting Standards Codification ("ASC") Topic 205-40, *Presentation of Financial Statements - Going Concern,* the Company evaluated its ability to continue as a going concern within one year after the date that the accompanying unaudited consolidated financial statements are issued. Based on the Company's current cash, cash equivalents, and marketable securities balances and the Company's current cash flow forecast for the one-year going concern look forward period, the Company has concluded that it expects to have sufficient capital available to fund its operations for the one-year period from the date that these financial statements are issued.

***Use of Estimates***

The preparation of the accompanying unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the accompanying unaudited consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.

***Restructuring***

The Company recognizes restructuring charges when such costs are incurred. The Company's restructuring charges consist of employee severance and other termination benefits related to the reduction of its workforce, the consolidation of facilities, and infrastructure and other costs. Termination benefits are expensed on the date the Company notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are probable and the benefit is estimable. When the Company commits to a plan to sell a disposal group and meets the criteria for classification as held for sale under ASC 360, *Property, Plant, and Equipment* ("ASC 360"), the disposal group is classified as held for sale. It is subsequently measured at the lower of its carrying amount or fair value less cost to sell. Upon reclassification, depreciation and amortization cease, and any resulting impairment loss is recognized immediately within Impairment of assets held for sale in the Consolidated Statements of Operations. The assets and any associated liabilities are presented separately as current assets and current liabilities on the Consolidated Balance Sheets, as the Company expects to divest the disposal group within 12 months.

See Note 16 for additional information on the impairment of assets and on the severance and employee benefit costs for terminated employees in connection with the Company's Restructuring Plan, as defined in Note 16.

***Recent Accounting Pronouncements***

*<u>Not Yet Adopted</u>*

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)* ("ASU 2024-03"). The ASU includes enhanced disclosure requirements, which mandate transparency in financial statements by requiring detailed disclosures of specific expenses like inventory purchases, employee compensation, depreciation, and intangible asset amortization. In January 2025, the FASB issued ASU 2025-01, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) An Amendment of the FASB Accounting Standards Codification ("ASC"), Clarifying the Effective Date,* which clarifies that public business entities are required to adopt the ASU 2024-03 guidance in annual reporting periods beginning after December 15, 2026, and interim reporting periods

------

within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this pronouncement on the Company's consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, *Targeted Improvements to the Accounting for Internal-Use Software* ("ASU 2025-06"). This standard is intended to improve the operability and application of guidance related to capitalized software development costs and becomes effective January 1, 2028. The Company is assessing the potential impact this ASU may have on the Company's consolidated financial statements and disclosures upon adoption.

In October 2023, the FASB issued ASU 2023-06, *Disclosure Improvements* ("ASU 2023-06"), to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB ASC with the SEC's regulations. The effective date for each amendment in the ASU is the effective date that the SEC removes the disclosure requirement from its regulations. The Company is currently evaluating ASU 2023-06; however, as the ASU codifies SEC regulations, the Company does not anticipate that its implementation will have a material effect on the Company's consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, *Improvements to Income Tax Disclosures* ("ASU 2023-09"). The standard enhances transparency in income tax disclosures by requiring, on an annual basis, certain disaggregated information about a reporting entity's effective tax rate reconciliation and income taxes paid. The ASU also requires disaggregated disclosure related to pre-tax income (or loss) and income tax expense (or benefit) and eliminates certain disclosures related to the balance of an entity's unrecognized tax benefit and the cumulative amount of certain temporary differences. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. The Company is completing its evaluation of the impact of ASU 2023-09 on its disclosures.

**Note 3 – Marketable Securities** 

Marketable securities were classified as available-for-sale as of September 30, 2025 and December 31, 2024, comprised of (in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Fair Value** | **Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Fair Value** |
| Treasury securities | $171765 | $607 | $— | $172372 | $184438 | $116 | $— | $184554 |
| Corporate debt securities | 322521 |  | (22) | 322499 | 208410 |  | (76) | 208334 |
| Total marketable securities | $494286 | $607 | $(22) | $494871 | $392848 | $116 | $(76) | $392888 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

As of September 30, 2025, investments in marketable securities were comprised of $172.4 million of treasury securities, of which $10.0 million mature in 2025 and $162.4 million mature in 2026, and $322.5 million of corporate debt securities, of which $88.4 million mature in 2025 and $234.1 million mature in 2026. As of December 31, 2024, investments in marketable securities comprised of $184.6 million of treasury securities, of which $23.0 million mature in 2025 and $161.5 million mature in 2026, and $208.3 million of corporate debt securities, of which $195.2 million mature in 2025 and $13.1 million mature in 2026. Marketable securities are classified as Current assets in the Consolidated balance sheet of the Company as of September 30, 2025 and December 31, 2024. During the three and nine months ended September 30, 2025, the Company recognized interest income of $7.2 million and $22.2 million, respectively, from its investments in securities. During the three and nine months ended September 30, 2024, the Company recognized interest income of $12.3 million and $28.0 million, respectively, from its investments in securities. This income is included within Other income, net on the consolidated statements of operations. Based on the Company's policy under the expected credit loss model, including an assessment of the investment portfolio as of September 30, 2025 and December 31, 2024, the Company concluded that any unrealized losses for its marketable securities were not attributable to credit and therefore an allowance for credit losses has not been recorded. As of September 30, 2025, the Company does not have the intent to sell its available-for-sale investments with an unrealized loss position, and it is more likely than not that the Company will not be required to sell these investments before their anticipated recovery of amortized cost bases, which may be at maturity. As of September 30, 2025 and December 31, 2024, the Company held no securities that were in an unrealized loss position for more than 12 months.

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**Note 4– Fair Value Measurements**

The following table represents the Company's fair value hierarchy for its financial assets and liabilities (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Fair Value at September 30, 2025** | **Fair Value at September 30, 2025** | **Fair Value at September 30, 2025** | **Fair Value at December 31, 2024** | **Fair Value at December 31, 2024** | **Fair Value at December 31, 2024** |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Level 1** | **Level 2** | **Level 3** |
| Money market funds<sup>(1)</sup> | $106160 | $— | $— | $287393 | $— | $— |
| Government-backed securities<sup>(1)</sup> |  | 150000 |  |  | 130000 |  |
| Treasury securities |  | 172372 |  |  | 184554 |  |
| Corporate debt securities<sup>(2)</sup> |  | 322499 |  |  | 243158 |  |
| Total cash equivalents and marketable securities  | $106160 | $644871 | $— | $287393 | $557712 | $— |
| **<u>Liabilities</u>** |  |  |  |  |  |  |
| 5.00% Convertible notes due 2027 | $— | $30269 | $— | $— | $174386 | $— |
| 4.625% Convertible notes due 2031 | $— | $252241 | $— | $— | $— | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;

(1)Classified as cash and cash equivalents as of September 30, 2025 and December 31, 2024, respectively, on the consolidated balance sheets.

(2)Includes $34.8 million classified as Cash and cash equivalents as of December 31, 2024 on the consolidated balance sheets.

Fixed-income investments categorized as Level 2 are valued at the custodian bank by a third-party pricing vendor's valuation models that use verifiable observable market data, such as interest rates and yield curves observable at commonly quoted intervals and credit spreads, bids provided by brokers or dealers, or quoted prices of securities with similar characteristics. Pricing of the Company's convertible notes has been estimated using observable inputs, including the price of the Company's common stock, implied volatility, interest rates, and credit spreads.

During the nine months ended September 30, 2025 and 2024, the Company did not have any transfers between levels.

The amount in the Company's consolidated balance sheets for accounts payable and accrued expenses approximates its fair value due to its short-term nature.

**Note 5 – Revenue**

The Company's accounts receivable included $28.9 million and $102.9 million related to amounts that were billed to customers and $5.2 million and $5.4 million related to amounts which had not yet been billed to customers as of September 30, 2025 and December 31, 2024, respectively. During the nine months ended September 30, 2025 and 2024, changes in the Company's accounts receivables, allowance for credit losses, and deferred revenue balances were as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Balance, Beginning of Period** | **Additions** | **Deductions** | **Balance, End of Period** |
| **Accounts receivable:** | | | | |
| Nine Months Ended September 30, 2025 | $115960 | $481143 | $(555254) | $41849 |
| Nine Months Ended September 30, 2024 | 304916 | 882979 | (1085258) | 102637 |
| **Allowance for credit losses**<sup>(1)</sup>**:** |  |  |  |  |
| Nine Months Ended September 30, 2025 | (7675) |  |  | (7675) |
| Nine Months Ended September 30, 2024 | (7675) |  |  | (7675) |
| **Deferred revenue**<sup>(2)</sup>**:** |  |  |  |  |
| Nine Months Ended September 30, 2025 | 1121886 | 25595 | (646125) | 501356 |
| Nine Months Ended September 30, 2024 | 863520 | 363758 | (98490) | 1128788 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;There was no allowance for credit losses recorded during the nine months ended September 30, 2025 or 2024. To estimate the allowance for credit losses, the Company evaluates the credit risk related to its customers based on historical loss experience, economic conditions, the aging of receivables, and customer-specific risks.

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(2)&nbsp;&nbsp;&nbsp;&nbsp;Deductions from Deferred revenue generally relate to the recognition of revenue once performance obligations on a contract with a customer are met. During the nine months ended September 30, 2025, deductions include $555.7 million related to the Canada Advanced Purchase Agreement ("APA") termination, discussed below. During the nine months ended September 30, 2024, additions included a $225.0 million reclassification of an upfront payment from Other current liabilities to Deferred revenue related to the settlement with Gavi as discussed below.

As of September 30, 2025, the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied (or partially unsatisfied), excluding amounts related to sales-based royalties and constrained variable consideration, was $0.6 billion, of which $0.5 billion as included in Deferred revenue. Failure to meet regulatory milestones, obtain timely supportive recommendations from governmental advisory committees, or achieve product volume or delivery timing obligations may require the Company to refund portions of upfront and other payments or result in reduced future payments, which could adversely impact the Company's ability to realize revenue from its unsatisfied performance obligations. The timing and the Company's ability to fulfill performance obligations related to APAs will depend on the timing of product manufacturing, receipt of marketing authorizations for its updated COVID-19 Vaccine, delivery of doses based on customer demand, and the ability of the customer to request the Company's updated vaccine under certain of the Company's APAs. In the first quarter of 2025, the Company received written notice of a $23.0 million claim related to certain performance obligations under an APA agreement with a customer. The Company believes it has fulfilled the requirements related to this matter and is evaluating the merits of the claim. The timing to fulfill performance obligations related to the Sanofi Collaboration and License Agreement ("Sanofi CLA") will depend on the timing of research and development transition services that support further regulatory approval and development of the COVID-19 Vaccine ("Sanofi Transition Services") and services related to the technology transfer of the existing manufacturing process for the COVID-19 Vaccine Products and Matrix-M™ adjuvant (the "Sanofi Technology Transfer") and delivery of doses and other materials based on Sanofi demand.

Under an APA with Gavi, the Vaccine Alliance ("Gavi"), entered into in May 2021 (the "Gavi APA"), and a Termination and Settlement Agreement with Gavi, entered into in February 2024, (the "Gavi Settlement Agreement") terminating the Gavi APA, the Company is responsible for deferred payments, in equal annual amounts of $80 million payable each calendar year through a deferred payment term ending December 31, 2028. The deferred payments are due in variable quarterly installments and total $400 million during the deferred payment term. Such deferred payments may be reduced through Gavi's use of an annual vaccine credit equivalent to the unpaid balance of such deferred payments each year, which may be applied to qualifying sales of any of the Company's vaccines for supply to certain low-income and lower-middle income countries. The Company has the right to price the vaccines offered to such low-income and lower-middle income countries in its discretion, and, when utilized by Gavi, the Company will credit the actual price per vaccine paid against the applicable credit. The Company intends to price vaccines offered via the tender process, consistent with its shared goal with Gavi to provide equitable access to those countries. Also, pursuant to the Gavi Settlement Agreement, the Company granted Gavi an additional credit of up to $225 million that may be applied against qualifying sales of any of the Company's vaccines for supply to such low-income and lower-middle income countries that exceed the $80 million deferred payment amount in any calendar year during the deferred payment term. In total, the Gavi settlement agreement is comprised of $700 million of potential consideration, consisting of the $75 million initial settlement payment, deferred payments of up to $400 million that may be reduced through annual vaccine credits, and the additional credit of up to $225 million that may be applied for certain qualifying sales.

As of September 30, 2025, the remaining amounts included on the Company's consolidated balance sheet were $225.0 million in non-current Deferred revenue for the additional credit that may be applied against future qualifying sales, $80.0 million in Other current liabilities, and $210.0 million in Other non-current liabilities. In addition, the Company and Gavi entered into a security agreement pursuant to which Novavax granted Gavi a security interest in accounts receivable from SII under the SII R21 Agreement (see Note 6), which will continue for the deferred payment term of the Gavi Settlement Agreement.

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***Product Sales***

During the three and nine months ended September 30, 2025 and 2024, the categories of Product sales were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Product sales** |  |  |  |  |
| Nuvaxovid sales<sup>(1)</sup> | $(332) | $38210 | $605599 | $140438 |
| Supply sales<sup>(2)</sup> | 13774 | 3318 | 40245 | 13514 |
| Total Product sales | $13442 | $41528 | $645844 | $153952 |

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(1)Nuvaxovid sales are sales of the Company's COVID-19 Vaccine associated with APAs with governments and commercial markets, where the Company is the commercial lead for sales and distribution, made through pharmaceutical wholesale distributors. During the three months ended September 30, 2025, Nuvaxovid sales include excess gross-to-net deductions primarily due to updates to estimated product returns.

(2)Supply sales include commercial sales of COVID-19 Vaccine, adjuvant sales, and other material sales to the Company's partners.

As of September 30, 2025 and 2024, changes in the Company's gross-to-net deductions balances were as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Wholesale Distributor Fees, Discounts, and Chargebacks** | **Product Returns** | **Total** |
| Balance as of December 31, 2024 | $21136 | $116697 | $137833 |
| Amounts charged against Product sales<sup>(1)</sup> | 14718 | 37141 | 51859 |
| Credits/deductions  | (35137) | (152405) | (187542) |
| Balance as of September 30, 2025 | $717 | $1433 | $2150 |

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| | | | |
|:---|:---|:---|:---|
| | **Wholesale Distributor Fees, Discounts, and Chargebacks** | **Product Returns** | **Total** |
| Balance as of December 31, 2023 | $21072 | $84616 | $105688 |
| Amounts charged against Product sales<sup>(1)</sup> | 60092 | 80593 | 140685 |
| Credits/deductions  | (56583) | (86937) | (143520) |
| Balance as of September 30, 2024 | $24581 | $78272 | $102853 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;For the nine months ended September 30, 2025 and 2024, amounts charged against Product sales include $2.2 million and $4.2 million of adjustments made to prior period Product sales due primarily to changes in the estimate of product returns.

As of September 30, 2025, $0.1 million of gross-to-net deductions were included in and reduced Accounts receivable and $2.1 million were included in Accounts payable on the consolidated balance sheet. As of December 31, 2024, $77.1 million of gross-to-net deductions were included in Accrued expenses, $10.1 million were included in Accounts payable, and $50.6 million were included in and reduced Accounts receivable on the consolidated balance sheet.

The Company has an APA with the Commonwealth of Australia ("Australia") for the purchase of doses of COVID-19 Vaccine (the "Australia APA"). As of September 30, 2025, $31.3 million was classified as current Deferred revenue and $102.6 million was classified as non-current Deferred revenue with respect to the Australia APA in the Company's consolidated balance sheet, which will be recognized in Product sales as doses are delivered to Australia. Australia may cancel doses that are

------

due to be delivered in 2025 if the Company does not receive regulatory approval for, and deliver, the updated COVID-19 Vaccine on or before December 31, 2025, and may terminate the Australian APA, as amended, if the Company does not receive regulatory approval for, and deliver, the updated COVID-19 Vaccine on or before March 31, 2026. Following the withdrawal of the Company's application for authorization of its updated COVID-19 Vaccine in July 2025 at the request of the Therapeutic Goods Administration ("TGA"), the Company is currently in discussions with the TGA, regarding potential regulatory paths for approval, including the submission of a new application. The Company may seek to further amend the Australian APA in light of this development, which may not be achievable on acceptable terms or at all. In the event that the Company does not, on or before the relevant contractual deadlines, receive regulatory approval for, and deliver, the seasonally updated COVID-19 Vaccine, up to $92.5 million of deferred revenue may become refundable if the Australian APA were to be terminated, of which $10.8 million may become refundable if 2025 dose deliveries were cancelled.

The Company had an APA with His Majesty the King in Right of Canada as represented by the Minister of Public Works and Government Services, as successor in interest to Her Majesty the Queen in Right of Canada, as represented by the Minister of Public Works and Government Services (the "Canadian government"), for the purchase of doses of COVID-19 Vaccine (the "Canada APA"). In March 2025, the Company received a communication (the "Notice") terminating, with immediate effect, the Canada APA on the basis of the Company not receiving regulatory approval for its COVID-19 Vaccine using bulk antigen produced at Biologics Manufacturing Centre Inc. on or before December 31, 2024, pursuant to the terms of the Canada APA. As a result of the Notice, the Company has no remaining obligations to the Canadian government under the Canada APA. Therefore, during the three months ended March 31, 2025, the Company recognized $575.7 million, previously recorded in deferred revenue and other current liabilities, as Product sales. As of December 31, 2024, the Company had $555.7 million of current deferred revenue and $48.0 million of other current liabilities related to advanced payments, and other commitments previously made under the Canada APA. Under the terms of the Canada APA, $28.0 million in advanced purchase payments previously received by the Company were refundable to the Canadian government within 30 days of receipt of the Notice. The Company repaid the $28.0 million in March 2025. The APA, as amended in 2023, also contemplated the Company and the Canadian government would endeavor to enter into a memorandum of understanding (the "MOU") related to certain in-country commitments, including a $20.0 million escrow funding. The Notice also acknowledged that such MOU is no longer feasible and that the related funds may be released to the Company.

In March 2025, the Pharmaceutical Management Agency ("Pharmac"), a New Zealand Crown entity, and the Company executed a Deed of Settlement and Release ("New Zealand Settlement Agreement") of its APA (the "New Zealand APA"). As part of the New Zealand Settlement Agreement, the Company paid Pharmac a refund of previously received upfront payments of $4.0 million. Under the New Zealand Settlement Agreement, the Company has no remaining obligation to Pharmac under the New Zealand APA. Therefore, during the three months ended March 31, 2025, the Company recognized $27.3 million, previously in other current liabilities, as Product sales. As of December 31, 2024, the Company had $31.3 million included in Other current liabilities in the Company's consolidated balance sheet related to the New Zealand APA.

***Licensing, Royalties, and Other***

Licensing, royalties, and other includes licensing payments, transition services revenue, and technology transfer revenue from the Sanofi CLA; royalty milestone payments; and sales-based royalties.

Licensing, royalties, and other by license partner for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Licensing, royalties, and other** |  |  |  |  |
| Sanofi | $48294 | $36115 | $288027 | $429012 |
| Takeda | 6445 | 4918 | 33657 | 4918 |
| Other partners<sup>(1)</sup> | 2264 | 1951 | 8812 | 5969 |
| Total licensing, royalties, and other revenue | $57003 | $42984 | $330496 | $439899 |

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(1)Other partners revenue includes royalties and license fees associated with agreements with other partners such as Serum and SK bioscience, Co., Ltd.

Sanofi licensing, royalties, and other revenue were comprised of the following (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Sanofi licensing, royalties, and other revenue** |  |  |  |  |
| Licensing: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Upfront fee | $— | $3392 | $— | $389642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milestones |  |  | 175000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalties | 4196 |  | 4196 |  |
| Transition services and technology transfer: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Upfront fee amortization<sup>(1)</sup> | (1083) | 14973 | 31097 | 19546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Milestones amortization<sup>(1)</sup> | (645) | 7032 | 14163 | 9105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | 45826 | 10718 | 63571 | 10719 |
| Total Sanofi licensing, royalties, and other revenue | $48294 | $36115 | $288027 | $429012 |

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(1)Upfront fee amortization and Milestones amortization represent revenue recognized during the period related to a portion of the $500 million upfront payment and the $50 million milestone for database lock of an existing Phase 2/3 clinical trial in 2024 that were deferred upon achievement and are recognized in revenue over time. During the three months ended September 30, 2025, the Company recognized a change in estimate to cumulative revenue recognized for the Sanofi Transition Services performance obligation of $12.5 million as further described in Note 6, which also resulted in a reduction in upfront fee and milestone amortization revenue during the third quarter of 2025, and an increase in cost reimbursement revenue.

Takeda licensing, royalties, and other revenue were comprised of the following (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Takeda licensing, royalties, and other revenue** |  |  |  |  |
| Licensing: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Upfront fee<sup>(1)</sup> | $— | $— | $18500 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Milestones | 4717 |  | 8151 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalties | 1456 | 4564 | 6456 | $4564 |
| Support services | 272 | 354 | 550 | 354 |
| Tota Total Takeda licensing, royalties, and other revenue | $6445 | $4918 | $33657 | $4918 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)`Upfront fee includes $14.5 million of nonrefundable upfront payments associated with the Amended Takeda CLA as defined below and $4.0 million of previously unrecognized consideration from the Original Takeda CLA.

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**Note 6 – Collaboration, License, and Supply Agreements** 

As of September 30, 2025, the Company's material collaborations, license and supply agreements were as follows:

***Serum***

***Takeda***

On April 29, 2025, the Company entered into a collaboration and exclusive license agreement, as amended ("Amended Takeda CLA"), with Takeda which amended and superseded its collaboration and exclusive license agreement with Takeda, dated February 24, 2021 ("Original Takeda CLA"). The Original Takeda CLA, which granted Takeda an exclusive license to develop, manufacture, and commercialize the COVID-19 Vaccine in Japan, has been amended so that Takeda may develop and commercialize a strain for the COVID-19 Vaccine that is different from the strain that the Company selects for the year, provided such Takeda selected strain must be procured from the Company. Under the Amended Takeda CLA, Takeda will continue to purchase the Company's Matrix-M™ adjuvant to manufacture doses of finished COVID-19 Vaccine with updated adjuvant forecast and other supply terms.

In connection with the Amended Takeda CLA, on April 29, 2025, the Company entered into a release agreement with Takeda under which the Company released Takeda and Takeda released the Company from all claims that were asserted or could have been asserted by either party against the other party that related to the Original Takeda CLA and the activities thereunder.

The Company has determined that the Amended Takeda CLA represents a new contract under ASC 606 - *Revenue from Contracts with Customers* ("ASC 606") with the following performance obligations: the (i) delivery of an updated license to develop, manufacture, and commercialize the Company's COVID-19 Vaccine in Japan, including the ability for Takeda to develop and commercialize a strain for the COVID-19 Vaccine that is different from the strain that the Company selects for the year ("Updated Takeda License"), and (ii) annual support services for Takeda's regulatory and commercialization activities ("Takeda Support Services"). The Company will recognize revenue on optional purchases of Matrix-M adjuvant upon delivery to Takeda.

The Updated Takeda License performance obligation is considered functional intellectual property and distinct from other promises under the contract as Takeda can benefit from the license on its own or together with other readily available resources. The Takeda Support Services provide a distinct benefit to Takeda within the context of the contract, separate from the license, as the services could be provided by Takeda or another third party without the Company's assistance.

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The Company determined the initial transaction price at inception of the Amended Takeda CLA to be $27.5 million, consisting of (i) $19.5 million of the non-refundable upfront payment and royalties, (ii) $4.0 million of non-cancelable annual support payments within the 18-month notice period for contract termination, and (iii) $4.0 million of previously unrecognized consideration from the Original Takeda CLA. The transaction price excludes annual milestone payments and annual support payments that are not due in the event that the Amended Takeda CLA is terminated by Takeda after the 18-month notice period. Sales-based royalties and annual milestones relate to the Updated Takeda License performance obligation for which the Company will recognize revenue in the period that sales are made or annual milestones are achieved pursuant to the sales-based royalty exception under ASC 606. The Company will re-evaluate the transaction price in each reporting period as uncertain events are resolved or other changes in circumstances occur. The Company allocated $26.9 million of fixed consideration to the Updated Takeda License performance obligations and $0.6 million to Takeda Support Services.

The Company recognized revenue of $6.2 million and $33.1 million related to the Updated Takeda License during the three and nine months ended September 30, 2025, respectively. The Takeda Support Services are recognized in revenue over time using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. Revenue recognized related to Takeda Support Services for the three and nine months ended September 30, 2025 was $0.3 million and $0.6 million, respectively.

Under the Amended Takeda CLA, the Company received a non-refundable upfront payment of $19.5 million of which $5.0 million is creditable against royalties owed by Takeda for its fiscal year 2024. In addition, on an annual basis, the Company will receive $2.0 million to compensate it for services provided by the Company under the Amended Takeda CLA. If Takeda receives marketing approval of the COVID-19 Vaccine in that year or such approval is not necessary for such year, the Company will receive an additional $8.0 million annual milestone payment, of which $5.0 million is creditable against royalties owed by Takeda in its fiscal year 2025 or thereafter. The parties have also updated the financial terms to replace the share of operating profits and, instead, provide the Company with a tiered royalty as a percentage of Takeda's, its affiliates' and sublicensees' total net sales in the mid to high-teen percentages (subject to certain capped royalty reductions), commencing on April 1, 2024 and will continue until the later of (a) twenty years after April 29, 2025, (b) all the Company's know-how licensed under the Amended Takeda CLA has become publicly available through no fault of Takeda, and (c) the expiration of the last valid claim in the intellectual property rights licensed by the Company to Takeda under the Amended Takeda CLA covering COVID-19 Vaccine in Japan. During the three months ended September 30, 2025, the Company recognized $4.7 million of milestone revenue for additional milestones earned under the Takeda CLA.

***Sanofi***

In May 2024, Novavax entered into the Sanofi CLA, to co-commercialize the Company's COVID-19 Vaccine, including future updated versions that address seasonal COVID-19 variants. Under the terms of the agreement, the Company continued to commercialize its updated COVID-19 Vaccine through the end of the 2024-2025 vaccination season. Beginning in 2025 and continuing during the term of the Sanofi CLA, the Company and Sanofi will commercialize the COVID-19 Vaccine worldwide in accordance with a commercialization plan agreed by the parties, under which Novavax will continue to supply certain of its existing APA customers and strategic partners, including Takeda and SII. Upon completion of the existing APAs, the Company and Sanofi will jointly agree on commercialization activities of each party in each jurisdiction. Sanofi has the right to develop novel influenza-COVID-19 combination vaccines utilizing the Company's COVID-19 Vaccine and Sanofi's seasonal influenza vaccine, combination products containing the Company's COVID-19 Vaccine and one or more non-influenza vaccines, and multiple new vaccines utilizing the Company's Matrix-M adjuvant. The Company is also responsible for performing services related to Sanofi Technology Transfer. Until the successful completion of such transfer, the Company will supply Sanofi with both COVID-19 Vaccine products and Matrix-M intermediary components for Sanofi's use and is eligible for reimbursement of such costs from Sanofi. In addition, the Company is responsible for Sanofi Transition Services and, in certain cases, is eligible for reimbursement of such costs from Sanofi.

Pursuant to the Sanofi CLA, the Company is eligible to receive development, technology transfer, launch, and sales milestone payments for COVID-19 Vaccine products, CIC products, and Adjuvant products. The Company is also eligible to receive royalty payments on Sanofi's sales of such licensed products.

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The Company is eligible to receive milestone payments totaling up to $350 million in the aggregate with respect to the COVID-19 Vaccine products, of which $125 million remains outstanding, and royalty payments in the high teens to low twenties percent on Sanofi's sales of such licensed products. As of September 30, 2025, the remaining milestone payments are comprised of $25 million upon the transfer of the U.S. marketing authorization to Sanofi, $25 million upon the transfer of European Medicines Agency ("EMA") approval of a COVID-19 Vaccine product in a pre-filled syringe to Sanofi, and $75 million upon the completion of the technology transfer of the Company's manufacturing process for the COVID-19 Vaccine products to Sanofi. During the three and nine month period ended September 30, 2025, the Company recognized $4.2 million of royalties on Sanofi sales of COVID-19 Vaccine products. The Company achieved the $50 million milestone for database lock of an existing Phase 2/3 clinical trial in 2024 and the $175 million milestone for the U.S. Food and Drug Administration ("U.S. FDA") approval of the Biologics License Application ("BLA") for the Company's COVID-19 Vaccine product in a pre-filled syringe in the second quarter of 2025, both of which have been received from Sanofi. Of the $125 million of milestones remaining outstanding as of September 30, 2025, the Company achieved the $25 million milestone for the transfer of the EMA approval to Sanofi and the $25 million milestone for the transfer of the transfer of the U.S. marketing authorization to Sanofi in October and November 2025, respectively.

The Company is eligible to receive milestone payments totaling up to $125 million with respect to CIC products upon achievement of certain CIC Product-related development milestones and $225 million in CIC Product-related launch milestones. The Company is eligible to receive royalty payments in the high teens to low twenties percent on Sanofi's sales of such licensed products.

The Company is also eligible to receive development, launch, and sales milestone payments of up to $200 million for each of the first four Adjuvant Products and $210 million for each Adjuvant Product thereafter, and mid-single digit sales royalties for 20 years on Sanofi's sales of all such licensed products. In addition, a portion of the technology transfer costs and R&D costs incurred by the Company will be reimbursed by Sanofi in accordance with agreed upon plans and budgets.

The Sanofi Transition Services and Sanofi Technology Transfer are recognized in revenue over time using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. Revenue recognized related to Sanofi Transition Services and Sanofi Technology Transfer for three and nine month period ended September 30, 2025 was $44.1 million and $108.8 million, respectively. Revenue recognized related to Sanofi Transition Services and Sanofi Technology Transfer for three and nine month period ended September 30, 2024 was $32.7 million and $39.4 million, respectively. The Company's consolidated balance sheet as of September 30, 2025 includes a deferred revenue balance of $32.9 million ($24.3 million included in Deferred revenue, current portion and $8.6 million included in Deferred revenue, non-current portion) related to Sanofi Transition Services and Sanofi Technology Transfer. The Company recognized cumulative catch-up adjustments related to changes in estimates, which resulted in an increase to revenue of $12.5 million and $14.8 million during three and nine months ended September 30, 2025, respectively. These changes in estimates resulted primarily from a change in both the total expected costs and the amount of variable consideration for Sanofi Transition Services, driven by a letter agreement with Sanofi executed in the third quarter of 2025 related to the postmarking commitment to conduct a Phase 4 prospective, randomized, double-blinded, placebo-controlled efficacy and safety trial in individuals aged 50 through 64 without high-risk conditions for severe COVID-19 requested as part of the FDA's BLA approval. The Company also updated its estimates of expected costs and total variable consideration for additional manufacturing development activities performed by SII in support of Sanofi Transition Services during the third quarter of 2025.

The Company recognized an asset for $35.0 million of direct costs incurred to obtain the Sanofi CLA. These costs are amortized to expense over the expected period of the benefit in a manner that is consistent with the transfer of the related goods and services in the Sanofi CLA. The Company recognized $0.9 million and $2.7 million of amortization expense related to the asset in Selling, general, and administrative expense for the three and nine months ended September 30, 2025, respectively. The Company recognized $0.9 million and $28.0 million of amortization expense related to the asset in Selling, general, and administrative expense for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, $3.4 million of these costs remain to be amortized.

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**Note 7** – **Earnings per Share**

Basic and diluted net income (loss) per share were calculated as follows (in thousands, except per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Numerator: |  |  |  |  |
| &nbsp;&nbsp;Net income (loss), basic | $(202379) | $(121300) | $422775 | $(106469) |
| &nbsp;&nbsp;Interest on convertible notes |  |  | 2252 |  |
| &nbsp;&nbsp;Net income (loss), dilutive | (202379) | (121300) | 425027 | (106469) |
| Denominator: |  |  |  |  |
| &nbsp;&nbsp;Weighted average number of common shares outstanding, basic | 162353 | 160049 | 161811 | 149486 |
| &nbsp;&nbsp;Effect of dilutive securities |  |  | 6384 |  |
| &nbsp;&nbsp;Weighted average number of common shares outstanding, dilutive | 162353 | 160049 | 168195 | 149486 |
| Net income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;Basic | $(1.25) | $(0.76) | $2.61 | $(0.71) |
| &nbsp;&nbsp;Diluted | $(1.25) | $(0.76) | $2.53 | $(0.71) |
| Anti-dilutive securities excluded from calculations of diluted net income per share | 29519 | 25234 | 17386 | 25311 |

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**Note 8 – Cash, Cash Equivalents, and Restricted Cash**

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets that sums to the total of such amounts shown in the consolidated statements of cash flows (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $268023 | $530230 |
| Restricted cash, current | 10816 | 10626 |
| Restricted cash, non-current<sup>(1)</sup> | 4518 | 4436 |
| Cash, cash equivalents, and restricted cash | $283357 | $545292 |

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(1)Classified as Other non-current assets as of September 30, 2025 and December 31, 2024, on the consolidated balance sheets.

**Note 9 – Inventory**

Inventory consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Raw materials | $1783 | $2087 |
| Semi-finished goods | 7291 | 4899 |
| Finished goods | 4437 | 1763 |
| Total inventory | $13511 | $8749 |

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Inventory write-downs as a result of excess, obsolescence, expiry, or other reasons, and losses on firm purchase commitments, offset by recoveries of such commitments, are recorded as a component of cost of sales in the Company's consolidated statements of operations. For the three and nine months ended September 30, 2025, inventory write-downs were

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$0.2 million and $1.9 million, respectively, and losses on firm purchase commitments were $0.3 million for both periods. For the three and nine months ended September 30, 2024, inventory write-downs were $1.4 million and $19.9 million, respectively, and losses on firm purchase commitments net of recoveries were $4.1 million and $5.8 million, respectively.

**Note 10 – Goodwill**

The Company has one reporting unit. No goodwill impairment was identified for the period ended September 30, 2025. The Company had a negative carrying value as of September 30, 2025 and December 31, 2024. The change in the carrying amounts of goodwill for the nine months ended September 30, 2025 was as follows (in thousands):

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| | |
|:---|:---|
| | **Amount** |
| Balance at December 31, 2024 | $107478 |
| Currency translation adjustments | 5602 |
| Balance at September 30, 2025 | $113080 |

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**Note 11 – Long-Term Debt**

Total convertible notes payable consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| 5.00% Convertible Senior Notes due 2027 | $26485 | $175250 |
| 4.625% Convertible Senior Notes due 2031 | 225000 |  |
| Unamortized debt issuance costs | (7650) | (5566) |
| Total convertible notes payable | $243835 | $169684 |

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&nbsp;&nbsp;&nbsp;&nbsp;As of September 30, 2025 and December 31, 2024, the effective interest rate of the Convertible Senior Notes due 2027 is 6.2%. As of September 30, 2025, the effective interest rate of the Convertible Senior Notes due 2031 is 5.3%.

The interest expense incurred in connection with the convertible notes payable consisted of the following (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Coupon interest | $2554 | $2192 | $6937 | $6576 |
| Amortization of debt issuance costs | 402 | 416 | 1287 | 1248 |
| Total interest expense on convertible notes payable | $2956 | $2608 | $8224 | $7824 |

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***Convertible Senior Notes Due 2031***

In August 2025, the Company issued $225.0 million aggregate principal amount of its 4.625% Convertible Senior Notes due 2031 (the "2031 Notes") consisting of (a) $175.3 million principal amount of 2031 Notes issued in exchange for $148.8 million principal amount of the Company's 5.00% Convertible Senior Notes due 2027 (the "2027 Notes"), and (b) approximately $49.7 million principal amount of 2031 Notes issued for cash, in each case, pursuant to exemptions from registration under the Securities Act of 1933, as amended (the "Securities Act"), and the rules and regulations thereunder.

The 2031 Notes were issued pursuant to, and are governed by, an indenture (the "2031 Indenture"), dated as of August 27, 2025, between the Company and The Bank of New York Mellon Trust Company, N.A. as trustee.

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The 2031 Notes are senior, unsecured obligations of the Company and accrue interest at a rate of 4.625% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2026. The 2031 Notes will mature on September 1, 2031, unless earlier repurchased, redeemed or converted. Before June 1, 2031, noteholders have the right to convert their 2031 Notes only upon the occurrence of certain events. From and including June 1, 2031, noteholders may convert their 2031 Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying cash, shares of its common stock or a combination of cash and shares of its common stock, at its election, based on the applicable conversion rate. The initial conversion rate is 89.7384 shares of common stock per $1,000 principal amount of 2031 Notes, which represents an initial conversion price of approximately $11.14 per share of common stock. The initial conversion price represents a premium of approximately 28% over the last reported sale price of the Company's common stock on August 20, 2025. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a "Make-Whole Fundamental Change" (as defined in the 2031 Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. The initial maximum conversion rate is 114.4164 shares of common stock per $1,000 principal amount of 2031 Notes.

The 2031 Notes are redeemable, in whole or in part (subject to certain limitations), for cash at the Company's option at any time, and from time to time, on or after September 5, 2028 and before the 41st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company's common stock exceeds 130% of the conversion price for a specified period of time. However, the Company may not redeem less than all of the outstanding 2031 Notes unless at least $50.0 million aggregate principal amount of 2031 Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. The redemption price is equal to the principal amount of the 2031 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the relevant redemption date.

Holders of the 2031 Notes will have the right to require the Company to repurchase all or part of their 2031 Notes for cash in the event of certain Fundamental Changes (as defined in the 2031 Indenture), at a repurchase price equal to 100% of the principal amount of the 2031 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the relevant repurchase date.

In accordance with ASC 470-50 *Modification and Extinguishments*, the Company determined that the modified terms of the $175.3 million principal amount of the 2031 Notes were substantially different than the terms of $148.8 million principal amount of the 2027 Notes they were exchanged for, and therefore, the exchange was accounted for as an extinguishment of the 2027 Notes and Issuance of 2031 Notes. The Company recorded a loss on debt extinguishment of $28.7 million related to the exchange.

The initial purchasers' fees and the Company's issuance costs related to the issuance of the 2031 Notes totaled $7.1 million, which were recorded as a reduction to the 2031 Notes on the consolidated balance sheet and is being amortized and recognized as additional interest expense over the six-year contractual term of the 2031 Notes using the effective interest rate of 5.3%.

**Note 12 – Stockholders' Deficit**

In August 2023, the Company entered into an At Market Issuance Sales Agreement (the "August 2023 Sales Agreement"), which allows it to issue and sell up to $500 million in gross proceeds of shares of its common stock, and terminated its then-existing At Market Issuance Sales agreement entered in June 2021. During the three and nine months ended September 30, 2025, no sales were recorded under the August 2023 Sales Agreement. During the three and nine months ended September 30, 2024, the Company sold 12.2 million shares of its common stock resulting in net proceeds of approximately $188 million, under the August 2023 Sales Agreement. As of September 30, 2025, the remaining balance available under the August 2023 Sales Agreement was approximately $51 million.

In May 2024, the Company also entered into the securities subscription agreement, pursuant to which the Company sold and issued to Sanofi, in a private placement, 6.9 million shares of the Company's common stock, par value $0.01 per share, at a price of $10.00 per share for aggregate gross proceeds to the Company of $68.8 million.

**Note 13 – Stock-Based Compensation**

***Equity Plans***

In January 2023, the Company established the 2023 Inducement Plan (the "2023 Inducement Plan"), which provides for the grant of share-based awards to individuals who were not previously employees, or following a bona fide period of non-

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employment, as an inducement material to such individuals entering into employment with the Company. The Company reserved 1.0 million shares of common stock for grants under the 2023 Inducement Plan. As of September 30, 2025, there were 0.1 million shares available for issuance under the 2023 Inducement Plan.

The Amended and Restated 2015 Stock Incentive Plan, as amended ("2015 Plan"), was approved at the Company's annual meeting of stockholders in June 2015. Under the 2015 Plan, equity awards may be granted to officers, directors, employees, and consultants of and advisors to the Company and any present or future subsidiary.

The 2015 Plan authorizes the issuance of up to 27.5 million shares of common stock under equity awards granted under the 2015 Plan. All such shares authorized for issuance under the 2015 Plan have been reserved. The 2015 Plan will expire on April 19, 2034. As of September 30, 2025, there were 6.4 million shares available for issuance under the 2015 Plan.

The 2023 Inducement Plan and the 2015 Plan permit, the grant of stock options (including incentive stock options), restricted stock, stock appreciation rights ("SARs"), and restricted stock units ("RSUs"). In addition, under the 2023 Inducement Plan and the 2015 Plan, unrestricted stock, stock units, and performance awards may be granted. Stock options and SARs generally have a maximum term of ten years and may be or were granted with an exercise price that is no less than 100% of the fair market value of the Company's common stock at the time of grant. Grants of share-based awards are generally subject to vesting over periods ranging from one to four years.

The Company recorded stock-based compensation expense in the consolidated statements of operations as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of sales | $367 | $942 | $1274 | $2640 |
| Research and development | 3491 | 5166 | 11281 | 16848 |
| Selling, general, and administrative | 4691 | 5941 | 15493 | 18216 |
| Total stock-based compensation expense | $8549 | $12049 | $28048 | $37704 |

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During the three and nine months ended September 30, 2025 and 2024 there were no stock-based compensation expense capitalized into inventory.

As of September 30, 2025, there was approximately $51 million of total unrecognized compensation expense related to unvested stock options, SARs, RSUs, and the Company's Employee Stock Purchase Plan ("ESPP"). This unrecognized non-cash compensation expense is expected to be recognized over a weighted-average period of approximately one year and will be allocated between cost of sales, R&D, and general and administrative expenses accordingly. This estimate does not include the impact of other possible stock-based awards that may be made during future periods.

The aggregate intrinsic value represents the total intrinsic value (the difference between the Company's closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money stock options and SARs) that would have been received by the holders had all stock option and SAR holders exercised their stock options and SARs on September 30, 2025. This amount is subject to change based on changes to the closing price of the Company's common stock. The aggregate intrinsic value of stock options and SARs exercises and vesting of RSUs for the nine months ended September 30, 2025 and 2024 was approximately $19 million and $10 million, respectively.

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***Stock Options and Stock Appreciation Rights***

The following is a summary of stock options activity under the 2023 Inducement Plan and 2015 Plan for the nine months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2023 Inducement Plan** | **2023 Inducement Plan** | **2015 Plan** | **2015 Plan** |
| | **Stock<br>Options** | **Weighted-Average<br>Exercise<br>Price** | **Stock<br>Options** | **Weighted-Average<br>Exercise<br>Price** |
| Outstanding at December 31, 2024 | 486950 | $10.45 | 3496052 | $32.75 |
| Granted |  |  | 2461163 | 7.74 |
| Exercised |  |  | (41147) | 6.65 |
| Canceled |  |  | (640899) | 51.03 |
| Outstanding at September 30, 2025 | 486950 | $10.45 | 5275169 | $19.67 |
| Shares exercisable at September 30, 2025 | 268335 | $10.78 | 2184071 | $34.56 |

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The fair value of stock options granted under the 2023 Inducement Plan and the 2015 Plan was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Weighted average Black-Scholes fair value of stock options granted | $4.90 | $— | $5.60 | $5.86 |
| Risk-free interest rate | 3.7% | —% | 3.7%-4.1% | 4.3% |
| Dividend yield | —% | —% | —% | —% |
| Volatility | 94.6% | —% | 94.6%-121.7% | 114.3%-121.8% |
| Expected term (in years) | 3.5 |  | 3.5-6.5 | 3.9-6.3 |

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The total aggregate intrinsic value and weighted-average remaining contractual term of stock options and SARs outstanding under the 2023 Inducement Plan and 2015 Plan as of September 30, 2025 was $6.1 million and 7.7 years, respectively. The total aggregate intrinsic value and weighted-average remaining contractual term of stock options and SARs exercisable under the 2023 Inducement Plan and 2015 Plan as of September 30, 2025 was $2.1 million and 5.9 years, respectively.

***Restricted Stock Units***

The following is a summary of RSU activity for the nine months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2023 Inducement Plan** | **2023 Inducement Plan** | **2015 Plan** | **2015 Plan** |
| | **Number of<br>Shares** | **Per Share<br>Weighted-<br>Average<br>Fair Value** | **Number of<br>Shares** | **Per Share<br>Weighted-<br>Average<br>Fair Value** |
| Outstanding and unvested at December 31, 2024 | 285429 | $10.42 | 5558642 | $8.27 |
| Granted |  |  | 3705898 | 7.81 |
| Vested | (121329) | 10.66 | (2135288) | 11.22 |
| Forfeited |  |  | (857875) | 7.66 |
| Outstanding and unvested at September 30, 2025 | 164100 | $10.23 | 6271377 | $7.08 |

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***Employee Stock Purchase Plan***

The ESPP was approved at the Company's annual meeting of stockholders in June 2013. The ESPP currently authorizes an aggregate of 2.3 million shares of common stock to be purchased, and the aggregate number of shares will continue to increase 5% on January 1 of each year up to a maximum of 3.5 million shares. The ESPP allows employees to purchase shares of common stock of the Company at each purchase date through payroll deductions of up to a maximum of 15% of their compensation, at 85% of the lesser of the market price of the shares at the time of purchase or the market price on the beginning date of an option period (or, if later, the date during the option period when the employee was first eligible to participate). As of September 30, 2025, there were 0.5 million shares available for issuance under the ESPP.

**Note 14 – Income Taxes**

The Company evaluates the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. Significant pieces of objective evidence evaluated by the Company were the cumulative loss incurred over the three-year period ended September 30, 2025 and that the Company has historically generated pretax losses. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. On the basis of this evaluation, as of September 30, 2025, the Company continued to maintain a full valuation allowance against its deferred tax assets, except to the extent Net Operating Losses ("NOLs") have been used to reduce taxable income.

During the three months ended September 30, 2025 and 2024, the Company recognized $0.7 million and $1.0 million of income tax benefit related to federal, state, and foreign income tax expense and foreign withholding tax expense, respectively. During the nine months ended September 30, 2025 and 2024, the Company recognized $1.5 million and $3.4 million of income tax expense related to federal, state, and foreign income tax expense and foreign withholding tax expense, respectively.

On July 4, 2025, President Trump signed into federal law H.R. 1 – One Big Beautiful Bill Act (the "Act"). Included in the Act are several corporate federal income tax considerations that will be relevant to the Company, specifically with respect to tax depreciation for specified fixed asset additions, capitalization of R&D costs, the deductibility of interest expense and certain federal tax rules with respect to the taxation of international operations. The Act has not had a material impact on the Company's effective income tax rate and its net deferred federal income tax assets as the Company maintains a full valuation allowance.

**Note 15** – **Commitments and Contingencies**

***Legal Matters***

The Company had been involved in a number of legal proceedings around stockholder litigation. The Company has previously disclosed the resolution of these matters, and all financial impact was reflected in the Company's results as of March 31, 2025. The Company is also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, the Company does not expect the resolution of these other legal proceedings to have a material adverse effect on its financial position, results of operations, or cash flows.

**Note 16** – **Restructuring** 

During the three and nine months ended September 30, 2025, the Company continued its global restructuring and cost reduction efforts that were initially announced in May 2023 (the 2023 plan combined with subsequent period efforts is referred to as the "Restructuring Plan"). During the three months ended September 30, 2025, the Company classified its corporate headquarters facility at 700 Quince Orchard, Gaithersburg, Maryland ("700QO"), together with its related finance lease obligation, certain related property and equipment and land parcel adjacent to the facility (collectively referred to as the "Disposal Group"), as held for sale, in accordance with its accounting policy defined in Note 2. As of September 30, 2025, the assets and liabilities of the Disposal Group were classified as held for sale and were presented separately in Current assets and Current liabilities on the consolidated balance sheet. The carrying value of the Disposal Group was determined to be greater than its fair value less costs to sell and, consequently, the Company recorded an impairment of assets held for sale of $97 million during the three months ended September 30, 2025. The fair value less cost to sell of the Disposal Group was estimated at $56.5M, comprised of $59.8 million as supported by a binding offer from a third party, less $3.3M of costs to sell. In October 2025, the Company entered into a definitive agreement to sell the Disposal Group with an expected completion of the transaction by the end of the first quarter of 2026 (see Note 18).

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As of September 30, 2025, the net carrying amounts of the major classes of assets and liabilities of the Disposal Group were as follows (in thousands):

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| | |
|:---|:---|
| | **Amount** |
| Right of use asset, net | $127914 |
| Property and equipment, net | 76787 |
| Less: Impairment of assets held for sale | (97038) |
| Assets held for sale | $107663 |
| Current portion of finance lease liabilities | $2036 |
| Non-current finance lease liabilities | 49399 |
| Liabilities held for sale | $51435 |

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Other restructuring charges under the Restructuring Plan recorded by the Company consisted of the following (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Severance and employee benefit costs | $347 | 4245 | 5070 | 9765 |
| &nbsp;&nbsp;Impairment of long-lived assets | 1230 |  | 1578 | 1669 |
| &nbsp;&nbsp;Total other restructuring charges <sup>(1)</sup> | $1577 | $4245 | $6648 | $11434 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges of $1.5 million and $0.1 million are included in Research and development and Selling, general, and administrative expenses, respectively, in the Consolidated Statements of Operations for the three months ended September 30, 2025. Restructuring charges of $3.1 million and $3.6 million are included in Research and development and Selling, general, and administrative expenses, respectively, in the Consolidated Statements of Operations for the nine months ended September 30, 2025. Restructuring charges of $0.4 million and $3.8 million are included in Research and development and Selling, general, and administrative expenses, respectively, in the Consolidated Statements of Operations for the three months ended September 30, 2024. Restructuring charges of $0.5 million, $2.3 million and $8.6 million are included in Cost of sales, Research and development and Selling, general, and administrative expenses, respectively, in the Consolidated Statements of Operations for the nine months ended September 30, 2024.

***Severance and employee benefit costs***

Employees affected by reductions in force under the Restructuring Plan are entitled to receive severance payments and certain termination benefits. The Company recorded a severance and termination benefit cost in full for employees who were notified of their termination during the nine months ended September 30, 2025 and had no requirements for future service as of the end of the period. The Company paid a total of $8.0 million for the severance and employee benefit costs during the nine months ended September 30, 2025 and the remaining liability of $0.2 million is included in Accrued expenses in the Company's consolidated balance sheet as of September 30, 2025. The Company had $3.1 million of remaining liability for the severance and employee benefit costs included in Accrued expenses in its consolidated balance sheet as of December 31, 2024.

***Impairment of long-lived assets***

In connection with the Restructuring Plan, the Company also evaluated its long-lived assets, other than the Disposal Group classified as held for sale, for impairment. The Company performed an impairment evaluation for the applicable long-lived assets, which is subject to judgment and actual results may vary from the estimates, resulting in potential future adjustments to amounts recorded. During the three and nine months ended September 30, 2025, the Company recorded an impairment charge of $1.2 million and $1.6 million, respectively, related to the impairment of right of use asset for a facility lease and some laboratory equipment. During nine months ended September 30, 2024, the Company recorded an impairment charge of $1.7 million related to the impairment of capitalized internal-use software.

**Note 17** – **Segment Reporting** 

The Company manages its business as one reportable operating segment, in-house early-stage R&D to build a pipeline of high-value assets using its proven technology along with seeking to enter into partnerships to drive value creation for its

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assets. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company's chief operating decision-maker ("CODM") to make decisions about allocating resources and assessing the Company's performance. The Company's CODM uses consolidated single-segment net income (loss) as reported in the Consolidated Statements of Operations to evaluate performance, forecast future period financial results, allocate resources, and set incentive targets.

The table below summarizes the significant expense categories regularly reviewed by the CODM (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $70445 | $84512 | $976340 | $593851 |
| Cost of sales | 21496 | 60619 | 50936 | 166070 |
| Research and development expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct coronavirus vaccines<sup>(1)</sup> | 39439 | 21798 | 86161 | 87759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct other vaccine development programs<sup>(1)</sup> | 1296 | 2660 | 4017 | 3395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee and benefit expenses | 35270 | 38670 | 111330 | 124544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Facility and other research and development expenses<sup>(2)</sup> | 22269 | 24036 | 64936 | 71091 |
| Selling, general, and administrative expense | 31655 | 70747 | 123357 | 258843 |
| Other segment income (expense)<sup>(3)</sup> | (121399) | 12718 | (112828) | 11382 |
| &nbsp;&nbsp;Net income (loss) | $(202379) | $(121300) | $422775 | $(106469) |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Direct research and development expenses are comprised primarily of costs paid to third parties for clinical and product development activities. Direct coronavirus vaccines expenses include costs associated with the Phase 3 trial for the Company's CIC and stand-alone influenza vaccine candidates.

(2)<sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Facility and other research and development expenses consist of indirect costs incurred in support of overall research and development activities and non-specific programs, such as overhead costs, information technology and facility-based expenses not allocated to a specific program.

(3) <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Other segment income (expense) includes interest expense, impairment of assets held for sale, loss on debt extinguishment, income tax expense (benefit), and other income, net.

Total revenue by the Company's customer's or collaboration partner's geographic location was as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| United States | $56776 | $71091 | $294369 | $459232 |
| Canada |  |  | 575670 |  |
| Europe | 655 | 1814 | 12367 | 94033 |
| Rest of the world | 13014 | 11607 | 93934 | 40586 |
| Total revenue | $70445 | $84512 | $976340 | $593851 |

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Total long-lived assets of the Company by geographic location were as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| United States | $69328 | $295879 |
| Europe | 3665 | 4119 |
| Total long-lived assets | $72993 | $299998 |

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**Note 18** – **Subsequent Events** 

On October 1, 2025, the European Commission approved the transfer application to change the holder of the MAH for Nuvaxovid™ from the Company to Sanofi. On November 3, 2025, the U.S. FDA approved the transfer application to change the holder of the MAH for Nuvaxovid™ from the Company to Sanofi. Completion of each of these transfer authorizations has triggered $25 million milestone payments from Sanofi under the Sanofi CLA. The Company anticipates receipt of these payments in the first quarter of 2026.

On October 16, 2025, the Company entered into an assignment of the lease with respect to the Company's Gaithersburg, MD headquarters facility with AstraZeneca Pharmaceuticals LP ("AstraZeneca"). The effect of the agreement is to assign the lease agreement for the Company's corporate headquarters, which together with a parcel purchase agreement for the sale of a parcel of land adjacent to the facility and an asset purchase agreement for the sale of certain personal property and equipment, will result in an aggregate of $59.8 million payable by AstraZeneca to the Company. An initial payment of $20.0 million, associated with the parcel purchase, is scheduled to occur in the fourth quarter of 2025 and the remaining approximately $39.8 million payment is scheduled to occur in the first quarter of 2026.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*Cautionary Note Regarding Forward-Looking Statements*

This Quarterly Report on Form 10-Q (this "Quarterly Report") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Any statements in the discussion below and elsewhere in this Quarterly Report about expectations, beliefs, plans, objectives, assumptions, or future events or performance of Novavax, Inc. ("Novavax," together with its wholly owned subsidiaries, the "Company," "we," or "us") are not historical facts and are forward-looking statements. Such forward-looking statements include, without limitation, statements about our capabilities, goals, expectations regarding future revenue and expense levels, and capital raising activities; our strategic priorities, our corporate growth strategy, including our early-stage pipeline and research and development ("R&D") investment strategy and key value drivers; our technology platform; our COVID-19 program (our "COVID-19 Program") (which currently includes our Nuvaxovid prototype COVID-19 Vaccine ("NVX-CoV2373" or "prototype COVID-19 Vaccine"), our Nuvaxovid COVID-19 vaccine for the 2023-2024 vaccination season ("NVX-CoV2601") and our Nuvaxovid updated COVID-19 vaccine for the 2024-2025 vaccination season ("NVX-CoV2705" or "updated COVID-19 Vaccine"), collectively referred to as our "COVID-19 Vaccine"; our operating plans and prospects, including our ability to continue as a going concern through one year from the date of our unaudited financial statements for the period ended September 30, 2025 are issued; the implementation and anticipated impact of our global restructuring and cost reduction plan ("Restructuring Plan"), which includes a more focused investment in our COVID-19 Program; our cash flow forecast and projected revenue, including potential royalties and milestones pursuant to our collaboration and license agreement (the "Sanofi CLA") with Sanofi Pasteur Inc. ("Sanofi") and our other license agreements; potential market sizes and demand for our products and product candidates; the efficacy, safety, and intended utilization of our products and product candidates; the development of our clinical-stage product candidates and our recombinant vaccine and adjuvant technologies; the development of our preclinical product candidates; our expectations related to enrollment in our clinical trials; the conduct, timing, and potential results from clinical trials and other preclinical studies; plans for and potential timing of future and pending regulatory filings and actions; our ability to successfully conduct our postmarketing commitment ("PMC") study requested by the U.S. Food and Drug Administration ("U.S. FDA") following the U.S. FDA's approval of the Biologics License Application ("BLA") for our COVID-19 Vaccine; our expectation of manufacturing capacity, timing, production, distribution, and delivery for our COVID-19 Vaccine by us and our partners, including our anticipated timing of the U.S. FDA's approval of our BLA supplement to extend the shelf life of our COVID-19 vaccine; our expectations with respect to the anticipated ongoing development and commercialization or licensure of the COVID-19 Vaccine; our expectations with respect to the anticipated ongoing development of COVID-19 variant strain-containing monovalent or bivalent formulations, including the Phase 2b/3 Hummingbird™ trial, and our COVID-19-Influenza ("CIC") vaccine candidate and our stand-alone influenza vaccine candidate including partnership efforts for our CIC vaccine candidate and stand-alone influenza vaccine candidate to advance towards a BLA filing and commercialization; efforts to expand the COVID-19 Vaccine label worldwide as a booster, and to various age groups and geographic locations; the expected timing, content, and outcomes of regulatory actions; funding under our advance purchase agreements ("APAs") and supply agreements and amendments to, termination of, discussion regarding, or legal disputes relating to any such agreement; our available cash resources and usage and the availability of financing generally; plans regarding partnering activities and business development initiatives; our plans regarding APA amendments; and other matters referenced herein. Generally, forward-looking statements can be identified through the use of words or phrases such as "believe," "may," "could," "will," "would," "possible," "can," "estimate," "continue," "ongoing," "consider," "anticipate," "intend," "seek," "plan," "project," "expect," "should," "would," "aim," or "assume," the negative of these terms, or other comparable terminology, although not all forward-looking statements contain these words.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs and expectations about the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking statements involve estimates, assumptions, risks, and uncertainties that could cause actual results or outcomes to differ materially from those expressed or implied in any forward-looking statements, and, therefore, you should not place considerable reliance on any such forward-looking statements. Such risks and uncertainties include, without limitation, our ability to successfully and timely obtain and maintain full U.S. FDA licensure or foreign regulatory approvals necessary to manufacture, market, distribute, or deliver our COVID-19 Vaccine; the impact of delays in obtaining regulatory approval, including regulatory decisions impacting labeling, approval or authorization, including the scope of the indicated population, product dosage, manufacturing processes, shelf life, safety, for our product candidates; challenges in conducting the PMC study, our ability to obtain adequate additional funding to maintain our current level of operations and fund the further development of our vaccine candidates; challenges related to our partnership with Sanofi, including collaboration on the PMC, and in pursuing additional partnership opportunities; challenges satisfying, alone or together with partners, various safety, efficacy, and product characterization requirements, including those related to

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process qualification, assay validation, and stability testing, necessary to satisfy applicable regulatory authorities; challenges or delays in conducting clinical trials or studies for our product candidates; manufacturing, distribution or export delays or challenges; our substantial dependence on Serum Institute of India Pvt. Ltd. ("SII") and Serum Life Sciences Limited ("SLS" and together with SII, "Serum") for co-formulation and filling our COVID-19 Vaccine and the impact of any delays or disruptions in their operations; the impact of potential legislative, regulatory, or policy changes under the current presidential administration, including any adverse impact funding for vaccine research and development, reimbursement for vaccines and their administration, vaccine mandates and recommendations, and public perception of vaccine importance; uncertainty with respect to pricing, third-party reimbursement and healthcare reform; uncertainty in the regulatory pathway for our COVID -19 Vaccine; the impact of any new or changes in interpretations of existing trade measures, including tariffs, embargoes, sanctions, import restrictions, and export licensing requirements; difficulty obtaining scarce raw materials and supplies, including for our proprietary adjuvant; resource constraints, including human capital and manufacturing capacity, constraints on our ability to pursue planned regulatory pathways, alone or with partners, in multiple jurisdictions simultaneously, leading to staggering of regulatory filings, and potential regulatory actions; our ability to timely deliver doses; challenges in obtaining commercial adoption and market acceptance of our COVID-19 Vaccine or any COVID-19 variant strain containing formulation, or our CIC vaccine candidates, stand-alone influenza vaccine candidates or other candidates; challenges meeting contractual requirements under agreements with multiple commercial, governmental, and other entities including requirements to deliver doses that may require us to refund portions of upfront and other payments previously received or result in reduced future payments pursuant to such agreements; challenges related to the seasonality of vaccinations against COVID-19; challenges related to the demand for vaccinations against COVID-19 or influenza; challenges in identifying and successfully pursuing innovation expansion opportunities; our expectation as to expenses and cash needs may prove not to be correct for reasons such as changes in plans or actual events being different than our assumptions, and other risks and uncertainties identified in Part I, Item 1A "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024, and this Quarterly Report on Form 10-Q, which may be detailed and modified or updated in other documents filed with the Securities and Exchange Commission ("SEC") from time to time, and are available at www.sec.gov and at www.novavax.com. You are encouraged to read these filings as they are made.

We cannot guarantee future results, events, level of activity, performance, or achievement. Any or all of our forward-looking statements in this Quarterly Report may turn out to be inaccurate or materially different from actual results. Further, any forward-looking statement speaks only as of the date when it is made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

**Overview**

We are a company tackling global health challenges through scientific innovation that seeks to maximize our deep scientific expertise in vaccines and our cutting-edge technology platform. The differentiated platform features our recombinant protein-based nanoparticle technology and unique Matrix-M adjuvant. Our three strategic priorities are: focusing on our partnership with Sanofi announced in May 2024, enhancing existing partnership and leveraging our technology platform and pipeline to forge additional partnerships, and advancing our proven technology platform and early-stage pipeline. Our corporate growth strategy is supported by a lean, agile, and focused operating model.

Our technology platform, combined with our deep vaccine expertise, is the fuel for innovation and partnerships and we believe it has the potential to create significant value. Our proprietary Matrix-M adjuvant, when added to vaccines, has been shown to help induce a strong and long-lasting immune response. Our recombinant protein-based nanoparticle technology has been shown to be highly immunogenetic. Together, we believe that our technology platform can induce potent, durable and broad immune responses, with the potential to be antigen-sparing. Our Matrix-M adjuvant can increase both antibody and cell-mediated immune responses in vaccines and it has demonstrated a favorable tolerability profile in clinical trials. Our technology platform is used in our authorized COVID-19 Vaccine and the R21/Matrix-M adjuvant malaria vaccine.

In May 2024, we entered into a CLA with Sanofi, to co-commercialize our COVID-19 Vaccine, including future updated versions that address seasonal COVID-19 variants. Sanofi has the right to develop novel influenza-COVID-19 combination vaccines utilizing our COVID-19 Vaccine and Sanofi's seasonal influenza vaccine, combination products containing our COVID-19 Vaccine and one or more non-influenza vaccines, and multiple new vaccines utilizing our Matrix-M adjuvant. In December 2024, Sanofi announced that the U.S. FDA granted Fast Track designation to two Sanofi combination vaccine candidates: the first combination consists of Fluzone High-Dose<sup>TM</sup> combined with our COVID-19 Vaccine, and the second combination consists of Flublok<sup>TM</sup> with our COVID-19 Vaccine. Sanofi is evaluating the safety and immunogenicity of both combination vaccine candidates in two separate Phase 1/2 trials. We are eligible to receive royalties and milestones

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associated with the ongoing sales of our COVID-19 Vaccine and Sanofi's influenza-COVID-19 combination vaccines and any other combination vaccines Sanofi may develop, as well as ongoing product royalties for vaccines developed with our Matrix-M adjuvant. We discuss this agreement in further detail in Note 6 to our accompanying unaudited consolidated financial statements.

Additionally, we are advancing our pipeline of both late- and early-stage programs with a focus on potentially high-value assets in areas with unmet medical need, compelling scientific rationale and strong commercial opportunity.

Our late-stage programs include a CIC vaccine candidate, as well as a stand-alone influenza vaccine candidate. In June 2025, we reported data from the initial cohort of a Phase 3 trial comparing our CIC vaccine and stand-alone influenza vaccine to our updated COVID-19 Vaccine and a licensed seasonal influenza vaccine comparator in adults aged 65 and older, which showed both vaccine candidates induced robust immune responses across all antigens tested. Both vaccine candidates were well tolerated and saw reactogenicity comparable to authorized comparators. We intend to partner these vaccine candidates to advance further development.

Furthermore, we provide our Matrix-M adjuvant for use in collaborations. These include the R21/Matrix-M adjuvant malaria vaccine, a malaria vaccine developed by our partner, the Jenner Institute, University of Oxford ("R21/Matrix-M adjuvant malaria vaccine") and manufactured by SII. R21/Matrix-M adjuvant malaria vaccine is authorized in several countries. Additionally, we provide Matrix-M adjuvant for use in various programs in preclinical and clinical stage, as well as preclinical investigations. Examples include, an agreement with the Gates Foundation, two material transfer agreements with leading pharmaceutical companies for exploration of Matrix-M adjuvant used as a potential advancement in their pipeline, and a third material transfer agreement to explore Matrix M in a pre-clinical collaboration in oncology.

We continue to advance our early-stage pipeline. We intend to develop our early-stage pipeline using a disciplined and capital-efficient approach. Our R&D investment strategy seeks to place targeted investments on the programs with the highest potential value, both within infectious disease and beyond, with the intent of partnering these programs at proof of concept. We would consider advancing a program ourselves where data and commercial landscape indicate a unique high-value opportunity. We are pursuing early-stage research in diseases such as, respiratory syncytial virus ("RSV") combinations, varicella-zoster virus ("Shingles") and Clostridioides difficile ("C. Diff.") colitis. We are actively working to evaluate several RSV combination candidates to progress forward toward an Investigational New Drug ("IND"). We are actively developing a pandemic influenza vaccine candidate and the toxicology study is underway. We are pursuing funding opportunities to join preparedness options. Additionally, we are evaluating potential expansion beyond infectious diseases, where we believe our technology could augment and improve upon current therapies.

**Technology Overview**

We believe our recombinant nanoparticle vaccine technology and our proprietary Matrix-M adjuvant are well suited for the development and commercialization of vaccine candidates targeting areas both within and beyond the infectious disease space.

**Recombinant Nanoparticle Vaccine Technology**

Once a target of interest has been identified, the genetic sequence encoding an antigen is selected for developing the vaccine construct. The genetic sequence may be optimized to enhance protein stability or confer resistance to degradation. This genetic construct is inserted into the baculovirus Spodoptera frugiperda ("Sf-/BV") insect cell-expression system, which enables efficient, large-scale expression of the optimized protein. The Sf-/BV system produces protein-based antigens that are properly folded and modified, which can be critical for functional, protective immunity. Our testing shows this results in a highly immunogenic nanoparticle that is ready to be formulated with Matrix-M adjuvant.

**Matrix-M Adjuvant**<sup>®</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>

Our proprietary Matrix-M adjuvant is a key differentiator within our platform. This adjuvant has enabled potent, well tolerated, and durable efficacy by stimulating the entry of antigen presenting cells ("APCs") into the injection site and enhancing antigen presentation in local lymph nodes. This in turn activates APCs, T-cell and B-cell populations, and plasma cells, which promote the production of high affinity antibodies, an immune boosting response. This potent mechanism of action enables a lower dose of antigen to achieve the desired immune response, thereby contributing to increased vaccine supply and manufacturing capacity. These immune-boosting and dose-sparing capabilities contribute to the adjuvant's highly unique profile.

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We continue to evaluate commercial opportunities for the use of our Matrix-M adjuvant alongside vaccine antigens produced by other manufacturers. Matrix-M adjuvant is being evaluated in combination with several partner-led malaria vaccine candidates, including for R21/Matrix-M adjuvant malaria vaccine. The R21/Matrix-M adjuvant malaria vaccine has been licensed to SII for commercialization. In May 2024, pursuant to the Sanofi CLA, Sanofi received a non-exclusive license to develop and commercialize other vaccine products that include our Matrix-M adjuvant. In September 2024, we signed a Matrix-M adjuvant related agreement with a leading pharmaceutical company to enable exploration of our technology for the potential advancement of their pipeline candidates. In the first quarter of 2025, we signed two additional material transfer agreements to explore the use of Matrix-M adjuvant.

**COVID-19 Vaccine Regulatory and Licensure**

In May 2025, the U.S. FDA approved the BLA for Nuvaxovid for active immunization to prevent COVID-19 caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) in adults 65 years and older and individuals 12 through 64 years who have at least one underlying condition that puts them at high risk for severe outcomes from COVID-19 (e.g. asthma, cancer, diabetes, obesity, smoking). The BLA approval was based on pivotal Phase 3 clinical trial data that showed Nuvaxovid was safe and effective for the prevention of COVID-19. The BLA approval triggered a $175 million milestone payment under the Sanofi CLA.

In August 2025, the U.S. FDA approved the Nuvaxovid™ 2025-2026 Formula for the prevention of COVID-19 in individuals 65 years of age and older, or 12 years through 64 years of age with at least one underlying condition that puts them at high risk for severe outcomes from COVID-19.

**Product Pipeline**

We are advancing our pipeline of late- and early-stage programs with a focus on potentially high-value assets in areas with unmet medical need, compelling scientific rationale and strong commercial opportunity. Development and advancement of our in-house pipeline leverages our core expertise and our experience in respiratory and infectious diseases and vaccines, and we intend to explore new opportunities with the potential to expand beyond infectious diseases. Our partnered pipeline includes our COVID-19 Vaccine and our Matrix-M adjuvant used in collaboration for development of new and existing vaccines.

![Pipeline 1 Q325.jpg](nvax-20250930_g1.jpg)

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![Pipeline 2 Q325.jpg](nvax-20250930_g2.jpg)

**Pipeline Overview**

Our pipeline encompasses vaccine candidates for infectious diseases. Our COVID-19 Vaccine, partnered with Sanofi, is our most advanced product. In 2025 and continuing during the term of the Sanofi CLA, Sanofi will lead commercialization efforts for our COVID-19 Vaccine. Our COVID-19 Vaccine has received authorizations from the U.S. FDA, the European Commission ("EC"), the World Health Organization ("WHO") and several other countries for both adult and adolescent populations. Beyond our COVID-19 Vaccine, our late-stage pipeline includes a CIC vaccine candidate, and our stand-alone influenza vaccine candidate.

Additionally, we intend to develop our early-stage pipeline using a disciplined and capital-efficient approach. Our R&D investment strategy seeks to place targeted investments on the programs with the highest potential value, both within infectious disease and beyond, with the intent of partnering these programs at proof of concept. We would consider advancing a program ourselves where data and commercial landscape indicate a unique high-value opportunity. We are actively developing a pandemic influenza vaccine candidate and pursuing funding opportunities to join preparedness options. We are conducting early-stage research in diseases such as, RSV combinations, Shingles and C. Diff. Lastly, we are evaluating potential expansion beyond infectious diseases, where we believe our technology has the potential to augment and improve upon current therapies. In the first quarter of 2025, we entered into a preclinical collaboration with a partner to explore the application and utility of Matrix-M adjuvant with their cancer vaccine candidate.

In addition to our own pipeline, we have several partnership opportunities. For example, our Matrix-M adjuvant is being used for collaboration in R21/Matrix-M adjuvant malaria vaccine.

Under our agreement, we have also provided a sole license to Sanofi for the independent development of a COVID-19 and influenza combination product using our COVID-19 Vaccine in combination with two of Sanofi's separately marketed influenza vaccines, Fluzone High-Dose and Flublok, to evaluate immunogenicity and safety in Phase 1/2 combination vaccine trials. These two combination vaccine candidates were granted Fast Track designation by the U.S. FDA in December 2024 to prevent influenza and COVID-19 infections in individuals aged 50 and older. In October 2025, Sanofi reported preliminary positive immunogenicity and safety Phase 1/2 data for Nuvaxovid in combination with both Fluzone High-Dose and Flublok. Sanofi also has a non-exclusive license to develop and commercialize combination products containing both our COVID-19 Vaccine and one or more non-influenza vaccines, and a non-exclusive license to develop and commercialize other vaccine products selected by Sanofi that include our Matrix-M adjuvant.

In September 2025, we amended the Sanofi CLA to expand Sanofi's license to include use of Novavax's Matrix-M adjuvant in Sanofi's pandemic influenza vaccine candidate program. Sanofi recently received funding from the Biomedical Advanced Research and Development Authority within the Administration for Strategic Preparedness and Response, part of the U.S. Department of Health and Human Services, for early-stage work on this vaccine candidate including the Matrix-M adjuvant.

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**Coronavirus Vaccine Clinical Development**

We continue to evaluate vaccine safety, immunogenicity, and effectiveness through ongoing clinical trials and collaborative evidence-generating real-world studies.

**Phase 3 Strain-Change and Re-vaccination Studies**

In October 2024, we initiated and fully enrolled Study 315 to evaluate safety and immunogenicity of a single dose of the JN.1 subvariant vaccine NVX-CoV2705 in previously vaccinated adults. Topline data from this study was submitted to the U.S. FDA in February 2025 and showed that our JN.1 vaccine induced robust cross-reactive neutralizing activity to the JN.1 variant and to a panel of JN.1 lineage strains representing virtually all of those that circulated in the U.S. during the 2024-2025 respiratory virus season. We conduct testing against newly emerging strains as we prepare for the annual vaccination season, and this testing informs future strain formulations.

In October 2025, we initiated an additional study, Study 318, as a post-marketing commitment for the U.S. FDA. The study is evaluating the safety and immunogenicity of the JN.1 vaccine in the US-approved population of individuals 12 through 64 years of age with at least one underlying condition that puts them at high risk for severe outcomes from COVID-19 and in adults ≥ 65 years of age.

**Phase 2b/3 Pediatric Hummingbird™ Trial**

In December 2024, we achieved the $50 million milestone under our agreement with Sanofi, associated with the database lock for one of the three cohorts in this trial.

This trial is evaluating the safety, effectiveness (immunogenicity), and efficacy of two doses of our COVID-19 Vaccine, followed by a booster 6 months after the primary vaccination series. The trial completed enrollment in September 2023 and includes three age de-escalation cohorts of 1,200 children each. Safety follow up was completed in October 2025. The U.S. FDA has informed us that, due to changes in pediatric sero-epidemiology that have occurred since trial initiation, an additional immunogenicity study will be needed to support a supplemental BLA to expand the pediatric indication. We continue to engage with Sanofi to assess the feasibility of achieving an expanded indication in the U.S. given recent policy changes impacting the indicated pediatric population for COVID-19 vaccines.

**Phase 4 Postmarketing Commitment Clinical Efficacy and Safety Trial**

In May 2025, we announced that the U.S. FDA, as a part of its BLA approval, requested a PMC to conduct a Phase 4 prospective, randomized, double-blinded, placebo-controlled efficacy and safety trial in individuals aged 50 through 64 without high-risk conditions for severe COVID-19. The Company will be responsible to conduct the PMC trial, which was initiated in the fourth quarter of 2025. Sanofi will reimburse the Company for 70% of the PMC costs, capped at the currently agreed upon cost estimates. The Company will recognize cost reimbursements from Sanofi related to the PMC in Licensing, royalties, and other revenue over time using an input method, consistent with research and development transition services that support further regulatory approval and development of the COVID-19 Vaccine ("Sanofi Transition Services") and services related to the technology transfer of the existing manufacturing process for the COVID-19 Vaccine Products and Matrix-M™ adjuvant (the "Sanofi Technology Transfer").

**COVID-Influenza Combination and Stand-alone Influenza Program**

**Phase 3 Clinical Trial of CIC and Stand-alone Influenza Vaccine Candidates** 

In December 2024, we initiated a Phase 3 immunogenicity and safety trial for our CIC and stand-alone influenza vaccine candidates to evaluate the immunogenicity and safety compared to our updated COVID-19 Vaccine and a licensed seasonal influenza vaccine comparator in adults aged 65 and older. Our Phase 3 immunogenicity and safety trial completed enrollment with an initial cohort of approximately 2,000 participants. In June 2025, we reported data from this initial cohort, which showed both vaccine candidates induced robust immune responses across all antigens tested. Both vaccine candidates were well tolerated with reactogenicity profiles that were comparable to authorized comparators. After consultation with the U.S. FDA, we determined that seeking an accelerated approval pathway for our CIC and stand-alone influenza candidates would not be feasible. While the Phase 3 immunogenicity and safety trial is not a pivotal study, the data will inform a future registrational Phase 3 program. We do not intend to make additional investments in these programs and are seeking a partner to advance both vaccine candidates.

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**R21/Matrix-M Adjuvant Malaria Vaccine**

R21/Matrix-M adjuvant malaria vaccine, formulated with our Matrix-M adjuvant, is developed by our partner, the Jenner Institute, University of Oxford, and manufactured by SII. We have an agreement with SII related to its manufacture of R21/Matrix-M adjuvant malaria vaccine under which SII purchases our Matrix-M adjuvant for use in development activities at cost and for commercial purposes at a tiered commercial supply price, and pays a royalty in the single- to low-double digit range based on vaccine sales for a period of 15 years after the first commercial sale of the vaccine in each country.

In July 2024, first commercial doses of R21/Matrix-M adjuvant malaria vaccine have been administered to children in Cote d'Ivoire and South Sudan. As part of the WHO malaria program, at their discretion, the vaccine is expected to be included in countries such as Central African Republic, Chad, Democratic Republic of Congo, Mozambique, Nigeria and Uganda.

In December 2023, the WHO announced it prequalified the R21/Matrix-M adjuvant malaria vaccine to prevent malaria disease in children caused by the P. falciparum parasite in endemic areas. Prequalification status enables United Nations agencies to procure the vaccine for eligible countries and enabled rollout of the vaccine in mid-2024. The WHO recommended that the R21/Matrix-M adjuvant malaria vaccine be administered in a four-dose schedule beginning at five months of age.

**Business Highlights**

**Third Quarter 2025 and Recent Highlights**

***Strategic Priority #1: Optimize our Sanofi Partnership***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued successful execution of Sanofi partnership with $225 million in milestones earned year-to-date, including $50 million earned in the fourth quarter of 2025, upon marketing authorization transfers for E.U. and U.S. markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In October 2025, Sanofi reported preliminary positive immunogenicity and safety Phase 1/2 data for Nuvaxovid in combination with both Fluzone High-Dose and Flublok. Both programs have received Fast Track designation from the U.S. FDA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In August 2025, the FDA approved the Nuvaxovid 2025-2026 Formula for the prevention of COVID-19 in individuals 65 years of age and older, or 12 years through 64 years of age with at least one underlying condition that puts them at high risk for severe outcomes from COVID-19. Nuvaxovid was approved with an extended shelf life of six months in a pre-filled syringe formulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Beginning in the third quarter of 2025, Sanofi assumed the lead commercial role for Nuvaxovid in the U.S. and select ex-U.S. markets for the 2025-2026 COVID-19 vaccination season.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In September 2025, we expanded Sanofi's license to include use of Novavax's Matrix-M adjuvant in Sanofi's pandemic influenza vaccine candidate program. Sanofi received funding from the Biomedical Advanced Research and Development Authority (BARDA) for early-stage clinical work on this vaccine candidate.

***Strategic Priority #2: Enhance Existing Partnerships and Leverage our Technology Platform and Pipeline to Forge Additional Partnerships***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In September 2025, our partner Takeda received approval of Nuvaxovid in Japan which triggered a milestone payment to Novavax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• R21/Matrix-M, a malaria vaccine developed in partnership with SII and Oxford University, continued to make meaningful progress in addressing the urgent and unmet needs of malaria-endemic regions with 25 million doses sold since launch in mid-2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the first quarter of 2025, we announced material transfer agreements with three pharmaceutical companies to explore the utility of Matrix-M in their portfolios; discussions continue with these companies for the potential use of Matrix-M in the development of new vaccines and/or improve existing vaccines.

***Strategic Priority #3: Advance our Technology Platform and Early-Stage Pipeline***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued advancement of early-stage preclinical research for Shingles, C. Diff. and RSV combination vaccine candidates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursuing government funding for pandemic influenza vaccine candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued exploration of our Matrix-M platform technology in oncology.

***Other Corporate Highlights***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In August 2025, we completed a convertible debt refinancing; extending the maturity of the majority of the Company's existing 2027 Notes to 2031, with improved terms, and providing additional proceeds through the issuance of new 2031 Notes. This transaction further supports the financial strength of the company and its ability to execute on its long-term growth strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In October 2025, we announced transactions to enable the planned consolidation of its Maryland based facilities in line with its corporate strategy. These transactions will result in $60 million in payments to Novavax and are expected to result in future cost savings of approximately $230 million over 11 years.

**Sales of Common Stock**

In August 2023, we entered into an At Market Issuance Sales Agreement (the "August 2023 Sales Agreement"), which allows us to issue and sell up to $500 million in gross proceeds of shares of our common stock, and terminated our then-existing At Market Issuance Sales agreement entered in June 2021. During the three and nine months ended September 30, 2025, no sales were recorded under the August 2023 Sales Agreement. During the nine months ended September 30, 2024, we sold 12.2 million shares of our common stock under the August 2023 Sales Agreement, resulting in net proceeds of approximately $188 million. There were no sales recorded under the August 2023 Sales Agreement during the three months ended September 30, 2024. As of September 30, 2025, the remaining balance available under the August 2023 Sales Agreement was approximately $51 million.

In May 2024, we entered into the securities subscription agreement, pursuant to which we sold and issued to Sanofi, in a private placement, 6.9 million shares of our common stock, par value $0.01 per share at a price of $10.00 per share for aggregate gross proceeds to us of $68.8 million.

**Critical Accounting Policies and Use of Estimates**

The discussion and analysis of our financial condition and results of operations are based upon our accompanying unaudited financial statements and the unaudited accompanying notes, which have been prepared in accordance with generally accepted accounting principles in the United States.

The preparation of our consolidated financial statements requires us to make estimates, assumptions, and judgments that affect the reported amounts of assets, liabilities, and equity and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Our critical accounting policies and estimates are included under Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC.

***Recent Accounting Pronouncements Not Yet Adopted***

See "Note 2―Summary of Significant Accounting Policies" included in our unaudited consolidated financial statements (under the caption "*Recent Accounting Pronouncements*").

**Results of Operations**

The following is a discussion of the historical financial condition and results of our operations that should be read in conjunction with our unaudited consolidated financial statements and notes set forth in this Quarterly Report. Our historical results are not necessarily indicative of the results for any periods in the future.

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**Three Months Ended September 30, 2025 and 2024** 

**Revenue**

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Revenue (in thousands):** |  |  |  |
| Product sales | $13442 | $41528 | $(28086) |
| Licensing, royalties, and other | 57003 | 42984 | 14019 |
| Total revenue | $70445 | $84512 | $(14067) |

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Revenue for the three months ended September 30, 2025 was $70.4 million as compared to $84.5 million for the same period in 2024, a decrease of $14.1 million. Revenue for the three months ended September 30, 2025 was primarily comprised of licensing revenue from Transition Services and Technology Transfer and product supply sales of COVID-19 Vaccine under the Sanofi CLA and milestone and royalty revenue with Takeda. Revenue for the three months ended September 30, 2024 was primarily comprised of revenue from Product sales of COVID-19 Vaccine and revenue from Transition Services and Technology Transfer under the Sanofi CLA. The decrease in revenue is primarily due to a decrease in Product sales of COVID-19 Vaccine partially offset by product supply sales of COVID-19 Vaccine and an increase in revenue from Transition Services and Technology Transfer in licensing revenue under the Sanofi CLA.

***Product sales***

Product sales for the three months ended September 30, 2025 were $13.4 million as compared to $41.5 million for the same period in 2024, a decrease of $28.1 million. Our Product sales related to revenue from Nuvaxovid sales, which commenced in 2022, commercial supply sales of COVID-19 Vaccine, and revenue from supply of adjuvant and other products. We have transitioned the commercial lead for sales and distribution to Sanofi resulting in a decrease in Nuvaxovid sales and an increase in supply sales.

The categories of Product sales were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Product sales (in thousands)** |  |  |  |
| Nuvaxovid sales<sup>(1)</sup> | $(332) | $38210 | $(38542) |
| Supply sales<sup>(2)</sup> | 13774 | 3318 | 10456 |
| Total Product sales | $13442 | $41528 | $(28086) |

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(1)Nuvaxovid sales are sales of our COVID-19 Vaccine associated with APAs with various governments globally and commercial markets, where we are the commercial lead for sales and distribution, made through pharmaceutical wholesale distributors. During the three months ended September 30, 2025, Nuvaxovid sales include excess gross-to-net deductions primarily due to updates to estimated product returns.

(2)Supply sales include commercial sales of COVID-19 Vaccine, adjuvant sales, and sale of other materials to our partners. We reclassified $3.3 million of revenue previously reported as License, royalties, and other revenue to Product sales revenue for the three months ended September 30, 2024 related to adjuvant supply sales and other supply sales.

***Licensing, royalties, and other***

Licensing, royalties, and other revenue during the three months ended September 30, 2025 was $57.0 million as compared to $43.0 million during the same period in 2024, an increase of $14.0 million. The increase was primarily due to an increase in revenue from transition services and technology transfer in licensing revenue under the Sanofi CLA resulting from continued progress on the Transition Services and Technology Transfer, as well as the impact of changes in total costs and consideration estimates.

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Licensing, royalties, and other revenue were comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Licensing, royalties, and other (in thousands)** |  |  |  |
| Sanofi | $48294 | $36115 | $12179 |
| Takeda | 6445 | 4918 | 1527 |
| Other partners<sup>(1)</sup> | 2264 | 1951 | 313 |
| Total licensing, royalties, and other revenue | $57003 | $42984 | $14019 |

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(1)Other partners revenue includes royalties and license fees associated with agreements with other partners such as Serum.

Sanofi licensing, royalties, and other revenue were comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Sanofi licensing, royalties, and other revenue (in thousands)** |  |  |  |
| Licensing: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Upfront fee | $— | $3392 | $(3392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalties | 4196 |  | 4196 |
| Transition services and technology transfer: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Upfront fee amortization<sup>(1)</sup> | (1083) | 14973 | (16056) |
| &nbsp;&nbsp;&nbsp;&nbsp;Milestones amortization<sup>(1)</sup> | (645) | 7032 | (7677) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | 45826 | 10718 | 35108 |
| Total Sanofi licensing, royalties, and other revenue | $48294 | $36115 | $12179 |

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(1)Upfront fee amortization and Milestones amortization represent revenue recognized during the period related to a portion of the $500 million upfront payment and the $50 million milestone for database lock of an existing Phase 2/3 clinical trial in 2024 that were deferred upon achievement and are recognized in revenue over time. During the three months ended September 30, 2025, recognized a change in estimate to cumulative revenue recognized for the Sanofi Transition Services performance obligation of $12.5 million as further described in Note 6, which also resulted in a reduction in upfront fee and milestone amortization revenue during the third quarter of 2025, and an increase in cost reimbursement revenue.

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Takeda licensing, royalties, and other revenue were comprised of the following (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Takeda licensing, royalties, and other revenue** |  |  |  |
| Licensing: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Milestones | $4717 | $— | $4717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalties | 1456 | 4564 | (3108) |
| Support services | 272 | 354 | (82) |
| Tota Total Takeda licensing, royalties, and other revenue | $6445 | $4918 | $1527 |

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**Expenses**

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Expenses (in thousands):** |  |  |  |
| Cost of sales | $21496 | $60619 | $(39123) |
| Research and development | 98274 | 87164 | 11110 |
| Selling, general, and administrative | 31655 | 70747 | (39092) |
| Impairment of assets held for sale | 97038 |  | 97038 |
| Total expenses | $248463 | $218530 | $29933 |

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***Cost of Sales***

Cost of sales was $21.5 million for the three months ended September 30, 2025, including expenses of $0.5 million related to excess, obsolete, or expired inventory, $1.8 million ROU asset impairment charges for CMO manufacturing capacity of excess quantities, and $3.5 million related to unutilized manufacturing capacity. Cost of sales was $60.6 million for the three months ended September 30, 2024, including expense of $6.2 million related to excess, obsolete, or expired inventory and losses on firm purchase commitments, $3.8 million ROU asset impairment charges for CMO manufacturing capacity of excess quantities, $18.2 million related to unutilized manufacturing capacity, and a credit of $0.7 million related to certain negotiated reductions to previously recognized firm purchase commitments. The decrease in cost of sales of $39.1 million was mainly driven by a decrease in the number of COVID-19 Vaccine doses sold, the sale of the Novavax CZ manufacturing facility in December 2024, a decrease in excess, obsolete, and expired inventory charges, and a decrease in unutilized manufacturing capacity charges. The cost of sales as a percentage of Product sales may fluctuate in the future as a result of changes to our customer pricing mix or standard costs.

***Research and Development Expenses***

Research and development expenses were $98.3 million for the three months ended September 30, 2025 as compared to $87.2 million for the three months ended September 30, 2024, a increase of $11.1 million. The increase was primarily due to an increase in in overall expenditures relating to development activities on coronavirus vaccines, including our COVID-19

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Program, in support of Sanofi Transition Services, offset by certain cost containment measures to reduce our operating spend, as summarized in the table below (in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** |
| Coronavirus vaccines | $39439 | $21798 |
| Other vaccine development programs  | 1296 | 2660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total direct external research and development expense | 40735 | 24458 |
| Employee expenses | 31779 | 33504 |
| Stock-based compensation expense | 3491 | 5166 |
| Facility expenses | 14568 | 13855 |
| Other expenses | 7701 | 10181 |
| Total research and development expenses | $98274 | $87164 |

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Research and development expenses for coronavirus vaccines for the three months ended September 30, 2025 and 2024 increase from $21.8 million to $39.4 million primarily as a result of increased costs in support of Sanofi Transition Services, offset by our global restructuring and cost reduction efforts and a reduction in manufacturing and support costs due, in part, to a reduction in our global manufacturing footprint consistent with our contractual obligations to supply, and anticipated demand for, COVID-19 Vaccine, under manufacturing supply agreements with CMOs and contract manufacturing and development organizations ("CDMOs").

***Selling, General, and Administrative Expenses***

Selling, general, and administrative expenses were $31.7 million for the three months ended September 30, 2025 as compared to $70.7 million for the same period in 2024, a decrease of $39.1 million. The decrease in selling, general, and administrative expenses is primarily due to certain cost containment measures to reduce our operating spend, including a reduction in our global commercial footprint and administrative infrastructure and the sale of the Novavax CZ manufacturing facility in December 2024.

***Impairment of assets held for sale***

During the three months ended September 30, 2025, we classified our corporate headquarters facility at 700 Quince Orchard, Gaithersburg, Maryland ("700QO"), together with certain related property and equipment and land parcel adjacent to the facility (collectively referred to as the "Disposal Group"), as held for sale. The carrying value of the Disposal Group was determined to be greater than its fair value less costs to sell and, consequently, an impairment loss of $97 million was recognized during the three months ended September 30, 2025, and recorded in Impairment of assets held for sale in the Consolidated Statements of Operations. In October 2025, the Company entered into a definitive agreement to sell the Disposal Group (see Note 18 to our unaudited consolidated financial statements).

For the remainder of 2025, we expect a reduction in our annual combined research and development, and selling, general, and administrative spend as a result of our Restructuring Plan as discussed in Note 16 to our accompanying unaudited consolidated financial statements.

**Other Income (Expense)**

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Other income (expense), net (in thousands):** |  |  |  |
| Interest expense | $(5482) | $(4236) | $(1246) |
| Loss on debt extinguishment  | (28714) |  | (28714) |
| Other income (expense), net | 9178 | 15922 | (6744) |
| Total other income (expense), net | $(25018) | $11686 | $(36704) |

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Total other income (expense), net was $25.0 million of expense for the three months ended September 30, 2025 as compared to a total other income (expense), net of $11.7 million of income for the same period in 2024. The decrease in other

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income (expense), net is primarily due to a $28.7 million loss on debt extinguishment recorded in the three months ended September 30, 2025 and a reduction in interest income on investments in marketable securities during the period.

**Income Tax Expense**

During the three months ended September 30, 2025, we recognized an income tax benefit of $0.7 million related to federal, state, and foreign income taxes, and foreign withholding tax expense. During the three months ended September 30, 2024, we recognized an income tax benefit of $1.0 million related to federal, state, and foreign income taxes, and foreign withholding taxes.

**Net Loss** 

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Net loss (in thousands, except per share information):** |  |  |  |
| Net loss | $(202379) | $(121300) | $(81079) |
| Net loss per share, basic and diluted  | $(1.25) | $(0.76) | $(0.49) |
| Weighted average shares outstanding, basic and dilutive | 162353 | 160049 | 2304 |

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Net loss for the three months ended September 30, 2025 was $202.4 million, or $1.25 per share, basic and dilutive, as compared to net loss of $121.3 million, or $0.76 per share, basic and dilutive, for the same period in 2024. The increase in net loss during the three months ended September 30, 2025, was primarily due to the impairment of assets held for sale and loss on debt extinguishment, partially offset by a decrease in total operating expenses.

The increase in weighted average shares outstanding for the three months ended September 30, 2025, was primarily a result of sales of our common stock in 2024 and common stock issued under our incentive programs.

**Nine Months Ended September 30, 2025 and 2024**

**Revenue**

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Revenue (in thousands):** |  |  |  |
| Product sales | $645844 | $153952 | $491892 |
| Licensing, royalties, and other | 330496 | 439899 | (109403) |
| Total revenue | $976340 | $593851 | $382489 |

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Revenue for the nine months ended September 30, 2025 was $976.3 million as compared to $593.9 million for the same period in 2024, an increase of $382.5 million. Revenue for the nine months ended September 30, 2025 was primarily comprised of revenue from the termination of our APAs with Canada ("Canada APA") and New Zealand ("New Zealand APA") of $575.7 million and $27.3 million, respectively, licensing revenue from the achievement of milestones under the Sanofi CLA and revenue from Transition Services and Technology Transfer under the Sanofi CLA, and licensing and royalty revenue with Takeda. Revenue for the nine months ended September 30, 2024 was primarily comprised of revenue from licensing revenue from execution of the Sanofi CLA, revenue from Transition Services and Technology Transfer under the Sanofi CLA, and Product sales of COVID-19 Vaccine. The increase in revenue is primarily due to an increase in Product sales from the termination of our Canada and New Zealand APAs, partially offset by a decrease in Licensing, royalties, and other revenue from the Sanofi CLA.

***Product sales***

Product sales for the nine months ended September 30, 2025 were $645.8 million as compared to $154.0 million during the nine months ended September 30, 2024, an increase of $491.9 million. Our Product sales related to revenue from

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Nuvaxovid sales, which commenced in 2022, commercial supply sales of COVID-19 Vaccine, revenue from supply of adjuvant and other products, and the termination of our Canada and New Zealand APAs.

The categories of Product sales were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Product sales (in thousands)** |  |  |  |
| Nuvaxovid sales<sup>(1)</sup> | $605599 | $140438 | $465161 |
| Supply sales<sup>(2)</sup> | 40245 | 13514 | 26731 |
| Total Product sales | $645844 | $153952 | $491892 |

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(1) &nbsp;&nbsp;&nbsp;&nbsp;Nuvaxovid sales are sales of our COVID-19 Vaccine associated with APAs with various governments globally and commercial markets, where we are the commercial lead for sales and distribution, made through pharmaceutical wholesale distributors.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Supply sales include commercial sales of COVID-19 Vaccine, adjuvant sales, and sale of other materials to our partners. We reclassified $13.5 million of revenue previously reported as License, royalties, and other revenue to Product sales revenue for the nine months ended September 30, 2024 related to adjuvant supply sales and other supply sales.

***Licensing, royalties, and other***

Licensing, royalties, and other revenue during the nine months ended September 30, 2025 was $330.5 million as compared to $439.9 million during the same period in 2024, a decrease of $109.4 million. The decrease was primarily due to a decrease in revenue under the Sanofi CLA, offset by an increase in revenue from other partners, including under the Amended Takeda CLA.

Licensing, royalties, and other revenue were comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Licensing, royalties, and other (in thousands)** |  |  |  |
| Sanofi | $288027 | $429012 | $(140985) |
| Takeda | 33657 | 4918 | 28739 |
| Other partners<sup>(1)</sup> | 8812 | 5969 | 2843 |
| Total licensing, royalties, and other revenue | $330496 | $439899 | $(109403) |

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(1)Other partners revenue includes royalties and license fees associated with agreements with other partners such as Serum and SK bioscience, Co., Ltd.

Sanofi licensing, royalties, and other revenue were comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Sanofi licensing, royalties, and other revenue (in thousands)** |  |  |  |
| Licensing: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Upfront fee | $— | $389642 | $(389642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Milestones | 175000 |  | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalties | 4196 |  | 4196 |
| Transition services and technology transfer: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Upfront fee amortization<sup>(1)</sup> | 31097 | 19546 | 11551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Milestones amortization<sup>(1)</sup> | 14163 | 9105 | 5058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost reimbursements | 63571 | 10719 | 52852 |
| Total Sanofi licensing, royalties, and other revenue | $288027 | $429012 | $(140985) |

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(1)Upfront fee amortization and Milestones amortization represent revenue recognized during the period related to a portion of the $500 million upfront payment and the $50 million milestone for database lock of an existing Phase 2/3 clinical trial in 2024 that were deferred upon achievement and are recognized in revenue over time.

Takeda licensing, royalties, and other revenue were comprised of the following (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Takeda licensing, royalties, and other revenue** |  |  |  |
| Licensing: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Upfront fee<sup>(1)</sup> | $18500 | $— | $18500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milestones | 8151 |  | 8151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalties | 6456 | 4564 | 1892 |
| Support services | 550 | 354 | 196 |
| Tota Total Takeda licensing, royalties, and other revenue | $33657 | $4918 | $28739 |

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(1)Upfront fee includes $14.5 million of nonrefundable upfront payments associated with the Amended Takeda CLA and $4.0 million of previously unrecognized consideration from the Original Takeda CLA.

**Expenses**

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Expenses (in thousands):** |  |  |  |
| Cost of sales | $50936 | $166070 | $(115134) |
| Research and development | 266444 | 286789 | (20345) |
| Selling, general, and administrative | 123357 | 258843 | (135486) |
| Impairment of assets held for sale | 97038 |  | 97038 |
| Total expenses | $537775 | $711702 | $(173927) |

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***Cost of Sales***

Cost of sales was $50.9 million for the nine months ended September 30, 2025, including expenses of $1.9 million related to excess, obsolete, or expired inventory, $1.8 million ROU asset impairment charges for CMO manufacturing capacity of excess quantities, and $7.0 million related to unutilized manufacturing capacity. Cost of sales was $166.1 million for the nine months ended September 30, 2024, including expense of $26.4 million related to excess, obsolete, or expired inventory and losses on firm purchase commitments, $3.8 million ROU asset impairment charges for CMO manufacturing capacity of excess quantities, $37.1 million related to unutilized manufacturing capacity, and a credit of $0.7 million related to certain negotiated reductions to previously recognized firm purchase commitments. The decrease in cost of sales of $115.1 million was mainly driven by a decrease in the number of COVID-19 Vaccine doses sold, the sale of the Novavax CZ manufacturing facility in December 2024, a decrease in excess, obsolete, and expired inventory charges, and a decrease in unutilized manufacturing capacity charges. The cost of sales as a percentage of Product sales may fluctuate in the future as a result of changes to our customer pricing mix or standard costs.

***Research and Development Expenses***

Research and development expenses decreased to $266.4 million for the nine months ended September 30, 2025 from $286.8 million for the same period in 2024, a decrease of $20.3 million. The decrease was primarily due to a reduction in overall expenditures relating to development activities on coronavirus vaccines, including our COVID-19 Program, and CIC, and due to certain cost containment measures to reduce our operating spend, as summarized in the table below (in thousands):

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Coronavirus vaccines | $86161 | $87759 |
| Other vaccine development programs | 4017 | 3395 |
| &nbsp;&nbsp;Total direct external research and development expense | 90178 | 91154 |
| Employee expenses | 100049 | 107696 |
| Stock-based compensation expense | 11281 | 16848 |
| Facility expenses | 40380 | 38551 |
| Other expenses | 24556 | 32540 |
| Total research and development expenses | $266444 | $286789 |

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***Selling, General, and Administrative Expenses***

Selling, general, and administrative expenses decreased to $123.4 million for the nine months ended September 30, 2025 from $258.8 million for the same period in 2024, a decrease of $135.5 million. The decrease in selling, general, and administrative expenses is primarily due to certain cost containment measures to reduce our operating spend, including a reduction in our global commercial footprint and administrative infrastructure and the sale of the Novavax CZ manufacturing facility in December 2024.

***Impairment of assets held for sale***

During the nine months ended September 30, 2025, we classified the Disposal Group as held for sale. The carrying value of the Disposal Group was determined to be greater than its fair value less costs to sell and, consequently, an impairment loss of $97 million was recognized during the nine months ended September 30, 2025, and recorded in Impairment of assets held for sale in the Consolidated Statements of Operations. In October 2025, the Company entered into a definitive agreement to sell the Disposal Group (see Note 18 to our unaudited consolidated financial statements).

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**Other Income (Expense)**

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Other income (expense), net (in thousands):** |  |  |  |
| Interest expense | $(16723) | $(12490) | $(4233) |
| Loss on debt extinguishment | (28714) |  | (28714) |
| Other income | 31136 | 27307 | 3829 |
| Total other income (expense), net | $(14301) | $14817 | $(29118) |

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Total other income (expense), net for the nine months ended September 30, 2025 was $14.3 million of expense as compared to $14.8 million of income for the same period in 2024, a decrease of $29.1 million. The decrease in other income (expense) is primarily due to a $28.7 million loss on debt extinguishment.

**Income Tax Expense**

During the nine months ended September 30, 2025, we recognized an income tax expense of $1.5 million related to federal, state, and foreign income taxes and foreign withholding taxes. During the nine months ended September 30, 2024, we recognized an income tax expense of $3.4 million related to federal, state, and foreign income taxes.

**Net Income (Loss)**

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| **Net Income (Loss) (in thousands, except per share information):** |  |  |  |
| Net income (loss) | $422775 | $(106469) | $529244 |
| Net income (loss) per share, basic | $2.61 | $(0.71) | $3.32 |
| Net income (loss) per share, dilutive | $2.53 | $(0.71) | $3.24 |
| Weighted average shares outstanding, basic | 161811 | 149486 | 12325 |
| Weighted average shares outstanding, dilutive | 168195 | 149486 | 18709 |

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Net income (loss) for the nine months ended September 30, 2025 was net income of $422.8 million, or $2.61 per share, basic and $2.53 per share, dilutive, as compared to net loss of $106.5 million, or $(0.71) per share, basic and dilutive, for the same period in 2024. The increase in net income during the nine months ended September 30, 2025, was primarily due to an increase in total revenue and a decrease in total expenses.

The increase in weighted average shares outstanding for the nine months ended September 30, 2025 is primarily a result of sales of our common stock in 2024 and common stock issued under our incentive programs.

**Liquidity Matters and Capital Resources**

Our future capital requirements depend on numerous factors including, but not limited to, revenue from our Product sales, milestone payments, royalties, and reimbursements under licensing arrangements with our strategic partners; our projected activities related to the development and commercial support of our COVID-19 Vaccine and our CIC and stand-alone influenza vaccine candidates, including significant commitments under various clinical research organizations, CMO, and CDMO agreements; the progress of preclinical studies and clinical trials; the time and costs involved in obtaining and maintaining regulatory approvals; the costs of filing, prosecuting, defending, and enforcing patent claims and other intellectual property rights; and other manufacturing, sales, and distribution costs. We plan to continue developing other vaccines and product candidates, such as our potential combination vaccine candidates, which are in various stages of development. Our ability to generate revenue from Product sales is subject to uncertainty specifically as it relates to our ability to successfully develop, manufacture, distribute, and market our updated vaccine and to successfully execute on our licensing arrangements with our strategic partners and our APAs, as discussed below. Additionally, our plans include our ongoing restructuring and cost reduction measures as a part of our Restructuring Plan (see Note 16 to our accompanying unaudited consolidated financial statements), and may also include raising additional capital through a combination of additional equity and debt financing, collaborations, strategic alliances, asset sales, and marketing, distribution, or licensing arrangements. New financings may not

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be available to us on commercially acceptable terms, or at all. If we are unable to obtain additional capital, we will assess our capital resources and may be required to delay, reduce the scope of, or eliminate some or all of our operations, or further downsize our organization, any of which may have a material adverse effect on our business, financial condition, results of operations.

**Sanofi Collaboration and License Agreement**

In May 2024, we entered into the Sanofi CLA pursuant to which we received a non-refundable upfront payment of $500 million. During the nine months ended September 30, 2025, we received milestone payments of $50 million for the database lock of an existing Phase 2/3 clinical trial in 2024 and $175 million earned upon the approval of the marketing authorization for a COVID-19 Vaccine Product in a pre-filled syringe from the U.S. FDA. As of September 30, 2025, we are eligible to receive additional development, technology transfer, launch, and sales milestone payments totaling up to $475 million in the aggregate with respect to the Licensed COVID-19 Products and royalty payments on Sanofi's sales of such licensed products. In addition, we are eligible to receive development, launch, and sales milestone payments of up to $200 million for each of the first four adjuvant Products and $210 million for each adjuvant Product thereafter, and royalty payments on Sanofi's sales of all such licensed products.

As of September 30, 2025, remaining Sanofi sales milestone payments of $475 million include $125 million related to COVID-19 Vaccine Products and $350 million related to influenza-COVID-19 combination products. The COVID-19 Vaccine Products milestones remaining include $25 million receivable upon the transfer of the U.S. marketing authorization holder ("MAH") to Sanofi, $25 million receivable upon the transfer of the European Medicines Agency ("EMA") MAH in a pre-filled syringe to Sanofi, and $75 million receivable upon the completion of the technology transfer of our manufacturing process for the COVID-19 Vaccine Products to Sanofi. The influenza-COVID-19 combination product milestones include a $125 million milestone receivable upon achievement of certain influenza-COVID-19 combination products-related development milestones, and a $225 million in influenza-COVID-19 combination products-related launch milestones. In October 2025, we completed the transfer of the EMA MAH in a pre-filled syringe to Sanofi which triggered a $25 million milestone. In November 2025, we completed the transfer of the U.S. FDA MAH in a pre-filled syringe to Sanofi which triggered a $25 million milestone. We expect to receive these milestones in the first quarter of 2026

Beginning in 2025 and continuing during the term of the Sanofi CLA, we and Sanofi began to commercialize the COVID-19 Vaccine Products worldwide in accordance with a commercialization plan agreed by us and Sanofi, under which we will continue to supply our existing APA customers and strategic partners, including Takeda and SII. Upon completion of the existing APAs, we and Sanofi will jointly agree on commercialization activities of each party in each jurisdiction.

**Takeda Amended and Restated Collaboration and License Agreement**

On April 29, 2025, we entered into the Amended Takeda CLA which amends and supersedes the Original Takeda CLA.

We determined the initial transaction price at inception of the Amended Takeda CLA to be $27.5 million, consisting of (i) $19.5 million of a non-refundable upfront payment, (ii) $4.0 million of non-cancelable annual support payments within the 18 month notice period for contract termination, and (iii) $4.0 million of previously unrecognized consideration from the Original Takeda CLA. We allocated $26.9 million of fixed consideration to the Updated Takeda License performance obligations and $0.6 million to Takeda Support Services.

We recognized revenue of $26.9 million related to the Updated Takeda License on the transfer of the rights and control of the license to Takeda during the nine months ended September 30, 2025. The Takeda Support Services are recognized in revenue over time using an input method to measure progress by utilizing costs incurred to-date relative to total expected costs. Revenue recognized related to Takeda support Services for the three and nine months ended September 30, 2025 was $0.3 million and $0.6 million, respectively.

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Under the Amended Takeda CLA, we received a non-refundable upfront payment of $19.5 million of which $5.0 million is creditable against royalties owed by Takeda for its fiscal year 2024. In addition, on an annual basis, we will receive $2.0 million to compensate us for services provided by us under the Takeda CLA, and we will receive an additional $8.0 million annual milestone payment, of which $5.0 million is creditable against royalties owed by Takeda in its fiscal year 2025 or thereafter, if Takeda receives marketing approval of the COVID-19 Vaccine in that year or such approval is not necessary for such year. The parties have also updated the financial terms to replace the share of operating profits and, instead, provide us with a tiered royalty as a percentage of Takeda's, its affiliates' and sublicensees' total net sales in the mid to high-teen percentages (subject to certain capped royalty reductions), which commenced on April 1, 2024 and will continue until the later of (a) twenty years after April 29, 2025, (b) all our know-how licensed under the Amended Takeda CLA has become publicly available through no fault of Takeda, and (c) the expiration of the last valid claim in the intellectual property rights licensed by us to Takeda under the Amended Takeda CLA covering COVID-19 Vaccine in Japan. During the three months ended September 30, 2025, we recognized $4.7 million of milestone revenue for additional milestones earned under the Amended Takeda CLA.

In connection with the Amended Takeda CLA, on April 29, 2025, we entered into a release agreement with Takeda under which we released Takeda and Takeda released us from all claims that were asserted or could have been asserted by either party against the other party that related to the Original Takeda CLA and the activities thereunder.

**Supply Agreements**

As of September 30, 2025, we have $222.1 million of remaining obligations under APAs with certain countries globally, excluding the Vaccine Alliance ("Gavi"). These obligation include $133.9 million related to an APA with the Commonwealth of Australia for the purchase of doses of COVID-19 Vaccine (the "Australia APA") and $88.2 million related to various other countries. With respect to the Australia APA, as of September 30, 2025, $31.3 million was classified as current Deferred revenue and $102.6 million was classified as non-current Deferred revenue in our consolidated balance sheet. Following the withdrawal of our application at the request of the Therapeutic Goods Administration ("TGA") for authorization of our updated COVID-19 Vaccine, we are in discussions with the TGA regarding potential regulatory paths for approval, including the submission of a new application. We may seek to further amend the Australian APA in light of this development, which amendment may not be achievable on acceptable terms or at all. In the event that we do not, on or before the relevant contractual deadlines, receive regulatory approval for, and deliver, the seasonally updated COVID-19 Vaccine, up to $92.5 million of deferred revenue may become refundable if the Australian APA were to be terminated, of which $10.8 million may become refundable if 2025 dose deliveries are cancelled. Specifically, Australia may cancel doses that are due to be delivered in 2025 if we do not receive regulatory approval for, and deliver, the updated COVID-19 Vaccine on or before December 31, 2025, and may terminate the Australia APA, as amended, if we do not receive regulatory approval for, and deliver, the updated COVID-19 Vaccine on or before March 31, 2026. With respect to other obligations under APAs of $88.2 million, as of September 30, 2025, $38.4 million was classified as current Deferred revenue, $49.8 million was classified as non-current Deferred revenue in our consolidated balance sheet. Recognition of these amounts is dependent on delivery of doses or expiry of optional dose order quantities.

In November 2024, we entered into a settlement agreement with the Secretary of State for Business, Energy and Industrial Strategy (as assigned to the UK Health Security Agency), acting on behalf of the government of the United Kingdom of Great Britain and Northern Ireland (the "Authority"), pursuant to which we and the Authority agreed to terminate the Amended and Restated Supply Agreement with the Authority and to fully settle the outstanding amount under dispute related to upfront payments of $112.5 million. We agreed to pay a refund of $123.8 million, including interest of $11.3 million to the Authority, in equal quarterly installments of $10.3 million over a three year period, ending in June 2027. As of September 30, 2025, pursuant to our settlement agreement with the UK, the remaining upfront payment previously received from the authority is classified as $38.0 million of other current liabilities and $30.0 million of Other non-current liabilities on our consolidated balance sheet.

In February 2024, we and Gavi entered into a Termination and Settlement Agreement (the "Gavi Settlement Agreement") terminating our APA with Gavi (the "Gavi APA"). In total, the Gavi settlement agreement is comprised of $700 million of potential consideration, consisting of $75 million initial settlement payment, deferred payments of up to $400 million that may be reduced through annual vaccine credits, and an additional credit of up to $225 million that may be applied against certain qualifying sales. As of September 30, 2025, the remaining amounts included on our consolidated balance sheet are classified as $225.0 million in non-current Deferred revenue for the additional credit that may be applied against future qualifying sales, $80.0 million in Other current liabilities, and $210.0 million in Other non-current liabilities. In addition, we and Gavi entered into a security agreement pursuant to which we granted Gavi a security interest in accounts receivable from SII under the SII R21 Agreement (see Note 6 to our accompanying unaudited consolidated financial statements), which will

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continue for the deferred payment term of the Gavi Settlement Agreement. On February 22, 2024, the claims and counterclaims were dismissed with prejudice.

**2031 Convertible Notes** 

In August 2025, we issued $225.0 million aggregate principal amount of our 4.625% Convertible Senior Notes due 2031 (the "2031 Notes") consisting of (a) $175.3 million principal amount of 2031 Notes issued in exchange for $148.8 million principal amount of our 5.00% Convertible Senior Notes due 2027, and (b) approximately $49.7 million principal amount of 2031 Notes issued for cash, in each case, pursuant to exemptions from registration under the Securities Act and the rules and regulations thereunder. The 2031 Notes were issued pursuant to, and are governed by, an indenture, dated as of August 27, 2025, between the Company and The Bank of New York Mellon Trust Company, N.A. as trustee. For additional information on the 2031 Notes, see Note 11 to our accompanying unaudited consolidated financial statements.

**Cash Flows**

As of September 30, 2025, we had $778.2 million in cash and cash equivalents, restricted cash and marketable securities as compared to $938.2 million as of December 31, 2024. We received $175 million related to the milestone payment triggered under the Sanofi CLA in 2025.

We funded our operations for the nine months ended September 30, 2025 primarily with cash and cash equivalents, proceeds from the 2031 Notes, milestone payments under the Sanofi CLA and revenue from Product sales. In accordance with our ongoing Restructuring Plan, we continue to restructure our global footprint including further reductions in our global workforce and facilitating the disposal of real estate assets in Gaithersburg, Maryland. We anticipate our future operations to be funded primarily by milestone payments, royalties, transition services and technology transfer and cost reimbursements under our Sanofi CLA, revenue from Product sales, our cash and cash equivalents and investments in marketable securities, and other potential funding sources including equity financings, which may include at the market offerings, debt financings, collaborations, strategic alliances, asset sales, and marketing, distribution or licensing arrangements.

The following table summarizes cash flows for the nine months ended September 30, 2025 and 2024 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| Net cash provided by (used in): |  |  |  |
| Operating activities | $(205160) | $85900 | $(291060) |
| Investing activities | (98750) | (348045) | 249295 |
| Financing activities | 34341 | 264005 | (229664) |
| Effect on exchange rate on cash, cash equivalents, and restricted cash | 7634 | 2917 | 4717 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (261935) | 4777 | (266712) |
| Cash, cash equivalents, and restricted cash at beginning of period | 545292 | 583810 | (38518) |
| Cash, cash equivalents, and restricted cash at end of period | $283357 | $588587 | $(305230) |

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Net cash used in operating activities was $205.2 million for the nine months ended September 30, 2025, as compared to $85.9 million of cash provided for the same period in 2024. The increase in cash used in operating activities is primarily due to a reduction in cash received from receivables on APA agreements in 2025 as compared to the same period in 2024.

Net cash used in investing activities was $98.8 million for the nine months ended September 30, 2025, as compared to $348.0 million of cash used for the same period in 2024. The decrease in cash used in investing activities is primarily due to our lower investment in marketable securities in 2025 as compared to 2024.

Net cash provided by financing activities was $34.3 million for the nine months ended September 30, 2025, as compared to net cash provided by financing activities of $264.0 million for the same period in 2024. The decrease in cash provided by financing activities is primarily due to a decrease in net proceeds from sales of common stock, partially offset by proceeds from the issuance of our 2031 Notes.

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**Going Concern**

As described in Note 2 to our accompanying unaudited consolidated financial statements, we evaluated our ability to continue as a going concern and concluded that we will have sufficient capital available to fund our operations for at least one-year from the date that the financial statements were issued.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures about Market Risk** 

We are subject to certain risks that may affect our results of operations, cash flows, and fair values of assets and liabilities, including volatility in foreign currency exchange rates and interest rate movements.

***Foreign Currency Exchange Risk***

Although we are headquartered in the U.S. our results of operations, including our foreign subsidiaries' operations, are subject to foreign currency exchange rate fluctuations, primarily the U.S. dollar against the Euro and Swedish Krona. This exchange exposure may have a material effect on our cash and cash equivalents, cash flows, and results of operations, particularly in cases of revenue generated under APAs that include provisions that impact our and our counterparty's currency exchange exposure. To date, we have not entered into any foreign currency hedging contracts, although we may do so in the future.

We also face foreign currency exchange exposure that arises from translating the results of our global operations to the U.S. dollar at exchange rates that have fluctuated from the beginning of the period. While the financial results of our global activities are reported in U.S. dollars, the functional currency for our foreign subsidiaries is generally their respective local currency. Fluctuations in the foreign currency exchange rates of the countries in which we do business will affect our operating results, often in ways that are difficult to predict. A 10% decline in the foreign exchange rates (primarily against the U.S. dollar) relating to our foreign subsidiaries would result in a decline of stockholders' equity (deficit) of approximately $17 million as of September 30, 2025.

***Market and Interest Rate Risk***

The primary objective of our investment activities is preservation of capital, with the secondary objective of maximizing income.

Our exposure to interest rate risk is primarily confined to our investment portfolio. We do not believe that a change in the market rates of interest would have any significant impact on the realizable value of our investment portfolio. Changes in interest rates may affect the investment income we earn on our marketable securities when they mature and the proceeds are reinvested into new marketable securities and, therefore, could impact our cash flows and results of operations.

Interest and dividend income is recorded when earned and included in investment income. Premiums and discounts, if any, on marketable securities are amortized or accreted to maturity and included in investment income. The specific identification method is used in computing realized gains and losses on the sale of our securities.

Our convertible senior notes have a fixed interest rate, and we have no additional material debt. As such, we do not believe that we are exposed to any material interest rate risk as a result of our borrowing activities.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures** 

**Evaluation of Disclosure Controls and Procedures**

Our management, with the assistance of our chief executive officer and chief financial officer, has reviewed and evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of September 30, 2025. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving such control objectives. Based on the evaluation of our disclosure controls and procedures as of September 30, 2025, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

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**Changes in Internal Control over Financial Reporting**

Our management, including our chief executive officer and chief financial officer, have evaluated changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2025, and have concluded that there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II. OTHER INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings**

**Stockholder Litigation**

On November 12, 2021, Sothinathan Sinnathurai filed a purported securities class action in the U.S. District Court for the District of Maryland (the "Maryland Court") against the Company and certain members of senior management, captioned Sothinathan Sinnathurai v. Novavax, Inc., et al., No. 8:21-cv-02910-TDC (the "Sinnathurai Action"). The parties ultimately negotiated a settlement, which the Maryland Court approved on May 23, 2024. The Maryland Court closed the Sinnathurai Action on May 24, 2024.

After the Sinnathurai Action was filed, eight derivative lawsuits were filed: (i) Robert E. Meyer v. Stanley C. Erck, et al., No. 8:21-cv-02996-TDC (the "Meyer Action"), (ii) Shui Shing Yung v. Stanley C. Erck, et al., No. 8:21-cv-03248-TDC (the "Yung Action"), (iii) William Kirst, et al. v. Stanley C. Erck, et al., No. C-15-CV-21-000618 (the "Kirst Action"), (iv) Amy Snyder v. Stanley C. Erck, et al., No. 8:22-cv-01415-TDC (the "Snyder Action"), (v) Charles R. Blackburn, et al. v. Stanley C. Erck, et al., No. 1:22-cv-01417-TDC (the "Blackburn Action"), (vi) Diego J. Mesa v. Stanley C. Erck, et al., No. 2022-0770-NAC (the "Mesa Action"), (vii) Sean Acosta v. Stanley C. Erck, et al., No. 2022-1133-NAC (the "Acosta Action"), and (viii) Jared Needelman v. Stanley C. Erck, et al., No. C-15-CV-23-001550 (the "Needelman Action"). The Meyer, Yung, Snyder, and Blackburn Actions were filed in the Maryland Court. The Kirst Action was filed in the Circuit Court for Montgomery County, Maryland, and shortly thereafter removed to the Maryland Court by the defendants. The Needelman Action was also filed in the Circuit Court for Montgomery County, Maryland. The Mesa and Acosta Actions were filed in the Delaware Court of Chancery (the "Delaware Court"). The derivative lawsuits name members of the Company's board of directors and certain members of senior management as defendants. The Company is deemed a nominal defendant. The plaintiffs assert derivative claims arising out of substantially the same alleged facts and circumstances as the Sinnathurai Action. Collectively, the derivative complaints assert claims for breach of fiduciary duty, insider selling, unjust enrichment, violation of federal securities law, abuse of control, waste, and mismanagement. Plaintiffs seek declaratory and injunctive relief, as well as an award of monetary damages and attorneys' fees.

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On February 7, 2022, the Maryland Court entered an order consolidating the Meyer and Yung Actions (the "First Consolidated Derivative Action"). The plaintiffs in the First Consolidated Derivative Action filed their consolidated derivative complaint on April 25, 2022. On May 10, 2022, the Maryland Court entered an order granting the parties' request to stay all proceedings and deadlines pending the earlier of dismissal or the filing of an answer in the Sinnathurai Action. On June 10, 2022, the Snyder and Blackburn Actions were filed. On October 5, 2022, the Maryland Court entered an order granting a request by the plaintiffs in the First Consolidated Derivative Action and the Snyder and Blackburn Actions to consolidate all three actions and appoint co-lead plaintiffs and co-lead and liaison counsel (the "Second Consolidated Derivative Action"). The co-lead plaintiffs in the Second Consolidated Derivative Action filed a consolidated amended complaint on November 21, 2022. On February 10, 2023, defendants filed a motion to dismiss the Second Consolidated Derivative Action. The plaintiffs filed their opposition to the motion to dismiss on April 11, 2023. Defendants filed their reply brief in further support of their motion to dismiss on May 11, 2023. On August 21, 2023, the court entered an order granting in part and denying in part the motion to dismiss. On September 5, 2023, the Company filed an Answer to the consolidated amended complaint. On September 6, 2023, the court entered an order granting the individual defendants an extension of time to file their answer until November 6, 2023. On October 6, 2023, the Board of Directors of the Company formed a Special Litigation Committee ("SLC") with full and exclusive power and authority of the Board to, among other things, investigate, review, and analyze the facts and circumstances surrounding the claims asserted in the pending derivative actions, including the claims that remain following the court's order on the motion to dismiss in the Second Consolidated Derivative Action. On November 7, 2023, the court entered an order granting the parties' request to stay the Second Consolidated Derivative Action for up to six months from the date of entry of the order, and, on April 15, 2024, the court entered a further order extending the stay until June 6, 2024. On June 7, 2024, the court entered another order extending the stay until August 5, 2024. On August 19, 2024, the court entered another order extending the stay until November 4, 2024, to allow the SLC and the parties to continue then-ongoing mediation efforts. On November 1, 2024, the parties notified the court that a settlement in principle had been reached and requested the stay to be extended until the definitive settlement agreement was filed. On November 22, 2024, the SLC filed its Unopposed Motion for Preliminary Approval of Derivative Settlement, Approval of Form and Manner of Notice, and Setting Hearing Date on Final Approval of Settlement and supporting documents. Under the terms of the proposed settlement, individual defendants Erck and Herrmann agreed to pay or cause their insurers to pay $6.8 million to Novavax in exchange for a release of claims. In addition, Novavax and its Board of Directors agreed to adopt and implement certain governance provisions identified in the settlement stipulation. On December 12, 2024, the court entered an order granting preliminary approval of the derivative settlement and setting a date for a hearing on the final approval of the settlement. On March 7, 2025, the court held a hearing and entered a Final Judgment and Order Approving Derivative Settlement (the "Final Judgment and Order"). As part of the Final Judgment and Order, the court granted the motion for attorneys' fees and awarded plaintiffs' counsel fees and expenses in the amount of $2.0 million to be paid by the Company following its receipt of the $6.8 million settlement funds. During the three months ended, March 31, 2025, the Company recorded a net gain on the settlement of $4.8 million in Other income (expense), net.

The Kirst Action was filed on December 28, 2021, and the defendants immediately removed the case to the Maryland Court. On July 21, 2022, the Maryland Court issued a memorandum opinion and order remanding the Kirst Action to state court. The plaintiffs filed an amended complaint on December 30, 2022. On January 23, 2023, defendants filed a motion to stay the Kirst action. On February 22, 2023, the parties in the Kirst Action filed for the Court's approval of a stipulation staying the Kirst Action pending the resolution of defendants' motion to dismiss in the Second Consolidated Derivative Action. On March 22, 2023, the Court entered the parties' stipulated stay of the Kirst Action pending resolution of the motion to dismiss in the Second Consolidated Derivative Action.

On August 30, 2022, the Mesa Action was filed. On October 3, 2022, the Delaware Court entered an order granting the parties' request to stay all proceedings and deadlines in the Mesa Action pending the earlier of dismissal of the Sinnathurai Action or the filing of an answer to the operative complaint in the Sinnathurai Action. On January 9, 2023, following the ruling on the motion to dismiss the Sinnathurai Action, the Delaware Court entered an order granting the Mesa Action parties' request to set a briefing schedule in connection with a motion to stay by defendants. On February 28, 2023, the court granted the defendants' motion and stayed the Mesa Action pending the entry of a final, non-appealable judgment in the Second Consolidated Derivative Action. On August 31, 2023, the Mesa plaintiffs filed a motion to lift the stay in the Mesa Action. On October 6, 2023, the Company filed an opposition to plaintiff's motion to lift the stay. Plaintiff filed his reply on October 17, 2023. On December 27, 2023, the parties filed a letter informing the Court that the Second Consolidated Derivative Action had been stayed for a period of six months and asked the Court to stay further proceedings in the Mesa Action until expiration of that stay.

------

On December 7, 2022, the Acosta Action was filed. On February 6, 2023, defendants accepted service of the complaint and summons in the Acosta Action. On March 9, 2023, the court entered an order granting the parties' request to stay the Acosta Action pending the entry of a final, non-appealable judgment in the Second Consolidated Derivative Action. On October 13, 2023, the parties filed, and the Delaware Court entered, a stipulated order providing that (i) if the Delaware Court declines to lift the stay in the Mesa Action, the Acosta Action will also remain stayed, and (ii) if the Delaware Court lifts the stay in the Mesa Action, the stay in the Acosta Action will also be lifted. On April 28, 2025, the parties filed a joint status report with the Delaware Court in which they indicated that plaintiffs intend to dismiss the Mesa Action and Acosta Action in light of the Derivative Settlement. On May 2, 2025, and July 9, 2025, the Delaware Court granted the stipulated order of voluntary dismissal of the Mesa Action and the Acosta Action respectively, and both were dismissed with prejudice.

On April 17, 2023, the Needelman Action was filed. On July 12, 2023, the parties filed a stipulation and proposed order to stay the Needelman Action pending the Maryland Court's decision on the motion to dismiss in the Second Consolidated Derivative Action. The court entered that order on July 17, 2023.

On November 30, 2023, the court entered an order consolidating the Kirst and Needelman Actions. On December 14, 2023, the parties filed a stipulation (i) extending the plaintiffs' deadline to file a consolidated complaint until January 29, 2024, and (ii) otherwise staying all other proceedings in the case (including the defendants' deadline to respond to the consolidated complaint) until February 12, 2024. On May 3, 2024, the plaintiffs filed a consolidated complaint. On May 14, 2024, the parties filed a stipulation staying the action until June 6, 2024. On July 12, 2024, the court entered an order staying the action until August 5, 2024. On September 24, 2024, the court entered another order staying the action until November 4, 2024. On November 4, 2024, the parties filed a stipulation requesting a status conference with the court and further requesting that the action remain stayed until such status conference takes place. On April 15, 2025, the parties filed a Stipulated Notice of Dismissal dismissing the Kirst and Needelman Actions in light of the Derivative Action.

We are also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, we do not expect the resolution of these other legal proceedings to have a material adverse effect on our financial position, results of operations, or cash flows.

**Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors**

***Information regarding risk and uncertainties related to our business appears in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 27, 2025. There have been no material changes from the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, other than as described below.***

***The regulatory pathway for our COVID-19 Vaccine is continually evolving and may result in unexpected or unforeseen challenges.***

The regulatory pathway for our COVID-19 Vaccine is evolving and failure by us to comply with any laws, rules and standards, some of which may not exist yet or are subject to interpretation and may be subject to change, could result in a variety of adverse consequences, including penalties, fines and delays in vaccine licensure. Efforts to comply with evolving laws, regulations and standards have resulted in, and are likely to continue to result in, increased general and administrative expenses and a diversion of management time and attention to regulatory compliance activities. Such rules or standards may adversely affect our plans to develop our COVID-19 Vaccine and failure by us to comply with any laws, rules or standards, some of which may not exist yet or may change, could result in a range of adverse consequences, such as penalties, fines or failure to receive funding.

The speed at which multiple stakeholders are moving to create, test and approve vaccines for COVID-19 is highly unusual and may increase the risks associated with traditional vaccine development, which typically takes between eight and ten years. Given this accelerated timeline, we and regulators, such as the U.S. FDA, the EMA, and the Medicines and Healthcare products Regulatory Agency may make decisions more rapidly than is typical. Evolving or changing plans or priorities at the U.S. FDA or other regulatory bodies to whom we wish to apply for authorization, including based on new knowledge of COVID-19 and how the disease affects the human body, new variants of the virus, and regulatory policy changes (including those at U.S. agencies such as the DHHS, U.S. FDA, and CDC due to the change in U.S. presidential administration in January 2025), may significantly affect the regulatory pathway for our COVID-19 Vaccine. For example, in May 2023, the COVID-19 Public Health Emergency designation expired in the U.S. and the WHO determined that the COVID-19 pandemic no longer fit the definition of a Public Health Emergency of National Concern, which removed the justification for shortened regulatory timelines. Results from clinical testing may raise new questions and require us to redesign proposed clinical trials, including revising proposed endpoints or adding new clinical trial sites or cohorts of subjects.

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In addition, the U.S. FDA's or other regulatory authorities' analysis of clinical data may differ from our interpretation, or regulators' requirements and expectations for vaccine authorization or approval may change over time, with the result that the U.S. FDA or other regulators may require that we conduct additional clinical trials or non-clinical studies. The evolving regulatory pathway may impede the development, commercialization and/or licensure of our COVID-19 Vaccine. For example, on June 26, 2025, new FDA commissioner, Martin Makary, and the previous director of FDA's Center for Biologics Evaluation and Research, co-authored a publication in the New England Journal of Medicine, in which they set forth a new FDA framework for the development of COVID-19 vaccines. According to the publication, FDA now recommends that sponsors of vaccines intended for otherwise healthy individuals under the age of 65 (e.g., those without an underlying medical condition that increases the risk of severe COVID-19) conduct randomized, placebo controlled trials to support BLA submissions for use of their COVID-19 vaccine candidates in these populations, while signaling the intent to continue approving BLAs for use in at-risk populations (e.g., those 65 years of age and older or those with underlying risk factors) on the basis of immunogenicity. Although the degree to which this policy will bind vaccine sponsors remains unclear, requirements to conduct placebo-controlled trials could increase expenses and/or delay or prevent the approval of new or modified COVID-19 vaccine candidates in patients who are not considered at-risk for severe COVID-19. Moreover, we agreed to a PMC to continue conducting clinical trials on a post-approval basis as a condition of approval of our BLA for our COVID-19 Vaccine as requested by the FDA, and regulators may require changes to our studies or to our products as a result of the results of these studies. For example, on October 30, 2025, a communication was received from the FDA which requested significant amendments to the postmarketing clinical trial we initiated in October 2025 pursuant to the PMC. On November 3, 2025, the FDA approved the transfer application to change the holder of the marketing authorization for our updated vaccine from the Company to Sanofi. With such transfer, Sanofi will be responsible for ongoing discussions with the FDA on the proposed changes, but there can be no assurance that they will come to an agreement on the proposed changes. In the event Sanofi and FDA agree to amendments to the PMC, it is possible that this will increase the size and costs associated with the PMC. Novavax is actively conducting the PMC study on the behalf of Sanofi, Novavax anticipates that any new costs associated with an amendment would be fully reimbursed. Any agreements on further amendments to the PMC, or the failure to reach such agreement by Sanofi, could have a material adverse effect on our results, financial condition and prospects.

In addition, because the path to licensure of any vaccine against COVID-19 is unclear, we may have a widely used vaccine in circulation in certain countries as an investigational vaccine or a product authorized for temporary or emergency use prior to our receipt of full marketing approval. Unexpected safety issues in these circumstances could lead to significant reputational damage for us and our technology platform going forward and other issues, including delays in our other programs, the need for re-design of our clinical trials and the need for significant additional financial resources.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

During the three months ended September 30, 2025, no director or "officer" (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted or terminated a "Rule 10b5 trading arrangement" or "non-Rule 10b5-1 trading arrangement" as each term is defined in Item 408(a) of Regulation S-K.

------

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits** 

---

| | |
|:---|:---|
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1000694/000114420415047742/v416489_ex3-1.htm)</u> | <u>[Second Amended and Restated Certificate of Incorporation of the Company (Incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, filed on August 10, 2015 (File No. 000-26770))](https://www.sec.gov/Archives/edgar/data/1000694/000114420415047742/v416489_ex3-1.htm)</u> |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1000694/000114420419024901/tv521192_ex3-1.htm)</u> | <u>[Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation of the Company (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 9, 2019 (File No. 000-26770))](https://www.sec.gov/Archives/edgar/data/1000694/000114420419024901/tv521192_ex3-1.htm)</u> |
| <u>[3.3](https://www.sec.gov/Archives/edgar/data/1000694/000100069424000013/nvaxex31xamendedandrestate.htm)</u> | <u>[Amended and Restated By-Laws of the Company (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on April 22, 2024 (File No. 000-26770))](https://www.sec.gov/Archives/edgar/data/1000694/000100069424000013/nvaxex31xamendedandrestate.htm)</u> |
| <u>[3.4](https://www.sec.gov/Archives/edgar/data/1000694/000110465920075307/tm2023024d1_ex3-1.htm)</u> | <u>[Certificate of Designation of Series A Convertible Preferred Stock of the Company (Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed June 19, 2020 (File No. 000- 26770))](https://www.sec.gov/Archives/edgar/data/1000694/000110465920075307/tm2023024d1_ex3-1.htm)</u> |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/1000694/000110465925084053/tm2524511d1_ex4-1.htm)</u> | <u>[Indenture, dated August 27, 2025, between Novavax, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee (Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed August 27, 2025 (File No. 000- 26770))](https://www.sec.gov/Archives/edgar/data/1000694/000110465925084053/tm2524511d1_ex4-1.htm)</u> |
| <u>[4.2](https://www.sec.gov/Archives/edgar/data/1000694/000110465925084053/tm2524511d1_ex4-1.htm)</u> | <u>[Form of 4.625% Convertible Senior Notes due 2031](https://www.sec.gov/Archives/edgar/data/1000694/000110465925084053/tm2524511d1_ex4-1.htm)[(included as Exhibit A to Exhibit 4.1)](https://www.sec.gov/Archives/edgar/data/1000694/000110465925084053/tm2524511d1_ex4-1.htm)</u> <u>[(Incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed August 27, 2025 (File No. 000- 26770))](https://www.sec.gov/Archives/edgar/data/1000694/000110465925084053/tm2524511d1_ex4-1.htm)</u> |
| <u>[4.3](https://www.sec.gov/Archives/edgar/data/1000694/000110465925081160/tm2524045d1_ex10-1.htm)</u> | <u>[Form of Exchange and Subscription Agreement (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed August 21, 2025 (File No. 000- 26770))](https://www.sec.gov/Archives/edgar/data/1000694/000110465925081160/tm2524045d1_ex10-1.htm)</u> |
| [10.1\*](nvax-20250930exx101.htm) | <u>[First Amendment to Collaboration and License Agreement between the Company and Sanofi Pasteur Inc., dated July 28, 2025](nvax-20250930exx101.htm)</u> |
| [10.2\*](nvax-20250930exx102.htm)^ | <u>[Second Amendment to Collaboration and License Agreement between the Company and Sanofi Pasteur Inc](nvax-20250930exx102.htm)[, dated July 28, 2025](nvax-20250930exx102.htm)</u> |
| [10.3](https://www.sec.gov/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_ex10-1.htm)† | <u>[Assignment and Assumption of Lease b](https://www.sec.gov/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_ex10-1.htm)[etween the Company and](https://www.sec.gov/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_ex10-1.htm)[AstraZeneca](https://www.sec.gov/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_ex10-1.htm)[Pharmaceuticals, LP, dated October](https://www.sec.gov/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_ex10-1.htm)[1](https://www.sec.gov/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_ex10-1.htm)[7](https://www.sec.gov/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_ex10-1.htm)[, 2025](https://www.sec.gov/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_ex10-1.htm)[(Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed](https://www.sec.gov/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_ex10-1.htm)[October](https://www.sec.gov/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_ex10-1.htm)[22](https://www.sec.gov/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_ex10-1.htm)[, 2025 (File No. 000- 26770))](https://www.sec.gov/Archives/edgar/data/1000694/000110465925101390/tm2529188d1_ex10-1.htm)</u> |
| [31.1\*](nvax-20250930xex311.htm) | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(e) of the Securities Exchange Act](nvax-20250930xex311.htm)</u> |
| [31.2\*](nvax-20250930xex312.htm) | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(e) of the Securities Exchange Act](nvax-20250930xex312.htm)</u> |
| [32.1\*](nvax-20250930xex321.htm)[\*](nvax-20250930xex321.htm) | <u>[Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](nvax-20250930xex321.htm)</u> |
| [32.2\*](nvax-20250930xex322.htm)[\*](nvax-20250930xex322.htm) | <u>[Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](nvax-20250930xex322.htm)</u> |
| 101 | The following financial information from our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline Extensible Business Reporting Language (Inline XBRL): (i) the Consolidated Statements of Operations for the three and nine-month periods ended September 30, 2025 and 2024, (ii) the Consolidated Statements of Comprehensive Income (Loss) for the three and nine-month periods ended September 30, 2025 and 2024, (iii) the Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, (iv) the Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the three and nine-month periods ended September 30, 2025 and 2024, (v) the Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2025 and 2024, and (vi) the Notes to the Consolidated Financial Statements. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

**_______________________________**

\*Filed herewith.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith.

† Certain portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company hereby agrees to furnish supplementally to the SEC, upon its request, an unredacted copy of this exhibit.

^&nbsp;&nbsp;&nbsp;&nbsp;Annexes, schedules and/or exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company undertakes to furnish supplemental copies of any of the omitted schedules or similar attachments upon request by the SEC.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **NOVAVAX, INC.** | **NOVAVAX, INC.** |
| Date: November 6, 2025 | By: | /s/ John C. Jacobs |
|  |  | John C. Jacobs<br>President and Chief Executive Officer<br>(Principal Executive Officer) |
| Date: November 6, 2025 | By: | /s/ James P. Kelly |
|  |  | James P. Kelly<br>Executive Vice President, Chief Financial Officer and Treasurer<br>(Principal Financial and Accounting Officer) |

---

## Exhibit 10.1

**Exhibit 10.1**

**CERTAIN INFORMATION IDENTIFIED WITH [\*\*\*] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**FIRST AMENDMENT TO COLLABORATION AND LICENSE AGREEMENT**

This First Amendment (the "**First Amendment**") to the Collaboration and License Agreement effective of May 10, 2024 (the "**Agreement**") is made effective as of the First Amendment Effective Date, by and between Sanofi Pasteur Inc., a corporation organized under the laws of the State of Delaware, having offices located at 1 Discovery Drive, Swiftwater, PA 18370 ("**Sanofi**"), and Novavax, Inc., a corporation organized under the laws of the State of Delaware, having offices located at 700 Quince Orchard, Gaithersburg, MD 20878 ("**Novavax**"). Sanofi and Novavax each may be referred to herein individually as a "**Party**" or collectively as the "**Parties**". Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Agreement.

**RECITALS**

**WHEREAS**, in order to prepare for potential Influenza Pandemics, Sanofi wishes to Research and Develop products that use the Novavax Adjuvant and perform Phase 1 and Phase 2 Clinical Trials on such products.

**WHEREAS**, Novavax desires to grant, and Sanofi desires to receive, a license to perform certain Development and other activities in order to prepare for potential Influenza Pandemics.

**NOW, THEREFORE**, in consideration of the respective covenants, representations, warranties, and agreements set forth herein, the Parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.<u>Amendments to the Agreement:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1.1The Parties hereby agree to delete in its entirety and replace Section 1.104 of the Agreement with the following:

"1.104 "***Excluded Adjuvant Field****" means (a) all Fields for (i) Influenza and (ii) SARS- CoV-2, and (b) any other Field that is Unavailable; provided that during the pendency of a Pandemic declared for a pathogen, organism, or disease that is not SARS-CoV-2 or Influenza, no Field for such pathogen, organism, or disease, regardless of whether Novavax has, as of the commencement of such Pandemic, granted exclusive rights to a Third Party (i.e., for any Field that is Unavailable due to operation of clause (b) of the definition thereof), shall be deemed Excluded Adjuvant Fields. For clarity, nothing in this Section*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.104 ("Excluded Adjuvant Fields") is intended to limit the COVID-19 Mono License, the*

*CIC License, or the OC License."*

&nbsp;&nbsp;&nbsp;&nbsp;1.2The Parties hereby agree to delete in its entirety and replace Section 1.258 of the Agreement with the following:

*"1.258&nbsp;&nbsp;&nbsp;&nbsp;"****Sanofi Licenses****" means the Adjuvant License, the COVID-19 Mono License, the CIC License, the Research License, the Potential Pandemic Development License and the OC License."*

&nbsp;&nbsp;&nbsp;&nbsp;1.3The Parties hereby agree to add the following definition to the Agreement as Section 1.309:

*Page 1* 

------

"*1.309* ***Potential Pandemic Influenza Product****" means any pharmaceutical product that contains (a) the Adjuvant and (b) one or more active pharmaceutical ingredients that is Directed To one or more Strains of Influenza wherein such Strain of Influenza is suspected (for example, is the subject of peer-reviewed literature or advisory documents issued by the WHO), to have the potential to cause a Pandemic, excluding any Strains of Influenza that are the subject of the annual selection process for inclusion in routine-seasonal vaccination programs (for example, by the WHO, EMA, or similar entity)."*

&nbsp;&nbsp;&nbsp;&nbsp;1.4The Parties hereby agree to delete in its entirety and replace Section 2.1.6 of the Agreement with the following:

"*2.1.6 <u>Licenses for Research and Development using the Adjuvant.</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)<u>Research License for Selection of Adjuvant Fields</u>. Subject to the terms and conditions of this Agreement, Novavax hereby grants Sanofi a non-exclusive, non-sublicensable (except to any Affiliate of Sanofi in accordance with Section 2.2.1 (To Affiliates) or to any Service Provider as permitted under Section 2.2.2(f) (To Third Parties), non- transferable (except as permitted under Section 17.1 (Assignment)), royalty-free license under the Novavax Adjuvant Know-How, Adjuvant Intermediate Technology, the Novavax Adjuvant Patents, and the Novavax Adjuvant Materials to conduct Research (but not any Development activities) for potential Proposed Adjuvanted Products and Proposed Adjuvanted Products in any Field (the "****Research License****").*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)<u>License for Potential Pandemic Influenza Development</u>. Subject to the terms and conditions of this Agreement, Novavax hereby grants Sanofi a non-exclusive, non- sublicensable (except to any Affiliate of Sanofi in accordance with Section 2.2.1 (To Affiliates)) or to certain Third Parties solely as permitted under Section 2.2.2(f) (To Third Parties), non-transferable (except as permitted under Section 17.1 (Assignment)), royalty-free license under the Novavax Adjuvant Know-How, Adjuvant Intermediate Technology, the Novavax Adjuvant Patents, and the Novavax Adjuvant Materials to conduct Research and Development activities, and Regulatory Activities, and to Manufacture any Potential Pandemic Influenza Product in support of Phase 1 Clinical Trials and Phase 2 Clinical Trials, but expressly excluding any Phase 3 Clinical Trial or Pivotal Clinical Trial, in each case, for Potential Pandemic Influenza Products solely to prepare for a potential Pandemic (the "****Potential Pandemic Development License****")."*

&nbsp;&nbsp;&nbsp;&nbsp;1.5The Parties hereby agree to amend Section 2.2 (Sublicensing) by adding the following additional paragraph (f) to Section 2.2.2 (To Third Parties):

*"(f) Sanofi may grant Sublicenses under the Research License to any Service Provider; provided that the sublicense agreement with any such Service Provider complies with Section 2.2.2(e) (To Third Parties), including that such Sublicensee is subject to the terms of Section 2.5 (No Adjuvant Improvements).*

*Further, Novavax hereby consents to Sanofi sublicensing its rights under the Potential Pandemic Development License (i) to Service Providers, (ii) to Governmental Authorities, and (iii) academic institutions, in each case ((i)-(iii)), solely to the extent necessary to conduct Clinical Trials for Potential Pandemic Influenza Products; provided that, (A) with respect to a Service Provider, the sublicense agreement with any such Service Provider complies with Section 2.2.2(e) (To Third Parties), including that such Sublicensee is subject to the terms of Section 2.5 (No Adjuvant Improvements) and (B) with respect to a Governmental Authority or academic institution, (1) the sublicense agreement with such Government Authority or academic institution includes ownership of intellectual property and confidentiality obligations* 

*Page 2* 

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*that comply with Section 2.2.2(e) (To Third Parties), including Section 2.5 (No Adjuvant Improvements), and (2) Sanofi used reasonable efforts to obtain terms that are compliant with all other requirements of Section 2.2.2(e) (To Third Parties) in such sublicense agreement."*

&nbsp;&nbsp;&nbsp;&nbsp;1.6The Parties hereby agree to add new Section 10.4.5 as follows:

*"10.4.5 <u>Potential Pandemic Influenza Products during Pandemic</u>. If Sanofi desires to perform any Phase 3 Clinical Trial or Pivotal Clinical Trial (or any Regulatory activities in support thereof), or any Commercialization activities, in each case, for any Potential Pandemic Influenza Product, then Sanofi will provide written notice to Novavax and following receipt of any such notice, the Parties will negotiate in good faith (a) the expansion of the Potential Pandemic Development License to include such additional activities, and (b) the consideration due to Novavax pursuant to which Novavax would grant licenses to Commercialize such Potential Pandemic Influenza Product."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.<u>First Amendment Effective Date</u>**. This First Amendment is effective as of September 20, 2024 (the First Amendment Effective Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.<u>Interpretation</u>**. In the event of any conflict between the terms and conditions of this First Amendment and the Agreement, this First Amendment shall prevail and govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.<u>Miscellaneous.</u>** The Parties hereby confirm and agree that, except as amended hereby, the Agreement remains in full force and effect and is a binding obligation of the Parties hereto. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[signatures on following page]

*Page 3* 

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IN WITNESS WHEREOF, the Parties have caused this First Amendment to be executed by their representatives, thereunto duly authorized as of the First Amendment Effective Date.

---

| | |
|:---|:---|
| **Sanofi Pasteur Inc.** | **Novavax, Inc.** |
| By: [\*\*\*] | By: <u>/s/Elaine O'Hara</u> |
| Name: [\*\*\*] | Name: Elaine O'Hara |
| Title: [\*\*\*] | Title: EVP, Chief Strategy Officer |

---

## Exhibit 10.2

Confidential - Sensitive

**Exhibit 10.2**

**CERTAIN INFORMATION IDENTIFIED WITH [\*\*\*] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**SECOND AMENDMENT TO COLLABORATION AND LICENSE AGREEMENT**

This Second Amendment (the "**Second Amendment**") to the Collaboration and License Agreement effective of May 10, 2024, as amended by the First Amendment dated September 20, 2024 (the "**Agreement**") is made effective as of the Second Amendment Effective Date, by and between Sanofi Pasteur Inc., a corporation organized under the laws of the State of Delaware, having offices located at 1 Discovery Drive, Swiftwater, PA 18370 ("**Sanofi**"), and Novavax, Inc., a corporation organized under the laws of the State of Delaware, having offices located at 700 Quince Orchard, Gaithersburg, MD 20878 ("**Novavax**"). Sanofi and Novavax each may be referred to herein individually as a "**Party**" or collectively as the "**Parties**". Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Agreement.

**RECITALS**

**WHEREAS,** Novavax has requested that, notwithstanding the allocation of Commercialization rights under the Agreement as of the Effective Date with respect to the Licensed COVID-19 Mono Products as between the Parties throughout the Territory, Novavax be allowed to Commercialize the Licensed COVID-19 Mono Products in certain countries for the periods of time set forth herein, and in consideration of entering into this First Amendment, Sanofi may credit the Creditable Amount (as defined herein) against COVID-19 Research and Development Costs that would otherwise be due to Novavax under the Agreement.

**WHEREAS**, Sanofi has requested that, in consideration of the reimbursement of certain costs or expenses, Novavax retain certain presence in the United Kingdom through the end of May 2025 to facilitate the Commercialization of Licensed COVID-19 Mono Products in the United Kingdom on the terms hereof.

**NOW, THEREFORE**, in consideration of the respective covenants, representations, warranties, and agreements set forth herein, the Parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.<u>Amendments to the Agreement:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1.1The Parties hereby agree to add the following definition to the Agreement as a new Section 1.310:

*"1.30 "****Commercial Arrangement****" means, with respect to a given Licensed COVID-19 Mono Product, a tender or other commercial contract entered into in the ordinary course of business between a Party or its Affiliate with Governmental Authority after the Effective Date solely for the purpose of supplying such Licensed COVID-19 Mono Product to such Governmental Authority. For clarity, a Commercial Arrangement does not include any APA."*

&nbsp;&nbsp;&nbsp;&nbsp;1.2The Parties hereby agree to add the following definition to the Agreement as Section 1.311:

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"*1.311* ***Cost of Supply****" means the Manufacturing Cost of Licensed COVID-19 Mono Product plus any warehousing costs paid by Novavax pursuant to a Commercial Arrangement in the*

*country of the applicable Governmental Authority."*

&nbsp;&nbsp;&nbsp;&nbsp;1.3The Parties hereby agree to add the following definition to the Agreement as Section 1.312:

*"1.312* ***Earned Amounts****" means, with respect to any Licensed COVID-19 Mono Product sold by or on behalf of by Novavax or its Affiliate to a Third Party in a country under a Commercial Arrangement, the gross amount invoiced by Novavax or its Affiliate, less the following deductions:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*freight, transportation, insurance, postage charges, shipping, handling, customs duties and other transportation costs incurred in shipping such Licensed COVID-19 Mono Product to such Third Party;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*sales taxes, excise taxes, value-added taxes, and other taxes (other than income taxes) levied on the invoiced amount; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*duties, tariffs, and other similar governmental charges.*

*in each case (a) through (c), to the extent consistent with Novavax's or its Affiliate's applicable Accounting Standards."*

&nbsp;&nbsp;&nbsp;&nbsp;1.4The Parties hereby agree to amend Section 6.1.1 (Supply for Novavax), by deleting that provision and replacing it as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<u>6.1.1. Supply for Novavax</u>. Novavax shall be responsible for Manufacturing, whether itself or by or through any Affiliate or Service Provider, all supplies of the Licensed COVID- 19 Mono Products and Licensed COVID-19 Component for Novavax's and its Affiliates' Exploitation of Novavax Products in the Territory as provided in this Agreement. After the Successful Completion of COVID-19 Manufacturing Technology Transfer, Novavax may provide written notice to Sanofi that Novavax is interested in receiving supply of Licensed COVID-19 Mono Products from Sanofi solely to comply with its obligations under one (1) or more APAs or Existing Strategic Partner Agreements and any Commercial Arrangement. Upon receiving such written notice, (a) the Parties will negotiate in good faith the terms under which the Parties may enter a supply agreement under which Sanofi will supply the Licensed COVID-19 Mono Product to Novavax, and (b) until the Parties enter such agreement, Sanofi may, but is not obligated to, supply Licensed COVID-19 Mono Products to Novavax in accordance with the terms of the COVID-19 Supply Agreement, mutatis mutandis.*

&nbsp;&nbsp;&nbsp;&nbsp;1.5The Parties hereby agree to amend Section 7.2 (Licensed COVID-19 Mono Product Commercialization Framework), by deleting that provision and replacing it as follows:

"7.2&nbsp;&nbsp;&nbsp;&nbsp;*The Parties have agreed to an initial framework for the Commercialization of Licensed COVID-19 Mono Products pursuant to which they have allocated between them responsibility for Commercialization of Licensed COVID-19 Mono Products throughout the Collaboration COVID-19 Territory (such framework the "****Licensed COVID-19 Mono Product Commercialization Framework****", and any updated or amended version thereof is attached hereto as Schedule 7.2 (Licensed COVID-19 Mono Product Commercialization Framework). Beginning [\*\*\*] ([\*\*\*]), and thereafter in each Calendar Year for the Season commencing the following Calendar Year, no later than [\*\*\*], the JCC will review, discuss, and determine whether to approve updates to the Licensed COVID-19 Mono Product Commercialization Framework in accordance with Article 9 (Governance),* 

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*including which Party will be responsible for all Commercialization activities in the United States. Additionally, either Party may propose amendments to the Licensed COVID-19 Mono Product Commercialization Framework at any time, each of which updates the JCC will review, discuss, and determine whether to approve in accordance with Article 9 (Governance). Each Licensed COVID-19 Mono Product Commercialization Framework will be developed in coordination with the Licensed COVID-19 Mono Product Medical Framework for the applicable Licensed COVID-19 Mono Product."*

&nbsp;&nbsp;&nbsp;&nbsp;1.6The Parties hereby agree to amend Schedule 7.2 (Licensed COVID-19 Mono Product Commercialization Framework) and replacing with the version attached hereto as Schedule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 (Licensed COVID-19 Mono Product Commercialization Framework).

&nbsp;&nbsp;&nbsp;&nbsp;1.7The Parties hereby agree to amend Section 7.10.1 Pricing by deleting paragraph (e) and replacing it as follows:

*"(e) <u>Co-Commercialization</u>. For clarity, in any Season in which both Parties have been allocated Commercialization activities under the Licensed COVID-19 Mono Product Commercialization Framework in the same country (other than pricing for Licensed Products sold under existing APAs and Settlement Arrangements, provided that for Settlement Arrangements that are not Existing Settlement Arrangements, Novavax shall only have the right to submit confidential tenders, and any non-confidential tenders or other pricing by Novavax, in each case, will require Sanofi's consent, not to be unreasonably withheld), Sanofi shall have the sole right to determine the market access strategy, including all matters relating to setting prices (including all discounts, rebates, and other similar commercial pricing matters) for all Licensed COVID-19 Mono Products in the Collaboration COVID-19 Territory, including under any Commercial Arrangement."*

&nbsp;&nbsp;&nbsp;&nbsp;1.8The Parties hereby agree to amend Section 7.3 (Existing APAs and Settlement Arrangements), by deleting that provision and replacing it in its entirety (including its title), as follows:

*"7.3* ***Exiting APAs, Settlement Arrangements, and Commercial Arrangements****.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.1.1<u>Exiting APAs, Settlement Arrangements</u>. Sanofi acknowledges that Novavax has certain rights and obligations under the APAs and Existing Settlement Arrangements in certain countries in the Collaboration COVID-19 Territory for the Manufacture and supply of Licensed COVID-19 Mono Products to such countries. Novavax shall have the right, in accordance with the Licensed COVID-19 Mono Product Commercialization Framework, to Commercialize Licensed COVID-19 Mono Products pursuant to each APA and the Gavi Arrangement for the remainder of the term of each such APA and the Gavi Arrangement. If, for a particular country in the Collaboration COVID-19 Territory for which Novavax has entered an APA or for which the Gavi Arrangement applies, Novavax has the right to Commercialize Licensed COVID-19 Mono Products in such country, then Sanofi shall have the right, but not the obligation, to Commercialize Licensed COVID-19 Mono Products in such country in accordance with the Licensed COVID-19 Mono Product Commercialization Framework. The Parties will collaborate in good faith to effectuate a smooth transition as Novavax winds-down performance under each APA and Sanofi assumes the sole right to Commercialize in the applicable country. [\*\*\*] Upon the JCC's approval, such proposed Settlement Arrangement will be deemed a Settlement Arrangement for purposes of this Agreement.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.1.2<u>Commercial Arrangements</u>. Novavax may Commercialize Licensed COVID-19 Mono Products in the Collaboration COVID-19 Territory under Commercial* 

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*Arrangements in those countries specified in the Schedule 7.2 (Licensed COVID-19 Mono Product Commercialization Framework) for the period of time (i.e. for the applicable Season(s)) specified therein. Except as provided in the Schedule 7.2 (Licensed COVID-19 Mono Product Commercialization Framework), Novavax will not Commercialize any Licensed COVID-19 Mono Products in the Collaboration COVID- 19 Territory under any Commercial Arrangement without the prior written consent of Sanofi."*

&nbsp;&nbsp;&nbsp;&nbsp;1.9The Parties hereby agree to amend Section 9.18.5(b) Sanofi Matters by deleting the text after clause (viii) and replacing it as follows:

*"(ix) [\*\*\*]"*

&nbsp;&nbsp;&nbsp;&nbsp;1.10The Parties hereby amend Section 14.4 (Novavax Covenants) by adding a new subsection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.2 (Commercial Arrangements) as follows:

*"14.4.7 <u>Commercial Arrangements</u>. Novavax will not, without Sanofi's prior written consent, which will be granted or withheld at Sanofi's sole discretion, enter into any Commercial Arrangement with respect to any Licensed COVID-19 Mono Product in the Collaboration COVID-19 Territory. Further, Novavax will not, in connection with any Commercial Arrangement order pre-filled syringes or unidose or single-dose vials of any Licensed COVID-19 Mono Product from a supplier that also supplies Licensed COVID-19 Mono Products to Sanofi in any manner that would negatively affect Sanofi's rights or obligations hereunder, without Sanofi's prior written consent, such consent not to be unreasonably withheld."*

&nbsp;&nbsp;&nbsp;&nbsp;1.11The Parties hereby amend Section 15.1.2 (Indemnification by Novavax) by deleting clause (e) and replacing it in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(e) "[\*\*\*]"*

&nbsp;&nbsp;&nbsp;&nbsp;1.12The Parties hereby amend Schedule 1.35 (APAs) by deleting that Schedule and replacing it as with the version attached hereto as Schedule 1.35 (APAs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.<u>Germany Creditable Amount</u>.** In consideration of the execution of this Second Amendment, Sanofi shall be entitled to credit the sum of [\*\*\*] of Novavax's Earned Amounts under any Commercial Arrangement for Germany earned with respect to Novavax's supply of Licensed COVID-19 Mono Products during the 2025/2026 Season, *less* the Cost of Supply of the Licensed COVID-19 Mono Products supplied under such Commercial Arrangement (such sum the "**Germany Creditable Amount**") against any payment that may otherwise be due to Novavax under the Agreement. Novavax shall notify Sanofi (through the JFC) of the Germany Creditable Amount so earned in any Calendar Quarter, and Sanofi shall notify Novavax (through the JFC) which specific payment(s) Sanofi elects to offset using such Germany Creditable Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.<u>United Kingdom Presence</u>**. In further consideration of the execution of this Second Amendment, Sanofi will reimburse Novavax [\*\*\*] for Novavax's presence in the United Kingdom through the end of May 2025 in support of the Commercialization of Licensed COVID-19 Mono Products in the 2025/2026 Season in the United Kingdom. Sanofi will make such payment no later than [\*\*\*] after receipt of an invoice from Novavax therefor. For clarity, Novavax will have no obligation to maintain any presence in the United Kingdom under the Agreement after May 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.<u>Second Amendment Effective Date</u>**. This Second Amendment is effective as of October 17, 2024 (the Second Amendment Effective Date).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.<u>Interpretation</u>**. In the event of any conflict between the terms and conditions of this Second Amendment and the Agreement (as amended by the First Amendment), this Second Amendment shall prevail and govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.<u>Miscellaneous.</u>** The Parties hereby confirm and agree that, except as amended hereby, the Agreement remains in full force and effect and is a binding obligation of the Parties hereto. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[signatures on following page]

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IN WITNESS WHEREOF, the Parties have caused this Second Amendment to be executed by their representatives thereunto duly authorized as of the Second Amendment Effective Date.

**Sanofi Pasteur Inc.&nbsp;&nbsp;&nbsp;&nbsp;Novavax, Inc.**

---

| | |
|:---|:---|
| By: <u>[\*\*\*]</u> | By: <u>/s/ Elaine O'Hara</u> |
| Name: [\*\*\*] | Name: Elaine O'Hara |
| Title: [\*\*\*] | Title: EVP, Chief Strategy Officer |

---

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Confidential - Sensitive

**Schedule 1.35 APAs**

(as of the Second Amendment Effective Date)

**[Pursuant to Regulation S-K, Item 601(a)(5), this Schedule 1.35 setting forth the APAs (as of the Effective Date) has not been filed. The Registrant agrees to furnish supplementally a copy of any omitted schedules to the Securities and Exchange Commission upon request; provided, however, that the Registrant may request confidential treatment of omitted items.]**

[\*\*\*]

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**Schedule 7.2**

**Licensed COVID-19 Mono Product Commercialization Framework**

(as of the Second Amendment Effective Date)

**[Pursuant to Regulation S-K, Item 601(a)(5), this Schedule 1.35 setting forth the APAs (as of the Effective Date) has not been filed. The Registrant agrees to furnish supplementally a copy of any omitted schedules to the Securities and Exchange Commission upon request; provided, however, that the Registrant may request confidential treatment of omitted items.]**

[\*\*\*]

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

I, John C. Jacobs, certify that:

1)I have reviewed this Quarterly Report on Form 10-Q of Novavax, Inc.;

2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 6, 2025 | By: <u>/s/ John C. Jacobs</u>  |
|  | John C. Jacobs |
|  | President and Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

I, James P. Kelly, certify that:

1)I have reviewed this Quarterly Report on Form 10-Q of Novavax, Inc.;

2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 6, 2025 | By: <u>/s/ James P. Kelly</u>  |
|  | James P. Kelly |
|  | Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 UNITED STATES CODE §1350**

**(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)**

In connection with the Quarterly Report of Novavax, Inc. (the "Company") on Form 10-Q for the fiscal period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John C. Jacobs, President and Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and periods covered by this Report.

---

| | |
|:---|:---|
| Date: November 6, 2025 | By: <u>/s/ John C. Jacobs</u>  |
|  | John C. Jacobs |
|  | President and Chief Executive Officer |

---

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates it by reference.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 UNITED STATES CODE §1350 (SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)**

In connection with the Quarterly Report of Novavax, Inc. (the "Company") on Form 10-Q for the fiscal period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James P. Kelly, Executive Vice President and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and periods covered by this Report.

---

| | |
|:---|:---|
| Date: November 6, 2025 | By: <u>/s/ James P. Kelly</u>  |
|  | James P. Kelly |
|  | Executive Vice President, Chief Financial Officer, and Treasurer |

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This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates it by reference.

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